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Welcome to the USAGOLD Gold Discussion Archives. The archives of this gold discussion forum are a treasure trove of information to educate investors about protecting their wealth through portfolio diversification with private gold ownership. The discussion forum also covers the wider issues of the past, present, and future role of gold in international monetary policy and the dynamics of the modern gold markets...   (Discussion Forum Hall of Fame) (The Gold Trail) ("Thoughts!" by ANOTHER)   The opinions posted by all guests are expressly their own and do not necessarily represent the views of the management or staff of USAGOLD - Centennial Precious Metals. The hosting of the public discussion shall therefore not be construed as an endorsement by USAGOLD - Centennial Precious Metals of any of the opinions posted here.

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ARCHIVED DISCUSSION FROM 7/31/2002
All times are U.S. Mountain Time

(Yesterday's Discussion.)

Belgian (07/31/02; 23:57:58MT - usagold.com msg#: 82004)
@ Steady
Some reflections on your question :
The interventionist FED, colluding financiers, corporations AND the general public...had a fantastic joy-ride, for the past 30 years. Today, the above groups are entangled in a "struggle". An increasing confrontation and conflict of interests. And it is *only* the general public that is "victimized" and will ultimately pay for the joy-ride .
Yes, yes, yes...we definitely landed into a huge monopoly game ! The huge saturation of FALSIFICATIONS cannot be undone or unwinded into an orderly manner. More and more falsifications are needed to cover up for the existing ones.
Some falsifications are exposed but therefore not eradicated...on the contrary, they are given another life.

The general public starts to catch a glimpse of some of the large listings of falsifications. But it are only the minor ones, promoted to be the most spectacular ones. But how does one tell the general public that the biggest "systemic" falsifications are almost perfectly hidden under the one and only paper price of GOLD ? Cooking books and all other creative stuff, means *nothing* against the systemic falsification of the Permanent Currency Depreciations, proliferating relentlessly !

The inevitable attack on Iraq has to be postponed to allow the financial brotherhood to do some *repairing* work. Read cover up and restoration of confidence as to continue the monopoly game. Cynical isn't it ?

Oh yeah...The Breaking point...!? Answer : when financial "fatique" breaks the wings or tail of the joy-flier. When : as the vibrations increase in frequency and amplitude. Is happening now and another try is going on to dampen it, again. One day it want work anymore. This within your and mine lifetime.

Gandalf the White (07/31/02; 23:31:15MT - usagold.com msg#: 82003)
The Hobbits wish to be Agents on this "Serial".
"Siege Engine" (A Serial of Many Chapters !)
NOW with both Sir Slingshot and Lady Waverider weaving the story, the Hobbits are going back and gathering ALL the prior Chapters to send copies to the Publishers for BIDS !
(ONLY FREE GOLD Bids accepted of course !)
<;-)



Black Blade (07/31/02; 22:31:54MT - usagold.com msg#: 82002)
Colombian banks exercise dollar options
http://biz.yahoo.com/rf/020731/markets_colombia_options_1.html


Snippit:

BOGOTA, Colombia, July 31 (Reuters) - Financial institutions have exercised the remaining $63 million out of $180 million in dollar-purchase options auctioned this week by the Central Bank, the Central Bank said Wednesday, in an announcement that could herald more intervention to support the peso.

Black Blade: Another SA country on the verge of economic collapse. The FARC has the advantage in the country side, minor right-wing paramilitaries hold small pockets, and the government is confined to the cities. Looks like a country about to collapse both politically and economically.



Black Blade (07/31/02; 21:57:39MT - usagold.com msg#: 82001)
Williams in talks to avert bankruptcy
http://biz.yahoo.com/ft/020731/1028126229150_2.html

Snippit:

Williams was in talks late on Wednesday with Lehman Brothers and MidAmerican Energy on ways the US energy trader could obtain secured financing to meet $800m (£510m) in debt payments this week and stave off bankruptcy, according to those close to the talks. Oklahoma-based Williams has been seeking a $1bn secured bank loan after failing last week to renew a $2.2bn bank line, leading ratings agencies to downgrade its credit to below investment grade. If Williams fails to make the payments, analysts expect it to be forced to seek bankruptcy protection from creditors.


Black Blade: Another one close to the abyss. Perhaps this one too will bite the dust. It looks a little shakey. With all these bankruptcies, earnings restatements, and scandals galore, where is the second half recovery that the primates trotted out on CNBC and CNNfn have been touting for the last three years? Perhaps the media will get silverback Abby Jo to drag her knuckles across the stage floor to an open mike at CNBC to tell us how the S&P 500 will reach 1350 by year end. Hmmm…



Black Blade (07/31/02; 21:46:23MT - usagold.com msg#: 82000)
Alcoa Cutting U.S. Output, Sees Charge
http://biz.yahoo.com/rb/020731/minerals_alcoa_7.html

Snippit:

NEW YORK (Reuters) - Alcoa Inc. (NYSE:AA), the world's No. 1 aluminum producer, on Wednesday said it would idle or eliminate production at three U.S. plants, cutting 377 jobs, because of high energy and labor costs.


Black Blade: Let's see, this is Paul O’Neill's old company and he is telling us that the US economy is just humming along in grand fashion. I wonder if he sold all his Alcoa shares yet. Hmmm…



slingshot (07/31/02; 21:37:33MT - usagold.com msg#: 81999)
Waverider
Siege Engine
Wonderful.
What took you Ladies so long? I knew sooner or later you would chime in. Your part of the story is so fluid. Mine is kinda herky jerky. The battle has just begun and plenty of twists and turns will be involved.

Think I can make a living as a writer? :0)
Slingshot-------------------<>

Waverider (07/31/02; 21:19:55MT - usagold.com msg#: 81998)
If I may....Siege Engine cont...
The horse had arrived without its messenger, for he lay face down and wounded in the emerald field. Blood oozed from his wound but he was still alive...he turned his head...he saw the sun blazing down on him as he drifted in and out of consciousness. It hurt to breath but he was determined to rejoin his men..."Think...clearly...what to do?" Suddenly, from the periphery of the battle field a solitary figure on horseback flew at a full gallop towards the messenger. Her thick black hair blew in the wind and matched the grace of the horses mane. She provided support to the army, tending to the wounded and providing encouragement when circumstances seemed bleak. She couldn't stand the sight of the messenger lying helpless in the field and knew she had to assist him, being closer to him in physical proximity than anyone else. As she approached the messenger, she reined in her horse and jumped to the ground in a single, fluid action. The sudden gust of wind aroused the messenger and as he opened his eyes she was already assisting him to his feet. With a sudden surge of strength she hoisted him across the front of the saddle, being careful not to disturb the arrow lodged in his back. She positioned herself behind the messenger, knotted her reins, and secured him with only her hands. The arabian mare turned in an instant and galloped back towards the edge of the forest. They had escaped...the messenger would survive...and now she had to focus on how she would remove the arrowhead...

Golden Bear (07/31/02; 21:08:17MT - usagold.com msg#: 81997)
slingshot (msg#: 81992) Siege engine
Sir slingshot,

Simply wonderful storytelling... keep up the good work.

