 | (US) 800-869-5115 (Can) 1-800-294-9462 (Aus) 0011-800-2760-2760 (EU) 00-800-2760-2760 |
ARCHIVED DISCUSSION FROM 9/3/2002
All times are U.S. Mountain Time
(Yesterday's Discussion.)
Woodie
(09/03/02; 23:51:35MT - usagold.com msg#: 84292)
Shanghai Gold Exchange
Has anyone heard any recent news about when the Shanghai exchange is planning to open? Or did I miss it, and is it already open? I will be in Shanghai in 2 weeks, and was hoping to swing by and see it in action.
Thanks, Woodie
Woodie
(09/03/02; 23:41:11MT - usagold.com msg#: 84291)
Gold contest $$$$ 313.3 $$$$
Although a relative newcomer to the gold investment scene, I am quickly coming to realize the most important aspect (for me) of owning physical gold. I don't think of it just like any other type of investment. I don't track its daily or monthly movements, and think of buying/selling based on the price. Its purpose is to provide me with financial security and the peace of mind that goes along with it.
Mr Gresham
(09/03/02; 23:06:15MT - usagold.com msg#: 84290)
Echoes
http://www.mips1.net/MGGold.nsf/UNID/1AD1768817A1447185256C280030BB7C?OpenDocument
From Sharefin's comment on Miningweb: "The physical has been
brought,
& sold many times over "
AND,
"I believe that there is 100% chance that the price of physical will disassociate itself from paper promises..."
No, I don't think it's FOA, but maybe I'm just hearing a whisper of a return (???)
rsjacksr
(09/03/02; 22:36:21MT - usagold.com msg#: 84289)
CONTEST
$$$$$$$ 339.00 $$$$$$$
Gold doesn't need a ME war to jangle the already nervous public. All we need and what we have are: a contracting labor market, a falling stock market, falling earnings, a falling dollar and mutual fund redemption. That's why I believe in real money. Gold. Get you some.
Bulldog
(09/03/02; 21:53:40MT - usagold.com msg#: 84288)
$$$319.2$$$
I have been a "goldbug" for most of my adult life and now I have no stocks, only physical. I do not know how long the gold manipulation game can be played, but I believe the end is at hand. It is hard to imagine that I will ever have to part with any of my gold, but if times dictate, then it may be necessary to sell/trade some. It has always been my purpose to use physical gold as insurance but I primarily buy it to pass on to my children and they to theirs. Gold maples have found their way to neices and nephews for wedding presents. In my local paper, each time gold goes on a mini-run, there is always an article downplaying the importance of gold. That reinforces my will to acquire more. If so much effort is being orchestrated to depress the price of a commodity, imagine what the value will be when the market is allowed to fluctuate freely. THis is a no-brainer, gold get you some.
Black Blade
(09/03/02; 21:25:38MT - usagold.com msg#: 84287)
Factory Growth Stalls, Job Cuts Rise
http://biz.yahoo.com/rb/020903/economy_2.html
Snippit:
NEW YORK (Reuters) - U.S. manufacturing barely grew for a second straight month in August while companies hiked the number of planned layoffs, reports said on Tuesday, stoking worries the weak economic recovery may stagnate more in coming months. "We've lost a lot of momentum," said Norbert Ore, chair of the ISM business survey committee, of the decline in new orders. Ore said that another month showing new orders close to the 50 level would indicate "real softness" in the second half of the year, but stressed that the August survey did not by itself suggest a coming contraction in manufacturing. Layoffs continued at factories, extending a trend seen since mid-2000 even as the employment index edged up to 45.8 in August from 45.0 in July. Manufacturers, some of the hardest hit by the recession and tepid recovery, have eliminated 1.8 million jobs in the past two years. According to the Challenger Gray, the current pace of job cuts throughout the economy is on track to make 2002 the second highest year for layoff announcements in the 13 years since it began tracking employment data. Only last year's job cuts would be greater. "As companies wait for this elusive rebound, they will continue to eliminate jobs to preserve whatever profits they have been able to achieve," said John Challenger, chief executive of Challenger Gray.
Black Blade: What an ugly picture this is. I have been hammering away at this scenario since March 2000. Actually, I had expected the negative scenario since the latter half of 1999 when I said that Dubya could be our generations "Herbert Hoover". That may yet happen. I suspect that we will be in a military conflict by the next presidential election to nail down a second term if the economy is toast. Anyway, I think that the "New Great Depression" is a lock. I and others seem to believe that we are in a secular bear market that could last several years. I expect that it will be up to Alan Greenspan and the Fed to cut interest rates again to keep the real estate bubble somewhat inflated. The problem is that AG and the boys are running out of ammo (like Gen. Armstrong Custer - surrounded and only 7 bullets left!). If the real estate bubble pops, then "Check Mate". Oh yeah, today we hear that personal bankruptcies have hit a new all time record high! "Interesting Times" indeed.
As always, get out of debt (at least as soon as possible), stash enough cash for several months expenses, accumulate Gold and Silver portfolio insurance, and start a storage program of nonperishable food and basic necessities.
G-khan
(09/03/02; 21:17:13MT - usagold.com msg#: 84286)
My post about testing Silver at Wal-Mart
I read the post that phoney Sterling Silver was being sold at Wal-Mart! I went out and tested about 20 of the Sterling Silver chains at Wal-Mart as soon as I read it. This was at the St. Cloud MN store. I can say that all 20 or so chains seemed real and were not attracted to the magnet, with the exception of a few of the fasteners on the chains. I posted my results here as this is where I first read it.
Since that post and the one on my home web site I have recieved a number of emails from others that say they have tested some and they were attracted to the magnets and one of the emails also said one of his Gold chains also was attracted. So for the record I believe this is happening and I just went to a store with the real thing. I am more bullish Silver than anyone I know.
Supply/Demand is screaming BUY ME on Silver..
U.S. Government had 6 billion ounces before WWII and now has none. Price of Silver will break the old record of 52.50
Do your own research, I suggest to all to get a magnet and check around when you are out shopping.
Paper is on fire, where you going to go? Silver and Gold!
Peace to all on this wonderfull site - I am sorry as it seems I jumped the gun after checking just one store - I will check some more out..
What investment out there has the most upside potential with the lowest downside risk and is becoming more rare with each day that passes? Silver is my answer and that is why!
Silver is King
a nation of one
(09/03/02; 21:15:51MT - usagold.com msg#: 84285)
sector
Yes I think so. I am very much looking forward to September and October.
a nation of one
(09/03/02; 21:12:28MT - usagold.com msg#: 84284)
They mislead because they lack courage to break free from their masters.
And their masters do not make it easy for them to break away. They make it as difficult as possible.
