sylvester Posted March 23, 2008 Report Share Posted March 23, 2008 Haven't seen this posted yet: Black Swans Everywhere After a one-day reprieve from total meltdown in the financial markets, news media cheerleaders for the most reckless gang of bankers in world history declared the crisis over on Good Friday (with the markets safely closed). Whew, that's a relief. Problem solved. And just in time for baseball season, too, so none of the Banker Boyz have to sell their sky box leases... Continues at: http://jameshowardkunstler.typepad.com/ Link to comment Share on other sites More sharing options...
narco Posted March 23, 2008 Report Share Posted March 23, 2008 Thanks narco, thats the most reassuring article Ive read, and I wont be selling my PM The fundamentals for owning gold have not changed one bit, even if the commodity bull goes through a period of correction. If gold pulls back to the $800's, just add to your postion and do not be shaken out. Anyone selling gold right now will live to regret it further down the line. Link to comment Share on other sites More sharing options...
enrieb Posted March 23, 2008 Report Share Posted March 23, 2008 A good reason to sell your gold? Fed's rescue halted a derivatives Chernobyl http://www.telegraph.co.uk/money/main.jhtm...23/ccfed123.xml Thanks narco that is another good read, Ambrose Evans-Pritchard has wrote some fantastic articles for the Telegraph about the financial situation he really has a great understanding of what going on and what its going to lead to. Link to comment Share on other sites More sharing options...
gwizzie Posted March 23, 2008 Report Share Posted March 23, 2008 was watchin the footie on fox today. among the commercials: http://www.goldkit.com/ Go on... have a larf! Link to comment Share on other sites More sharing options...
Billy Posted March 23, 2008 Report Share Posted March 23, 2008 Before reading a Garry North article, I think you might want to read this thread first. Quite illuminating ! Gary North: commodities boom and Au/Ag/Pt bubbles are over http://www.itulip.com/forums/showthread.php?t=3592 Also well worth a read for the points made about inflation. Can't take G North seriously after he made a TOTAL ass of himself over the Y2K non-issue. He was predicating societal breakdown and a reverting to the stone age. He crawled away for a while tail between his legs and is now doing what he does best, milking money off people. Link to comment Share on other sites More sharing options...
Billy Posted March 23, 2008 Report Share Posted March 23, 2008 Ref silver I am still missing 20 x 100oz bars I ordered some while back from a dealer in the USA. Sure seems to be a phsyical silver crunch ... I also got the apmex email saying their system had crashed at same time silver dried up... My schadenfreude kicked in big time however when I read this at Bulliondesk... LOL LOL LOL :lol: lol lol lol Fight for 15 tons of gold A crisis of lost gold has come up between Societe Generale and Goldaş. French Societe Generale bank claimed that the gold worth $500 million which they had given to Goldaş for selling at Istanbul Gold Market has been lost and filed a criminal report about the event. The partner of Goldaş, Yalınkaya, said: "it is slander; we are shocked." Societe Generale and Goldaş fight for 15 tons of gold 21.03.2008 French Societe Generale has claimed that $500 million worth of gold, which they had given to Goldaş to sell at the Istanbul Gold Market has gone missing and has filed a criminal report about the event. French Societe Generale claimed that 15 tons of gold, worth $500 million, which they had given to Goldaş to sell at the Istanbul Gold Market, has gone missing and filed a criminal report about the event. According to the claim of the French Bank, they gave Goldaş 15 tons of gold on consignee and authorized Goldaş to sell the gold in the Istanbul Gold Market. However, the bank was unable to get the gold back. Goldaş made a written statement and rejected this claim. Goldaş claimed that they had a commercial mutual agreement with Societe Generale; however the bank is acting upon ulterior motives. :lol: Link to comment Share on other sites More sharing options...
