All times are U.S. Mountain Time
(Yesterday's Discussion.)
slingshot (3/9/04; 23:46:53MT - usagold.com msg#: 118354)
Holy Smokes!
I'm just sitting here looking at the monitor. Maybe this is what it feels like to win the Lotto.
Thank You all, Ladies and Knights for your nomination for the HOF. I enjoy writting the story and providing a little entertainment in both good times and bad times as we follow the Trail.
A special Thank You to USAGOLD, for without this Forum, Midas Crusade would not have been possible.
Let It Be Known, to all whom have posted here, past and present, I Thank You for your kindness,understanding and encouragement.
You all are part of the story,and that what makes it come to life.
I Bow in Thanks,
Slingshot-----------<><><>
TownCrier (3/9/04; 23:44:48MT - usagold.com msg#: 118353)
I'm way ahead of y'all
Waaaaaaaay back when slingshot completed his original story arc, when he floated the idea of reposting all of the segments in one continuous block I contacted him with what I thought would be a more appropriate treatment -- its own web page (or pages if length required it). It's my recollection that slingshot was rather enthusiastic about that proposal at the time, but said that it was scheduled to undergo a final edit with the help of, I believe, both Gandalf and Waverider.
So technically, this didn't require your generous nominations to be archived; we're all just waiting for slingshot to email the aforementioned text. Since then he's greatly extended his storyline, to which the original offer still applies. If you send it, I will build.
R.
Druid (3/9/04; 23:09:40MT - usagold.com msg#: 118352)
Central banks and technology industry join to combat banknote counterfeiting
http://www.bis.org/press/p040309.htm
Snip>
"Several leading personal computer hardware and software manufacturers have voluntarily adopted the system in recognition of the harm that counterfeit currency can cause their customers and the general public."
Druid: Wait until they figure how much harm the "legitimate" notes cause their customers and the general public.
Druid (3/9/04; 23:00:47MT - usagold.com msg#: 118351)
Midas Crusade
Druid: I third the motion for Midas Crusade to be archived to the HOF.
Druid (3/9/04; 22:56:55MT - usagold.com msg#: 118350)
slingshot (3/9/04; 22:26:16MT - usagold.com msg#: 118347)
"Tales of the Table"
Druid: Slingshot, I'm with DB and Lox, it's a great read and when you get published, I want my copy autographed.
Waverider (3/9/04; 22:47:15MT - usagold.com msg#: 118349)
Midas Crusade
Yes Goldilox - I second the nomination to have Slingshot's story archived in the HOF! I believe we need a third now...
Goldilox (3/9/04; 22:44:37MT - usagold.com msg#: 118348)
Midas Crusade
Slingshot, TC:
I second Bill's appreciation of the Midas Crusade, or as he called it, "Tales of the Table". I would like to nominate the series for HOF archive, if you're not already compiling it there.
slingshot (3/9/04; 22:26:16MT - usagold.com msg#: 118347)
Dollar Bill
Midas Crusade is only posted here at USAGOLD. I like your Title, "Tales of the Table"
The story starts on 6/23/03 Msg# 104970. Once a week,mostly on Monday mornings. There are some exceptions like a special post sometimes on Wednesday and skips on holidays.
Happy to hear you like the story. Thanks.
Slingshot--------<>
Solomon Weaver (3/9/04; 22:18:47MT - usagold.com msg#: 118346)
Where Ned saw the reference to highest close in 16 years.
"Another change is in the actual price of silver. An Internet friend of mine told me something the other day that set me back a bit. He told me that silver just had its highest monthly closing price in sixteen years. I checked and he was right (Thanks Gregg). Even though silver did close the month higher than any monthly close in 16 years, it is not that far above its average price for the last decade and a half." TED BUTLER MARCH - MARCH 1, 2004
. . . .
Note.....the 1998 action was early in the month and by the last closing day had dropped back down.
Poor old Solomon
Black Blade (3/9/04; 22:15:14MT - usagold.com msg#: 118345)
COMEX silver jumps to 16-year high
http://biz.yahoo.com/rf/040309/markets_precious_comex_2.html
Snippit:
NEW YORK, March 9 (Reuters) - COMEX silver futures rose 2.7 percent to a 16-year high on Tuesday, hurdling its 1998 peak on technical buying by large commodity funds and speculation that its price was still too low relative to gold.
Most of the action this time has been on the COMEX, where funds have been buying silver outright and also buying it against sales of gold in what is described as a "ratio trade."
"COMEX traders have lifted the metal back above the $7 level as they track the dollar, with funds continuing to take advantage of the metal's relative cheapness in comparison to the other base and precious metals, despite the over-bought indicators," wrote analyst James Moore at TheBullionDesk.com.
"I continue to focus on the gold/silver ratio as the predominant moving factor behind this move," said Graham Leighton, a vice president at the bullion dealing operation of Societe Generale, who said the technical target for the ratio was around 55.5.
It now takes about 56.3 ounces of silver to buy one ounce of gold, down from 57.4 on Monday. The ratio has come down from 69.8 at the end of 2003 as silver caught up with, and then outpaced, gold, which went up about 20 percent last year.
Black Blade: Ya just don't hear many people talk about the Silver-Gold ratio much these days. Now hedge funds and others are jumping on the bandwagon. Of course the US strategic stockpiles are gone too with more uses for silver being found all the time (medical to industrial to chemical applications).
Paper Avalanche (3/9/04; 21:03:51MT - usagold.com msg#: 118344)
The last bubble..............................
Fannie Mae Faces $25 Billion
Derivative Losses
By Stephen Schurr in New York
Financial Times
3-9-4
Fannie Mae paid a net $25.1bn on derivatives transactions in under four years - nearly all of which may represent losses that cannot be recouped, in turn depressing future earnings.
The potential scale of the liabilities, which have yet to be recognised in the company's earnings or in the minimum capital adequacy required by its regulator, raise fresh doubts about the financial health of the mortgage finance giant.
Regulation of Fannie Mae and its sibling Freddie Mac is rapidly moving up the agenda in Washington, amid concerns that the two goverment-sponsored entities have grown so big that they pose a systemic risk to the US financial system. The two entities own or guarantee mortgages totalling
$4,000 billion.
On Tuesday John Snow, US Treasury secretary, renewed the criticism, saying: "We don't believe in a too-big-to-fail doctrine, but the reality is that the market treats the paper as if the government is backing it."
His comments follow similar warnings from Alan Greenspan, chairman of the Federal Reserve, and Gregory Mankiw, chairman of George W. Bush's council of economic advisers.
Fannie Mae acknowledges it has taken losses in its derivatives trading that have not yet been recognised it its earnings, but declines to disclose the amount. The reason, said Jonathan Boyles, vice-president of financial standards and taxes at Fannie Mae, is that "we don't believe it's all that meaningful".
