narrowescape Posted March 19, 2008 Report Share Posted March 19, 2008 hahaha i was thinking exactly the same thing! I wouldn't be touching a credit card company with a bargepole right now! Today is a great day for Commodity bulls. They are dumping some GREAT miners (such as AEM) with reckless abandon, not to mention the Agriculture stocks, and NatGas stocks and of course physical PMs.. its gonna be fun relieving them of their holdings they are in such a hurry to dump.. all while the Fed is monetizing like CRAZY!! ..Ahh feels good to put in my first post on the new gold forum. OMG the 'other' forum has become SOOOO hostile to anyone who mentions gold or inflation at any time.. the deflationists over there are really bullying anyone with a view that challenges the new 'consensus' out of the forum altogether.. So much for learning or rational debate! While not wanting to p*ss on anyone's bonfire, according to the Bloomberg article about this story, Visa (along with MasterCard) don't actually issue credit. They only process credit and debit card transactions. So long as people use any form of plastic instead of cash, it will continue to do well What is interesting about the sale is that their previous owners comprised a number of the big banks. Looks (to me) like this is yet another sale of assets by the big banks to increase their capital base during these "challenging" times. Edit:Typo Link to comment Share on other sites More sharing options...
drminky Posted March 19, 2008 Report Share Posted March 19, 2008 haha http://www.bloomberg.com/apps/news?pid=206...&refer=home Goldman, Morgan Stanley Use Fed's Wall Street Window (Update2) By Yalman Onaran and Christine Harper March 19 (Bloomberg) -- Goldman Sachs Group Inc., Morgan Stanley and Lehman Brothers Holdings Inc. said they've borrowed from a program created by the Federal Reserve to jumpstart lending amid concern that Wall Street faced a cash shortage. ``We have tested the window because we want to remove the stigma from the window,'' Morgan Stanley Chief Financial Officer Colm Kelleher said in an interview today, referring to the Fed lending program. ``It's meant to be there for normal business. It's not meant to be there as a last-recourse thing.'' ------------------- Yes, just to remove the 'stimga'.. no other reason, like we may have actually NEEDED it after Bearn Stearns went kaput and the last remains of interbank lending went with it! Link to comment Share on other sites More sharing options...
G0ldfinger Posted March 19, 2008 Author Report Share Posted March 19, 2008 While not wanting to p*ss on anone's bonfire, according to the Bloomberg article about this story, Visa (along with MasterCard) don't actually issue credit. They only process credit and debit card transactions. So long as people use any form of plastic instead of cash, it will continue to do well ... Like Northern Rock. They did not actually issue mortgages, but processed them and sold them on. Only, then, something happened... Link to comment Share on other sites More sharing options...
whoops_apocalypse Posted March 19, 2008 Report Share Posted March 19, 2008 I was just about to buy more silver thru GoldMoney but realised they chuck a buck on the price of an ounce. I mean, spot rate was $18.86 and they wanted $19.96 Considering I was gonna pick up a tousand ounces, that's $900 or £450 . . . no way Jose I don't remember them being so pricey when I bought silver thru them initially. Anyone know any other way to buy silver . . . apart from an ETF ? That's incredible as I paid around 2% commission when I last bought silver off GM back in the summer of 2006. Just goes to show that you can no longer buy physical silver anywhere near official prices, only paper silver. Note they're quite happy to take your physical at the spot price though... Link to comment Share on other sites More sharing options...
narrowescape Posted March 19, 2008 Report Share Posted March 19, 2008 Like Northern Rock. They did not actually issue mortgages, but processed them and sold them on. Only, then, something happened... While they process transactions, at no point do they "own" any debt created by people using cards with a Visa stamp so it's quite different. My O.T. alarm is flashing red so I'll shut up about this now. Link to comment Share on other sites More sharing options...
drminky Posted March 19, 2008 Report Share Posted March 19, 2008 So true. The only difficult thing here is the personal challenge I have set myself to get a trade as close to the bottom as possible. I'm going to drip in for however long the price keeps coming down.. just pulled the trigger on some silver as the price has become attractive to me.. still waiting for gold and the mining stocks to settle down tho.. Link to comment Share on other sites More sharing options...
