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ARCHIVED DISCUSSION FROM 2/27/2007 All times are U.S. Mountain Time (Yesterday's Discussion.) GOLD FINGER (2/27/07; 23:11:33MT - usagold.com msg#: 152777) What's he trying to tell us...again? Hmmm no wonder things got messy!Alan Greenspan: The former Federal Reserve Chairman said yesterday that the U.S. economy faced a risk of a recession later this year. "When you get this far away from a recession, invariably forces build up for the next recession, and indeed we are beginning to see that sign," Greenspan said via satellite link to a business conference in Hong Kong. Greenspan didn't say a recession was imminent, but traders didn't care. smiles45 (2/27/07; 21:52:13MT - usagold.com msg#: 152776) Black Blade Shanghei is the only UP market in Asia http://finance.yahoo.com/intlindices?e=asia Black Blade,Most markets in Asia like Bangkok, HangSeng, Nikkei Dow, Seoul & Jakarta are all down 3% or more. Singapore and Malaysia are off 5 or 6% respectively. Australia abut -2%, but Shanghei is plus .25%, Go figure. The web below is real time and not sure how it will update, so I have posted what they actually are as I read them no (12:30 Manila time). The big question is how Europe opens in 3 hrs which will set the tone for our U.S. markets.POG has rallied off the bottom by $6, yet it was creamed all day yesterday as soon as Europe opened./PeterP.S. I am trying to get Wellington,Sydney, Hong Kong and TOPCOM updates./P slingshot (2/27/07; 20:51:00MT - usagold.com msg#: 152775) Great Day to be a Goldbug Me thinks that the Time Monks are playing Frankenstein.Slingshot------------<<<<00>>>> Goldilox (2/27/07; 20:45:48MT - usagold.com msg#: 152774) Golden "foundation" http://www.netdania.com/ChartApplet.asp?symbol=XAUUSDOZ%7Ccomstock_lite One third of today's gold losses are already back on the charts, as the $660 base seems to have awakened buyers once again. Goldilox (2/27/07; 20:39:20MT - usagold.com msg#: 152773) Gold battle @ Rooster,TC is right on this one. The battle is betwixt the big boyz, and more epithets like "terrorist financier" will start to fly if the Western FIAT masters lose too much of their grip.The "little guy" is not even a footnote in the equation, except as cannon fodder for the masterds. . . or since the media likes to label it a "religious" war, perhaps "Canon fodder" is a more apt description.The best the little guy can do is identify the trends, protect himself and family from the mass psychoses, and ride out the storm as safely and comfortably as possible. Sundeck (2/27/07; 20:37:05MT - usagold.com msg#: 152772) Computer glitch @Chris Powell #152771Ho ho ho...very droll, Sir...:-) Chris Powell (2/27/07; 20:20:53MT - usagold.com msg#: 152771) Computer glitch suppressed gold price since 1995 http://www.reuters.com/article/oddlyenoughnews/idUSL2724139820070227 From RootersTuesday, February 27, 2007NEW YORK -- A computer glitch has been understating the price of gold by thousands of dollars per ounce since 1995, the New York Mercantile Exchange announced today in a statement on behalf of its Comex division.A price-monitoring program installed at the Comex that year somehow has been registering only half the buy orders for gold while doubling the sell orders, the exchange said. As a result, the exchange said, the closing gold price reported daily has been understated by about $800 per year cumulatively and gold will open Wednesday not at Tuesday's listed closing price of $666.30 but at $9,663.30.The exchange said that traders who believe that they have lost money since 1995 because of the computer glitch should refer to the "force majeure" section of their exchange contracts, which exempts the exchange from responsibility for computer programming errors. Black Blade (2/27/07; 20:18:09MT - usagold.com msg#: 152770) Shanghai Market Closed? I read that trading on Shanghai has been stopped as it hit limit down - dropped 10%. Can't confirm yet.- Black Blade GOLD FINGER (2/27/07; 18:23:24MT - usagold.com msg#: 152767) Self-sufficient The 3rd "R"....Renewable energy!When we can break free from our oil addiction, we as a Nation can truly begin to prosper.GF Henri (2/27/07; 18:19:20MT - usagold.com msg#: 152766) Ahhhh Just a few more dollars down to help Henri be the winner of the mermaid.Everyone buy physical on the way down. When it turns back up buy gold mining shares.Just a suggestion...not wanting to mind other peoples business :-) GOLD FINGER (2/27/07; 18:06:13MT - usagold.com msg#: 152764) My worth... Gold will always have value. I am not worried. I have learned to be self sufficient, self reliant and I am even more resilient. The 3r'sGF Rooster (2/27/07; 17:54:58MT - usagold.com msg#: 152763) @Gold Finger Friend,Are you king when your money is not accepted AS money? GOLD FINGER (2/27/07; 17:39:25MT - usagold.com msg#: 152762) Be your own KING! REF: Rooster (2/27/07; 17:14:28MT - usagold.com msg#: 152759)In my view it's the bankers who are corrupt and want to keep poverty and make the middle class the new poor class. Gold out of their hands and in the common man's hand makes everyone a Prince of their