Cheers.

Boxman (07/31/02; 20:27:13MT - usagold.com msg#: 81996)
Martha Stewart may be grilled.
http://www.nydailynews.com/news/story/7202p-6694c.html
The congressman leading the probe into the ImClone insider-trading scandal said yesterday he wants to grill Martha Stewart - but not at a public hearing.

Boxman- She saved herself $240,000.00 by dumping her ImClone stock, and her net worth has dropped $300 million due to her company stock being cut by more than 50% as a result of the disclosure. If it is proven that she was forewarned of ImClones problems, this may go down in history as one of the most idiotic financial and personal blunders of all time.

There are still some people that the country and even the world admire so much that they cannot afford to make even small mistakes. The big mistakes will make them irrelevent and the object of derision for the rest of their lives. Martha may just be one of those personalities.



Waverider (07/31/02; 20:15:55MT - usagold.com msg#: 81995)
Steady
I hope that someone with more understanding of the international markets than what I have responds to your question, but I'll just add this little tidbit from Keynes, "The Economic Consequences of the Peace" 1919

"...by a continuing process of inflation, governments can confiscate secretly and unobserved an important part of the wealth of their citizens...There is no subtler, no surer means of overthrowing the existing basis of society than to debauch the currency. The process engages all the hidden forces of economic law on the side of destruction and does it in a manner which not one man in a million is able to diagnose".

I think your proposal has some validity...and that diagnostic ability quotient could stand some improvement - yes? Cheers,
Waverider

Boxman (07/31/02; 20:10:05MT - usagold.com msg#: 81994)
AOL's second federal probe for the second time in as many weeks
http://www.reuters.com/news_article.jhtml?type=businessnews&StoryID=1277805
NEW YORK (Reuters) - AOL Time Warner Inc. AOL.N has been targeted in a federal probe for the second time in as many weeks, disclosing on Wednesday that the U.S. Department of Justice has started an inquiry into accounting practices at its America Online division.


It will be interesting to see the spin on this. If they are real creative, the market will move up (Not)

Black Blade (07/31/02; 19:59:22MT - usagold.com msg#: 81993)
Market Wrap Up - Puplava
http://www.financialsense.com/Market/wrapup.htm


Three BIG Words: Revision, Recession, and Intervention

Snippit:

Three words can best describe today's markets: revision, recession, and intervention. The morning began with the government's report on GDP for Q2 and the revisions for years 1999-2001. First a look at the Q2 numbers which show the economy has weakened considerably from the first quarter. The rate of economic growth slowed down to only 1.2% versus economists’ estimates of 2.4%. In addition to the slump in economic growth, another report by the Chicago Purchasing Managers Index for July showed a sharp drop in manufacturing activity. The Chicago CPM Index fell to 51.5% from June's 58.2%. A reading below 50 indicates the economy is contracting. Like the GDP numbers, which fell short of expectations, the CPM Index came in far lower than expected.

In addition to these numbers, the Fed's periodic Beige Book report showed the economy expanding modestly and unevenly across the country. The Fed used words such as "stable," "steady," "modest," or "moderate" to describe economic conditions. Four of the Fed's districts in New York, Boston, Atlanta and Dallas show that economic activity is tapering off. Six other districts reported marginal growth; while only two regions of the country, Cleveland and St. Louis, showed signs of growth. Retail sales are mixed, and in most regions of the country there are visible signs that consumers are starting to retrench on their spending plans. Labor markets are weak and real estate was mixed.

Other snippits:

We are now in a corrective process that is taking some of the froth out of the gold markets from second quarter. Once these excesses have been taken out, and gold has been transferred from weak to stronger hands, the stage is set for the next advance of what I believe will be a decade-long bull market. At the moment, gold and silver are climbing a wall of disbelief by both bulls and bears. By fall, and finally by winter, much of this disbelief will turn to conviction. There is nothing like a strong price move to new highs to create new converts. A spike in prices is going to depend, to some extent, on what happens to the dollar and Treasuries. If they both plunge, which I suspect they will, then you are going to see some very large gaps in the price of gold and silver.

Wall Street was jubilant that the markets finished on the plus side given all of the negative news. Just a sample listing of a few of the stories: economy begins to slump, economic numbers revised lower, Adobe sales drop for the fifth straight quarter, Brazil's currency plunges on debt default concerns, Allianz abandons profit forecast for the year, Verizon loss widens, Cooper Tire sanctioned for withholding documents, AOL Time Warner hit by 2nd Federal probe, Democrats covering up for Rubin, suicide bomber kills seven in Jerusalem, and Saddam Hussein in process of acquiring nuclear bombs. Given all of this cheerful news, the markets staged one of those miraculous last hour recoveries as it went out for the day in glorious fashion on a huge number of statistically improbable up ticks. Whoever was buying didn't care about the price. They were just buying in a maniacal fashion. So we went from one up-tick to another, rising like a submarine desperate for air until the markets finally went positive.


Black Blade: Tonight's update is well worth reading for a feel of the lunacy in today's markets. The PM markets are still surprisingly strong in spite of the strength in the US dollar and the rising stock markets. However, these rising stock markets are trading in a very bizarre manner and I suspect that something is definitely not kosher here. The market trading has taken a different tone since Dubya gave his "The Markets Will Rise" speech a couple of weeks ago, and sure enough the markets rose in spite of horrific revelations of fraud, downward revised data, piss poor earnings (or even no earnings), grim corporate outlooks, scandals galore, continued geopolitical tensions and terrorist acts. I also have noted the very strange sudden upsurges in market index futures activity prior to the market opening on Wall Street. The markets are defying all the fundamentals with jerky spikes and up ticks as though one major investor was running the market action. There appears to be no pretense of these major players for covering their tracks anymore. Very bizarre indeed.



slingshot (07/31/02; 19:47:57MT - usagold.com msg#: 81992)
Seige Engine
Gold above $300.00
There was nothing more to do except retire for the day. Each side knew what tommorrow would bring.War councils would be convened, stratagies planned and orders issued for the battle. Fires burned bright into the night. Men sharpened their swords and inspected bow strings and arrows. When they were finished they gathered around the fire to tell stories and watch the embers rise into the night sky. Laying down to sleep, many would think to themselves of all the events which brought them here, wondering if is was worth the endurance of this tribulaton.

Before dawn the Goldbugs awoke. In the dark near the edge of the forest, they would wait for early light to show their presence. Battle preparations complete, all that was left to do was step into history.

The cool of the morning air was pleasant, but the heat of the day was forthcoming. Knights on horseback come from between the trees and men followed them. Banners unfolded and they waved on the breeze.
A single Horseman had come out in front of the line of men.
The rider turned. Sir Howe, stood before them. Taking a moment to look at his army, then spoke.
" We have come here today to fulfill what is in our hearts. It is that cause that binds us together and makes thirst for victory. Make no mistake, some will die, while others will live, but all of you will be remembered. We will discard the yoke of lies and broken dreams. So breathern, strike with your sword a mighty blow and may your arrow hit its mark.
For we have come to FREE GOLD!

