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Apr. 29, 2004. 09:09 AM
Inmet Mining's Q1 profit soars to $23M
FROM CANADIAN PRESS
Inmet Mining Corp. more than tripled its net profits in the first quarter because of higher metal prices and the company's increasing copper operations.
weiter....
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APRIL 29, 2004 - 09:15 ET
Minefinders Selects Dolores Gold and Silver Recovery Process
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http://www.iii.co.uk/shares/?t…id=4962951&action=article
Breaking news
2004-04-29 19:21 GMT:
Gold futures climb, close above $387
SAN FRANCISCO (AFX) -- June gold closed at $387.10 an ounce, up $1.20 on the New York Mercantile Exchange, following a more than $13 loss in the previous session. Earlier, prices fell to a six-month low of $380.50. July copper tacked on 1.4 percent to close at $1.1925 per pound, but July silver closed down 0.8 percent, July platinum fell 2 percent, and June palladium fell 3 percent. This story was supplied by CBSMarketWatch. For further information see http://www.cbsmarketwatch.com.
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http://money.iwon.com/jsp/nw/n…&alias=/alias/money/cm/nw
Stillwater Mining posts 1st-qtr profit
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Thursday April 29, 4:21 PM EDT
NEW YORK, April 29 (Reuters) - Stillwater Mining Co. (SWC), the only U.S. producer of palladium and platinum, on Thursday said it posted a quarterly profit, versus a year-ago loss, helped by higher prices and higher demand for palladium.
The Columbus, Montana company reported first-quarter net income of $15.8 million, or 17 cents a share, compared with a net loss of $1.8 million, or 4 cents a share, in the year-ago period.
©2004 Reuters Limited.
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Reuters
Richmont Mines Q1 results
Thursday April 29, 11:10 am ET
Handelt es sich bei dieser Information um einen Witz, oder um eine weitere "Manipulation" und "Irreführung" der Anleger?
Hätte da mal eine Frage
Vor kurzer Zeit erst soll die Schweizerische Kreditanstalt "Kredit Swiss" eine Bilanz vorgelegt haben, bei der total überraschend ca. "4.5 Milliarden Gewinne" ausgewiesen worden seien. Die Aktienpreise sollen danach hochgerannt sein. Ist ja auch kein Wunder, wenn unerhofft solche Riesen-Gewinne von dieser Schweizer Bank publiziert werden. Soll in allen Zeitungen, und im Fernsehen gross aufgemacht veröffentlicht worden sein.
Einige Zeit später, soll vor einigen Tagen gewesen sein, hätte die Bank jedoch kleinlaut bekanntgegeben, dass sie diese Zahlen korrigieren müssten, weil einerseits jetzt andere Kriterien zur Bilanzierung angewendet würden, und andererseits der Bank einige "kleinere Berechnungsfehler" unterlaufen seien. Dadurch sei der neue Gewinn jetzt nur noch ca." 700 Millionen" Franken. Nur jetzt sei bei den Schweizer Zeitungen nichts, oder nur ganz klein darüber berichtet worden.
Kennt jemand diesen Sachverhalt genauer?
Malik
Von Wirtschaft versteht er sehr viel!
Von GOLD hat er keine AHNUNG!
Warum das so ist, möchte ich gerne selbst wissen?
Ach wie schön, schon wieder eine Falschmeldung die von Bloomberg und Reuters verbreitet wurde, und vom Gold Cabal zum Anlass genommen wurde Gold runter zu verkaufen, und den nichts ahnenden Gold, und Silber Investoren, wie sich jetzt abzuzeichnen beginnt, falls ich diese Dementis in Deinem Posting richtig verstanden habe, im Endeffekt einmal mehr nur eine weitere Falschmeldung als Begründung dafür verkaufen wollte, warum die Edelmetalle gestern so stark gefallen sind.
Dass etwas mit der Begründung nicht stimmen konnte, wusste ich bereits. Dass jedoch auch der Inhalt der Meldung noch dazu falsch ist, hat mir dann schon etwas die Sprache verschlagen.
