Jump to content

Recommended Posts

http://www.bloomberg.com/apps/news?pid=206...&refer=home

 

Taxpayers May Be Liable From Bear, Mortgage Rescue

 

By Craig Torres and James Tyson

 

March 26 (Bloomberg) -- Even as the Bush administration insists it won't risk public funds in a bailout, American taxpayers may already be liable for billions of dollars stemming from Federal Reserve and Treasury efforts to quell a financial crisis.

 

History suggests the Fed may not recover some of the almost $30 billion investment in illiquid mortgage securities it received from Bear Stearns Cos., said Joe Mason, a Drexel University professor who has written on banking crises. Treasury's push to have Fannie Mae and Freddie Mac buy more mortgage bonds reduces the capital the government-chartered companies hold in reserve at a time when foreclosures and defaults are surging.

 

Regulators ``are playing with fire,'' said Allan Meltzer, a Fed historian and economics professor at Carnegie Mellon University in Pittsburgh. ``With good luck, none of these liabilities will come due. We can't expect that good luck, and we haven't had it.''

 

 

Doesn't bode well for the dollar.. Or the pound..

Share this post


Link to post
Share on other sites
I think I'll be buying into gold and silver heavily on the next NY trading pullback. Newsflow is so bearish that this commodity correction could be one of the shortest in this bull market's history.

 

No pullback today!

 

So, if the price pulls back by, say, twenty or thirty bucks on NY's awakening over the next couple of days, you're jumping in with both feet?

Share this post


Link to post
Share on other sites

Only in our centrally panned world of Capitalism - which is really another form of communism which lets you keep your stuff in good times and vote from a list of chosen "leaders" once in a while - can we have bailouts from a private company (fed and Boe) with public money. All the banking bailouts shows us who is really in charge, and that is the central banks, which are supposed to be independent from government, but in reality are only independent from you and I as we are not allowed to vote the parasites out. Another trait of communism I may add.

 

Anyway back on topic. Gold dived 15% recently on news that a major investment bank just croaked and all other investment banks can now join the money trough with the other pigs otherwise known as member banks. Also in the news, a RUMOUR ALMOST COLLAPSES THE UK BANKING SYSTEM. Yep, that is the stability the 97th sexiest man alive claims the UK economy has*. Inquiring minds would like to know what would happen in the UK if the economy falters in Brown's mind. A cross between the films Mad Max and 1984 comes to mind.

 

Gold should be crossing $1,500 right this minute based on this news. A lot of inflationists are now joining the deflation camp based on what the bond market is saying. Of course the bond market could be another rigged table in the money changers' casino, so what to believe anymore is suspect. The owners of the casino are desperate to keep the punters at their tables, and not exit the system and buy real commodities, the only form of money since man crawled his way out of the cave.

 

*Womans magazine voted Brown the 97th sexiest man alive - I rest my case on the general stupidity and low standards that is endemic in the UK.

Share this post


Link to post
Share on other sites
No pullback today!

 

So, if the price pulls back by, say, twenty or thirty bucks on NY's awakening over the next couple of days, you're jumping in with both feet?

 

 

In a word, yes. ;)

Share this post


Link to post
Share on other sites
In a word, yes. ;)

 

Well, both gold and silver have firmly re-crossed their 50-day MAs today...

 

I think I said something a few days ago about perhaps buying some more when they did that... :unsure::lol:

Share this post


Link to post
Share on other sites
Someone in the Other Place has started another Put the Gold Thread Back in the Main Forum poll.

 

I also noticed that 'cgnao' posted a nice rocket-on-the-launchpad picture in his reply. Seeing that he/she seemed to be right on the money in predicting the recent fall, maybe it's time to buy again! ;)

 

They don't want anyone telling them their strategy of hoarding their STR funds in the Bradford and Bingleys of this world is flawed. They want to blame estate agents and property porn shows for their suffering, when in reality the fault lies squarely with the government agencies that are supposed to oversea banking regulations. They want to feel warm in the fact they are all in it together, when at the same time they are all running around rearranging deck chairs on the Titanic in a mad panic.

 

Most of all they want everyone to stop talking about gold, which is really about inflation, as deflation is what they are all hoping and praying for.

 

There are some posters that get it, but they are few and far between.

