Thai Guru's Gold und Silber ... (Informationen und Vermutungen)

und was entnimmst du diesen indfos @ eldo?

Kommen die schweren Angriffe auf Gold /Silber und deren Akien.
Das war mehr oder weniger in den selben monat April/Mai der fall in den
letzten zwei Jahren, faellt mir nebenbei bemerkt auf.

Nun ist wieder die Zeit gekommen, die B52 sind wieder ueber den Gold und Silver Advocaten.

Hang in and take cover or buy up the ruins.

Gruss

XEX

[Blockierte Grafik: http://www.321gold.com/charts/seasonal_gold.gif]

Nach dem Gold-Jahreszeitenchart können wir bis August Pause machen.

Ulfur

Nicht ganz, von Anfang Juli bis Mitte August Abstauberlimits setzten

Ulfur & Valueman

Ich rede von HUI, beispiel:

Er fiel von 151 - 116 (26.03.2003)
238- 168 (07.05.2004)

Wenn man einen schnitt macht dann koennte er auf ca. 180 fallen in den naechsten wochen. Ich hoffe nicht !!

Das koennte bedeuten das die Aktien nochmal 10% nachgeben koennen wenn alles bloed laueft fuer die jetzigen Anleger.

Also valueman, lege mal deine limits 10% unter den jetzigen preisen an, vielleicht kannst du sie dann bis august bekommen.

Gruss

Eldo

Yesterday :

The US Dollar rose most of the day and then slightly rolled over to close out the day. Gold and silver got whacked at the 8am EST bell and spent the day trying to tread water and stay in place while taking on some losses. The HUI looks like a sick dog in need of some tender loving care. I called a colleague/analyst friend of mine and wanted to know his take on the situation as to why gold was not showing a bit more "spunkiness." To be honest, I don't have an immediate answer for that just like I don't immediately understand how the USD on such poor trade data news did not do poorer than it did. We just have to accept it right now for what it is.

Today:

MORE BOMBING OF HUI WAG THE DOG / POG

The Money of Cannibalism

by Anthony Hargis

There are people in this world who tell us that the Federal Reserve System is a kind of criminal operation, and that we should return to a gold-based currency. Do we need such an alternative? Are they joking? Or, are they engaged in an attempt to avert the extinction of the American people?

Many people regard government as little more than a band of pirates and robbers. Some people regard it in less gentle terms. They all seek to avoid its rapacity; and some seek to improve or abolish it. One of the most common practices that people employ to avoid the reach of pirates is to use cash for as many of their transactions as possible. These people imagine that they do a noble thing, that they deprive pirates of strength. They do no such thing. Instead, they give their own strength to pirates and they embrace a most hideous--but well-concealed--practice.

Let us briefly review the history of banking in this country. For the first 70 years of this country, bank notes were issued against gold by private banks. It has been estimated that, by the time of the Civil War, there had been 7,000 private issues of bank notes, of which 5,000 had failed. While there were countless reasons for these failures, probably the largest category of failures could be accounted for by the bankruptcy laws and the inherent corruption of government. In other words, many of the failures were intended. The process would follow this pattern: the looters would

a. establish a “bank,” take in gold as deposits and issue bank notes against the gold;

b. take two or three percent of the gold and distribute it to judges, prosecutors and politicians;

c. remove another 50 to 70 percent of the gold from the reach of the “law” but still under the control of the looters and then

d. declare “bankruptcy.”

The judges, prosecutors and politicians, of course, would know exactly how to “express their appreciation” for the presents received from the looters. (This practice may be applied in other kinds of business; the Enron debacle follows this pattern exactly.)

Although many or most of these bank failures were facilitated by government policies, in 1863 the federal government pretended to offer a solution with the National Banking Act, 12 Stat. 665. This Act among other things,

a. created a bank note issued by the U. S. Treasury through private banks known as “national banks” and

b. imposed a ten percent duty on all private bank notes.

The national banks would obtain the Treasury bank notes by depositing “ U. S. bonds” with the U. S. Comptroller of the Currency and, in exchange, would receive currency equal in value to 90 percent of the market value of the U. S. bonds. The bonds were still owned by the banks but possessed by the Comptroller. Hence, the U. S. Treasury continued paying six per cent interest to the banks while the banks were required to pay to the U. S. Treasury two percent per year on the currency obtained by the banks. And so, for every $100 of bonds deposited with the Comptroller, the banks would earn six per cent on $100 and pay two percent on $90.

This opportunity to earn interest on otherwise non-interest earning gold reserves and the ten per cent duty on private bank notes practically eliminated all private bank notes within a few years. What’s more, the Act had the effect of making U. S. government debt, instead of gold, the security, or reserves, for all American currency and bank deposits. In other words, American currency lost its gold backing in 1863 – not 1933, as most people believe.

A bank note is a promissory note: It means that, the one issuing the note is receiving credit from whoever is holding the note. Thus, when I give a gold coin to a bank and receive a bank note in exchange, I am lending a gold coin to the bank – if the bank note is issued by the bank. If the bank note is issued by the U.S. Treasury, I am lending a gold coin – I am providing credit, to the U. S. Treasury. When I buy a pair of shoes with the bank note, the shoemaker is now providing credit to the bank, or the U.S. Treasury.

Thus, when we hold a bank note, we give our credit – our strength – to the bank, or government, that issued the note. We give the bank, or government, our strength to use for good, or evil.

When Congress mandated that U.S. bonds, instead of gold, be used as bank reserves, Congress centralized credit into the hands of the U.S. Treasury. This was done 15 years after the publication of The Communist Manifesto, in which it was explained that one of the conditions required to destroy private property in a country was the “centralization of credit in the hands of the state by means of a national bank with State capital and an exclusive monopoly” to issue bank notes. The National Banking Act was pushed thru Congress by Thaddeus Stevens, a former lawyer for the New Harmony Society, a communistic society in which the communist manifesto was developed and from which Karl Marx learned, thru Robert Owen and Frederich Engels, what he was hired to write. [1]

The National Banking Act was substantially amended and enlarged in 1913. We know this piece of legislation as The Federal Reserve Act, 38 Stat. 251. Hence, the Federal Reserve Act is nothing less than the enabling legislation for the fifth plank of the Communist Manifesto. Can we condemn the Federal Reserve System on grounds more substantial than the fact that we can label it with the pejorative “communist?” We can if we wish to avoid annihilation.