Na denn ein Prost auf Bloomberg, und Reuters, die beiden Nachrichten Spezialisten!
Gruss
ThaiGuru
Für Dich noch speziell ein Link
Bush scheint gewaltige Summen dafür auszugeben.
Warum wohl?
Und siehe da, der heute von mir mehrfach erwähnte Link zu Reuters India ist wieder mit einem neuen überarbeiteten Beitrag versehen worden.
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"Man The Lifeboats"
A Letter to Bill Murphy
Le Patron @ Le Metropole Cafe
by Jim Puplava
April 28, 2004
Dear Bill,
Last year investors purchased a record amount of gold. Preliminary estimates for 2003 indicate that investors purchased 33.9 million ounces of gold. That is the largest amount of gold purchased since 1967. The year 1967 was a pivotal year for the gold markets. Investors bought so much gold that they forced central banks around the globe to close the private sector gold window, which allowed private investors to exchange their currencies for gold. This eventually was the beginning of the end of the Bretton Woods dollar-gold standard. It also gave birth to the modern day gold market.
Here we are today almost 37 years later and we are witnessing the beginning of the end of the free-floating dollar exchange standard. Like the earlier London Gold Pool, central bankers are trying to forestall the inevitable. Inflation is rampant everywhere as evidenced by the rise in commodities. Central bankers have printed enough money and have injected enough credit into the system that inflation has finally spilled over onto Main Street. Inflation has manifested itself throughout the financial markets in the 90's as reflected in the stock market bubble of that era. More recently it can be seen in asset bubbles in the stock and bond markets, mortgage markets, real estate, and in consumption by debt-laden American consumers. Even now inflation is visible in doctored inflation indexes such as the CPI and PPI, which are now running at annual rates of 6-7% a year. The current federal funds rate of 1% stands in sharp contrast to economic growth rates of 4-5% and inflation rates of 6-7%. Investors are now receiving negative after-tax returns on their money by investing in cash, bonds, and in stocks.
Now investors must prepare for the inevitable unraveling of the current free-floating dollar standard. The beginning stages of its unraveling are now in place. The twin U.S. deficits in trade and at the governmental level are untenable. This year’s government budget deficit will amount to $740 billion! That's a number you will not hear anywhere. On Wall Street they only talk about a $521 billion number. This number excludes $200 billion in planned borrowings from Social Security and other government trust funds. In the next four years the government will borrow $1.5 trillion of Social Security just to keep deficit levels at respectable minimums--whatever that may mean. We are heading for $1 trillion a year deficits into perpetuity and we haven't even begun to face the Social Security and Medicare crunch that accelerates after 2008 when the first batch of boomers enter the retirement market.
On the other side of the ledger, concerning our mammoth trade and current account deficits, there doesn't appear to be any sign that the dollar's fall has corrected these imbalances. Much of the U.S. trade deficit is structural from energy to capital goods since very little is manufactured here anymore. In fact, the U.S. will have to compete and import more of its energy needs as production continues to fall in this country. It is one of many reasons why we have two aircraft carrier battle groups in the Middle East and have over 100,000 troops deployed in Iraq. It will take more than a 50% decline in the dollar from here before we make any significant improvement in remedying our current trade imbalance.
The picture doesn't get any better if you look overseas. Europe may not have the same debt levels as the U.S., but their moribund economies are dependent on exports to the U.S. and Asia. Japan's economy is improving, but its economy is totally dependent on exports to China and the U.S. They must intervene constantly in the currency markets in order to protect and keep their trade advantages. The net result of Japan and China's intervention is that foreign central banks now own close to $1 trillion or almost one quarter of all U.S. publicly held debt.
In May the European Union will expand by adding 10 new member states. Even as the Union expands, many of its members from France and Germany to Italy are having trouble keeping their budget deficits in line with EU requirements. Just about every nation is having difficulties -- difficulties that will get more troublesome, if the U.S. economy implodes. Europe and Asia are dependent on exports and if those exports collapse with a downturn in the U.S. economy, then those nations will inflate as well. The social demands by its population wouldn't tolerate a reduction in social welfare benefits. So governments will have no choice but to inflate and devalue their currencies.