Next Monday Fannie Mae is due to release its annual "fair value disclosure" - a statement of the current market value of its derivatives positions. Observers will be watching to see if the gap between the company's regulatory capital and fair value has widened further than the $6bn shortfall of a year ago.
An independent analysis of Fannie's accounts suggests it may have incurred losses on its derivatives trading of $24bn between 2000 and third-quarter 2003. That figure represents nearly all of the $25.1bn used to purchase or settle transactions in that period. Any net losses will eventually have to be recognised on Fannie Mae's balance sheet, depressing future profits.
Fannie Mae maintained that the losses from cashflow hedging will have no bearing on the capital adequacy required by its regulator.
However, critics increasingly question whether Fannie Mae's financial disclosure offers a complete picture of its fiscal health.
"They have used the derivative accounting rules for cash flow hedges to defer some losses that they have taken," said John Barnett, senior analyst at the Center for Financial Research & Analysis, an independent research firm. "They may not be as well-capitalised as they appear to be for regulatory purposes."
-------------------------------------------
PA
eccentricventures (3/9/04; 20:16:01MT - usagold.com msg#: 118343)
If you havent seen this already, rising gas prices erase the tax cut.
http://aolsvc.news.aol.com/news/article.adp?id=20040305103109990003
"Merrill Lynch estimates that every penny increase at the pump is equal to $1 billion in lost consumer spending. Using that equation, the 20-cent-a-gallon increase at the pump this year is taking $20 billion in spending out of the economy."
Not that this is inflationary or anything.
Arcticfox (3/9/04; 19:19:17MT - usagold.com msg#: 118342)
Interesting..now mainstream..
By John O'Connor
Dow Jones Newswires
WASHINGTON, March 9 -- New York Attorney General Eliot
Spitzer returned a silver eagle coin to a group that asked
him to investigate alleged silver market manipulation and included the coin with its probe request.
The Gold Anti-Trust Action Committee, or GATA, on
Tuesday released the text of a letter from Peter Drago, director of public information and correspondence for Spitzer's office, saying the request for the silver probe "has been forwarded to the appropriate members of our staff" and "I'm sure that it will be of interest to them."
In addition, Drago said in his letter to GATA Chairman
Bill Murphy, Spitzer "also asked me to thank you for
the silver eagle coin. While he greatly appreciates your thoughtfulness, the attorney general has established a very strict policy for himself and his entire staff which prohibits the acceptance of any gifts. Therefore, we are
returning the coin to you."
GATA said that "Murphy's including a U.S. silver eagle
with his letter seems to have gotten a little attention,
even as the coin was returned to him."
physicalman (3/9/04; 18:14:47MT - usagold.com msg#: 118341)
Silver
Just got in from work. Very nice on silver. Had a six digit day. Second one in two weeks. Not bad for a country bumpkin.
Sundeck (3/9/04; 17:39:03MT - usagold.com msg#: 118340)
Promises, promises...or Wishful Thinking cf Reality
http://www.nytimes.com/2004/03/09/opinion/09KRUG.html?th
Paul Krugman at the NYT shows a nice graph comparing Jobs Predictions and Jobs Reality for the last few years...so much for "official predictions".
Does anyone EVER predict that things are going to get worse? Why always are things "going to get better"????
It's easy to predict bad things:
"Hey kid! If you don't hold that ice-cream level, it's gonna fall off into the dirt."
"Hey man! Walk around with your eyes closed and you are gonna fall in the ditch."
See...it really is easy. How come I can do it, but noone else can...especially if they work for some "vested interest"
;-)
admin (3/9/04; 17:08:19MT - usagold.com msg#: 118339)
Gold'n Mermaids
Sold out! (In four days)
Thanks to all who participated.
Goldilox (3/9/04; 16:29:32MT - usagold.com msg#: 118338)
Venezuela
@TC:
Boy, Ramirez and Chavez seem to have their "martyr" complex on full boar. It's not that far from Haiti to Lake Maricaibo, with a pit stop in Caracas to secure the refineries.
Grandsons of the Rough Riders will be happy to fly in. Rupert's already in place handling old W.R. Hearst's "yellow press".
Dubya's spending like FDR, and he probably would love adventuring like Teddie to "annex" the resources to pay furit.
R Powell (3/9/04; 16:27:21MT - usagold.com msg#: 118337)
GAB
Thanks for the silver numbers. Seems $780 was the top in feb. 1998. Moral here...don't trust Rich's memory.
Does this now mean the technical boys will see clear sailing up till that old 780 high? I've heard much talk about the 750 level.
Rich
mikal (3/9/04; 16:21:16MT - usagold.com msg#: 118336)
Saudi Arabia "hedging"
http://biz.yahoo.com/bizwk/040309/nf20040383364_db039_1.html
Saudi Arabia Hedges Its Bets
Tuesday March 9, 8:14 am ET
Excerpts:
"One after another, top executives of Russia's Lukoil, China's Sinopec (NYSE:SNP - News), Italy's ENI (NYSE:E - News), and Spain's Repsol YPF (NYSE:REP - News) trooped up to the front of a Riyadh auditorium and signed deals to explore for gas with Saudi Arabia's Oil Minister, Ali Naimi, and Abdullah Jumah, CEO of Saudi Aramco, the national oil company. The Mar. 7 ceremony, which lasted more than three hours, was yet another step in the gradual opening of Saudi Arabia's massive hydrocarbon resources to foreign oil outfits. The agreements, which followed another gas project awarded to Royal Dutch/Shell (NYSE:RD - News) in 2003, mark the first exploration and production deals signed by the Saudi kingdom with outside corporations in decades."
"The kingdom said little about the symbolism of signing a raft of deals with partners other than the U.S., which developed the Saudi oil industry and has been the country's main protector. But it clearly wants to hedge its bets. Cutting deals with Europe is one way. Bringing in a company from Russia and China, a huge and fast-growing customer for Saudi crude, also has political significance. Naimi says Russian participation in Saudi exploration is likely to tighten cooperation on maintaining oil prices."
[Why do they continue to work around the slippery subject of gold for oil? Belgium must be right; there is a limit to how much traumatic change the world can absorb at a one time.]
Goldilox (3/9/04; 16:14:25MT - usagold.com msg#: 118335)
Ag "pop"
I'll take a "pop" like Feb 2-6, 1998 (+$1.60) any time now. That would sure cause some "wardrobe malfunctions" in the pit! Might wanna buy "Fruit of the Loom" futures to cover that action when it arrives.
Ned (3/9/04; 15:52:03MT - usagold.com msg#: 118334)
R.Powell
I too have been watching silver with great interest lately. I saw a quote (perhaps yesterday) stating that silver has reached a 16 year high. This must be false considering the 1998 numbers that you mention?
