ARCHIVED DISCUSSION FROM 1/3/2003
All times are U.S. Mountain Time
(Yesterday's Discussion.)
Christian
(01/03/03; 23:58:04MT - usagold.com msg#: 93375)
Real Gold- Paper Gold- Credit Creation Gold
Real Gold= Physical Gold in metal form deliverable. Paper Gold= Legalized counterfeiting by issuing fake warehouse receipts on gold that does not excist as used in fractional reserve banking. Credit Creation Gold= Banking enterprise creates a fictious subsiduary in order to use that subsidiary to loan itself digital money, based on paper gold holdings of the subsidiary created to hold the paper gold. These are called loans, and in our fractional reserve system are used as assets for another loan. That loan again becomes an asset for another loan and this goes on and on and on. This is credit money where the physical money needed to pay back the loan is never created. There is no reason why individuals can not do the same thing and create your own credit and make it payable to yourself. The $350 commodity gold is presently worth $1050 in credit creation to the fractional reserve system. As commodity gold increases in value so will the credit creation value of that commodity gold used as credit creation gold. Before this new year is out Greenspan will be forced to raise interest rates as fast if not faster as he lowered them because a rising gold price makes possible more credit creation on top of an already overextented credit system. Greenspan is a gold bug in his heart but his job requires him to defend the dollar. To defend the dollar he will be forced to raise rates. Right now he is making the biggest mistake in his life. The credit machine is in overdrive and the physical paper and coin supply of money is dropping against the needed supply needed to pay the principal and interest cost to make the loan payments. We are headed for a depression of far worse then the 1930's. Before spring is here banks will be forced by the FED to confiscate your savings and turn them into long term government obligations which you will be alloed to borrow against. You can borrow against your own deposits instead of taking them out.
Black Blade
(01/03/03; 23:44:02MT - usagold.com msg#: 93374)
United cuts 1,700 jobs, closes U.S. ticketing offices
http://www.boston.com/dailynews/003/economy/United_cuts_1_700_jobs_closes_:.shtml
Snippit:
CHICAGO (AP) United Airlines announced Friday that it is laying off nearly 1,700 white-collar and ticketing employees, or about 2 percent of its work force, and shutting down its U.S. ticket offices as part of cost-cutting in bankruptcy.
Black Blade: The "Bone Pile" is in growth mode and now that the holidays are over it should pick up steam. No sign of "economic recovery" in sight.
knotakare
(01/03/03; 22:58:37MT - usagold.com msg#: 93373)
Mr. Bill and Dollar Bill
It must not be any fun being a Bill these days. Perhaps you could be recycled into something more usefull, like possibly gold-coin packaging.
knotakare
steady
(01/03/03; 22:41:47MT - usagold.com msg#: 93372)
re lets make a list for murphy usagold.com msg#:93367
Chris Powell where do i sign up to help. go gata!
Black Blade
(01/03/03; 22:22:59MT - usagold.com msg#: 93371)
Utilities Ask to Bill for Security Fees
http://hoovnews.hoovers.com/fp.asp?layout=displaynews&doc_id=NR20030103140.6_cc740003f09ceb06
Snippit:
PHILADELPHIA (AP) A growing number of utility companies are asking states for permission to add security fees to customers' bills to recover the cost of protecting themselves against possible terrorist attack. A survey conducted last year by the National Regulatory Research Institute and released in November said at least 13 states had been approached by a utility for a rate adjustment related to security costs. Natural gas supplier PG Energy is considering a similar move, spokeswoman Donna M. Gillis said. "We are evaluating all our options to recover costs related to increased expenses we incur due to tightened security," she said. The government, fearing that terrorists might try to sabotage power stations or poison water supplies, has urged utilities to beef up security at significant cost.
Black Blade: Yet another energy cost.