As noted, the National Banking Act and now the Federal Reserve Act mandate that no paper currency can circulate in this country except that which has been issued against U.S. government obligations (or negligible amounts of “private” obligations which are ultimately guaranteed by the U.S. government). Congress has mandated that, if there is to be a paper currency in this country, there must be government debt: if the U. S. government were debt free, there could be no currency. Hence, the demand for currency is the demand for more government debt.

What are the practical consequences of this? Government debt is a two-sided coin, with the events of each side separated by five, 20 or even 100 years. The events associated with the first side are the borrowing of money by the government and disbursing it to special interest groups. The event associated with the second side is the imposition of taxes upon future generations to retire the debt.

Government debt, in other words, is the process by which one generation of people financially cannibalizes its children, and generations of grandchildren to come. It is done without the consideration, without the comprehension and without the consent of those upon whom the burdens are imposed, and, with no benefits accruing to them. If this financial cannibalization is to succeed – if government debt is to be retired, it requires the utter annihilation of the rights, property and lives of Americans yet to come on the scene.

In other words, through the enabling legislation for the fifth plank of the Communist Manifesto, that is, the Federal Reserve Act, Congress has mandated the total annihilation of the American people. Congress has created a situation where, if we want a circulating currency – if we want economic activity perceptibly greater than Stone Age conditions, we must financially cannibalize our children – as prior generations have done to us. The demand for Federal Reserve notes is nothing less than the demand for financial cannibalism.

We must repeat this, the demand for FR notes is the endorsement of cannibalism. We can invent all the excuses we want in order to justify the use of cash – but none will change its nature; none will avert its consequences.[2]

If we believe the government is evil, we contradict ourselves by using its currency. Justice requires that we search for means to withdraw our support of such a government. If we desire to deprive it of strength, we must minimize our use of cash and use a gold-denominated currency whenever possible.

How shall we color the activity that requires a man to financially cannibalize his children as the price of his temporary, and miserable, survival? We cannot; for, there is no word in human language that can provide an adequate hue of evil, or black, to such activity.

What can we do? There are two main things that must be done: 1) repudiate the dollar; that is, repudiate the debt that cannibalizes us and our children; and 2) hunt those people, who thrive on cannibalism, to the ends of the earth, and methodically prosecute them – with due process – and see what happens.

As to the first, repudiation of the dollar/debt consists of organizing trading networks of businesses and people who want to trade with a gold-backed currency. Until a better man comes along, I’m willing to serve as a clearinghouse of information for such a network. For those interested, please tell me what services or products you offer, along with contact information.

As to the second, it calls for another revolution, and I explain our right to do so peacefully and legally in my book, The Lost Right.

Die Dollar Stärke ist zwar nichts als Counter Rally in einem sekulären Bären Markt; Dennoch ist es interessant zu sehen, welche Argumente aus dem Hut gezogen werden, um diese Entwicklung zu rechtfertigen.

Da ist zum Einen der Euro - Teuro bis Zero - eine Währung ohne Land und Basis. Und natürlich wird die EU, der Euro und die EZB in sich zusammenfallen, sollte die EU keine einheitliche Verfassung zu Stande bringen, meinen viele Nichtmitglieder.
Die Chancen dafür stehen tatsächlich schlecht als die Eigeninteressen immer mehr an Gewicht gewinnen. Angesichts der Tatsache dass die ökonomischen Prognosen immer weiter nach unten revidiert werden müssen wundert es kaum, dass die EU in ihrer existenten Struktur auf immer mehr Widerstand stösst. - Saturierte Wohlfahrts-Staatsbürger sind nur schwer von 'ihren wohlerworbenen'
Rechten zu trennen.

Dennoch wurde der Euro unter "Maastricht Kriterien" eingeführt. Kriterien, die heute bereits einem gewissen Neo-Keynesianismus gewichen sind.

Es bleibt die Frage - ist dies der Anfang von kompetiven Abwertungen innerhalb des Post Bretton Woods Währungschaos, das Handel - u. andere bilaterale Bilanzen mit SDRs auszugleichen suchte?

Die Frage ist nun auf welcher Basis werden SDRs bewertet? Möglicherweise wieder auf Basis von Goldreserven - Wenn dem so sei - stellt sich nur eine Frage - (Frei nach Qualtinger) Z'wos hob i die Krot g'fressen?

Habe de Ehre ...

ONLY GOLD IS AS GOOD AS GOLD

Our BIG play for 2005 is that gold will break out to $480 to $500 by this summer. Traditionally, geopolitical uncertainty, war and global economic sluggishness have been good for gold companies. Years ago, we were one of the first to suggest that Gold was more than just an inflation and safety metal (a status it lost after the first Gulf war), but also is a currency. Today, it is widely recognized that gold acts like a currency and that a weak US dollar is good for gold. It is also widely recognized that a further decline in the US dollar is inevitable.

GOLD IS AN INFLATION METAL

While gold acts much like a currency, it should not be ignored that it remains a traditional safe haven inflation hedge. Remember when just a few years back the financial press feared $400 gold as a “canary in the mine” barometer of inflation. Yet for how long has it been over $400, while US government statistics until recently failed to measure signs of real inflation? Today the signs of inflation are loud and clear to anyone who eats, drives, visits their doctor, buys a home, pays for college, etc. The CPI has been significantly understating inflation for years. Bill Gross of Pimco is quite correct in pointing out the CPI con job. It understates inflation (the cost of living as well this year as last year). That perception will soon change, as I see it no later than the summer of 2005. These days I am not alone in considering gold the cheapest long term protection against both inflation and/or an eventual US Dollar decline. Thus I believe virtually EVERY investing portfolio should have 10% gold or similar hard asset allocation in 2005.

FUNDAMENTALS

These are extraordinary times, where geopolitical risk and outlook continue to outweigh normal stock market considerations. Remember: Life jackets, Deadbolts, Smoke and Fire Alarms etc. do NOT provide you with Financial security. Liquidity, Global Diversification and hard assets such as gold DO offer some protection.

Gold demand continues to grow faster than its global mined supply. It is strongly rising in emerging economies, especially India and China, which are becoming two of the largest gold consuming nations. Additionally, forward gold producer hedging continues to be unwound at a strong pace. The biggest risk intermediate term is the potential of further central bank selling. We believe this will continue to be restrained by current European Central Banks agreements at least until mid 2006, as well as partially offset by some Asian Central Bank buying. Bottom line: By the summer of 2005, EVERY investor will want some exposure to the gold market, just as they wished they had to the energy market in 2004/2005.