Anyways, I thought I would send a quick note in agreement of your supply/demand statements. Yes, the momentum buying, fund buying, short-selling, technical trading and various other forms of yahoo buying/selling will be left in the dust when reality sets in regarding basic fundamental supply and demand conditions.
I agree with you 100%. This little pop in silver (and gold) today was actually amusing when one considers the 'monster' wave soon to hit. Alot of talk about 2005 metals (base and precious) being locked up, yes? Can almost hear the squeeze acoming.
Best to you and yours,
Ned Johnston II
TownCrier (3/9/04; 15:39:57MT - usagold.com msg#: 118333)
Venezuela to encourage OPEC oil to adopt higher price target
http://biz.yahoo.com/rf/040309/energy_venezuela_prices_1.html
CARACAS, Venezuela, March 9 (Reuters) - Venezuelan oil minister Rafael Ramirez said on Tuesday the OPEC oil cartel should consider revising upward its preferred $22-28 a barrel target price... He said Venezuela would make this proposal at the upcoming OPEC meeting on March 31 in Vienna.
----(from url)----
R.
TownCrier (3/9/04; 15:33:54MT - usagold.com msg#: 118332)
Fed dabbled in the long end of the market today, buys TIPS, permanently adds $470 million
http://biz.yahoo.com/rf/040309/markets_fed_2.html
In this two-for-one manuever the Fed was seeking securities dated from 2007 to 2032. The market in fed funds at the time was in line with the FOMC 1% derective.
(Two for one: creating new dollars while at the same time incrementally propping bond prices.)
R.
mikal (3/9/04; 15:25:21MT - usagold.com msg#: 118331)
Desperate is as desperate does
http://www.forbes.com/markets/newswire/2004/03/09/rtr1292146.html
FOREX-Dollar rebounds, buoyed by suspected BoJ buying
Reuters, 03.09.04, 4:07 PM ET
By Gertrude Chavez
NEW YORK, March 9 (Reuters) -Excerpts:
"The dollar rallied against major currencies in volatile trade on Tuesday, drawing support from suspected Bank of Japan intervention to weaken the yen against the greenback, analysts said. In a repeat of Monday's performance, the dollar fell briefly against the yen as traders again cited the BoJ withdrawing its offer to buy dollars, dragging the U.S currency down to 110.25 yen from 111.17 in just one minute in early afternoon trade. The BoJ, which acts on behalf of the Japanese Ministry of Finance to weaken the yen for export advantage, has since reinstated its bids for the dollar, pushing the U.S. currency higher, traders said."
[Where have I heard that before, besides everywhere. Is this getting across to the masses yet?;)]
"According to traders, the BoJ's removal of its dollar bids may be part of the MoF's deal to allow Japanese exporters to settle their accounts, although normally the Japanese central bank would wait until the end of the month to do so."
[Why not make a virtue of necessity and clean up while they can?]
"With few clear catalysts to trade on, investors are eyeing U.S. reports later in the week including retail sales and data on the wide current account deficit which may determine whether the dollar will rupture current ranges and in which direction. (Additional reporting by John Parry in New York)"
["With few clear catalysts to trade on" Don't they realize traditional economic "catalysts" aren't enough anymore for trading signals? What are they waiting for, a cataclysm?]
Great Albino Bat (3/9/04; 15:19:44MT - usagold.com msg#: 118330)
Survivor: your doubts...
Think of an ocean shipped by hurricane winds. Huge waves have been created by the wind blowing on the water. The wind may diminish somewhat, but the waves will still be there for quite some time.
The world inflation has been whipped up by the US dollars flowing abroad in huge quantities, in "payment" of the difference between exports and imports. The US imports something like $40 billion a month more than it exports. That's $40 billion going into the world's economies and whipping up inflation there, to the tune of some $500 billion a year.
M3 in the US may be declining – and that's a factor that will have an effect later on, no doubt. But as long as the Trade Deficit keeps sending dollars abroad, that is "wind" making waves in commodities markets the world over.
If massive bankruptcies take place in the US, as a result of slower credit creation (and its corollary, money creation) then the US will have to import less. Less money will be sent abroad, lower world inflation will result, commodities may come down in price as US consumption of imported goods declines.
The usual attitude is: the US Fed will never allow a severe contraction in credit. It will inflate if it has to use helicopters to do it. But, a massive deflation might well happen, anyway. Credit creation in the US has reached such staggering proportions, that it may be impossible to keep up the pace of credit creation. When that happens, there will be an implosion and the massive bankruptcies will happen.
Then, commodities will head down in price. Gold will not come down! Capital will fly to gold WTSHTF, count on it. Survival will override ideology and the sight of the carnage will cause the smartest to head for the exit – gold.
The GAB
mikal (3/9/04; 15:05:42MT - usagold.com msg#: 118329)
@Survivor
The money supply is still increasing. It was the rate of growth of the money supply that was slowing late last year, but since resumed higher. Of course, this refers to only the Fed's contribution to the total credit supply available. Not counting the major portion from GSE's, other lenders etc.
Great Albino Bat (3/9/04; 14:56:46MT - usagold.com msg#: 118328)
Silver: February of 1998
A chart for silver prices during the month of February, 1998, shows that:
Start of the month: Feb. 2 - $6.20
Feb. 6 - $7.80
Feb. 26- $6.05 (Low for the month)
Last day of Feb.-----$6.35
The GAB
Survivor (3/9/04; 14:55:59MT - usagold.com msg#: 118327)
Three! Three! Three Subjects In One . . .
1. BB: On CB antics:
"(Reuters) Central banks have been shedding gold, once a mainstay of their reserve assets, in favor of hard currencies. . ."
Survivor: In favor of HARD CURRENCIES?? R.O.T.F.L.M.A.O. !!! Thanks BB - I needed that! :)
2. BB: On the PPI:
". . .the BLS announced that the ongoing delay of January PPI data 'now means that the release of February data originally scheduled for Friday, March 12, must also be postponed.'"
Survivor: BLS now says the lack of a PPI announcement is due to computer problems. As an I.T. professional, I can support that completely: B(L)S in = B(L)S out!
It will be a long time until the BLS regains credibility - if ever. The old PPI numbers were almost meaningless. Now they have tried to revamp the calculation and they come up empty. No matter - even when they do produce a result, it will no doubt be based on irrelevant input. On top of that, the new numbers won't be comparable to anything else that BLS has released. But, why should we worry. "There is no inflation."
3. Finally, A Question On The Money Supply And Inflation:
I keep reading that we are now experiencing a marked contraction in the $ supply. My working definition of inflation is: An increase in the money supply. If we are experiencing a $ supply contraction, and at the same time we can observe price increases (with or without the PPI), then are current price increases a reaction to previous growth in the $ supply, or what is going on to create this apparent condradiction?
Thanks
- Survivor
R Powell (3/9/04; 14:33:41MT - usagold.com msg#: 118326)
Reuters again
Thanks mikal. I just reread the article. I still do not agree with it.