Instantly, the battle cry , FREE GOLD, FREE GOLD, filled the air.
Sir Howe was then joined by Sir Murphy and Sir Powell. They looked into the faces before them and their mens eyes told them the men were ready for battle.

After a small conference, a messenger was dispatched to the Lord of the castle.
Under a flag of truce, the rider arrived and asked for the Lord of the Castle,
" What is you message?"asked the Lord.
Sir Howe, asks that you Free Gold from its chains and give back to the people what is rightfully theirs.

"Tell Sir Howe, my answer is still the same", Said the Lord.

The rider swung his horse to return and as he started to ride back. The Lord of the Castle said to an archer, "Kill Him"

The archers arrow took flight, hitting the unsuspecting messenger and he fell from his horse in to the emerald field.

"That should convey our answer firmly don't you think?", said the Lord of the Castle.
The riderless horse reached the lines of the Goldbugs.

A single arm was raised and with a forward motion lowered.
The first row of men stepped forward silently.
After some distance from the trees, a second row appeared and moved forward.
And again a third line appeared.

The army of Goldbugs were now crossing " The Field Of Years"
So named for the years Gold was held in chains.

PH in LA (07/31/02; 19:34:22MT - usagold.com msg#: 81991)
Two Years Into the Worst Financial Crash in History
http://www.larouchepub.com/other/2002/2929two_yrs_crsh.html

"With the worst financial and economic collapse in history now playing out with thinly veiled hysteria in the daily media reports, it is useful to remind your neighbors that what is happening is the tragic culmination of a process—economic, political, and cultural—which has been playing out for three decades...

"We are now two years into the worst market crash in world history, with the major stock markets already down some 50% from their peaks in 2000. The markets are now back to their 1997-98 levels, but carrying half a decade's more debt, leverage, and speculation. In market terms, we have crossed the peak and are now headed down the back side of a very steep mountain. How far and how fast we fall, is largely a matter of actions taken, or not taken, on fundamental economic policy. As long as the Bush Administration and the Federal Reserve maintain their Hooveresque "the economy is fundamentally sound" stance, we can expect sharp plunges, punctuated by futile attempts to bail out fictitious and unsalvageable market values.

"...The U.S. stock market bubble was actually a global phenomenon, financed in part by huge flows of investment capital into the country. Money poured into the United States during the go-go 1980s, though that flow ebbed a bit when the U.S. banking system went under (the Fed secretly took control of Citicorp and arranged shotgun marriages for the big banks) after the real estate market collapsed. To save the day, the financiers unleashed the derivatives market, unpayable debt was rolled over, and financial deregulation escalated. Changes in the tax codes allowed money that previously would have been paid in taxes to instead be gambled in the markets, and corporations used money that should have been invested in their business activities to support their stock price. The bubble soared, but the physical economy suffered, as health care, education, transportation, goods production, and research and development were all choked back in order to feed the bubble..."

steady (07/31/02; 19:34:10MT - usagold.com msg#: 81990)
i have a question!
I have read heard, that many companies have off balace book transactions. that got me thinking, if a company does it whats to keep a government from doing it. So is it possible governments do off balance sheet transactions? now if a government does do that, what would keep it from printing money off balance sheet for financial gian or even terror. Many currencies are not strong enough to compete directly with the dollar , but some can compete/dominate/influence curencies that are weaker than there own. i guess what im getting at can a government work to attack a currency to devalue it? u know just like how the feds intervien just enough to kick start the momentum on the stock market to trigger buying, why not do the same but in the opposite way with others currency ? if so could that be what is happening in s.America some foreign entity bent on the destruction of the us dollar attacking it indirectly by causing the domino effect in south america? heck why worry about the monroe doctrin,and the roosevelt coralary to it when u dont even need to send anyone over there just have the presses runnin to provide the ammo,and enough traders to short or do whatever they do to make it the notational value of a currency fall enough to cause failure and bingo, there goes the south america, one right after the other and the props holding the imf and the fed together disapear and its exposed for what it really is a ponzi scheme Is this possible? i would think it is when u really are dealing with monopoly money! just asking. does this sorta thing happen?

Black Blade (07/31/02; 19:32:14MT - usagold.com msg#: 81989)
SMOKING MEMO
http://www.nypost.com/business/53726.htm


Snippit:

Handwritten notes revealed at a congressional hearing yesterday seem to show senior Merrill Lynch officials were aware that a deal they cut with Enron was helping the now-defunct energy trader cook its books. Merrill Lynch's senior finance chief James Brown wrote on Dec. 12, 1999 that Merrill's tentative deal with Enron to invest in the so-called Nigerian Barge power generators represented "reputational risk i.e. aid/abet Enron income stmt [sic] manipulation." The note was scrawled on a fax cover sheet by Brown, just days before the deal was inked that handed Enron a cool $12 million for their bottom line. "The document is extremely damaging. It's a memo that is potentially incriminating," said John Coffee, securities law professor at Columbia University School of Law. "The documents showing that Merrill Lynch executives foresaw the risk that could be viewed as assisting Enron's fraud could lead prosecutors to say this is a knowing violation," Coffee added.


Black Blade: There's also a video taken by Merrill Lynch of former CFO Fastow giving a presentation on how to scam the cash offshore. It looks like Merrill Lynch is dead in the water if the Governmnet wants to pursue this, however, as large contributors of bribes, ….er, I mean campaign contributions, I wouldn't expect much more than a slap on the wrist for Merrill Lynch. In fact, ML shares were up for the day. Hmmm…



misetich (07/31/02; 19:16:26MT - usagold.com msg#: 81988)
SEC attacked anew over auditor conflicts of interest
http://www.forbes.com/newswire/2002/07/31/rtr682870.html
Snip:

WASHINGTON, July 31 (Reuters) - Dealing another blow to the besieged U.S. Securities and Exchange Commission, Democratic Rep. Ed Markey on Wednesday branded the regulator "inconsistent" and "dead wrong" in its handling of IBM's (nyse: IBM - news - people) bid to buy PricewaterhouseCoopers Consulting.
The Massachusetts congressman said PricewaterhouseCoopers <PWC.UL> should not have been allowed to serve as the computer giant's auditor while the two companies were negotiating the purchase of PwC's consulting arm.

"This ... is contrary to the 'get tough' attitude coming out of the SEC and only deepens investors' skepticism about the integrity of the financial information they receive," Markey said in a statement.
.............
But Markey said the agency had undermined its own efforts, just one day after President George W. Bush signed into law a bill limiting the range of consulting services auditors could offer their clients.

"Today we learn the SEC allowed an auditor to offer its client an entire consulting company. The SEC's decision was dead wrong," the congressman added.
...........
In buying the consulting arm of the world's largest accounting firm for $3.5 billion in cash and stock on Tuesday, IBM made its largest ever acquisition.

But Armonk, New York-based IBM is paying only a fraction of what its competitor Hewlett-Packard Co. (nyse: HPQ - news - people) bid in 2000 for the unit -- $18 billion -- before pulling out of talks.

