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

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May 19 - Gold $382.50 up $7 - Silver $5.90 up 24 cents

Gold/Silver Pop, $6 Rule AGAIN, Gold Shares Continue Up Move

Zitat

The meaning I picked, the one that changed my life: Overcome fear, behold wonder...Richard Bach, author Jonathon Livingston Seagull

The obviousness of the gold scandal grows by the day. We opened up $3 to $4 higher in the Comex gold pits and quickly ran up $6 and change when The Gold Cartel implemented its $6 rule as always. That was it for the entire rest of the day except for a few brief forays above $7. After the first half hour of trading, gold was only allowed to go up an additional 50 cents.

An explanation of the $6 rule for new Café members:

For the past couple of years gold advances have been limited to $6+, while there is no limit to how gold is crushed to the downside. Only one time has gold been able to escape this rule. The day after it was sent right down again as punishment. A gain of $7.20 or so on the day still qualifies within the $6 rule parameters. $8 and up would decisively break it.

Meanwhile, we see yesterday’s mysterious gold share move in the last 45 minutes telegraphed what was coming today. The crooks on Wall Street continue to play with the gold/gold share market as if it is their private casino. They rig the games any time they want and take the markets up and down when they want, fleecing you in the process. Can it be any more blatant?

From yesterday’s MIDAS:

"There is nothing better for a market than to turn around like the HUI did for no apparent reason. Wouldn’t surprise me if word was sent out to the cabal crowd to cover shorts and get on the long side."

Clearly the word did go out to the cabal crowd and they cleaned up, just like they did on May 5th and 6th. From the MIDAS on the 6th with gold closing down $5.40:

Orchestrated Gold Share Sell-off Yesterday Predicted Today’s Action

Dear Congressional Staff member (sometime in 2006 again):

It’s a day later and you will be able to recognize (by what transpired the past 18 hours) how obvious and extensive the manipulation of the gold market really was. As noted in yesterday’s commentary the gold shares collapsed in the last 30 minutes for no apparent reason. The US stock market was quiet, as were all the financial markets. Only the gold shares were battered in a bout of program trading. What you need to do is find out who the major gold share sellers were and then tie them to a pattern over the years

The hardest core conspiracy theorists in the GATA camp emailed me last evening categorically stating gold was going to be mauled today by The Gold Cartel as a result of yesterday’s obnoxious ploy by this bunch of crooks. They were dead on, as usual. Once again the junta stole money from honest Americans. Clearly The Gold Cartel head maestro put out the late word yesterday to his colleagues in the cabal that gold was to be hit hard today, which is why Goldman Sachs was selling during the Comex session. This latest manipulation could be the second most blatant one after the Bank of England gold sale auction announcement in 1999. What we have here is nothing less than a criminal operation run by a bunch of white-collar thugs. They must be punished and some need to be put in jail. The Gold Anti-Trust Action Committee now has 7 plus years worth of evidence on these bums and will be happy to bring much of it to Washington to present to your investigating committee.

***

All need be done here is to change the goldshare/gold from sales to buys to have this fit perfectly for yesterday and today. What a joke! This is a screaming scandal and the regulators do nothing. They are beyond contempt.

The bullish consensus numbers came out today and they are just that: bullish, very much so. Gold was 29, silver 23, euro 21 and Canadian Dollar 22. Rarely does gold ever get this low.

The gold open interest rose 510 contracts to 253,647, while the silver open interest fell 645 contracts to 89,376.

A bottom for gold?

http://futures.tradingcharts.com/chart/GD/64

Silver came out of the box strongly also and never looked back, closing right off its highs for the session. It has all sorts of gaps on the upside to shoot for. Other than the antics of the cabal crowd, it would not be down at these levels and should not stay down below $6 too much longer.

Sure looks line a bottom for silver:

http://futures.tradingcharts.com/chart/SV/74

It’s now 3 PM central time. Gold is down 90 cents in the Access market, which leaves us up a net $6.10 for the day. Sheesh!