The article lists the Feb. 1998 high as $7.90. I don't remember silver closing anywhere near that price. I believe she peaked on Feb. 5th with an interday high somewhere around 738. Believe me, I was watching then.
The article also totally dismisses any possibility that this rally could be fundamentally driven from tight supplies of immediately available silver for industrial use. They offer no backup information for this, instead citing technically driven speculative buying based on the gold/silver price ratio. Speculative buyers are mostly trend following funds. I doubt that they even know that a gold/silver ratio exists. There are many technical traders who have absolutely no knowledge of the underlying commodities that they trade. My biased opinion here is that this ignorance is born from laziness or the belief that prices are somehow predestined to move so as to conform to some organized pattern on a price chart. Many such traders avoid information because they believe such fundamental information may bias their technically derived outlook! The view offered by these technicians totally dismisses that supply and demand considerations could change prices.
I have no quarrel with technical trading. With excellent money management any system (flip a coin?) will work (cut loses short, let profits ride) but the total disregard of the law of supply and demand seems dangerous to me. Actually, it has been years of this disregard that has allowed existing silver supply to fall to the current low levels without much higher prices. Maybe the recent years' cutback in copper production has finally pushed the silver supply levels down enough so that price rationing is now appearing??
Or, as the article suggests, maybe it's traders finally deciding that the silver/gold ratio is too high? Where were these buyers when the ratio was up to 75? I'll bet on fundamentals rather than the gold/silver ratio or even the mysterious soybean/silver ratio. Copper prices rose as traders monitored and watched existing available supply fall. If silver is used primarily as an industrial metal, and if supplies of silver have also fallen, then why shouldn't this be examined as a possible reason for silver's price advance?
Thoughts?
Rich
Socrates964 (3/9/04; 14:16:47MT - usagold.com msg#: 118325)
Erratum
sorry, that should read:
POG would have to rise by 14% for the ECB's gold holdings to equal its FX holdings.
Socrates964 (3/9/04; 14:15:37MT - usagold.com msg#: 118324)
TownCrier
Interesting. I imagine that FX holdings are to all intents & purposes in US$, so if we assume that gold moves in direct proportion to the Euro, it would have to rise by 14% in Euros to equal FX holdings.
steady (3/9/04; 13:59:11MT - usagold.com msg#: 118323)
contango?
dont sell your silver positions in the casion is my reaction to backwardization!
mikal (3/9/04; 12:51:15MT - usagold.com msg#: 118322)
@RPowell
Re: "But if anyone can add any information here"
Click on Randy's link again. The story has been updated, with the removal of certain portions and the addition of others.
R Powell (3/9/04; 12:48:34MT - usagold.com msg#: 118321)
Soybeans and silver
It's just a curiousity, isn't it?
I've never put too much stock in the gold/silver ratio but maybe there really is some sort of cosmic connection between the metal of the moon and the soybeans that grow under that silvery moon.
Silver +19
Beans +30 (at the moment)
If we were to corrolate beans and silver, could we call it a BS ratio? 8>)
TownCrier (3/9/04; 12:29:11MT - usagold.com msg#: 118320)
Rich, Reuter's typo
I'll bet that was a typo. It seems a likely explanation since the correct figure would be 6 years, instead of the 16 they printed. Later in that same article they do indeed cite the higher Buffett price bulge of 1998.
R.
R Powell (3/9/04; 12:07:05MT - usagold.com msg#: 118319)
Goldenpeace
"March now trading above May 04"
Initial reaction.....!!!!!!
R Powell (3/9/04; 12:01:57MT - usagold.com msg#: 118318)
Reuters News
TownCrier just reported a release from Reuters...thanks Townie..
"NEW YORK, March 9 (Reuters) - COMEX silver assumed leadership in the precious metals complex on Tuesday, spiking to a 16-year high, while gold was unfazed by the new central bank sales deal announced Monday."
It does not surprise me that even Reuters News does not have its facts straight regarding silver. Today's move is not a new 16 year high. Silver's spike from the Buffett buying of 1997-8 peaked on Feb. 5th 1998 with an interday high of at least 738.
As to the analyst's remark that physical is not leaving Comex warehouses, I believe this is correct. There isn't much available there. If it were being called for, the price of silver would be much higher. But, industrial demand for metal is not now nor has it been in the rememberable past, supplied from Comex. The Comex price can and probably is, (if physical commands more than Comex, the Comex supply would be sold in a heartbeat) reflecting tighter supplies in the physical market. Silver is also part of the rising body of CRB prices that may be warning of other problems in the monetary system. How much of silver's price increase is attributable to a scarcity in the physical market and, how much is the result of purely speculative forces is one of those questions that I list as not only unknown but also "unknowable". But, if anyone can add any information here, it would make my day.
I talked to a broker/salesman/analyst from Metalor Co. some years ago. I asked him about the amount available from his company, that is, immediate delivery. He told me those numbers could not be revealed. Nothing personal, he said, we don't give out such information to clients, the government nor even God himself, should She call and ask. Hey, at least they can keep a secret.
Thoughts?
Rich
TownCrier (3/9/04; 11:57:50MT - usagold.com msg#: 118317)
"derivisification" -- what the heck...???
That is what happens when you try to type and talk on the phone at the same time.
Should read, "diversification".
R.
TownCrier (3/9/04; 11:50:28MT - usagold.com msg#: 118316)
Fading paper in Euroland
In an ongoing show of what's what, the Eurosystem's weekly consolidated financial statement reveals that they allowed their net position in foreign currency to be trimmed by yet another 1.2 billion euros over the most recent week, bringing their "derivisification" in this asset class to a new Stage Three low of EUR 170.5 billion. Gold reserves, meanwhile, were kept in place at EUR 130.343 billion.
To put this weekly liquidation of foreign paper into size perspective with the terms of the new gold agreement, at present market values this latest single week's purging of foreign paper could be equated with 114 tonnes of gold. With these two asset classes now roughly co-equal in terms of overall holdings, a direct comparison becomes meaningful by itself, and in that regard this one week's liquidation in paper equals 23% of the entire year's quota in gold. And I should further point out that that gold quota includes signatory suppliers such as Switzerland who's allocations would not represent a gold drain of the Eurosystem.
R.
Goldilox (3/9/04; 11:26:31MT - usagold.com msg#: 118315)
Ag antigravity
http://focus.comdirect.co.uk/en/detail/_pages/charts/main_large.html?sSymbol=SLV.FX1&sTimeframe=iD&useSettings=0&showSettings=&sid=&hiddenTimeFrame=&sOrdType=price&sScale=linear&sMarket=SLV.FX1&iType=1&sAv1=na&sAvfree1=&sAv2=200&sAv2free2=&sAv2count=1&iInd0=na&sBench1=na&sBenchcount=1&sBench2=&sBench2count=1&showBenchmarkSearch=&iInd1=2&iInd2=na&iIndcount=1&sSettings=na
Ag at 7.15 is flying into the close!
goldenpeace (3/9/04; 11:20:01MT - usagold.com msg#: 118314)
Silver Backward
March now trading above May 04
The Return of the King begins.