Justin Thyme Posted March 19, 2008 Report Share Posted March 19, 2008 That's incredible as I paid around 2% commission when I last bought silver off GM back in the summer of 2006. Just goes to show that you can no longer buy physical silver anywhere near official prices, only paper silver. Note they're quite happy to take your physical at the spot price though... Yeah it does stink a bit, doesn't it ? I think if silver comes off a bit more, I might just swallow the mark-up cos if it's holding where it is at the moment, perhaps the recent parabolic moves really are underpinned by solid investor support rather than fickle speculator funds looking for a quick way to meet margin calls Link to comment Share on other sites More sharing options...
Gatesy Posted March 19, 2008 Report Share Posted March 19, 2008 Quality from the FT. FSA/ Darling are really looking like complete lemons. Now,about those HBOS rumours “Absolute fantasy.” How do we know? The Bank of England has told us so. Directly. Late morning on Wednesday, as shares in HBOS dropped below 400p, Bank officials got on the blower to all chief banking and economics correspondents across UK newspapers and newswires. The media had to be told directly and forcibly - rumours of problems at HBOS, accompanied by stories of emergency meetings at the BoE itself, were just not true. The point here is that Britain’s central bank NEVER discusses the heath or otherwise of individual institutions (except the Crock, of course). The idea of it going one step further and making pre-emptive calls is simply unheard of. Clearly fearing a run on HBOS (wholesale, retail, stock market, whatever), the Bank decided the rumour-mongering was just too serious on this occasion. Hence the heavy handed statement from the FSA, saying it was looking to feel the collar of anyone shorting financials and then spreading malicious tales. Which makes us wonder how the FSA’s enquires might go… FSA: Why did you short this bank? Speculator: Because I thought it might have liquidity problems. FSA: Why did you then tell the salesman at X broker that you thought this bank had liquidity problems. Speculator: Because I thought it might have liquidity problems. FSA: But it doesn’t have liquidity problems. Speculator: Really? Link to comment Share on other sites More sharing options...
ologhai Posted March 19, 2008 Report Share Posted March 19, 2008 Quality from the FT. FSA/ Darling are really looking like complete lemons. Link. Link to comment Share on other sites More sharing options...
azazel Posted March 19, 2008 Report Share Posted March 19, 2008 Right my friend looked at the etfs and Perth Mint ,he has decided to dip his toes in and buy physical coins,like kruggers about 20k it total for now , was suggesting coininvestdirect.com but would they ask for id crap for been over the official 5k limit or spread it around Bairds,Chards,ATS and so on to keep the greedy tax abusers and collectors from been nosey. I know people here have used them and recommenced them as trustworthy etc.. I think you will find coininvestdirect.com are cheaper and they dont seem to be bothered about documents. Thay are based in Germany I think. Link to comment Share on other sites More sharing options...
enrieb Posted March 19, 2008 Report Share Posted March 19, 2008 The Dow is down almost 200, Time for another rate cut? Link to comment Share on other sites More sharing options...
Goldilocks Posted March 19, 2008 Report Share Posted March 19, 2008 I think you will find coininvestdirect.com are cheaper and they dont seem to be bothered about documents. Thay are based in Germany I think. Thanks for the reply,i'm sure he'll go this way 2morrow ,what a bargain he's getting with today's smack down. Link to comment Share on other sites More sharing options...
dietcolaaddict Posted March 19, 2008 Report Share Posted March 19, 2008 $940 spot gold is getting a thorough testing in New York this afternoon!! Hang in there to the bell my old son!!! In order to comply with EU Health and Safety Regulations, products with a high category of risk must only be sold in tandem with appropriate Personal Protective Equipment (PPE). I must therefore advise all BNTA dealers, as of today, to issue a free pair of disposable underpants with every purchase of 1 oz gold or 1 kg silver. Link to comment Share on other sites More sharing options...
mongoose Posted March 19, 2008 Report Share Posted March 19, 2008 IG Index has raised margin requirements on Banks and Commodities Deposit Rate Changes In light of current market volatility, it has become necessary to review the deposit requirements on a number of markets. The changes will be made in two phases: Tuesday 25 March - Banking Stocks Banks will be margined at a minimum of 10% with some more volatile stocks either 15% or 25%. Tuesday 1 April - Indices and Commodities Deposits on Asian and Australian indices are set rise but many, including the France 40 and US Tech100, will fall. Deposits on Gold, Silver and Oil are set to rise but those on many metals, particularly Nickel and Zinc, will fall. Now the cynic in me feels this might be a directive from up above to reduce the number of people shorting the banks but I guess it could be own to their explanation and the increased volatility we are seeing. Link to comment Share on other sites More sharing options...