The fundamental reasons for gold are fourfold:

1) US Monetary Policy of easy money, which has also resulted in a Real estate Bubble.
2) US Fiscal Policy: While investors cheered income tax reductions and believed it to be a stock market positive, longer term there is no such thing as a free lunch.
3) US Government Spending is Out of Control.
4) US Foreign Policy: Imperialistic, unilateral wars are inflationary.
Summary: all of the above is GOOD FOR GOLD.

Our investing advice calls for a modest 10% gold/commodity hedge with a monthly accumulation April, May and June.

Our Current Fair Value for gold is $450 as a currency. As an inflation metal, we calculate gold’s Fair Value to be $500.
April 1, 2005 gold closed at $425. You do the math.

TECHNICAL

Gold has been in a secular bull market since making its 22-year low four years ago on April 2, just under $257. Short term, gold’s technical action in 2005 to date has been neutral to bearish. We believe this picture will change dramatically before the summer.
Gold has broad support in the 420-425 area; it has overhead resistance 450-460. Assuming it is broken on the upside, then $480 to $500 is the next natural gold target.

ASTROLOGY

While there are some positive indicators in the US Dollar horoscope in Q2 2003, both the XAU and COMEX horoscopes are very positively configured for the summer of 2005. Looking further out, in 2006 we are forecasting that Gold will also outperform, while for 2008 we project it could be somewhat of a home run. Enough said.

What is our long term track record for precious metals? As a sun sign Leo, I have a natural affinity for gold. Perhaps for this reason, our Gold forecasting record has often been nothing less than stellar. For example, The Astrologers Fund had warned clients a month before the Bre-X disaster. Years ago, when the gold commodity pit was boring and “sitting dead in the water”, we forecast a major rally from under $300 to the DAY it would break $400! We forecast that gold would reach $450 by December 2004 and have loudly and publicly proclaimed our $480-$500 August Gold break out rally for 2005!

HOW TO MAKE MONEY IF OUR FORECASTS ARE CORRECT

Historical cycles show that a strong gold rally ignites the major producers first. Soaring microcap gold exploration plays then follows this. Just as IBM and GE are the Dow bellweathers, Newmont (NEM) is the key proxy for gold. Given gold’s small market capitalization, NEM would be the first big money portfolio play. Along with the gold ETF (GLD) and Barrick Gold (ABX), it is where much of the BIG Wall Street money will go. Currently the stock price of the bigger gold companies have already factored in a gold price of $450. Hence there may be more short term upside in the metal itself. However, once gold moves into the $480-$500 range, the reverse will be true and the gold company stocks will outperform. A lot of more aggressive hedge fund money will move into midcaps such as Glamis Gold (GLG) and Nova Gold (NG). Should any of this be allocated to small caps? The answer obviously varies according to individual portfolio risk/reward parameters.

If I am right about August gold (Futures) break, this time microcaps will fly as the public will enter the market. However, as the first quarter is often a seasonal high for many gold microcaps, we recommend some caution here. I would wait until Gold is at least $440 before a strong commitment to gold microcaps.
If you prefer the adventure of finding buried treasure, then there are nearly 1000 mining exploration or development stage companies on the TSX alone. Note: In general, I prefer Gold stocks with mines located in countries having minimal, or no, political and currency risk.
No sector demonstrates the advantages of illiquidity better than the gold share market. In a rising gold market, small- and mid-cap gold stocks tend to produce a much bigger bang than simply buying gold itself. When gold breaks through $450 an ounce on route to new multi-year highs, small cap gold stocks (as a group) are likely to perform much better than either the big cap XAU stocks or the metal itself. However, investing in junior resource companies can be especially risky. To minimize some of this risk, don't overload your portfolio with junior mining companies. I recommend buying over time a diversified basket of 5 small cap companies, all together totaling no more than 5%-10% of an overall aggressive portfolio. If you are sporting a large portfolio, then a 10 small cap gold basket would reduce risk. Note: You may wish to choose a mixture of early state exploration companies (highest risk/reward) with a strong exploration upside ["bonanza"] potential with near production/early production (lower risk) ones. Again this depends on one’s personal risk/reward profile. Shit, I have 50% ! Crazy ???

SUMMARY

· Gold was last above $500 in mid-December 1987 and we project it to test $480-500 as early as July 2005. If so, this time small cap junior gold companies will shine as the Majors and Midcaps have already done.
· As a portfolio hedge, we recommend at least 10% gold. This would be done conservatively with a mixture of physical gold (GLD) and gold majors ABX and NEM. If you have more tolerance for risk, look to midcaps such NG.
· I recommend an accumulation over April, May and June.· If you love to gamble and desire Las Vegas style investing excitement, buy a group of 5-10 microcap stocks that are likely to soar should the public becomes as excited about gold as they have about energy. For a current list of small cap gold companies that we are watching, please visit my seasoned speculator.com website.

Ich spuerte es kommt eine riesen attacke schon 1 stunde vorher und habe auch gesagt das viele heute auf dem schlachtfeld liegen bleiben.

Meistens wurden mit absicht geborgte aktien in den markt geschmissen.
Man hat heute nicht mal ca. 150m USD genommen um den markt zu dreschen und panik verkaeufe einzuleiten sowie stop loss orders zu triggern die ihnen bekannt waren . Bei den seniors war es heute ca. das doppelte volumen und gleichzeitig fiel der DOW, welches ebenfalls einen effekt auf die Goldminen Aktien hatte. Wenn der Dow faellt dann fallen am anfang ebenso die GM Aktien. Siehe Bericht weiter oben.Dass gab einen doppel effekt da einmal der HUI auf der abschussliste stand, und der DOW fiel. Die juniors fielen fast um das doppelte mit gleichen tagesvolumen mit wenig geld.

Morgen kann man die doppelte menge ebenso gehandelt werden da noch einige die es verschlafen haben, ebenso verkaufen wie angsthasen die ihren glauben an Gold/Silber verloren haben.

Lange rede, kurzer sinn, die kaufen wieder die aktien guenstig auf wenn die zeit gekommen ist und reden sie wieder hoch, bis zum naechsten abladen. Und so wiederholt sich das spiel der banken und medien, sprich Anti Gold Cartel, das nun in trouble ist mit Dollar und Dow, Fannie and Freddie etc. Die gehen noch auf die knie und gold wird sich fuer diese manipulation noch bedanken auf seine weise.