Bowing
goldenpeace
Goldilox (3/9/04; 10:57:52MT - usagold.com msg#: 118313)
DX - 88.75
http://quotes.ino.com/chart/?s=NYBOT_DXY0&v=s
A number of analysts said last week that a drop below 87.6 would signal very good return of POG and POS. It's getting close!
Federal_Reserves (3/9/04; 10:56:06MT - usagold.com msg#: 118312)
Regarding the PPI
Lets assume its being embargoed and its not the result of incompetence. Why would they do so? To sell bonds with low rates and lay them on the public? There is a big issuance of treasury this week, some 85billion in rollovers and fresh cash, also Fannie is out collecting cash. It would have been a disaster to have rates spiking higher during this period. As such, then labor report was also co-rigged to show excessive weakness, to keep bond prices from dropping. Policy makers want the rates low. The banks are laying the bonds on the suckers.
Lets keep eye on the CRB for a view of pipeline inflation.
Goldilox (3/9/04; 10:55:04MT - usagold.com msg#: 118311)
chart
@ Boilermaker
ditto
Paper Avalanche (3/9/04; 10:50:16MT - usagold.com msg#: 118310)
@ Boilermaker....
Thank you!
PA
Boilermaker (3/9/04; 10:46:06MT - usagold.com msg#: 118309)
Gold in Euros
http://fx.sauder.ubc.ca/plot.html
PA,
Here's the site for gold (and silver) in all currencies.
TownCrier (3/9/04; 10:42:01MT - usagold.com msg#: 118308)
Tangible
http://www.usagold.com/gold/special/Mermaid.html
Just a very few are left. Maybe two dozen. If you are still contemplating an order, you might want to call George, Jonathan, or MK for a real-time assurance that the inventory hasn't already been allocated in these final moments before the 'sold out' sign can get posted on the webpage.
R.
TownCrier (3/9/04; 10:34:20MT - usagold.com msg#: 118307)
Legs, or no legs? Paper and speculators on parade.
http://biz.yahoo.com/rm/040309/markets_precious_comex_1.html
NEW YORK, March 9 (Reuters) - COMEX silver assumed leadership in the precious metals complex on Tuesday, spiking to a 16-year high, while gold was unfazed by the new central bank sales deal announced Monday.
Funds chased May silver to $7.09 overnight...
Dealers said the main driver in silver was its relationship with gold, where short-term commodity speculators are betting that the prices of the sister metals will keep converging.
Silver futures pushed above the $7.07 high seen in 1998, and matched Monday, after billionaire investor Warren Buffettbought 130 million ounces, shipping it from New York to London, where many believe it remains in his account and out of the market. However, spot remains well below the $7.90 high in February 1998.
"He bought it and he borrowed it and he physically allocated it, which means he actually took delivery of the metal itself, thereby taking it out of the market," said Graham Leighton, a vice president at bullion dealer Societe Generale.
"This time there's no metal leaving the market," he said, referring to the latest move in the market. "It's all fake. That's why you won't find too many traders who actually believe in this from a fundamental point of view."
----(from url)----
Is it real, or is it Xerox?
R.
Goldilox (3/9/04; 10:23:37MT - usagold.com msg#: 118306)
B(L)S numbers
@ GAB:
Are you suggesting "conspiracy?"
Someone call Mel Gibson!
USAGOLD / Centennial Precious Metals, Inc. (3/9/04; 10:14:56MT - usagold.com msg#: 118305)
Your friend in the business, helping you enter the gold market with grace and confidence.
http://www.usagold.com/Order_Form.html
Great Albino Bat (3/9/04; 10:12:35MT - usagold.com msg#: 118304)
Correct me ifI'm wrong, please!
As I recall, the Chief of the Bureau of Labor Statistics (have I got it right?) replied some weeks ago, when asked when the report on the "PPI" would be out: "I have no idea."
If it was his job to produce the data, he certainly would have a clear idea of WHEN THE DATA WOULD BE READY. A very clear idea - that's his job!
If he says, shamelessly, and even defiantly, "I have no idea", he is telling us that the decision to make the figures public is NOT his idea. In other words, he has been told to WITHHOLD THE DATA.
Things must be very, very bad indeed, when data are now deliberately withheld - not only massaged, but WITHHELD!
A song says something like, "It's a long long time, from March to NOVEMBER..."
Maybe we'll have the data in December.
The GAB
Goldilox (3/9/04; 09:54:53MT - usagold.com msg#: 118303)
Au/Eu chart
@ PA:
The best chart was posted a couple months back. I'm not using my own computer, so I don't have the link, but it was a teaching tool from a western business school listing about 100 currencies including gold and silver for X/Y comparisons. Someone should have that link available.
Paper Avalanche (3/9/04; 09:49:58MT - usagold.com msg#: 118302)
Gold up in Euros....
Yesterday gold closed at 323.8 Euros.
Today it is up to 326 Euros.
IMHO, the two final parts of this "manipulation drama" will be:
1. Once gold has successfully breeched $430
2. Once gold begins to rise in Euro terms.
It appears that #2 is coming to pass. I believe that only a brief period of time separates us from #1. Then it is game, set, match for the manipulators.
I may be wrong. I often am.
PA
BTW, I spent a while yesterday searching for a POG chart in Euros and couldn't find one. Does anyone have a link that would show this historical graph? TIA
Buena Fe (3/9/04; 09:44:02MT - usagold.com msg#: 118301)
hmmmmmmm
to clarify; "wrc's" should not be mistaken for "wmd's" ...
wait a minute "!" ...
wrc=wmd, IF wrc<au+ag ... oh my .......
all you mathematicians in the room please help
Socrates964 (3/9/04; 09:41:47MT - usagold.com msg#: 118300)
3-box reversal to the upside
Gold has lit the fuse by trading North of 404.00! As previously mentioned gold has enough kinetic energy to get to 451.99. Nevertheless has some work to do down here. P&F shows easy move to 408, hard work in the 408-16 range and a trade of 416 or better indicating solid new uptrend.
Goldilox (3/9/04; 09:39:46MT - usagold.com msg#: 118299)
Go Spike
http://focus.comdirect.co.uk/en/detail/_pages/charts/main_large.html?sSymbol=GLD.FX1&sTimeframe=iD&useSettings=0&showSettings=&sid=&hiddenTimeFrame=&sOrdType=price&sScale=linear&sMarket=GLD.FX1&iType=1&sAv1=na&sAvfree1=&sAv2=200&sAv2free2=&sAv2count=1&iInd0=na&sBench1=na&sBenchcount=1&sBench2=&sBench2count=1&showBenchmarkSearch=&iInd1=2&iInd2=na&iIndcount=1&sSettings=na
Go Go gadget gold chart. $404.8
Get 'em Spike!