Black Blade
(01/03/03; 22:16:47MT - usagold.com msg#: 93370)
U.S. spot resids extend gains on cold front, crude
http://biz.yahoo.com/rm/030103/markets_energy_resids_1.html
Snippit:
SAN FRANCISCO, Jan 3 (Reuters) - Spot U.S. residual fuels posted fresh gains Friday, riding a bullish wave kicked up by forecasts of a deep freeze next week on the East Coast and deepening concern over the Venezuelan oil workers strike. "The whole energy complex is moving higher and resid is getting swept up in it, especially down in the Gulf where they are starting to face some real supply concerns because of the Venezuelan situation," said one trader. "We heard 3.0 percent (sulphur) offered at $29.00 at the Gulf, which puts it on a par with 1.0 percent. That indicates to me they've reevaluated their supply situation and are starting to get a little desperate," said one trader. Traders said a big blue zone over the East Coast -- denoting below-normal temperatures in the region -- on the National Weather Service's Jan. 9-13 forecast was also broadcasting a strongly bullish signal to the New York Harbor market. Meteorologists predicted Friday that the cold front sweeping next week from Texas to Maine would likely produce the coldest weather seen so far this winter, giving a major boost to heating demand and power generation.
Black Blade: I have been pointing out that we would likely revisit the energy crisis before the last one nailed California. The coming crisis will make the last one a not so distant fond memory by comparison. Energy companies have no plans for significant increases in domestic production this year. The effect will be to shatter the US economy to dust. And as the US goes, so goes the world.
sector
(01/03/03; 22:07:59MT - usagold.com msg#: 93369)
Go for your gun....Mr. "Dollar" Bill
Let's see your best shot big guy...come on show us those big knobby, four-wheel tires!
...so far all we've seen is a wimpy little trader's rant about Bill Murphy and GATA.
Let's play three guesses who the mystery "Dollar Bill" man really is:
#1 Wild "Bill" Harrison [JPM] in drag. Screaming mad and taking it to the SEC because GATA is correct about their ball-and-chain-like gold derivatives.
#2 Gumby's side-kick. Also a flat small guy and made of clay to boot!
#3 "Billy" Bob Rubin rejoicing at today's "Acquittal" by the Senate Select Committee for Transparent Leniency for Former Treasury Secretaries.
Black Blade
(01/03/03; 21:54:50MT - usagold.com msg#: 93368)
US drilling activity hits new year slump
http://ogj.pennnet.com/articles/web_article_display.cfm?ARTICLE_CATEGORY=DriPr&ARTICLE_ID=164968
Snippit:
HOUSTON, Jan. 3 -- US drilling activity slumped into the new year, down 25 rotary rigs to 837 working this week, officials at Baker Hughes Inc. reported Friday. That was down from 883 during the same period a year ago, which was the peak number of active rigs for all of 2002. The biggest loss was in land drilling, down 26 rigs with 702 working this week. Offshore drilling was down 1 unit to 107 in the Gulf of Mexico and 110 for the US as a whole. Drilling in inland waters increased by 2 rigs to 25.
Black Blade: Should these low rig counts continue and NatGas withdrawal from storage continue at the current pace or even accelerate we should see long term tightness in supply. When rig counts were at high levels 2001-2002 we saw only a 2% increase in injection rates. Fortunately we has a crippling recession and warmer than normal weather to save the day. We are constantly told that the US economy is recovering. If that is the case then we should see severe shortages surpassing that of the recent power crisis as the economy fires up. If this winter should be normal or colder than normal we should see the shortage amplified several fold. Ramping up drilling programs will be insufficient to meet rising demand under these conditions. Pray for a deepening of the economic recession and warmer weather this winter or else be ready for much higher NatGas/electricity prices. Scratch one "economic recovery". It should get quite "interesting".
Chris Powell
(01/03/03; 21:42:37MT - usagold.com msg#: 93367)
Let's make a list for Bill Murphy's agenda
Good grief, Dollar Bill, you want Bill Murphy to devise a replacement for the world financial system? It's not enough that he should expose the fraud on which that system has been built? (As if that job has been completed already.) Well, I'll let him know, if he survives his current assignment. Maybe when he has accomplished both things he can find a cure for cancer.
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
Cavan Man
(01/03/03; 21:04:05MT - usagold.com msg#: 93366)
Dollar Bill
Your bridge has been built. She is named the EURO; a monetary model for a transitional period dead ahead by my reckoning. Granted, the EURO is imperfect; all fiat currencies are. However, the model allows for a free gold price (of course until changed by government decree). This is an old story but truer today then three years ago because, the NEED, NOW, is real.