Erstmal den IMF Goldverkauf als monster im hintergrund und einen mafia meeting dieses wochenende... Wie wird das wieder ausgehen ?

Mit allen tricks in der kiste versucht man den dollar nun stark zu halten .
Der langsame Tod kommt beim 80 USD Index, spaetestens August.

Egal, sie moechten gerne weiter den markt weiter manipulieren aber jede hoert irgendwann auch auf. Wir stehen davor,sagt meine Intuition. Die haben sich selber in die schlinge gesteckt, und das wissen sie alle. End of $$ confetti party !

Der Boden ist fuer mich bei physical gold ca. 420 USD.
Ich glaube nicht das Gold jemals unterhalb fallen wird.
Bye, Bye, 420 !!

Weil sie Gold nicht tiefer haemmern konnten haben sie den HUI seit gestern ausgewaehlt um terror nun auf den GM und Rohstoff Aktien zu schaffen und den markt auswaschen, dieses mit voller wucht.
Scary movie Part 2 und manipulation hoch zehn !! Diese Gangster

Ich bin der Ueberzeugung dass der HUI 90% ausgewaschen ist und erwarte eine erholung spaetestens naechste woche. Die 180 halten !!
Ich vermutete falsch mit 195 und es war fuer mich auch eine unangenehme ueberraschung,mit erwarte das unerwartende !

Der HUI kann in extrem phasen ca. -26% sehr schnell fallen und steigen.

Bei HUI 180 ist aber kein Blutstropfen mehr drin fuer Hanibal & Friends und es muss hochgehen da keiner mehr verkauft fuer witzkurse wie 0.40 USD for Droopy, HMY, GFI, SSRI, etc.

Wenn der Punkt erreicht ist dann wird sich der HUI so schnell erholen von Hanibal , da werdet ihr euch noch alle wundern !!. :))
Ich wuenschte ich koennte kaufen, aber leider habe ich zu frueh gekauft oder zu spaet.... verkauft.

Diese aktien muss man handeln wie die gangster auch.
Manchmal geht es zu schnell wie heute.

Das wort inflation hat in den letzten jahren gefehlt, aber das kommt noch !

IMHO,.....just keep your heads up !

Churchill sagte, we'll never surrender ! (Siehe Bild von Gogh,blutig geschlagen, zusammenhalten)

Gnight, tomorrow is a new day ! :))

H or Gday

XEX

Schwabenpfeil

Kannst du ein paar berichte zum diesen thema von LMC reinlegen ?

Vielleicht stimmt meine theorie nicht, man kann sich auch irren !

Auf alle Faelle, go GATA go !

XEX

What's going on with gold & the dollar?

Todd Stein & Steven McIntyre
The Texas Hedge Report
April 15, 2005

"Hi guys, I know this message may be the sign of the bottom, but I cannot take these markets anymore. I am getting these terrible stress headaches watching my gold & silver stocks and I am selling out my positions tomorrow morning."

Another e-mail from a non-subscriber:

"Why do the gold stocks keep declining? Do you think the government is behind it?"

It seems that blood is in the streets in the land of gold and silver mining equities. Additionally, the US Dollar has roared back ferociously ever since being featured on the cover of Newsweek. So what's going on?

We were at a second hand bookstore the other week and purchased a copy of Martin Mayer's The Fate of the Dollar which was published in 1981. The book, written during the height of the Dollar crisis, offers a detailed history of US Dollar policy in the twentieth century. Where it gets interesting however, is in the play by play account of the gold bull market during the 1970s and how it affected the public's perception of money. During the rocky 1970s, there were many times when the Dollar would mount vicious bear market rallies in the face of worsening fundamentals. Most of the time according to Mayer's book, these rallies were artificially created by central banks of various countries. So if you believe that humans tend to behave the same way throughout history, then it only makes sense that the current Dollar rally (in the face of record trade deficits) has been influenced by central banks.

There are many reasons why it is in everyone's interest to keep the Dollar from declining in a straight line. The Europeans are only weeks away from voting on an EU constitution. Sensing populist resistance to any further loss of sovereignty, perhaps the Eurocrats in Brussels do not want to rock the boat with a stronger Euro. After all, a stronger Euro means less exports and higher unemployment which could result in clashes between European federalists and anti-federalists. Tying monetary policy with electoral politics is well documented in Mayer's book, so don't think history couldn't repeat. After all, why do you think incumbents hoping for reelection beg for low interest rates?

At times like these, we think it makes sense to step back and look at the big picture. The fact is that the Chinese are months (perhaps weeks) away from revaluing the Yuan which would have the effect of unloading a bunch of dollars into the open market. Also, don't ignore the trade deficit numbers - they will matter at some point - no country has ever consumed its way to prosperity. Finally, guys with the great track records (ever heard of Warren Buffett?) continue to move out of the Dollar. It might be a good time to pick up a few gold coins and mining shares.

April 15, 2005
Todd Stein & Steven McIntyre

GO GATA!!!

No doubt many of you saw the MIDAS headline last evening and groaned. It should have read: Gold, Silver Ready To Tumble (instead of rumble). Year after year after year, we have seen the same phenomena. I use that word because not even the worst trader in the world could be so wrong at breakout points time and time again as I continue to be.

The reason is simple. The Gold Cartel knows exactly what traders are watching for in the gold market. Should gold have come in $2 higher and broken out, it would have attracted buying from all over the world. Thus, just when gold is in position to make a substantial move higher, the cabal forces go into attack mode, using whatever means it takes to bring the price of gold down. Using me as a contrarian indicator in moments of cartel truth, such as we just observed, has been invaluable to certain Café traders over the years.

The irony is if you take my conclusion out of the rest of my MIDAS commentary last night, it was right on the money. Gold was capped at $429 (and yes taken down as soon as Asian trading began, BEFORE the dollar took off) and NOT ALLOWED TO breach that targeted level of the cabal on the upside. And, the dollar is going nuts even though US interest rates are going down and the US economy is weakening to the surprise of many of the Wall Street pundits. They say the dollar is running up because of European economic weakness. Yet, that has been known for some time, like half a year. It is the weakness in the US economy which is the surprise to the mainstream investment world and would be a key negative market factor for the dollar were we to have free markets in the US.

