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

wasserzeichen

Deine Interpretation ist nicht abwegig, bestimmt nicht.

Von seiten der Gold Bullion Banken inkl. Goldman Sachs, wird seit längerer Zeit schon alles erdenkliche dafür getan, dass die Leute in Papier Gold Anlagen bleiben, und nicht "fremd gehen", nicht in physisches Gold, oder Silber investieren.

Die Kaufempfehlung für Goldminen aus dem Hause Goldman Sach, mit der absolut richtigen Begründung dass die Minen immer noch stark unterbewertet sind, und der Goldpreisanstieg bis ins Jahr 2005 weitergehen würde, kann aber auch nur die Überzeugung eines Mitarbeiters, Analysten des Finanzinstitutes gewesen sein, der die richtigen Schlussfolgerungen aus dem seit mindestens 2 Jahre anhaltenden Gold Aufwärtstrend gezogen hat, und seine Ansichten der Presse mitgeteilte.

Könnte mir gut vorstellen, dass ihm jetzt einige Unannehmlichkeiten aus höheren Etagen bevorstehen.

Kenner der Gold Szene wissen wie, vor ca. 2 Jahren im Falle von John Embry von der Royal Bank of Kanada, eigenständiges Denken ausgehen kann.

Gruss

ThaiGuru

wasserzeichen

Falls Du die eigenständige Denkweise von John Embry, den ich im letzten Posting erwähnt habe noch nicht kennen solltest.

Hier noch einmal seine Schlussfolgerungen und Prognosen von vor 2 Jahren. Damals stand der Goldpreis noch unter 300.- Dollar, und eine Bema Gold konnte man noch unter 1.- Dollar kaufen.

Absolut brilliant, und trotz den bereits verflossenen 2 Jahren immer noch brandaktuell, und zutreffend!

RBC GLOBAL INVESTMENT MANAGEMENT INC.

Report on Gold

Clearly, with gold stocks on a tear as the gold
price moves laboriously forward battling the
fervent attempts to suppress it, one must be
comfortable with the notion that the gold price
is going to overcome the forces that are aligned
against it. What is happening today is no different
than what was happening in the late '60s and the
very early '70s, when the Gold Pool was in
existence and the gold price was contained at
$35 per oz. by a consortium of central banks
that dumped a considerable amount of gold to
keep prices down. Today, instead of the overt
action of yesteryear, it is covert because the
market is allegedly free, and it has entailed a
different mechanism, which has resulted in a
humongous physical short position. In addition,
there has been an enormous amount of
derivatives piled on top, which could make the
ultimate upside explosion all the more spectacular.

So the question obviously is: "Will the gold rally
ever begin?" The following arguments emphatically
suggest that it will more than rally; it will explode to
the upside.

1.Unsustainable Supply/Demand Imbalance

Mine production has flattened out at 2,600 tonnes and
is beginning to fall due to a lack of exploration, falling
grade at many mines due to previous high-grading,
and the closing of older mines as they run out of ore.
It has been estimated by Beacon & Associates in an
exhaustive study that if gold prices were to remain
under $300/oz., production will fall in the neighborhood
of 25% over the next 5 to 7 years. Scrap supply tends
to average about 600 tonnes annually. Demand is
currently estimated to be roughly 4800 tons (primarily
jewelry) without any investment demand from the
Western world. The present deficit has been met by
direct central bank sales (roughly 400 tonnes per
year) and central bank leasing for mining hedges
and financial speculation.

2) Unsustainable Short Position

Central banks have ostensibly lent increasing
amounts of gold to earn interest on their reserves.
However, when one lends at an rate (less than 1%
generally), the question arises as to whether there
may be another motivation. As a rising gold price
stands as a direct repudiation of their alleged
responsible monetary policy, perhaps this is the
real reason they have been so aggressive in this
area. Bullion banks have borrowed gold from the
central banks for their own accounts and those of
various speculators, such as hedge funds and
financial institutions (the carry trade) and for
producers (mine hedging) and have used
derivatives to limit their risks and generate
additional income. The loaned gold has been
sold into the physical market and is now in jewelry,
primarily in the Middle East, India, and other parts
of the Far East. The size of the short position,
officially acknowledged to be more than 5,000
tonness by the bullion bank apologists, is thought
to be well over 10,000 tonnes and may exceed
15,000 tonnes. To put this in context, this constitutes
between one-third and one-half of all central bank
gold, and the vast majority of it is no longer
accessible.

3) Unsustainable Low Inflation

The gold price has a tendency to rise at the first
whiff of accelerating inflation. CPI inflation has been
unrealistically low due to the very strong dollar, which
has underwritten vicious foreign competition and
removed pricing power in many sectors. However,
in the final analysis, inflation is a monetary phenomenon
and the aggressive interest rate cuts and monetary
expansion to avoid recession/deflation is expected to
result in re-inflation. Year-to-date, the liquidity injection
is more than $1 trillion and MZM has grown by 16.5%
in the past year. To avoid debt default, the Fed must
err on the side of ease, virtually ensuring upside
pressure on the CPI. In addition, the "war on terror"
superimposed on Bush's mammoth tax cuts and a
four-year government real rate of spending increases
that is the greatest since the '60s portends large U.S.
government deficits, yet another recipe for inflation.

4) Unsustainable U.S. Dollar

The U.S. dollar has been levitating for a long time,
but the underlying fundamentals continue to erode.
The U.S. current account deficit exceeds $400 billion
annually, and the continuation of this chronic deficit
turned the U.S. into the world's largest debtor as
most of these deficits are being recycled into U.S.
debt instruments. However, foreign appetite for U.S.
securities appears to be ebbing and the chart on
the U.S. dollar looks very toppy . Gold is already in
a bull market in U.S. dollars, and an established bull
market in every other currency. If the reserve currency,
the U.S. dollar, falters, gold could well be launched
on the upside as people recognize its status as the
only "true currency."

5) Unsustainable Prices for Financial Assets

Western world investment demand will be the true
fundamental that drives gold much higher. Gold tends
to be counter-cyclical and investors buy it when financial
assets begin to lose credibility. Ownership and pricing
(P/E) of financial assets are at historic highs and if
inflation accelerates, the U.S. stock market is extremely
vulnerable. The ratio of the S & P 500 Index to the price
of gold reached an all-time high, by a considerable
margin, in 2000, but this parabola have been broken
and a downward trend is in effect. At the margin, if a
small amount of money is moved from financial assets
into gold, the price effect on gold will be dramatic and
the ratio will continue to move in gold's favor.

