ARCHIVED DISCUSSION FROM 4/5/2002
All times are U.S. Mountain Time
(Yesterday's Discussion.)
Waverider
(04/05/02; 23:55:27MT - usagold.com msg#: 72845)
Gold Still Boiling in Oil
http://www.zealllc.com/2002/goldoil2.htm
Snippit:
"In what seems like a century ago in terms of all the incredible financial market and geopolitical developments of recent years, I penned an essay on gold and oil way back in June 2000.
In my earlier essay, titled "Gold Boiling in Oil", we took a look at gold and oil in their historical price context and examined their very strong relationship over time. I arrived at the conclusion that the relatively high oil prices at the time were exerting substantial upward pressure on gold prices, that ice-cold gold was heating up as it was trapped in the bottom of a great cauldron of boiling oil.
So, during this seemingly fitting time after a geopolitically-breathtaking couple of weeks, we decided to update our key gold and oil comparison graphs to see if the intricate dance between the gold and oil markets is ready to yield any more secrets now than it was way back in June 2000."
Waverider: Another excellent and timely read from Adam Hamilton - enjoy!
darkhorse
(04/05/02; 23:36:14MT - usagold.com msg#: 72844)
@everybody
Everybody has an opinion, and understandably quite a few of them have surfaced the past few days re: Israel and the Palestinians. I really don't believe too many people here (or ANYwhere in the general population) have enough personal experience to say who's the good guys and who's the bad guys. From what I've seen the past few weeks, and learned over my 40+ years, neither side has done anything that could objectively be taken as true strides toward a peaceful settlement. Oil or no oil, this conflict will go on. As someone pointed out the other day, these people have been at each other for centuries...to think that any modern day peace proposal will end everything is nothing more than naive arrogance (IMHO)! Leaders from both sides won a Nobel Peace prize a few years back...but to paraphrase Miss Jackson "What have you done for your people lately?" Both sides have committed unthinkable atrocities (unthinkable except to those that have been taught nothing but hate/self-preservation) upon the other. I don't believe anyone (person, group, nation...whatever) has the right to set out to destroy anyone else, but both sides have committed themselves to just that! Neither side will be happy until the other is gone...period! This latest session may very well get totally out of control despite the best efforts of those trying to end it. The fallout (hopefully no pun) if it does go from bad to worse could be very bad for more than just the US. Hope and pray for the best, but be responsible enough to do as much as you can to prepare for the worst.
Guided
(04/05/02; 23:31:54MT - usagold.com msg#: 72843)
Israel's Birth
Guess again. Israel is a nation born out of slavery. Delivered by God out of Egyptian slavery into their promised land. Read the record in scripture.
Hipplebeck
(04/05/02; 23:11:02MT - usagold.com msg#: 72842)
The public debt
Just to bring it into focus on a real life level,
Every child born in this country is starting off with a debt of over $20,000.
That's right.
Every one of us owes more than $20,000 on top of any personal debt we have run up.
If the government balances the budget from here on in, we will all have to pay $133 per month for the next 30 years to pay off what has already been spent. (at 7% interest).
Yes that's right.
For a family of four that's $532 a month.
DOWNUNDER
(04/05/02; 22:55:07MT - usagold.com msg#: 72841)
JIN- YIN - - - Your Post 72831 -- Israel Nationhood
Personally I found this message to be completely provocative and I wonder why you would post if it was not to put a one sided view over that you agreed with. To say you just received it by E/mail & just throwing it out on the board is a bit disingenuous --- especially when you finish by saying --"anyway there are some interesting FACTS."
For most of my 50 + years I have admired & supported Israel & always thought of them as a brave & resourceful people. However over recent years my views have changed to the point now where I view Israel as the real enemy of peace in the Middle East. People all over the world have seen how Israel has been treating the Palestinians. The Israeli Government has been taking their land, bulldozing their houses & allowing the most rabid extremist Jews to continue with the spreading out off their settlements.
This is not a good look & while it is not all one sided the Israelis are being seen as the aggressors. The Palestinians mainly have stones to fight with against tanks, bulldozers & well-armed & trained soldiers. One can't help thinking that if the state of Israel was really wanting a lasting peace then it should start by pulling out of the extremist settlements & giving the land back to whom it belongs. Currently Israel is systematically smashing the Palestinian infrastructure needed to sustain even basic living standards. This is exactly what the bastard Indonesian jungle bunny soldiers did when they trashed Dili -- the capital of East Timor. Is no wonder that Palestinians resort to suicide bombings.
The following quote is from a post earlier this week - can't recall who said it but I concur :
"Israel is a nation born out of terrorism. After all, even Ariel Sharon was a member of the Irgun, a terrorist organization that murdered British citizens among others. He also gave orders for the attack on the USS Liberty where helpless unarmed US sailors were machine-gunned down in lifeboats (I thought that was rather cold-blooded myself). He also gave the order to slaughter men, women, and children in UN refugee camps in Southern Lebanon."