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The John Brimelow Report

(?) acts; also useful Faber & Bianco

Wednesday, May 19, 2004

Indian ex-duty premiums: AM $6.80, PM $$7.99, with world gold at $377.95 and $ 379.55. Ample for legal imports. The rupee firmed today and the Indian stock market rose 2.7% as the business community exulted over the likely appointment of a Prime Minister deemed reformist and pro-business. Various authorities made positive noises, and even the Monsoon obliged by making an early appearance in the South! Since the old Venerosian "wealth effect" concept works best in India, this is positive for the friends of gold.

World gold surged during Japanese hours, not due to TOCOM operators as far as the statistics show. Volume slumped 25% to a miserable 16,035 Comex equivalent, and the active contract closed up only 1 yen. Open interest slipped 357 Comex equivalent. World gold, however was $3.55 above NY’s close at the end in Tokyo.

After a dull day in which ample selling came forward:

UBS:

"speculators sold June and August Comex futures."

ScotiaMocatta:

"fund offering capped the market…New York dealers were scale down buyers, absorbing much of what the funds sold. "

TheBullionDesk:

"The emergence of fund selling eventually force gold to a low of $375.25 but the usual source of bargain hunter and physical buying prevented further falls leaving gold to close the day at $375.80",

experienced observers were woken up by an abrupt 2.4% surge in gold equities in the final hour of NY trading. Astonishingly enough, a broad-based rally in commodities and related equities got under way as soon as trading recommenced.

One humbly wonders at the prescience of markets.

Mark Faber has published a valuable critique of the Greenspan Fed years, evaluating it as a sequence of bubbles. How valuable advance knowledge of these bubbles would have been! Bianco Research has a useful TIPs spread chart today, plotting it against the 10 year actual CPI level, and pointing out:

Zitat

"for the first time the marketplace believes inflation will be greater over the next ten years than it was over the previous ten."

JB

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CARTEL CAPITULATION WATCH

The US stock market reversed course in the late going with the DOW going from up 100 and change to down 30 at 9837. The DOG gave up 30+ gains to close unchanged at 1898.

Here is a good one to note:

With a silly grin, I watch this 110 pt. Dow rally turn negative. CNBS wants to blame the sudden surge in oil prices today for the cause. However, my instincts tell me that it is more attributed to Intel’s shareholders voting today "for" the company to expense employee stock options. Why shareholders want this, is a puzzle to me since the stock could adjust downward 40% based on fundamentals. Realizing that this event may affect many other Silicon Valley companies like HWP and APPLE, some large institutions may see this as a watershed event for the beloved tech sector.

Regards,
W

The dollar dropped .75 to 90.66 and the euro rose .65 to 120.

A toppy dollar:

http://futures.tradingcharts.com/chart/US/64

Oil surged to $41.50. It was a big day for commodities as the CRB leaped 4.80 to 271.85.

Bonds closed weak with the June falling 22/32 to 104 15/32.

Raise the rates, don’t raise them. China and the US are dancing to the same tune. Meanwhile, markets gyrate all over the place, up and down and down and up, adding up to a big zipdeedoodah.

May 19 (Bloomberg) -- Copper rose for a third day in London amid news that China, the world's biggest copper user, may hold off raising interest rates that would have cut economic growth.
Chinese inflation remains below 5 percent and policy makers want more time to assess the effectiveness of measures taken so far to cool an investment boom, according to central bank Governor Zhou Xiaochuan. –END-

GATA’s Mike Bolser:

Hi Bill:

The Fed added $5.25 Billion in repurchase agreements today, May 19th 2004, an action that had no effect on the repo pool ($34.12 Billion).

The DOW 30-day moving average has started down and we must watch this trend closely in order to detect any net change in the ma trend. The DOW still remains well below its ma and the Fed still hasn't reacted to strongly support it with repos. We are at an interesting flex point, the outcome of which we give us more information about how the Fed currently operates its repo machine.

At this hour (11AM) the DOW has moved up to 10,090 in a smallish rebound. The 10-year treasury is sinking again and the 30-year bond yield hovers at 5.5% its recent high. These indicators tell us that the Fed isn't happy and that at some point it will be forced to raise the Fed Funds rate, an action that the "markets" won't like at all. It will mean that the Fed will be forced also to provide even more DOW repo support.

