LauraB

Here you are Crush I notice not one guy has rushed to CTR's aid. I'm assuming his suffering is due to a gold/silver portfolio imbalance

Neil, by 'leaders' you mean the shadow bankers, rather than elected 'govts'?

http://www.zerohedge.com/article/slv-now-hard-borrow-goldman And now for the latest news in the silver meltup: SLV just moved to Hard To Borrow status at Goldman Sachs. This pertains to institutionals who are Goldman Prime Broker clients. Soon coming to every prime broker near you. Comex margin hike imminent now that it is impossible to short the largest silver ETF in the world. If I was capable of intelligent comment I might attempt one. Over to you guys

More like a determination to get the UK to Ireland's level of citizen wealth shredding. The UK may be a bigger nut but it will still be cracked.

Quote of the week: "There has been a lot of interest in the house, and the only explanation for that can be that it is really under-priced." Also note the bank's duty to purchasers statement!!! - The same beasties that have been placing loon reserves on auction property & stuffing the rest of their repo mass into EAs. http://www.thisisstaffordshire.co.uk/news/Couple-s-anger-unfair-house-price/article-3414605-detail/article.html A DEBT-STRICKEN couple say a bank's repossession of their home is driving them into even deeper financial straits. Young parents Jennifer and Jamie Barlow are accusing scotland&where=Staffordshire&searchType=Business?pid=tistaff_dir_Article_BankValuationRow">Royal Bank of Scotland of undervaluing their house, which they were forced to leave last year, by tens of thousands of pounds. They paid £130,000, with the help of a £118,000 mortgage, for the semi-detached Tunstall property in December 2008. The house is currently on the market for just £79,950. The couple, who have two young children, also believe the bank failed to provide them with the correct advice. RBS insists it has followed the correct procedure and says the valuation is fair. But the Barlows are now planning to complain to the Financial Ombudsman Service. Admin worker Mrs Barlow, aged 35, said: "RBS valued our property at £130,000 two years ago, but now they're saying it's worth £79,000. "One of them must be wrong. Property prices have fallen, but not by 50 per cent. "Our neighbour has just had his house valued at £118,000, which is a fair price. We're not looking to make money from this, we just don't want our situation to get even worse. "We owe loans totalling £45,000 and the difference between the two house valuations is £50,000." Two years ago the couple were both in work and had just bought their home in Tunstall where they were raising their son Josh, now aged four. But last February Mr Barlow, also aged 35, had to quit his job as a freelance car salesman because the terms of an individual voluntary arrangement they had taken on after getting into debt stops people from working in the finance sector. Their situation became even more desperate when Mrs Barlow discovered she was pregnant with their daughter Maddison. The couple decided that repossession was the only way forward. They appeared in court in July and say they were told they had to leave the property by August. But the Barlows, who now rent a house in Intake Road, Norton, say RBS did not fully explain the assisted voluntary sale scheme (AVS), which would have allowed them to stay in the house while it was being sold. The AVS was launched by RBS last year as an attempt to stop more repossessions. Mrs Barlow added: "We're not estate agents so there's no reason why we should have known what an AVS is. "It would have meant I could have stayed in the house while I was pregnant, and we would have been able to get a better price for it as well. But we only got a letter about the AVS scheme after we'd moved out, which was far too late." RBS has written the Barlows a letter dealing with their complaints. The bank insists that the AVS scheme would have been explained to them prior to the repossession. RBS also says the house was valued correctly by two independent surveyors. The letter states: "You mention in your letter that your neighbour's property was estimated at a value of £118,000. "The bank cannot take this into consideration as the property was not sold at that price, and the bank can only take into consideration amounts where a property has been sold. "Whilst I offer my sympathy in your disappointment in the amount the bank is marketing your property at, the bank has a duty of care to the purchasers as well." Mr Barlow is currently retraining as an electrician, and he hopes the family will be able to get out of debt once he returns to work. He said: "There has been a lot of interest in the house, and the only explanation for that can be that it is really under-priced. "We want a good price for the house not just for our own sake, but it will mean that the bank get their money back as well."

Neophyte mode: The temporary deleveraging/reserve currency argument, I think I can almost understand, but the rest of it? - The sheer number of losers overwhelms PM buying ability worldwide??? Oh really?

"The University of Texas Investment Management Co., the second-largest U.S. academic endowment, took delivery of almost $1 billion in gold bullion and is storing the bars in a New York vault, according to the fund’s board." The decision to turn the fund’s investment into gold bars was influenced by Kyle Bass, a Dallas hedge fund manager and member of the endowment’s board, Zimmerman said at its annual meeting on April 14. Bass made $500 million on the U.S. subprime-mortgage collapse. “Central banks are printing more money than they ever have, so what’s the value of money in terms of purchases of goods and services,” Bass said yesterday in a telephone interview. “I look at gold as just another currency that they can’t print any more of.” http://www.zerohedge.com/article/golden-tipping-point-university-texas-takes-delivery-1-billion-physical-gold

http://www.zerohedge.com/article/guest-post-guess-whos-almost-out-silver Guess Who's Almost Out Of Silver & the premium for not taking physical delivery will be ??? .......... not enough

& once more Au falls in Euros (razer-edge style, but still falling). What is the excuse this time, EZ GBP figs?! German manufacturing orders?

