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ARCHIVED DISCUSSION FROM 6/28/2005
All times are U.S. Mountain Time

(Yesterday's Discussion.)

Dollar Bill (6/28/05; 23:17:12MT - usagold.com msg#: 133611)
.,.
FT's David Buchan and Carola Hoyos explain the rationale:

"In general, owning foreign oil reserves does not increase energy security. Were CNOOC to win Unocal, it could not insist on shipping Unocal's US oil off to China; US law would prevent this. But there are two other possible ways of enhancing energy security. One is through long-term supply contracts, which existed in the energy-anxious 1970s and before the development of the oil futures markets. OPEC producers now prefer to play the spot market for the highest price. But it is possible to imagine oil importers of the weight of China and India striking deals where smaller oil consumers could not. The second option is to build up an oil stockpile. China is doing this and India is talking about it. But neither belongs to the International Energy Agency, through which the US, Europe and Japan agree not only to hold a certain level of stocks but also to share them in a crisis."

Goldilox (6/28/05; 22:55:54MT - usagold.com msg#: 133610)
Barrick-Blanchard
@ Hoosier Goldbug, Canamami,

Not specifically to throw cold water on your enthusiasm for the remaining litigation in this suit, but somehow, I suspect removing gag orders will not be forthcoming in any near term.

We should certainly continue to ask for more transparency, but there will also be continuous effort to wear down the plaintiffs, fully expecting their lawyers to finally proclaim, " Settle now. This is the best you'll get!"

For any public pressure to influence this result, GATA and others will need to substantially grow the public awareness of the gravity of the case.

How do we impress on our News services that they need to follow issues of greater import than "lost Boy Scouts"?

exponential (6/28/05; 22:50:38MT - usagold.com msg#: 133609)
Open forum?
When I signed up, nobody said anything about the open forum concept (as far as I recall). It is not mentioned on the guidelines page. Would someone please explain it?


Goldilox (6/28/05; 22:40:13MT - usagold.com msg#: 133608)
Hate-on
@ Canamami,

Welcome back, however long your absence has been.

A Pritcho was referring to my post, I'll answer your charges, not for him, but from my perspective.

I have no hate for the US, nor especially the principles on which it was founded.

I do, however, have contempt for the abandonment of those principles by less than honest leaders, even for "covert patriotic" puposes. History has shown me that when government adopts more and more "secrecy" in its dealings with the populace and allies, special interests take over and do everything they can to hide the "private" interests that drive their "public" policy. If left unchecked, the result is very likely not good for the country as a whole, and the payoffs required to keep the pyramid schemes going continue to fuel the risk factors.

I certainly am no fan of the manipulation of currency, commoditiy, and gold markets, as you also profess, and I see the same corruption growing rapidly in the current banking-corporate-political behemoth.

The "laws" enacted to serve as "checks and balances" are finding more and more "made men" subverting the system, and in casino parlay, stacking the odds even further in their favor, too often to the blind eyes of officialdom and the courts.

Incredibly, the very institutions in charge of watching this activity are either asleep or complicit, or both.

Free markets? I can only hope we return to something even approaching free market equilibrium at some point.

As we watch western standards of living being reduced to attain better world parity, I am even more concerned that hard-earned western individual freedoms are also being modified toward parity with the lesser-free nations.

As you say you've been around here awhile, you've probably been exposed to the work of Catherine Austin Fitts and other esteemed investigators doing GATA-style work in other venues. Some believe that for political reasons, Americans should turn a blind eye to these abuses.

My belief is that every freedom lost and/or authoritarian market abuse comes back to haunt us in the long run by subverting the very principles we fight to retain.

I speak out against that type of activity when and where I can, in no way anti-US, but very much anti-abuse.


canamami (6/28/05; 21:10:50MT - usagold.com msg#: 133607)
Reply to MK
Thx for your kind comment. I'm not familiar with the "open forum" situation, which I infer means non-gold topics are now generally verboten. If I have broken any rules with my posts, I apologize, particularly if I am off topic.