G0ldfinger Posted March 19, 2008 Author Report Share Posted March 19, 2008 The Dow is down almost 200, Time for another rate cut? You mean almost 300. Link to comment Share on other sites More sharing options...
narco Posted March 19, 2008 Report Share Posted March 19, 2008 Surge incoming? So now we know what happened to all that borrowed shiney stuff. Link to comment Share on other sites More sharing options...
G0ldfinger Posted March 19, 2008 Author Report Share Posted March 19, 2008 Quality from the FT. FSA/ Darling are really looking like complete lemons. Sounds as if there really WAS a situation. People might have withdrawn substantial amounts last week already. I would be concerned if my bank's share price dropped like a stone. EDIT: A colleague concerned about HBOS approached me last week. He told me ALL his life savings were in one single HBOS account. I told him to diversify ASAP. Link to comment Share on other sites More sharing options...
narco Posted March 19, 2008 Report Share Posted March 19, 2008 Thanks cartel. http://www.coininvestdirect.com/main.php?a...rate=pound_rate Always wanted one of these. Link to comment Share on other sites More sharing options...
G0ldfinger Posted March 19, 2008 Author Report Share Posted March 19, 2008 My favourite golden bu11$h1t medley of today: http://www.bloomberg.com/apps/news?pid=206...&refer=home Gold plunged the most since June 2006, leading a decline in commodity prices, on speculation the slump in the dollar will end as the Federal Reserve eases the pace of interest-rate reductions. ... ``It's so much about leverage,'' said John McCarthy, director of currency trading at ING Financial Markets LLC in New York. Traders ``shorted the yen and franc to buy commodities.'' ... ``The commodity bubble is bursting,'' said Phil Flynn, a senior trader at Alaron Trading Corp. in Chicago. ``There's a sense that the Fed created this bubble, and by cutting rates less than forecast they are deflating it.'' Fantastic bu11$h1t really! Link to comment Share on other sites More sharing options...
bob monkhouse Posted March 19, 2008 Report Share Posted March 19, 2008 Thanks cartel. http://www.coininvestdirect.com/main.php?a...rate=pound_rate Always wanted one of these. ROFL Link to comment Share on other sites More sharing options...
Bobsta Posted March 19, 2008 Report Share Posted March 19, 2008 $940 spot gold is getting a thorough testing in New York this afternoon!! Hang in there to the bell my old son!!! It's all the fault of the BBC. They carried a feature on Monday morning's BBC Breakfast telling the general public how to buy gold. It was bound to be downhill from there... Link to comment Share on other sites More sharing options...
bob monkhouse Posted March 19, 2008 Report Share Posted March 19, 2008 Pissing Evan was banging on earlier...he know thinks the housing market is shaky...what a twat, I've switched off the tv before when I've heard him saying 'its not so bad'...now the tide has obviously trned and he's running with the crowd again....scum! edit: pardon my french, the guy brings out my dark side. Link to comment Share on other sites More sharing options...
narco Posted March 19, 2008 Report Share Posted March 19, 2008 My favourite golden bu11$h1t medley of today: http://www.bloomberg.com/apps/news?pid=206...&refer=home Fantastic bu11$h1t really! ``The commodity bubble is bursting,'' said Phil Flynn, a senior trader at Alaron Trading Corp. in Chicago. ``There's a sense that the Fed created this bubble, and by cutting rates less than forecast they are deflating it.'' Wow... And thats from a 'senior' trader. Link to comment Share on other sites More sharing options...
Steve Netwriter Posted March 19, 2008 Report Share Posted March 19, 2008 OK, today's Steve charts. The slide of the US$: Comparing the US$JPY with the NZ$JPY rates: Gold in US$: This is just amazing. Gold in Yen is back to the price it was in Nov 2007. That shows how much the Yen has risen since then. Link to comment Share on other sites More sharing options...
Compounded Posted March 19, 2008 Report Share Posted March 19, 2008 Oh boy. My pension fund is surely full of this stuff. I started a thread on gold in a pension in the other place's Metals forum - sank without trace, Crudefool and Silver Bull replied and have done it. Well I dithered but have finally bitten the bullet l applied on the 10th of March - I was blo0dy scared Sunday night - the whole of my pension fund is on it's way to Goldmoney in their SIPP. I have never heard of Berkely Burke the pension operator but then again the more that comes out the more it seems the names I have heard of seem to be charlatans. I have some trust in James Turk not to put a bunch of crooks in charge of his babies SIPP. BTW I thought 10% Silver is that what most people here would think is about right. Link to comment Share on other sites More sharing options...
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