Pluto Posted March 24, 2008 Report Share Posted March 24, 2008 Can't take G North seriously after he made a TOTAL ass of himself over the Y2K non-issue. He was predicating societal breakdown and a reverting to the stone age. He crawled away for a while tail between his legs and is now doing what he does best, milking money off people. I agree, the man was predicting hyper-inflation a while back and now has done a 100% U turn. I posted the link to give a little balance to this thread, and to make the point that deflationistas are all pointing to the bond market as their proof that we are in a deflationary spiral. Link to comment Share on other sites More sharing options...
qwerty Posted March 24, 2008 Report Share Posted March 24, 2008 Interesting March 22, 2008 The Fed-Engineered Commodities Cave-In by Alex Wallenwein The world-wide fiat system functions like a roach motel: Investors check in - but they NEVER check out! By it's latest hit on commodities, the Fed as the system-leader gave investors a shot across the bow. The message: "If you try to leave, we will hurt you!" http://www.safehaven.com/article-9754.htm Link to comment Share on other sites More sharing options...
Billy Posted March 24, 2008 Report Share Posted March 24, 2008 Strange Silver Price Gyrations And Shortage Nobody Wants Silver So Badly, You Can't Buy Any By Edgar J. Steele 3-20-8 It's just like pro rasslin', maw. He's up ... he's down ... he's been thrown completely out of the ring and landed in the laps of New York's governor and his ... is that his wife? What's this? Silver is down yet another dollar-something today, after being down over a buck and a half yesterday? So, the stock market must be up a gazillion points, eh? Nope. Then, the dollar - they must have struck the world's biggest gusher on the White House lawn? Nope. But the dollar is up - way up. Will it stay up? Nope. This is a simple takedown, folks. Artificial manipulation by the big boys, designed to force out what they dismiss as "weak hands" holding silver. Well, don't pay attention. We're in this for the long haul. In fact, if yesterday was such a great time to buy more silver, then today must be an even better day, right? That's absolutely correct! Go the head of the line and really load 'em up this time! Aggravating this correction in the price of silver is the exit from paper silver of those who have gotten too nervous by this manipulated and phony downtake. My pal the chart freak says that this is a standard Fibonacci retracement from a base price of $9.85. Meaning that those who bought in on paper (ETFs and futures) at around $9 or $10 now finally are selling and counting themselves lucky to have the profits they just booked. Standard stuff, he says, while silver consolidates and builds a new base in this area, preparatory to heading higher...much higher. And soon, at that. One day soon, paper silver will be shown to be the fraud that it is when sellers are unable to deliver the physical that somebody bought. Then physical will rule. That is when the moon shot comes. And, to be on board, you have to be holding the real thing, physically...in your hands. Meanwhile, local dealers have jacked their margin up from .50 an ounce to .85 and higher. APMEX pushed theirs up 9 cents yesterday and today, you can't even buy anything from them except 100-oz bars, "generic" .999 silver and junk coins. So, nobody wants silver so badly that its price takes a $3 nosedive in the course of about 24 hours. On the other hand, just try to find some to buy. When you do, the dealer is jacking up the price. Nobody wants silver so badly, you can't buy any! Go figure. And go buy some, while you are at it. Right now. This minute. Don't ask why. Don't ask what. Don't ask when. Just do it. Link to comment Share on other sites More sharing options...
Billy Posted March 24, 2008 Report Share Posted March 24, 2008 I agree, the man was predicting hyper-inflation a while back and now has done a 100% U turn. I posted the link to give a little balance to this thread, and to make the point that deflationistas are all pointing to the bond market as their proof that we are in a deflationary spiral. No wories - he IS a very good writer, and very knowledgeable (I think he has a PhD is history, or economics? fwiw) - but he flip flops and always seems to get it wrong. Still worth reading though, some of his articles are classics. I read all his stuff for 2 years approaching Y2k and shortly thereafter ... quite an experience the tb2k forums, LOL Link to comment Share on other sites More sharing options...
Billy Posted March 24, 2008 Report Share Posted March 24, 2008 Interesting http://www.safehaven.com/article-9754.htm great article, neatly summed up Just look past the smoke, break some of the mirrors, and reality looks exactly the way it did before Bernie staged this rehabilitation of the Fed's image as an institution that can "save" the markets. Of course, none of this even addresses the issue of what ultimate effect yet another rescue action really has on the economy. It can only make things worse in the long run - and that's what the Fed's real raison d'etre seems to be: Destroy the world's largest, most powerful economy so the US can be "integrated" with other nations in the western hemisphere - but do it slowly, so nobody can point the finger at one particular Fed action and go lynch the bastards. In other words: plausible deniability. That way, at least, that pesky thing called a "Constitutions" that some hopelessly backwards Americans still believe in no longer needs to be paid lip service to. At least, that appears to be the plan. Got gold? Alex Wallenwein Link to comment Share on other sites More sharing options...