Euro leads and dollar follows. Both will survive and gold will shine. 2 cents plain....CM
Sierra Madre
(01/03/03; 20:52:02MT - usagold.com msg#: 93365)
I've been wanting to mention this, last couple of days....
Something tells me - of course, I may be quite mistaken - that GWB is having second thoughts about War on Iraq.
I sure hope he does, and calls the whole operation off; it would be the humane thing to do. Probably, a sensible thing, too.
But, think of his personal situation: here he has cranked up the US population since 911, about WAR. First that sitting duck, Afghanistan. Now, the massive buildup of troops, ships, planes, nukes, the works just outside Iraq. And then, he says, "OK men, the war if OFF, everybody goes home."
All this hoopla, and then - no war. How could GWB stand this? Even if it were the right thing to do?
And yet, I have this feeling that GWB is getting cold feet.
For humanity's sake, I hope he does.
******
Apparently, some guys with deep pockets didn't want to miss the gold train over the weekend, so they bought just in case.
Gold: the uninvited guest at the investment table. "Guess who's coming to dinner?" "Oh no! How very gauche! What bad taste! That barbarous relic again! This is REALLY too much!"
Good weekend to all. Interesting week ahead.
Sierra
Sierra Madre
(01/03/03; 20:32:53MT - usagold.com msg#: 93364)
This is a Precious Metals Forum, especially, a Gold Forum
And we don't care too much for Dollar Bills in these parts.
Sierra
Albatros
(01/03/03; 20:28:47MT - usagold.com msg#: 93363)
Musical ships & other things down under...
According to local press reports, the aircraft carrier USS ABRAHAM LINCOLN and its battle group is planning to return to the port of Fremantle in Western Australia next Monday for an undetermined period of time only nine days after departing from a week's R&R over Christmas. The ships had been sheduled to return to the US but are now reportedly being prepared for possible action off Iraq.
Australian consultants reportedly estimating Australian Superannuation funds lost an average of 7.2% in 2002, being the worst outcome in 28 years. In real terms 9 million Australians who had AUD 500 billion in retirement savings at the beginning of 2002, are now AUD 38 billion lighter in retirement savings. Australian markets were down 8.5% for the year.
Australia is currently suffering one of the worst droughts on record and most farmers will be scratching to find the cash to sow new crops this year. Livestock being depleted.
So much for one of the world's best performing economies & little wonder Spot is jumping...
Goldrush
(01/03/03; 20:04:53MT - usagold.com msg#: 93362)
More tragedy
CARACAS, Venezuela (Reuters) - Two people were shot dead and two dozen were wounded on Friday when foes and supporters of Venezuelan President Hugo Chavez clashed in Caracas as the opposition stepped up street protests in its drive to force the leftist leader to resign.
Demonstrators and police ran for cover after dozens of gunshots rang out near the capital's military headquarters, breaking the uneasy Christmas calm that had settled over the streets during an ongoing 33-day-old opposition strike.
"There was a volley of shots. We all threw ourselves to the ground. There was chaos and total panic. The shooting didn't stop," said a Reuters photographer at the scene.
National Guard troops and police fired tear gas and shotgun pellets to stop a few hundred Chavez supporters from attacking thousands of opposition marchers, who were also forced back by troops. Confused running battles broke out as groups from both sides hurled rocks.
City health officials said two of six people hit by gunfire had died. Another person was injured by police shotgun pellets and at least 20 people were wounded by stones and objects thrown by protesters.
It was unclear who had opened fire, but witnesses saw several people on both sides produce handguns after the shooting began.
Columns of smoke wafted high above apartment blocks in the southwest part of Caracas as pro-Chavez demonstrators set up burning barricades near Fuerte Tiuna military base to block the opposition marchers demanding the government free a dissident general detained this week.
__________________________
R Powell- Thats a good one, I don't remember Frank recommending
gold stocks either. Biggs was on a couple weeks ago and Louis
asked him would he put 10% into gold, and Biggs paused for
a long... pregnant ...moment... and finally snapped no. There was
a collective sigh of relief and grins all round.
I've never heard silver stocks discussed on bubblevision....ever.