6) Increasing Evidence of Unsustainable Gold
Price Manipulation

a. Aggressive gold lending, which from an economic
perspective is indefensible, has filled the
supply/demand gap.

b. NY Fed gold has been mobilized when the gold price
is rising.

c. Timing of Exchange Stabilization Fund gains/losses
corresponds to gold price movements.

d. Audited reports of U.S. gold reserves show unexplained
variances.

e. Minutes of Fed meetings confirm officially denied gold
swaps.

f. Rules on gold swaps revised but subsequently denied.
However, individual central banks have repudiated the
denial.

g. U.S. gold reserves have recently been re-designated
twice, initially to "custodial gold" and latterly to "deep
storage gold."

h. Statistical analysis of unusual gold price movements
since 1994 indicate high probability of price suppression.
The invalidation since 1995 of Gibson's Paradox -- that
gold prices rise when real interest rates fall -- suggests that
the real manipulation began then.

i. NY gold price movements versus London trading defy
odds.

j. Timing of huge increases in bullion bank gold derivatives
is consistent with gold price declines.

k. Rapid decline in U.S. Treasury holdings of gold-backed
SDR certificates is not explained.

One or two of these factors could be viewed as random, but the full body of evidence is overwhelming.

It would appear that gold is beginning to be viewed as
money again. Gold is the only monetary asset that doesn't
represent somebody else's liability, and with U.S. real
short-term interest rates now in negative territory, there is
no disadvantage in holding gold. Those with a vested
interest in containing the price of gold -- central banks,
bullion banks, heavily hedged gold companies -- will not
die easily, but the tide is moving strongly against them
and the embedded short positions could catapult the
gold price higher while imperiling the future of those
holding the short positions.

The great rallying cry of the bears is the mobilization of
even more central bank gold to the tide. Recently, Ernst
Welteke of the Bundesbank has spoken publicly of the
Germans selling gold after the initial Washington
Agreement limiting European central bank gold sales to
400 tonnes per year expires in late 2004 with the intention
of redeploying into stocks and bonds. Formerly,
commentary and action of this sort by central banks (the
announcement of Swiss sales, the initiation of English gold
auctions, etc.) devastated the gold market but this elicited
little more than a yawn. An astute gold analyst in South
Africa postulated the reason why, perhaps. There are
strong rumors that Deutschebank has borrowed an
enormous amount of gold (more than $10 billion worth)
from the Bundesbank over the years to facilitate the
carry trade, producer hedging, etc. and it is becoming
apparent that there is no way they will be able to pay it
back. Perhaps, to make good on their gold loans, they
will reimburse the Bundesbank with stocks and bonds
and Mr. Welteke is readying the German public for
with his statements.

In addition, there are enormous dollar reserves building
up in the Far East, particularly in China, and the Far East has
acknowledged being significant buyers of gold. So the flow
of central bank gold is not only one-way. Even the Russian
Central Bank is on the buy side. The shibboleth of central
bank sales will undoubtedly be trotted out again, but it is
losing its sting, particularly if the possibility that as much
as half of all the central bank gold may already be in the
market starts to become more widely recognized.

In addition, in the '70s, when gold was rising sharply in
price, central banks, after having been heavy sellers at
$35/oz., sold little or none at higher prices. Central bankers
are no different than the momentum players; if the price is
rising, they are more likely to be buyers than sellers.

One last observation concerns the gold share price action
prior to the explosion of gold prices in the '70s. Then, as
now, gold stocks rose to prices that made no sense to
observers who had a static view on gold prices, but the
stock buyers knew that sharply higher gold prices were
inevitable. I suspect that is the case today, particularly
when one examines the foregoing evidence.

7) Gold Stocks

Gold stocks are perceived by many to expensive, but, in
fact, they are considerably cheaper than they were in the
late '90s. The central banks' overt attempts to bring the
gold price down (Swiss sales, British auctions, etc.) at
that time removed the premium in gold shares and it is
now gradually being restored as confidence returns to
the sector. In fact, if the gold prices were to rise sharply,
I would not be surprised if the price to NAV continued to
rise due to a shortage of viable gold stocks.

-END-

Warum nur frage ich mich, wird denn dieser Gutverdiener Welteke nun gerade abgeschossen?

Weil er Gold für die Forschung verkaufen wollte?

oder ist es etwa

Weil er sich weigerte Gold für den Schuldendienst der Regierung zu opfern?

Obwohl ich korrupte "Beamte" gar nicht mag, und möglichst bekämpfe.

Die 3, oder 4 Übernachtungen können es doch nicht wirklich gewesen sein, die den unsäglichen Gold Basher Welteke zu Fall bringen werden. So blauäugig dies zu glauben kann doch wohl hoffentlich niemand hier im Thread sein.

Gruss

ThaiGuru

[Blockierte Grafik: http://www.ftd.de/images/ft_logo_homepage.gif]

http://www.ftd.de/pw/de/1080975556657.html

Aus der FTD vom 6.4.2004 http://www.ftd.de/muenchau

Kolumne:

Ein miserabler Notenbanker

Von Wolfgang Münchau

Ernst Welteke fehlt es an Integrität, Urteilsvermögen und intellektueller Brillanz.

Es gab Zeiten in Deutschland, da hätte kein Hahn danach gekräht, ob irgendein hoher Beamter von einer Bank zu einem üppigen Fest eingeladen wird. Wenn es allen gut geht, verzeiht man schnell. In schlechten Zeiten aber reagieren die Menschen anders. Genau das ist der Grund, warum Politiker und Beamte im Zweifel eher vorsichtig sein sollten, wenn es um die Annahme von Geschenken und Zuwendungen jeglicher Art geht. Im Zweifel zahlt man dann besser selbst. Auf jeden Fall aber sollte man selbst vermeiden, dass irgendwelche Missverständnisse auftreten können.

Ich kann nicht beurteilen, ob Bundesbankpräsident Ernst Welteke sich irgendetwas hat rechtlich zu Schulden kommen lassen, als er Silvester 2001/2002 mit Familie und Anhang in das Hotel Adlon reiste und sich eine Rechnung von über 7000 Euro von der Dresdner Bank bezahlen ließ. Aus ethischer Sicht ist die Sache allerdings eindeutig: Der Bundesbankpräsident darf nicht einmal den Eindruck der Bestechlichkeit erwecken. Sich von einer Bank einen privaten Urlaub bezahlen zu lassen ist ein ungeheuerlicher Fehltritt.