Black Blade
(09/03/02; 21:09:18MT - usagold.com msg#: 84283)
Asian Markets In Retreat
http://quote.yahoo.com/m2?u
Asian markets are in full retreat again tonight. It appears that the carnage has carried right on through the trading sessions in the US and Europe into trading in Asia. In light of events in Japan and the revelations of problems coming to light in the banking sector, I would not be surprised to see precious metals buying take off in coming days as Japanese investors seek safety. Who could blame them? They more than anyone have seen rising unemployment and changes in business practices deemed inconcievable just a few years ago. It was once thought that a job in a good solid Japanese corporation was a job for life and a distinctive honor. How times have changed as unemployment is rising and the economic depression of the last several years threatens to get much worse. I still remember the descriptions of the elderly Japanese woman srounging through the remains of her home in Kobe after the big earthquake and finding her life savings in a box. The currency and papers were burned up and destroyed but her gold bullion was intact. I suspect that many Japanese will be headed toward the bullion shops in coming days in a repeat of the latest "New Japanese Gold Rush".
- Black Blade
sector
(09/03/02; 21:06:33MT - usagold.com msg#: 84282)
@a nation of one I agree with you...
...I'm just much more cynical about people who hold...
...or THINK they hold...absolute power.
They mislead because they lack courage to break free from their masters.
The Administration obfuscates because we let them. Like the Russians who "Pretended to work while the politburo pretended to pay".
Black Blade is correct that we will have a very "interesting" week. NKK225 already down 130...testing 9000.
Black Blade
(09/03/02; 20:56:37MT - usagold.com msg#: 84281)
Re: cyberbat – Japan
http://quote.yahoo.com/q?s=^N225&d=c&k=c1&a=v&p=s&t=1d&l=on&z=m&q=l
Snippit From Reuters: Tokyo's Nikkei average fell to a 19-year low on Wednesday morning, as megabanks such as Sumitomo Mitsui Banking Corp. led a broad-based decline after global stock markets plunged on Tuesday. Shares in Japan's megabanks took a battering. Japan's banks have massive shareholdings on their books and falls in stocks threaten to eat into their capital base.
Black Blade: I didn't want to say anything yet as it is only a rumor. However as many are now alluding to it, the rumor is that Sumitomo Mitsui Banking Corp. has already failed and is only supported by the government and outside interests with huge infusions of cash via the BOJ. This has apparently been kept under wraps (if true) to prevent a run on the bank as well as on other insolvent Japanese banks. That said, the Nikkei is also under pressure as a result of "Monkey See – Monkey Do" in light of the carnage on Wall Street. The global economic collapse will hurt Japan more than most as in effect Japan is nothing more than a large factory on two islands. They import raw materials, assemble trinkets, and export finished goods for export. The problem now is that Americans and Europeans are finally cutting back on spending as revealed by lackluster retail sales. Add to that the threat of a major west coast longshoreman's strike with Japanese goods piling up on the docks. It is a very ugly work in progress right now. The Japanese are scared to death as they should be. The "currency war" went very badly as they only squandered $billions worth of yen in a fruitless effort to weaken the yen against the US dollar. They just did not realize how bad the US economy really is, but then even US investors and Wall Street missed it too.
darkhorse
(09/03/02; 20:56:04MT - usagold.com msg#: 84280)
$$$$$ 353.4 $$$$$
...after doing my homework for the past few years, I realize this is the last, best hope for any possibility of taking my kids thru the next several years...whether I'm here or not!
p.s. if TSHTF between now and next Friday, I unofficially double my guess.
Galerider
(09/03/02; 20:53:27MT - usagold.com msg#: 84279)
Importance of Gold
$$$325.5$$$
My frustration with market events of the last year and some financial losses in that arena led me to the one investment that will never lose true value, gold. It is insurance and an inheritance for my sons. I have a profound sense of security as this gale will turn into a long and nasty storm. I greatly appreciate even being allowed in this circle of strategic thinkers. Thanks again. Got Gold and getting more every day.
Black Blade
(09/03/02; 20:39:44MT - usagold.com msg#: 84278)
Market Wrap Up – Puplava
http://www.financialsense.com/Market/wrapup.htm
Snippit:
God bless the American consumer. For without them, the U.S. economy and other economies around the world would be in deep trouble. The willingness of the American consumer to go deeper into debt to maintain personal consumption has surprised even the most optimistic economists on Wall Street. With mortgage rates at record lows, and the advent of no-points mortgages, the consumer has been able to tap a deep well of money made available by Greenspan's latest bubble: the mortgage and housing market. With the banking system flooded with fresh money and GSE's able to tap the securities markets as money roles into bond funds, the supply of new credit is becoming endless. With interest-only loans, second mortgages at 125% of the value of home, and adjustable-rate mortgages, the ability to extract equity out of a home has created a Fed-induced consumer money machine.
Not to be left out on the refinancing spree led by consumers, corporate debt (which has doubled over the last five years to $3.9 Trillion) is leading to credit stress never imagined before. According to Moody's Investor Services, the nation is in the worst credit stress since the Great Depression. The credit agency cited that $46 billion in loans were in default during the second quarter alone. For the first half of the year, loan defaults were $76.6 billion. Over the last five years, non-financial companies added $446 billion in new debt. These credit stresses could impact the credit derivatives market credit swaps and could potentially unwind and implode.
Black Blade: Tonight the situation has deteriorated even further. It now appears that the markets are in deep trouble and Wall Street has just taken notice. Yes, Abby Jo of Goldman Sachs has not emerged to see if she can see her shadow, and Diane Swonk of Bank One is now singing the blues over a crashing economy instead of touting the unbelievable story of a hunky dory economy with nothing but blue skies as far as the eye can see. I have listened to these (and many other) idiots with utter amazement and had wondered what rock they had been hiding under for the last two years. The signs were and still are so obvious that even three blind men can describe this elephant without even touching it. Meanwhile tonight I have heard yet more of these Wall Street pimps trying to "put lipstick on this pig". I won't go into detail here as I have already attacked this issue in today's "Daily Gold Market Report". It appears that the Gold price guessing contest comes at an "interesting" time as these equities markets and the global economy come under severe stress. It's getting ugly and we have a long way to go before we are through. Grab your seats and hang on for a very rough ride. Oh yeah – that "Bone Pile" is going to grow at a fast and furious pace from here. Layoff announcements have rocketed higher by 46%. Jeez, there is so much negative news to cover! New accenting standards adopted by many companies guarantee lower earnings as no one wants to take any chances – so many companies will start to tell the truth and that will result is a lot of disappointment. As they say – "and the blind shall see". My take? The old Chinese curse about "Interesting Times".