R Powell
(01/03/03; 19:58:43MT - usagold.com msg#: 93361)
Dollar Bill
I don't think Bill Murphy ever aspired to fix the world or any part of it including the monetary system. As I understand the situation, he believes the free market process has been subverted and intensionally manipulated. He is crusading to uncover and bring the facts of the matter to public attention. There are laws against those actions which he claims are routinely performed. He and GATA are trying to prove that anti-trust laws have been violated, laws with many believe are essential to insure freedom, free markets and liberty. The beast Murphy fears is an unfettered, totalitarian central government. Whether he is right or wrong in his assessment of this or to what extent he is correct is not the issue, the issue is that he is willing to stand up and investigate. Hopefully time will disclose the truth of the matter, whatever that truth is. He has never stated that he wishes to change the system or made any claims whatsoever that he could. He's simply trying to force the existing legal system to function as it should by uncovering what he believes is unlawful, unethical and a threat to free enterprise.
Rich
Sierra Madre
(01/03/03; 19:52:50MT - usagold.com msg#: 93360)
Sector: Again, "What a country!"
Yes, indeed, what a country!
Iraq will be a lead-pipe-cinch. No problema. Two weeks.
All it takes, will be the use of micro-, mini- and mega-(if necessary) nukes. Bim! Bam! Boom! Iraqis erradicated. Baghdad is no more. And what will the "International Community" say? They can say what they please. But, they better watch their words, cause Uncle Sam on the rampage - he might not care for criticism.
It seems to me we keep thinking of US intervening in Iraq, according to what we have seen before.
Desperate situations call for desperate measures, and the US (who wouda thunk!) may go in for nukes right and left, until mission accomplished.
Sierra
R Powell
(01/03/03; 19:37:08MT - usagold.com msg#: 93359)
Rukeyser // Abbey Joe
As is his custom, he opened with a summary of the week's stock market action noting the upturn of the Dow index as a possible good omen for the year ahead. Yes, he did mention gold stating that gold stock funds were the leaders, not only last year but for the last two years. He also noted that the POG was off its 1999 lows and now above $350.
Of his panelists, only Frank Capiello mentioned gold by saying that he would now take some profits (sell) from mining stocks. Funny, I don't ever remember him recommending buying them.
Abbey Joe has not lost an iota of her slick charm. Her past horrendous predictions were excused on the bases that no one could have predicted the attack on America, the extent of corporate fraud or the present uncertain geo-political atmosphere. This, of course, assumes that these are the causes of the present conditions. Nothing else was mentioned such as the fact that the markets were tanking long before Sept. 11, 2001.
Abbey is still optimistic, believes the S+P is undervalued, GDP will be about 3%, sees no double dip recession and predicts a year end DOW near 10,800. Wow! She did concede that the dollar is and has been overvalued for years but did not elaborate on this condition. Corporate bookkeeping is now the "cleanest" that she can remember. I found myself wondering that if she can state this now, the statement implies the ability to evaluate and differentiate between honest and fraudulent company reports. This begs the question of where were the warnings of possible fraud before the fact. She is still a cool, confident and camera friendly presence with the ability to smoothly answer questions with well structured responses. I don't agree with her analysis but could not help but admire her showmanship. Imho, she will dazzle many investors again and the Bear will not suffer for lack of investment funds to rampage.
Rich
Dollar Bill
(01/03/03; 19:36:20MT - usagold.com msg#: 93358)
Bill Murphy still confused.
Bill Murphy still doesnt know what he is doing.
He has no plan for bridgeing from this system to another.
He has no answer when asked about the consequences if he is successful, he has no plan for the billions of people who rely on the best efforts (even if flawed) of the worlds
central bankers to provide a way for us all to live and eat.
He proudly hopes to undermine the present system of fiat without any plan whatsoever to lead us to any alternate.
Speak up murphy, but you wont, you have nothing to reply.
sector
(01/03/03; 19:33:34MT - usagold.com msg#: 93357)
@ The Invisible Hand About Iraq and the pretext for war
It's the housing bubble and a lot more...
"Is the war a pretext to let the housing bubble burst?"
Well... it seems that it is a pretext for many things, not the least of which is a play for Middle East oil. There is simply no way to ever balance the trade deficit, the US budget deficit and execute a US economic recovery without the theft of Iraq's oil through some propped-up US puppet. The abyss of the US trade deficit is too deep. A whole bunch of other macro economic things will happen in the fog of this war too.