own palace. Like Kings of old, GOLD made them wealthy. Here are some more....They said it best!!If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks...will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered.... The issuing power should be taken from the banks and restored to the people, to whom it properly belongs. -Thomas Jefferson History records that the money changers have used every form of abuse, intrigue, deceit, and violent means possible to maintain their control over governments by controlling money and its issuance. -James MadisonThe Government should create, issue, and circulate all the currency and credits needed to satisfy the spending power of the Government and the buying power of consumers. By the adoption of these principles, the taxpayers will be saved immense sums of interest. Money will cease to be master and become the servant of humanity. -Abraham LincolnDespite these warnings, Woodrow Wilson signed the 1913 Federal Reserve Act. A few years later he wrote: I am a most unhappy man. I have unwittingly ruined my country. A great industrial nation is controlled by its system of credit. Our system of credit is concentrated. The growth of the nation, therefore, and all our activities are in the hands of a few men. We have come to be one of the worst ruled, one of the most completely controlled and dominated Governments in the civilized world no longer a Government by free opinion, no longer a Government by conviction and the vote of the majority, but a Government by the opinion and duress of a small group of dominant men. -Woodrow Wilson GET YOUR GOLD WHILE IT IS A GOOD PRICE!!! GF Cometose (2/27/07; 17:35:34MT - usagold.com msg#: 152761) In spite of all the excitement today The dollar is still down 40 Chris Powell (2/27/07; 17:30:12MT - usagold.com msg#: 152760) Computer problem exaggerated Dow's plunge http://biz.yahoo.com/ap/070227/wall_street_what_happened.html?.v=5 By The Associated Pressvia Yahoo NewsTuesday, February 27, 2007NEW YORK -- When the Dow Jones industrial average plunged to its low of the session Tuesday, it happened with incredible swiftness -- a matter of seconds -- because of a computer glitch that kept some trades from being immediately reflected in the index of 30 blue chip stocks.Dow Jones & Co., the media company that manages the flagship index, said that around 2 p.m -- two hours before the New York Stock Exchange was to close -- it was discovered that computers were not properly calculating trades. The company blamed the problem on the record volume at the NYSE and switched to a backup computer.The result was a massive swoon in the index that happened in the seconds it took Dow Jones to switch to its secondary computers."The market's extraordinary trading volume caused a delay in the Dow Jones data systems," said Dow Jones spokeswoman Sybille Reitz. "We decided to switch over to the backup system, and the result was a rapid catch-up in the published value of the Dow Jones industrial average."Spokesmen for the NYSE Group Inc. and Nasdaq Stock Market Inc. could not immediately confirm if all closing share prices were valid. A spokesman for the Big Board said it experienced "intermittent delays and are currently assessing the situation." The Nasdaq said it was "confirming" the closing numbers.The Dow plunged about 200 points in a matter of minutes, and dropped as much as 546 points -- its worst decline in more than five years, and one that sent the blue chips into negative territory for the year.The Dow closed down 416.02, or 3.29 percent, at 12,216.24; the Standard & Poor's 500 index fell 50.33, or 3.47 percent, to 1,399.04; and the tech-dominated Nasdaq composite index was off 96.66, or 3.86 percent, at 2,407.86. Matthew (2/27/07; 17:11:08MT - usagold.com msg#: 152758) Last gasp? http://www.kitco.com/charts/livegold.html They could not even get the markets to stage this one!$25 drop in two hours - between the NY close and the Sydney open.Forget where all the pieces are: the squares on the chess board are changing. Federal_Reserves (2/27/07; 16:59:35MT - usagold.com msg#: 152757) Shades of Hoover White House spokesman Tony Fratto said Bush got a briefing over the phone from Paulson. He declined to elaborate on the contents of the conversation."The president's economic advisers are keeping an eye on the markets. We believe that the economic fundamentals in the U.S. economy are sound," Fratto said> Expect a huge bounce tomorrow as PPT forms? MK (2/27/07; 16:34:19MT - usagold.com msg#: 152756) Gaffe City We all recall the story about the Fed chairman who stole the punch bowl and killed the party just when things were getting rolling. . . How about the one about the ex-Fed chairman who took the punch bowl and dumped it on the new Fed chairman's head?Bernanke has to be thinking: With friends like Alan, who needs enemies? TownCrier (2/27/07; 16:31:48MT - usagold.com msg#: 152755) Risk-takers may think twice in days ahead http://yahoo.reuters.com/news/articlehybrid.aspx?storyID=urn:newsml:reuters.com:20070227:MTFH96141_2007-02-27_21-32-29_N27411824&type=comktNews&rpc=44 NEW YORK, Feb 27 (Reuters) - Only time will