Billy Posted March 24, 2008 Report Share Posted March 24, 2008 Destroy the world's largest, most powerful economy so the US can be "integrated" with other nations in the western hemisphere - but do it slowly, so nobody can point the finger at one particular Fed action and go lynch the bastards. Bernanke's thesis was on the Great Depression he is obviously the elite's placeman to take the usa down... btw they assaisnated eliot spitzer quite brutally http://www.youtube.com/watch?v=GMo7T9t0Gzk you won't hear anything about his sub-prime battles in the mainstream press this all leads me to believe that the sub prime and resulting financial implosion we are all witnessing has been planned from the get go... Link to comment Share on other sites More sharing options...
CIGA Posted March 24, 2008 Report Share Posted March 24, 2008 The fundamentals for owning gold have not changed one bit, even if the commodity bull goes through a period of correction. If gold pulls back to the $800's, just add to your postion and do not be shaken out. Anyone selling gold right now will live to regret it further down the line. Thankyou narco for clarifying to the weak hands. Hey be strong!! and stick to your position, the fundamentals have not changed. But most importantly, if you are buying precious metals this MUST be your mantra!! : : : Dusk_becool.wav Link to comment Share on other sites More sharing options...
Pluto Posted March 24, 2008 Report Share Posted March 24, 2008 Destroy the world's largest, most powerful economy so the US can be "integrated" with other nations in the western hemisphere - but do it slowly, so nobody can point the finger at one particular Fed action and go lynch the bastards. Bernanke's thesis was on the Great Depression he is obviously the elite's placeman to take the usa down... btw they assaisnated eliot spitzer quite brutally http://www.youtube.com/watch?v=GMo7T9t0Gzk you won't hear anything about his sub-prime battles in the mainstream press this all leads me to believe that the sub prime and resulting financial implosion we are all witnessing has been planned from the get go... Spitzer was set up. Noam Chomsky talked about events like this years ago. Whenever politicians are seen attacking other politicians in public, or their sex lives are splashed all over the media, you can bet your last Krugger that there is something else going on at the same time that is far more important that they are trying to hide. The subprime mess was planned to the T. There is a great book on UK recessions that Mervyn King proof read that lays out exactly what happens when you have booms like the subpime - so King knew all along what the end result would be. The roots of the subprime were planted with the Clinton administration, where he threatened to sue the banks if they discriminated against those with poor financial records. The UK BoE independence was enacted at the same time as the FSA was brought under government control. The CPI was adopted to mask house prices. The list is endless, which all points to where we are. The end game is to consolidate central bank activity and banking reform - in other words central control of worldwide money printing - and finally WWIII, as was laid out in 1897. An economic crisis precedes all world wars. Link to comment Share on other sites More sharing options...
Goldilocks Posted March 24, 2008 Report Share Posted March 24, 2008 Destroy the world's largest, most powerful economy so the US can be "integrated" with other nations in the western hemisphere - but do it slowly, so nobody can point the finger at one particular Fed action and go lynch the bastards. Bernanke's thesis was on the Great Depression he is obviously the elite's placeman to take the usa down... btw they assaisnated eliot spitzer quite brutally http://www.youtube.com/watch?v=GMo7T9t0Gzk you won't hear anything about his sub-prime battles in the mainstream press this all leads me to believe that the sub prime and resulting financial implosion we are all witnessing has been planned from the get go... Was that gorgie boy giving the rent boy that visited the white house 200 times a kiss/hugs It looks like the guy Eliot Spitzer got politicly assassinated alright,he's a lucky man he didn't go to Dallas or he would have got shot in the head? "French Societe Generale claimed that 15 tons of gold, worth $500 million, which they had given to Goldaş to sell at the Istanbul Gold Market, has gone missing" Rouge trader and now this Bullsh*t :lol: :lol: probally the gold got dropped from the benanke's helicopter 's Link to comment Share on other sites More sharing options...