Another reason GIVEN for the dollar strength is the talk that the French will vote ‘No’ to the European constitution on May 29 (see story below). Yes, that ought to create some serious concern over the euro and is a negative. HOWEVER, nothing could be more positive for gold. Certainly, this should send western investment demand for gold through the roof – a cabal nightmare and what they have done their best to fend off for years. So why is gold down? Because The Gold Cartel is manipulating it that way, pure and simple. In the end, the dollar action vis-à-vis gold is meaningless (except for manipulation purposes). Gold will go berserk when the bums lose control of their rig for the reasons mentioned in MIDAS yesterday. It won’t matter what the dollar is doing.

The irony about today is, while incredibly aggravating, nothing has changed. Gold and silver closed today higher than they did 10 days ago:

April 4 - Gold $422.80 down $2.50 – Silver $7 up 3 cents

What you see here is The Gold Cartel ripping off the specs and keeping gold in check to prevent the derivatives bomb from going off. The creeps sell as gold approaches $429 and buy back when gold approaches $420 because of the strength in the cash market. The crooks were in there buying today when gold took out $423, as the funds were dumping heavily.

If you own physical gold, instead of the shares, you have to feel just fine as it holds its own while the stock market caves in. It is the gold shareholders who are rightfully morose. The HUI was 198.70 on April 4th or more than 15 points lower than where it closed today. The juniors and explorations have fared far worse.

Right on cue re the cabal and the euro gold price. Yesterday I mentioned it finally broke out. Not for long. The bums cancelled the breakout by taking it right back down today to 330.20.

The gold open interest rose 694 contracts to 280,239, while the silver open interest jumped 1170 contracts to 103,298.

The CRB continues to retreat even though oil rebounded after taking out $50 per barrel before closing at $51.13, up 91 cents. The CRB finished the day at 299.35, down 1.48.

Secrets Of The Plunge Protection Team

The Four Derivative US Dictators
By Michael Edward

5-13-4

There are just four people who control all of the U.S. markets through their use of dangerous and explosive DERIVATIVES. They are risking the assets and retirement funds of all Americans. Because of their manipulations, especially since 2001, U.S. financial markets are now based on the gambling whims of a special fraternity of Federal Government DERIVATIVE dealers.
This group is known among Wall Street as the Plunge Protection Team (PPT). Their "official" role was to prevent another 1987 "Black Monday". They have the entire U.S. Treasury at their disposal to manipulate the markets through DERIVATIVES (futures options). In other words, they are using the assets behind the U.S. Treasury to rig the prices of commodites (gold, currencies, etc.) and stocks.
This fraternity comprises of Fed Chairman Alan Greenspan, the Secretary of the Treasury Snow, and the heads of the SEC and the Commodity Futures Trading Association. It works closely with all the U.S. exchanges and Wall Street banks, including the largest DERIVATIVE risk holders Citibank and JP Morgan Chase.

Those are the culprits who gave us a bad day !! gruss, Eldorado

http://rense.com/general52/secretsoftheplunge.htm

Zitat

Original von Eldorado
Schwabenpfeil

Kannst du ein paar berichte zum diesen thema von LMC reinlegen ?

Vielleicht stimmt meine theorie nicht, man kann sich auch irren !

Auf alle Faelle, go GATA go !

Alles anzeigen

Hallo Eldorado,

können ja, aber zumindest im Moment ist mir die Motivation abhanden gekommen. Du bist ja auch Mitglied, lasse Dich also nicht abhalten !!!

Gruß
Schwabenpfeil

Schwabenpfeil , ich kann dich verstehen.

News von Paul van Eden :

Central to the thesis that the gold price will continue to rise on the back of a falling US dollar, is the premise that China will forego its policy of supporting the dollar in favor of letting its own currency, the renminbi, appreciate. Both China and Japan are accumulating massive amounts of dollars as a result of their trade surpluses with the United States. But instead of selling those trade dollars into the foreign exchange markets, they, and other countries, are hoarding the dollars and investing them in US Treasury securities. As a result the US dollar is currently trading at a much higher exchange rate than it should versus the renminbi, the yen, other Southeast Asian currencies and, in fact, most currencies.

Many people have argued that China will not allow the renminbi to appreciate against the dollar because it needs US consumption to drive its fledgling economy. But pressure is mounting from Europe, the United States, the World Bank and the IMF for China to let its currency appreciate.

The contention is that Chinese exports have an unfair advantage in the world because the renminbi is undervalued in foreign exchange markets. The undervaluation is a direct result of China's dollar-hoarding policy, since it keeps the trade dollars that China receives every day off the market.

Support is growing in the US Senate for taking tariff action against China. The US trade deficit with China totaled $29.12 billion for only January and February of this year. That is a fifty percent increase from last year. The US trade deficit with China is now the largest of any country and almost double the size of the trade deficit with Japan, which is second.

The appointment of a new US trade representative is being blocked until Senate leaders vote on anti-subsidy laws against non-market economies such as China. In addition, a wide coalition of senators is backing legislation to impose a 27.5% tariff on all Chinese products entering the US if Beijing does not agree to raise the value of its currency.

If China does not allow its currency to appreciate against the dollar, and if the US goes ahead and implements the tariffs, all Chinese goods will become 27.5% more expensive for US consumers. On the other hand, if China allows its currency to appreciate, let's say by the same amount, 27.5%, then its goods would be no more expensive to US consumers than if tariffs were imposed. However, the cost of all China's imports would fall by 21.6% if it allowed its currency to appreciate by 27.5%. So what do you think China is more likely to do? Give the US government a revenue stream equal to 27.5% of the value of all Chinese imports to the US, or reduce the cost of its own imports by 21.6%?

The Chinese have always struck me as intelligent and practical. I suspect that China is going to let its currency appreciate. This not only means that the US dollar is going to fall, it also implies that US interest rates are going to rise because if the Chinese (and Japanese) no longer have to keep their trade dollars off the market to prevent the US dollar from falling they will also not need to buy as many US Treasuries as they have in the past.

It's all starting to come together. The next big upward move in the gold price will occur when China and Japan allow their currencies to appreciate and the dollar to fall. I have no idea whether it will be this year, or next, but I do believe the current decline in gold and gold related equities represents an opportunity.

I'll be speaking at next month's investment conference in New York. Visit my website http://www.paulvaneeden.com for details.

Paul van Eeden

Thursday, April 14, 2005, 9:54:00 PM EST

Gold and Dollar Market Summary
Author: Jim Sinclair

Dear CIGA:

The US dollar rallied sharply today but not for any of the reasons given by market commentators. What made it rise was yesterday’s sharp drop in the equity markets followed by the natural and proper action taken by “international investors.”