Max Rabbitz
(09/03/02; 20:37:29MT - usagold.com msg#: 84277)
Edmund Burke
Thanks Bound Spirit for 84257. Ultimately there is no system that can guarantee civil liberty. It comes down to the morality of the people. In a world full of self-righteous socialist nonsense I'm opting out with gold in hand.
a nation of one
(09/03/02; 20:33:56MT - usagold.com msg#: 84276)
sector
I am glad you agree with me.
a nation of one
(09/03/02; 20:30:47MT - usagold.com msg#: 84275)
The stated reason for an invasion is not the real reason.
Then why state a reason?
a nation of one
(09/03/02; 20:29:05MT - usagold.com msg#: 84274)
how does one evacuate Manhattan?
Manhattan is evacuated once every day.
a nation of one
(09/03/02; 20:24:47MT - usagold.com msg#: 84273)
sector (09/03/02; 20:05:53MT - usagold.com msg#: 84270)
You state the common plea, that it is for the purpose of their own protection that men must be lied to. If there is a bomb in Manhattan, the best thing to do is to tell the people of it. Let them decide for themselves what to do. Better that than to deprive them of their right to life and then say it is for their own sake.
steady
(09/03/02; 20:14:41MT - usagold.com msg#: 84272)
$$$328.50$$$$$$
Gold is important to me because in the last 18 months trying to figure out gold has lead me on an unbelivable oddisy. One where i learned what an sdr is and that for some reason they have been disapearing. gol dis important to me because it represents a store house of value, a safe place where no one has a claim on it and i have to pay no taxes whatsoever on it while i lay claim to it. Ive learned that everything is related to gold in the financial world even though tptb dont want to say it. Gold is important to me because i cant figure it out and get to the truth because of the obfuscation by the central banks which makes the gold i have even that more valuable to me. Gold is important to me because it led me here and even if it was for a short time i had refuge in the castle.. my lil corner and my seat where i could overhear the noble knights and fair ladys discussing deep financial matters and how to prepare for them.
Trapper
(09/03/02; 20:12:26MT - usagold.com msg#: 84271)
(No Subject)
$$$327.90$$$ Gold will try hard to break out but I feel the pressure from the cabal will be Whore-endus.I think 333.00 my mid to late September.
To all: I really don't know what to think about this Iraq war. Something is up that I can't see. Everone says we want the oil and yes we do want oil, and at market prices. But we have all we want and there is no reason I can "SEE" why that would change. ME oil is becoming less important as many other sources are pumping lots of it. No one has said we won't sell any more and they all want mid $20.00 pricing which is about right for all. The only reason I see to invade is if we are going to capture the oil which means we move in and live in the desert until it is all used up...a long time. Help me. You all need to explain this thing to me I seem to be lost in space, or there is a hole in my tin hat and they got me. Oh well live small.
RJ
sector
(09/03/02; 20:05:53MT - usagold.com msg#: 84270)
@a nation of one
What the Administration has said is...
...insufficient to mount an invasion of a sovereign nation. The president on the other hand may have information that he cannot reveal. For example he may know of the certain placement of a WMD in New York City to be detonated on September 11, 2003.
Could he announce such a thing? Of course he could not. With all the previous warnings that have not resulted in no attacks he would appear as the boy who cried wolf. If he did launch a formal announcement to try and save lives in front of a known threat, the enemy might simply postpone the detonation after chaos reigned for a while. How does one evacuate Manhattan? How does one openly admit that the US can't exactly locate the nuke?
The stated reason for an invasion is not the real reason. There are alternative responses.
Nuclear, biological or chemical missile deilvered deterrence is quite sufficient for the task of "Homeland Defense" against any terrorist move. Simply list the retaliation target cities [Now] and the number of missiles to deliver whatever is delivered to the US. However, the Administration has abandoned 50 years of successful deterrence policy because they want the oil to help mitigate a woeful economy and a weakened Saudi oil partner. It's one or the other...an invasion OR missle retaliation and since we need the oil, we get Door Number One.
One thing is clear, the failure to achieve an internal Republican Party consensus on the Iraqi war will doom it to Viet Nam status as Republican defectors will join with opponents to form a huge wall of protest as the inevitable killing mounts and the region explodes. Imagine house-to-house fighting in Baghdad... Mogadishu-style. Black Hawk Down times 1000. Imagine Syria and Iran joining in.
The US military staff are against this. You can take to the bank that they will foot-drag and try to guarantee the minimum of US casualties. Recall that SECSTATE Powell vowed after Viet Nam never to participate in a war with "limited objectives" and daily Washington operations directives.
Perhaps that is why he is rumored to be leaving the Administration in January 2003.
I really hope there is no WMD attack or any other kind in the near future. I cannot see how the President can hope to prevail and hold the nation's support if all there is to all this is a theft of Saddam's oil. He will be either a martyr or a hero in Islamic eyes.
For the US, this is the definition of a lose-lose situation.
The Invisible Hand
(09/03/02; 19:26:02MT - usagold.com msg#: 84269)
Al Qaeda gold shipped to Sudan
http://story.news.yahoo.com/news?tmpl=story&u=/nm/20020903/ts_nm/attack_finances_gold_dc
(Reuters) - The Al Qaeda network and Afghanistan's deposed Taliban militia have sent several shipment of gold to Sudan in recent week, The Washington Post reported on Tuesday, citing European, Pakistani and U.S. investigators. The newspaper quoted sources as saying that several shipments of gold were taken by boat from the Pakistani port of Karachi to either Iran or the United Arab Emirates and flown by chartered airplanes to Khartoum, the Sudanese capital.