tell if Tuesday marked the end of the easy-money era or was simply a brief dry spell for global markets long accustomed to abundant liquidity.Plunging global stock prices, U.S mortgage worries and rising tension with Iran spooked investors around the world on Tuesday, prompting many to cut back on risky assets in favor of safe-haven government bonds....many warned that investors ignore Tuesday's turbulence at their own peril."There seems to be a sense of panic among some professional investors. ... There's talk about margin calls," said Andre Bakhos, president of Princeton Financial Group in Princeton, New Jersey. "There seems to be just an air of nothing is safe anymore."Michael Cheah, who manages $2 billion in fixed income at AIG SunAmerica Asset Management in Jersey City, New Jersey, said Tuesday's events could signal "the end of global liquidity."...Marc Chandler, currency strategist at Brown Brothers Harriman in New York, said the days of spotting easy buys in the market are over."The pendulum swings hard from greed to fear and there is nothing quite like a multiple percentage decline in the stock markets for investors to appreciate the difference between volume and liquidity," he said.^___(from url)___^In economically gloomy times like this the typical central banking response has become to pump in sufficient quantities of fresh cash to such an extent that many wounds are papered over and the monetary excesses tend to flow back and forth across the board with price-supportive bids, returning an illusion that normalcy has returned and all is well.As the financial institutions are necessarily propped up by monetary creation, on the balance, the currency unit nontheless suffers a depreciation in purchasing power. Money is a spectacular economic tool, but in light of the larger political context, it is not an appropriate tool with which to accomplish a person's savings goals. For that, he must consolidate his wealth with tangibles. Reality calls for tangibles, and it has been this way throughout the history of mankind.R. mikal (2/27/07; 15:59:22MT - usagold.com msg#: 152754) Great analysis of markets' possiblities by Kathy Lien! http://www.dailyfx.com/story/special_report/special_reports/Dow_Down_400_Points__Dollar_1172611317479.html?engine=rss&keyword=article Dow Down 400 Points, Dollar Falls to 12M Low against Yen - Is This a Major Pivot Point into a Recession?Tuesday, 27 February 2007 20:21:43 GMTWritten by Kathy Lien, Chief Strategist -- Excerpts:"Over the past few years, the financial markets have become very speculative and highly leveraged. Today, we have seen the consequences of that aggressive risk appetite...After having already made great profits being long the Dow and the short the Japanese Yen, leveraged traders may not be as easily willing to get back into the market at this point, especially given the risks that the US economy faces. In fact, the liquidation could exacerbate as more traders bail out of risky assets.Major players are getting stopped out of their long trades and we expect more to come. The Dow dropped 200 points intraday in a matter of minutes while USD/JPY dropped 100 pips in a blink of an eye. The quick and sharp reversal in the Dow and the far milder reversal in the dollar is clear indication that some big money was being stopped out. More to Come? An unwinding of this sort of degree is usually not just a one day affair. We could see further gains in the Japanese Yen against the high yielders such as the Australian dollar, New Zealand dollar and British pound. This may especially be true as repatriation increases ahead of the Japanese fiscal year end on March 31st. After record profits in 2006, today's liquidation may be yet another reason for these corporations to bring some money back home and to shore up their balance sheets. Their buying could lead to more selling by hedge funds and other leveraged traders who have used the Japanese Yen as a cheap funding vehicle for their long stock and commodity trades." mikal (2/27/07; 15:51:30MT - usagold.com msg#: 152753) James Turk quoted on gold's appeal http://www.bloomberg.com/apps/news?pid=20601012&sid=aYHo0zkU28wY&refer=commodities Gold Falls in New York as Equity Plunge Triggers Metal Sell-Off By Pham-Duy Nguyen - Feb. 27 (Bloomberg) - Excerpt: "``The Chinese fire alarm rang loud and clear across all markets,'' Jon Nadler, an investment-products analyst at Montreal- based Kitco Minerals & Metals Co., said in an e-mail. ``Who knows how many hedge funds had serious positions riding on the presumptively insatiable Chinese demand for commodities. Gold was dragged down significantly lower.'' Funds sold mining stocks and the StreetTracks Gold Trust, the exchange-traded fund, or ETF, backed by physical gold. The Philadelphia Stock Exchange Gold & Silver Index fell 6.9 percent to 137.56. The StreetTracks fund, which last week reached a record $10.5 billion, dropped as much as 4.5 percent. ``The stock market didn't collapse until after gold's close,'' said Billy Flahive, a gold trader and partner at Eagle Futures Inc. in New York. ``The liquidation got piled into gold. When they