That action is the sale of US equities and the simultaneous buying of 91 day US Treasury bills. This has been going on since the Dow and NASDAQ topped. It has been a major demand-positive factor for the US dollar.

The firmness in the short term instruments has mistakenly been taken as an indicator of a positive flow of international purchases of US Treasury instruments therefore being positive for the TIC report.

Here is the Bottom Line about which there is no question:

After today’s equity markets closed, it was announced that IBM failed to meet its earning forecast. This is not an isolated event and is showing up in other major companies and industries. Microsoft didn’t help things either. Now everyone is waiting for the GE report.
The disappointment over earnings in the general equities markets will force the highly political US Federal Reserve to fall further behind the inflation curve as they adjust the timing of future increases in the Discount Rate.
You can see now that even a slight roll over in economic activity as measured by various indices is having a dynamic and negative effect on corporate earnings. Today’s post close negative earnings reports and warnings are the product of this roll over phenomenon.
Today, the equity market had its first triple digit back-to-back losing trading day in eight months. There is now a significant drop in tax receipts due to the modest fall-off in business activity. This will produce a dynamic negative impact on the spin prediction of much higher tax receipts contained in estimates of a reduced US Federal Budget Deficit. Lower tax receipts will produce a much higher Federal Budget Deficit.
The Chairman of the Federal Reserve has pointed out correctly that economic decisions have a great deal to do with perceptions. The greatest perception-producing machine is the US equity market. Assuming that the action of the past two weeks is a precursor of the next few months, the domino affect of falling equity markets produce business retrenchment which will see tax receipts plummet.
The demand for dollars created by a strong equity market is an important force acting with respect to the inflow of US dollars from international investors. As such, a weak equity market accelerates the exit out of the US dollar and therefore increases the supply of US dollars in the international market. The result of increased supply is lower prices for the US dollar. Therefore, the Fed will be quite sensitive with respect to the Discount Rate.
As the US Budget Deficit balloons on the upside, the US dollar will decline significantly because the hoped for fundamental improvements are dashed. It was the prediction of a lower US Federal Budget Deficit that caused the beginning of the short covering dollar rally. When this axiomatic truth percolates through the “madness of the crowd” look for the dollar to follow the securities market and fall out of bed. Going up in a bear market is a hard climb but down is like stepping into an elevator shaft.
The impact of a major economic prediction failing is akin to throwing a bucket of ice on your daughter’s suitor as he arrives to pick her up for a date. It is a killer of intentions - in this case, the catalyst that started the dollar short covering rally.
The dollar, IMO, will decline below USDX .8000 which inherently means a new high for gold. Federal debt securities will decline sharply as time goes by because they are the primary dollar-denominated item held by the central banks of the world.

The dollar gained this now dubious position because of the hard sell by the World Bank and IMF which presented it as the Universal Reserve currency. That definition has fallen off the dollar. This short covering rally will be used to exit major positions in US Federal Securities by short selling the dollar as a hedge against the bonds. This is the mechanism that will eventually end the short covering dollar rally.

Gold will rise sharply due to its relationship with a defunct dollar. So the future is deflation in terms of debt, inflation in terms of liquidity and rising prices for good and services. This is exactly the stuff that generational bull markets are made of.

Please read :

http://www.goldseiten.de/conte…/artikel.php?storyid=1018

Manipulierter Markt

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Die Schere zwischen Armut und Reichtum klafft immer weiter auseinander. Das führt zu einem wachsenden sozialen Konfliktherd. Die Menschheit, vor allem die besitzenden Klasse, ist inzwischen außer Rand und Band. 90% des Weltkapitals befindet sich in den Händen der Reichen, und das sind nur 5% der Weltbevölkerung. Ein weiterer Indikator, der auf den Zerfall des Kapitals hinweist, ist die rasch ansteigende Inflation. Sie ist weiter gediehen als man es uns von Staats wegen glauben macht. Noch wird sie versteckt. Der viel zitierte Warenkorb ist ein wahres Lügensammelsurium. Wichtige Güter des Lebens, die im Preis stark gestiegen sind, befinden sich außerhalb des fiktiven Korbs oder sie werden durch statistische Tricks günstiger ausgewiesen. Über die Trickserei hinaus hat sich ein amoralisches Verhalten wie eine Seuche ausgeweitet. Ähnlich könnten die letzten Tage des dekadenten Roms ausgesehen haben. Weltweit ist die Korruption bis in die obersten Firmenetagen, in Parteien und Ämtern wie eine harmlose Selbstverständlichkeit zu Gast. Unglaubliche Betrugsmanöver riesigen Ausmaßes waren und sind die Markenzeichen gewisser renommierter Firmen. Scharenweise werden nach wie vor die Aktionäre über den Tisch gezogen. So habe ich die Befürchtung, dass sich ein Skandal bei der ehemaligen südafrikanischen Goldmine Durban 2005 anbahnen könnte wie damals bei der Sunshine Mining.

Do Security Concerns Influence Asian Central Bank Holdings?

By Keith W. Rabin and Scott B. MacDonald

International currency markets remain on edge, worried about the future trajectory of the U.S. dollar and its impact on other major currencies and economies. This concern is compounded by apprehension over what is on the minds of Asian central bankers, who collectively held a combined $2.3 trillion in U.S. dollar reserves at the end of last year.

Announcements by the Bank of Korea and Japanese Prime Minister earlier this year conveying their intention to diversify reserves away from the U.S. dollar rang alarm bells in world financial markets. In recent weeks, however, this anxiety has declined, as the US$ has begun to strengthen, and Treasury Department data reveals that foreign investors bought $91.5 billion in Treasury notes, corporate bonds, stocks and other financial assets in January – nearly a 50% increase over December.

The concern over dollar holdings in any case should be surprising given that a move toward greater central bank currency diversification is inevitable over the longer term. Brazil, Russia, India, China and other emerging economies are expected to grow far more rapidly than the United States in coming decades. Therefore, the U.S. share of global GDP, and the relative importance of its economy, should decline over time. Furthermore, Japan, another mature economy, is likely to show less dependence and correlation to the U.S. moving forward. This is due to increasing demand from Asia as well as ongoing restructuring and the gradual awakening of the Japanese consumer.

