kkeegan123
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Posts posted by kkeegan123
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US credit rating downgraded by China......again.
http://www.chinadaily.com.cn/china/2010-11...nt_11524811.htm
BEIJING - The United States has lost its double-A credit rating with Dagong Global Credit Rating Co., Ltd., the first domestic rating agency in China, due to its new round of quantitative easing policy.Dagong Global on Tuesday downgraded the local and foreign currency long-term sovereign credit rating of the US by one level to A+ from previous AA with "negative" outlook.
The Chinese rating agency said the downgrade reflected the US's deteriorating debt repayment capability and drastic decline of the US government's intention of debt repayment.
"The serious defects in the US economy will lead to long-term recession and fundamentally lower the national solvency," Dagong said in a report.
Last downgrade was in June 2010, here is Dagong's full Nov report,
http://www.dagongcredit.com/dagongweb/uf/USARatingReport.pdf
An interesting extract from the report;
V. In essence the depreciation of the U.S. dollar adopted by the U.S. governmentindicates that its solvency is on the brink of collapse, therefore it wants to cut its
debt through the act of devaluation with the national will; such a move has severely
harmed the interests of creditors. The whole world, consequently, will have to face
a period of dramatic adjustment of interest pattern.
JL
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Me too. I only went to £250 for a punt, though.
(There's a local church just been visited by Gypsies & I thought I might help them out )
I'm using ebay quite a bit for PM buying. Makes me wonder about how many times in the past GEI members have bid against each other.
Perhaps there should be an ebay thread on GEI.
JL
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Correction underway, this volatlity is awesome. Just getting started....
I won't be at all surprised if there is a massive financial shock this weekend causing total turmoil next week.
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Hi Guys,
Just a quickie, what are your thoughts on these please.
http://cgi.ebay.co.uk/SILVER-BULLION-BARS-...=item4aa5f84b8c
They don't seem to be attracting much interest with only 2 hrs to go...
JL
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Yes but it's still £23.80 an ounce, when spot is £15.50. That's a huge difference.
I bought a first majestic round off Sarnia on Friday for £17.99, arrived today. Keep looking they are there sometimes.
That's a big difference between rounds and coins, surely an oz of silver is an oz of silver regardless what form it's presented. Does the premium come about because of a coins legal tender status or is it down to something else?
At present, when selling on, coins undeniably attract a premium over rounds, but I wonder whether this will always be the case.
JL
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The 500,000 mintage will be spread equally between the Hot Springs National Park Silver Coin, Yellowstone National Park Silver Coin, Yosemite National Park Silver Coin, and the Mount Hood National Forest Silver Coin. The respective representing states are Arkansas, Wyoming, California, Arizona and Oregon.
http://www.commodityonline.com/news/Soon-U...-28492-3-1.html
ARIZONA, USA (Commodity Online): The U.S. Mint will release its first ever five-ounce .999 fine silver bullion coins later this year.The coins will bear the same designs as the new legal-tender quarters of the America the Beautiful Quarters Program. The first quarter in the program, honoring Hot Springs National Park in Arkansas, was released into the banking system April 19, 2010. Four more quarters will be released this year, with five quarters being released annually through 2021, concluding with the final quarter in 2022. The new quarters will commemorate 56 national parks and sites. -
Looks like Sarnia have really lost the plot on pricing. £14 for those halves is a joke. Also CID have reached their VAT limit for France - had been getting a lot sent there. So having to resort to ebay only now. Some good deals on world silver to be had if you bid on enough stuff. Picked up a couple of Brits today for £21 each also which I guess constitutes a bit of a bargain these days.
Hi Sprinkles,
I was wondering whether you have ever sold any PM's on Ebay, I understand the various fees amount to approx 8 - 10% of selling price. I am thinking about selling a couple of silver eagles just to see how it pans out.
I know it's premature, but I am investigating whether Ebay could be used as realistic exit strategy.
JL
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My son's got chocolate coins that look more authentic. Take a hint, it's been returned once and he says he doesn't want it returned again...
I love it, thanks guys. £675 now, think I'll save myself the hassle.
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Here's an interesting auction on Ebay. Krugerrands are typically selling for around £880 - £920 at the moment, but the authenticity of the Krugerrand in this auction was questioned in the past.
http://cgi.ebay.co.uk/Krugerrand-/23053233...=item35accc5218
Worth a bid at this price? I'm tempted, if I could acquire it for less than £720.
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Wow !! The markets must have noticed that Just Learning (last of the big spenders) has put his hand in his pocket.
Didn't realise I had such a large following..... I'll give you guys the heads up BEFORE I place my order next time
$1309 and counting...
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Well, just popped over to CID and placed my Sept order... , so prepare for a good correction in the next 24 hours.
I went for Elizabeth Sovs @ £205.69 this time.
With sterling at almost 6 month highs against the $, I am wary that we could see a weakening of the £ after the early October spending review announcement. On the other hand, if sterling rallies from here, I will benefit when it is time to place my Oct order.
JL
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How long will the industrious states support the others. Might see a split, and a "hard" Euro and a "soft" Euro at some point.
gold up 1238
RH, I've got a bad feeling about this one, got me spooked. People in the know are buying like crazy.
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I did read an internet rumour that they would exit the Euro at some point next week, but I dismissed it as nonsense... It seems premature for Germany to leave the Euro even if they secretly wanted to, it's probably just a mistake, the Euro would collapse if Germany left.