liquidate the ETF, they've got to liquidate gold bullion, so they had to come to the market. They did it after the close so it's a little dramatic.'' China Investment demand for bullion jumped 29 percent last year in China, the second-biggest buyer of gold after India, according to the producer-funded World Gold Council. China's appetite for commodities helped drive the prices of copper and crude oil to records last year. Gold's losses may be limited should investors seek a haven from turmoil in the markets, analysts said. ``If anything, the sell-off in Chinese stocks will increase demand for gold,'' said James Turk, founder of GoldMoney.com, which had $186 million worth of gold and silver in storage for investors at the end of January. ``As investors in China get burned with stocks, they will shy away from speculative stuff, and opt for the security that gold offers,'' Turk said before the close of Comex floor trading." mikal (2/27/07; 15:36:36MT - usagold.com msg#: 152752) Phases of phantasmagoria http://www.marketwatch.com/news/story/gold-marks-first-fall-3/story.aspx?guid=%7B6FFCBD87%2D0192%2D459E%2DB254%2D9D39277EBD16%7D&dist=moreover Yea, where there be smoke, there be fyre.No change in the wind for the poor souls in the middle of the storm, just getting it from all sides HAR!Hark, lest anyone here think ye in the thick of things, and they ARE laying it on THICKtoday, so smelly that detritus of their shipwrecksand stuffy preachins, argh, know we be FURLONGS away!Ahoy, see the view, ahhh, THE VIEW, take it inwhile me crew sets sail leeward from the smell, aye savor it slowly like a fine Van Gogh me hearties! YGM (2/27/07; 15:29:53MT - usagold.com msg#: 152751) TC...one big propaganda machine Are you watching CNBC again? :-) Try ROB-TV in Canada for a little more reality. Not so biased one way or the other usually and few of their guest commentators are either. I believe in the value of Gold as much or more than most, having mined my own for many years, but I do not for one second believe I should just dump all paper assets 'YET' then wait patiently for the collapse of all paper assets and move into a cave w/ all my guns, ammo & food. When I do divest of all my paper (mining stocks) you'll be the first to know because you'll be getting a rather large order for Coin of the realm, to keep my raw Gold company in the hiding hole. ge (2/27/07; 15:28:31MT - usagold.com msg#: 152750) Chavez signs decree to nationalize foreign oil companies http://news.monstersandcritics.com/americas/news/article_1269801.php/Chavez_signs_decree_to_nationalize_foreign_oil_companies Feb 27, 2007, 5:27 GMTCaracas - Venezuela's President Hugo Chavez signed a decree Monday night to nationalize the oil industry in the world's fifth-largest crude oil exporter.---events clustering---suddenly too many news to process------beep beep--- information overload!--- Flatliner (2/27/07; 15:25:49MT - usagold.com msg#: 152749) George updates his site http://urbansurvival.com/week.htm Here is a snip:Dow Down 415: A Jaw Dropping Web Bot HitFor a long time I've been warning about the high risk of financial meltdown (spreading to the US Dollar) beginning the period Feb 23-27. ..."Markets - Iceberg Rolls Over, Gold Floats on DebtThe [illusion] of (prosperity) that has propped up the Bush administration these last 6/six years is breaking up. Unlike previous market situations, our data suggests that no mere correction is underway, rather what is happening is akin to the [economic] and [financial] iceberg of the USofA rolling over. The vastly disparate ratio of wealth transfer these last few decades, which accelerated to gigantic proportions under the Bush decider-ship, and which has resulted in the top 1/one percentile of the populace controlling 99/ninety-nine percent of the wealth, is about to [flip] or roll over. As with real icebergs, the process is observable only at the point rolling begins, and by then it is way too late to react. As with real icebergs, it is entirely unequal distribution of 'mass' which results in the flip. As with really big icebergs, the actual flipping can take minutes. ... Gandalf the White (2/27/07; 15:23:12MT - usagold.com msg#: 152748) TA TA TAAAAAAAAAAAA ==> The "KING of the HILL" report ! WOWSERS !!! -- What a day !! Things were rather "clam" today, (local Ivar's joke), UNTIL AFTER the COMEX Contract CLOSE !!THE everything HIT THE FAN !ALL the Contest Goldhearts were at some point during the Tuesday COMEX session, "ATOP the HILL" !!!BUT the OFFICIAL results show ONLY the following: Settle $687.2 THEREFORE with an ENTRY of: $$$$ $686.9 $$$$ otish mountain (2/23/07; 17:20:44MT - usagold.com msg#: 152528)Sir Otish Mountain is the TUESDAY, "KING of the HILL" !!!Congratulations !!