Gold is doing a bit better today but we must be wary of future counter attacks and have a plan to profit from those inevitable events. Shorting the dollar index and taking a simultaneous long gold position (with a metal purchase or a vehicle that closely tracks the PM fix) is not a bad way to play their game.
Mike

Chuck checked in this morning:

Good so far, and this while the shorts cover on an option expiration week and the bond market strong. I am certain that the record bond longs in the commercials mean that we will have a rally in the interest rates because of the market coming off and the dollar weakening as a result. Today may break the $6 rule if this happens. From what I can see, there is still a great hesitancy to buy anything speculative. Very nervous gold bulls. Chuck

This bears watching:

Reuters – May 19 – 11 AM central time:

BEIJING China cranked up the pressure on Taiwan President Chen Shui-bianon Wednesday, the eve of his inauguration, telling him not to underestimate its warning that it will crush independence moves at any cost.

For the third straight day, Chinese state media editorials and top scholars made doomsday prophecies as Chen prepared for his second four-year term.

"Twenty-three million Taiwan people are being pushed towards the brink of danger by Taiwan separatists," the official Xinhua news agency said in a commentary.

"If the 'Taiwan independence' activists miscalculate the situation...all the conditions for safeguarding peace across the strait will be lost," it said.

"If this indeed happens, the Taiwan separatists who provoked the start of war will become the chief culprits for ruining Taiwan stability and prosperity and be condemned throughout the ages by the Chinese people."

In his inauguration speech on Thursday, Chen is expected to discuss his intention to forge ahead with plans for a new constitution, which Beijing views as tantamount to a formal declaration of statehood.

-END-

Word of US market manipulation is spreading:

From Ike Lossif of the Aegean Capital Group, Inc.:

The market is the market of course, but the manipulation is getting increasingly blatant and out of hand. Particularly appalling is that the pro's know it, and understand how little it would take to bring it back under control, but as long as the money is flowing they will say nothing. But they will whine when the markets are deadly dull and the average investor once again shuns equities as they did in the 1970's.

FRAUD AND DECEPTION IS THE ORDER OF THE DAY!

I have always believed that the stock market is the heart of the capitalist system. The ability to raise capital by young companies thru the efficiency of the financial markets has enabled our country to achieve wealth unmatched by any other country in the post-Industrial Age. Unfortunately over the past decade, and especially over the past five years, the financial markets have been transformed into a huge casino and this is an understatement. In a recent email to me, Mr. Martin Goldberg, put it in much more blatant terms:

"...with the stock market appearing like brothel with all the late trading, insider trading, program trading, accounting shenanigans, earnings management, insider selling, and media spin, etc., who in their right mind can hold Exxon Mobil (in a college savings account yet) when it goes to $36?"

"Brothel?" That's a pretty strong word. Yet, it totally encapsulates the disgust of many professionals when it comes to the un-ending "late trading, insider trading, program trading, accounting shenanigans, earnings management, insider selling, and media spin" that seem to be the order of the day. A good example in my humble view is what took place on Friday, May 7, 2004. As many may recall, on that day the bond market plunged and so did many stocks at the NYSE. In fact, that day the NYSE experienced one of the worst breadth ratios ever, 12:1! On that day 256 issues advanced, while 3152 declined and the NYSE fell 119 points. Interestingly, NASDAQ and most notably the NDX held rather well. The NDX fell just 12.82 points, while the shameless talking heads at CNBC marveled throughout the entire day at the "strength" and "resilience" exhibited by tech, which they immediately interpreted to be a "good thing" for the market!

At the end of the day, I looked under the surface to see how much strength there really was in tech. On that day NASDAQ had 832 advancing issues, 2343 declining issues, 587,109,000 shares made up the up volume, and 1,012,777,000 made up the down volume. To begin with I do not think a market with a breadth 3:1 in favor of decliners is a "strong" market, despite the blubbering to the contrary by the spin masters of CNBC and the like. Second, in examining the up volume that accompanied the up issues, this is what I found out:

Just 18 stocks of the 832 advancing ones were responsible for 347,000,0000 shares of the 587,109,000 that made up the up volume. In other words, 2% of all advancing issues were responsible for 59% of all the up volume! Moreover, by some "strange" coincidence, all of those 18 stocks were components of the NDX!