The point of all of this is that central banks and governments around the globe have embarked on a massive reflation and a competitive currency devaluation effort that harkens back to the 1930s. The world’s economies are heading for trouble. The financial markets have entered into a period of extreme danger as the Fed readies the markets for a series of rate hikes that end in disaster. The last time the Fed reversed course in 1999 the NASDAQ and stock markets crumbled and the U.S. economy quickly headed into a recession. This was nothing to the derivative mishaps and currency crisis of 1994, the last time the Fed seriously pursued a serious rate tightening.
Since then, leverage in the financial markets has increased nearly tenfold. Derivatives at U.S. money center banks have gone from $16 trillion to over $64 trillion. The carry trade is much larger and major companies, such as GE, GM and Ford, are engaged in large interest rate swaps. Fannie and Freddie have ballooned their balance sheets and companies and consumers are up to their eyeballs in debt. The Fed will take its time raising rates and when they do, rate hikes will be minimal. If the Fed over tightens, the stock, bond and real estate bubbles will implode ending the recovery and the current bear market rally.
Picture in your mind a stormy sea with everybody leaning on one side of the boat. Water is rushing on board from the weight of all of the passengers. The passengers need to get over to the other side of the boat, but if they do so in unison, the boat capsizes. The boat captain (Mr. Greenspan) hopes that the passengers can gradually get over to the other side without capsizing the boat. That is why the Fed is taking its time giving the markets or large speculators plenty of advance notice, hoping things go smoothly. Otherwise, a sudden move by the passengers leads to mayhem and the capsizing of the boat. The barometer is dropping rapidly, so it remains to be seen if there can be an orderly move to the other side of the boat. History shows that this is highly unlikely.
Let me use another analogy from the recent movie, Titanic. The lookout on the Titanic has just discovered that a large iceberg field lies ahead and a collision is inevitable. He alerts the captain. The problem is there aren't enough lifeboats (gold and silver). First class passengers are a priority (financial elites). Passengers in steerage are too numerous, so they must be kept calm and fooled. Only after the elites are safely aboard the lifeboats (gold and silver), will those in steerage be told of their fateful predicament.
This is where we are today.
The lifeboats are gold and silver. The number of boats available are few and certainly there are not enough to go around for all of the passengers. The captain and the ship’s crew must keep the passengers in steerage mollified until they are safely aboard. So they tell everyone that things are okay. The last thing they want is for the vast majority of passengers to head for the lifeboats. This is what is going on in the gold and silver markets today. The sell off and panic in the markets are the financial elites' attempt to get those in steerage off the boats, so that the elites may safely get on board. A major currency storm is headed for the financial markets and the only safe haven will be real money.
Imagine a similar situation that developed in Argentina over the last few years. Those investors, who owned gold, silver, or had their money in stronger currencies, survived the storm. Those who had their money in cash with the banks or in government bonds or stocks lost almost everything. This may be what is about to happen over the next two months. There is wide scale intervention in the financial markets. The U.S. dollar and the U.S. Treasury markets are being held up by massive intervention by the Bank of Japan and China. There is evidence that intervention in our stock market is taking place. We also know that there is widespread intervention taking place in the silver and gold markets.
So where does that leave us?
Given all of the turmoil that is coming to the financial markets, do you want paper lifeboats or something that is more secure and solid such as gold and silver? Look at what you are paying for groceries, gasoline, utilities, services and everything that you need to live. Then look at what is happening to the price of things that you don't need: DVD players, Flat screen TV’s, cars, clothing and other luxury goods. Draw your own conclusions as to which type of investment you would rather be in -- paper or something tangible that isn’t someone else's liability.
These are the times that separate the men from the boys as well as the speculators from investors. As for myself, I was a big buyer today. It isn't hard when you see the barometer dropping rapidly. If interventionists want to panic the markets and drive the price of gold and silver down, then I will gladly take it off their hands. I prefer a lifeboat made out of something solid versus one made out of paper that will sink.
