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Oy, that is a bit of a vertical drop isn't it. The cartel must be angry that we're talking about them.

 

Goldbugs, I think we need a sacrifice to appease the cartel. It's usually a black and white bird right ? :D

 

:lol:

 

--------------

 

Yes that Flint blunder is a classic isn't it.

 

I had to save that picture for future laughs :D

 

Caroline_Flint_House_Price_Statemen.jpg

 

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A real scoop that photo. :lol:

Last sentence:

"But it is vital that we show that at this time of uncertainty we show we are on people's side."

 

Yes, but which people? It doesn't say the people, does it?

 

Bankers is my guess.

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Economic 'misery' more widespread

Some experts argue that true inflation and unemployment -- the components of the economy's 'Misery Index' -- are higher than the government's official figures.

http://money.cnn.com/2008/05/13/news/econo...sion=2008051317

 

NEW YORK (CNNMoney.com) -- Americans are feeling a lot more economic pain than the government's official statistics would lead you to believe, according to a growing number of experts.

 

They argue that figures on unemployment and inflation are being understated by the government.

 

Unemployment and inflation are typically added together to come up with a so-called "Misery Index."

 

The "Misery Index" was often cited during periods of high unemployment and inflation, such as the mid 1970s and late 1970s to early 1980s.

 

And some fear the economy may be approaching those levels again.

 

The official numbers produce a current Misery Index of only 9, not far from the low of 6.1 seen in 1998.

 

But using the estimates on CPI and unemployment from economists skeptical of the government numbers, the Misery Index is actually in the teens. Some worry it could even approach the post-World War II record of 20.6 in 1980.

 

What's this, people questioning the official figures !!!!

A shocking development. (said in a very cynical voice) :D

 

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Jim Rogers' predictions and musing on an assorted list of items.

 

 

- "Gold is in a correction right now. I suspect it could go down to US$800, who knows, or US$750. I'm terrible at market timing, but if gold goes down some more, I plan to buy some more."

 

- "I've started to think about buying base metals," Rogers said. "I'm not buying base metals yet but I've noticed some of them are down a lot and if they continue to consolidate, I will probably be buying base metals."

 

- "Oil in my view will certainly have to go above US$150 or even US$200 during a bull market. This is not a short-term view. We've not had a major oil field discovery anywhere in the world over 40 years."

 

- "Agriculture is going to be one of the most exciting growth industries in the world for the next 10-15 years. Conservative" agricultural banks such as Rabobank NV "will have their sun now."

 

- "Rice prices have to go much higher before supply rises. Rice at times "in the dark recesses of history," adjusted for inflation, was much higher than now. Inventories are "very low" and "nobody's becoming a rice farmer these days. Young Chinese haven't gone into rice farming in the last 30 years. They've headed to Shanghai and gone down to the new stock exchange or commodities exchange and that's true in most parts of the world."

 

- "I expect a nice rally in the American dollar because so many have been bearish on the American dollar including me."

 

- "America is also a huge producer of agriculture and if I'm right about agriculture prices, which I think will go up a lot, that's going to help America compared to those countries which don't have agriculture."

 

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Volcker Warns Of Consequences Of Confidence Loss In The Fed

 

Author: Jim Sinclair

 

 

 

Dear Friends,

 

Former Chairman of the Federal Reserve and Master of the Financial Universe, Paul Volcker, said this morning:

 

"We are back in the 70s or worse if confidence in the Federal Reserve is lost."

 

This means to me that we are back in the 70s.

 

Watch out far, far below if the CONSEQUENCES of the Fed actions are realized. They will be!

 

I listen when Paul Volcker speaks, and I suggest you do the same. It was Paul Volcker who motivated me to leave gold for 15 years.

 

This is certainly it!