http://www.financialsense.com/Market/wrapup.htm

-END-

Auckland Ed notes:

Did you see this on kitco....Ed

Date: Wed May 19 2004 13:30
trotsky (money supply) ID#377387:

It has been brought to my attention, that recently, there has been an ominous spike in the M1 rate of change - what's noteworthy is that since 1997, similar spikes have only occurred at the depths of various financial crisis situations, from LTCM to 9-11. is anyone aware of a crisis? or is there a developing crisis that they're trying to head off at the pass, or one that's already acute but hasn't yet penetrated the market mind? or something that is happening sub rosa ? (note e.g. FNM's $10 billion off-balance sheet derivatives losses, which amount to 2/3rds of FNM's capital). very curious

-END-

In early April I was fortunate to be the keynote speaker at GATA supporter Rich Radez’s natural resource conference in Chicago. He sends fellow Café members his regards from China:

Dear Bill,

Greetings from Mudanjiang City, China. We are on the road again. Some of you may recall our reports from South Africa. We are the first gold share specialists from the US to visit this unknown province. We were 1 mile from the Russian border this morning. We the first to visit kilometer 88 in Venezuela, and the Hemlo and Carlin District. I and Dr. Roberts, who discovered the Carlin Trend, walked that trend many years ago. This province may have that very same potential. It adjoins Mongolia, the same trend that Ivanhoe is on runs into the western side of this province. There is also a major trend on the eastern side of the province which is the size of Spain. Tomorrow we will attend the official signing of an agreement that will give all mineral right of the province to Savor Resources (SVYR). This has never been done before by any mining company in any province. This panicked down move in gold shares has created a buying opportunity of a lifetime in many gold stocks like Savoy. The mining geological society of the province has identified 450 natural resource targets over the last 46 years. A recent article in the Northern Miner on China did not even cover Savoy. As always, I am way ahead of the crowd. I am impressed in the Chinese people, their work ethic, Savoy's management team, and the potential for a long term growth situation. What a better way to participate in China's growth than owning an undervalued, aggressive resource company. We are now in a global world, so you better start investing globally. More from China tomorrow. Yes, I do own this stock personally.

Rich Radez
rradez@danoyes.com

An email from Mahendra to me last evening. I am working on a get together around 5:30 on May 27th in Dallas, which will be for Café members, GATA supporters and any press I can find:

Dear Brother,

Week day is over today and from tomorrow rising time is starting. From tomorrow on metal - no selling, no short, buyingggggg time, please tell everybody.

Thanks & God bless
Mahendra

Derivatives:

Bill,

In analyzing the Comptroller of the Currencies Derivatives Report for year end 2003, I was interested to see that only three US banks hold 99% of the US derivatives contracts for gold and other precious metals.

They are: JPM, Citibank, and HSBC.

JPM has the most gold derivatives by far, controlling 53.4% of the total, with Citibank holding 21.1% and HSBC with 25.4%. HSBC increased their gold derivatives the most since the 2002 year end report, with a whopping 18.6% annual increase.

The notional value of JPM's gold derivatives represent 6.5% of their TOTAL (not risk capital) assets, at 41,118,000,000. That's 41 billion dollars worth of gold derivatives, or at $390 per ounce, 105.4 million ounces of gold!

JPM shifted their gold portfolio to the shorter term, increasing maturities of less than one year by 12.7%, and decreasing maturities of over 5 years by 25%. Maturities of 1 to 5 years were essentially flat. Overall, their contract values grew by 2.6%.

The non-gold precious metals derivatives market is significantly smaller than the gold market, by almost a factor of 20. in non-gold precious metals contracts, HSBC is by far the leader with 63% of the total derivative contracts, which are not broken down among silver, platinum, palladium, etc., increasing their business by 60% in one year. JPM actually decreased their exposure by 26%, but Citibank, which is by far the smallest player, increased their non-gold derivatives exposure by 928%!

Best,
Jesse

I asked Jesse if he would be kind enough to comment on the gold derivatives:

According to the US Comptroller of the Currency report for year end 2003, three banks control 99% of the US precious metals derivatives contracts, of which the vast majority are gold. They are: JPM, HSBC, and Citibank. The total value of these contracts is over 81 billion dollars.