Markey noted that PricewaterhouseCoopers was Hewlett-Packard's accountant during the 2000 maneuverings but in that case both companies had decided the audit firm could not be considered independent.

"The SEC's recent decision is inconsistent with the position the Commission took when PwC was negotiating with ... Hewlett-Packard, which calls into question its intention to aggressively monitor accounting industry practices," he said.

*************

Misetich

The more things change the more they stay the same. Pitts will soon join the Bone Pile!

Got gold?

Black Blade (07/31/02; 19:12:05MT - usagold.com msg#: 81987)
Mirant Made Accounting Errors
http://www.washingtonpost.com/wp-dyn/articles/A23452-2002Jul30.html

Energy Trader Hires Law Firm to Review Bookkeeping

Snippit:

Energy producer and trader Mirant Corp. said yesterday that "mistakes" in its 2001 financial statements caused it to overstate assets and liabilities for that year by as much as $253 million. Mirant said the company may have overstated natural gas inventories and accounts receivable -- both assets -- by $85 million and $68 million, respectively, last year. It said it also may have overstated accounts payable, a liability, by $100 million. The company noted that the amounts "represent a fraction of Mirant's $22.8 billion balance sheet."


Black Blade: Another one is begging off the August 14Th deadline by restating earnings. And the big revelation – "nonexistent natural gas reserves"!!! How many other natural gas companies have done the same and leave the US exposed to a potential energy crisis late this year or early next year? Apparently Enorn also had "phantom" NG supplies as well. Let's see here, "phantom" NG supply for "Phantom" trades for "phantom" offshore companies".Hmmm…

You don't think that the Gold traders are doing the same thing do ya? Nahhh..... ;-)



Waverider (07/31/02; 19:10:25MT - usagold.com msg#: 81986)
Rock, RobotGuy, Black Blade
You guys are amazing, and I sense the fortitude yet the resiliency of a willow tree in all of you. Your stories today remind me of a book I recently read - "The Alchemist" by Paulo Coelho. It's a short little novel set is Spain, Tangiers and the Egyptian desert, and is about the wisdom of listening to and following our hearts and dreams, and reading the omens strewn along life's path. What does this have to do with Gold? Everything and nothing...many of the Golden Treasures in life have nothing to do with the physical... Cheers!
Waverider

misetich (07/31/02; 19:06:50MT - usagold.com msg#: 81985)
Foreigners sell Japan stocks in July; repatriation
http://www.forbes.com/newswire/2002/07/31/rtr682968.html
Snip:

TOKYO, Aug 1 (Reuters) - Foreign investors were net sellers
of Japanese stocks in July for the first time since February,
Ministry of Finance data showed on Thursday, as U.S. institutions
repatriated funds to make up for losses on Wall Street.

The ministry said foreign investors sold 227.3 billion yen
($1.90 billion) of Japanese shares during the week of July 22-26,
bringing their net selling so far in July to about 402 billion
yen, with three trading days remaining.

The latest weekly figure was about 10 times the net selling
in the previous week when foreign investors dumped 21.2 billion
yen ($177 million) of Japanese stocks.

"I think this shows one of the driving factors behind the
dollar's rise to 120 yen," said Soichi Okuda, senior economist at
Aozora Bank. "There is no other reason to describe the jump."

****************
Misetich

We wait patiently for the next leg down in US stocks! More ammunination is being consumed -

They are fighting the markets and economic conditions!

Got gold?







sector (07/31/02; 18:17:09MT - usagold.com msg#: 81984)
Accounting controls on EU budget 'unreliable'
http://news.ft.com/servlet/ContentServer?pagename=FT.com/StoryFT/FullStory&c=StoryFT&cid=1028126224771&p=1012571727085
Financial Times
By George Parker and Francesco Guerrera in Brussels
Published: July 31 2002 21:56 | Last Updated: July 31 2002 21:56

Accounting controls over the European Union's € 98bn budget have been criticised as insecure and unreliable in a scathing leaked paper from the EU's court of auditors.

The paper, obtained by the Financial Times, supports claims made by Marta Andreasen (pictured), the Commission's former chief accountant who was acrimoniously removed from her post in May after four months.

++++++++++++++++++++++

The whole European Union appears to be as corrupt as Wall Street, the US Treasury and the Federal Reserve.

It should come as no surprise to anyone here.

Ms. Andreasen must have made the fatal mistake of having integrity and telling the truth...too bad for her!


silvercollector (07/31/02; 17:45:15MT - usagold.com msg#: 81983)
Towny
Canuck is out of town for a couple weeks, was talking to him today. He wants to know if the deal is a go?

silvercollector

R Powell (07/31/02; 17:21:42MT - usagold.com msg#: 81982)
ski
Concerning POS,
Only new fundamental change is that the silver purchace bill for government buying for the coin program was signed last Tuesday. USA has become a buyer after years of supplying the mint from stores built up after WW2.

The breakdown in price is probably the trend following big speculative fund managers bailing out of what was an extremely large long position. We may see this continue until this selling is exhausted, hopefully soon.
What wilderness is entertaining you?
Watch that dome of high pressure over heartland America. Drought?
Rich

Rock (07/31/02; 16:35:07MT - usagold.com msg#: 81981)
Thanks for the feed-back Blade.
I know what you mean when you say you want to get paid what your worth. But like yourself I could afford to take the hit in salary to change careers at least for now. Nothing like a little extra time off however to take care of oneself. Not everyone can afford such a luxury as most Americans have to get right back into the system to keep those bills paid.

I'm by no means rich either, I'm just your average joe sixpack. I live simple like someone here at the round table once said. I learned to live within my means and the way I set up my program was to be able to operate at full capasity on either the wife or my income. That way if an accident or layoff were to occured with one of us we would be covered thus avoiding the panic button.

When my wife lost her job she bounced right back into the market like Robot Guy's intending to do. She started back looking for work immediately, even applying for positions she had never held before. She was probaby back to work within 2 weeks after she got the ax starting out part time at one company with free training then after getting experience in a new trade she went full time at another bigger company where got paid more and had gobenifits.

As for me when I was added to the bone pile 9 months ago I enjoyed some special time for myself and I still am. When George W added a three month extension to unemployment benifits I told the wife, guess what honey I got three more months of vacation!

Theres a really good book that I read quite a few years ago written by Vicky Robin and her husband and the book is called "Your Money Or Your Life." True story, Her husband was a big wall street investor and he spoke of how jumping through all the hoops wasn't worth trading off his life for. In other words he had the Mercedes Benz, he lived in an expensive high rise condo in Manhattan, you know the secinaro.

Bottom line after he added up all his expenses against his earnings and so forth and the "time" he spent to keep the ship afloat he said he averaged about $3.00 an hour. Anyway he ended up quiting his job and selling all his material wealth, got a little home and now he rides his bicycle to work down at the corner store. He echos what someone said here, "Live Simple," you'll sleep better and live a more riching an more enjoyable life.

It was really a good book the way he crunched the numbers and all but since I read that book over 7 years ago I can't remember some of the other details. What I really took from that book is to live within your means and don't keep adding to your toy pile unless you can afford to pay it up front because working as a slave to the banking system to make those credit card payments isn't worth it.