Thx. Till later.

canamami (6/28/05; 21:07:23MT - usagold.com msg#: 133606)
Reply to Pritcho
Well, if you can't see the difference between a state agency and a criminal but still merely private company, that's your problem, not mine.

You seem to have a major hate-on for the US. What's your angle? The oldtimers here know who I am, and where I'm coming from. I've been away for a long time, so I ask: Where are you coming from?

Look, I hate what has been done to the gold sector by the big players; it has cost me a lot of money. But that anger can't be allowed to turn into hatred of one's own society, which is generally an objectively good society.

Anyway, I have deadlines to meet. A plus tard.

Dollar Bill (6/28/05; 20:56:43MT - usagold.com msg#: 133605)
.,.
I think "sovereign nation" should not apply to any country where church and state are in effect, one, like say Iran and Israel. I prefer Oh, say, "ticking time bomb nation", or something similar.
I am all thinked out, and I cant yet find the reason Israel has to NOT attack Iran. Can anyone come up with one? more?
What I mean by that easily misunderstood sentence, is....If israel thinks it should attack, what factors really does it have to worry about?
Condemnation? I think they are used to condemnation by now!
With Jewish men strewn throughout the worlds financial world, they are a nation like no other. Would congress worry them?
The president? I think they will just shrug off world complaints. Is there any financial threat they have to worry about? If the world gets hit with a real oil shortage, is that threat going to stop israel? What am I missing?
Gold would really benefit.
Anybody? Without going openforumish?

PRITCHO (6/28/05; 20:44:15MT - usagold.com msg#: 133604)
@CANAMAMI - - - THE CHINESE BID - -
Bottom line is there is NO PROBLEM with the Chinese Bid.If they are NOT allowed to spend their USA confetti then look out for the next move. You come across as being ONE EYED.

As for the rest I think Goldilox has covered it well & much more pleasantly than I could have :)


canamami (6/28/05; 20:20:45MT - usagold.com msg#: 133603)
Blanchard-Barrick suit
Yes, it may be that JPM was released from the suit simply because, in the final analysis, there was no evidence against JPM. It is notable that the action is still proceeding.

HOOSIER GOLDBUG (6/28/05; 20:13:53MT - usagold.com msg#: 133602)
BLANCHARD-BARRICK LAWSUIT!
When the smoke clears or the gag order is lifted, and BARRICK wakes up to reality and finally settles out of court, the repercussions of the BLANCHARD-BARRICK lawsuit will be the most profound event to affect GOLD for 2005 or 2006, if it goes into next year and takes that long to get straightend out! Donald Doyle is NOT going to do or settle for anything less than an advantageous position for GOLDBUGS. All the members of this forum will get in line and ride on his coattails and capitalize on his efforts. COUNT ON IT. The time for criticizing and belittleing him and throwing bombs against him is growing shorter every day.

Goldilox (6/28/05; 19:52:23MT - usagold.com msg#: 133601)
State Enterprises "above the law"
@ Canimami,

Everything you state is potentially true. Law is only useful when it is respected by both parties, as it is just one more set of agreements, a treaty so to speak.

ENRON is our own version of the potential CNOOC you describe, as billions in cash assets "disappeared" into Caribbean banks to finance the NeoCon campaigns and the ESF bond purchases (government or private business?), leaving the stockholders and ENRON employees completely high and dry!

A completely fraudulent front corporation, but so far only one couple has served any time (ironically enough, they are the ones who turned "state's evidence").

Not that corporate-state fraud hasn't been part of politico-business as long as we can remember, but pervasiveness and political immunity sure seem to have grown exponentially in the last decade.

Even the Barrick-Blanchard lawsuit not only "goes away", but evading all mainstream media attention, it slinks away with its tail between its legs.

The CNOOC-UNOCAL deal is getting headlines because they WANT IT TO. If the electorate blames China for the evils of bubble economics, all the better. It takes the heat off of the Washington crooks and idiots who have wrought these twin deficits and bubble manias.