The US gold derivatives of one year maturity or less held by these three banks have a contract value of 40.2 billion dollars, or approximately 187 million ounces of gold at today's prices. That's 3,235 metric tonnes. According to the April 2004 GFMS mining survey total GLOBAL production of gold in 2003 held nearly steady at 2,593 tonnes.

This type of concentration of a global business in the hands of three banks is unprecedented. They are clearly in a position to dominate not only the US market for gold, but the global markets as well. This is not a 'free market.' It is obviously an oligopoly, and most likely in violation of antitrust trade standards in the US, if not in Europe, because of the huge unregulated concentration of market presence in the hands of a few corporations, and in an admittedly unregulated market at that!
Jesse

"JPM shifted their gold portfolio to the shorter term, increasing maturities of less than one year by 12.7%, and decreasing maturities of over 5 years by 25%."

This fits in perfectly with what GATA has been pounding away at for some time. As the gold producers lift their hedges (longer term maturities), The Gold Cartel’s JPM replaces some of them with short term maturity derivatives.

A ranting Café member. Sounds like me:

Hi Bill:
With the fundamentals favoring gold looming larger every single day, the gold bull appears ready, willing and able to resume romping and stomping, spurred on by physical market tightness, a fading dollar, rising interest rates, relentlessly escalating energy costs, declining real wages, officially neglected unemployment, continuing military misadventurism, etc. And all at the least opportune time for the fresh shorts and disgorged longs. From such damage as we have sustained do bull markets rear up and kick *ss.

Fully expecting the $6 rule to be enforced today, and knowing that traders are also aware of this phenomenon, some selling, due solely to "the rule," is to be expected. Admittedly, it's difficult not to be cynical, with the repeated heavy-handed micro-mismanagement by the ESF/PPT of every market they are able to temporarily exert their autocratic control over. However, the artificial nature of the such intervention remains totally unsupported by deteriorating fundamentals, therefore I remain resolute in my core gold and silver positions, knowing that patience will be rewarded simply because the passage of time favors gold now and for a good long while, given the uncorrected excesses of our debt-based economy gone wild.

If the current stock market rally has been facilitated to prevent the equity markets from daring to razz Greenspan's re-coronation, what does the rally in precious metals and the selling by the bond vigilantes suggest about the helicopter-money regime of Herr Bubblemeister?

Gold is winning the battle today,
Tom K

GATA’s Sid Reynolds is on the case in Australia:

RBA (Reserve Bank of Australia) in below email explain why leased gold is not a lost asset. ie "Standard accounting treatment requires that the gold loan should be shown as an asset of the Bank in gold."
... "Standard accounting treatment!!??". I thought this conflicted with GAAP (Generally Accepted Accounting Principles).
Regards,
Sid

Subject: Your enquiry about gold

Dear Mr Reynolds,

As with its other assets, primarily government bills and bonds and bank deposits, the Reserve Bank of Australia like other investors or fund managers lends cash, or in this case gold for a return. In the case of gold, all loans are fully collateralised by Government bonds. This collateral is topped up on a daily basis depending on movements in prices for gold the Australian dollar and the securities provided as collateral. Consequently, were our counterparty to fail, and this is unlikely as the banks with whom we deal have very high credit ratings, the Bank would be able to use this collateral to buy back the gold. As the loan is denominated in gold, the IMF regards it as part of Australia's Official Reserve Assets. Standard accounting treatment requires that the gold loan should be shown as an asset of the Bank in gold.