The US Government has not had the courage to tell Israel the truth. Israel should not be supported UNTIL it seeks a genuine and long-lasting peace with the Palestinians. Other US foreign policy is also suspect -they have many enemies. The American people are rightly patriotic --you have to stand by your country. However there is every reason why educated Americans should be yelling out about the way you are being used & abused by a rotten administration. They are TRAITORS indeed to have left the gaps they did in your Airport security allowing Sept 11 to happen. What a$$holes.
Black Blade
(04/05/02; 22:34:08MT - usagold.com msg#: 72840)
Silvester – Arabs and oil
I think that the best way to describe that quandary is through an Arab saying about Arab reliance on this depleting asset. "My grandfather rode a camel, my father drove a car, I fly a jet, and my son will ride a camel".
Years ago before FDR confiscate US Gold, the Saudi region oil producers required payment in Gold to Aramco for oil concessions. However, this means of payment was suddenly in peril after the FDR confiscation. US oil companies got around this for a while by using Gold from other sources (such as British Gold Sovereigns). I used to have a link to this history but have lost it some time ago when I wiped my hard drive clean. Maybe some one here on this forum has a link to this Gold for Oil history. Cheers!
- Black Blade
Sierra Madre
(04/05/02; 22:30:44MT - usagold.com msg#: 72839)
A few thoughts for the weekend
1. Bush Sr. was a great hero of the war against Iraq, and thought it was he who pulled together a great alliance against the "New Hitler" Saddam - whom he never deigned to mention by his full name and title.
During that war, he steadily refused any "linkage" of the issue of Saddam Hussein's invasion of Kuwait, with the observance of Resolution 142 of the UN, calling for Israeli withdrawal from the occupied territories. "First, we deal with Saddam. When that is over, we'll talk about Israel and the Palestinians."
The war ended and Bush Sr. had a terrific popularity rating.
Then, he declared that a U.S. guarantee covering $10 billion in borrowings by Israel, would not be forthcoming.
James Baker III, Sec. of State, received an insulting treatment on his visit to Israel.
Things began to fall apart. The election was coming, and Bush Sr.'s popularity began to plunge. The media were all over him for "It's the Economy, Stupid!".
Bush Sr., having saved Israel from the Iraqi threat, thought he could now strongly influence Israel and settle the problem of the occupied territories. Talks in Madrid.
How wrong he was! Everything was coming up roses for Bush Sr., until he made the big mistake of thinking it was he who put together the great Western Alliance against Iraq, and that he could call the shots for Israel.
At the height of his popularity, I saw what he was doing and said to all who would listen: "George Bush Sr. will NOT be re-elected." No one believed me. They believed the polls.
Well, you know what happened.
2. Is the same story to be repeated in the case of Bush, Jr.? Looks like it to me.
There are just too many sympathizers of Israel in positions of great influence in the U.S., for Bush to adopt a policy contrary to Israeli objectives. That there might be a purge of these people from those positions, in totally unthinkable.
Bush Jr.'s popularity rating is today up in the high 80's. Watch for that rating to fall like a rock in the coming days.
I do not think Bush Jr. will be re-elected.
3. There will be a period of calm and hope in the next couple of weeks. But it will be based on false bases. Nothing is going to change in the Israeli-Palestinian problem. Look for a possible "terrorist attack" on U.S. soil, to allow the Israelis to move again.
Gold and oil will fall in value during this period. An opportunity to buy gold cheaply.
4. There will be no "one-month selective embargo of oil shipments to pro-Israeli countries". Iran and Iraq may attempt this, but nothing will come of it but losses of dollars for those countries. They will cave. There will be no war by a union of Moslem countries against Israel.
5. Things will get worse for the Palestinians. Much worse. The world, the UN, Europe, will groan about it, but nothing will be done. Israel will probably, in my opinion, carry out a massive "ethnic cleansing". It has been done before. The Turks drove out - how many hundreds of thousands? - of Greeks from eastern Turkey back in the 20's. Massive death toll. Nobody stopped them.
6. Oil flows will continue. In 3/5 years, the Palestinians will be forgotten. Israel will have triumphed.
7. The financial problems of the U.S. are not going to go away, nor can they be solved. The U.S. is in the process of destroying itself, or at least, it is its own worst enemy. Gold will reassert itself, as we all expect it to, because it is not a military problem, it is a financial reality that cannot be dissipated. Roach of Morgan Stanley has spoken truthfully.
8. When countries sink, if the sinking is gradual no one notices it much and few have the clarity of vision necessary to understand the underlying causes. So people become impoverished slowly, and their memories being short, they cannot really compare their previous well-being with present conditions. So they just go along, as best they can.