Respectfully,
JP
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Appendix
Fed's Bies: Concerned By GSEs' Interest-Rate Risk-Taking
DOW JONES NEWSWIRES
April 28, 2004 7:35 a.m.
(This article was originally published Tuesday)
NEW YORK -- Federal Reserve Governor Susan Bies said Tuesday she is concerned by the "growing reliance" of Fannie Mae (FNM) and Freddie Mac (FRE) on practices that could expose them to significant interest-rate risk.
Answering questions and speaking with Dow Jones Newswires after a speech in San Diego, Bies said Fannie, Freddie and the Federal Home Loan Banks do a "good job" in their traditional role of helping banks and savings and loan institutions fund new consumer mortgages.
But Bies suggested that the government-sponsored enterprises also could be headed for trouble if they try to maintain their rapid growth.
"There's no market discipline here," Bies said, "and we're kidding ourselves if we believe there's market discipline."
Bies said Fannie Mae and Freddie Mac already are dominating the mortgage market, prompting Wall Street to project double-digit growth in earnings. She said efforts to keep up this kind of performance could lead the companies to take on unacceptable risks.
"It's really hard for them to grow market share. So how are they going to get double-digit earnings growth?" Bies said.
She said the GSEs aren't properly hedging their interest-rate risk exposure. This exposure, combined with the GSEs' push for more profits, could spell trouble if not properly handled, Bies said.
"What we're concerned about is their growing reliance for earnings growth on interest-rate risk," Bies told Dow Jones Newswires.
She said the GSEs could be on shaky ground when buying back their own mortgage-backed securities, then putting them on the books and issuing their own debt.
"If they make the double-digit earnings growth, their stockholders love it. (But) if they screw it up through mismanagement of interest-rate risk, then all of us, as taxpayers, will pay. And we're talking about trillions of dollars," Bies said.
Bies said the GSEs need to be compelled to be more open about their financial health and activities.
"As taxpayers, we should demand that they have more transparency than a private company, because they are a government-sponsored agency," Bies said.
-By Keith Hagel, Dow Jones Newswires; 201-938-4378; hbsglobaldesk@dowjones.com
(Trina Kleist in San Diego and Rebecca Christie in Washington contributed to this report.)
Ken Knight’s letter at the end of tonight’s Midas is an outstanding example of the Passion and Drive of many American Patriots. I want to thank him for standing up and putting his HEART into telling the truth about the system and calling for action. He is correct in saying that you and the other men out there, that speak the truth, deserve our support. I say again that you ARE true American HEROS!!
I also thank you all, for without the time you have all put into studying the market and uncovering all the "stuff" (spelled with 4 letters) that actually goes on out there, I would have no idea how to find the truth and thereby obtain the FREEDOM to act on the knowledge and protect my assets to the best of my ability. The truth has set me FREE! I am free to make my own informed decision, and thereby, potentially, my own mistakes. But I am FREE, and I will do everything in my power to make my own decisions, and KEEP my freedom.
It is time that all of us stand up and get heard. Get heard anyway you can but DO SOMETHING and DO IT NOW!! We must once again bombard Eliot Spitzer, the CFTC, COMEX, NYMEX, the SEC, and the POPE. Get everyone you know to once again take up the fight and write these people who treat the markets as their own personal play ground.
Have we really become a cheap third world country that has no choice but to allow the moneychangers and politicos free run?? Have we no power or CHOICE in what we do and how we react? Are WE THE PEOPLE that weak and stupid, or are we American’s who are willing to fight for our freedoms?? What is the answer??
The blatant manipulation that has infested every aspect of the markets for the past MANY years may have become business as usual, but it is now, more than ever, DESTROYING the American way of life and the great American Dream (the singular most powerful force on earth is at the heart of the American Dream, and that is the hardworking citizen, whom, through, determination, innovation, hard work, and creativity has altered the face of the Earth ).
By not acting and by not letting our voices be heard we have said to the world that WE DO NOT CARE, that continued blatant illegal and immoral business practices are OK, that WE THE PEOPLE are either too WEAK or to BORED or to STUPID to care.