For further information, you might refer to our 2003 Annual Report page 32; you can access the relevant section 'Operations in Financial Markets' from this link:

http://www.rba.gov.au/PublicationsAndResearch/AnnualReports/
AnnualReport2003/operations_financial_markets.pdf
You may also find interesting the Media Release the Bank issued on 3 July 1997 related to its sales of gold.
http://www.rba.gov.au/MediaReleases/1997/mr_97_13.html
Hope this helps,

Ken Broadhead
Senior Community Relations Officer
Media Office
Phone 612 9551 9731
Fax 612 9221 5528

Orignal Message:

I have received information from various sources that all of RBA's gold has been leased out. While this is not a problem on the surface, there are 3 problems ie -the Bullion Bank that RBA has leased to has sold the gold, so the gold is gone (this is like a tenant in a flat, selling the flat - how can the RBA permit the Bullion Bank to sell this gold that the Bullion Bank doesn't own) -if the gold is sold by Bullion Bank, then the gold is gone, so why doesn't it show up as a lost asset on RBA books (just as if RBA had sold it). It is bizarre that the RBA books still show it there as an asset when the gold has been leased then sold. -why bother leasing anyway? If gold is such a "relic", as many anti-gold CB's claim, why not just sell the lot, instead of getting the feeble 1%pa for leasing it. At least that way, you don't have to worry about getting it back, which could be a much higher prices since gold has increased over $100 per ounce in the last couple of years? Even the recent fall was due primarily to paper gold manipulation, which without physical to back it, is only a temporary drop.

Regards,
Sid Reynolds

====

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CARTEL CAPITULATION WATCH II

Silver input:

Just a tidbit of info for our Midas group: E-bay is now selling 100 oz. bars of silver for $0.99 an ounce above spot price...... Hmmmm, sounds like a bullion bank trick to me. So Silver closes at $5.92 an ounce + .99 on top. Shortage is here folks. Still might be a good deal in the long run

Tigger

Hey Bill,

I sent off emails to four silver companies in which I said:

"If Silver Standard can invest approximately 20 percent of its cash and securities in physical silver, so can Pan American/Samex/Coeur/ECU."

I recieved the following reply from Brenda Radies, VP, Corporate Relations of Pan American Silver Corp.

Dear Mr. MacLean: Thank you for taking the time to write to us with your views of Mr. Butler's proposal to withhold some of our production. At the moment, all of our cash, and then some, is being used to reinvest in operations, to replace reserves, add resources and/or is earmarked to fund development projects immediately at hand. Given these immediate cash needs, it would be financially difficult for us to withhold cash flow. However, once the company is profitable and generating sufficient cash to fund our internal cash needs and organic growth, we will be in the position to consider the timing of our shipments and holding production back for the most favourable terms. You should note, however, that 75% of all silver mined is produced as a byproduct, which tends to be price inelastic. That is, gold, copper, lead and zinc mines produce silver as a byproduct and they don't increase or decrease their metal production based on silver price.

That means that the primary producers like PAAS or CDE and to some exten Hecla, account for the minority portion of the 860 million ounces of silver produced from mines and scrap each year. So even if Pan American held back all of its production for a year (10-13 million ounces currently), it is not sufficient to move the silver price alone. Unless the large by-product producers choose not to sell their silver, our withholding of production may help us reap a better price it's true, but it's overall impact will not be large. That's why our strategy is to bring our costs down to weather the low end of the silver price cycle so that we have production underway that can capitalize on the price rises, as we were able to do when silver went to $8.50. There are other strategies and other views on this matter, but at this time, we feel this is the best way to provide leverage to silver price for those who want exposure through equity investment.

This is a fairly brief answer to an involved question, but I hope it provides some insight into our views on the withholding of silver production. If you require further information, please feel free to contact me directly.

Sincerely,

Brenda Radies
Vice-President, Corporate Relations
Pan American Silver Corp.

This is a first from the mainstream:

http://www.EngineeringNews.com in South Africa

May 19, 2005

'Gold could hit $1 000/oz'

Corporate & Merchant Bank’s (ACMB) chief financial markets strategist, Craig Zaayman, yesterday went against the consensus by saying that he envisages a gold price of $800/oz or even $1000/oz, given current international developments.

Zaayman was speaking at ACMB’s financial market analysis presentation in Johannesburg.

"Demand for gold is outstripping the production of gold by about 55% a year," Zaayman said.

"Over the last ten years, this figure has averaged around 45% a year."…

-END-

GATA love that analysis!