This is going to happen to the Japanese. Very, very few will buy gold. Of course, those very few may be sufficient to cause a permanent important rise in the price of gold.
And the same will happen to Joe Six Pack. All men are not created equal, some are smarter than others. The political result of '29 and the 30's for the U.S., was an opportunity for an FDR to carry out a revolution. No such opportunity, from the Left or from the Right, will be available in these times. Depression will come, but it will be denied by the Media. So, Joe Six Pack will just think it's his own bad luck. No political cohesion will be possible, among those down and out. Diverse groups may raise a ruckus, but they will be thrown a sop, and quiet down.
Pornography, drugs and hard rock will dull the minds of the young and strong. They will accept everything.
9. And so, let us watch the unfolding drama of our times, and take what precautions we may, by holding as much physical as we can. Never doubt for one instant, the wisdom of that approach. For we really KNOW only ONE THING: paper always has, and always will go to zero value eventually. We must act on that ONE THING THAT WE KNOW.
Have a happy weekend, all! We have a duty to be happy:
"Si fractus inlabatur orbis
Impavidum ferien ruinae" Horace 15 B.C.
"If the Universe should collapse upon us,
Unshaken we shall withstand its blows."
Sierra
Mr Gresham
(04/05/02; 22:18:39MT - usagold.com msg#: 72838)
sector: overnight devaluation
I think you've nailed it once more. I don't understand the supposed derivatives drop, except as part of the context for an overnight POG shift that attempts to balance the Fed's position in fiat/gold at a level it estimates (via minmax gaming outcome calcs plugged into its econometric models) as defensible for at least a usable interval going forward.
Overnight, indeed, is the corresponding discontinuous move to the low-volatility "stability" we have experienced these past frustrating/patient years. And the defenestrating of the chart-followers who wait for a "confirmation" of the bull market. The physical "fools" will smile their private smiles and the rest will compose their rationalizations. In this case "better a year too early than a day too late" will prove the perfect maxim.
We'll have years and years following to poke and examine and explain the new economic landscape (hey -- most of us didn't know that things changed in 1971, did we? -- and how many years afterward has it taken for 1971 to become a known point in our econ history?) that others will still be floundering to adjust themselves to.
"Day after day, alone on a hill
The man with the foolish grin is keeping perfectly still.
And nobody wants to hear him,
they can tell what he wants to do.
And he never shows his feelings,
but the Fool on the Hill sees the sun going down
And the eyes in his head see the world spinning 'round."
(I think this might have been one of FOA's selections for us, if he had been of the "Beatles generation".)
"Like a thief in the night..."
YGM
(04/05/02; 22:06:11MT - usagold.com msg#: 72837)
Silvester
Paper for Oil or Gold for Oil?
I think if you read in depth the posts of Another and FOA which are here linked at USA Gold (I'm in a hurry w/ this note BTW) you will find clues as to which they recieve more of. Many of the more conversant posters here could give you a much better sense of that than I. However I believe some Arab Nations have refused the US $$ in payment...Hope this helps....Back tommorrow....YGM.
Privateer
(04/05/02; 21:24:22MT - usagold.com msg#: 72836)
The Treasury's Debt limit
http://www.fms.treas.gov/dts/02040400.txt
As of April 4, the Treasury has hit its debt limit
Limit: $US 5,950,000,000,000
Debt Subject To Limit: $US 5,949,975,000,000
Note that the level is now $25,000,000 short of the limit. Back in 1996, Mr Rubin stopped Treasury debt growth precisely $US 25,000,000 short of the then debt limit and kept it there for weeks. Mr O'Neill is certainly following Mr Rubin's recipe to the letter.
NORTH OF 49
(04/05/02; 21:22:22MT - usagold.com msg#: 72835)
(No Subject)
test
sector
(04/05/02; 20:28:18MT - usagold.com msg#: 72834)
Gold Derivatives "Drop", Other "Drops" and the Deval Thing
The Importance of MS's Roach and his coming currency "Adjustment"
Morgan dropped their gold derivatives by $19 Billion to $7 Billion, CitiBank followed by halving theirs to $7 Billion and we wait on Chase's future actions[Although JPM has conjoined their OCC reporting of late].
These gold shorters have reduced their positions in a big way. To whom they have shifted their risk is an important unanswered question. The logical recipient is the Fed. Thus, they "Borrowed" gold and sold it to amass their $60 Billion aggregate position [At its peak] and now somehow have "returned" the gold to "Cancel" their short derivatives. It seems reasonable that the Fed will "Cancel" any physical obligations they may have in the future since they can't possible cover all their gold banking and "loaning" activity with physical metal.