All this while our wunderkind investigative journalists harp incessantly about some wild party chick disappearing in Aruba and some Boy Scout who can't read a compass in Minnesota. These are certainly sad for the individual families, but they are NO MORE NATIONAL NEWS than my motorcycle accident last weekend.

If you really want "business news", you must 'subscribe" to paid-for intelligence services (and stay tuned to this forum).

MK (6/28/05; 19:26:44MT - usagold.com msg#: 133600)
canamami
Good stuff. Food for thought.

canamami (6/28/05; 19:02:02MT - usagold.com msg#: 133599)
The problem with the Chinese bid
Chinese state corporations are ultimately arms of the Chinese state, not profit-making bodies. Hence, they will act to advance the interests of the Chinese state - e.g., the company will if necessary sell its oil to China, notwithstanding that a higher price could be secured elsewhere. The presence of such a company in a host country, particularly a small country, is a threat to that country's sovereignity. For example, it could be dangerous to nationalize or regulate the assets of such a company, because it would involve a direct challenge to the Chinese state. This is unlike a private company, which is merely a private body subject to the laws of the host country. Moreover, such a state company may try to assert sovereign immunity in the courts and processes of other countries, trying to place itself above the law.

In short, this is not merely a commercial transaction.

Druid (6/28/05; 18:49:01MT - usagold.com msg#: 133598)
Color Revolutions, Geopolitics and the Baku Pipeline
http://www.321energy.com/editorials/engdahl/engdahl062705.html
By F. William Engdahl, author of ‘A Century of War: Anglo-American Oil Politics and the New World Order,’ from Pluto Press Ltd.

June 27th, 2005

After a short-term fall in price below the $50 a barrel level, oil is now bounding back towards $60 a barrel and likely far higher. In this situation one might think that the announcement of the opening of a major new oil pipeline to pump Caspian oil to world markets might dampen the relentless rise in prices.

However, even when OPEC agreed on June 15 to raise its formal production quota by another 500,000 barrels per day (bpd), the reaction of NYMEX oil futures prices was to rise, not fall. Estimates are that world demand in the second half of 2005 will average at least 3 million barrels a day more than the first half.

Oil has become the central theme of world political and military operations planning, even when not always openly said.

Caspian Pipeline Opens a Pandora's Box

In this situation it is worth looking at the overall significance of the May opening of the Baku to Ceyhan, Turkey oil pipeline. This 1,762 km long oil pipeline was completed some months ahead of plan.

The BTC (Baku-Tbilisi-Ceyhan) Oil Pipeline was begun in 2002 after four years of intense international dispute. It cost some $3.6 billion, making it one of the most expensive oil projects ever. The main backer was BP, whose chairman Lord Browne is a close adviser to Britain's Tony Blair. BP built it in a consortium including Unocal of the US and Turkish Petroleum Inc., and other partners.

It will take until at least late September before 10.4 milllion barrels can provide the needed volume to start oil delivery to the Turkish port Ceyhan on the Mediterranean. Ceyhan is conveniently near to the US airbase Incirlik. The BTC has been a US strategic priority ever since Clinton first backed it in 1998. Indeed, for the opening ceremonies in May, US Energy Secretary Samuel Bodman attended and delivered a personal note of congratulations from US President George W. Bush.

As the political makeup of the Central Asia Caspian region is complex, especially since the decomposition of the Soviet Union opened up a scramble in the oil-rich region of the Caspian from the outside, above all from the United States, it is important to bear in mind the major power blocs which have emerged.


Druid: A different perspective from tonights speech. This reads like we're in for the very long haul.

Druid (6/28/05; 18:43:26MT - usagold.com msg#: 133597)
China: U.S. Dollar may not be Worth the Paper it is Printed on
http://www.merkfund.com/merk-perspective/insights/2005-06-28.html
Axel Merk, June 28th 2005

The $18.5 billion bid by China's state-controlled Cnooc Ltd. to purchase the American energy company Unocal has created fear, anger and calls for intervention among U.S. politicians. As the U.S. trade deficit, currently around 6% of Gross Domestic Product (GDP), continues to climb, China has access to vast amounts of U.S. dollars that it has hoarded over the years. Until recently, Chinas has simply been buying U.S. Treasuries. In recent months, it has become clear that China is becoming a more active investor, showing interest in natural resources (timber, oil and gas assets) and U.S. enterprises (IBM's personal computer business and Maytag, among others).