 

Regards,

Jim

 

Volcker Says Fed Interventions Risk Political Battles - Bloomberg 14/5/08

 

``If we lose confidence in the ability and the willingness of the Federal Reserve to deal with inflationary pressures'' and buttress the dollar, ``we will be in real trouble,'' Volcker said. ``That has to be very much in the forefront of our thinking. If we lose that we are back in the 1970s or worse.''
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this was more amusing

 

Author: Jim Sinclair and Monty Guild

 

 

 

 

 

 

 

 

 

 

Dear Friends,

 

Having gone to Iona Prep, being taught by the Irish Christian Brothers in the 1950s, you can be sure that I am a seasoned and tested survivor.

 

Leaving Iona to go hunting for the weekend after classes on Friday, being 16 years old, going to my shack in the Adirondack Mountains with my Winchester 94 in the cab of my sort of trusty Ford, I really can see times past in this article.

 

I made a few small changes because, hey, it isn't the 50s any more.

 

School -- 1957 vs. 2007

 

Scenario: Jack goes quail hunting before school, pulls into school parking lot with shotgun in gun rack.

1957 - Vice Principal comes over, looks at Jack's shotgun, goes to his car and gets his shotgun to show Jack.

2007 - School goes into lock down, FBI called, Jack hauled off to jail and never sees his truck or gun again. Counselors called in for traumatized students and teachers.

 

Scenario: Johnny and Mark get into a fistfight after school.

1957 - Crowd gathers. Mark wins. Johnny and Mark shake hands and end up buddies.

2007 - Police called, SWAT team arrives, arrests Johnny and Mark. Charge them with assault, both expelled even though Johnny started it.

 

Scenario: Jeffrey won't be still in class, disrupts other students.

1957 - Jeffrey sent to office and given a good paddling by the Principal. Returns to class, sits still and does not disrupt class again.

2007 - Jeffrey given huge doses of Ritalin. Becomes a zombie. Tested for ADD. School gets extra money from state because Jeffrey has a disability.

 

Scenario: Billy breaks a window in his neighbor's car and his Dad gives him a whipping with his belt.

1957 - Billy is more careful next time, grows up normal, goes to college, and becomes a successful businessman.

2007 - Billy's dad is arrested for child abuse. Billy removed to foster care and joins a gang. State psychologist tells Billy's sister that she remembers being abused herself and their dad goes to prison. Billy's mom has affair with psychologist.

 

Scenario: Mark gets a headache and takes some aspirin to school.

1957 - Mark shares aspirin with Principal out on the smoking dock.

2007 - Police called, Mark expelled from school for drug violations. Car searched for drugs and weapons.

 

Scenario: A foreign student fails high school English.

1957 - He goes to summer school, passes English, goes to college.

2007 – His cause is taken up by state. Newspaper articles appear nationally explaining that teaching English as a requirement for graduation is racist. ACLU files class action lawsuit against state school system and his English teacher. English banned from core curriculum. He is given a diploma anyway.

 

Scenario: Johnny takes apart leftover firecrackers from 4th of July, puts them in a model airplane paint bottle, blows up a red ant bed.

1957 - Ants die.

2007 - BATF, Homeland Security, FBI called. Johnny charged with domestic terrorism, FBI investigates parents, siblings removed from home, computers confiscated, Johnny's Dad goes on a terror watch list and is never allowed to fly again.

 

Scenario: Johnny falls while running during recess and scrapes his knee. He is found crying by his teacher, Mary. Mary hugs him to comfort him.

1957 - In a short time, Johnny feels better and goes on playing.

2007 - Mary is accused of being a sexual predator and loses her job. She faces 3 years in State Prison. Johnny undergoes 5 years of therapy.

 

 

 

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given that gold is coming down from overbought the $846 level is critical. if it breaks though that in the next week or so it will not be good for gold, if it holds then it maybe an intermediate bottom. Interesting to see if oil breaks down from here and the effect on gold as oil didn't do much for gold on the way up recently

personally I'd like to see gold get a good trashing here as I could not see myself buying it at $850-$900 at the moment. I think I would only be interested in buying at the $750 range.

