Steve Netwriter Posted June 5, 2008 Report Share Posted June 5, 2008 Wow ! Most emailed ! I guess a few people have heard about gold by now then. Link to comment Share on other sites More sharing options...
Steve Netwriter Posted June 5, 2008 Report Share Posted June 5, 2008 Spot the error in this: ------------------------------- US banks fear being forced to take $5,000bn back on balance sheets By Paul J Davies and Gillian Tett in Cannes and Jennifer,Hughes in London Published: June 4 2008 03:00 | Last updated: June 4 2008 03:00 Accounting changes could force US banks to take thousands of billions of dollars back on to their balance sheets in the coming months in a move that is likely to curb further their lending and could push them into new capital raisings, analysts have warned. Analysts at Citigroup said a planned tightening of the rules regarding off-balance sheet vehicles would force banks to reconsider arrangements and could result in up to $5,000bn of assets coming back on to the books. http://www.ft.com/cms/s/0/33cab6b4-31d1-11...?nclick_check=1 ------------------------------- I think it's this bit $5,000bn of assets If the assets were worth $5,000bn what would the fuss be about ? Surely the fuss is because they are not. I think what they mean is "assets previously valued at $5,000bn" Link to comment Share on other sites More sharing options...
Steve Netwriter Posted June 5, 2008 Report Share Posted June 5, 2008 Anyone for bank stocks ? ----------------------- Return of the Credit Crisis – Did It Ever Leave? Time to brace for more bad news BY FRANK BARBERA, CMT Don’t look now, but its back. Swept back upon the rocky shores and thrown harshly against the rocks by a vicious tide, the banks' shares are once again moving to new multi-year lows. Of course, the news is horrible, but the price action of financial shares suggests there is far worse yet to come. For those just looking at the last few days of the stock market rally, it might be very tempting to conclude that the averages are stabilizing and that things have gotten ‘back to normal.’ Ah, if only. As it happens, ‘normal’ is not even within hailing distance and lo to the investor who decides that now is the time to take his eye off the bouncing ball. In this case, the bouncing ball has been and remains the monumental credit crunch sweeping the globe. It is the proverbial elephant in the middle of the room that few like to talk about, and which once again in the last few days has passed another major round of gas. To begin with, we note that for the first quarter 2008, Banks' earnings fell by 46% to $19.30 billion with the number of officially reported ‘problem’ banks jumping from 76 to 90. In the first quarter, US Banks set aside a record $37.1 billion to cover losses, however, even government regulators don’t believe that will be enough to stave off further problems. According to Sheila Bair, Chairwoman of the FDIC, Federal Deposit Insurance Corporation, loan-loss provisions and bank failures will likely continue to rise in coming quarters. “While we may be past the worst of the turmoil in the financial markets (ed. Don’t count on it) we’re still in the early stages of the traditional credit crisis you typically see during an economic downturn” stated Ms. Bair. In fact, Ms. Bair went on to point out that the ‘coverage ratio’ for banks is still declining, a ‘worrying trend.’ The coverage ratio compares bank reserves with the level of loans that are 90 days past due. According to the FDIC, “The ratio fell for the 8th consecutive quarter to .89 in reserves for every $1 of non-current loans, the lowest level since the 1st of 1993.” This trend has been reflected in a constant parade of banks reporting ‘worse than expected’ results and simultaneously increasing their loan-loss reserves. Take Keycorp (KEP) for example, which recently doubled its forecast for loan losses for the second time in the last few months. The stock collapsed by more then 10%, and as of last night closed at a new multi-year low and a new closing low for the entire decline. http://www.financialsense.com/Market/barbera/2008/0603.html Link to comment Share on other sites More sharing options...
narco Posted June 5, 2008 Report Share Posted June 5, 2008 Yes I think they will. She said that they are getting some more. I think they will try and get anything you want. I know that they will buy gold bars even though they don't sell the same "brands". How many Britannias are you after? Oh not many really. Probably around 5 just to get some of these beauties into the collection. Link to comment Share on other sites More sharing options...