===
my apologies if this has been posted before
a nation of one
(09/03/02; 19:10:14MT - usagold.com msg#: 84268)
just some thoughts
It cannot be the case that the administration has secret information about Iraq -of a nature that would require aggression against that nation, and also of a kind that would need to be secret- because if that were the case, it would be inadvisable to try and justify such war by means of vague, and incorrect, excuses and misguided psychological explanations. It is good to be able to recognize that if such secret information were possessed by the administration, it would be different from anything that has been stated openly, and that nothing else would need to be stated openly, except that there is such secret information. Instead, what we have seen is that a great deal of tentative posturing is being openly engaged in, ostensibly to find out the attitude of the American public, but in reality to alter it, with regard to such an aggression, in order to prepare for what is wanted to be carried out. If information of a truly compelling nature were in the administration's hands, it would not need to be secret. Therefore, on the information that I have, I do agree that a 'regime change' is recommendable, tough not in Iraq, but in the United States, and not by means of violence, but by that means which every Citizen by law possesses, namely, by voting for one when the opportunity comes. It isn't only Isreal that the American taxpayer has no lasting interest in supporting, but it is on the Americans themselves that their own energies and monies need rightfully to be spent, nor on unnecessary wars in any place, but on healthy pursuits, not on juvenile ones like bullying the weaker nations of the world, but on improving the quality and situation of our own people, not through an eagerness for war, but by cultivation of things known to produce beneficial results. Without possessing any so-called 'secret' information relating to the impending belligerency against Iraq (for belligerency is what an unprovoked attack would be), one conclusion necessarily to be reached by any adult citizen is that attacking Iraq would probably be an irresponsible act, regardless of whether Iraq is potentially a direct enemy of ours, and that our government's present administration's attempts at bypassing, subverting, ignoring, corrupting, and rendering useless the laws of our nation to serve its own purposes has no intention more than to intimidate our own people into taking no action to prevent the partial destruction of our country, and our liberties and freedoms, so that an immature president can think that he is completing the actions which his father left unfinished. What happened to our beliefs? The ones on which our nation was founded? Why have we allowed men ambitious to become our tyrants deal with us in the manner to which they are so obviously committed? Do the phrases, "As for me, give me liberty or give me death," and, "I only regret that I have but one life to give for my country," mean nothing? Have we come to this? That we put our children's lives, our own property, and everything that our ancestors fought for, on the line, to be sacrified in the worship of doing nothing, lest we be accused of not being patriots? To avoid the real and lasting pleasures of accepting responsibility for ourselves and for our own action, do we walk so glibly into the hellish fires of war and loss of freedom? Such weakness deserves to be destroyed. And it will be, one way or another. But I do not believe for a moment that it is the case that we are a nation of imbeciles and care-nots. As for gold, what can its value be in such a world, but treasure held between our person and those who would do us harm? Silence in such straights is not wisdom but cowardice. As a price of safety, the surrender of liberty is surrender nonetheless. It is a self-destructive giving-up of those very aspects which make our lives better than those without liberty. Far better a dangerous life lived on the basis of one's own beliefs and respectable laws, than one supresssed by powerful but wrong-minded regimes.
[I alone bear responsibility for the content of this post.]
sector
(09/03/02; 19:02:50MT - usagold.com msg#: 84267)
Greenspan's Attempt to Save Face
The Jackson Hole Speech
I have pointed out many times here that AG, alias "The MoTU "[Master of the Universe], is critically interested in face saving. It subsumes his life. Fed meeting are orchestrated love-ins to his highness - The MoTU, according to insiders. Alternative viewpoints are quickly discarded. The two-week notice departure of Lawrence Meyer from the FOMC last year was another example of internal strife at the highest levels of the Fed.
That Greenspan would so quickly begin a formalized defense of his "Legacy" suggests that he already knows what's coming real soon and that it is BAD. Does he know the end of the gold manipulation is at hand? There is no way to know right now, but it's pretty tough to keep gold down when the Middle East is UP [In arms in a war]. The DOW will fall and the economy will fall.
The election will take its toll on incumbents as there is a strong correlation between poor economies and mid-term incumbent party failures.
Greenspan may feel that he is headed for a scapegoat status, left "Twisting in the wind". He may not be able to deal with this thus he is now doing what he can to provide what Krugman suggests are "Excuses".
More "Dots" to fill in the picture.
a nation of one
(09/03/02; 19:00:50MT - usagold.com msg#: 84266)
correction
Correction: Andúril. I apologize.
Frosty
(09/03/02; 18:59:09MT - usagold.com msg#: 84265)
$$$$Contest$$$$
$$$$314.50$$$$
After spending 3 years of reading this fantastic forum every day, I have learned that Gold is the only real money that will survive the coming paper storm that is surely on its way. Timing is the hard part, as the Fed will do everything it can to stop it...it must stop it or....
a nation of one
(09/03/02; 18:57:24MT - usagold.com msg#: 84264)
(No Subject)
Yes, Arundal. It seems so. But look for the cause that is secret.
Andúril
(09/03/02; 18:46:14MT - usagold.com msg#: 84263)
idealism...
Or not so secret. Example: the want for a more perfect order of affairs; a better human condition.
a nation of one
(09/03/02; 18:37:49MT - usagold.com msg#: 84262)
idealism
Every noble plea contains a secret cause.
turkey hunter
(09/03/02; 18:33:51MT - usagold.com msg#: 84261)
$$$$$ 326.50 $$$$$$
I own gold because it helps me to get out of the system (fractional reserve). They are not going to charge usury by using my cash!!!! One by one we can make a difference.
Gandalf the White
(09/03/02; 18:33:04MT - usagold.com msg#: 84260)
"The Happy Birthday GOLD PRICE SETTLEMENT CONTEST"
UPDATE (as of 18:30 Denver time 9/3/02)
$$$$ 342.5 $$$$ gvc (09/03/02; 17:08:12MT - msg#: 84255)
$$$$ 327.3 $$$$ luckypierre (09/03/02; 15:20:51MT - msg#: 84244)
$$$$ 323.2 $$$$ a nation of one (09/03/02; 13:55:53MT - msg#: 84229)
$$$$ 322.2 $$$$ Tommy P (09/03/02; 14:33:23MT - msg#: 84233)
$$$$ 321.0 $$$$ Gandalf the White (09/03/02; 12:29:20MT - msg#: 84221)
$$$$ 320.2 $$$$ 18K (09/03/02; 13:18:00MT - msg#: 84226)
$$$$ 320.0 $$$$ Zhisheng (09/03/02; 15:06:26MT - msg#: 84240)
$$$$ 319.8 $$$$ Bound Spirit (09/03/02; 17:20:54MT - msg#: 84257)
$$$$ 319.7 $$$$ slingshot (09/03/02; 16:57:17MT - msg#: 84254)
$$$$ 319.5 $$$$ davefinger (09/03/02; 14:52:14MT - msg#: 84235)
$$$$ 318.6 $$$$ Kodie (09/03/02; 12:41:26MT - msg#: 84222)
====
THE RULES --
1) THIS Contest consists of TWO Portions --- A Price Prognostication and a Discussion Statement !
2) The Winner is the Price Guess closest to the Settlement price of the COMEX (most active) December 2002 Contract (GC2Z) on the date of Friday the 13th of September. (NOTE the LUCKY date !)
3) Price "Guesses" shall be stated in Dollars and tenths !
(Such as $543.2)
4) "Guesses" shall be SHOWN in the SUBJECT location AND enclosed in markers of "Dollar Signs"
so as to be OFFICIAL ! Such as $$$$ 543.2 $$$$
5) ONLY one "Guess" per Knight or Lady is allowed, and once that "Guess" has been "taken" -- no one can duplicate it !! FIRST COME has rights to that "Guess".
6) HOWEVER, All "Guesses" MUST be posted before the clock in Denver strikes HIGH NOON on Thursday, September 12th.