Share this post


Link to post
Share on other sites
They don't want anyone telling them their strategy of hoarding their STR funds in the Bradford and Bingleys of this world is flawed. They want to blame estate agents and property porn shows for their suffering, when in reality the fault lies squarely with the government agencies that are supposed to oversea banking regulations. They want to feel warm in the fact they are all in it together, when at the same time they are all running around rearranging deck chairs on the Titanic in a mad panic.

 

Most of all they want everyone to stop talking about gold, which is really about inflation, as deflation is what they are all hoping and praying for.

 

There are some posters that get it, but they are few and far between.

 

And to recall the flaming we used to get off the HPC mods for even daring to suggest that currency debasement was the most likely outcome... :rolleyes:

 

European signatories sell 2.7 tonnes of gold last week

 

Is this substantial enough to have triggered last weeks drop?

 

Under the agreement CBs are permitted to sell upto 500 tonnes per year which works out at roughly 10 tonnes per week, so the answer to your question is most likely no. In fact they're helping to support the price as their dumping in recent years filled the shortfall in global gold production and now it doesn't...

Share this post


Link to post
Share on other sites

cgnao posted this on 26 march 2008 http://www.housepricecrash.co.uk/forum/ind...p;#entry1032614

 

>>>>>>>>>>>>>>>> Are You Ready?

Have you put your financial house in order?

 

Suppose an emergency bank holiday is declared. After two weeks, banks re-open and GBP is devalued by 90% or more. Pump petrol prices skyrocket to 10 pound or more, not to mention food and other vital items.

 

How would you cope? What would you do?

 

Think I am crazy? I do hope I am.

 

Protect yourselves.<<<<<<<<<<<<<<<<<<<<<

 

 

 

 

I don't know what to make of this post but I respect cgnao posts. It would be arrogant for humans to think that there will never be a war as destructive as the second world war as we now have nukes. Similarly there will never be a crisis like 1929 again? Think again! Does anyone object to me copying his posts here, at least the most significant ones?

Share this post


Link to post
Share on other sites

I purchased some gold today. Got fed up of waiting for the drop. It's fairly irrelevant anyway as my long term target is $1650++ (and I've been buying since the year 2000).

Share this post


Link to post
Share on other sites
cgnao posted this on 26 march 2008 http://www.housepricecrash.co.uk/forum/ind...p;#entry1032614

 

>>>>>>>>>>>>>>>> Are You Ready?

Have you put your financial house in order?

 

Suppose an emergency bank holiday is declared. After two weeks, banks re-open and GBP is devalued by 90% or more. Pump petrol prices skyrocket to 10 pound or more, not to mention food and other vital items.

 

How would you cope? What would you do?

 

Think I am crazy? I do hope I am.

 

Protect yourselves.<<<<<<<<<<<<<<<<<<<<<

 

 

 

 

I don't know what to make of this post but I respect cgnao posts. It would be arrogant for humans to think that there will never be a war as destructive as the second world war as we now have nukes. Similarly there will never be a crisis like 1929 again? Think again! Does anyone object to me copying his posts here, at least the most significant ones?

 

I wouldnt be sucked in by that hyperbole...its just attention-seeking. cgnao is very good at digging out worrying info and disseminating it, though he undermines his credibility with these baseless posts. Shame really.

 

Share this post


Link to post
Share on other sites
They don't want anyone telling them their strategy of hoarding their STR funds in the Bradford and Bingleys of this world is flawed. They want to blame estate agents and property porn shows for their suffering, when in reality the fault lies squarely with the government agencies that are supposed to oversea banking regulations. They want to feel warm in the fact they are all in it together, when at the same time they are all running around rearranging deck chairs on the Titanic in a mad panic.

 

Most of all they want everyone to stop talking about gold, which is really about inflation, as deflation is what they are all hoping and praying for.

 

There are some posters that get it, but they are few and far between.

 

Well put. They'll all get it eventually. ;)

Share this post


Link to post
Share on other sites

The monthly gold future for March ended to day ...... dropping me out of my position.

 

Finished +£1700 up on a £5 per point bet ....... not bad really :lol:

Share this post


Link to post
Share on other sites

I'm interested in finding historical gold price data. I'd want it to be in sterling, and ideally to go back as far as, say, 1950. Quarterly or monthly prices would be quite sufficient.