The US build-up of 80,000 Iraq troupes look to be achieved towards the end of this month.
Of that number [IF it is the real final number] only a fraction will be fighting...say...40%. The rest as support and battle reserves. The Iraqis have 300,000 guys with guns. This 80,000 US figure runs counter to the floated Pentagon party-line supporting General Tommy Franks request for 250,000 troupes. Even a novice military wonk can see that trying to do this Iraq War thingy with too few people is a recipe for disaster, no matter how superior our war toys are. It is a very long way [400 kms] from Basra to Baghdad—a supply line that must be defended in a very hostile enviornment.
It will be a street fight, house-to-house in both places and Saddam will use VX to kill his own folks and successfully blame Bush. Al Jazzera will be there at the WMD ground zero with help from CNN's recalled-from-retirement correspondent Peter Arnett. They will show round-the-clock tape of the civilian carnage. All that will be needed to make this scenario a perfect, apocalyptic "Ten" is for a junior US field commander to launch a few "Theater nukes".
Any moderate Arabs left will be radicalized in a white flash. The UN will go ballistic. China will not stay silent as the President's advisors [Rove, et al] suggest even as the North Koreans put the finishing touches on their own latest shipment [To the Mid East] of freshly minted Kilo-tonners. The US anti-war folks will be galvanized into action. The center of Washington will be invaded and overrun in a few days time as the White House marvels at how they misread the American anti-war sentiment. Al Gore may even lumber out of retirement…but only if he can grow his beard back quickly enough.
The Russian Defense Minister Sergi Ivanov said of Iraq a few weeks ago, if they believe they have been wrongly invaded, "The Iraqis will fight". What if the Iraqi civilians fight too? There are over 2 million people in Baghdad. Could they actually get weapons? Hey…it's the Middle East, weapons grow on fig trees.
All the while the opportunistic Russians will circle overhead of the mess to swoop down at just the right time to come out way ahead as a cool-headed and rational "Peacemakers".
What a country.
Chris Powell
(01/03/03; 18:04:47MT - usagold.com msg#: 93356)
Morgan Chase stomps around some more in pursuit of that nasty 'rumor'
http://groups.yahoo.com/group/gata/message/1366
How could anyone possibly think that Morgan
Chase is in the gold business?
http://groups.yahoo.com/group/gata/message/1366
To subscribe to GATA's dispatches
by email and get them immediately so
you don't have to go look for them,
send an email to:
gata-subscribe@yahoogroups.com
The Invisible Hand
(01/03/03; 17:54:50MT - usagold.com msg#: 93355)
Another denial: UK housing bubble is not bursting
http://www.timesonline.co.uk/article/0,,2-531612,00.html
SNIP
WARNINGS that the house price boom is on the brink of a painful crash were rejected yesterday by the Governor of the Bank of England as he tried to calm mounting fears over the economy.
===
Bush says he's going to liberate Iraq. Liberate from what? Who's asking to be liberated?
Bush says Iraq must disarm. How can Iraq possibly disarm if it has no WMD, but only invisible arms?
Is the war also a pretext to let the US housing bubble burst?
Christian
(01/03/03; 17:37:34MT - usagold.com msg#: 93354)
(No Subject)
Mortgage refinancings and home equity lending have been at the epicenter of the credit explosion. Our financial system is a house of cards built on financial leverage, credit excesses, speculation and derivatives. All made possible because the banksters own the gold. The problem with the present monetary system is that there is not enough real physical money in circulation to pay back the loans and interest. The real money supply is collapsing while credit money supply is expanding. In 1997 interest cost to profits were 23% and in 2002 interest cost to profits were 100% of profits. By 2010 interest cost will exceed 200% of profits. People, states, corporations, are doing what the federal government is doing --- BORROW to make the payment due. How did we ent up with $78 Trillion off balance sheet Federal debt and the $49 Trillion off balance sheet State debt. The housing bubble is made possible with credit not cash. Watch how credit equity disappears in the comming years and at the same time property taxes increase
R Powell
(01/03/03; 16:51:29MT - usagold.com msg#: 93353)
Pippin
Elliott wave theory is not my strong suit but I'll compound your question by corrolating it with the inflation/deflation question. The only way I can envision a POG at $200 is if severe deflation dries up the flow of money to the point that no one wants to part with whatever cash they still hold. That is, under our present green fiat money system. However, if POG were at $2000/ounce and the government announced that as of next Tuesday all green money had to be redeemed for blue colored bucks at a rate of 10 green ones for each new blue one, what then would be the POG?