Der Vorwurf, den man Welteke machen kann, ist der fehlenden Urteilsvermögens. Es ist der schlimmste Vorwurf überhaupt, den man einem Notenbanker machen kann. Deutschland befindet sich seit drei Jahren in der Nähe des Nullwachstums. Die Arbeitslosigkeit ist hoch. Die Banken haben die mittelständischen Kredite gekürzt, und das Land ist als Ganzes bescheidener geworden. Kurzum, es ist die denkbar schlechteste Zeit für demonstrativ zur Schau gestellten Luxus.

Berechtigte Zweifel an der Integrität

Wenn ein Bundesbankchef die öffentliche Meinung derart schlecht einschätzen kann, fragt man zu Recht, ob er die wirtschaftliche Lage oder die komplexen Konsequenzen für die Geldpolitik besser beurteilt. Der Blick aus dem Hotel Adlon - und erst recht der Blick in das Hotel Adlon - sind dazu denkbar ungeeignet. In der Silvesternacht der Euro-Einführung ging es mit der Wirtschaft schon steil bergab.

Wofür bezahlt die Bundesrepublik dem Präsidenten der Bundesbank ein Gehalt von 350.000 Euro pro Jahr?

Doch nur, weil man seine Integrität, seinen Sachverstand und sein Urteilsvermögen schätzt. So hofft man etwa, dass Welteke kompetent genug ist, um im Rat der Europäischen Zentralbank, dem er als Bundesbankchef angehört, die richtigen Zinsentscheidungen zu treffen. Und man hofft, dass er zur Verwendung der nationalen Goldreserven einen weisen Vorschlag im Interesse des Staates unterbreiten kann.

Welteke hat sich leider als ein schwacher Notenbanker entpuppt, zumindest im Vergleich mit seinen großen deutschen Vorgängern Karl Otto Pöhl oder Hans Tietmeyer.

Ihn kümmerten die Interessen des Staates bislang weniger als die partikulären Machtinteressen der Bundesbank - egal ob es um die Frage der Bankaufsicht oder die Streitfrage um die Goldreserven ging. Welteke ist seinem großen Amt nie gerecht geworden. Er verfügt weder über großen ökonomischen Sachverstand, noch strahlt er vor intellektueller Brillanz. In der europäischen geldpolitischen Debatte spielt der deutsche Notenbanker keine ausschlaggebende Rolle. All das wäre noch in Ordnung, wenn er zumindest über persönliche Integrität verfügte. Genau daran aber kommen jetzt berechtigte Zweifel auf.

Gefährdete Unabhängigkeit

Vor Jahren sagte einmal Jacques Delors, der ehemalige Präsident der Europäischen Kommission, die Franzosen glaubten an Gott, die Deutschen an die Bundesbank. Das mag zwar übertrieben gewesen sein, aber es ist etwas Wahres dran. Die Zentralbank genießt in Deutschland ein Ansehen wie in kaum einem anderen Land. Welteke hat mit seinem Verhalten nun nicht nur den Glauben der Deutschen erschüttert, vor allem hat er der Bundesbank selbst großen Schaden zugefügt. Schließlich ist die Unabhängigkeit einer Zentralbank in einer Demokratie keine Selbstverständlichkeit. Sie kann es nur geben, solange die Menschen dieser Zentralbank vertrauen.

Wenn dieses Vertrauen schwindet, ist die Unabhängigkeit sogar hochgradig gefährlich, denn Unabhängigkeit bedeutet gerade, dass man diese Leute nicht loswird.

Das wiederum verpflichtet die Mitarbeiter zu einem Höchstmaß an Integrität. Wenn sie sich auf die Standards korrupter Politiker herablassen, dann brauchen sie sich nicht zu wundern, dass die Öffentlichkeit irgendwann einmal ihre Unabhängigkeit in Frage stellt. Die Gremien der Bundesbank sind jetzt in der Pflicht, in Bezug auf die Personalie Welteke die richtigen Entscheidungen zu treffen.

Es gibt momentan eine Reihe wichtiger Debatten in der europäischen Geldpolitik, in der Deutschland eine führende Rolle spielen sollte, dies allerdings bislang nicht tut. Jetzt kommt noch dazu, dass unser Repräsentant bei der Europäischen Zentralbank damit beschäftigt sein wird, zunächst seinen persönlichen Ruf zu verteidigen.

Die Bundesbank war bis vor kurzem eine der großen Institutionen Deutschlands und Europas. Mit Beginn der Währungsunion hat sie an Macht verloren. Dieser Macht- und vor allem der Ansehensverlust hat sich unter der Führung Weltekes rasant beschleunigt. Heute würde man jungen Menschen nicht mehr raten, für die Bundesbank zu arbeiten. Die EZB ist der bessere Arbeitgeber. Der Adlon-Skandal wird den Ansehensverlust der Bundesbank nun weiter beschleunigen.

Jetz haben wir es amtlich die Bundes Bank unterliegt anscheinend keinerlei Rechts-, Dienst- oder Fachaufsicht!

Da kann es ja auch nicht verwundern, dass die Bundes Bank ihre Goldgeschäfte so geheimnisvoll abwickelt, und niemand Bescheid weiss, wo, und wieviel physisches Gold überhaupt noch vorhanden ist.

Auschnitte aus der FTD von heute abend Mo, 5.4.2004, 22:06

Gruss

ThaiGuru

[Blockierte Grafik: http://www.ftd.de/images/ft_logo_homepage.gif]

http://www.ftd.de/ub/fi/1080975554984.html?nv=hptn

Welteke spielt mit Rücktrittsgedanken

Bundesbankpräsident Ernst Welteke hat einen Teil der Kosten für seinen Aufenthalt im Luxus-Hotel Adlon zurückgezahlt. "Missverständnisse" räumte er zwar ein, aber kein Fehlverhalten.

Bundesfinanzminister Hans Eichel forderte, dass "alle Konsequenzen" gezogen werden müssten. "Was die Bundesregierung betrifft, so sind nach den Verhaltensregeln, die wir haben, solche Vorgänge nicht möglich", sagte Eichel. Der Minister sagte aber, dass Konsequenzen im Bereich der Bundesbank selber zu ziehen seien.

Die Bundesbank sei eine unabhängige Behörde, es gebe keine Rechts-, Dienst- oder Fachaufsicht der Bundesregierung.