 

I have managed to find a chart of yearly gold price data going back to 1833, but it's in dollars! ;)

Share this post


Link to post
Share on other sites
I wouldnt be sucked in by that hyperbole...its just attention-seeking. cgnao is very good at digging out worrying info and disseminating it, though he undermines his credibility with these baseless posts. Shame really.

 

We shall see. Its all about time though. It will happen but when is the question. I think he is correct in what he says (100% :P ) He says it in such a way as to wind some people up, which makes it very entertaining.

Share this post


Link to post
Share on other sites
I don't know what to make of this post but I respect cgnao posts. It would be arrogant for humans to think that there will never be a war as destructive as the second world war as we now have nukes. Similarly there will never be a crisis like 1929 again? Think again! Does :(anyone object to me copying his posts here, at least the most significant ones?

I posted this on HPC other day and got laughed at.

 

http://www.housepricecrash.co.uk/forum/ind...t&p=1026548

 

Strangly I did feel this today.

 

I stocked up on some candles, matches and a fair bit of canned food today. I also withdrew a few hundred pounds of cash out of the bank... :blink:

 

Just trying to figure out what might be essential in the event of a major run on the banks.

Share this post


Link to post
Share on other sites
The monthly gold future for March ended to day ...... dropping me out of my position.

 

Finished +£1700 up on a £5 per point bet ....... not bad really :lol:

You should ask your broker to auto-roll your positions.

 

Enjoy your success! But as there's more upside to Gold, I suspect you'll be back for more. Just be careful not to get too greedy. :)

Share this post


Link to post
Share on other sites

I spoke to someone from the car industry today. Maybe these are things everyone knows anyway, but here a few things I learned:

 

(1) In catalysts, Palladium can substitute Platinum. However, 2.5-3 times more Palladium than Platinum is needed. Therefore, once the price of Platinum is higher by that rate (as is the case now), car producers might start buying more Palladium. This could soon be the case and could let Palladium surge more.

 

(2) If Russia stops Palladium exports after (1) has occured (they've done that in the past), the price could explode (cartel/mafia like action, similar to South Africa).

 

(3) All car producers seem to be heavily developing electric cars right now (led by Toyota). This could lead to a surge in metals needed in modern batteries, like Cobalt etc.

 

OK, maybe that's all old stuff, but I found the information on Palladium quite useful. I think I'll get some.

 

EDIT: Regarding (3), Hydrogen seems to be out of fashion. In places like California etc. the hope is to fuel these cars with solar power. My opinion is that all this will be good for not only solar energy, but also nuclear power (Uranium).

 

EDIT 2: If electric cars really take over during the next few years, Palladium and Platinum will at some point crash like hell. Maybe that's why those miners in South Africa try to make as much of it as possible right now. :)

Share this post


Link to post
Share on other sites

Would anyone like to comment on this perspective on current status of gold trading from Dan Norcini from JSmineset?

 

I'm not hugely familiar with the Commitments of Traders stats but maybe they are something worth keeping a close eye on to gauge short term status of gold/silver markets? I'm sure there's more info on GEI somewhere so I'll have a dig around. Happy to hear of anyone's views on COT usefulness though.

 

 

JS mineset

"Open interest in gold is down nearly 140,000 contracts from its peak near 593,000. That is one huge cleanout that has occurred. Actually based on the severity of this drop, I am tempted to say that the worst is over in gold. It is hard for me to conceive of anyone calling the gold market “filled with speculative longs” after a drop in open interest of this magnitude. I still want to see Friday’s COT report as that will provide a much better insight as to what is taking place internally in this market. My main question is how much of this drawdown is related to spreaders dropping their positions as measured against the spec and commercial outrights. The funds tend to add on shorts into weakness so we might have the situation where fund long liquidation is being met with fresh fund selling. That might be serving to mask the severity of the decline in the open interest readings so we will need to see the data on Friday to get a good perspective"

Share this post


Link to post
Share on other sites
EDIT 2: If electric cars really take over during the next few years, Palladium and Platinum will at some point crash like hell. Maybe that's why those miners in South Africa try to make as much of it as possible right now. :)

Which is why I like Gold and Silver even though the price maybe lagging recently in comparison.

 

Gold and silver is real money and always will be.

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now

×