I DON’T BUY IT!! We, the American voters, are the most potent and fear-able force on Earth. I say once again that we, the informed few, must take action to mobilize together as a team and attack the wrongs that are taking place in these markets.
Thousands of letters were written recently, complaining to the powers-that-be about the blatant manipulation of the Silver market. I never saw ONE ( That’s---1 ) reasonable or informative response by any of the many people that must have received letters. These are our public servants and they work for you and I, the taxpayers. People………they blew us off, and treated us with CONTEMPT. They treated us as if we were WEAK, BORED, and STUPID!! Why do you think they did that?? Could it be that by our silence, all these years, they may have the wrong impression about how we really feel? Or are they correct?
We MUST do something about this latest travesty and do it NOW!!!
The founders of this great nation and the men that wrote our great Constitution (you ought to read it, it’s awfully good) were not only patriots but they risked everything to fight for their FREEDOM, and our way of life. Those men knew that they had to escape the tyranny and oppression of Europe to be free, because the ruling powers sucked the freedom out of the entire continent, and destroyed all competition, innovation, and advancement. They took HUGE risks and broke free. Stayed free for what 140 or 150 years? Now, slowly, we have allowed ourselves to become victims of the same diabolical scheme, the ruling powers are once again KILLING our freedom. Make no mistake the attack is real and will be terminal if we don’t do something about it…..
I would have thought that this last blatant, destructively aggressive, wolf pack assault would have really pissed everyone off, but NO!! I can only guess that we must be waiting for someone else to solve the problem, after all we’re not responsible are we?? I think it’s time to look in the mirror and individually ask ourselves, if THIS blatant manipulation doesn’t piss me off enough to do something then what WILL it take? Maybe men, clad in black, breaking into my home because the Patriot act gives them the right? What will it take?? How far are you willing to go? What freedom are you willing to give up next? (You know you’ve already watched for years as your freedoms were quietly removed one by one.) Do you know your limit, have you defined it and contemplated it? It’s only a matter of time until you loose something that is really important to you, would that be enough, would you do something then??
Will you be ABLE to do something then or will it be too late?
That last LOST freedom is a powerful thing, a motivating, inspirational, and life-changing thing! It is more valuable than any asset we possess. Do you know what it is or what it’s worth to you? To your children? To theirs??
We as a community owe it to those we love, respect, and care about to make a difference. If we do not take action we have only ourselves to blame. Remember there were only 13 brave men in the Boston Harbor, that night, when the Revolution was born. They did a reckless thing and put their own safety at risk to stop a wrong, and make their voices heard! They succeeded and the rest is history.
What is the last freedom you are willing to give up?? What are you willing to do to protect that freedom?
Please, as a call to arms, I ask you to join me today and start writing again, and make it clear that we will not stop until this ends. We must demand accountability…DEMAND… it!!! We must demand a response to our concerns, and if that response is not what we want to hear then we must DEMAND change. We must hold people accountable for their actions, and if they have broken the law we must demand they be dealt with accordingly. We must DEMAND that our laws apply to everyone even if they are rich and powerful. We must DEMAND that the RIGHT THING is done.
It is too late to wait for someone else to take action for, who else is there? (If you know who we can count on, please write to me and let me in on the secret, I want to be on their team.)
We must take a stand SOMEWHERE, and some time, so why not HERE and why not NOW. After all it is an ELECTION year, why not take advantage and force the issue on the candidates. (I think this might be considered to be of national importance, and worthy of debate between our future fearless leaders.)
Ken Knight, your letter was a fresh and powerful wind blowing through a stuffy manipulated world. Keep it up, and let it all hang out.
We are all we’ve got. So we better make the most of us.
David Lawton
Email addresses for the Manipulators
And other important persons
4-22-04
James Newsome Chairman CFTC
Dr. Michael Gorham Director of Oversight CFTC
Vincent Viola Chairman NYMEX
Michael Steinhause Vice Chairman NYMEX
Christopher Bowen General Counsel NYMEX
Thomas Lasala VP & CRO NYMEX
Eliot Spitzer
Attorney General, State of N.Y.