While the possibility of a systemic shock cannot be dismissed, it is unlikely this will be due to an abrupt decline in Asian U.S. dollar holdings. The shift toward diversification is not likely to be as fast or traumatic as many forecasters indicate. For one thing, at the present time, it is unclear whether any alternative currencies have sufficient depth and liquidity to absorb inflows of such magnitude. In addition, any rapid move by Asian central banks to diversify from the US$ would serve only to strengthen their respective currencies against the dollar. Their export competitiveness would decline as a result – as would the large amounts of U.S. Treasury Agency securities already in their portfolios – when translated back into the domestic currency in question. As of last December, Japan alone held almost $712, China $194 and Korea $69 billion.

Even if one were to believe that Asian economies could withstand the significant financial ramifications of an overt move away from the U.S. dollar, it is doubtful they would move to do so. The alliances that bind the U.S. to playing a vital security role in that part of the world are becoming increasingly important – at a time when we are seeing increasing signs that the delicate balance that has kept the region relatively tranquil for several decades is starting to become undone. Chinese submarines off the coast of, territorial disputes with, and violent demonstrations against, a Japan more prone to asserting its military power, nuclear tensions with North Korea, several border disputes and saber rattling over Taiwan, are just a few of many issues rising in prominence.

This is not to suggest the existance of a strong quid pro quo, in which U.S. and Asian leaders are closely coordinating and linking economic with security considerations. Rather, as CLSA analyst Christopher Wood highlighted in a recent report, a recognition is developing that “there is clearly a ‘rearmament dynamic’ at work in the East Asian region in the sense that the post-1945 status quo is over”.

As China moves to augment, upgrade and flaunt its military capabilities and to achieve more economic and political stature, Japan, South Korea, and Taiwan, which depend on the U.S. as guarantors of their security, are unlikely to take any steps that might endanger Washington’s ability to sustain its treaty and alliance commitments. Nations such as Thailand and others in Southeast Asia, who also hold significant amounts of U.S. Treasury securities, also benefit from the ability of the U.S. to serve as a counterweight as China continues to transition into an increasingly powerful world leader.

One might also imagine China reluctant to see an economically weakened U.S., pressured to cut back on its security commitments. Such a move would create a number of extremely complicated diplomatic issues and dramatically raise anxiety levels throughout the region. That would make it far more difficult for China to maintain its focus on domestic development, as well as efforts to position itself as the focal point of an integrated, and more financially independent, Asia. To cite one example, a reduced U.S. security presence would increase pressure on China to lead in resolving an already intractable situation in North Korea, a responsibility it has been reluctant to assume.

The economic reasons why Asian central banks will refrain from abandoning the U.S. dollar will diminish over time as regional growth and integration accelerates. That will enhance domestic consumption and demand, as well as a greater emphasis on the services sector. This will serve to alleviate Asia’s traditional dependence on exports and create an increasingly vibrant and attractive new driver of global growth and development.

Economic progress in Asia, however, bolstered by regional integration, remains dependent on the shared sense of national security and confidence necessary to allow sufficient cooperation. Given the diverse range of interests, as well as the numerous wars, skirmishes, and power struggles that have held back development in Asia to the present time, the importance of a U.S. security presence should not be minimized.

The reluctance of Asian economies to abandon the U.S. dollar might be seen as a key reason why the U.S. bond market has been maintaining its strength, and the U.S. dollar -- which has been showing renewed strength in recent weeks -- may not be ready to reverse itself in a precipitous slide – despite renewed signs of weakness and the existence of numerous troubling indicators.

It should be emphasized, however, that the willingness of Asian central banks to maintain their U.S. dollar holdings does not offer a solution to growing fiscal imbalances in the U.S. and related distortions in the global financial system. At best, it only delays -- the risk of systemic shocks, as well as implementation of the structural adjustments necessary to resolve this situation.

Consequently, U.S. and Asian interests remain in lockstep and the status quo is likely to sustain itself for the foreseeable future. This is something nervous currency traders need to remember. At the same time, questionings of this reasoning promise periodic upsets and no end to market volatility. In addition, the potential for an abrupt end to this game of musical chairs should not be discounted. This is true regardless of whether Asian Central Banks maintain their ongoing love affair with the U.S. dollar.

Keith W. Rabin is President of KWR International

Scott B. MacDonald is Senior Managing Director at Aladdin Capital and a Senior Consultant at KWR International

Es sieht so aus das der HUI im moment eine Bluttransfusion bekommt.
Hanibal hat gestern zu viel genommen.
Auch keine vorattacke vor opening ist ein gutes zeichen.
Der Dow hat probleme und CNBC zeigt mir gleich welche aktien der sogenannte Warren Buffet von Arabien, nicht verkaufen wird.
Danach Rick Sentelli, Sylvia Wadwa, und die anderen muppets.
Es ist schon komisch wie so viele leute sich von medien und deren zahlen beeinflussen bzw. gelenkt werden.

Cheers

XEX

Silver Shares Still Offer an Excellent Buying Opportunity

SILVER: FOLLOW-UP NO 14 /April 15, 2005

Silverinstitute

On August 9, 2004,

with the silver price at $ 6.52, we wrote: “We believe that the support around $ 6 has well proven its capacity to absorb any strong selling pressure and we believe therefore that the time to buy silver and silver shares is still propitious.” We added, “The prices of silver shares will advance very quickly, once confidence returns to the market.”

So let’s now examine what has happened since and where we stand at present and what the future may bring:

The long-term picture of the silver price
[Blockierte Grafik: http://goldseek.com/news/Zihlm…/images/2005/4-15zi/1.PNG]

What we notice is that the silver price, after having moved higher during the month of August, suddenly came down at the beginning of September. Nevertheless, selling dried up when the price fell below $ 6.25, fulfilling our prediction that the $ 6 level would be able to absorb any selling pressure. From September to the beginning of December, the silver price moved up sharply to again reach the $ 8 level, which had already been tested in April of the same year.

The silver price then fell back into its long-term up-trend channel where at present a new support-level between $ 6.50 and $ 7 should be able to absorb any further selling.

Considering the strong and intact up-trend, it appears that the price of silver is preparing itself for the next attack on the $ 8-resistance level which we believe could well give way this time.

The medium-term picture of the silver price

[Blockierte Grafik: http://goldseek.com/news/Zihlm…/images/2005/4-15zi/2.PNG]

The medium-term picture also shows that the price of silver remains in a solid up-trend in which excesses are nevertheless quickly corrected. While the astute trader may try to benefit from the high volatility of the silver price, those who believe that silver will go substantially higher over the long-term can simply buy whenever the silver price falls below the 200-days Exponential Moving Average (EMA).