I have noticed while trying to understand technical analysis that if there is more than one technical analyst involved in prediction, there will usually be more than one forecast. This is true even if the group is strickly Elliot wavers (as opposed to any number of other technical systems). I don't suppose this answers your question at all but it gives me an excuse to post so I can say...
Happy Weekend !!
Rich
CBWS
(01/03/03; 16:47:15MT - usagold.com msg#: 93352)
Bush Spins Economic woes to Terrorism
Step 1. A terrorist act in the US. Step 2. Bush war is justified and blame for the economy is spun further. Step 3. American people are not fooled and PM's go higher. Step 4.....?
sector
(01/03/03; 16:29:02MT - usagold.com msg#: 93351)
@Pippin Elliot's @200 per ounce gold Forecast...
...has a zero probability of happening. Elliott is
Indeed, seeing $300 again has a very near zero probability due to the logical condition that the central banks have sold forward 16,000 tonnes of their 32,000 tonne stash so far in order to cap gold these last 7 years.
In order to get gold back down to $200 the sales of all their assets in gold would therefore be required and even THAT is in question since the rising demand is so powerful these days.
The only force acting to keep gold and silver down where it is today is the continued sales of metal from official central bank sources.
Topaz
(01/03/03; 16:21:05MT - usagold.com msg#: 93350)
Bonds
http://www.smartmoney.com/onebond/index.cfm?story=yieldcurve
....play the Movie, note the trend....and the steepening of late.
Mr Greenspan may well come to GWB's "economic stimulus" party on Tuesday with a 1/4% cut.
The behemoth US Banking system on a saline drip.
@Pippin,
Elliot wave AND Mr Gold both miss the point imo...Gold 320, Euro parity and rate cut dead ahead, assuming those pesky Gold mutuals don't spoil the fun.
Mr. Bill
(01/03/03; 16:07:08MT - usagold.com msg#: 93349)
@sector
I am curious. Do you get paid by the week or by the post for each bit of nonsense about silver that you provide. If I was going to set up a sting in silver, I sure could use someone like you on my payroll. Lemmings tend to like big lies.
Gold Standard
(01/03/03; 16:04:17MT - usagold.com msg#: 93348)
Now its going to hit the fan.....
http://biz.yahoo.com/rc/030103/markets_gold_jpmorgan_1.html
Full text from above link:
Reuters
JP Morgan asks SEC to check into gold trade rumors
Friday January 3, 3:45 pm ET
NEW YORK, Jan 3 (Reuters) - JP Morgan Chase & Co. (NYSE:JPM - News), a major bullion dealing bank, said Friday it has asked the Securities and Exchange Commission to look into rumors about gold trading losses that dogged the bank throughout 2002.
"We brought the nature and subject of the rumors to the SEC and asked them to look at it," a spokesman for the bank said.
The rumors about Morgan's gold and gold derivatives operations have been propagated over the Web site of the Gold Anti Trust Action Committee (GATA), a group that alleges bullion banks have colluded with central banks to prevent the price of bullion from rising.
The price of gold is at its highest in almost six years.
JP Morgan, which ran into trouble over its commodity and derivatives dealings with bankrupt energy giant Enron Corp., said in November that market talk that it lost between $17 billion and $70 billion during the gold rally was "false and irresponsible."
The rumors surfaced several times last year, hurting the bank's stock price.
Two weeks ago GATA said it will assist an anti-trust lawsuit filed by U.S. coin and bullion dealer Blanchard and Co. against JP Morgan and Canadian mining giant Barrick Gold (Toronto:ABX.TO - News) accusing each of manipulating the gold market to keep prices weak.
Barrick dismissed the allegations of the lawsuit as ludicrous and without merit. JP Morgan declined to comment.