GF, I don't quite see how Oz is an economic safe haven? Unless one is a high earner, it is undeservedly expensive. May I plug the southern end of the Grenadine island chain? I recently met plenty of Brits happily living on some of them & they were not all loaded either. Scratch the surface & renting is cheap. Plus the people are the warmest, politest, helpful & genuine I have ever met, anywhere. I sort of hinted at them on the Costa Rica thread but suffered an instant Bubb dismissal, due to a lack of height above sea level I think?

& the one benefit that needs to be scrapped in order to cleanse the system is housing benefit. That indirect prop & dole payout for (arguably) Britain's most unworthy, the landlord. Yes, I know it will cause total chaos, but is slowly chipping away at it any better? - No, I know neither will happen so we are stuck with 'walktothewater's' My man would be in killer mode if stuck with such iniquity, never mind having his pet-loathing council tax piled on after income tax has been paid.

This reminds of that tragic time when the Romans decided to create a fake market for the menhirs made by Obelix in an attempt to overheat the Gaul economy. It's so well documented considering how long ago it was. One day I might discover why this reminds of that tragic time when the Romans decided to create a fake market for the menhirs made by Obelix in an attempt to overheat the Gaul economy.

Gold now guaranteed to crash. http://www.zerohedge.com/article/massive-raw-gold-shortage-china-supply-and-demand-crunch-looms

I'm not! - He is ... & so was his mother ................................. Industry cool on UK housing fix http://www.ft.com/cms/s/0/4bc1f3a2-5859-11e0-9b8a-00144feab49a.html

http://www.ft.com/cms/s/0/001f816c-5859-11e0-9b8a-00144feab49a.html Not sure I dare quote anything from an FT article? This is John Dizard with tales of 'his' Swiss refiner's current core business, & a certain lack of trust in banks, govts., & institutions.

It's purely an artistic thing. Blythe felt her renowned creativity was being stifled by an office environment.

Gosh! - has the UK pwoperty obsession had that much worldwide influence?!! Thxs CJ. There can be such beauty in simplicity. I can hear my property mad neighbour's words: "Gold? What use is that? You can't get an income from it."

Hi Neil. I lived in Southgate Rd. Had an 'aunt & uncle' in Dyas Rd. I don't remember that many slums. Only one school friend I knew lived without a bathroom with a shared toilet at the bottom of the garden. He only had a five min. walk to school (KEGS), whereas I had two bus rides. The family were moved out to a high-rise at Newtown in 67/68. Baldwin House, which I think was built on a slum clearance site? In my case & i guess with most kids, you tend to go between home, school & friends & only see those areas. I recall thinking how crummy Nechelles & Alum Rock were. Also how bleak the Chelmsley Wood new housing area was. Then of course we had the Black Country. A different world with (at that time) it's own dialects. I completely failed to get off with a gorgeous lass from Tipton, mostly because I couldn't understand half of what she said! (yes yes, it's a feeble excuse) Re the rail link. What is it supposed to achieve, unless the fares are cheap (joke), & there are plenty of private sector real jobs in London? In the quality of life/cost stakes things are not looking good there. Regards. Richard (the long suffering lesser half )

My OH says you are obviously not old enough to know when it was far from being a slum! He also lived in the G.Barr, near Kingstanding until '68 & asked which road you lived in. ------------- The Adonis person is also a youngster it seems. Brum centre was full of glorious architecture until the 60s spiv developers & corrupt council did their worst. Beeching did his worst too. The demolition of the hotel at Snow Hill station was another crime. Rant over. - Brum is over too. Time to run, if one can.

I've been searching the fashion blogs to see if Blythe has verbally reacted to all the silver wallpaper flooding into her office. Result: Nothing. So one assumes all is 'normal' at JPM?

& JP Morgan are offering 80% premium to avoid physical delivery? Aging model & biologist takes one glass; ice cubes; Canada dry; rum. Proceeds to veranda. Sits, pours, drinks. Watches the yachts sail by. Life made sense looking through a microscope; then (creative financial) man intervened

Just what I was thinking, proving that I do have my moments.....or moment more like Seriously, It's quite unnerving when someone you follow comes out with something you feel is plain wrong. I wonder if anyone has told him?

Huh! - another one who has decided parallel universes don't exist

Quite understandable Dom. You need a little intimate warmth after Norway. May I suggest you match the in/out temperatures; & add a little shade. Like this If only those stunning fjords were more equatorial.....sigh

I could say 'I thought that too today' as I was walking along this deserted beach on the spice isle, but I'd be telling an untruth. In truth , I was thinking how much I was missing Portugal & could I really cope with a whole month at the isolated end of a beautiful island with a year-round near-perfect climate. Sic, & surprising as I thought I would be loving this experience. UK considerations, other than avoidance, are a non-starter. (BTW:- the owner of the house I'm staying in tells me his 'council tax' is about 30 .... gbp/year) Drifting around Europe in a home on wheels for some years (& not mixing with too many ex-pats) had that effect on me. UK group-think programming does mess with the mind. It penetrates the aura no matter how much resistance you think you are putting up. I'm serious. In a more advanced culture those responsible would banished for life. EDIT:- anyone else suffering from italics button failure?