The short-term picture of the silver price

[Blockierte Grafik: http://goldseek.com/news/Zihlm…/images/2005/4-15zi/3.PNG]

We expect the silver price to hold above $ 6.75 and to push towards the $ 8-level and possibly higher, although it will be occurring at an unspecified time in the future.

Our favourite silver shares

[Blockierte Grafik: http://goldseek.com/news/Zihlm…/images/2005/4-15zi/4.PNG]

(%-value changes reflect the performance since our first recommendation.)

Fundamental Considerations: THE RISING SILVER DEMAND

Supply versus Demand

[Blockierte Grafik: http://goldseek.com/news/Zihlm…/images/2005/4-15zi/5.PNG]

In 2003, silver demand exceeded supply by approximately 34 million ounces. This is the fifteenth consecutive year of supply deficit. Over this period, nearly 1.8 billion ounces of silver have been drawn from reported and undisclosed inventories to make up the shortfall.

This consistent supply deficit is a characteristic unique to silver and one that reinforces our own belief in higher silver prices over time. Although silver consumption and this deficit vary from year to year reflecting global economic conditions, the important point is that the market was again in deficit in 2003 and is projected to be in deficit in 2004. The data incorporated in the following discussion on silver is based on research from the CPM Group of New York. (New estimates for 2005 are not available yet.)

Demand - Factors and Trends

Silver demand in the first part of 2003 saw a reduction in industrial use worldwide. This factor, along with renewed interest in physical silver, shifted in a positive way in the second half of 2003 that continues into 2004.

Total demand declined 3.0% in 2003 to 761 million ounces of silver, with the decline more heavily weighted in the first half of the year. Photographic demand declined marginally to 249 million ounces in 2003, and jewelry and silverware consumed 261 million ounces. This is a combined reduction of 17 million ounces from 2002.

In early 2003, SARS in China significantly reduced travel in the country and related consumer photography. Digital cameras have made some inroads but increasing photographic use in x-rays and disposable cameras, and further growth in China and Asia, will continue to mute the digital influence. Photographic demand is expected to remain constant in 2004.

Demand remained strong for jewelry and silverware in Italy, Japan and the United States. Electronic demand last year was 104 million ounces, down slightly from the previous year due to the downturn in the electronics industries, specifically computers and cellular phones. Demand is reported to be sharply higher in the first quarter of 2004.

Other uses consumed about 140 million ounces as solders, bearings, chemical catalysts used to make the basic feedstock for polyethylene, mirrors, medicines, dental alloys, and other applications. Another 10 million ounces of silver were used in the making of silver bullion coins, which investors buy. These are counted separately from fabricated products, since they are 'bullion-like' and purchased for their silver content.

In the past, growing physical demand was keyed to improving industrial demand. Among potentially significant newer industrial applications, silver is now being used in superconductors in which silver coats the core wire. This silver sheath increases the efficiency of the superconductive wire, reducing the loss of power during transmission. There is evidence that use of superconductive wire grew more rapidly than expected in 2003 and further growth is anticipated in 2004. Use of silver in medical and health niche applications, such as band-aids, products to promote healing from skin burns, water purifiers and surgical instruments, continues to grow.

Supply

Overall supply in 2003 totalled approximately 727 million ounces. The largest component of supply was mine production at some 480 million ounces -- down 3.2% from the 496 million ounces mined in 2002. Lower mine supply reflected reduced production from copper, lead, zinc and gold mines, which accounts for about 75% of mine supply of silver. With higher commodity prices in late 2003, mine production is expected to return to 2002 levels of 494 million ounces.

Secondary supply, which is largely scrap, comes from photographic recycling, silver coinage, and jewellery. These supplies totalled about 217 million ounces in 2003, up almost 10% from 2002. The 34 million-ounce deficit between supply and demand in 2003 was made up by silver sold from undisclosed inventories.

Overall Trends

Looking at 2004, CPM Group of New York, which undertakes research on silver and is supported in part by Silver Standard, is expecting that demand for silver will increase by 2.8% to 780 million ounces. The total supply of silver is expected to grow 1.2% to 736 million ounces, resulting in a deficit estimated at 46 million ounces. The assumptions behind these numbers are based on some tangible evidence: industrial expansion in the United States, Japan and China.

At the same time, according to CPM Group, holders of undisclosed silver inventories appear to be reducing sales that balanced supply and demand in recent years. This is partly due to a change in investor psychology. Investors are anticipating inflation and acquiring holdings of silver for investment purposes. Volumes for silver equities, and options and futures contracts are now noticeably higher than 2002.

CPM Group noted two interesting trends in the silver and paper markets since 2001. First, the volumes of silver futures and options being traded on organized exchanges have risen by 50%. Second, the volume of silver traded through the London-centred international bullion banking market has fallen by 70%. Futures and options volumes were as low as 15.9 billion ounces in 2001, but increased to 23.9 billion ounces in 2003. Meanwhile, the amount of silver cleared across London bullion clearing banks fell from 74.6 billion ounces in 1997 to 21.9 billion ounces in 2002, before recovering to 23.5 billion ounces in 2003.

CPM Group commented that "the drop in London bullion clearing volumes reflects the decline in proprietary trading in silver by banks and brokerage companies over the past six years, while the rise in futures and options activities reflects the increase in investor interest in silver, both on the part of large institutional investors and individual investors. Similarly contrasting trends have been seen in the volumes of gold cleared through London banks and gold futures and options trading, but the contrast in gold is not as stark as it is in silver." Volumes in both bullion and paper markets have increased in excess of 40% on an annualized basis so far in 2004 compared to 2003.

[Blockierte Grafik: http://goldseek.com/news/Zihlm…/images/2005/4-15zi/6.PNG]

The following recommendations were valid at the time of writing, viz. at

and may no longer be valid at the time of reading.

Our recommendations for SILVER: USD 6.97/ounce






Long-term (several months)


BUY






Medium-term (several weeks)


BUY

The assets of THE TIMELESS PRECIOUS METAL FUND, Malta (EU), are invested in silver shares up to 30%.

Peter Zihlmann

http://www.pzim.com

http://www.timeless-gold.com

Contact: investment@pzim.com

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Disclaimer: P. ZIHLMANN INVESTMENT MANAGEMENT AG does not accept any liability for any loss or damage whatsoever, that may directly or indirectly result from any advice, opinion, information, representation or omission, whether negligent or otherwise, contained in the trading recommendations or in any accompanying chart analyses, whether communicated by word, or message, typed or spoken by any of its employees.

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-- Posted 15 April, 2005