Buena Fe (3/9/04; 09:36:03MT - usagold.com msg#: 118298)
the b-world at war (read banking)
good friends of gold and all things precious, i've been away a long while, digging for b-relics ....
are my speculations still within the broad scope of value?
-the ecb lusts (increasingly) after the "exorbatant privilege" that a "wrc" facilitates (read world reserve currency)
-they continue to patiently maneuver themselves into position to reap the fallout of the $'s inevitable, fatal cardiac arrest (poor martha), without incurring the neo-con wrath that so-damn was subjected to, partly because of his bad-$ attitude (accepting euro's for oil ... oh what blasphemy)
-the boe/fed blood-lines run deep (centuries) and are for the most part considered homogenous (throw the boj in this pot also)
-i don't think the new aspiring queen (read ecb) thought it necessary to even invite the boe to sign their treaty with the "other wealth block of au-precious minded folk" (read islamic-energy (oil+rel-zealot))
-to conclude, i spec that we are on the cusp of .... an epidemic of aug-flu ... coo coo coo! i'm off to the zoo ... where there's a new exibit being constructed to house the, soon to be almost extinct, "plfa-bird" (paper-loving-financial-analyst), (it resembles and ostrich in hiding, pictured from the rear).
bf
(aug-flu - scientists have recently unearthed centuries old human remains and through dna-genetic testing have discovered that this "elite-killer" bug generates some kind of socialogical, maybe even spiritual magnetic connection between gold/silver/commerce and human behavior, which, upon widespread outbreak, can be devastating to long established instituions of banking and power!)
Chris Powell (3/9/04; 08:57:06MT - usagold.com msg#: 118297)
Looking into the abyss: the source
http://www.goldensextant.com/Complaint.html#anchor3130
The comment about "the abyss" in regard to gold comes from Paragraph 55 of GATA consultant Reg Howe's lawsuit against the Bank for International Settlements, the U.S. Federal
Reserve and Treasury Department, and the bullion banks, here:
http://www.goldensextant.com/Complaint.html#anchor3130
Paragraph 55 says:
* * *
The fifth wave of preemptive selling in excess of two
standard deviations occurred in response to this rally as
the Fed, the Bank of England, and the BIS struggled to
halt and reverse it. According to reliable reports received
by the plaintiff, this effort was later described by Edward
A. J. George, governor of the Bank of England and a
director of the BIS, to Nicholas J. Morrell, chief executive of Lonmin Plc:
We looked into the abyss if the gold price rose
further. A further rise would have taken down one
or several trading houses, which might have taken
down all the rest in their wake. Therefore at any
price, at any cost, the central banks had to quell the
gold price, manage it. It was very difficult to get
the gold price under control but we have now
succeeded. The U.S. Fed was very active in getting
the gold price down. So was the U.K.
* * *
Of course as a legal matter this was hearsay. But if Howe
ever had been given the power to compel relevant testimony, it probably could have been proven.
M.K. is absolutely right. The gold community should be pressing the Bank of England for clarification of its
position. Any answers or lack of answers would be
illuminating. Maybe GATA can agitate in this direction.
If only there was a world gold council....
Goldilox (3/9/04; 08:55:25MT - usagold.com msg#: 118296)
PPI
The CNBC Econ reported just said, tongue in cheek, that "the PPI is being delayed to keep us all dumb and stupid". He then "clarified" that the "new system" takes into account the new businesses that are more prominent in today's economy and the computer model just "blew up" trying to calculate January's data. Liz asked, "If they haven't even completed January's data, when will February data be ready?" She was told, "we'll get back to you."
Truth is stranger than fiction!
MK (3/9/04; 08:55:24MT - usagold.com msg#: 118295)
Bank of England posts
I'm going to remove the two previous posts until I have time to do more research. Upon thinking about it, there is a possibility yesterday's statement out of BOE was incomplete, or not entirely reported.
Let's wait until we get the full picture.
Dollar Bill (3/9/04; 07:24:11MT - usagold.com msg#: 118292)
.,.
Slingshot, I am overdue to let you know, but I am a fan of your stories. You stretch me right out of my thinking. Do you have a web site where you combine the story? A link to Tales of the Table?
Chris Powell (3/9/04; 06:36:35MT - usagold.com msg#: 118291)
Back to 'the abyss'?
That's a good bet. Let's push!
MK (3/9/04; 06:26:53MT - usagold.com msg#: 118290)
Chris Powell
A thought on BOE:
Are we back to "the Abyss"?
USAGOLD Daily Market Report (3/9/04; 06:08:38MT - usagold.com msg#: 118289)
Page Update!
http://www.usagold.com/DailyQuotes.html
The Daily Gold Market Report has been updated.
If you are considering investments in gold we invite you to request our free introductory information packet detailing the products and services offered by USAGOLD ~ Centennial Precious Metals. We welcome your inquiry and look forward to working with you.
MK (3/9/04; 06:08:19MT - usagold.com msg#: 118288)
News & Views
http://www.usagold.com/AMK/MK-gold.html
Breaking News!
________________
Central Banks Will Struggle to Fulfill Gold Accord Quota
________________
You are invited to visit now, often. Updated regularly. Stay abreast the gold market via News & Views, this forum and the Daily Gold Market Report.
This is the website where serious gold investors congregate and keep in touch with the market. Please bookmark this page.
steady (3/9/04; 05:44:49MT - usagold.com msg#: 118287)
after
after rounding to the dollar, they will continue with creativew math and move the decimal point and bingo we got change again .
Goldilox (03/09/04; 04:36:58MT - usagold.com msg#: 118286)
PruBear Market Summary - Peebles
http://www.prudentbear.com/marketsummary.asp
snippit:
"Squinting at last week's unemployment report reveals that the average length of joblessness rose to 20.3 weeks in February, the worst since January 1984. The world record (based on data back to 1948, according to Reuters) was 20.8 weeks in 1983.
The Valley Watchers at View From Silicon Valley figure that the jobs leaving California today would have left earlier if not for the Bubble over riding several negative trends. And now a recent survey of employers in the state concludes that 25 percent say they plan to move jobs out of California. The study was conducted by Bain & Co. consultants for the California Business Roundtable. The study cites some of the reasons California has become an unattractive place for business, including the cost of energy, the cost of property, burdensome state regulations and high salaries.
A recent LA Times article speaks to the home price problem. The problem is – homes can't rise faster than incomes forever. But in the meantime, the middle class is struggling mightily to buy homes. Tricked up financing plans, like adjustable rate or interest only mortgages are letting buyers in the back door. But the dearth of first-time buyers illustrates the pricing problem. Those folks accounted for only 30.6% of home purchasers in California last year, the lowest rate since at least 1981."