___________________________________________________________
I wonder whether this will receive wide mainstream publicity? Is this the first time that GATA has been mentioned in the media without the tags "conspiracy theorists" or "nutters"?
If BB wasn't at the gym, he'd say "Interesting".
Cheers
Black Blade
(1/3/03; 15:41:06MT - usagold.com msg#: 93347)
Re: Paper Avalanche
Gold finished above $350 an ounce with no subsequent trade. The scrawl is stuck since this morning even as the POG surged higher. Of course it can't be that certain interests would like to dishearten Gold investors could it? Hmmm...
Nahhh!
- Black Blade
Off to the gym!
Paper Avalanche
(1/3/03; 15:36:43MT - usagold.com msg#: 93346)
Saw it again on CNBC
The question that I cannot avoid asking:
Glitch or intentional?
Going to the gym.
PA
Paper Avalanche
(1/3/03; 15:25:55MT - usagold.com msg#: 93345)
Is anyone watching CNBC this afternoon?
I just watched the commodities scroll across the bottom of the screen at 5:25 pm EST on CNBC and they had POG at 344 and POS at 4.80.
Did someone change the paper prices AFTER the close or is this likely a glitch in CNBC's system? Did anyone else see this? I am going to watch it again to see if this changes.
Thanks!
Paper Avalanche
TownCrier
(1/3/03; 15:13:55MT - usagold.com msg#: 93344)
Cavan Man's question on the Fed's repo position (msg#: 93318)
Very basically, the decline in the amount of outstanding volume of repo-facilitated reserves seen at this time is a consequence of the Christmas/New Year's holiday season being now behind us.
There is always (on top of the larger trend) a seasonal bubble of cash withdrawals that the Fed compensates for with repos. These additional reserves are allowed to run off as the money in wallets and purses finds its way back into bank deposits as the holiday's wind down.
Did that do the trick for you?
Randy
Pippin
(1/3/03; 15:00:36MT - usagold.com msg#: 93343)
Elliott Waves ...again.
I would be thankful if one of the experts here could give me his opinion on Prechter's reiterated view that POG is reaching a top and will decline sharply within the next weeks -although he's quite bullish on gold long term-.
He seems to have a good tracking record and quite a number of success stories to tell, but I must say I'm a bit confused. Among all people agreeing that the economic situation is between bad and dramatic, he's the only one claiming that POG will drop. And when I say <drop>, I think of a bottom like ...$200.
Last but not least, he forecasted a top at $350.-- a few months ago. So he's not surprised by the present level.
Any opinion ?
Goldrush
(1/3/03; 14:47:22MT - usagold.com msg#: 93342)
More violence in Venezuela
http://quote.bloomberg.com/fgcgi.cgi?ptitle=Top%20World%20News&s1=blk&tp=ad_topright_topworld&T=markets_box.ht&s2=ad_right1_windex&bt=ad_position1_windex&box=ad_box_all&tag=worldnews&middle=ad_frame2_windex&s=APhX9IhaVVmVuZXp1
Caracas, Jan. 3 (Bloomberg) -- Venezuelan soldiers fired tear gas and rubber bullets to disperse thousands of demonstrators near an army base, and President Hugo Chavez said he considered declaring a state of emergency to end a national strike.
One person was injured by a gun shot and five others by rocks in clashes between anti-Chavez and pro-government protesters, Globovision television reported. Police said seven officers had also been injured.
``We're trying to disperse everyone before someone gets killed,'' Henry Vivas, who heads the capital's metropolitan police, told reporters. Scattered skirmishes between Chavez supporters and opponents continued near the Fuerte Tiuna base, where a dissident national guard general is being held.
____________
Oil field maintenance has been neglected, fields are a mess.
It will take months to get fields up and producing at pre-conflict
levels even if conflict ended today.