120 Broadway
N.Y., N.Y. 10271
http://www.oag.state.ny.us/online_forms/email_ag.jsp
CFTC
Three Lafayette Center
1155 21st St. NW
Washington DC 20581
Commissioners:
Mr. Walter L. Lukken
Sharon Brown-Hruska
NYMEX
World Financial Center
1 N. End Ave.
N.Y., N.Y. 10282
Robert Morgenthau
Manhattan D.A.
N.Y. County D.A.
1 Hogan Pl.
N.Y., N. Y. 10013
Mr. Pataki Governor of N.Y.
Eliot Spitzer Attorney General of N.Y.
Randy Daniels Secretary of State N.Y.
Charles Schumer D. Senator N.Y.
Hillary Clinton D. Senator N.Y.
Tim Bishop D. Rep. N.Y.
Steve Isreal D. Rep. N.Y.
Peter King R. Rep. N.Y.
Carolyn McCarthy D. Rep. N.Y.
Gary Ackerman D. Rep. N. Y.
All of the above Politicians can be contacted through their addresses, which are available at http://www.congress.org/congressorg/home/
This address will also get you in touch with every public official in the US. Check out the links at Issues and Action at Congress.org they are free and help get the word out, i.e. soapbox alerts etc.
For those interested in creating a free petition online go to http://www.petitiononline.com
Grassroots democracy at it’s finest.
Kelly O’Meara at the Washington Times paid attention to the last Silver Manipulation campaign. Maybe she will pay attention to the new one.
Anyone with additional address please get them to me at dlawton@cableone.net
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CARTEL CAPITULATION WATCH
The DOW was hit hard, falling 135 to 10,342. The DOG was hit even harder, dropping 43 to 1989.
The dollar closed up 80 to 91.43, a new closing high, while the euro fell .99 to 118.20.
GATA’s Mike Bolser:
Hi Bill:
The Fed added $11.5 Billion in repos today April 28th 2004, an action that upped the repo pool to $47.38 Billion. At this hour (10:30 AM) the precious metals is getting bombed again while the DOW is also down a bit to 10,400. There seems to be nothing in the news to explain the drop except that it came exactly at the time of the PM fix.
The repo pool is telling us that the DOW will go higher while the Fed manipulated gold price is telling us not to go to precious metals. The contrary investors have as clear a signal as they are ever going to get. We also have a vigorous counter attack telling us that the Fed is very concerned at the gold market's resilience and they are spending even more bullion ammunition to "send a message".
The Fed seems ready to juice the DOW higher or to run the currency markets up. Time will tell which.
Mike
Hi Bill:
The Fed bombed gold today but because the PM fix was registered at $392.25 against a rising MCDI (major currency dollar index) of 88.92, the DIVG held its ground at 348.79 in a tight cluster surrounding the cardinal point of 350 and MOST importantly, the DIVG's 200-day ma held in a perfectly man-made, linear up-trend (yellow trace). Although I haven't measured the R^2 regression value of the January to May 2004 DIVG 200-day ma I can see by direct inspection that it falls well over .975--a nearly perfect clustering of points to match a predetermined (By the Fed) DIVG pathway. This metric IS the Fed's status map. They control the flow of gold to quench the rising world demand and the Fed has decided they can't hold it steady.
All the activity after the PM fix is basically bluster since the real physical market is on the LBMA and elsewhere as John Brimelow so diligently reports. The low COMEX prices don't cause very much physical drain, mostly they strike fear into the hearts of share buyers who may wish to consider physical metal to supplement their paper gold.
The takeaway from today's DIVG metric reading is that the existing policy of gold market retreat by the Fed remains intact. Any change in that policy, for example, the re-establishment of a new DIVG defense level, will be clearly announced by a dip in the DIVG's 200-day ma. We don't have that at the moment. We don't even have a true dip in the 30-day ma. BTW IF the Fed attempts to set a new defense ceiling for the DIVG, it will be the mother of all buying opportunities.