In Kreisen der Bundesregierung hieß es, das Verhalten des Bundesbankchefs habe helles Entsetzen ausgelöst. Bundeskanzler Gerhard Schröder (SPD) sei "nicht amüsiert" gewesen.

Ulfur

http://www.welt.de/data/2004/04/06/261474.html?s=2

"Nach Angaben von Eichels Sprecher wurde das Bundesfinanzministerium vergangenen Donnerstag durch drei anonyme Briefe auf den Sachverhalt aufmerksam gemacht."

Nachdem ich diese Zeilen in der Zeitung "Die Welt" gelesen habe bin ich mir schon mehr als sicher, dass Welteke gerade abgeschossen wird.

Die berechtigten Korruptions/Bestechungs Vorwürfe sind dabei mit Sicherheit nur Mittel zum Zweck, und nicht der eigentliche Grund selbst.

Wie Du bereits sagtest, werden wir anhand des neuen Bundes Bank Chefs später vielleicht erahnen können, was der wirkliche Grund für den Abschuss von Welteke war.

Klick doch mal auf diesen Link, und lies nur mal die Titel Überschriften zu Welteke von heute. Diesen Presse Druck "überlebt" der Mann keine Woche mehr!

Abschuss von Welteke durch die Presse

Habe bis jetzt nur gerade einen einzigen, für Welteke eher schon fast positiven Beitrag zum Welteke "Skandal" in der englisch sprachigen Welt Presse vorfinden können.

Es scheint so, als dass Welteke hausgemacht abgeschossen wird, und nicht von Seiten des Gold Cabals, oder deren nahestehenden Presseagenturen.

http://framehosting.dowjonesne…D=2004040516430005&Take=1

Gruss

ThaiGuru

[Blockierte Grafik: http://www.goldseek.com/news/LemetropoleCafe/lmpc.jpg]

http://www.lemetropolecafe.com

April 5 - Gold $415.10 down $6.30 - Silver $8.10 down 2 cents

Gold Cartel Bombs Gold Again / Silver Sets Sights on $9

Zitat

Assiduus usus uni rei deditus et ingenium et artem saepe vincit (Constant practice devoted to one subject often outdoes both intelligence and skill)...Marcus Tullius Cicero

GO GATA!!!

Another late evening/early morning gone bust in silver. When I retired last evening, gold was down $1.70, but silver was up 19 cents. While selling off somewhat, the London Silver Fix still was very firm at $8.195. All was for naught by the time the cabal forces got their hands on gold, slamming it down more than $8 late in the trading session before it rallied back a bit on the close.

Sympathy selling was too much for silver and it could not hold its gains. However, what great action in the silver pits again. If I were a big short, I would be petrified. Gold has fallen more than $12 lower in two days while silver has only lost ONE PENNY net! This tells us silver wants to go MUCH higher and most likely sooner rather than later.

Silver has been very firm in overseas trading three days in a row. This is very unusual and is not for nothing. A market doesn’t trade like silver has the past three days unless something very serious is going on. My guess is silver will have a $9 silver handle on it within two weeks.

The silver open interest gained 38 contracts to 110,239.

May silver weekly

http://futures.tradingcharts.com/chart/SV/W

The Gold Cartel can’t allow gold to be firm with the bond market beginning to reel. What the Working Group on Financial Markets cannot tolerate in their manipulation of the US financial markets is for there to be a volatile bond market; one in which US interest rates rise too far too fast. Regardless of what US Fed officials say, there are developing inflation concerns. One way to allay some of these concerns is to trash gold. The PPT forces point to the falling gold market and say, "Look at gold, there is no serious inflation to be concerned about."

The gold open interest only fell 2737 contracts to 304,544 on Friday’s substantial drubbing. With the open interest so high one would have expected a much larger drop. Today’s follow through should give us a huge fall. If not, The Gold Cartel might be in deeper trouble sooner than expected as it would tell us more and more of world investors want "in" and have been waiting to buy the dip.

John Brimelow’s wonderful commentary reveals how strong the physical gold market really is.

[Blockierte Grafik: http://www.goldseek.com/news/LemetropoleCafe/lmpc.jpg]

http://www.lemetropolecafe.com

The John Brimelow Report

Physical buying meets Short selling?

Monday, April 05, 2004

Indian ex-duty premiums: AM $5.79, PM $5.73, with world gold at $419.80 and $420.50, Ample for legal imports. This is the highest $US price at which this could be said since gold bottomed in 2001. An upbeat Reuters story from India this morning supports the impression that India is a buyer:

"Daily gold imports into Bombay, which accounts for a quarter of Indian demand, were seen rising to 500 kg this week from about 200 kg a week ago, while the southern city of Madras was likely to import 250 kg compared with 150 kg last week, traders said"

Much of the credit for this lies with the rupee, which achieved a 47-month high against the dollar this morning:

"Effective gold prices for Indians have fallen by about $14 an ounce because of the appreciation in the rupee's value," said Ranjeeth Rathod, a Madras-based bullion dealer, adding that world gold prices had also fallen by about $6.0 in the past four days."

For what it is worth, the Shanghai Exchange domestic Chinese gold prices swung decisively into premiums over world gold this morning. Rather more reliably, the Istanbul Gold Exchange website reveals that imports into Turkey in March were 21 tonnes, compared with 21.75 in February, and consequently the 4th highest in the past 5 years. This brings the 1st Quarter imports to 57.4 tonnes, 19% higher than last year, when the $US price averaged almost $60 lower. The average Turkish lira price was some 9% lower this year, as the local currency has been rather firm, but the suspicion remains that at least part of the growth reflects transshipments to other Middle Eastern destinations.

TOCOM was not very mildly interested. Volume did triple, but only to the equivalent of 29,654 Comex lots. The active contract closed down 14 yen, but world gold did manage to inch up 85c from Friday’s NY close. Open interest fell again, by the equivalent of 970 Comex lots, to equal only 108, 449 Comex lots, barely a third of NY. (This unusual disparity goes some way to moderating the swollen appearance of Comex. NY traded 76,883 lots on Friday. Open interest fell by 2,723, to 304,554 contracts.)

The US employment data surprise on Friday, of course, triggered a charge by the Bears, as Refco Research ruefully notes:

Zitat

"…gold futures went into an early tail spin as the dollar rallied in the aftermath of a strong March employment report. Dealer and trade selling soon found fund sell stops, which pressed the June contract under 419."