Goldilox:
Rob sums it all up pretty well for the left coast! An aquaintance recently told me he wanted to either take out a HELOC or cash in his 401K to purchase employee options in his new private sector gig - Otay!
ENRON mentality lives. Buy Au with both hands!
Goldilox (03/09/04; 04:22:42MT - usagold.com msg#: 118285)
Precedent set for secular bear to resume
http://www.prudentbear.com/archive_comm_article.asp?category=Guest+Commentary&content_idx=30970
snippet:
"By way of wrapping this up, it's appropriate to review the items common to the post-bubble condition:
· The most extraordinary plunges in short rates such as we've had have only occurred following a bubble. Treasury bill rates have declined from over 6% in 2000 to less than 1% now.
· After declining with the bubble, gold shares begin a secular bull market. More specifically, once the top of the stock market was in in the first part of 2000, it was automatic that the low for golds would be in that November. The low for the HUI was 35 in November, 2000 and it's now around 215.
· Real long interest rates decline with a bubble and then start a significant, and at times excruciating, increase. This rationing or denial of credit seems to be Mother Nature's way of correcting the fantastic abuse of the credit and currency markets otherwise known as a "New Financial Era".
· The preceding points have been expected to be beyond the abilities of central banks to control and this has essentially been the case. However, there are a couple of things that policymakers can do directly and one is to attack scapegoats during the chagrin following a bubble. New York's Attorney General, Eliot Spitzer, is fulfilling that role now and we called the phenomenon "recriminatory legislation". The other voluntary but equally stupid policy is protectionism.
· Money supply is contracting in a manner unseen since the 1930s. Productivity increases have been outstanding and, like the above, unseen since the 1930s.
The "big picture" has evolved to the pending resumption of the post-bubble contraction and the "close-up" concludes that selling the stock market now is technically equivalent to buying gold the week after the low at 103 in 1976.
As we noted at the top in 2000, "The karma of the marketplace is about to overwhelm the dogma of policymaking."
Goldilox:
Beginning with an allegory about stock in "Piss-Poor-Mines Co.", a property with so many drill holes it whistles, this article just got better and better. I guess the author was just too sophisicated to conclude with "My Kharma just ran over your Dogma!"
Goldilox (03/09/04; 03:49:50MT - usagold.com msg#: 118284)
No Move on Snow's words
http://biz.yahoo.com/rb/040308/markets_forex_10.html
snippet:
NO MOVES ON SNOW
Still, traders said the dollar appeared to be losing momentum as the recent weak U.S. payroll data suggested that the U.S. Federal Reserve would likely keep the benchmark interest rate at the current low level of 1 percent for some time.
That is likely to discourage foreign investors' buying of U.S. bonds at a time when the U.S. desperately needs foreign capital to finance its huge current account deficit.
The dollar, meanwhile, hardly reacted to comments from U.S. Treasury Secretary John Snow, who said on Monday that the economy remains "unusually sound."
Snow, who is slated to speak again at 9:30 a.m. EST, also reiterated that the Bush administration advocated a strong dollar and said currency intervention should be kept to a minimum.
Goldilox:
If Martha gets prison for "lying to the FBI", what should Snow get for weaving this incredible tale for the whole country? Did he say "unusually sound" or "unusual sounds"?
As Frank Zappa used to say, "Jazz is not dead, it just smells funny."
"Beware the Ides of March. . . . Brutus may seem ambitious, but, of course, Brutus is an "honorable man." - WS
slingshot (03/09/04; 03:38:47MT - usagold.com msg#: 118283)
pmurgsRSA
Welcome! Please post often. Your veiws will be greatly appreciated.
Slingshot--------<>
pmurgsRSA (03/09/04; 03:28:16MT - usagold.com msg#: 118282)
http://www.finance24.co.za/Finance/Economy/0,,1518-25_1495098,00.html
<snip>
A massive 42% of Americans are making just minimum payments or no payments on their credit card balances, according to the Cambridge Consumer Credit Index.
Of those respondents surveyed with revolving balances on their credit cards, 39% made only the minimum payment due and 3% made no payments at all last month. Another 39% paid less than half the balance owed but more than the minimum, while 19% paid more than half their balances.
The Cambridge survey also asked Americans who are taking on more debt why they are doing so. Almost half (49%) of the respondents (up from 44% in 2003) said they are adding debt because they don't have the funds to pay for the purchases in full when the credit card bills arrive, while 51% of Americans (down from 56% in 2003) are taking on debt because they are confident of their ability to pay the balance off in full.
Overall, 39% of Americans paid off their credit card balances in full last month (down from 43% in 2003), 32% extended their payments (up from 31% last year), while 29% did not use credit cards at all in the last month (up from 26% a year ago).
*****************************************************
pmurgsRSA: Here in South Africa, I am finally seeing noticing articles appearing regarding the sustainability of the 'recovery' in America and it's potential impact on the rest of the world.
The South African Reserve Bank is buying $1 billion a month to try prevent our currency from appreciating too much.
I'd like to say thanks again to all the posters here. I read everything every day although I rarely find the time to post. Thanks to Centennial Precious Metals for providing this forum. It is much appreciated.
Btw, Silver coins are almost impossible to come by here in Cape Town.
Another good read: http://m1.mny.co.za/422567DE00537FE1/UNID/TWAE-5WVDCS?OpenDocument
Goldilox (03/09/04; 03:18:09MT - usagold.com msg#: 118281)
Half-Dollars
@ Slingshot
All the JFK half-dollars are in the casinos, so they can pay 1.5:1 on a $5 Blackjack bet. That seems to be the last "legal tender" coin remaining in the casinos, as the one-armed bandits now pay out in paper receipts.
Maybe it's in "honor" of the Bay of Pigs failure, as it brought the "family" casinos home from Cuba to the US mainland!
Or maybe it's to remind us the coup is alive and well!
LOL!
slingshot (03/09/04; 03:08:45MT - usagold.com msg#: 118280)
Dollar Bill
Interesting
When 100 copper or zinc pennies become more valuable than a paper dollar and 20 nickels does the same. What other metal would surfice. Aluminium or brass composition like the Lira or Pesata?
Will those awake to the decomposition of our countrys basic form of currency?
I wonder.
Slingshot----<>
Goldilox (03/09/04; 03:06:28MT - usagold.com msg#: 118279)
Cash - Derivatives
@ Druid, Jacob Marley:
The falling dollar is making cash appear more and more like a derivative. The longer one holds it, the less valuable it becomes. I wonder at what point we begin to use the Black-Sholes algorithms to calculate the value of cash on a "time to expiry" basis?
slingshot (03/09/04; 02:53:12MT - usagold.com msg#: 118278)
Rounding up the numbers
When the penny goes they will round up to the nickel
When the nickel goes they will round up to the nearest dime.