China, already the world's largest importer of many raw materials, anticipates dramatically higher energy and natural resource requirements in the years ahead. The world's oil production capacity, according to some estimates, is approaching its peak and there will be increased global competition for natural resources. While China is securing capacity, the United States has not built additional oil refineries since the 1970s (nor have any nuclear reactors been built since).

In the meantime, the U.S. is consuming goods imported from China at a record pace. Because of the tremendous trade deficit, the Chinese are sitting on hundreds of billions of U.S. dollars. Now, as the Chinese want to use this money wisely, U.S. politicians cry foul. The Chinese must wonder whether the U.S. dollar is worth the paper it is printed on. It is acceptable to use dollars to buy consumer goods, but if they are put to use to invest in the future, red lights go off in Washington.

Warren Buffett has long argued that the U.S. trade deficit is akin to selling out U.S. assets to foreigners. His once abstract warnings are now becoming vividly clear: With a huge trade deficit, foreigners are going to own ever larger chunks of U.S. assets. And unlike Americans, who seem to derive great satisfaction from consuming goods frequently with a nearly insatiable appetite, the Chinese are investing in their energy needs of the future.

That is not to say that the Cnooc bid and others from China are not shocking. The culprit, however, is not the Chinese government, but the U.S. fiscal and monetary policies that foster an environment of exploding trade imbalances and abysmal domestic savings. We believe this policy puts long-term pressure on the dollar, especially as Asian countries realize that their dollar reserves will not be honored if they are used for something of value to them.

As far as this particular transaction is concerned, Cnooc is only interested in the Asian assets of Unocal and will spin-off the U.S. assets. U.S. calls to intervene are unlikely to be successful as it is difficult to argue that U.S. "national interests" are being jeopardized the way this offer is structured. What bugs many is that Cnooc is 70% state controlled and has access to financing at below market rate interest rates. According to Chevron, also interested in acquiring Unocal, this is unfair state intervention.

Politicians will fight over this transaction in the coming weeks and may be able to force China to open up their markets further, so that foreigners can take control of more Chinese owned firms. But much of the discussion will miss the point: China, having become a major player in the global market with deep pockets, will want to put its dollars to use. The Chinese have subsidized their currency to sell cheap goods to the U.S. In return, they have accumulated billions of dollars. Now they will find out whether these dollars are worth anything at all as they try to use them to secure their future natural resource needs. If disappointed, China and other Asian countries may accelerate their diversification out of the U.S. dollar and into a basket of hard currencies.


Druid: Reads like a recipe for serious protectionism further down the trail. It's a coming. Hell hath no fury like a politician having to really answer to his/her constituency.

canamami (6/28/05; 18:20:16MT - usagold.com msg#: 133596)
Reply to Town Crier re India
I don't know if you read Mark Steyn. He had a recent article positing that India, not China, is the economic power of the future, primarily because of India's superior political system and tradition of respecting legal rights. This greater stability will pay off in the not-too-distant future. Steyn further argued that a new Anglosphere grouping of India, the US and Australia will be the story of the next century.

I would add that China's one child policy has also caused demographic disequilibrium in China, while India's birthrate means that India's population will pass China's by mid-century.

CoBra(too) (6/28/05; 17:46:24MT - usagold.com msg#: 133595)
Cnooc vs Unocal ... @mikal, goldilox etc.
First time the economic battleground has been brought to the fore.

This is were its hurts, as it exposes the Achilles heel of the seignorage of the US Dollar Standard gone beserk.

China - and never mind the real owner (private or public - ask about the real ownership of Freddie or Fannie ... and even JPM - and the answer will be ... well, no answer ...)
- in the end will contemplate the outcome as always in long term strategic conclusions; A fact the West has abandoned and forgotten for instant gratification - a long time ago!