Is this the only problem the Fed has? Well, there is the currency destabilizating current account deficit Then there is JPMs interest rate derivative mountain [Firmly inked to the price of gold]. JPM has dropped their IRDs by $4 Trillion in the latest OCC report. So we can guess that there is a coordinated [If not crash] effort under way to reduce gold-related risk at the largest Fed banks.
The risk to the Fed's banks is the likelihood of a gold price rise.
That event happens in only two ways (1)the Treasury decides [At some random moment] to cease selling gold [A "devaluation" ostensibly to assist US manufacturers in becoming more competitive] and (2) the Treasury is overwhelmed by spiking gold demand which precipitously drains its remaining gold stocks.
The deval is estimate at 19% from Fed reports of past deval events. But that is too weak. Too weak because Mr. Greenspan hasn't told the governors about everything and thus at the eleventh hour the 19% will become 30% to cover the skeletons he has hidden.
Gold will overnight be trading 19% [30% If I'm right] higher. POG =$360 to $420.
That a deval must happen is virtually certain.
The essential question is will gold get away from the Fed once the move is made? After all, there is no shortage of danger in the world.
TownCrier
(04/05/02; 20:23:15MT - usagold.com msg#: 72833)
A sea-change in reporting, public sentiment sure to be not far behind.
http://www.gulfnews.com/Articles/news.asp?ArticleID=46653
HEADLINE: Middle East crisis sets off rush into gold market
London (Reuters) 06-04-2002: The Middle East's plunge into turmoil has driven gold prices towards their highest for more than two years as investors scramble for a safe home for their money, analysts said on Friday.
...Bullish gold fundamentals, including falling supplies from mines worldwide and a reluctance by producers to sell unmined nuggets in forward markets, has also underpinned the rally.
Analysts now wonder if the precious metal is about to enjoy the investor limelight after years of taking a backseat when stock markets boomed, the dollar was mighty and gold appeared to be an investment tool from a distant age.
"There's more interest being seen in gold now than in the last 15 years. There's been a mind-set change," said Peter Hillyard, senior manager at ANZ Investment Bank.
..."Gold is absolutely flying...physical buying is extremely good. The Middle East has unsettled people's thoughts of a stable political and economic environment," said Ross Norman, analyst at TheBullionDesk.
------
Unlike the popping of a speculative investment bubble in which prices fall when confidence is lost, what we shall likely see is a reverse -- the popping of the bullion banking illusion that there is adequate physical gold to satisfy all claims against it. Prices will soar for metal in hand. Believe it.
R.
TownCrier
(04/05/02; 20:11:34MT - usagold.com msg#: 72832)
Another nation's gaffe is our seigniorage...and inflationary burden to bear?
http://www.forbes.com/work/managementtrends/newswire/2002/04/05/rtr561128.html
HEADLINE: Crumpled bills lead Ecuador to offer "gold" US coin
QUITO, Ecuador (Reuters) - The U.S. dollar may be one of the world's strongest currencies, but the greenback has lost a battle in Ecuador to the newer gold dollar coin due to locals' habit of crumpling paper bills.
The Andean nation adopted the U.S. dollar as its official currency in 2000 to halt spiraling inflation and the devaluation of its local sucre currency amid the worst economic crisis in decades.
...The Central Bank, tired of having to ship tattered bills north to exchange them for fresh dollars, plans to put 5 million of the U.S. gold dollar coins into circulation starting April 15.
------(click URL for full article)--------
You know how the banking system works. Whenever the people, government, and corporations in this inflation-prone country seek to borrow money from their network of banks, they will effectively be creating U.S. dollars.
Gold for savings. Need I say more?
R.
Jin-Yin
(04/05/02; 20:11:02MT - usagold.com msg#: 72831)
Israel Nationhood
I received this by e-mail and just throwing it out to the board. There are a few questions that come to mind after reading it, like who was the territory taken from to establish a Jewish Nation in 1312 BCE. Where did the non-Arab refugees that existed previous to any influx come from or how long have their ancestors been living in the territory. Anyway there are some interesting facts.
__________
Many free people who live in democratic countries, particularly Americans, are confused by what's happening between Israel and Yasser Arafat. This confusion is generally caused by a lack of historical understanding about this region. I hope you find the following useful in developing your own informed views of this difficult situation.
SO, HERE ARE THE BRIEF, INDISPUTABLE FACTS ON THE ISRAELI CONFLICT
TODAY...
Takes just 1.5 minutes to read! It makes sense and it's not slanted. Jew and non-Jew ... it doesn't matter. Please read.
1. Nationhood and Jerusalem - Israel became a nation in 1312 BCE, two thousand years before the rise of Islam.
2. Arab refugees in Israel began identifying themselves as part of a Palestinian people in 1967, two decades after the establishment of the modern State of Israel.
3. Since the Jewish conquest in 1272 BCE the Jews have had dominion over the land for one thousand years with a continuous presence in the land for the past 3,300 years.