The record levels of open interest and CFTC spec longs is making Western-orientated technical types quite nervous, as is the extraordinary speed of the build-up. However, the moderate fall in open interest (half the previous day’s gain) despite inevitable liquidation on such an abrupt slump, suggests there was a good deal of short selling on Friday. Deep declines in world gold with the key physical markets postured as they are appear likely to be promptly reversed.

JB

[Blockierte Grafik: http://www.goldseek.com/news/LemetropoleCafe/lmpc.jpg]

http://www.lemetropolecafe.com

CARTEL CAPITULATION WATCH

All is well. The DOW (10,585, up 88) and the DOG (2079, up 22) are blissfully motoring right along.

The dollar closed at 89.58, up .73 while the euro tanked to 119.93, off .89, gapping down and making a new low for the move.

The US economic news:

April 5 (Bloomberg) -- A gauge of U.S. service industries unexpectedly jumped to a record in March as orders and employment climbed, and a quarterly survey of chief executive officers showed their confidence in the economy is the highest in more than 20 years.
The Institute for Supply Management's index of financial services, construction, retail and other non-manufacturing enterprises rose to 65.8 in March from 60.8 the month before, exceeding the previous record of 65.7 in January. Readings higher than 50 indicate expansion in the report, which started in 1997.

More concerning Friday's booming US jobs report:
4/5 CHARLOTTE, N.C. - Bank of America Corp., which completed its merger with FleetBoston Financial Corp. last week, said Monday it will cut 12,500 jobs, or about 7 percent of its combined work force.

Approximately 30 percent of the cuts will come through attrition, the Charlotte-based bank said. The reductions will occur over the next two years and will begin this month. -END-

GATA’s Mike Bolser:

Hi Bill:

The Fed added $6.25 Billion in repurchase agreements today April5th 2004, an action that caused the repo pool to rise sluggishly to $28.83 Billion and also to raggedly keep the pool's 30-day moving average moving up.

The pattern of this up-turn in the pool's 30-day ma (red trace) is different from the past and tells me that the Fed is more worried about the DOW streaking back up than they are about a steep fall. On this point, I have ongoing talks with supporters about the strong appearance of an imminent DOW or NASDAQ fall as the latter hovers near its 200-day ma. If the NASDAQ falls through its 200-day ma (it would be the second such fall) they argue, in a credible manner that this is the classical appearance of a crash.

My answer is that the repo pool metric measures only the DOW and its responses to the Fed's injections of repurchase agreement funding that is subsequently utilized to purchase DOW index futures contracts, an action that supports the broader DOW index itself. The NASDAQ may well diverge from the DOW in a big way (as silver is beginning to do from gold) and I can't discount this possibility. However, the DOW itself can be supported by the Fed and as such will be the metric of first choice in the Fed's strategic plan. The rising Fed problems with a myriad of rigs beginning to come apart will eventually sink their intervention but the DOW will mysteriously still be high. The exact failure mechanism and especially its timing can't be known at this point.

Collective delusion, purposeful ignorance

The Fed has since 1987 been on an interventional agenda first with the creation of the PPT and then through a string of anti-free market constructs. Gargantuan interest rate derivative totals at JP Morgan Chase to steer rates, commodities sales to suppress their natural market prices and mask inflation and always to dissemble and obfuscate. At times the intervention seems to be center stage as the business journalists pretend not to see. I call this purposeful ignorance....they want the status quo so they ignore the rot.

Even one of my neighbors still clings to the "I don't care if the markets are rigged" attitude. He never heard of the Weimar Republic's demise, nor the France of John Law. For him it's "Damn the (financial) torpedoes...deficits don't matter".

It is possible to assemble facts and draw the wrong conclusion, over and over. I have mentioned here is the past the remarkable story of the rise of electronic transistors and the obsolescence of it's parent industry—vacuum tubes. Chet Raymo (the "R" in TRW, not the physicist) had the following to
say:

"Of the ten leading vacuum tube manufacturers, none participated in the transistor revolution".

They were then as delusional regarding the many benefits of the transistor as the Fed is today regarding the inevitable collapse of their fraudulent anti-free market interventions.
Mike

From The King Report
M. Ramsey King Securities, Inc.
Monday April 5, 2004 – Issue 2890 "Independent View of the News"

….We have never seen such a grossly misinterpreted Employment Report in our 30 years in this biz. But the nature of the wise-guy-dominated markets is to shoot first and analysis later. So if you don’t want to know the truth or if in the words of Jack Nicholson "You can’t handle the truth" ignore the following.

About release of the report, we immediately noticed some huge red flags. How could non-farm payrolls explode 308k when a) the unemployment rate increased to 5.7%; b) wage growth was less than expected at 0.1%; c) the "employed population ratio" actually FELL to 62.1% from 62.2%; d) the "employment participation rate" was unchanged at 65.9%; e) total employment was unchanged at 138.3m and most importantly f) the avg workweek fell 0.1 to 33.7, which is near a 40-year low (33.5)! (See table A-1.)

When dissecting the numbers we learned that NSA service job wages fell 8 cents and they accounted for 230k of the 308k job growth. Leisure & hospitality wages NSA fell 4 cents; and NSA avg hours worked fell 0.3. Something is obviously wrong. Healthcare contributed 36k jobs, leisure & hospitality 28k, retail 47k, government created 31k and the phantom jobs estimated to be created by small business was 153k! This is now known as the business birth/death rate. Apparently a large number of workers entered the workforce in order to force the unemployed rate higher, but still something seemed incredibly wrong.

After the close, our good friend and astute, no nonsense economist, ex-Fed official and investment adviser (at Van Hoisington Management), Lacy Hunt, provided the answers to the conundrum. Of the 308k jobs created, 296k are temporary or part-time jobs! Let us repeat and let’s be very clear, almost all jobs created in what is heralded as a great employment report are part-time jobs. "In March, the number of persons who worked part time for economic reasons increased to 4.7 million, about the same level as in January. These individuals indicated that they would like to work full time but were working part time because their hours had been cut back or because they were unable to find full-time jobs. (See table A-5.)" People want full-time but can’t find it. Lacy opines that Congress did not renew unemployment benefits so many people took whatever they could get. This accounts for the surge in people entering the workforce. http://www.bls.gov/news.release/empsit.t05.htm Lacy noticed other salient points in the report. The average weekly paycheck in February for the private sector was $524.58; in March it fell an astounding 88 cents to $523.70. The area of job growth shows even worse numbers. The average weekly paycheck for leisure & hospitality workers is $225.55. Retail is $364.50. Now everything fits and conforms, especially to the large fundamental trend of persistent lowering of US living standards as those in Asia increase. This is great news for Bush and the US!?! And this is reason for TV broken-clock jackasses to hoot and holler?!? But there is more.