As the recipe of our western lifestyle, however arti-(ficial)stic, is c(r)ooked by chefs of statistical Burger Flippers. A last resort for employment in de- post- industrialized consumer emporium of the globalized world.

Me thinks ole Sitting Bull should take back some of his Manhattan property for baubles, gizmos and widgets ... But no, now it's Mr. Ming and his brother Chu supplying the stuff ...

So don't take me serious only on it ... Chu - cb2


Rimh (6/28/05; 17:07:05MT - usagold.com msg#: 133594)
Just a reminder....
Thursday is the the FED decision on interest rates and 2nd quarter end, so expect this to be a rougher week for gold. Also, there's the larger short position of the commercials in play, suggesting the short term "fix" may be in. Probably another good buying opportunity ahead, but likely a brief one.

Goldilox (6/28/05; 16:07:16MT - usagold.com msg#: 133593)
CNOOC - UnoCal
It occurs to me that a lot of the conservative rhetoric on CNOOC's offer for UnoCal may have its basis in the falling percentage of UST that China is purchasing. Sort of a hint that they must belly up to the bar before getting any kind of approval.

Snow's visible support may be just the tip of the iceberg, where he tells the Chinese he supports them but it'll never get past his Repub Congress without guarantees of continued Treasury support from the Chinese.

Notice few are mentioning the ddetails of the deal - CNOOC has offered to spin off all US assets and just keep the Asian assets.

This will continue to be interesting.

TownCrier (6/28/05; 15:56:38MT - usagold.com msg#: 133592)
Membership opens for Dubai's gold exchange
http://www.business-standard.com/bsonline/storypage.php?&autono=192873
Mumbai June 29, 2005
Dubai Gold and Commodities Exchange (DGCX), the first electronic multi-commodity derivatives exchange in the East Asia, today announced that it was open for membership.
 
DGCX, a joint venture between the government of Dubai and India's Multi Commodity Exchange (MCX), hopes to eclipse the Tokyo Commodities Exchange (TOCOM) as the world's number two gold exchange within three years, said David Rutledge, chairman, DGCX, and acting chief executive officer of Dubai Metals and Commodities Centre (DMCC).
 
"The underlying bullion market in the Middle East is significantly bigger than in Japan. "Realistically, a period of two to three years" would probably be needed to overtake TOCOM, he added. New York's COMEX is the leading gold derivatives market.

DGCX will commence operations in November this year...

...DGCX will trade 7 days a week with trading hours extending from 10.00am to 11.00pm.
 
This will overlap with the trading hours in US, Europe and the Far East. Members will be able to connect to the DGCX trading system from anywhere in the world.
 
The orders placed by members on the exchange will be routed to a central order book with automatic order matching algorithm.

^------(from url)-----^

The makings of a new benchmark?

R.

TownCrier (6/28/05; 15:50:57MT - usagold.com msg#: 133591)
The Indian gold rush
http://www.business-standard.com/bsonline/storypage.php?&autono=192889
New Delhi June 29, 2005 -- The flood gates have opened and they are coming back in droves now, they referring to Indian professionals working overseas. Over the past 18 months in Bangalore alone, over 30,000 techies have returned from high-paying and good-quality jobs overseas, and this is now being repeated in sector after sector. Indian professionals are beginning to make the trip back to the homeland...

Is this a good thing, one may ask. In my mind this trend of high-quality, professionally qualified, and well-placed professionals coming back is a very big and unqualified positive. In fact, I remember the great Barton Biggs mentioning very clearly that one clear sign of a country developing and transforming towards rapid growth is if large numbers of skilled citizens of that country start returning home of their own free choice.
 
It indicates that these global citizens see greater economic prospects and opportunities in their mother land than in the more advanced countries of the West. It only serves to reinforce the feeling shared by most locals that their country is now finally on the move.

This is also a pattern that we have seen before, in Taiwan, Korea, and now in China—large numbers of professionals and engineers returned home to work in local companies or become entrepreneurs.