Could this be linked to the German PM's dealer selling out of all stock?
OK, putting the implausibility of the Germans leaving the Euro aside, if they did (a big "if" I know), ramifications please for GBP and PM's.
JL
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OK, could someone please explain to me why Kitco have a link waiting to be activated pricing gold in german DM's???
http://www.kitco.com/market/dm_charts.html
Ramifications please, if Germany exits the Euro??
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OK, could someone please explain to me why Kitco have a link waiting to be activated pricing gold in german DM's???
http://www.kitco.com/market/dm_charts.html
Ramifications please, if Germany exits the Euro??
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Gold - $1231
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Gold - $ 1212
Silver -$ 18.60
and rising fast...Hope I haven't jinxed it.
Edit - Looks like I posted as prices were peaking.
CID silver products page looks rather spartan.
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I have been trying to get 1oz coins from three of the most common suppliers in the UK two based in the channel islands and one in German and they are completely sold out of Eagles!! Also an order for Maples is taking more time than normal and I have not had a reason why yet (I know it is a bank holiday in the UK.)
Anyone else having a problem?
http://www.minesite.com/nc/minews/singlene...es-soaring.html
NewsApril 29, 2010
Why Are Silver Sales Soaring?
Jeff Clark, Senior Editor, Casey’s Gold & Resource Report
The U.S. Mint just reported another record, but this time it wasn’t for gold. The Mint sold more Silver Eagles in March and in the first quarter of the year than ever before. A total of 9,023,500 American Silver Eagles were purchased in Q110, the highest amount since the coin debuted in 1986.
While this is certainly bullish, there’s something potentially more potent developing in the background. Namely, how this matches up with U.S. silver production. Like gold, the U.S. Mint only manufactures Eagles from domestic production. And U.S. mine production for silver is about 40 million ounces. In other words, we just reached the point where virtually all U.S. silver production is going toward the manufacturing of Silver Eagles.
Yikes.
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Very nice. Particularly like the kookaburra. The bar can't compete with these beauties imo.
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I don't get 1kg coins, how do you spend them? I prefer ingots/bars for that size. Could you upload a pic with a loaf of bread or such like to get the idea of size?
Coins normally sell for a premium over the same weight in ingots/bars and as CID were offering the 1 kg Libertads at 7% vat instead of 17.5 % it was a logical purchase.
Incidentally, they are now back up to 17.5 % vat.
Size wise, about 1/2 inch thick and dia slightly larger than a beer mat or coaster.
Just noticed the big gap down for GBP on opening, wonder if it will fill ?
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Dont always look in there, but notice they slightly pushed up the price of Eagles the last few days.
Think they provide a good customer service.
On the topic of good service, I've just received my 1kg 2010 Libertads from CID within 36 hours of placing the order. I had only seen photos of these coins before and it certainly didn't prepare me for seeing them for real. Even Mrs JL was impressed
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http://www.bloomberg.com/apps/news?pid=206...ZHb9k&pos=2
Germany Said to Accept Compromise on Loan to Greece (Update1)Share Business ExchangeTwitterFacebook| Email | Print | A A A
By John Fraher and Brian Parkin
April 10 (Bloomberg) -- Germany is prepared to give Greece loans at below-market interest rates, dropping its opposition to aid subsidies in a compromise over the terms of a lifeline for the debt-stricken nation, a European government official said.
[snip]
EU leaders, including French President Nicolas Sarkozy and Herman Van Rompuy, president of the 27-nation bloc, yesterday expressed their readiness to provide aid.
“A support plan has been agreed and we are ready to activate at any moment to come to the aid of Greece,” Sarkozy said.
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Thanks for all your responses guys. I think this whole Greek tragedy doom thing is rattling me...
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Hi Nobla, welcome to GEI.
I'd like to throw out a question about exit strategy, if I may.
I'm sorry if I seem preoccuppied with how I'm going to get out pf PM's, but as a physical long-term holder, having a pile of gold and silver in my safe seems pretty alien to me, even after all this time. Plus, I am on the verge of making another purchase that will put me about 40% in PM's. I am totally comfortable with this level of exposure, but can't help wondering whether buying is the easy part.
Whichever way I look at it, I can't see a happy ending for the fiat money experiment. In cgnao's recent post (07/04/2010) he warns about "the end of the financial world as we know it" again. I like cgnao's posts BTW.
If PM prices go "to the moon" as we all hope they will, won't this mean that that the value of paper money will have been crushed across the board. So, as the ultimate store of wealth will there be anything worth exiting into and whose going to be a buyer at sky-high PM prices.
Am I making any sense?
SILVER
in Gold, FX, Stocks / Diaries & Blogs
Posted
OK, I just don't understand this, so I'm going to have to ask. I feel like the dumb kid at the back of the class but here goes.
If the levels of physical silver available for delivery is dwindling, why are JPM et alii driving the paper price lower which will obviously encourage more buying of physical?
If they can manipulate the market so effectively, why don't they hold a line at say $28 oz or allow a gradual and measured price rise, nothing crazy that will scare or threaten fiat, simply a healthy, rising market?
Isn't this just a natural correction after an unhealthily strong run up?
In real life, Ebay silver prices are holding or still rising and big dealer prices i.e CID are falling in line with spot price.