ConvertedGoldBug Posted June 5, 2008 Report Share Posted June 5, 2008 I'm sending em back tomorrow. They called me this morning saying they'd sent my silver to someone else by mistake... Its a shame but you're right, these are superb coins. I'm seriously interested in getting hold of one of these nugget next pay day. That's a shame... It's a pity they don't list and show pictures of the older years coins they have abailable... those two are much nicer than the 2008 edition. Link to comment Share on other sites More sharing options...
frizzers Posted June 5, 2008 Report Share Posted June 5, 2008 Dr Bubb and others that are interested, you can now trade options on GLD Link to comment Share on other sites More sharing options...
azazel Posted June 5, 2008 Report Share Posted June 5, 2008 Oh not many really. Probably around 5 just to get some of these beauties into the collection. You've really got the bug! If you are interested, I might swap or sell you some of mine at cost. Link to comment Share on other sites More sharing options...
G0ldfinger Posted June 5, 2008 Author Report Share Posted June 5, 2008 Another total and utter surprise on Bloomberg: YoY -3.8%. It's the Property Cliff. The 'ladder' has been removed. :lol: U.K. House Prices Fall 3.8%, Biggest Decline in 15 Years, HBOS Report Says http://www.bloomberg.com/apps/news?pid=206...&refer=home Link to comment Share on other sites More sharing options...
wheelybin Posted June 5, 2008 Report Share Posted June 5, 2008 The latest data on the housing market are undeniably alarming,'' said Howard Archer, chief European economist at Global Insight in London, who expects prices to fall 12 percent this year and next. The Halifax index shows that prices are down 7.84% from their peak in August 07. What Howard Archer is effectively saying, is that there'll only be another 4% or so of falls before the end of 2009. Personally, I don't see what's going to stop the rot. Edit... the June, July, August falls are only taken into account by the YoY Link to comment Share on other sites More sharing options...
CIGA Posted June 5, 2008 Report Share Posted June 5, 2008 Ben Bernanke has succeeded in talking the dollar up towards the top of the range Give it a few more days. and you may have a great dollar-shorting opportunity. And if the dollar starts dropping again, Gold should go up too. Breakout! Has the dollar just broken the upper trend channel? Link to comment Share on other sites More sharing options...
dietcolaaddict Posted June 5, 2008 Report Share Posted June 5, 2008 Does anyone have an opinion of the quality of analysis on marketoracle.co.uk? They publish quite a lot on commodities and do make bold financial predictions which seem well researched. http://www.marketoracle.co.uk/Topic3.html Link to comment Share on other sites More sharing options...
Steve Netwriter Posted June 5, 2008 Report Share Posted June 5, 2008 Does anyone have an opinion of the quality of analysis on marketoracle.co.uk? They publish quite a lot on commodities and do make bold financial predictions which seem well researched. http://www.marketoracle.co.uk/Topic3.html IMO there's a wide range of writers, some I'd trust more than others. You get a similar selection of sources as on Dollar Collapse, etc etc. I look at it a lot, but tend to look for names I like. Link to comment Share on other sites More sharing options...
G0ldfinger Posted June 5, 2008 Author Report Share Posted June 5, 2008 If you ever lose focus, this is how the gold and silver charts will look in a few years. Link to comment Share on other sites More sharing options...
dietcolaaddict Posted June 5, 2008 Report Share Posted June 5, 2008 thanks Steve! If you ever lose focus, this is how the gold and silver charts will look in a few years. That's also the heart rate monitor readout of the new Bradford&Bingley chairman while first viewing their loan book! Link to comment Share on other sites More sharing options...
G0ldfinger Posted June 5, 2008 Author Report Share Posted June 5, 2008 thanks Steve! That's also the heart rate monitor readout of the new Bradford&Bingley chairman while first viewing their loan book! I'm not Steve, but I like your remark anyway. Link to comment Share on other sites More sharing options...
marceau Posted June 5, 2008 Report Share Posted June 5, 2008 I think we're going to see $850 or below today or tomorrow, but not much lower than that. Gold's sell off over the past 2 months has been foreshadowing a dollar rally, now that appears to be here I personally think that gold will turn and begin to foreshadow the future again, a future where the dollar dives into oblivion. I'm set for some big buys over the next few days, core, speculative, the lot. It's just a question of at what level to pull the trigger. Link to comment Share on other sites More sharing options...