...Why is this happening? There are two or three simple explanations.
 
First, these global Indian are now seeing the same opportunities that the locals have been harping on for years. There now seems to be global belief that India has hit an inflection point, and many cannot resist the chance to be on the ground as a country as large as India grows at 7 per cent per annum for a decade (hopefully) and transforms itself. The wealth-creation opportunities and satisfaction of seeing your own country develop in front of you cannot be underestimated.

...Now is the time and place to get the maximum reward for your India knowledge. Such a gold rush and search for country-specific skills happen only once in a lifetime, if at all.
 
The moves you make over the next 12- 18 months will be a huge opportunity to change your personal orbit in terms of the quality and type of organisation you work for and job responsibility.

^----(from url)----^

If India is indeed on the cusp of an economic boom and massive wealth-creation associated with this development, it is reasonable to expect a positive effect on gold demand given the predispositions of the Indian culture.

R.

USAGOLD Daily Market Report (6/28/05; 15:31:23MT - usagold.com msg#: 133590)
Page Update!
http://www.usagold.com/DailyQuotes.html
The Daily Gold Market Report has been updated.

If you are considering investments in gold we invite you to request our free introductory information packet detailing the products and services offered by USAGOLD ~ Centennial Precious Metals. We welcome your inquiry and look forward to working with you.

Tuesday Market Excerpts

June 28 (from Reuters) -- Gold futures in New York closed at a two-week low Tuesday on technical selling ahead of the U.S. Federal Reserve interest rate meeting later this week and a half-session Friday before the U.S. July Fourth holiday.

A steadier U.S. dollar and softer crude oil during the day also took the shine off prices, due to less demand for safe haven assets like gold, but futures held above major support levels as trading was rather light.

"I'm not convinced this whole bull move is done," said Scott Meyers, an analyst at Pioneer Futures in New York.

"Chartists say it's a little overdone to the upside -- and some of this selling is the alleviation of that condition. But the trend is still up."

COMEX August futures fell $4.00 to settle at $437.70. Futures backed off further from Friday's three-month peak at $445.40 as market participants lightened up on holdings after overnight weakness in gold in Asia.

"We had some decent (bank) selling on the opening but fund buying came in to support the market," said a COMEX floor trader, referring to a contrarian fund that has been doing options-related buying in gold in recent weeks.

"But, I think we're really stuck in limbo until the Fed decision," said the floor source.

The Fed announces its move on interest rates on Thursday. A Reuters poll found that economists expect it to raise its key lending rates by a quarter point to 3.25 percent.

Market players also will be watching for last-minute moves by speculative forces on that day because it is the end of the second quarter, said traders.

On Friday, U.S. metals futures will trade a half day ahead of Monday's U.S. Independence Day holiday.

----(see url for full news, 24-hr headlines)----

Cavan Man (6/28/05; 13:34:45MT - usagold.com msg#: 133589)
Iran
ANOTHER sovereign nation with NO capability of harming the USA. Much ado about nothing....

Rimh (6/28/05; 13:34:40MT - usagold.com msg#: 133588)
re: Iran
Thanks for the articles, TC. Seems like Iran has alot more to offer the new-age of oil-seeking "tourists" from China and Europe.....

TownCrier (6/28/05; 12:14:33MT - usagold.com msg#: 133587)
Econ News from Iran
http://www.iran-daily.com/1384/2311/html/economy.htm
Forex Fund Withdrawals Criticized

TEHRAN, June 28--A top Oil Ministry official has expressed concern over excessive money withdrawn from the Foreign Exchange Reserve Fund and called for further stringent regulations to restrict this.

[Deputy Oil Minister for International Affairs] Hadi Nejad-Hosseinian called for better reserve management by the government which he said is a process that ensures the public sector's foreign assets are readily available for funding development projects.

Sound reserve management practices are important because they can increase a country's resilience to global and economic political shocks," he noted.

Since its formation in 2000 up to mid-2004, over $9.64 billion was withdrawn from the fund.