===PS: The COMEX contract was OFFICIALLY closed BEFORE all the fireworks BLEW UP !! I am hoping that NOTHING goes wrong tomorrow ! TOMORROW'S Settlement will determing the WINNERS.GW TownCrier (2/27/07; 15:15:25MT - usagold.com msg#: 152747) Asymmetric cheerleading On a day like this you can clearly see the bias in news reporting. Most of the news networks are giving very heavy coverage of today's steep fall in the stock markets, and at every possible turn they are speaking with market commentators teeming with an upbeat message, including giddy recitations of the various stocks they are most eager to buy tomorrow, and exhorting their fellow Americans not to panic, but to join them in their resolve to buy more stocks for the long term.With the initial wave of retiring baby boomers poised to visit a reversal of investment trends upon the stock markets, one seriously has to wonder "What basis for long-term strength are these various stock-marketeers clinging to?"Rather than merely reporting the news without bias, the networks for the most part are showing themselves primarily to be little else than orchestrated components in one big propaganda machine.Find your personal refuge in a flight to firmer reliance upon your own common sense, and the unassailable security of tangibles.R. Flatliner (2/27/07; 15:13:03MT - usagold.com msg#: 152746) Thanks TownCrier and Goldilox The link @galmarley is kind of what I'm looking for. I agree, it would be nice to see 5 minute updates or something to that granularity. But, then again, the gold market is slow and deliberate. After the paper hoarders liquidate to cover their widget obligations (next few days), we'll be able to see who's sitting comfortably and who's not. YGM (2/27/07; 14:59:57MT - usagold.com msg#: 152745) Dow Dumps 3.3% Overall. Funny thing is there is a boatload of stocks that are up like 50% to 85% y/o/y, but the sensationalism of media fails to note that little fact. The strength of Gold was fully evident when after the first hammering it actually went back into the green. Like I say the after market (access) is thinly traded and it's always the time for the shorts to run amuck. Next wk we'll be seeing blue sky again and this lemming facade will be all but forgotten. TownCrier (2/27/07; 14:57:50MT - usagold.com msg#: 152744) Flatliner, here's one of Topaz's favorite overviews of gold in the major currencies http://www.galmarley.com/Chart_pages/currency_charts.htm Too bad the 24-hr or even weekly charts aren't included on the right-hand side of this overview for a better appreciation of the short-term action.R. Flatliner (2/27/07; 14:47:15MT - usagold.com msg#: 152743) @ We did not fall as bad as paper!! At the start of the day, it took 18.47 oz (spot) gold to by the Dow. Now it takes 18.45. Virtually, no change. It may take a little more time to see where this is all going. Meanwhile, I'm happy I'm not getting a margin call. I'd call that one of life's little joys. GOLD FINGER (2/27/07; 14:36:50MT - usagold.com msg#: 152742) Dow plunges 415 points...opps it did it again!! Yet another reason to have GOLD. We did not fall as bad as paper!!I knew this day was coming (for stocks). Have a fabulous golden day!GFNow paper avalanch.....I guess you can say that PAPER GOT THE GOLD FINGER!! RIGHT??:-)Cheers Goldilox (2/27/07; 14:16:01MT - usagold.com msg#: 152741) FX tool http://www.netdania.com/QuoteList.asp @Flatliner,Try this one. It's quite flexible. It doesn't allow all the currencies, but you can ask it to overlay a few. Goldilox (2/27/07; 14:13:39MT - usagold.com msg#: 152740) Stock market crash? @BB,Sure do want to get some of them yummy US Bonds to "protect my assets".-NOT!Some gold owners may get frightened out in this rush for the exits, but it should still be one of the safest places to be.Hang on to your hats, folks, this is an eTicket Ride!-G'lox YGM (2/27/07; 14:13:18MT - usagold.com msg#: 152739) TSX Venture Market Wash-Out What a gift! Doomsday my ass. Mining shares bought at bottom today will be money well spent in less than a week!Gold's final hammering today was in the thinly traded access market. Drudge has his beacon going, and the bears along with the end of days doomers are out in full force all over the place. Gotta love the media's never ending sensationalism. Any fool could see the market (especially the TSX & Venture Exchange) was top heavy and ready for a good old serious correction. China and Greenspun were just the excuse needed.. LOL Flatliner (2/27/07; 14:07:41MT - usagold.com msg#: 152738) Looking for charts Is there a tool in the net that allows for viewing the PoG in all the top currencies at the same time? Ultimately, something that shows relative change rather than absolute change (percentages vrs units). Flatliner (2/27/07; 13:28:09MT - usagold.com msg#: 152737) This little Widget went to market... Now we get to watch the next group of hedge funds go under. During this paper liquidation, those that hold metal may find it easier to sleep at night. Hopefully, no one here is standing in front of this train wreck. This weekend may be another good weekend to gather supplies. Black Blade (2/27/07; 13:27:51MT - usagold.com msg#: 152736) STOCK MARKET CRASH!!! The DJIA plunged over 500 points when trading curbs were lifted earlier today. Gold had been lower but is climbing back now. Economic recession looks like a lock now with as media pundits are frantically trying to calm nerves on CNBC. The troubles started overnight in China when the government in Beijing clamped down on the stock market mania. That triggered a tsunami effect that rippled around the world. The DJIA is recovering a little but there are serious pressures including the subprime sector (which I discussed a for a few years here). The real estate bubble is just one more straw that broke this camel's back.As always, get outta debt and stay outta debt, stash enough emergency cash for several months' household expenses, accumulate Gold and Silver "portfolio insurance", and start a storage program of nonperishable food and basic necessities.