We may get such a set-up tomorrow but I'm biased against that outcome because we have now been in a four-month long Fed retreat, longer than any other Fed generated phase in the gold market (except for the long retreat up from $250 gold). So if we hold through the week around DIVG = 350 we will then shoot straight back up over 400 to 430 and above.
Mike
The repo and DIVG charts have been updated at:
http://www.pbase.com/gmbolser/interventional_analysis
Houston’s Dan Norcini:
Hi Bill
As could well be expected on a day like today, my email box runneth over. Most of the emails I am fielding are wondering what happened to cause gold to crater like it did.
My answer is succinct. Fear and panic.
The Chinese announcement served as a catalyst to knock copper down sharply at the LME (London) as some feared reduced copper demand from that quarter going forward. The selling ran into fund sell stops underneath the market which then escalated its drop. The selling quickly turned into a downside rout as panic took hold and spilled over onto the rest of the industrial metals complex taking down aluminum, nickel, zinc, etc. Even platinum got caught in the downdraft with palladium then getting sucked in. Of course, silver could not escape as it was then viewed completely as an industrial metal and thrown out alongside everything else.
As Copper opened on the Comex for the day session, it immediately cratered setting up an atmosphere of panic across the entire metals spectrum. Actually, gold was holding up fairly well considering the brutal rout taking place all around it. It ran down twice into the 392 region and both times came right back up again. I was actually impressed with its ability to do so on a day in which the emotions were running so high all around the floor. Then everything suddenly turned. Seemingly out of nowhere a bit after 9:08AM Central Time, some big player came in and offered it down under 392. I watched it drop quickly to 390, bounce back, it was hit again, bounced back, and then apparently selling came from all around the floor and smashed it under 390 and into the stops lurking there. It actually hit some stops but buying appeared right at 388 and took it right back up again all the way back to 390 within a minute. Of course it was then trampled right back down and the rest is history.
I am of the opinion that this was a very well orchestrated bear raid whose perpetrators spotted an opportunity to take advantage of the panic atmosphere on the floor of the Comex around the rest of the metals to absolutely annihilate gold and crush the morale of the longs. There is no other explanation as I have been around long enough to recognize when stops are being targeted and exactly the manner in which that is done. This is selling that is intended to knock the market down; not to obtain the best possible price. Rest assured the player/players who dumped the large offer that took gold under 392 was quickly joined by floor locals piling on who smelled blood in the water. The originator of that sizeable offering knew they would have the pit prostitutes as their allies. They got their meal today. I suspect that many who are new to gold are now ready to swear off of it forever and curse the day they first heard of it. That is most unfortunate since nothing has changed in the least in regards to gold's bullish fundamentals.
We are now in the arena of the pure technical geeks and until this money game is over and done with, the fundamentals will be ignored. That can happen from time to time but rest assured, those same fundamentals will reassert themselves in time and the Johnnie-come-lately bears will rue the day they shorted this market.
I was of the opinion that 390 would be our bottom as the price action of the last few days was encouraging. The volume had not been all that significant, with the exception of yesterday's pick up which looked promising as it indicated some of the new shorts were running. We had come all the way back up and touched 400 overnight a full $10.00 off the low. That is pretty darn impressive and looked to me to be a sign of powerful buying interests stepping up to snatch up the yellow metal in the low 390's which no doubt they considered bargain basement prices. Watching the stops run underneath 390 was like watching something out of the Twilight Zone. There was a surreal quality to it all. It almost seemed to be something taking place in slow motion. Nonetheless, it has happened and now we will have to see how the support region near 385 and then 380 hold up.
I personally am of the opinion that cooler heads will prevail later this evening and tomorrow and judge this sell off in gold unwarranted given the fact that the dollar is still well within the trading range it has established over the last week or so. One might expect to see gold trashed like this if the dollar managed to run to the .93 level or better. But for the dollar to simply move back up a bit within its recent range and see gold acting as if it the dollar had suddenly sprouted wings and flew off into the stratosphere to the moon and beyond seems downright to be lunacy from my point of view.