4. The only Arab dominion since the conquest in 635 CE lasted no more than 22 years.
5. For over 3,300 years, Jerusalem has been the Jewish capital. Jerusalem has never been the capital of any Arab or Muslim entity. Even when the Jordanians occupied Jerusalem, they never sought to make it their capital, and Arab leaders did not come to visit.
6. Jerusalem is mentioned over 700 times in the Tanach, the Jewish Holy Scriptures. Jerusalem is not mentioned once in the Koran.
7. King David founded the city of Jerusalem. Mohammed never came to Jerusalem.
8. Jews pray facing Jerusalem. Muslims pray with their backs toward Jerusalem.
9. Arab and Jewish Refugees - In 1948 the Arab refugees were encouraged to leave Israel by Arab leaders promising to purge the land of Jews. Sixty-eight percent left without ever seeing an Israeli soldier.
10. The Jewish refugees were forced to flee from Arab lands due to Arab brutality, persecution and pogroms.
11. The number of Arab refugees who left Israel in 1948 is estimated to be around 630,000. The number of Jewish refugees from Arab lands is estimated to be the same.
12. Arab refugees were INTENTIONALLY not absorbed or integrated into the Arab lands to which they fled, despite the vast Arab territory. Out of the 100,000,000 refugees since World War II, theirs is the only refugee group in the world that has never been absorbed or integrated into their
own peoples' lands. Jewish refugees were completely absorbed into Israel, a country no larger than the state of New Jersey.
13. The Arab - Israeli Conflict - The Arabs are represented by eight separate nations, not including the Palestinians. There is only one Jewish nation. The Arab nations initiated all five wars and lost. Israel defended itself each time and won.
14. The PLO's Charter still calls for the destruction of the state of Israel. Israel has given the Palestinians most of the West Bank land, autonomy under the Palestinian Authority, and has supplied them with weapons.
15. Under Jordanian rule, Jewish holy sites were desecrated and the Jews were denied access to places of worship. Under Israeli rule, all Muslim and Christian sites have been preserved and made accessible to people of all faiths.
16. The UN Record on Israel and the Arabs - Of the 175 Security Council resolutions passed before 1990, 97 were directed against Israel.
17. Of the 690 General Assembly resolutions voted on before 1990, 429 were directed against Israel.
18. The U.N was silent while 58 Jerusalem Synagogues were destroyed by the Jordanians.
19. The U.N. was silent while the Jordanians systematically desecrated the ancient Jewish cemetery on the Mount of Olives.
20. The U.N. was silent while the Jordanians enforced an Apartheid-like policy of preventing Jews from visiting the Temple Mount and the Western Wall.
These are incredible times. We have to ask what our role should be. What will we tell our grandchildren we did when there was a turning point in Jewish destiny, an opportunity to make a difference?
silvester
(04/05/02; 19:38:36MT - usagold.com msg#: 72830)
YGM and Daily Reckoning article
If I were an Arab and my primary export(oil) provided my only source of income, I would be very concerned about accepting 27 paper dollars per barrel.
What would my kids and grandkids do for income when the oil is gone? It's not like they have many options. The Arabs sell oil. It's all they have. We have used a lot of it up and continue to do so at a much faster rate than most of the world.
How long will they continue to take only $27? How long will that paper last?
I think he's right YGM. Lot more to it than we hear.
YGM
(04/05/02; 17:49:06MT - usagold.com msg#: 72829)
From the Daily Reckoning.....
Omitted as per the rules.......Interesting Stats tho!!
Business
Dear Daily Reckoning Reader,
"The Arabs have a saying," John Myers tells me, "Trust in Allah,
but make sure you tie up your camel." In short, things aren't
what they seem. And right now -- you're not getting the whole
story behind one of this year's biggest headlines: the growing
conflict in the Middle East.
Every year for the past two decades the oil industry has pumped
more oil than it has discovered. Over the 1990s, that trend
accelerated. Oil companies drained more than 3 times what
they've even found. John's "little black book" contains a host
of these gems...
* Today's oil estimates don't take into account 2 billion
barrels of Kuwaiti oil burned by Iraq in 1991.
* Not one super-giant oil field has been discovered since
Prudhoe Bay. That was 33 years ago.
* Yet OPEC recently added 287 billion barrels to their official
reserve tallies in a single year -- without making a single new
oil discovery... that's more oil than we've ever discovered in
the United States -- plus 40% (what's going on there?!).
* Today a terrific oil field will yield 250,000 barrels per day.
The United States alone burns through that much oil in a little
under three hours!
Industry secrets like these make the developing Middle East
crisis all the more tense for everyone involved.
Fact is, despite being the lifeblood of the economy... the oil
"reserves" are anything but the stable supply you are led to
believe. Therein lies the secret. Insider knowledge like this is
how oil industry execs make a killing when a crisis develops.
