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ARCHIVED DISCUSSION FROM 3/30/2002
All times are U.S. Mountain Time
(Yesterday's Discussion.)
Black Blade
(03/30/02; 23:26:37MT - usagold.com msg#: 72417)
mikal
In a way I have to agree with you. We should thank the Gold bears, the short sellers (including the hedge fund miners), the central Bankers, Wall Street, and many others who conspired and worked hard all these years to keep Gold and Silver at absurdly low prices. Without them, many of us would not have been able to accumulate nice stashes of bullion and coin. And for that I thank them – though I am sure that was not their intention – however, I thank them nonetheless. On the other hand, if they fall on hard times, so what? Let them eat cake! I will live happily as I always have and spit on their graves and in their begging bowls for the pure sadistic pleasure.
Cheers!
- Black Blade
mikal
(03/30/02; 22:34:36MT - usagold.com msg#: 72416)
Correct spelling for our foreign visitors
...course offering at the university, not: univerity. P.S. Thank you to all gold bears for the opportunity to poke a little fun, but especially to accumulate residual precious metal for a long residual time frame. It does take all kinds to make a world, but seriously, I, for one, will be with you if you happen to fall on hard times. No matter if you be a neighbor, a family member, a friend , or a coworker struggling to make ends meet.
mikal
(03/30/02; 22:10:13MT - usagold.com msg#: 72415)
A hypothetical Declaration of Independence
Precious metals are base and gaudy. We won't touch them, let alone be seen with them. We prefer investments that we can recommend. Our friends are sophisticated, cultured and distinguished. We've cast off old-fashioned barbaric relics. Gold is so stark and simplistic. When was the last time you saw a gold or silver course offering at the univerity? Our financial advisor is one of those trained and certified professionals. He even works out of an old, established brokerage. Our favorite radio shows never talk about crude rocks and if they showed them on tv, we'd be waiting in line to sue them!
Black Blade
(03/30/02; 21:40:17MT - usagold.com msg#: 72414)
Nuclear Terror Near Toledo
http://www.commondreams.org/views02/0329-04.htm
Atomic Apocalypse Barely Averted at the Davis-Besse Reactor
Snippit:
Ohio is looking down the barrel of a nuclear apocalypse. Its name is Davis-Besse. Reopening it---as its owner wants to do---can be viewed as nothing more than an act of terrorism.
The 900-megawatt atomic reactor near Toledo has shocked even the industry's staunchest supporters. An unexpected leak of boric acid has eaten through nearly six full inches of solid high-grade metal in a critical internal component. Only 3/8 of an inch of carbon steel protection was left in tact when the hole was discovered in February. Soon thereafter a second hole was discovered, raising widespread fears that the reactor could be riddled with untold other seriously deriorated sites.
Boric acid is laced throughout the water that circulates through all Pressurized Water Reactors. Similar structural problems have long been known in the much-vaunted French nuclear industry, whose 55-plus PWRs suffer from a syndrome known as Vessel Head Penetration Cracking, which threatens the entire industry. As it always does, the Nuclear Regulatory Commission, which is supposed to protect the public, says there is no real danger. But in the same releases it pointed out that the acid has compromised an extremely important safety feature common to all pressurized water reactors, the world's most widespread model. There are 68 other reactors with similar designs in the US alone.
Black Blade: The NRC has ordered all other similarly designed nuclear facilities to be shutdown and inspected. This could result in several power plants going offline for inspections and repairs that could last anywhere from 90 days to two years. This will require a greater reliance on natural gas fired power generation in the mean time. Unfortunately there is insufficient natural gas supply and transmission capacity to meet these needs. Much higher energy prices are very likely by year end and that will be the final nail in the coffin for the "recovering" US economy. Lock in "cheap" gold and silver portfolio insurance as soon as possible.
Waverider
(03/30/02; 21:24:14MT - usagold.com msg#: 72413)
Letter to Editor: Washington Post: Gold Trading and Al Qaeda
http://www.washingtonpost.com/ac2/wp-dyn?pagename=article&node=&contentId=A51912-2002Mar6
Snippit:
"Through inaccuracy and inference, The Post's Feb. 17 front-page story "Al Qaeda's Road Paved With Gold" surmised that my company...and I, personally, have been helping al Qaeda and the Taliban move their assets out of Afghanistan.
This is untrue.