Pluto Posted March 24, 2008 Report Share Posted March 24, 2008 Was that gorgie boy giving the rent boy that visited the white house 200 times a kiss/hugs It looks like the guy Eliot Spitzer got politicly assassinated alright,he's a lucky man he didn't go to Dallas or he would have got shot in the head? "French Societe Generale claimed that 15 tons of gold, worth $500 million, which they had given to Goldaş to sell at the Istanbul Gold Market, has gone missing" Rouge trader and now this Bullsh*t :lol: :lol: probally the gold got dropped from the benanke's helicopter 's The time has come to exit all financial institutions and take yourself off the grid. Link to comment Share on other sites More sharing options...
Goldilocks Posted March 24, 2008 Report Share Posted March 24, 2008 The time has come to exit all financial institutions and take yourself off the grid. I already have done and have the bear minimum in the bank, 99.5% protected. Link to comment Share on other sites More sharing options...
Goldilocks Posted March 24, 2008 Report Share Posted March 24, 2008 Jim sinclair seems to have upgraded is gold forcast,and is talking loadsa thousands This could be it. Meanwhile gold and silver getting smackdown time, and the dollar surges,what a joke bankers must need more time to steal. This weekend’s meeting of four heads of central banks communicates the size of the OTC derivative disaster. It is a system that is broken. A bailout will require the printing of trillions of dollars worth of monetary stimulation making Bernanke’s helicopter drop look like chump change. The dollar number of pending derivative bankruptcies is the size of the mountain of garbage paper issued by just those who are to be bailed out. That number is greater than the total world economies. There simply isn’t enough money in the world for central banks to buy up the mountain of worthless paper sold by those who need bailouts; all of which made fortunes for their directors, officers and key people. Because of the unthinkable size of the problem it is impossible to construct a Resurrection Trust to buy all these worthless and never to be anything but worthless items. Should any item surface to do this it will destroy all the National currency of the central banks that participate. If there were an attempt to construct such an entity with the cooperation of the USA, the US dollar would go much lower than .5200. Gold would go to many thousands of US dollars. Anyone who last week assumed the problem was over and we would be improving from there on out is simply nuts. http://www.jsmineset.com/ Link to comment Share on other sites More sharing options...
Steve Netwriter Posted March 24, 2008 Report Share Posted March 24, 2008 The latest Peter Schiff Weekly Radio Show from 19th Mar 2008: http://www.europac.net/media/PeterSchiff_03-19-2008.mp3 I love the straight talking, and the way he explodes the mainstream lies, propaganda etc etc. A few top quotes: When you listen to an analyst on one of these popular financial shows, you're not getting investment advice, you're getting propaganda. Big big sell-off in gold....the media saying "this is it, we told you.......". It's still over $900, and even if it fell to $800, it's not going to change the bull market. This is all a bunch of nonsense. In a bull market, it's the sell-offs that are violent, in a bear market it's the rallies That's why we had that 400 point rally in the stock market yesterday, because the DOW is in a bear market. In gold we are in a bull market, and the big moves are all to the downside. It's designed to shake out the weak players. Buy gold/silver this dip. Will it go lower? Who knows. Don't worry if you buy and it goes lower. It doesn't matter. This is a tremendous bull market. Ben Bernanke 'only' cut by 75 basis points ! ONLY ! Stupidities of the week: A 'hawkish' Fed which cuts rates. Freddie and Fannie allowed to offer bigger mortgages, with less collateral ! IPO for Visa - this makes no sense. Steve Forbes - his solution is stupid. The most stupid: Wall Street Journal - solution is to buy up houses and bulldoze them. This is insane. The Bear Sterns buyout - unbelievable. The only JP Morgan was able to buy it was because the Fed took on the crap. This is a US$ bailout. Everyone with US$s is paying. The US$ bounce is just a dead cat bounce. If you've been listening to this show for any length of time and you still have the US$ I don't what I can do, bash you over the head or something. Wall Street is always trying to keep you in the market, so they say "buy defensive stocks". Well the best defence is to not be in the market at all. If stocks only go down 2%, that's just the US$ value, You have to compare it with gold etc. The tax you need to worry about is the inflation tax. With the Fed inflating away..... The gold you bought today, you're not going to even think about selling for years, so why worry about the price today ? Gold is not in a bubble, they are printing more money all over the world, so the price of gold has to go up. Link to comment Share on other sites More sharing options...