"The index of aggregate weekly hours of production or nonsupervisory workers on private nonfarm payrolls fell by 0.1 percent in March to 99.0 (2002=100). The manufacturing index was down by 0.3 percent over the month to 94.1. (See table B-5.)"

In the Employment report there is this illumination in Table A-7: "NOTE: Detail shown in this table will not necessarily add to totals because of the independent seasonal adjustment of the various series. Beginning in January 2004, data reflect revised population controls used in the household survey." So we checked to see why the caveat. "More unemployed" increased 182k; but in the table, men age 20+ saw unemployment increase 182k. Women age 20+ had a 142k increase in unemployment. That totals 346k more unemployed by real math, but not BLS math. http://www.bls.gov/news.release/empsit.t07.htm

The Employment Report is 180 degrees from what is being propagated. As we have regularly stated, especially during Slick’s term: 1) due to the proliferation of ‘fast money’, operators and investors react to headline data and news without thought or analysis and 2) commentators, pundits, gurus etc. tend to rationalize market moves rather than analyze the data or events. PS – The hedge fund industry is headed for a major reorganization and philosophical change. Too many knee-jerk lemmings try to quickly make small percentage moves under huge leverage. And we don’t want to get into the ‘fund of fund’ gatekeepers that are populated by many with no trading, investing or business experience.

Now let’s see who in the industry does the requisite analysis of the employment report and has the nerve to say the emperor has no clothes. But you now know the facts and reality. The market will realize this in due time, and it won’t be a pleasant adjustment. Wells Fargo (Minneapolis) economist Sung Won Sohn is the only other economist that we saw mention that part-time jobs were most of the jobs gain.

Construction jobs increased 71k in March. Midwest Research notes "Industrial construction volumes (millions of sq ft) reached their highest level in over 2 yrs during 4Q03; vacancy rates have flattened out, but remain at/near 9-yr highs." Despite 9-year highs in vacancy builders keep building. Of course it’s due to Easy Al’s bubble policies. Giving cheap money to builders is like giving cheap beer to frat boys. Most will consumer it even when it is imprudent and self-destructive. This explains why bubbles, let alone reflated bubbles, are so pernicious. They encourage mal-investment in areas with over-capacity, which just exacerbates the big-picture problems and eventual adjustment…Midwest Research also notes that scrap iron prices fell almost 15% in March, the first decline in 9 months due to the absence of Chinese buying. The evidence is clear that Chinese officials want to slow down its economy. http://www.midwestresearch.com/disclosures/index.asp

The ECB refrained from lowering rates on Thursday. The market expected a cut because Euro economic fundamentals, especially Germany, are receding. We’d guess the ECB has joined the BoE, BoC and BoJ fear of inflation camp. Good thing the Fed sees no inflation and they can remain patient…Weekend reports say the BoE might hike rates this week due to inflation, especially in British homes.

Poor Martha Stewart gets cheesed for a few thousand dollars while 9/11 profiteers and the people who had the employment report early on Friday made millions. S&P futures started to soar at 7:20 CST; USUs started tanking at 7:24. At one point bonds fell 4 handles on the panic. This should give late-night sweats to Fed, banking and brokerage officials. If bonds can collapse that fast on the perception the Fed might hike rates 25 bps (on a grossly misinterpreted report at that) what will transpire when a serious problem, rate hike or market-generated surge in rates occur? To avoid a series of LTCM mishaps, risk models better be run with something other than rate assumption that reflect the halcyon times of the past many years. PS – Journalists get the data at 8Am CST. The WH and various officials have the report by Thursday afternoon.

The ECRI "US Future Inflation Gauge" jumped to 118.8 in March from Feb’s 115.7, which was revised higher. Every reading since June has been revised higher. There is profound significance here beyond the surface issue of increasing inflationary pressure. The founder of ECRI, Geoffrey Moore, was Easy Al’s mentor and one of his professors. Al reportedly still closely follows Moore’s work. But Al has to ignore inflation due to the big-picture of unserviceable debt and the intractable diminution of US living standards due to the ascent of Asia and other developing countries. http://www.businesscycle.com/freedata.php

-END-

More on that phony jobs report:

Hi Bill.
You said:

"What blows me away is how anyone could believe such a perfectly timed, positive report after what these same people have dished out on Iraq and the PPI! If the jobs picture is picking up that much for American workers, great. Seems a real stretch to me."

Yup. And don't forget what John Crudelle said in the passage you quoted the day before the employment report was released: that the Bureau of Labor Statistics had, in the prior month's report, mysteriously deleted 300,000-plus jobs. He was scratching his head wondering why they would do that, but now we know why: to produce a bad jobs report which would lure his opponent to go on the attack about the unemployment picture, after which the deleted jobs would conveniently reappear in the next report, making him, i.e., Kerry, look like a fool.

And, of course, all of the in-crowd are cliqued up together, so the bears at COMEX undoubtedly received a heads-up about the jobs report, with enough lead time to enable them to lure a bunch of long specs into gold/silver and short specs into the dollar, so they could pick their pockets when the report came out.

It's out and out fraud, of course, and the taking of the property of another by stealth, or force, or fraud is a violation of property rights. But where's the real surprise? Under fascism, the government reserves the right to violate property rights "in the public interest," and, naturally, the politically connected elite sees itself, not you or I, as the exclusive proponents of that interest. Thus Bush sees his reelection as "in the public interest," and the fiat money gang sees the ruination of those who support real money to be "in the public interest." Unlike poor Martha Stewart, whose perfectly reasonable actions were clearly self-serving, the elitists are regarded as selfless servants of mankind, and thus are permitted to plunder the country down to the bare walls without legal consequences.
Mitchell Jones

Yet, even more on the "report leak."

Bill,

Just finished reading today's Midas report and there are two things I would like to point out to you. As a trader in the ring we are always aware that the numbers hit the tape at 8:30 am straight down, so at 8:29 almost all the traders that trade their own accounts "flatten out" and wait on the number. Yesterday we didn't have a chance as all hell broke loose and I glanced at the clock and it read 8:29: 32 a full twenty-eight seconds before the number should have been released. I will call anyone a liar to their face who swears the number was not leaked!!!!