Pixel8r Posted June 5, 2008 Report Share Posted June 5, 2008 Breakout! Has the dollar just broken the upper trend channel? Not quite, 73.65 seems to be the channel top. here's some comment of jsmineset.com Jim, On a dollar log chart with a downtrend line marked by the August 07 high of 82 and change and the other point being the Feb 08 high of 77, that major DT line comes in right about 73.65 or so and the dollar will walk towards that touch point in 2 or 3 trading days. The dollar has been trying to put together a rally for almost 3 months now and seems to be running out of gas. I say the DT line holds. Ben shot a bullet today in terms of tough talk about not lowering. In my mind that was his last shot. The talking head folks are all trying to pan weak dollar trades (basically pro commodity trades) and get out the strong dollar vibe. That tells me that it is a weak attempt to turn things around. You mentioned recently, correct me if I am wrong, that long term gold is all in the dollar, but shorter term recently Gold is now more Euro correlated. If so, on a Euro log chart the UT line with corresponding mirror image dates to the dollar chart, marking the Aug low at 134.63 and the next point being Feb 08 low of 144.44 - this uptrend line comes into play at 152.50 for the euro in a few trading days time. SO the dollar should be capped and the Euro should find support and Gold then should be free to roam. Am I right about keeping it simple? CIGA Ken Dear Ken, You are right on. Regards, Jim Link to comment Share on other sites More sharing options...
sbatty333 Posted June 5, 2008 Report Share Posted June 5, 2008 I've just gone long gold @865, and am now watching the price bounce around. Decided on that figure from approximately six months fairly amateurish observations (from myself), and chucking my hat in with Big Jim (sinclair), who called it as the low (second week of may or similar). Which if correct is rather impressive and also somewhat worrying (in that someone can get it that spot on), well here's hoping anyway. Link to comment Share on other sites More sharing options...
Joe90 Posted June 5, 2008 Report Share Posted June 5, 2008 If I may add Trichet is signalling the possibility of a small rise next month. Euro has responded to this which will likely halt the recent dollar bounce at least in the short-term. Joe Link to comment Share on other sites More sharing options...
marceau Posted June 5, 2008 Report Share Posted June 5, 2008 If I may add Trichet is signalling the possibility of a small rise next month. Euro has responded to this which will likely halt the recent dollar bounce at least in the short-term. Joe Haha. Yes I love what happened there. Bernanke isn't the only one who can talk his currency up, the trick he used yesterday just got used against him (and I hope it hurts like hell). There's no more room for bluffing now, it's actions which will ultimately move the market. Not that I really believe that the ECB will raise rates, there in just as bad a bind as the Fed to be honest. It will be interesting to see who blinks first though. I'm firmly back in the bull camp now. Reality is returning from what I can see, and oh boy does it suck for the Fed. Edit: I'm still not ruling out a dip to $850 though. There still seems quite a good prospect of that in my opinion. Link to comment Share on other sites More sharing options...
wren Posted June 5, 2008 Report Share Posted June 5, 2008 I've just gone long gold @865, and am now watching the price bounce around. Decided on that figure from approximately six months fairly amateurish observations (from myself), and chucking my hat in with Big Jim (sinclair), who called it as the low (second week of may or similar). Which if correct is rather impressive and also somewhat worrying (in that someone can get it that spot on), well here's hoping anyway. IMO these last weeks have been a good buying opportunity, especially below 900. Welcome! Link to comment Share on other sites More sharing options...
azazel Posted June 5, 2008 Report Share Posted June 5, 2008 silver going its own way today. Link to comment Share on other sites More sharing options...
ologhai Posted June 5, 2008 Report Share Posted June 5, 2008 On my Bollinger charts for both gold and silver, the upper and lower bands are closing fast! Are gold and silver preparing to jump? Link to comment Share on other sites More sharing options...
CIGA Posted June 5, 2008 Report Share Posted June 5, 2008 Not quite, 73.65 seems to be the channel top. here's some comment of jsmineset.com The index went over 73.65 for a few moments . . looks like there was no need to worry, bounced off the upper trendline and headed back down. Link to comment Share on other sites More sharing options...
wheelybin Posted June 5, 2008 Report Share Posted June 5, 2008 Keeping a beady eye on the ol' Joe-Publicometer.... What's going on here? Link to comment Share on other sites More sharing options...
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