Black Blade
(1/3/03; 14:43:57MT - usagold.com msg#: 93341)
Japanese reluctantly turn to bankruptcy to survive
http://www.startribune.com/stories/535/3565832.html
Snippit:
OSAKA, JAPAN -- At the cramped offices of the Icho-no-kai credit counseling center in Osaka, about a dozen workers, housewives and other hard-luck cases are engaged in what has become an increasingly common ritual: They are declaring bankruptcy. Once almost inconceivable in a nation that places such a high value on savings, Japanese are resorting to personal bankruptcy in record numbers in response to a punishing squeeze caused by five consecutive years of falling wages and rising unemployment. As their financial woes have worsened, many have turned first to legal lenders but then often to loan sharks who charge rapidly compounding interest rates. To escape this trap, about 220,000 people are expected to seek protection from creditors this year, up more than a third from 2001. Declaring bankruptcy in Japan still is relatively uncommon, and Americans are four times as likely as Japanese to seek bankruptcy protection. But as long as the stagnation of the Japanese economy continues, personal bankruptcies seem likely to continue growing sharply. According to some estimates, as many as 2 million Japanese are effectively bankrupt but haven't filed the paperwork, or can't. Even that does not convey the full extent of the financial stress in Japan. Despite encouragement from a government that is committed to making it cheaper and easier to file for bankruptcy, every year thousands of people in distress commit suicide, police statistics show, rather than face their debt collectors, friends and families in shame. "People get desperate," said Yoshiaki Tanaka, the secretary-general of Icho-no-kai, which has experienced a sixfold increase in visitors in the past two years. "A drowning man will grasp at straws."
Black Blade: The situation is getting much worse. For those who understand the Japanese culture where winning is everything, failure is more than an embarrassment. Many seek to escape by suicide (no not necessarily the traditional Hari Kiri ritual). At one point distressed business people would throw themselves into the path of speeding bullet trains leading many engineers to psychological counseling. It is no wonder then that Japanese housewives and young Japanese are seeking safety in Gold. Gold purchases are on the surge in Japan once again as the realization the government is unable or unwilling to take the necessary steps to clean up the economy and force the failed banking sector into much needed reforms. Truly a "grim" and sad situation.
Black Blade
(1/3/03; 14:22:41MT - usagold.com msg#: 93340)
Crude Oil Rises on Signs Venezuela Strike Is Draining Supply
http://quote.bloomberg.com/fgcgi.cgi?ptitle=Top%20Financial%20News&s1=blk&tp=ad_topright_topfin&T=markets_box.ht&s2=ad_right1_topfin&bt=ad_position1_topfin&box=ad_box_all&tag=financial&middle=ad_frame2_topfin&s=APhWxKxW0Q3J1ZGUg
Snippit:
New York, Jan. 3 (Bloomberg) -- Crude oil rose for a second day on concern the monthlong strike in Venezuela that has crippled output from the fifth-largest oil exporter is draining U.S. inventories. Analysts said they doubt Venezuelan President Hugo Chavez can make good on a pledge to restore full output in six weeks. Industry and government reports this week showed U.S. supplies were 10 percent lower than a year ago because of the strike. ``We finally got the data that proves we have a supply problem,'' said Bill O'Grady, director of fundamental futures research at A.G. Edwards & Sons Inc. in St. Louis. ``The fields in Venezuela are missing needed maintenance. When the strike is over they are going to have a mess on their hands and it will take a long time for production to recover.''
Black Blade: The Venezuelan situation is no closer to a resolution and the threat of civil war looms as well. There are reports of soldiers and police lining up on both sides.
USAGOLD / Centennial Precious Metals, Inc.
(1/3/03; 13:57:05MT - usagold.com msg#: 93339)
Why gold? Why now? (And how to get it...)
http://www.usagold.com/cpm/aboutcpm.html
Would you invest in a stock that graphed like this?
Probably not. But that is precisely what you have done if you own
stocks, bonds, cds, money markets or anything denominated in U.S.
dollars.
Sooner or later gold is going to react strongly to this simple dynamic:
The dollar has been continuously devalued without stop for the past 57 years. It has
not appreciated against goods and services once -- not even once -- in that entire time period.
There are periods when this policy has not been fully reflected in the price of gold.
Is "Now" one of them? "Is Now the Right Time for Gold?"
If you've received your initial information packet from us, you qualify to
receive this important report FREE OF CHARGE.
Please call 800-869-5115 if you would like us to send it to you --
Contact:
George Cooper Ext 102
Jonathan Kosares Ext 110
Marie Ballard Ext 106
We look forward to your inquiry.
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