Secondly my Daughter graduated in May 2003 from Loyola In New Orleans. She graduated Magna Cum Laude with a degree in public relations, as of today she is still looking for a job. I talk to her 3 or 4 times a week and I want someone else to tell her that the job market is good because I refuse to lie to my own child.................GO GATA!!!!!!!!!!!!! -END-

I received on the following about Tom McClellan:

The author of the McClellan Market Report, in his latest piece, dated 4/2/04 is looking for a major top NOW. He goes on to say Monday is the ideal date target and that this will be the start of a projected 5-year bear market in gold. He's an excellent technician (and I might add a long term gold bug)I myself am a true believer who reads Dines; Russell; Taylor; Van Eden and a host of others, so I'm not some nervous nellie waffling in the wind. Keep up your fine work. I'm a stockbroker and I have very large gold positions for myself and my clients. Steve

McClellan is very highly regarded and I am sure deservedly so. However, what good is technical analysis in a market which has been rigged for 8 years? It can be valuable in the short-term to gauge market swings, but big picture-wise, it is useless. Garbage In, Garbage Out. Market technicians are looking at an illusion when it comes to gold and silver. The gold and silver prices are where they are because they have been artificially suppressed for many years. The only reason the silver price is taking off now is the crooks don’t have enough silver physical ammo to keep it down any longer. They have hit the wall. Eventually, the same thing will happen with gold. Market technicians such as McClellan and Prechter will be blown out of the water.

1. Teil

[Blockierte Grafik: http://www.goldseek.com/news/LemetropoleCafe/lmpc.jpg]

http://www.lemetropolecafe.com

Heads up:

April 2, 2004

with

Sol Palha & Janice Dorn, Antal E. Fekete, Alan Lunt, Chuck Cornell,
Art Soukup, Gale Bullock, and Janice Dorn

"Contrarian Round Table" contributors discuss THE FED.

Who REALLY owns the Federal Reserve? How did it originate and how has it evolved? Is it a good thing for the people of the United States or not?

http://www.financialsense.com/…004/contrarian/April.html

--END-

Derek Van Artsdalen from San Antonio:

Good morning, Bill:

A lot of folks, including me, have read our friend Peter George's fine work lately and have been befuddled by something. On the one hand, Peter predicts that the Rand will continue to strengthen, albeit more slowly than it has of late. On the other hand, Peter also predicts that the price of gold in terms of Rand will continue rising as well, thus vastly boosting the profits of the S. African miners. These two things seem to be contradictory, since it has been the strong Rand that has been responsible for the relatively poor performance of stocks such as DROOY, GFI, etc.

I decided to ask Peter about this seeming contradiction to find out how a continuing strong Rand could possibly be good for the S. African mining companies. As usual, Peter was extremely gracious and insightful. Here's his reply:

Dear Derek

One of the points I endeavoured to make in EM59 was that gold would shortly begin to rise against ALL currencies. That is already starting to happen. When the EURO peaked at its all time high of 129,27 on 18 February, gold was $416. This was equivalent to a EURO gold price of E 322/oz. Today, with gold at $420 and the EURO exchange rate at 120,6 the EURO gold price is substantially higher at E 348. It has risen by 8%.

Because the Rand is the ultimate 'gold-based' currency - being the world's major producer of gold - a sharply rising gold price will impact the Rand more than any other currency. Nonetheless, this does not mean that the Rand gold price will not go up. It may not rise as fast as the dollar price but it will still go up. Here is an example:

Assume that in the next twelve to 18 months the dollar price of gold DOUBLES to $840 from $420. If the Rand strengthens to R5/$ from its current level of R6,4/$ the Rand gold price will nonetheless rise from (R6,4x$420 = R2680/oz) to (R5x$840 = R4200). So the Rand gold price will rise from R2680 to R4200, a net 56% improvement versus a projected 100% in dollars. Remember, very few have been as bullish on the Rand as me. I told clients to: "Bring your money home" when the Rand/$ was over R12 in December 2001, before peaking at an intra-day level of R13,8. It has since been to R6,15 last December - doubling in exactly two years.

Most commentators now predict the Rand will either weaken or stabilize. We believe the Rand will continue to strengthen - but at a slower rate than the percentage rise in gold. This means the gold price in Rands will definitely go up sharply - but at a slower rate than the rise in gold measured in dollars.

If the bull market in gold lasts a decade, eventually rising to $8500 an ounce, the Rand/dollar rate can eventually strengthen to PARITY! But that will take gold to R8500 an ounce.

There is a major benefit to a strengthening Rand. Inflation will be zero to negative. Wage increases will become a thing of the past. Mine costs will start to fall.

I trust this gives you a clearer picture. If you have any further questions I shall be happy to help.

Yours sincerely,

Peter George

###

Par for the course:

Hi Bill

Thought you might find this tit-bit interesting. Background is that Richard Butler is a former UN weapons inspector who is now the Governor of Tasmania (which is a kind-of figurehead role, not the boss of the place). These guys are not supposed to say anything remotely controversial.... until now:

The outspoken former United Nations weapons inspector was gagged by Tasmanian Premier Paul Lennon last week after reportedly branding the United States administration highly nationalistic and self-centred.

In an address to business leaders, Mr Butler reportedly said the US reserved the right to "beat the living daylights" out of anyone that threatened it.

Mr Butler's comments drew fire from Prime Minister John Howard who said it was not the role of a vice-regal representative to make partisan political comments.

But in the television interview, which was taped before Mr Butler was censured, he accused the media of misrepresentation.

"I spoke purely descriptively of what is called universally the Bush doctrine ... and if you want to find a fierce attack or questioning on that go to the United States tomorrow and see what is happening in their congress ... and on their television ... and in their public discourse," he said.

Mr Butler said he did not expect people would always agree with him or vice-versa.

Catchya,
Rob O.

Received the following note from Rhoda Fowler who has done a lot for GATA and was our GATA African Gold Summit coordinator in Durban, South Africa on May 10, 2001. She did a wonderful job and is also making sure our funds to help the Zulu orphan kids are going to the right use.