The Post's reporter quoted me as saying that I could deliver 100 kilos of gold anywhere in 12 hours. That was an amalgamation of my responses to two separate questions -- one concerning the days when the Dubai market was a free-for-all; the other about the time required to transport gold to India. Far from being unrestricted, as the report claims, Dubai has a strong regulatory regime governing gold trading. Sales of gold valued at 500,000 United Arab Emirates dirhams ($136,000) or more have to be recorded together with a copy of the buyer's passport for scrutiny by Dubai's central bank. At A.R.Y, however, we voluntarily tightened that limit to 200,000 dirhams ($54,000).
Waverider: Considering that the original story was posted here, it is only fair to the author that his letter of March 7'02 also be posted. Cheers!
Black Blade
(03/30/02; 20:38:14MT - usagold.com msg#: 72412)
Mega-Hedger Gold Miners to be Next Enrons?
http://www.gold-eagle.com/gold_digest_02/chapman040102.html
Another article by Chapman. With a rising POG who in their right mind would own Gold miners that short their own product? Barrick, Placer Dome, and AngloGold are dogs that long ago had their day. One glaring similarity between Enron and Mega-hedger Barrick is ths scope of insider selling. That should be one big red flag! Also the lackluster returns on these shares compared to nonhedgers suggests that only a fool would hold these shares in a rising Gold market.
- Black Blade
Nomad
(03/30/02; 18:48:03MT - usagold.com msg#: 72411)
Oil
http://www.nytimes.com/2002/03/31/magazine/31BEEF.html?pagewanted=1
Here is an entertaining article (you need to register) about beef ... including this interesting snippit regarding oil :
The feedlot's ecosystem, I could see, revolves around corn. But its food chain doesn't end there, because the corn itself grows somewhere else, where it is implicated in a whole other set of ecological relationships. Growing the vast quantities of corn used to feed livestock in this country takes vast quantities of chemical fertilizer, which in turn takes vast quantities of oil -- 1.2 gallons for every bushel. So the modern feedlot is really a city floating on a sea of oil.
Waverider
(03/30/02; 17:05:46MT - usagold.com msg#: 72410)
Speaking of....UFJ Holdings anticipates net loss of 1.2 trillion yen
http://www.japantimes.co.jp/cgi-bin/getarticle.pl5?nb20020330a2.htm
Snippit:
"UFJ Holdings Inc. said Friday that it expects to post a consolidated net loss of 1.2 trillion yen for the 2001 business year, which ends this month, up from the loss of 600 billion yen forecast in November.
The bank holding company said it has revised its earnings projection due largely to changes in an accounting procedure applied to Tokai Bank, which was liquidated as a result of its merger Jan. 15 with Sanwa Bank to create UFJ Bank."
Waverider
(03/30/02; 16:44:47MT - usagold.com msg#: 72409)
Japan's Bank Crisis
http://www.atimes.com/japan-econ/DC30Dh02.html
Snippit:
"As financial books closed for the end-of-March accounting year - by far the worst year on record in a horrible past few years - across the board Japanese banks were poorer, and fewer in number as the weakest failed. They have lost much money on behalf of their customers. For the foreseeable future, the prospect as the numbers are tallied is for a grim further rise in unrecoverable bad loans (about 36 trillion yen - US$271 billion - at the end of last September). With growing losses, there will be even fewer banks."
Waverider: An interesting three-part read on the Japanese banking fiasco. I see also that two of the largest banks have lowered their interest rates to 0.001% on ordinary savings accounts - savers at UFJ Holdings and Bank of Tokyo-Mitsubishi hoping to double their money would now have to leave it on deposit for 69,315 years. Better to catch Gold Fever my friend...Cheers!
Old Yeller
(03/30/02; 15:27:17MT - usagold.com msg#: 72408)
New monthly Contrary Investor
http://www.contraryinvestor.com/mo.htm
Looking at the much ballyhooed and frequently re-broadcasted "recovery" and it's historical precedents.Good point raised on how all the pundits are back pointing to historical signposts to validate their recovery hypothesis,while they conveniently discarded economic history during the new era.
Interesting graphs on S&P price/operating earnings,(back to bubble heights) and the difference between year over year M3 growth and growth in nominal GDP.
Appears as if the amount of debt required to grow GDP is at
extremes never experienced before.
Can the Fed wiggle off the hook yet again?