Take care,

Rock


misetich (07/31/02; 16:34:45MT - usagold.com msg#: 81980)
Pimco giant Bill Gross sours on corporate bonds-and worries that companies' inability to affordably raise cash threatens the health of the U.S. economy.
http://biz.yahoo.com/rc/020731/financial_pimco_gross_2.html
Snip:
By Jonathan Stempel
NEW YORK, July 31 (Reuters) - The world's most powerful bond mutual fund manager has soured on corporate bonds, and worries that companies' inability to affordably raise cash threatens the health of the U.S. economy.
Gross, a managing director at Pacific Investment Management Co. in Newport Beach, California, says he bought corporate bonds too soon, and got singed.

"We ... make mistakes -- witness our premature entry into energy and telecom bonds in order to cyclically increase our corporate debt exposure," he said in his monthly investment outlook, completed before Tuesday and posted on Pimco's Web site. "We at least have the common sense to recognize a long-term sucker's bet when we see one.

The $3.9 trillion corporate bond market, he said, "is close to full tilt, half frozen.... It's just fair warning that with a tilting corporate bond market, the economy itself may not be far behind."

................
TOO EARLY

Gross worried that corporate bond yields may need to rise because lending banks have changed from being risk takers to risk avoiders.

"The banks' retreat from the corporate lending arena has left a void that will take time and higher yields to fill," he said.

He said he still likes the investment-grade bonds of Sprint, the No. 3 U.S. long-distance phone company, though their price had fallen to 60 cents on the dollar from 95 cents. Sprint's 10-year notes rose to about 76 cents on Tuesday after the company said it obtained a $1.5 billion bank credit line.

Though "double-A" consumer products giants Gillette Co. (NYSE:G - News) and Procter & Gamble Co. (NYSE:PG - News) this week sold bonds yielding less than 4.4 percent, Gross said many lower investment-grade companies would have to shell out double-digit yields to sell bonds, while even some high-rated companies may have trouble selling.

This, he said, might sour financial markets and hurt the U.S. economy, making it harder for Federal Reserve Chairman Alan Greenspan to maneuver, with short-term interest rates already at a 40-year low.

****************

Misetich

Lets repeat that again shall we:

The $3.9 trillion corporate bond market, he said, "is close to full tilt, half frozen.... It's just fair warning that with a tilting corporate bond market, the economy itself may not be far behind."

Banks and bondinvestors have become RISK AVERSE -

How much more can the financial system take without succumbing?

Got gold?

ski (07/31/02; 16:19:25MT - usagold.com msg#: 81979)
Help please
Hello everyone, Duty calls and I have been in the wilderness for the past week and a half. I have noted that the POS has taken a severe dive in recent days. Could someone briefly tell me what happened as I am expected back and don't have time to do any digging now?? Thanks



misetich (07/31/02; 16:18:40MT - usagold.com msg#: 81978)
Summary of Commentary on Beige Book - July 2002
http://www.federalreserve.gov/FOMC/BeigeBook/2002/20020731/default.htm
Snip:

Labor markets were characterized as slack but relatively stable in most Districts; New York and Kansas City indicated some softening, but Richmond noted modest improvement. The pace of wage increases generally remained subdued, but many Districts noted continued escalation of non-wage benefit costs, most notably health insurance. Prices of raw materials were generally stable, though prices of steel, plastics, and lumber have risen noticeably. Prices of finished goods and services were generally flat.
............

There were spotty reports of increased hiring in particular occupations, such as engineers, skilled nurses, skilled construction workers, and mortgage processors. While most Districts indicated little change in labor markets, New York and Kansas City reported some softening since the last Beige Book, and most contacts in the Cleveland and Minneapolis Districts indicated that they had no plans to increase hiring.
...............
However, there were widespread reports of escalating non-wage benefit costs.
..............

Prices for most goods and services were steady, with the widely noted exceptions of insurance (particularly health insurance), building materials (particularly lumber), steel, plastics and paper.
**************

Misetich

Costs are rising - inflation remains "subdued" - corporations earnings also remain "subdued"
Hirings remaain 'subdued"

It is this type of report that must make Walter Mitty's graduates - O'Neil, Greenspan, Bush, Lindsay - optimistic

Will foreingers keep on pouring funds in the US? Will they disinvest US stocks and bonds?

Got gold?



Cavan Man (07/31/02; 16:11:49MT - usagold.com msg#: 81977)
".....the foreigner must be willing to accept dollars for wahatever he is selling."
THE EUROPEANS
by Bill Bonner


Among the obscure financial reports that have more pages
than readers is one from the Bank for International
Settlements. The staff economists had toted up the
figures and found a massive black hole in the universe
of money movements. In order for one country to run a
current account deficit some other country must run a
surplus. Money flows between nations is a zero sum
business. By definition, what goes into one set of
national accounts has to come out of another.

It is impossible for the entire Earth to run a current
account deficit, just as it is impossible for everyone
to have above-average income or uncommonly smart
children. And yet, there it is, according to James
Grant, a negative $213 billion worldwide net current
account deficit, as if the money had been wired to Mars.
We draw no particular conclusion or inference from this
bizarre figure, nor do we take any offense. The missing
billions are probably in a desk drawer in the accounting
department of the BIS for all we know. Besides, $213
billion does not seem like a lot of money to lose in a
$31 trillion world economy.

More interesting in the BIS report were the relative
figures - the amounts of money changing hands from one
nation to the other owned from one nation to the next.
For there, the numbers are bigger...and likewise
preceded by minus signs. In 1997, the U.S. ran a current
account deficit of $140 billion. That is the difference
in the goods and services sold by Americans to the rest
of the world and those sold to them. By 2002, the
deficit had risen to $435 billion.

Both sides took it as a fair trade. Americans got
automobiles, champagne and geegaws. Foreigners got
dollars. But as Americans bought more and sold less, the
rest of the world accumulated dollars. By the end of
2001, foreigners had $9 trillion in U.S. dollar assets,
reports Dr. Kurt Richebacher.

Pity the poor Europeans, says Richebacher. As much as
Americans might have admired their New Economy of the
late '90s...the Europeans admired it even more. Now they
are the major holders of dollar-based assets outside of
America...and are stuck with them.

The Frenchman cannot sell dollars to Americans - for
what would Americans exchange for them; all they have is
more dollars! All the foreigners can do is trade their
greenbacks amongst themselves, like used polyester cargo
pants...and hope they don't go out of fashion.

But who knows? The Frankfurter banker...the baker in
Milan...or the fund manager in Amsterdam might begin to
favor corduroy...or maybe tweed. Why he might do so is
the subject of the rest of today's letter.

"The single worst threat not only to the U.S. economy
and its financial markets but also to the world economy,
implying to foreign investors huge currency losses on
top of their huge houses in stocks and bad loans,"
writes Richebacher, is a "looming dollar disaster."

"When the dollar's plunge develops in earnest," he
predicts, "it will...be brutal for the U.S. financial
markets, which have become hostage to massive foreign
capital inflows."