- Black Blade mikal (2/27/07; 12:47:57MT - usagold.com msg#: 152735) WSJ goes for broke? http://www.wsj.com Muchos Gracias! The Wall Street Journal has been surprisingly candidthis month about finance, economics and the economy.I've wished to read or post somethings that were "for subscribers only". Argh! What'er their motive,they be sailing in the right direction!Behold their "free preview" for all ye hearties:"FREE PREVIEWNo Worries: Banks Keeping Less Money in Reserve By Robin Sidel and David Reilly Word Count: 1,156 | Companies Featured in This Article: Citigroup, Bank of America, J.P. Morgan Chase, SunTrust Bank, First Horizon National, Washington Mutual Banks might be putting too much faith in their borrowers.As more consumers and companies start having difficulty paying their debts, the funds that banks set aside to cover soured loans stand at the lowest level since at least 1990.The situation is causing consternation among regulators. And as credit quality begins to deteriorate from unusually strong levels, the issue also is causing jitters on Wall Street, where analysts predict the need to boost loan-loss reserves will cut into banking-industry profits this year.Banks establish reserves for a portion of loan portfolios or big individual loans that they estimate could ...• THE FULL WSJ.com ARTICLE IS ONLY AVAILABLE TO SUBSCRIBERS.• IF YOU ARE ALREADY A SUBSCRIBER, PLEASE LOG IN AT THE TOP RIGHT OF THE PAGE." Topaz (2/27/07; 11:58:56MT - usagold.com msg#: 152734) April too far away. http://www.futuresource.com/charts/charts.jsp?s=TYXY&o=&a=V%3A15&z=610x300&d=LOW&b=CANDLE&st= Those e-Bond traders are sure lapping up US paper this week as they continue to hand the day variety a gap down (yield). From PoG's perspective I'd hope that is the end of it for now as PoG loses it's immediate appeal tomorrow. Thank goodness for those 100 odd Feb contracts still sloshing around @ Comex imo.Ag should come to the fore and if nothing else should get stuck into reducing the G/S ratio.Makes for a most interesting Wednesday I think. Goldilox (2/27/07; 10:57:36MT - usagold.com msg#: 152733) Spank HUI, It's Tuesday I'll leave the acronym to your imagination. Gold has recovered pretty well, again, but the most of the miners are still reeling from the attack. Paper Avalanche (2/27/07; 10:27:24MT - usagold.com msg#: 152732) @ 968 Interesting that the report lists the decrease in gold at 37 million and the decrease in FOREX reserves at 0.1 billion. Why not just say that FOREX decreased by $100 million.Regardless of intent of those formatting the numbers, the net effect was that gold still increased as a percentage of overall ECB assets (yet again).The devil is in the details.Knowledge is what separates the masters from the slaves.Nothing too good or too bad lasts too long.PA 968 (2/27/07; 10:16:10MT - usagold.com msg#: 152731) Consolidated financial statement of the Eurosystem as at 23 February 2007 http://www.ecb.int/press/pr/wfs/2007/html/fs070227.en.html In the week ending 23 February 2007, the decrease of EUR 37 million in gold and gold receivables (asset item 1) reflected sales of gold by one Eurosystem central bank (consistent with the Central Bank Gold Agreement of 27 September 2004) and a net purchase of gold coin by another Eurosystem central bank. The net position of the Eurosystem in foreign currency (asset items 2 and 3 minus liability items 7, 8 and 9) decreased by EUR 0.1 billion to EUR 145.2 billion on account of customer and portfolio transactions.----------------------------------------------------------------------------------------------------------------------This implies that on this moment the ECB's goldreserves are 21,5% higher than the ECB's foreign currency reserves. GOLD FINGER (2/27/07; 09:53:35MT - usagold.com msg#: 152730) UP and DOWN Looks like the "GOLD" finger is pointing up.....and it might drop again tomorrow.......Remember volatility ~This will pale in comparison, when in the future we have 100.00 swings!!GF The Hoople (2/27/07; 09:41:31MT - usagold.com msg#: 152729) $10 down, now $24 up? If today and tomorrow is a repeat of last week then it looks like my $704 POG guess should bring home the golden bacon! Sounds like the Treasury must have lost another 300 pallets of FRN's somewhere. Either that or China connected the dot that the U.S. consumer is DOA. Golly, can a good old fashioned Chinese repatriation be in the offing? Wow, there's another big dot to connect. Get your shiny while the cabal is still taking their stupid pills. osa104c (2/27/07; 08:33:44MT - usagold.com msg#: 152727) RALLYING CRIES (wolf) remember the