Veteran Café members know GATA’s battle plan devised five years ago was based on the "Enveloping Horn" strategy of the great African chieftain, Shaka. On one of my trips through Durban I had the pleasure of dining with his heir and relative, King Goodwill Zwelithini. See "The King And I":

http://www.gata.org/first_south_africa_visit.html

Hello Bill,

Do you remember Queen Thandi? One of King Goodwill’s (many) wives. She phoned me last week and reminded me that we had met at your conference. She wants me to take on one of the (many) Princesses to work in my office as an intern for a couple of months. She asked after you and I told he of the good things that had come back to South Africa as a result of that meeting. She sent you their good wishes and will convey your greetings to the king. Two of his daughters recently got married and he received huge record breaking bride prices (lobola) from the prospective grooms. This, coupled (excuse the pun) with the fact that he will soon be marrying his own new young bride, has put him in a very happy mood, it seems.
I don't know if you recall the beautiful days we have here in May? The Autumn weather is upon us, the heat has abated and I spent this afternoon sitting under the trees listening to really mellow jazz. What bliss.

Happy thoughts,
Rhoda

I will review the progress of GATA’s "Enveloping Horn" in the months to come.

Rich Radez’s natural resource conference in Chicago was much fun. The best part was meeting so many Café members, many of whom showed up from all over. Dan McCarthy came from Galveston, Texas and the Rupperts flew in from Lexington. It was the Rupperts who wrote to Senator Bunning of Kentucky who queried Alan Greenspan about the "gold swaps" commentary by Fed senior legal counsel, Virgil Mattingly. How can we forget that one and so much other great effort put forth by the ARMY. A flash from the past in Andrew Hepburn’s wonderful GATA recap at The Matisse Table:

The U.S. government has denied any recent gold market involvement. Writing to Sen. Joseph I. Lieberman in 2000, Federal Reserve Chairman Alan Greenspan asserted:

Most importantly, the Federal Reserve is in complete agreement with the proposition that any such transactions on our part, aimed at manipulating the price of gold or otherwise interfering with the free trade of gold, would be wholly inappropriate.
The U.S. Treasury also denied intervening in the gold market. In a court filing dated March 15, 2001, then-Secretary of the Treasury Paul O’Neill asserted:

Although unnecessary at this juncture, the secretary specifically denies that the Treasury or the [Exchange Stabilization Fund] since 1978 has traded in gold or gold derivatives for the purpose of influencing the price of gold or the exchange value of the dollar. In fact, the ESF has not held any gold since 1978.
See

http://www.zealllc.com/files/HvBD0001.pdf

(page 3, footnote 4.)

These denials do not square with a remark found in a January 1995 Federal Open Market Committee meeting transcript. Responding to a question raised by then Federal Reserve Board Governor Lawrence Lindsey about the legal authority of the U.S. Treasury’s Exchange Stabilization Fund to engage in the financial rescue package for Mexico then under discussion, J. Virgil Mattingly, general counsel of the Fed and FOMC, stated (p.69):

It's pretty clear that these ESF operations are authorized. I don't think there is a legal problem in terms of the authority. The statute [31 U.S.C. s. 5302] is very broadly worded in terms of words like 'credit' -- it has covered things like the gold swaps -- and it confers broad authority. [Emphasis supplied.]

See:

http://www.federalreserve.gov/…ts/1995/950201Meeting.pdf

Howe vs. BIS noted:

Ordinarily the term "gold swap" refers to the spot exchange of gold for cash or securities together with a promise that the transaction will be unwound at an agreed future date and price. Gold swaps are sometimes used by central banks in the developing world to acquire needed foreign exchange, effectively offering gold as security for repayment. In recent years, however, gold swaps have also been used as an alternative to gold loans by certain central banks, which then earn interest on the cash or securities deposited with them while a bullion bank or other party has use of the gold. Another kind of gold swap is a "location swap" in which gold in one depositary or storage facility is temporarily swapped for that in another.

It is not clear whether Mr. Mattingly was speaking of ordinary gold swaps, location swaps, or some combination of the two. Nor is it clear whether he was referring to a program of gold swaps known to some or all participants in the meeting, or to one or more special transactions with respect to which he had issued an opinion, or to some other set of transactions. What is clear is that he was referring to gold swaps that, so far as the plaintiff is aware, have never been identified or disclosed in any other publicly available materials relating to the ESF or the Federal Reserve….
-END-

For Bunning’s letter to Greenspan and Mattingly’s letter to Greenspan, go to:

http://www.lemetropolecafe.com…631&SearchParam=Mattingly

What a crock from Mattingly:

"I believe that my remarks, which were intended as a general description of the authority possessed by the Secretary of the Treasury to utilize the ESF, were transcribed inaccurately or otherwise became garbled."

A number of the conference attendees (GATA supporters) introduced themselves and mentioned they wrote to Eliot Spitzer, the CFTC, etc. Can’t thank them and the rest of you enough. Who knows what sort of impact we have had on the silver price. What we do know is silver has gone up 33% in value since we kicked off our campaign.

Here is a good one. When I asked how many of the attendees knew about GATA before the conference, 75% of the hands went up. We are making nice progress.

Also met Wislar Holt, a St. Louis money manager, and his sidekicks. Good man. Wislar was featured in the Wall Street Journal one week ago in E.S Browning's "Breast Of The Market" in a piece tilted, "Gold's Post-Nasdaq Revival."

Poor Chris Powell, GATA co-founder. He is a wreck. Not over gold and silver, UCONN basketball. Chris is the long-standing editor of the Manchester Inquirer in Connecticut and follows his state’s scene very closely. Chris, a softball pitcher, is a big fan of UCONN B Ball and has been for many years. Both the men’s and woman’s teams are playing in the collegiate championship game tonight and tomorrow night. Chris is a Nervous Nellie he wants them both to win so much.

GO UCONN!

Investors love to dump their gold shares. The XAU fell 2.33 to 101.77 and the HUI gave up 5.90 to 230.60 and broke technical support at 231. Over the past months the breaking of resistance and support levels has been meaningless. The HUI’s rounded bottom pattern continues to build.

Not much fun today, but great to see the way silver held. As mentioned for many months, silver is The Gold Cartel’s weak link. Sure, silver could get blasted for a brief period of time. However, without silver in hand, any dips will be short-lived. If they were going to bury silver, the cabal had their chance the last two days. Thus, the path of least resistance ought to be higher. Silver should explode sometime soon. When it does, it will attract more and more buyers to the gold arena, making The Gold Cartel’s price suppression task a very difficult one.

GATA BE IN IT TO WIN IT!

@alle

Bis am Mittwoch bin ich in Sachen Gold und Silber unterwegs, und kann nicht posten.

Hoffe, dass bis am Mittwoch die Edelmetall Preise schon wieder schön weiter gestiegen sind.

Bis dann

Gruss

ThaiGuru