Foreign-owned assets in the U.S. rose by $895 billion in
2001 after increasing by more than $1 trillion in the
year before. Much of this money went into stocks,
providing "the single strongest support for America's
stock market during these critical years..."

The poor Europeans were clueless.

"No European would ever dream of taking equity out of
his home," says Richebacher. "And Europeans don't have
credit cards either...they just have debit cards."

Nor could the eurolander imagine what would happen to
him next. His Nasdaq stocks lost 70% of their value. His
S&P stocks fell by 40%. Even his Dow stocks dropped 30%
of their value. And on top of that, the dollar fell off
by another 15%.

He thought he had placed his money in the strongest,
most flexible, and most dynamic economy on the globe.
(The poor frog's own economy seemed as stiff as a dead
republican. It was so rigid, regulated and soooo
'80s...as G.W.B. reminded the English, he didn't even
have words in his language to describe the
entrepeneurial, laissez-faire economy of America in the
'90s).

And then he discovered that the U.S. companies he bought
had cooked their books and went bankrupt...and that the
U.S. federal budget surpluses that were supposed to reach
"as far as the eye can see" disappeared overnight...and
that G.W.B. had gone a little mad in his War Against
Terror...that the suburbs were a wasteland...the food
was inedible...the average American was too fat and too
much in debt...

...and heck, he didn't look good in cargo pants anyway!

And so, he begins to feel like "un pigeon" - a French
fool, a Danish dupe, a Czech chump, or a Polish patsy.

What will he do now?

Not only does he finance the Americans' current account
deficit - running at about $1.5 billion per day - he
also bankrolls Americans' investments abroad. Europeans
are not the only ones who may want to flee dollar
assets. But with no current account surplus, Dr.
Richebacher explains, Americans can only diversify into
foreign holdings by importing capital from foreigners.
Unless the BIS really has discovered a black hole in the
system of international capital flows, the foreigner
must be willing to accept dollars for whatever he is
selling.

"These U.S. foreign investments amounted to $439.6
billion in 2001, after $581 billion in 2000,"
Richebacher elaborates. "There results a need for
capital inflows into the U.S. between $900-$1,000
billion per year just to keep the dollar stable and the
U.S. financial system afloat.

"Our nightmare is that continuous bad news about the
U.S. economy and an associated continuous fall of the
dollar will sooner or later induce a significant part of
foreign investors and lenders to pull out of the
dollar."

Here in Paris, we Americans sleep soundly - even at our
desks. But all around us, heaving, tossing and
turning...Europeans must fear for their money.
Will they switch from polyester to tweed...if only to
sleep more soundly? We think so.

Zzzzzzzzz,

Bill Bonner



misetich (07/31/02; 16:07:50MT - usagold.com msg#: 81976)
Japanese electronics brace for long recession
http://news.ft.com/servlet/ContentServer?pagename=FT.com/StoryFT/FullStory&c=StoryFT&cid=1028039815675&p=1012571727088
Snip:

By Mariko Sanchanta in Tokyo
Published: July 31 2002 9:55 | Last Updated: July 31 2002 9:55

Japan's biggest consumer electronics companies reported mixed first-quarter earnings on Wednesday, although most cautioned that Japan's recovery from economic recession would be prolonged.
..............
The company, however, warned that the "employment environment and personal income situation are continuing as severe as ever" in Japan, and that the country was moving toward a "limited recovery". Sharp left its full-year forecast for the year unchanged, at Y37bn.

**************

Misetich

From one continent to ANOTHER - we find global economic growth not meeting expectations

Got gold?


misetich (07/31/02; 15:59:34MT - usagold.com msg#: 81975)
Manufacturing Firms Report Marked Slowing of Growth
http://www.phil.frb.org/media/newsreleases/071802.html
Snip:
July Survey...
Philadelphia Federal Reserve Senior Economic Analyst Mike Trebing summarized the survey:

"Results from our Business Outlook Survey this month suggest a slower pace of growth in our region's manufacturing sector than that indicated in June. Nearly all of the broad indicators remained positive, but declined from their high readings in the previous month. Employment indexes, however, remained negative. Overall expectations remain optimistic despite the reported slowing this month."

*************
Misetich

"Overall expectations remain optimistic despite the reported slowing this month."

Must be a graduate of the Walter Mitty school of economics

Got gold?

misetich (07/31/02; 15:54:22MT - usagold.com msg#: 81974)
Empire State Manufacturing Survey-indicates that conditions in New York State's manufacturing sector grew worse from June to July.
http://www.ny.frb.org/rmaghome/regional/mfg_survey/index.html
Snip:

The Empire State Manufacturing Survey indicates that conditions in New York State's manufacturing sector grew worse from June to July. The survey's main indicator, the general business conditions index, fell from 12.7 to -5.5, dropping below zero for the first time since December 2001.

*********

Misetich

The Bush Economic Team + Greenspan predicts US economy to expand 3 1/2 to 4 % in 2nd half 2002- in fairness they didn't see a recession coming in 2001 either- and just last week they were boasting that the recession lasted only one quarter

The markets must have doubts on their leadership and creditability.

Got gold?


misetich (07/31/02; 15:41:42MT - usagold.com msg#: 81973)
You Can't Say That!Western banks, you may, think have enough on their plates – what with nearly one in four Telecom junk bonds,
http://www.capital-insight.com/dailyExecutive.asp
Snip:

Western banks, you may, think have enough on their plates – what with nearly one in four Telecom junk bonds, and one in ten of all other speculative grade securities, having exploded this year - implying who knows what, in addition, for the actual worth of the loans which supplement these.

With concerns also rising about the tottering US power sector, together with commercial real estate to worry about, not to mention airlines and the suspect condition of most of the giant car companies, adding Brazil to this Bonfire of the Vanities might seem a little superfluous therefore, but, never fear.

***************

Misetich

The US jobless recovery has "stumbled" in the 2nd qtr - and may get worse (double dip recession) going forward as the carnage of last weeks global stock market trillions trim has diminished consumer confidence -

How long can the almighty US $ holdup?

Got gold?




misetich (07/31/02; 15:30:45MT - usagold.com msg#: 81972)
Upturn? What Upturn? Tech execs expect their customers to keep a lid on spending until next year
http://www.businessweek.com/magazine/content/02_31/b3794080.htm
Snip:

But the high-tech bounceback--which tech execs and analysts widely expected in the second half of 2002--is behind schedule. More than half of chief information officers who took part in a June Morgan Stanley survey don't see the economy improving until 2003. Only four months before, only 16% of CIOs felt that way. Moreover, more than half of corporate IT buyers say they will conserve their tech budgets for the rest of '02, according to a survey released July 11 by Goldman, Sachs & Co. And on July 23, Merrill Lynch & Co. downgraded the stocks of 11 chip companies because it felt they had been too bullish about potential orders. "The change in sentiment has been dramatic," says Michael Shulman, director of research at ChangeWave Research. "It even calls into question the kind of growth you'll get in the first half of 2003."
.............
With the economy on the mend, why the trouble in Techland? Because demand for high-tech products simply hasn't materialized as expected. The uncertain economy and continued market woes are prompting companies and consumers alike to put major buys on hold. "There is just not a lot of business being done in the IT market," says Thomas M. Siebel, CEO of Siebel Systems. "We don't see any reason why it should get better in Q3 and Q4."
.............
This all points to tech spending slightly outpacing nominal gross domestic product in 2003, according to Goldman Sachs. But hopes for a recovery any earlier than that are fading fast.