MAINE..LUSITANIA...PEARL HARBOR...CHOSIN RESERVOIR....CUBAN MISSEL CRISIS.....PUEBLO....911...........CHENEY ASSASSINATION ATTEMPT (laughable).....debasing of all currencies is occurring..................look at the following:::five year spot gold against ALL major currencies..............GET SUM................AMF Cometose (2/27/07; 07:59:26MT - usagold.com msg#: 152725) These manipulators are BANKERS CHEEAPSKATES..........There's another term that would be inappropriate ............THEIR mama's have always taught them only to shop a good deal...........so they make their own environment of RED TAG SALE.....and then with their mama's approval they purchase .........I would say that they are buying SILVER today Cometose (2/27/07; 07:53:13MT - usagold.com msg#: 152724) hyperbole: thats exaggeration to the Ladies It would appear that the movers and shakers at the HUI this morning have decided that they want a DRAMATIC MOMENT;a moment maybe all they get Cometose (2/27/07; 07:41:11MT - usagold.com msg#: 152723) slapdown If memory serves and its a short one , the last time they tried this the day ended up , way up ..........and I don't remember what the dollar was doing that day but today it's decidedly down and recently penetrated support at .8380we can always hope and plan longterm Silver Fox (2/27/07; 07:31:45MT - usagold.com msg#: 152722) POG & POS Drop http://quotes.ino.com/chart/?s=NYBOT_DX&v=i No wonder the CB's are busy, check out the attached website and follow the dollar going down. I also heard on NPR this morning that the Chinese stock market was down 9%, or the biggest drop in years.It could be that today will be a real interesting day...SF osa104c (2/27/07; 07:08:57MT - usagold.com msg#: 152721) ALLY, ALLY, AUCTION FREE American's love MARKETS.......401k's, 403's, 457, deferred compensation, ira's, roth ira's, mutual funds (BOTTOM LAND) >>>> THE STOCK MARKETTHE HOUSING MARKET.........investment property, rollovers, income property, positive cash flow, negative cash flow, 80% LTV, 100%, 125%, leveraged investment, OPM (other people's money).............>>>>>>>sOOn my dears, GOLD will be the market of ALL markets............Billions and Billions served...........EVERYONE WILL PLAY.......................................AMF mikal (2/27/07; 05:59:44MT - usagold.com msg#: 152720) (No Subject) http://www.dailyfx.com/story/dailyfx_reports/daily_brief/Japanese_Yen_Rallies_on_Unwinding_1172578781313.html?engine=rss&keyword=article Japanese Yen Rallies on Unwinding Carry Trades; Dollar Down and Out | Terry Belkas | Daily Fx | February 27, 2007Interesting times for carries, Shanghai Composite Index came in 9% lower, gold and base metals are volatile.Can end of month bargain hunting kick in as expected? Silver Fox (2/27/07; 05:49:15MT - usagold.com msg#: 152719) Paper Gold & Silver Looking at the rate the the POG & POS are dropping today, it appears that the CBs are working hard to shore up the foundation of the dollar. $650 & $14 today?SF Paper Avalanche (2/27/07; 05:44:27MT - usagold.com msg#: 152718) POG getting the goldfinger this morning..... It will be interesting to see if there is a second cascading sell off around 10:00 am as is the usual trend on days like these.PA Goldilox (2/27/07; 04:05:19MT - usagold.com msg#: 152717) Gold reaction http://www.netdania.com/ChartApplet.asp?symbol=XAUUSDOZ%7Ccomstock_lite @ Sundeck,I stand corrected. The lads played with the PoG for a spell after the bewitching hour, but it was short-lived. Goldilox (2/27/07; 03:57:50MT - usagold.com msg#: 152716) Dollar action http://quotes.ino.com/chart/?s=NYBOT_DX&v=s @ Sundeck,Perhaps Gandalf overfed the lads with that last batch of Roo. They slept right through the early DX waterfall in London town. Sundeck (2/27/07; 03:33:01MT - usagold.com msg#: 152715) Oil and The Dollar in Iraq ...two revealing editorials from today's NYT...http://www.nytimes.com/2007/02/27/opinion/27taylor.html?th&emc=thhttp://www.nytimes.com/2007/02/27/world/middleeast/27iraq.html?_r=1&th&emc=th&oref=login;-) Topaz (2/27/07; 03:18:09MT - usagold.com msg#: 152714) Bond:Gold Au and Ag bearing up well against the green e-bond/Dollar composite onslaught. The rest of the landscape looking pretty ordinary with SM's wilting in Europe and Dow Futures anticipating a red 70 open.Liquidity reductions coming home to roost. Toolie (2/27/07; 03:17:35MT - usagold.com msg#: 152713) ~~~It's like living in the future~~~ http://www.detnews.com/apps/pbcs.dll/article?AID=/20070227/BIZ03/702270375 [Toolie comments][Contrary to what is often the published, most of the downsizing that has occurred in Detroit is not the $100,000/yr. Autoworker that sweeps the floor at an assembly plant. Most times the downsizing is done in the supply chain, people are often educated and have formerly marketable skills. It is worth noting that the current recession/depression began here about in about 2001.]Snip: Can't sell, so owners give bank the homesDesperate families walk away rather than lose them to foreclosure....STERLING HEIGHTS -- Alan and Alyson Wirgau live in a cute ranch on a quiet suburban street next to an award-winning school. There's a new roof