7) AND MOST IMPORTANTLY -- A short discussion paragraph of "Why gold is important to THAT PERSON as an investor/owner." This part of their entry MUST accompany their Price prognostication, OR the entry WILL NOT BE CONSIDERED!
----
THE PRIZES !!
To the person with the exact or closest "Guess" to the December ‘02 (GC2Z) SETTLEMENT price on Friday September 13th ----- an one-half ounce PURE GOLD Canadian Maple Leaf as the winning prize, with an one-tenth ounce PURE GOLD Austrian Philharmonic to BOTH the next closest guesses (runners up).
===
Thanks all for jumping in so early !
(and nice recoveries there Sir Tommy P and Sir Slingshot.)
<;-)
cyberbat
(09/03/02; 18:31:15MT - usagold.com msg#: 84259)
What's happening over there!!
As we speak, the japanese are tanking to the tune of -500 points. Come in Sir Black Blade. Where are you ? I need for you to address this issue. Something surely has to be going on!!
Gandalf the White
(09/03/02; 18:13:14MT - usagold.com msg#: 84258)
WOWSERS there SIR Bound Spirit !!! <;-)
Bound Spirit (09/03/02; 17:20:54MT - usagold.com msg#: 84257)
====
Perhaps we should consider giving PRIZES for the "BEST" reasons that individuals own their GOLD !
<;-)
Bound Spirit
(09/03/02; 17:20:54MT - usagold.com msg#: 84257)
$$$$$319.8$$$$$
I am purposely recording my guess early precisely because it puts me at a contest disadvantage. Whether this early guess is truly a disadvantage is irrelevant to my purpose. The fact that I perceive it to be is all that matters.
I'm doing this because the ideological statement required by the contest is far more important than winning the price guess. At this site, I hope and assume that most contributors here share this belief with me. If you don't then your belief in gold is simply as an investment and you would be likewise invested in paper if you perceived that to be a better return. Now, I wouldn't be honest if I didn't say that I would like to get rich upon gold's return to its former glory. But if it doesn't, I will still own it and accumulate it as much as possible. I will still own gold because for me it is putting my money where my mouth is.
IMHO, accumulating gold is the most patriotic thing one can do short of picking up arms and promoting revolution. I used to think that our constitution would see us through all challenges, but now I know the falsity of that utopian ideal. The time for talk and political solutions is over. An economic disaster or worse is our last hope - and I don't say that lightly. If I had faith that there were enough US citizens to carry the torch of freedom and who understood the responsibilities required to keep it, I would vote republican and own equities. Sadly however, I'm certain that our population has completely lost touch with our history and our critical democratic responsibilities. Nearly three quarters of the earth's population lives in poverty and under tyranny but we seldom ask ourselves how we were able to overcome that viscous cycle? What were the ideas that helped us do it and what were the costs in human terms? How many of us today would be willing to give up our wealth and physical safety to ensure that that great quantum leap for humanity is not lost. Indeed, how many would even know what I'm talking about.
If you own gold, you are putting support behind the idea that government intrinsically should be limited. Through incessant propaganda, rationalizations, political demagoguery and liberal self-interest and self-righteousness - ignorance and governmental dependency have supplanted the idea of personal responsibility. For me, the socialization of our money was just icing on the cake. I can never express it very well so I usually resort to the following quote by Edmund Burke who understood democracy more than most and, in 1791 wrote as follows: (read this carefully)
"Men are qualified for civil liberties in exact proportion to their disposition to put
moral chains upon their own appetites, in proportion as their soundness and sobriety of
understanding is above their vanity and presumption, and in proportion as they are more
disposed to listen to the counsels of the wise and good, in preference to the flattery of
knaves. Society cannot exist unless a controlling power upon will and appetite be placed
somewhere; and the less of it there is within, the more there must be without. It is ordained
in the eternal constitution of things that men of intemperate minds cannot be free.
Their passions forge their fetters."
Gold is important to me because when I listen to the counsels of the wise and good, gold shines through. It promotes freedom because it limits the power of government, it insures domestic tranquility by simplifying our economic transactions and wealth building endeavors. It makes truth transparent and forces our attention on larger questions - like "does life have a purpose".
There are only two reasons to own gold. To show support for the written precepts laid down at great risk by our founding fathers and as a survival tool so that the concepts of freedom can survive with us.
R Powell
(09/03/02; 17:09:50MT - usagold.com msg#: 84256)
POG greater than POPalladium
According to Kitco which lists Palladium at $306 and according to Bulliondesk which lists the ask of palladium at $311. Now POG can concentrate entirely on overcoming Platinum. At that point the only precious metal priced higher in dollar terms will be..... Naw, couldn't happen, could it?
Rich
gvc
(09/03/02; 17:08:12MT - usagold.com msg#: 84255)
$$$$ 342.50 $$$$$$
per contest rules: gold is important to me as an investor/owner simply because I sincerely believe that it is the best place to be invested in to make the most profit over the course of the next 21 months. good luck to all!
slingshot
(09/03/02; 16:57:17MT - usagold.com msg#: 84254)
Contest
OOPS
Please make this addition to my last post.
In todays world, gold will soon be the only insurance readily acceptable for all transactions, foreign and domestic. That is why it is important to own gold.
$$$$$319.7$$$$$$
Too many hours at The Mill.
Thanks.
Slingshot-------------<>
misetich
(09/03/02; 16:39:46MT - usagold.com msg#: 84253)
Passing the Buck- Yet Mr. Greenspan's remarks reinforce a worry I've had for the past few months: that Fed officials will respond to continuing economic weakness not with action but with excuses
http://www.nytimes.com/2002/09/03/opinion/03KRUG.html?ex=1032054127&ei=1&en=ecfd2ea6c4218055
Snip:
By PAUL KRUGMAN
You see, Mr. Greenspan is the only economic policy maker we have. Fiscal policy is effectively off the table, partly because of long-run deficits worsened by Mr. Greenspan's own bad advice. Funny how he wasn't sure that Nasdaq 5,000 was a bubble, but believed that 10-year surplus projections were reliable enough to justify a huge tax cut. In any case, serious fiscal action is ruled out by the Bush administration's relentless opportunism; every proposal for short-run economic stimulus turns into an attempt to lock in permanent tax cuts for corporations and the wealthy. So if the recovery continues to lose momentum, it's up to the Fed to take matters in hand.
*********
Misetich
Greenspan's going out in the sunset - Japanese style
Got gold?
slingshot
(09/03/02; 16:35:57MT - usagold.com msg#: 84252)
Contest
$$$$$$319.7$$$$$$$
Gold will not move above $320.00 unless there is an miltary conflict in the M.E. This line in the sand will be held so those who wish to acquire gold can do so at a bargain price.