Black Blade
(03/30/02; 14:49:48MT - usagold.com msg#: 72407)
Gold bounces as institutions look to boost books
http://news.ft.com/ft/gx.cgi/ftc?pagename=View&c=Article&cid=FT38O9QJCZC
Snippit:
Gold prices spiked higher on Thursday, touching a seven-week high as institutions attempted to improve their book positions as the end of the first quarter neared. Spot gold rose to a high of $304.50 but eased to $302.10. Analysts said the price could rise further still given traders' unwillingness to hold short positions over the long Easter weekend.
Despite the closure of European markets on Friday and Monday, the Japanese have been keen buyers of gold in recent months and the Tokyo commodities exchange is open on both days, potentially boosting the price.
Black Blade: We could see a higher POG on Sunday night (US time). That is the "April Fools Day Surprise". There will likely be a tug of war between a gold buying public and an increasingly desperate investment and government community working feverishly to cap or even lower Gold prices. "Interesting Times"
Black Blade
(03/30/02; 14:36:06MT - usagold.com msg#: 72406)
Gold surges as punters wade in
http://www.thewest.com.au/20020330/business/tw-business-home-sto50665.html
Snippit:
HEAVY buying by panic-stricken Japanese investors has enabled the gold price, and Australian gold stocks, to finish the trading week on a high note.
The Australian gold industry is confident the gold price can rally above $US300/oz and stay there for the foreseeable future.
Last week's gold rally was put down to increasing tensions in the Middle East, short covering by European and North American investors ahead of the Easter break, but mostly the delicate Japanese financial situation. Asian investors have been buying gold bullion as an insurance policy as the government prepares to cap its guarantee on bank deposits. On Monday, the government-backed guarantee on bank deposits is to be capped at $US75,000.
"Physical buying (in Japan) has been absolutely phenomenal," Australian Gold Council chief executive Tamara Stevens said. "The last quarter 2001 saw Japan import 32.5 tonnes of gold, which is half of Australia's quarterly production. "And that has continued into this quarter where this month they imported seven times more gold than they did the previous month. "So physical buying in Japan is having a significant impact on the price."
The move by some gold companies to reduce their hedge positions has also had a positive impact on market sentiment toward gold this year.
Black Blade: Looks good. Aussie producers says " confident the gold price can rally above $US300/oz and stay there for the foreseeable future". I would also add that with the economic downturn associated with declining earnings (actual net earnings), crushing consumer and corporate debt, and the prospect of the Fed raising interest rates, we should see a continuing "flight to quality" as the media Trolls on CNBC are now saying (obviously somebody at the CNBC headquarters woke up and smelled the coffee).
Black Blade
(03/30/02; 14:25:14MT - usagold.com msg#: 72405)
Blast in Tel Aviv, Israel Keeps Arafat Under Siege
http://story.news.yahoo.com/news?tmpl=story&cid=586&u=/nm/20020330/wl_nm/mideast_dc_1208
Snippit:
TEL AVIV (Reuters) - A huge explosion, apparently caused by a suicide bomber, ripped through a Tel Aviv restaurant on Saturday as Israel kept Palestinian leader Yasser Arafat under siege in his shattered West Bank headquarters. Medical workers said more than 20 people had been wounded and police said the bomber had died in the blast at the restaurant in a popular nightlife district of the coastal city.
Black Blade: Yep, another one. Ariel Sharon already stated that he regretted not killing Yasser Arafat years earlier. The question is how the rest of the Arab world responds. Will Syria take advantage of this distraction to reclaim the Golan Heights? Will Jordan send troops to the border? Will Al Qaeda become active? Will Israel lose their $10 Billion/year welfare check from the US? Will there be an increase in the number and intensity of attacks. More important than any of this of course, will the Arab OPEC members continue to supply the west with "Cheap Oil"? Anything is possible now.
Cavan Man
(3/30/02; 11:22:37MT - usagold.com msg#: 72404)
Pippin
I suggest a history of money (by that title I believe) by Davies' and "Basic Economics" by Thomas Sowell.
Leigh
(3/30/02; 11:20:47MT - usagold.com msg#: 72403)
CoBra(too)
Happy Easter to you, too, dear CoBra!! And to all the wonderful Knights and Ladies of the Table Round!
Pippin
(3/30/02; 09:59:56MT - usagold.com msg#: 72402)
Money, velocity etc.
As mentionned in on of my previous posts, I'm a newbie on financial and economic matters. I'm therefore reading FOA's and Another's "gold trails" quite ...slowly but with great interest; in both those trails and other readings however, notions like velocity, monetary aggregates, MV=PQ etc. appear obviously quite frequently.