******************

Misetich

The "goal posts" are being moved once again - the recovery in tech has been post-poned once again to ANOTHER year - 2003 -

The stock markets are overvalued. ANOTHER downward re-adjustment is likely to occur.

The stock market bulls are unshaken "determined" - keeping on playing the game that worked well from 96 to 99 - incorporating rosy scenarios in stock values - the "good times" are over - yet the allure of the easy buck is powerful-
It is that attitude that makes them easy pickings for the bears as economic reality hits home

Got gold?



misetich (07/31/02; 15:13:59MT - usagold.com msg#: 81971)
Major airlines take staggering blow to bottom line
http://www.usatoday.com/travel/news/2002/2002-07-30-big-six.htm
Snip:

By Marilyn Adams, USA TODAY
While low-fare airlines keep growing, life has been brutal this year for the Big Six carriers.
............
The Big Six have laid off thousands of workers, cut flights, parked planes, halted commissions to travel agents and cut salaries. Four recent attempts to raise fares failed when at least one airline didn't match the increase.

This month, most major carriers except Southwest and Alaska posted large second-quarter losses. Revenue is off 20% from a year ago.

***************

Misetich

No economic recovery in airline industry - consumers are opting for low cost fares - business travel is down- as BB would say, the picture is "Grim"

The Bush Economic Team is losing credibility - just last week O'Neil emphasized that recession lasted 1 Qtr, Greenspan, Bush etc have stressed sound economic fundamentals - yet the US economy growth with the exception of Q1 2002 has been in negative or little growth,( on average about 2%) for the last 6-7 quarters.

How long will foreigners keep on financing the US?

Got gold?




Got gold?



Aquarian (07/31/02; 15:08:41MT - usagold.com msg#: 81970)
thanks white rose

I understand what you're saying, while i'm not a financial expert--i completely understand the game is one of smoke and mirrors (euphemistically) or more simply of lies (pejoratively). i also understand the our environment is subject to constant change and that those changes, however slight, could crash the game. however, would not a grand scale restatement of earnings by a number of companies be enough to trigger the collapse of investor confidence? i guess the question i'm really asking is this: obviously there has been speculation that the accounting irregularity problems are not just limited to the firms already outed, but should we lend credence to this speculation? does anyone know, to a reasonable degree, that the accounting problems are in fact widespread and not just limited to "bad apples"?

misetich (07/31/02; 14:49:06MT - usagold.com msg#: 81969)
Fed Report: Economic Growth Modest
http://www.reuters.com/news_article.jhtml?type=businessnews&StoryID=1276861
Snip:
WASHINGTON (Reuters) - The Federal Reserve on Wednesday said the U.S. economy grew modestly in recent weeks but the job market showed relatively little improvement, underscoring the recovery's sluggishness.
...........
"District reports suggest that the economy expanded modestly in recent weeks, with an uneven performance across sectors,"
...........
"Labor markets were characterized as slack but relatively stable in most Districts ... The pace of wage increases generally remained subdued," the Fed said.

.............
Retail sales were described as "mixed," with four regions reporting weakness and five seeing strength. Overall, retailers were optimistic, however, about the near-term sales outlook.

Misetich

The euphoria expressed by O'Neil (who claimed just last week "if you want to call 1qtr of negative growth, a recession, go ahead", Greenspan, Bush ( the economy is sound) appear hot air.

The Bush Economic Team has lost all credibility. Things may get worse before they get better.

Got gold?



White Rose (07/31/02; 14:46:55MT - usagold.com msg#: 81968)
What is the trigger point?
Most players in the financial field have some idea that there is only smoke and mirrors holding up confidence. It would only take a modest event that showed that the game could not go on to really cause a reaction. This event may be significant or very minor. I suspect that it will be an event that was not forseen, that shows that there is no "insurance" against disaster. Then there is a rush to the exits.

For example, lets say that we do something major against Iraq very soon (in the next 2 weeks). This may cause a credible revolution in Saudi Arabia. If the US goes to war against Iraq and Saudi Arabia, the reaction in the Middle East and the world may not be containable. Yet Bush is stupid enough (and/or the American empire is in such dire straits) to try something like that.

My gut feeling is that when confidence fails, it will fail because of something so minor, even we will not recognize it as significant until afterwards.

Black Blade (07/31/02; 14:45:04MT - usagold.com msg#: 81967)
Re: Rock and Robot Guy

Hey, when life tosses you a lemon, make lemonade (or a couple of shots of tequila). Since I have nothing better to do right now, I am just enjoying this time off to get into shape (health maintenance), get in some fishing, hopefully a lot of hunting, and possibly some skiing. Why to listen to the Trolls and Primates on CNBC we should all be working ourselves into an early grave with the "robust" economy. Anyway, I am not concerned as I always say: get out of debt while you can, stash cash for expenses, have a secure stash of precious metals for portfolio insurance, and store up nonperishable food and basic necessities. I can get by for a long time without much problem though my more extravagant lifestyle has been slightly curtailed. I could work for less if I wanted, however, I am determined to get what I am worth. Anyway, I am enjoying my time "away from the office" as I was getting burned out. Now it's time for less work and more play. I even have considered taking a few classes at the local college (mostly for fun) and possibly taking up another line of work, at least until the economy improves. I hope that all goes well for you guys. Cheers!

- Black Blade

Off to the gym!


Black Blade (07/31/02; 14:43:06MT - usagold.com msg#: 81966)
GE to expense stock options
http://www.msnbc.com/news/788149.asp

Snippit:

July 31 — General Electric Corp. said Wednesday it will treat employee stock options as an expense beginning in the current quarter, as it announced several other changes in its corporate-governance practices.

Black Blade: Companies are falling over themselves to expense options (as they should!). However, some like Cisco and Microsoft won't as they would show no profit if they did, and if they also did not engage in "synthetic leasing" they would be in worse trouble. Don't expect several companies to follow up by expensing options. There would be a serious drop in earnings if they did. Hey – an amazing bit of magic on Wall Street today – they managed to pull another rabbit outta their hat.



misetich (07/31/02; 14:33:41MT - usagold.com msg#: 81965)
Brazil's real tumbles 5 pct, hits new trading low
http://www.forbes.com/newswire/2002/07/31/rtr682536.html
Snip:

SAO PAULO, Brazil, July 31 (Reuters) - Brazil's embattled currency plunged to new record lows on Wednesday, battered by a cash crunch as dollars remained in tight supply.

The real <BRBY> sank 5 percent to end the day at 3.470 per U.S. dollar, its eighth straight record low closing price. In early-afternoon trading, the currency tumbled nearly 9 percent to an all-time low of 3.605, its weakest point since it was introduced in 1994. Its slide also hurt currencies across Latin America.
The currency market took a beating again today," said Sandra Utsumi, chief economist at BES Investimento, a research firm in Sao Paulo. "The Central Bank intervened at least twice today, but it was almost the only source of dollars in the market."