Minister of Industries and Mines Es'haq Jahangiri has said that more than $6.3 billion has been extended from the Foreign Exchange Reserve Fund for industrial and mining projects...

^-----(from url)----^

Also, in nearby news...

China Offers Help to Tourism Industry

TEHRAN, June 28--Vice-President and Head of Iran's Cultural Heritage and Tourism Organization Hossein Marashi here Monday announced that Iran has accepted China's proposal to help expand the tourism industry and is awaiting a move by China to place Iran on its list of global tourist resorts...


Dutch Interested in Transport Cooperation

VIENNA, Austria, June 28--Dutch transportation, public affairs and water management minister said Monday that Dutch companies are ready to invest in Iran's industrial and transportation sectors...

In a meeting a visiting Iranian parliamentary delegation, Mrs. Tineke Netelenbos further expressed satisfaction over the cordial ties between Tehran and the Hague. She said that her country is willing to share its experience in sea and air transportation with Iran. ...increasing the number of flights by Dutch flag carrier, KLM, from Amsterdam to Tehran and raising the frequency of exchange of trade delegations between the two countries.


Crude Reserve Estimates Higher

TEHRAN, June 28--More than 70 percent of Iran's crude reserves located in an area of almost one million square kilometers have remained untapped, said first deputy head of National Iranian Oil Company for development affairs, Seyyed Mehdi Hosseini.

He said Iran has raised its oil reserves estimates... "Estimates in recent report published by OPEC's second largest producer put Iran's crude reserves at more than 132 billion barrels which compares with an earlier estimate of 97 billion barrels in 1999."

Hossein Kazempour Ardebili, Iran's OPEC governor, has said the new estimates highlight the contribution that the giant onshore Azadegan oilfield will make to Iran's reserves. Believed to be the world's largest oilfield, Azadegan is widely estimated to hold some 26 billion barrels of crude reserves.

^-----(also from url)----^

It would not seem that Iran is to be so easily marginalized on the world stage as some might choose to think.

R.


mikal (6/28/05; 11:05:56MT - usagold.com msg#: 133586)
Growing legs under gold
http://www.moneyweb.co.za/investing/insights/455847.htm
Gold, Walking Tall and Alone - Barry Sergeant - June 27, 2005
Excerpts: "Riksbank cut its core interest rate. There are fresh signs that – under the weight of an ongoing stream of appalling economic and political news – the European Central Bank could cut its rate later this year. There are equally fresh signs that the Bank of England could cut its core rate in the foreseeable future.
On Thursday the Federal Reserve may signal that its bout of tightening is over for the meantime. The net message (should all this materialize) would be that central banks are more concerned with stimulating economic growth, than in controlling inflation. This reflationary message would be bullish for gold (in any currency)."
[It follows logically that the Fed has worked itself into a corner. There's and the financial world's use of derivatives
has only served to steepen the height of the walls they must scale]

"The problem, bellowed Roach, "is that this recasting of macro is very self-serving." For Roach it was a "concentrated effort on the part of the Fed to exonerate itself from the Original Sin of failing to address asset bubbles." For Roach, the result is an ever-deepening moral hazard dilemma that poses grave threats to financial markets."
[Roach's essay delineates many of the pertinent economic distortions and imbalances watched by gold advocates. Epic errors committed not just by policymakers, but by those
nations, corporations and individuals enabling, encouraging or assisting them.]

USAGOLD / Centennial Precious Metals, Inc. (6/28/05; 10:54:44MT - usagold.com msg#: 133585)
It has been two years since 'Wilhelm I' was last available in quantity

only 400 available XF, AU June 2005 Buyers' Group Wilhelm I German 20 Marks Shop online or phone for addtional savings. Call today, save today! 1-800-869-5115 We are offering various pricing discounts on this special for quantity orders. Click here to learn more and order online or else call 1-800-869-5115 and speak to one of our representatives to secure your part in this attractive offer! Personal checks and wire transfers, as always, will be gladly accepted on all phone orders.

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