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``The Federal Reserve as other central banks is obviously taking onto its balance sheet a lot of mortgages these days,'' Volcker said. ``Well, the creators of the Federal Reserve system would be rolling over in their graves if they knew the Federal Reserve is buying mortgages.''
:lol:
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Tim Ord likes Silver stocks and Gold stocks

 

Tim Ord is a full-time at-home trader who has been in the markets for over 25 years. One of his claims to fame: in 1988, using his own account, he placed fourth nationally in the option division in "The United States Trading Championship." Tim's trading methods of looking at supply and demand in the markets was first outlined almost one hundred years ago in the work of Richard D. Wyckoff. Many know of his work in coming up with a new method of trading using the N.Y.S.E. tick index. Here we talk about how he combines stock price and volume to determine the price direction on a swing trading basis.

 

Read more about Tim at: http://www.Ord-Oracle.com.

 

/see: http://www.traderinterviews.com/programs/T...5-01_TimOrd.asx

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Dear CIGAs,

 

US INFLATION AT .2% IN APRIL… EVEN MAINSTREAM COMMENTATORS ARE LAUGHING AT THE GOVERNMENT STATISTICS

 

I could not help but laugh at the news this morning. As I was driving to work at about 6am LA time I heard the newscaster on the radio say. “Now all of you listeners don’t call me and complain. I am just reading the government report - the CPI was up .2% last month for an annual rise of about 2.4%.”

 

Later in the day I was told on CNBC one of the anchors, Mark Haines, was laughing about the CPI and pointed out that the seasonally adjusted gasoline component of the CPI was only up 5.2% while the government said it should have been up 7.2% in April so they marked the CPI down to adjust for the failure of gasoline to rise by 7.2%”. His co anchor commented “Yeah, 5.2% on top of $3.50 per gallon.”

 

I don’t usually listen to financial TV, but when a medium like financial TV, which is not the first to catch on to new trends, is making fun of the government inflation reports, the public at large is waking up. They are waking up to the obvious fact that inflation is here and it is a lot higher than government admits.

 

This is an important milestone to the recognition that one must hedge against inflation and to do so the public will come to adjust their behavior and begin to purchase inflation hedges including commodities, especially energy and gold. We at Guild Investment Management are using price corrections to add to our positions in energy, gold, food related and other stores of value.

 

Respectfully yours,

Monty Guild

www.GuildInvestment.com

 

http://www.jsmineset.com/ARhome.asp?VAfg=1...amp;T_ARID=6180

 

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"Why gold is still a good long-term play"

 

The current correction is not yet exceptional: Since the current bull market began in earnest in 2001, there have been nine corrections in excess of 8%.

 

During the three worst pullbacks, gold fell 15.98%, 18.27%, and 27.7%, respectively. And the average of those corrections is 13.6%, so the latest, which touched 18% at its worst, is only marginally worse than average.

 

Article on MoneyWeek's wesbite.

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Well if this doesn't make you want to buy gold, nothing will !!!

 

 

Really Scary Fed Charts: MAY, False Alarm?

http://benbittrolff.blogspot.com/2008/05/r...alse-alarm.html

 

My Comment: Interesting indeed. Frightening as well. The Fed has basically traded in high quality instruments, US treasuries, for low quality instruments that the market doesn’t want at all or is pricing at levels deemed unacceptable by those market participants still denying reality. The Fed has committed half of its $800 billion balance sheet to battle the RESIDENTIAL real estate bubble implosion. The COMMERCIAL real estate bubble implosion has yet to get well underway. Revolving credit, such as credit card debt has yet to implode as well. Job losses have yet to accelerate. The recession has yet to gather steam.

 

 

And here is a little video to explain it:

 

Non-borrowed Reserves And Why You Care (Karl Denninger)

 

and this thread: http://www.tickerforum.org/cgi-ticker/akcs-www?post=44570

which is a must read.

 

:blink: :blink: :blink:

 

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WOW!

Someone in the PPT just pressed the wrong button again!

:D

...I logged in to make exactly that comment - great minds think alike :)

 

Now at 885 and still not obviously slowing!

I guess this jump won't do any harm to the recovering market sentiment in gold, pushing the TRUTH value even higher

 

...and its only just the start. As the true mess things are in becomes increasing clear to the masses, this kind of jump will probably become routine

 

 

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