The miltary buildup by the US is not fully covered by the news media. The Arab states have refused use of their bases for the war (Suez Canal/Saudi Arabia) so the time frame for the attack has been pushed back till they find a viable plan. The ammunition makers are at full bore. Posible two or more fronts if war breaks out. The US will go it alone. Until then gold IMHO will stay below $320.00 But when the shooting starts, LOOK OUT.
Slingshot----------------<>
misetich
(09/03/02; 16:27:37MT - usagold.com msg#: 84251)
One Year Later - I've never had much sympathy for the momentum approach to macro. In the face of adverse fundamentals, I worry more about a deep sense of denial that continues to pervade the psyche of the American consumer. These are the excesses that can only end in tears.
http://www.morganstanley.com/GEFdata/digests/20020903-tue.html#anchor0
Snip:
Finally, it's important to take note of the increasingly shaky state of a US-centric global economy. No matter how you cut it, the world is sputtering again. That's certainly the case in Europe, with weakness in Germany leading the way.
........
Meanwhile, the Asian outlook is fraying around the edges. That's especially the case in Japan, where a renewed weakening of production underscores the downside risks evident in recently revised GDP statistics
.......
A year later, we all long for healing. But the bottom line is that post-shock resilience came at a real cost. That bill has yet to be paid.
**********
Misetich
The excesses of the 90's - That bill has yet to be paid also
Got gold?
Cavan Man
(09/03/02; 16:24:06MT - usagold.com msg#: 84250)
I am simply amazed by what I read these "dog days".
Blair Warns Iraq It Could Face 'Regime Change'
Tue Sep 3,11:04 AM ET
By Dominic Evans
SEDGEFIELD, England (Reuters) - British Prime Minister Tony Blair ( news - web sites) issued a stark warning to Iraqi President Saddam Hussein ( news - web sites) on Tuesday -- comply with U.N. resolutions on weapons of mass destruction or face "regime change."
Blair told a news conference Iraq posed a real and unique threat to the Middle East and the world, and said the international community, not just the United States, had to deal with that threat.
Blair insisted no decisions had been taken by London or Washington on what kind of action should be taken against Baghdad, but added:
"Either the regime starts to function in a completely different way...or the regime has to change."
Blair said he would like the United Nations ( news - web sites) to be involved in dealing with Iraq, but hinted that the lack of a new U.N. resolution backing action should not mean the international community could stand by and let the problem persist.
"The important thing...is that the U.N. has to be the route to deal with this problem, not a way of people avoiding dealing with this problem," he told the news conference in his northeast England constituency of Sedgefield.
President Bush ( news - web sites) has made "regime change" in Baghdad a priority of his policy and his administration has used the past few weeks to set out its case for military action against Saddam, whom it suspects of developing weapons of mass destruction.
British Foreign Secretary Jack Straw has said London's priority is to get weapons inspectors back into Iraq.
In a bid to deflect growing momentum in Washington for a military strike, Iraq's Deputy Prime Minister Tareq Aziz has said Baghdad is ready to cooperate with the United Nations to find a comprehensive solution to its crisis with the U.S.
But Blair said there would be no negotiations.
"Weapons inspectors should go back in -- unconditionally, any time, any place, anywhere, under a weapons inspection regime that really makes a difference," he said. "If the Iraqis refuse that, then we have to find a different way of dealing with it."
Speaking after talks with U.N. Secretary-General Kofi Annan ( news - web sites) at the Earth Summit in Johannesburg, Aziz cited previous invitations to U.S. and British politicians to visit Iraq to check for banned arms.
Blair gave no direct response to the Aziz's offer but hammered home his point that the world could not stand by and allow Saddam to continue breaching U.N. resolutions.
"This is an appalling, brutal, dictatorial, vicious regime...the people that would be most delighted if Saddam Hussein went would be the Iraqi people," he said.
"Iraq poses a real and unique threat to the security of the region and the rest of the world, Saddam Hussein is continuing his efforts to develop weapons of mass destruction....(and) he is in breach of UN resolutions. And confronted with this reality, we have to face up to it and deal with it."
misetich
(09/03/02; 16:08:49MT - usagold.com msg#: 84249)
Brazil markets hit by Wall St woes, election fears
http://www.forbes.com/newswire/2002/09/03/rtr711376.html
Snip:
The country's currency, the real <BRBY>, slid 1.2 percent to 3.10 per dollar, leaving it nearly 3 percent lower than where it started the week and more than a quarter weaker than where it began 2002. On Monday the real dipped 1.7 percent to 3.062 to the dollar.
********
Misetich
The US economic malaise is contagious - worldwide - Brazil's stock market tumbled down badly following WS - Lets stay on this TRAIL - will Brazil default?
Got gold?
Mr Gresham
(09/03/02; 15:53:25MT - usagold.com msg#: 84248)
oops
And when you rush to post, as under "friendly" domestic pressure, why, you could say just about any durned ol' thing!
Mr Gresham
(09/03/02; 15:51:39MT - usagold.com msg#: 84247)
R Powell
Thanks for your words, as usual, which shine a light on misunderstandings. It's easy sometimes in the darkness it's easy to mistake a friend returning from patrol for a foe trying to infiltrate our lines. Especially when we're already so outnumbered.
"Friendly" fire is one of the great sub-tragedies of war. (And if you don't think this is, just wait till we see the other side's playbook someday...)
Black Blade
(09/03/02; 15:28:36MT - usagold.com msg#: 84246)
Correction - Jade
That was at the national museum in Yangon, Myanmar. The "imperial jade" is more costly than the other gemstones.
- Black Blade
Black Blade
(09/03/02; 15:25:52MT - usagold.com msg#: 84245)
Re: Zhisheng - Jade
Just a quick note. I saw some very impressive jade carvings, tea sets and china sets in the national museum in Myanmar. I brought several gem stones in Myanmar during my work there (rubies, saphires, zircons, etc.). Yet I never bought any "imperial jade" which was more expensive than the gems stone. It is a very nice light green cut transluscent stone, yet it is well out of my price range. I do wish that I had some for my "collection". It is most valued among jewelers in Myanmar. Cheers!
- Black Blade
Gotta run!
luckypierre
(09/03/02; 15:20:51MT - usagold.com msg#: 84244)
$$$$327.3$$$$
Because I just love this stuff!
Black Blade
(09/03/02; 15:18:27MT - usagold.com msg#: 84243)
Re: Waverider and Rich
Waverider - Thanks, yes the dates sometimes blow by fast so that it can be a blur. I was in a bit of a rush as I was scouting out some hunting areas for elk this morning. I will go back this afternoon for a couple of hours. I have finished a review of "The Prize" by Daniel Yergin, and now I am reading "Green Monday". "Green Monday" is a novel that is a thinly disguised history of events out of the late 1970's with a few good twists. Only the names have been changed (grin). Cheers!