USAGOLD
(04/05/02; 17:43:32MT - usagold.com msg#: 72828)
All. . .
By the way, I invite comments, observations, etc from any and all on the Bundesbank/Welteke situation -- particularly our European posters.
USAGOLD
(04/05/02; 17:40:00MT - usagold.com msg#: 72827)
Belgian. . .
Thanks for your recent posts -- some interesting ideas.
How would you rank the reasons for the Welteke gold gaffes of late between. . . .
1. A desire to drive down the price of gold
2. Angling for a piece of the next Washington Agreement annual allotment
3. Bailing out one or more German banks
Or do you have list of your own?
Also, I wonder what this sort of thing does to the "fabric" of the EU and the ECB. After all, I do not believe the French would have ever believed that their primary partner would be a gold seller. Welteke's gold comments certainly took most of the gold world by surprise given German history and currency policy since WWII -- a departure to say the least from the old days of a solid D-mark with gold in the background to make it stick. Cobra Too mentioned to me in private conversation that the conservative party in Germany looks for very good for the upcoming election -- one wonders if this could become a campaign issue.
TownCrier
(04/05/02; 15:49:28MT - usagold.com msg#: 72826)
Thanks for the comments, Belgian
Sample:
"The dramatic surge in POO was indiscriminate and the whole globe suffered from this renewed price-setting. Today, a total economic sanction is NOT wanted ! It is not the dollar as such that is targeted but rather the government behind that dollar and more precisely its (gvnmt) ME policy."
---
Nice work as always. You're aces in my book.
Randy
Black Blade
(04/05/02; 15:04:39MT - usagold.com msg#: 72825)
Japan's Debt Squad Battles Govt Inertia, Gangsters
http://quote.bloomberg.com/fgcgi.cgi?ptitle=Top%20Financial%20News&s1=blk&tp=ad_topright_topfin&T=markets_bfgcgi_content99.ht&s2=ad_right1_topfin&bt=ad_position1_topfin&middle=ad_frame2_topfin&s=APK0QyBTcSmFwYW4n
Snippit:
Tokyo, April 5 (Bloomberg) -- The Japanese government's debt collecting agency has 20 officers trained in martial arts and small arms, a vital skill when much of the $33 billion it aims to recover was lent to yakuza gangsters. Japan's mafia isn't the only clique the Resolution and Collection Corp. is finding hard to crack.
The banks aren't disposing of their bad debts because to do so on a significant basis would bankrupt them, the RCC said. Banks ``don't want to realize losses because they will become insolvent,'' said Kurihara. ``There would have to be an injection of public money'' to keep lenders solvent.
And collection is getting more difficult.
``There are lots of mob loans,'' said Kurihara. ``The yakuza bought real estate. The mortgage is with the failed financial institution and we have bought the mortgage from them. The private sector doesn't want to collect the money.''
Debt Busters
That's where the debt squad comes in. The 20-person unit -- seconded from Japan's police force -- specializes in collecting loans from potentially violent customers.
Black Blade: So the bankers come to break your kneecaps. Hmmm…
As always, get outta debt, get Gold and Silver portfolio insurance, get enough cash on hand for expenses, and get a nonperishable food and basic goods storage program started.
Belgian
(04/05/02; 14:44:28MT - usagold.com msg#: 72824)
Crude Oil
The symbolic and selective embargo-call, expressed by Iran
is a different beast than what happened in the 1970-ties (1974 ATH) ! With Nixon having closed the dollar/Gold-window, POO was revaluating the dollar-reserve-currency WITHOUT having the present euro-alternative. The dramatic surge in POO was indiscriminate and the whole globe suffered from this renewed price-setting. Today, a total economic sanction is NOT wanted ! It is not the dollar as such that is targeted but rather the government behind that dollar and more precisely its (gvnmt) ME policy. This new way of "selective" oil-threath must be the result of inclination versus the euro and TG's concept.
But Iran's statement is only a post factum explanation of what already had been done : POO from 16$ to the 22$-28$ price zone. And therefore to be interpreted as a warning for more of the same if nothing changes drastically on the Palestinian question. The attitude of Russian (private) oil is of course an unknown. But they go/follow where the profit is ! Ties between Russia and Iran are re-inforced.
Kuwait and Saudi Arabia play their double cross game and Iraq is probably winning time. Next week we have to decode a possible Blair briefing on his Texas visit.
The geo-political waves are a nice playing field for the speculators on oil/gold futures. Does Arafat AND Sharon want to lure US forces (instead of UN) into Israel ?
Israel can't face its economic reality without the permanent aid from the US. That's why peace will never happen in Israel (unfortunately). UK citizens start to question the closeness of UK politics (support) with the US ! The whole Israel problem is functioning as a polirazator between the pro and contra blocks. Oil-dollar-euro and therefore Gold are surfing these waves, again, with the euro as third party (newcomer).