Misetich

Lets stay on this TRAIL - its getting interesting

Got gold?

Aquarian (07/31/02; 14:20:55MT - usagold.com msg#: 81964)
possible trigger

i've heard rumors that the crash could come sometime before august 15th, when CEO's will be required to report adjusted earnings statements. what is everyone's take on this? is there any validity to this or could they avoid the truth just as they have before?

sector (07/31/02; 14:02:33MT - usagold.com msg#: 81963)
FBI Crack Terrorist SWAT Team at Work...Again
Suspect in Sept. 11 ID Case Flees
The Associated Press
Wednesday, July 31, 2002; 1:54 PM

PATERSON, N.J. –– A man who authorities said sold fake identification to two of the Sept. 11 hijackers apparently fled to Egypt Wednesday morning, hours before authorities raided his home and businesses, officials said.

Mohamad El Atriss, who has been living in Union Township, operated businesses in Paterson and Elizabeth where he sold the IDs, said Passaic County Sheriff Jerry Speziale. Authorities raided his home and business Wednesday afternoon and were told Atriss had took a flight from Newark to Egpyt earlier that morning, Speziale said.

Atriss sold a fake identification card to Khalid Almihdhar, who was on Flight 77 as it hit the Pentagon, and to hijacker Abdul Aziz Alomari from Flight 11, which hit the World Trade Center, Speziale said.
+++++++++++++++++++++++++

Let's see...the FBI is watching a suspect with direct connections to the 9/11 terrorists, a connection closer than Moussaui and they watch him get on a plane and leave the US.

Or maybe they were busy filling out FBI and FEMA paperwork between their doughnut breaks.

Also looks like the FBI has a mole that tips off terrorists as to coming raids.

What a country!

Rock (07/31/02; 13:59:33MT - usagold.com msg#: 81962)
Robot Guy added to bone pile.
Sorry to hear that Robot Guy. I was also added to that bone pile casualty list recently. Don't fret or fear my friend there's a reason for everything and it looks like its lifes timing for you to advance and take it to the next level.

Check this out, my wife got laid off after 18 years with the same company only two years before she would have received a pension check for life. Then the same year I was added to the bone pile after 10 years with the same company selling dental products.

My wife moved on and has been at her new carreer and job now for the past two years and as for me I said screw the sales pressure and stress and since I spend a lot of time at the healthclub like Sir Blackblade I became a personal fitness trainer at the ripe age of 47. Talk about change huh.

You know what they say, "when the going gets tough"....

Cheers anyway,

Rock

Operative (07/31/02; 12:43:51MT - usagold.com msg#: 81961)
U.S. considering bill to halt Saudi weapons sales
http://www.menewsline.com/stories/2002/july/07_31_2.html
Do you think such action will help bring down the price of oil? Also just read a story where we are applying pressure on Jordan. I suppose using some strongarm tatics will aid in building a coalition. Then again, does anyone else think the world may soon tire of our antics? This "fer or agin us" may raise the stakes at the international poker table. I truly wonder if we have the strong hand in the game or is it more like the phoeny accounting reports...a lot of hot air. I have the 5 G's. Now trying to acquire patience to have the 2 W's. Watch 'n Wait.

steady (07/31/02; 12:38:18MT - usagold.com msg#: 81960)
dominoes anyone?
SANTIAGO (Dow Jones)--Chile's peso closed sharply lower Wednesday because of the financial turbulence affecting Brazil and Uruguay, traders said.
The peso swiftly fell through CLP701.50 technical support after Uruguay declared a banking holiday to stave off the collapse of its banking system and Brazil's real again fell to historic lows.
Chile's currency ended at CLP706.50, very close to the intraday low.
Tuesday, it had changed hands at CLP698.90.
Worries about the financial stability of South American countries sparked safe-haven dollar buying, traders said.
"The uncertain climate in the region is affecting the flow of hard currency to South America and, despite the stability of the Chilean economy, you can clearly see that reflected in the peso's exchange rate," a Santiago trader said.
Fresh positive news for a possible free-trade agreement between Chile and the U.S. failed to prop up the peso as it had in previous sessions.
The crises in South America's biggest economies have kept the peso's international value at relatively low levels in recent weeks.
-By Stephan Kueffner, Dow Jones Newswires; 562-460-8546;

RobotGuy (07/31/02; 12:37:03MT - usagold.com msg#: 81959)
..., and grammar


RobotGuy (07/31/02; 12:34:18MT - usagold.com msg#: 81958)
Forgive my spelling mistakes, ..


RobotGuy (07/31/02; 12:30:21MT - usagold.com msg#: 81957)
Hello!,..?
I had guests until the wee hours of the morning, actually probably the late hours of the morning, I think the sun was coming up when I went to bed. Either way, I had way too much to drink, my eyes are still red.
RobotGuy is oficially unemployed, and I suppose there must have been reason to celebrate,.. either that or self destruction. I spent the entire day yesterday handing out resumes. Generally it isn't that difficult for someone in my trade to find work, but I think it will probabaly take a couple of weeks given market conditions. What exactly is happening??? DOW is down, U.S dollars are up, and POG took a drop?? I've got to stop sleeping in! Yes, yes,.. let's all have a pity party for RobotGuy,.. boo hoo.
Really now, what exactly is going on with the economy, I'm confused!!! Shouldn't gold be skyrocketing???
I recall seeing for the first time some positive incentive for buying gold yesterday on my national news station yesterday! They actually mentioned old yeller for the first time, and said that advisors are saying gold is going to be a shining investment over the next few quarters. So,.. my fellow canucks, what the %!*# is happening with our currency? I regret to say that I suggested buying gold a week ago, because now would be a much better time. I really hope I don't regret saying this a week from now.

Well wishes to all of the nobles here in this forum! May your investments serve you well!

RobotGuy.

Operative (07/31/02; 12:17:15MT - usagold.com msg#: 81956)
Lieberman to subpoena Rubin ??
http://www.washtimes.com/national/20020731-980104.htm
Would'nt count on it, but at least pressure is building to try and get Rubin to answer some questions. Only problem is as someone points out in the article is Rubin is very good at giving meaninless answers. Kind of reminds you of someone else so near to our pocketbooks,....uh..I mean hearts. <grin> You think Greenspan and Rubin practice on each other to invent new ways to hide the truth?

Rock (07/31/02; 12:03:36MT - usagold.com msg#: 81955)
Mr. G, I agree
Mr G What you stated as usual is true, knowledge is only good if you act on it. That's what separates the spectators from the movers and shakers. Have a fine day all!

Rock



USAGOLD / Centennial Precious Metals, Inc. (07/31/02; 11:48:04MT - usagold.com msg#: 81954)
With an eye to Uruguay and the South American Contagion
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Empires rise and fall, as do economic freedoms,
and common fortunes fade away
like memories of common events.

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Wednesday May 23
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