Rich - I don't know what to say. I clear my drive daily though. When I fire up the computer I go to "my computer" on my desk top, then click on "C drive", go to properties and clear files. It also lets the machine run a bit quicker. But I use windows 2000. As they say - "results may vary". Cheers!
Off to the gym and then to slay an elk (maybe?).
R Powell
(09/03/02; 15:15:04MT - usagold.com msg#: 84242)
Waverider
It's working now. Thanks!
TownCrier
(09/03/02; 15:14:04MT - usagold.com msg#: 84241)
An incredible headline
http://www.forbes.com/markets/newswire/2002/09/03/rtr711188.html
What knowledgeable and responsible financial reporter could in good conscience call a mere derivative "safe" in these times??
Just ask Bunker, Herbert, Lamar, and some Saudi investment "colleagues" whether or not investments in Comex instruments were safely as good as the real thing (silver in their case -- c. 1980).
Only time will tell how these counterparty contracts will measure up to reality in times of *true stress* -- those being the very same times against which gold is acquired and held to begin with.
R.
------------------
HEADLINE: Safe COMEX gold ends firm as U.S. markets clobbered
NEW YORK, Sept 3 (Reuters) - COMEX gold rose on Tuesday as investors ransacked the stock market upon returning from a three-day weekend, while a tumbling dollar made precious metals look cheaper for overseas investors looking for safe havens.
...The greenback dropped to a one-month low against the euro at $0.9973, raising the bullion purchasing power of European investors and fabricators. It fell to its cheapest in almost three weeks against the yen.
...Washington's stance on "regime change" in Iraq has also buoyed the yellow metal, which is 13 percent higher than at the start of the year, making it one of the best performing assets.
Zhisheng
(09/03/02; 15:06:26MT - usagold.com msg#: 84240)
Correction.
Guess should have been $$$320.0$$$.
R Powell
(09/03/02; 15:01:27MT - usagold.com msg#: 84239)
Galearis // G-khan
G-khan, I don't understand the attack on Galearis' report of the possibility that plated silver is being sold as sterling. Knowing your affinity to silver as I do I can only suppose that you have mistakenly viewed Galearis as someone spreading negative or discouraging information about silver in order to discourage silver investment. I can assure you this is not the case.
There are very few people more involved or enthusiastic about reporting the continuing silver deficit and dwindling existing supply than BOTH of you. Perhaps only Butler and Morgan.
If bogus jewelry is being offered, reporting such (to hopefully stop this deception) is certainly not anti-silver propoganda. Buying silver and then discovering that you have been cheated will discourage further investment. Let's get this resolved and then ask "Why was the sterling plated? Isn't there enough silver to produce 925 sterling?"
Perhaps a campaign focusing in on the buying of one form of silver- perhaps silver eagles- would more quickly precipitate the market's awakening to the oh-so-low remaining world stash yet available.
Please give my regards to your Gold-Eagle compadres. I've been especially dazzled by the accuracy of your technical analysis outlooks. Better than many whose opinion I sometimes pay for!
Silver is king!
Rich
Waverider
(09/03/02; 14:58:37MT - usagold.com msg#: 84238)
DAILY GOLD MARKET REPORT
http://www.usagold.com/DailyQuotes.html
Black Blade - thanks for the DMR...please note that the date needs updating to Sept. 3 (all the days roll into one when one doesn't need to sleep...yes?) Thanks!
Rich - go to your tool bar at the top of your screen, go to Tools, go to Internet Options, go to Temporary Internet Files and hit Delete Files, and below to History and hit Delete History...that should clear memory to get the updated report. Cheers,
Waverider
Zhisheng
(09/03/02; 14:58:21MT - usagold.com msg#: 84237)
Gold and Jade
$$$320$$$
In some parts of the world jade may rival gold as a valued personal possession. In China, for instance, in the days of eld, a war was fought over a particularly fine piece of jade.
You see jade has a peculiar attraction for QI (pronounced "chee" as in cheese): that intangible, but very real, element which is essential to nearly every Chinese art.
It may be argued that there is no more important art (or science) that that of preservation of health. An ailment is often reflected, and perhaps at times caused, by the qi associated with it. Certain (not all) jade will attract this qi. So a piece of jade may have beneficent qi, or maleficent qi, or qi of a neutral nature (to human health).
Some (perhaps most) of you will feel what follows incredible and not a suitable subject for this site. But it is ONLY introduced because of its connection to gold, and that the knowledge of what I am about to write could do much good.
Beautiful jade is warn many ways: as ear pendants, as bracelets, but perhaps most often on a necklace. To wear jade, there must be some way of attachment to the body. It can be contained within a clasp; or a hole can be bored through it, and a line or chain passed through the hole, or a ring attached by means of the hole, through which ring a line or chain passes. The important cosideration is what type of material is in direct contact with the jade. Unfortunately most materials will disturb beneficent qi, and some will even give the jade an unpleasant painful feeling.
The most common materials in jade jewelry which contact the stone are gold, platinum, and silver. Platinum, which in China is called White Gold, is quite popular nowdays. However platinum has actually a quite negative influence on jade. Silver is not nearly as bad as platinum.
BUT PURE GOLD HAS NO NEGATIVE INFLUENCE. Unfortunately pure gold is soft, and so one rarely finds it without alloy in jewelry--and the alloy can (and often does) cause trouble with respect to jade. The simplest solution in wearing a piece of jade (if it has a hole through it) is to wear it with a piece of silk. However, if it can be managed properly, the best metallic solution to the problem is with gold.
Mr Gresham
(09/03/02; 14:58:06MT - usagold.com msg#: 84236)
Ultimate Conspiracy
http://cartalk.cars.com/About/Rant/r-rlast2.html
Well, here it is. And this piece was written 6 years ago, so obviously its lack of widespread knowledge is evidence of the conspiracy itself. (BTW, my tin-foil brothers -- I'm keeping my membership up-to-date! You never know when one of these is going to pay off -- BIG TIME!)
"ANOTHER Microsoft Conspiracy"
By Tom Magliozzi (one of "The Car Talk Guys")
"There exists in American culture today, a polarization of values far more serious than political preference, race, or religion. A cultural difference which could one day destroy the very fiber of the values on which this great country is founded. An issue which brings out feelings and emotions profound enough to cause a crack in the cosmic egg of life as we know it....
"The real question is this: "Given the small differences between them, why do 90 percent of computer users have PC's?"
"I'll tell you why. Because we've all become addicts! Tens of millions of unsuspecting computer users were given--free of charge--an innocuous little game when we bought or otherwise acquired Windows. You turn on your PC and there it is. SOLITAIRE! You try it. It's fun, so you try it again. Pretty soon, you forget to eat lunch. Then you forget to take a haircut. Then you forget to go home. When you finally do remember to go home, you can't, because you missed the train (and your pants are all wet)....