The euro (concept) must be the only reason that the ME isn't attacking the dollar directly with the Gold weapon !
Gold Giants could induce dollar-hyperinflation instantly with the Gold canon. But then they are disturbing and jeopardizing the outside US dollar-reserves policies !
And this was not planned ! An organized, fast dollar crash would make it impossible to compensate dollar-reserve losses with Gold-reserves appreciation for the euro allies who are not yet ready. China exports wants to profit as long as possible from a stable (strong) dollar.
Nice weekend to all.
TownCrier
(04/05/02; 14:35:39MT - usagold.com msg#: 72823)
CoinGuy
"May you live to be a thousand years, sir."
Randy
The CoinGuy
(04/05/02; 14:24:51MT - usagold.com msg#: 72822)
Hmmm...
http://www.usagold.com/sitemap.html
The CoinGuy
TownCrier
(04/05/02; 14:18:02MT - usagold.com msg#: 72821)
oops -- "IT can be quite handy at times..."
The sitemap, that is. For "I" am never handy.
(Although I rhyme)
Randy
TownCrier
(04/05/02; 14:13:47MT - usagold.com msg#: 72820)
Created by popular demand! (i.e., one client, but that's enough for me.)
http://www.usagold.com/goldenchalkboard/gc_index.html
From time to time I have brought forth an individual "Golden Chalkboard" page as warranted by events or discussion topics. Until now, there was no easy way for anyone to revisit these pages unless they bookmarked them, explored the forum archives, or found them with an internet search engine.
Here now for the first time I have thrown together an INDEX. Although for future reference you won't find this dainty little nothing of a thing on the homepage, (it's not worthy), you will find it on our site map. Has anyone discovered the whereabouts of that yet? I can be quite handy at times for site navigation.
As the weekend draws nigh, I'll be sure to raise a toast to the good health of the first person I see that manages to find and post the link to our sitemap.
R.
RobotGuy
(04/05/02; 14:08:15MT - usagold.com msg#: 72819)
Thank-you Gandalf, for the friday afternoon humour :)
CoBra(too)
(04/05/02; 14:03:40MT - usagold.com msg#: 72818)
@ Old Yeller
I got the liquor
but the Sheriff got it quicker ...
Similar thoughts across the big splash -
Regards - cb2
CoBra(too)
(04/05/02; 13:59:42MT - usagold.com msg#: 72817)
@ Sector's - Coming Adjustments to CA Deficit -
By Morgan Stanley's Stephen Roach, whom I've had the honor to meet together with Byron Wien years back.
Thanks Sector for putting it up. I find those two Analysts are still down to earth and just want to highlight the gist of the statement again:
*** "The longer the day of reckoning is put off," writes Morgan Stanley's Stephen Roach, "the more severe the impacts of the adjustment process are likely to be." Roach is referring to America's coming current-account adjustment..."hints" of which, he says, "are already in the air."
*** Foreign capital inflows into the U.S. have slowed considerably in 2002. "In January, portfolio inflows into dollar-denominated assets slowed to just $11.3 billion, a marked deceleration from average monthly flows $44 billion recorded in 2001."
*** What should we expect if the trend continues? "As I see it," says Roach, "two aspects of America's looming current-account adjustment should be especially important [to financial markets] - weaker GDP growth and a falling dollar...A correction is coming, and there's no dark secret as to what that means. It's just a matter of when the denial finally cracks."
... I guess, it was Doug Noland, who has foreseen that portfolio inflows have to reach about 2 Billion $'s a day, just to keep up the status quo. Well now we have only about
1/3 of a Billion reaching the US shores, in order to shore up deteriorating CA. While Japanese, Europeans and others are accelerating their departure, as funds are increasingly needed at home.
Looks like High Noon for the goons at the FED - while they already try to rescue their bullion banking bums, scum or scams?
Whom do they wan'na kid? Me, You? cb2
Old Yeller
(04/05/02; 13:22:28MT - usagold.com msg#: 72816)
More from Stephen Roach
http://www.morganstanley.com/GEFdata/digests/20020405-fri.html#anchor0
Plus a very interesting commentary on the US dollar going forward.Congratulations to MSDW for speaking the unspeakable on Wall St.; the possibility of free liquidity moving to gold,both as a safe haven and as a poltical weapon to effect change.
Gandalf the White
(04/05/02; 13:03:25MT - usagold.com msg#: 72815)
Sir Robo's Question
RobotGuy (04/05/02; 12:44:04MT - usagold.com msg#: 72814)
Truthcaster - - - Ahh yes, the age old question, what price is it really?