Steve Netwriter Posted March 24, 2008 Report Share Posted March 24, 2008 OK, a couple of IMO interesting charts for you: I've read that the US$ got pushed back up and that is what affected the gold price. I think you can see from this that there were two events. First the US$ got pushed back up, which did indeed affect the gold price, but then the gold price got hit down independently, and much harder. Link to comment Share on other sites More sharing options...
ologhai Posted March 24, 2008 Report Share Posted March 24, 2008 A good reason to sell your gold? Fed's rescue halted a derivatives Chernobyl http://www.telegraph.co.uk/money/main.jhtm...23/ccfed123.xml There have been numerous comparisons between the 1929 (and onwards) depression and what we're beginning to see in recent times. Reading this article reminded me of a documentary I saw quite some time ago that briefly skipped over the events leading up to the last depression, and I thought it might be interesting to watch it again in light of what I've learned since. For some reason, the name 'Morgan' also rang certain bells... At first, I wondered if it was one of Aaron Russo's documentaries, but, after a bit of nosing around, I rediscovered a documentary I imagine many of you may have seen (or at least heard of): 'Zeitgeist'. If you're interested in (to be fair, a somewhat tin-foil hat wearing) precis of the hows and whys of the depression of the 1930s and the bankers' part in it, check out the Zeitgeist movie. For the bit about the depression, begin at about 1 hour 17 mins into the documentary. Link to comment Share on other sites More sharing options...
Errol Posted March 24, 2008 Report Share Posted March 24, 2008 It keeps on going up! Go down, god damn you. I want $850! Link to comment Share on other sites More sharing options...
Bobsta Posted March 24, 2008 Report Share Posted March 24, 2008 Pound and USD both rallying quite a bit today. Looks like everything's OK then! Link to comment Share on other sites More sharing options...
jerpy Posted March 24, 2008 Report Share Posted March 24, 2008 Found this article interesting. Small extract from 20th March 08. Much of the selling in gold was due to a giant macro hedge fund that had to sell positions in order to meet investor redemptions. John Meriwether, who if you remember was the guy who set up the Long-Term Capital hedge fund that blew up in 1998, apparently faced huge redemptions yesterday in a group of billion dollar hedge funds. His Relative Value Opportunity fund suffered a 24% loss in its fixed income fund. He also has a billion dollar macro hedge fund down around 9% this year. It is likely that he had to sell gold and commodity positions in this fund to meet redemptions or get off margin. I believe this contributed to the sharp drop in gold and gold stocks yesterday. However, remember that I was talking about a likely correction over the weekend, so a drop was likely anyway due to the charts. Oil stocks in particular were very vulnerable going into this week. That wasn't the only news that swamped the market yesterday. Thornburg Mortgage revealed that it has to raise at least $948 million in the next week in order to stay in business. This remains a very dangerous and volatile market. Although the market is oversold and could hold the 1270 support level on the S&P 500 for a few weeks I believe that this level is eventually going to be breached and I expect that event to lead to a panic waterfall decline in the market. The longer the S&P 500 stays above the 1270 support level the worse the drop will be once it eventually closes below it. The selling in gold and commodities is not a sign that all is well, but is simply the start of the deleveraging of hedge funds that will climax in a sharp market drop that will mark the end of this bear leg that began back in October. Once it ends I expect gold stocks to resume their leadership of the market for the rest of the year. http://www.safehaven.com/article-9737.htm Link to comment Share on other sites More sharing options...
pmaupoil Posted March 24, 2008 Report Share Posted March 24, 2008 If you're interested in (to be fair, a somewhat tin-foil hat wearing) precis of the hows and whys of the depression of the 1930s and the bankers' part in it, check out the Zeitgeist movie. For the bit about the depression, begin at about 1 hour 17 mins into the documentary. I watched most of the second half, I was quite depressed with that dreadful easter weekend but having watched it I feel even worse. Having said that, it really put the world into perspective and how we are conditioned. One major question that came up to my mind is if every large event is part of an agenda then how on earth the potential collapse of the current financial system can be one of them? I am pretty sure than Bernanke who is a "depressions" specialist must know exactly the consequences of his actions with his greedy buddies, right? What benefits could they get from it? Are we perhaps going to get a black swan along the corner? Link to comment Share on other sites More sharing options...
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