Although I'm no total stranger to those subjects, I'd like to go a bit more thoroughly into them, in order to get a bit of the "mental automatisms" demonstrated by the majority of the posters here.
My question is therefore this one: could anybody give me the title of an introduction on money and economics I could start with ? For example, would the book "Introduction to Economic Reasoning" by David Gordon (mentionned in Von Mises' site) be a good start ?
Many thanks.
A little note here: I don't ask silly question only. I buy gold also... :-)
CoBra(too)
(3/30/02; 09:28:27MT - usagold.com msg#: 72401)
POG ...
... With the POG in break-out mood, I would like to wish you all a great Holiday weekend.
cb2
sector
(3/30/02; 08:53:47MT - usagold.com msg#: 72400)
Gold COMEX Warehhouse Stocks
TOTAL REGISTERED 1,182,903 0 0 0 ..51,089 1,233,992
TOTAL ELIGIBLE ............139,427 0 0 0 -51,089 ......88,338
COMBINED TOTAL ....1,322,330 0 0 0 0 ............1,322,330
++++++++++++++++++++++++++++++++++++++++++++
Recall that "Registered" stocks belong to some one. In order for a new customer to access registered ounces those some ones must decide if they want to sell their registered ounces.
Only "Eligible" ounces are actually available for delivery.
Thus, there is about $26.5 million in deliverable gold at the COMEX warehouse.
Truely a drop in the ocean of demand today.
A default in COMEX gold in the future seems likely. It is difficult to envisage the Federal Reserve's largest banks actually covering their short positions via the purchase of physical metal on the open market.
After all is said, free, open and transparent markets are an anathema to this FED.
R Powell
(3/30/02; 08:07:45MT - usagold.com msg#: 72399)
Belgian
Organic indicators
The tea leaves confirm entirely my most recent reading. I slaughtered a plump Rhode Island Red chicken with the sacred knife while the coyotes were howling under the full moon. The entrails agree completely with the tea leaves. When all the indicators point in the same direction, perhaps we should look that way.
I place more faith in the fundamentals but, from what little I know of the technical signs, I can see no discouragement.
Happy weekend
Rich
nickel62
(3/30/02; 05:29:29MT - usagold.com msg#: 72398)
Goldquest
Thank you for the artlicle on Ruykeiser. Permabull goes out badly. Thanks again.
Belgian
(3/30/02; 03:26:57MT - usagold.com msg#: 72397)
The Tea Leaves.....
Combined Pictures (charts) of the past 10 years of financial * MANIA *, give me that strengthening feeling (and conviction) that we are on the verge (Very Close) of dramatic changes ! Be it GOLD (commodities) / INTEREST RATES / STOCKS / DOLLAR-EURO / POO...all show very strong warning signs of emminent BREAK THROUGHS !
The Abyss for many...Heaven for the few !
W've come to the point of no possible return. Price- pattern interpretation is amplified by the dramatic geo-politico evolutions searching for their own maniacal level(s). Virtual paper-fortunes (what is left of it) will scramble soon for alternatives and seek refuge in Tangibles.
After the great Manipulation-Fun, comes sobering Reality . This will and must bring a radical reversal in the beauty/uggliness of many financial pictures. As day follows night. Fasten your seat belts. Captain GOLD welcomes all passengers for take off !? Altitude : thousands of ...NIA !
The CoinGuy
(3/30/02; 00:42:03MT - usagold.com msg#: 72396)
Euro Added to Shanghai Forex
http://news.ninemsn.com.au/Business/story_28611.asp?MSID=562519f49b774a14bab31149c285b943
- The euro will be introduced on Monday on the Shanghai forex market, joining a small group of major foreign currencies traded in China's financial hub, according to European officials.
Jean-Pierre Jouyet, head of the French Treasury, said this week in Beijing he was "thrilled" to be able to assist in the launch of the European currency in China.
So far, only the US dollar, the Hong Kong dollar and the Japanese yen are traded in Shanghai.
The launch of the euro comes after intense European efforts to promote the currency in China, including a visit to Beijing last month by Wim Duisenberg, president of the European Central Bank.
The rest of the article is at the link.
The CoinGuy
ViewYesterday's Discussion.
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Centennial Precious Metals Gold coins & bullion since 1973 Denver, Colorado 80246-0009 We educate first-time investors! |
for quotes and purchase information.
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