When the dimes value is too high to coin they will round up to the nearest quarter.
Forget the Half Dollar, Long Gone!
Round the price up to the nearest Dollar.
Yepper, The nearest Dollar. That is what they will do!
Slingshot---------<>
slingshot (03/09/04; 02:41:42MT - usagold.com msg#: 118277)
Dollar Bill
Goes to show you that Pennies and Nickels will be worth more than a paper Dollar Bill
No offense intended.
Slingshot---------;0)
Dollar Bill (03/09/04; 02:31:42MT - usagold.com msg#: 118276)
.,.
Starting this year, pennies and nickels may be worth more for their metal content than for their purchasing power...So it might be time to start burying pennies and nickels in your back yard."
The prices of base metals, like copper and zinc, which are the stuff that the government uses to make coins, are soaring. "The main ingredient in pennies is not copper, but zinc. Actually, zinc makes up 97.5% of a penny. Zinc is up nearly 40% since the end of the 2003 fiscal year. So if the cost of producing a penny rises by 40%, it'll cost the government 1.38 cents to make a penny. In 2003, it cost the U.S. Mint 0.98 cents to make a penny. In 2002, it cost 0.88 cents to make a penny. And in 2001, it cost 0.80 cents. But now, in 2004, it is almost assured that the government will lose money minting pennies. It'll cost the government over six cents to produce a nickel."
Dollar Bill (03/09/04; 02:19:51MT - usagold.com msg#: 118275)
.,.
http://www.eh.net/XIIICongress/cd/papers/3Lai68.pdf
*Link is report on China Silver standard in the 30's.
*Financial engineering is much more profitable than engineering real products.
*BEIJING (Reuters) - China's fixed currency policy will stay around for "a long time to come" and Chinese firms that bet on a yuan appreciation will end up paying a heavy price, the country's foreign exchange chief said
slingshot (03/09/04; 02:18:03MT - usagold.com msg#: 118274)
Oh, No!
Did Sir Black Blade go HyperCyber Tonight?
Slingshot---------;0)
slingshot (03/09/04; 01:25:06MT - usagold.com msg#: 118273)
Midas Crusade
It was into the night until all was finished and under torchlight, the Flag of Truce was withdrawn. The Scots returned to the place where they laid down their instruments. As they gathered it came apparent some were missing and watched as the torches returned to the line.The Scots were a tightly knit group. In song and battle,bonds were made and so waited till the last torch found its way home.
Together they picked up the instruments from the ground and played one tune.
As before the music covered the landscape. Strong yet respectful and on both sides, became still as the melody was played.
Even as they made plans, Sir M.K. and those who were at council stopped till the tune was played out. Swords and Pikes could be seen raised above the shallow walls of Hammerton, and lowered when it was finished.
Cougar, had been inside Hammerton before to trade his goods and he knew that even if the Goldbugs were able to take both gates at once, the fighting would be hard to gain a slight foothold within the town. Hammerton, although fairly large , had small streets and would slow any advance into the town. But first,at least one gate must be taken and secured.
Sir Black Blade,Sir Ari and Sir Belgian stood together and listened to Cougar as he set forth his plan to Sir M.K.
My Good Knights and fellow Brothers in Arms, what I propose is dangerous and risky, relying on the element of surprise and brute strenght, to force ourselves into Hammerton.
The West Gate has been weakened and the Dark Forces have a barricade halfway on the span of the bridge. They assume the time to overtake the barricade will allow them to enforce their position. If we can take the area between the gate and the barricade we may be able to open the gate and enter the town. They expect us to come up the bridge. I have another way.
Cougar could see all were interested, but skeptical.
Cougar continued.
If we fill the barges with men and the tools to scale the bridge and walls behind the barricade, we may succeed. We set out just before dawn. Before then, we must make them think that we have move to the East Bank by lighting large fires at night and move men about making lots of noise.
We slowly move the main force back to the west and conceal them. The men on the barges protected by wooden walls covered with freshly cut branches to act like the ones we threw into the river.Cutting the barges loose and floating down the river we can assualt the bridge and gate together.
Sir Ari stepped forward and spoke. And what of those at the East Gate within the Earthworks? What shall they do if attacked?
Cougar saw his concern, but answered truthfully.
They must run! Westward as fast as they can.
If we cut the lines of the ferry we will lose our crossing when the rest of us arrive for battle, said Sir Belgian.
That is true, said Cougar. We still have the crossing up river that they do not know about and that may be to our advantage later. But for now we must concentrate on one gate.
Sir Black Blade, then spoke. Sir M.K. this is a good plan but I am concern should the gate prove to be unpassable.
Leave that to me! as the Germanic Warrior came forth into the circle.
I shall not fail you, said Bandit.
Bonfir,Jachin and Boaz come to his side.
And neither shall we! they all said in unison.
Well, what a bunch, said Sir M.K. keeping a stern look on his face.
What say you, Sir Black Blade? asked Sir M.K.
Then an alarm was heard. Riders to the east!
Those within the eastern earthworks could see many torches moving up and down and knew a large force was about to beset them.
They did what was prudent and abandoned the East Gates Earthworks.
What now, Cougar? asked Sir M.K.
Let them enter' all the better, said Cougar.
We will not have to worry about their safety. Only to stress our position on the East bank more than ever.
The Dark Forces entered Hammerton unopposed and again reoccupied the earthworks.
Give me two days, Noble Knight, to finalise this plan, and if then, it is not to your liking, or others of this council, we will try somehing else.
So be it, said Sir M.K.
Upon this answer,Cougar left the council to aggregate his plan.
Inside Hammertons, Great Hall.
Good news, Gandalf, said Therroth.
More of my men have reached Hammerton and they are now just entering the East Gate. We will be stronger than ever.
Gandalf took a deep breath.
Ahh, not so sure of yourself I see, said Therroth.
All in good time, said Gandalf in a tone that took Therroth by surprise.
Slingshot-------------------<>
Black Blade (03/09/04; 00:23:11MT - usagold.com msg#: 118272)
To PPI, or Not to PPI
From The Street.com -Aaron Task
Snippit:
It kinda got lost in Friday's shuffle over the Martha verdict and the employment report, but the BLS announced that the ongoing delay of January PPI data "now means that the release of February data originally scheduled for Friday, March 12, must also be postponed."
The BLS attributed the latest delay to "unexpected difficulties in the conversion of PPI data from the Standard Industrial Classification system to the North American Industry Classification System."
But given what commodity prices are doing and how accommodative the Fed is being, conspiracy theorists see ulterior motives, and you gotta wonder where the 10-yr might be if that data was out in a "timely" fashion.
Black Blade: Sorry I didn't get the link but now it appears that two months of PPI data won't be forthcoming anytime soon. "Interesting" indeed.
Nite all.
ViewYesterday's Discussion.