"I don't play solitaire with real playing cards. I don't play it on my wife's dreaded Mac. Why on Microsoft? Because on Microsoft Solitaire I WIN! It has become clear to me that the odds of winning this game are far better than they ought to be. Have any of you noticed that the odds of winning virtual solitaire are NOT the same as real world solitaire?
"THE GAME IS FIXED! IT'S RIGGED!
"And WHO is responsible for this plot, this cabal, this conspiracy? Microsoft, that's who! Now why would Bill Gates, that little devil, have taken this simple little game and fixed it so we win? Bill ain't no dummy. He doesn't do anything without giving it a lot of thought. And, as we all know, he likes money. So the only reasonable conclusion is that Bill is getting us hooked; and should we EVER consider a switch to the MacIntosh camp, WHAMMO. He shuts us off. We start losing. We get depressed. We need our fix, so we seek out a windows machine and we're OK for another day.
"Bill Gates is a drug dealer! Plain and simple.
"Now repeat after me: "My name is Tom Magliozzi, and I'm a solitaire addict. HELP ME! HELP ME!"
G: If anyone wants to know how to remove Games via the Windows Control Panel utility, just ask. I'm an expert -- I do it at least once or twice a day... ;)
davefinger
(09/03/02; 14:52:14MT - usagold.com msg#: 84235)
$$$$ 319.50 $$$$
Gold is important to me because I regard it as the ultimate store of value. I love quotes, especially ones related to gold, so here's a few choice ones!
"We have not seen old worthless gold bars for sale, but worthless stock certificates are easy to find..." Anon
"Although gold and silver are not by nature money, money is by nature gold and silver." George Bernard Shaw
"The possession of gold has ruined fewer men than the lack of it." Thomas Bailey Aldrich
"When gold argues the case, eloquence is impotent." Publius Syrus first century BC
"Gold and silver. They are the legal tender of Commerce
and the Constitution....the legal tender of God Almighty, who has made it precious." Samuel Cox, 1870
"Like liberty, gold never stays where it is undervalued." J. S. Morrill 1878
Found these and many more good ones, though not all directly gold related, at: http://www.srsr.org/toppage12.htm
R Powell
(09/03/02; 14:39:00MT - usagold.com msg#: 84234)
Black Blade
I tried both the Afternoon Gold Report and the Daily Market Report but both still bring up the August 26, 2002 report that reports POG slightly over $330/ounce.
Thanks for the report and all your other info but can the links be updated or, if there is a secret door to today's report, may I borrow the key?
Thanks
Rich
Tommy P
(09/03/02; 14:33:23MT - usagold.com msg#: 84233)
$$$$322.2$$$$
My portfolio is 45% gold. And the truth will sent you free! cheers!
Black Blade
(09/03/02; 14:24:08MT - usagold.com msg#: 84232)
What A Day!!!
The story on Wall Street is ugly and it is getting worse. I finally got the "Daily Gold Market Report" up as more news was coming across the wire. There are already "pre-announcement" warnings coming out and a report that personal bankruptcies have hit a new record. It should be quite "entertaining" tonight when the Asian markets open. Of interest is the massive outflows in mutual funds and this last month and this month appear to be on track to make new records as far as outflows are concerned. That means the equities markets could be under severe pressure.
- Black Blade
G Khan - Good to see you here. I have also noticed your work. Sleep? I'll have to give that a try sometime. Hmmm... Cheers!
Galearis
(09/03/02; 14:19:19MT - usagold.com msg#: 84231)
@G-Khan
magnetic sterling silver
Hello G-Khan,
I invite you to try again.
This time suspend the card of chains (usually in a wide shallow box) by holding the display as near to vertcal as you can. Use the magnet on the bodies of the chain and watch for movement. The problem "sterling" is weakly magnetic. If the chains are lying flat, the magnetic attraction may not be apparent. Many or few of these chains will react to the magnet you will certainly find some variation, but "success" would seem to vary, dependent on the volume of goods sold and how often the stock is replenished. Major Department stores have much volume of sales so you should see some greater percentage of magnetism in the product line of these stores. (Note too that the magnet will not attract silver plated items over brass.) I think the magnetic chain bodies are made from nickel, which is weakly magnetic.
Do NOT test the clasps. It has a small bit of spring steel in the moving part. Test everything in chains - and please note whether or not all the magnetic chains are from a certain Mediteranean country.
And thirdly, do not be so quick to dismiss others words - and if you do so, try to be a little more polite. Problems have been found by numerous individuals now with these chains. I too have handled sterling jewelry for years and I generally KNOW problem pieces when I see them. I did not check one (however) that I bought new last January. (I relied upon a past reputation for scrupulousness in their sterling product.)It was magnetic and some rough handling over the summer revealed plated product. The metal underneath is quite hard and resists cutting with a knife blade rather well.It was clearly stamped in two places '925, and the display case advertised it as 'sterling silver'. That got me checking aggressively every outlet that I have come upon since- including a flea market. I HAVE FOUND PROBLEMS IN EVERY PLACE OF BUSINESS THAT I HAVE CHECKED bar NONE.
There is NO doubt in my mind that this is a pervasive problem that will reflect poorly on the whole jewelry industry for many years. I have never, nor have I heard of "problem" sterling wares being so universally stocked in so many stores ever before. I have personally checked several retail outlets this past week, after revealing this publically, as has my brother. We have always found considerable problems in these retail outlets with their chain lines (of a certain type - usually their heavy chain lines). Also, my experience with old (collectible) sterling would certainly have revealed something, if this had been a serious problem in the past. It has not. Oh, yes, there has always been a little bit of this going on, but never on this scale before. This is very, very big.
'Nough said.
Regards,
G.
P.S. I have reported the situation to the Canada Competition Board (that handles precious purity standards metal fraud) and have also detailed the situation to a national T.V. broadcasting network. I would not do this unless I was very sure there was a problem.
USAGOLD / Centennial Precious Metals, Inc.
(09/03/02; 14:19:10MT - usagold.com msg#: 84230)
Gold can help you weather whatever comes your way.
http://www.usagold.com/ProductsPage.html
| (US) 800-869-5115 (Can) 1-800-294-9462 (Aus) 0011-800-2760-2760 (EU) 00-800-2760-2760 |
Permission to reprint is hereby granted where the USAGOLD name is cited along with our web address, mailing address and phone number. For electronic reproductions, citing the post heading and the http://www.usagold.com/cpmforum/ website address as the source is sufficient.
 Centennial Precious Metals Gold coins & bullion since 1973 Denver, Colorado 80246-0009 We educate first-time investors! |
for quotes and purchase information.
|