above their heads, a new deck in back and a For Sale By Owner sign in front.....They are among a growing number of Michigan families asking lenders to take their homes off their hands. That trend, paralleling a rapid rise in foreclosures, illustrates the desperation some families feel as home values fall below their mortgage debt.That process, called a deed in lieu of foreclosure, is an agreement to give up all ownership rights in a home or piece of property to the lender.....But at Michigan's largest foreclosure law firm, Trott and Trott in Bingham Farms, deeds in lieu of foreclosure rose 35 percent in 2006. Looking at the firm's data, attorney Dave Trott estimates there were more than 1,000 deeds in lieu of foreclosure in Michigan last year.While that number is small compared to foreclosures (one in 80 homes in the Detroit area alone is in foreclosure), deeds in lieu are sometimes a less-bitter economic pill.....Lenders who frowned on such deals as well as short sales (accepting less than the loan amount for the sale of a home) now are routinely agreeing to both. For lenders, the choice often is between losing a little money now or a lot of money later.....And with home prices continuing to fall, the sooner a lender can sell the distressed house, the less money the lender loses, Kus said."It's the busiest department in the banks now, short sales and deeds in lieu," Howard said. "They have people devoted to it."....Most families who are on the verge of losing their homes have bad credit anyway, Schneider said. A family going through foreclosure proceedings can live in a home for almost a year without making mortgage payments."Making payments on a home that is under equity, you're literally throwing money down the drain," Schneider said. "Say you go 10 months without paying a $1,500 mortgage -- that's $15,000 to start over. Why would you pay that money when you can live there rent-free for that time?"Alan Wirgau understands the economics of such a decision, but not the morality."You made a contract," he said. "You should do your best to honor it." Still, he can't help but wonder whether he'll feel differently if his home doesn't sell in the coming months.[It's not just the dollar that is being undermined, it is the base on which capitalism rests – TRUST -- The expectations that people are inclined to do the right thing. By blaming the "free market" for the effects that are rippling through the economy, our economic pundits divert attention away from a corrupt money system and elite power that gain from such massive manipulation.].... "Some banks are even paying people to give their houses back, even on a short sale. They'll pay them $500 to help on moving expenses to get them out of the house." (end snip)[The excessive printing of dollars to facilitate foreign trade is about $800B/yr. or about 16M jobs at 50K/yr., hardly a drop in the bucket. Those jobs are pulled directly out of what remains of productive/tradable goods and services. It is a safe bet that those displaced will seek to avoid employment in internationally competitive sectors. The dollar works/worked because of the expectation that it conveyed value, where is its value if it cannot "buy things"? It has none, as more and more people will come to understand. Real gold WILL square the books. Real gold cannot be printed. Whom do you TRUST with your wealth?It seems that the financial establishment finally is beginning to share a little of the pain. While some here have expressed their dread for the future of our country, I must admit at least a little giddy anticipation for the day when roving gangs of bankers are willing to brave my dogs for a chance at an overlooked potato in the garden.]@MK, Gandolf: Thanks for Another contest.@Slingshot: I'm not sure if I want MK's gold or one of YOUR silver eagles more ;-)@All: Good luck in the contest 968 (2/27/07; 03:10:37MT - usagold.com msg#: 152712) Dollar hits 7-year low against ruble http://www.interfax.ru/e/B/finances/26.html?id_issue=11684778 MOSCOW. Feb 27 (Interfax) - The dollar hit a seven-year low against the ruble, falling 4 kopecks to 26.14 rubles/$1 by 11.20 a.m. local time on the Moscow Interbank Currency Exchange (MICEX) after the euro soared on the international Forex exchange. The dollar had not traded as low as this against the ruble since November 1999. The euro gained 7 kopecks to 34.54 rubles/EUR1. pr Sundeck (2/27/07; 03:02:14MT - usagold.com msg#: 152711) Wake up Spot! "Och...Sancho! Was that a trumpet? Wake up Spot! He hasn't noticed the dollar's drop... Some watch-dog! Get a goose, Sancho.""No worries, perhaps. Someone caught it at 83.6 and now it may be on the mend. Mmmmm...just the spirits in these woods playing tricks...go back to sleep, Sancho...the dawn has not come....""Zzzzzz....";-) melda laure (2/27/07; 00:11:49MT - usagold.com msg#: 152710) http://www.atomicprecision.com/UFT/a63rdpaper.pdf The previous post was in regards to our discussion of Some weeks ago when I asked "why do we not have free gold yet". and you mentioned repatriation issues. ViewYesterday's Discussion.
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