==
You can choose any of the following --
http://quotes.ino.com/chart/?s=FOREX_XAUUSDO
From the USAGOLD page --
Which shows: Bid $300.00 Ask $300.50 Last $300.50
--
http://informer2.comdirect.de/de/detail/_pages/charts/main.html?sSymbol=GLD.FX1&sTimeframe=iD&useSettings=0&showSettings=&sid=&hiddenTimeFrame=&sOrdType=price&sScale=linear&sMarket=GLD.FX1&iType=1&sAv1=38&sAvfree1=&sAv2=200&sAv2free2=&sAv2count=1&iInd0=na&sBench1=na&sBenchcount=1&sBench2=&sBench2count=1&showBenchmarkSearch=&iInd1=na&iInd2=na&iIndcount=1&sSettings=na
===
WOWSERS--What a long link --- Perhaps because it is far far away in Germany ! <;-)
which shows: close at $300.10 and a graph !!!
----
OR
http://www.thebulliondesk.com/
and click on the Bullion -- Interactive Gold chart and see:
Bid $299.8 Ask $300.3 Last $299.8
===
OR
you could take a look at the often error ridden "K" chart !
NAW
--
Good luck
<;-)
RobotGuy
(04/05/02; 12:44:04MT - usagold.com msg#: 72814)
Truthcaster - - - Ahh yes, the age old question, what price is it really?
I was referring initially to my trusty .gif stolen from a popular gold web site, and it gave me 299.80, but after a quick glance at NYMEX, I saw another value of 301.10 for the most recent close. Now I really am not sure what it is sitting at.
YGM
(04/05/02; 11:48:50MT - usagold.com msg#: 72813)
Next Week...
Cash on the sidelines....
IMO,,,if ME crisis continues next week we'll see renewed buying from the specs as I imagine there was alot of cash already sitting and more acummulated on the sidelines this week. That kind of money does not sit idle long and the only reasonable bet is PM's......World full of uncertainty out there and smart money follows old money......YGM
Truthcaster
(04/05/02; 11:46:06MT - usagold.com msg#: 72812)
Did gold hold on at 300?
What did gold end at? Did we hold the front lines at
300? I see here there's a post saying gold closed just
under 300, but bloomberg is showing it closed at 301.10
dwn. 90 cents. Good if it did.. Truthcaster
RobotGuy
(04/05/02; 11:37:58MT - usagold.com msg#: 72811)
Slingshot
Well done! Your intuition was quite accurate! Gold closed today slightly under 300.
YGM
(04/05/02; 10:17:42MT - usagold.com msg#: 72810)
Counterparty performance.....
Can you spell...."Default"
Excert from previous T Crier post....
---interest in gold ownership would likely very quickly reveal alternative "paper gold" as nothing more than paper which requires confidence and counterparty performance.
***Pretty hard to have a default on what you can see, hold and hide!......In the case of public owned and traded CO.'s
which have major paper shorts & Derivative trade losses on the books, well we all know who gets left holding the bag. Not to mention they may be liable for debts/losses.....
Insiders like Brian Mulrooney/Barrick, and others too numerous to mention, have already found the lifeboats.
.....YGM.
sector
(04/05/02; 10:04:57MT - usagold.com msg#: 72809)
Telcos Lament Continues...There's NO Recession!
http://www.nationalpost.com/financialpost/story.html?f=/stories/20020405/549205.html
April 5, 2002
Nortel's debt turns to junk
Moody's downgrades credit rating three notches as major borrowing deadline looms
Mark Evans
Financial Post
Jim Young, Reuters
Nortel's credit rating remains two notches higher than that of ...
Nortel Networks Corp. had its credit rating downgraded to junk status yesterday by Moody's Investors Services Inc., amid concerns that the sharp downturn of the telecommunications equipment market will likely last longer and be much more painful than previously expected.
+++++++++++++++++++++
BTW The unemployment numbers from last week have been revised upward...now the rate is 5.7%
Are we having FUN yet?
Oh yeah...almost forgot...for the first time since the 1930's dividends have fallen for three consecutive years. But we aren't in a recession. Nope...NO RECESSION!
USAGOLD / Centennial Precious Metals, Inc.
(04/05/02; 09:53:30MT - usagold.com msg#: 72808)
Put a Foundation Under Your Portfolio
http://www.usagold.com/ProductsPage.html
They make new BULLION every day. |
Read the full commentary and related information here. (access codes required)
New visitors may review these selected portions provided at the Daily Market Report page. You may enjoy our 24-Hour NewsWire provided at this page, also.
If you would like to take full advantage of these insights and perspectives, made available from a leader with three decades of experience in the precious metals markets, then we invite you to request your personal access codes for the online News & Views. With your request, you will also receive a hard-copy introductory information packet on gold ownership which details the products and services offered by USAGOLD / Centennial Precious Metals. We welcome your inquiry and look forward to working with you.
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.
|