Top Gold Fund report from my friends and staunch GATA supporters Ferdinand Lips and JP Schumacher:

Top Gold Monitor

http://www.lemetropolecafe.com/img2004/go.pdf

The gold shares have a hard time handling prosperity. The XAU gave up more than half its gains, closing at 84.42, up 1.46, as did the HUI, which closed at 186.39, up 3.10. Sarge noted:

HUI topped and reversed and has traded lower since this hit the wires:

1:51PM U.S. helicopter reportedly kills 40 Iraqis at wedding party : The Associated Press reports that a U.S. helicopter fired on a wedding party early Wednesday in western Iraq, killing more than 40 people, Iraqi officials said. The U.S. military said it could not confirm the report and was investigating. Iraqis interviewed on the videotape said partygoers had fired into the air in a traditional wedding celebration. American troops have sometimes mistaken celebratory gunfire for hostile fire.

–END-

Inflation talk is finally permeating Wall Street, which they hate because it means higher interest rates down the road. Higher rates means lower stock valuations.

It also should mean higher gold prices. With oil perched to take out $42 per barrel, the dollar looking very toppy, and the Iraq mess worsening on a weekly basis, gold and silver should be flying. It is only a matter of time before they will be.

GATA BE IN IT TO WIN IT!

Appendix

MIDAS

May 15, 2004

Time Bomb
by Sean Corrigan

Warren Buffett also frets on this.

Not bad, for government work.....

The BIS derivative survey reveals that, as of Dec 2003, the global derivatives market amounted to $234 trillion of notional contracts, of which some 75% - or $175 trillion - are interest rate-related (and 80%, or $142 trillion, of those OTC).

Risk - much of it unquantifiable and much of it, no doubt in the hands of those who either can't understand it at all, or who are too reliant on flawed models, which are usually oblivious to non-linear, network effects - now stands some 2.7 times higher than it did when LTCM blew up in 1998.

Over the year, the 1% Fed, the 0% BOJ, the 2% ECB and the 0-point-something SNB - in the pursuit of the harmful myth of 'macro-economic stability' - managed to encouraged a massive 41% jump in outstandings - a climb fully 3 ½ times faster than the change in OECD total GDP, which was estimated to have been $3.12 trillion (a figure itself flattered greatly by a decline in the USD which helped take 'real' growth from a paltry 2% to a nominal USD rate of 11.9%).

It also means that the Global Casino Economy racked up a whisker under $22 in interrelated risk transactions for every $1 of estimated growth in its Physical counterpart in 2003 - surely testimony to a financial system spinning wildly out of control.

Perhaps even more incredibly, that $234 trillion now amounts to $36,750 - or close to 10 months' income for the median household in the US - for every last one of the estimated 6.3-odd billion men, women and children on the planet, many of whom would be lucky to earn that sort of money in the course of three whole generations!

O tempora! O mores!

Goldbugs500

Du brauchst Dir keine Sorgen zu machen

Hab einfach momentan nur zu wenig Zeit, um die Infos alle jeden Tag zu posten.

Auch bis nächsten Montag Nacht geht leider nichts mehr.

Ab dem 18. Juni bis mindestens ende August, wird es mir nicht mehr möglich sein zu posten.

Gold wird aber trotzdem teurer werden!

Gruss

Thaiguru

kalle14

Pfannkuchen schmecken mir gut, vor allem die französischen mit etwas Grand Marnier.

Gruss

Zur Zeit aus Laos

ThaiGuru

Karl

Bin gerade dabei die Laoten davon zu überzeugen, dass man zukünftige Gold Produktionen nicht vorwärtsverkaufen soll.

Benutze gleichzeitig die Gelegenheit mich mit weiterem Silber einzudecken. Silber Schmuck, in Form von Gebrauchsgegenständen, Schmuck, Buda Figuren, Gewichten, etc., antik, oder neu, gibt es hier günstig zu erwerben. Gold, und Silber werden in Laos immer noch im täglichen Zahlungsverkehr verwendet. In Vientianne werden bis heute Häuser und Grundstücke mit physischem Gold bezahlt. In Laos ist Gold und Silber gleich Geld. Die eigene Papierwährung "Kip" wird von der hiesigen Bevölkerung mehr für Kleinkäufe auf dem Markt, und als Wechselgeld verwendet.

Gruss

ThaiGuru