Still, panic and fear are the two of the main ingredients that go into making idiots of traders and investors, the other being greed, who lose their wits and their capability of clear thinking when under their influence. Years of trading have convinced me that we need to institute some sort of sobriety check before we let traders enter the pit and have both a Greed-o-Meter and a Fear-o-Meter to test them before they get loose and hurt themselves with their own stupidity.
Let's see how far these daring shorts are going to want to press their luck.
Dan
Dan, Goldman Sachs was the massive seller you are referring to. Big surprise, eh?
Mirrors my sentiments:
Bill,
I could kick myself. I should have known yesterday when PM prices were up but stocks were down markedly that the cartel sold stocks left and right yesterday knowing that they were going to do what they did today. Yesterday's stock action didn't make any sense and now we know why!
MSN's money center site says that commodities crashed today because of an announcement out of China. How silly! Unless that announcement happened to come during the first two minutes that Comex was open it is just another cover story for the bad guys.
These bums aren't just eating the funds for lunch on futures and options. They are scamming the public big time on stocks. They have gotten so cocky about how well their bear raids work to induce mass liquidation of the markets which then allows them to cover their shorts at huge profits, that they have now decided to fleece the stockholders of precious metals companies as well. Why not? All they have to do is short stocks before they crash gold and silver prices and then buy them back after everyone has panicked out. They profit in both directions and our government and the regulators they put in place look the other way the whole time! It is simply way beyond outrageous! They have to be making hundreds of millions of dollars at everyone else's expense. Someone has to go after these guys!
Regards,
Kevin S.
A healthy way to put this all in perspective:
Hi Bill,
You are probably completely pissed off and getting a load of flak from all the gold afficionados. If I could give you inside info and deep economic analysis I would, but in each case I can't. You may remember we are the same age to within 24 hours. If you are like me you are a stubborn bastard and never give up. Today I could have sold all my gold shares and other positions and said "**** it, that's enough", and then I said to myself, "why should I ? If I do the COT win and I lose. This story, like the others is a smoke and mirrors job" Short term you may be wrong on the day or the week, but you are not wrong on the longer term view. If people want to get short term trading signals from LeMetropole they are looking in the wrong place; they should take a charting and live data feed service for that info. Surely the views you put forward are fundamental and if people decide to act on them, then they have to be prepared to ride the bumps. We are all big boys and make our own decisions in the end.
I suppose all I am trying to say is that I am still with you. These last two weeks have been frustrating, but so what. The darkest hour is the hour before dawn.
Boot out sentiment and look at the hard facts.
Keep smiling
Ian
An optimistic view:
Kudos to all on your tireless efforts. They are very much appreciated. And now to the good news...
I have been waiting for months for the HUI to complete its downside pattern and today is it! Specifically, once the early DEC peak was confirmed in early JAN, I have been operating on the thesis that the HUI would set out to reconnect with the long term uptrend that currently sits around 180. Today we hit that target. The most interesting aspect of this however is that the structure of the unfolding triangle formation is very similar to what the HUI did from JUN 2002 to DEC 2002. I believe that we are currently living through a very similar experience (and pattern) of late JUL 2002 which was equally painful to the HUI.
If the pattern holds, then I would expect a snap back to the 210 level in 12 days or less and a gradual climb to the 220 area. The point of all of this is make it clear that today/tomorrow is very likely the best entry point this year! By the way, my upside target for the HUI on this move is 450 to 500 to be completed in 12 to 18 months. Have a great day and BUY THE HUI NOW!
G. Tetrault
Richard Russell this evening:
"….. Lots of distress selling in the gold and silver shares with stochastics now at their lowest level since March of 2003. That Month was the start of the huge rise to the high of December, 2003."
The XAU was bombed 6.26 to 81.20. The HUI was obliterated, sinking 16.63 to 176.69, close to 10%. This is what happens when senior gold producer executives say nothing, do nothing about The Gold Cartel. If you’re angry today, please direct some of that anger at them. It is an outrage they never make a peep about the most important issue in their business. They remain silent and let their shareholders be abused over and over by a bunch of crooks.
BRUTAL! That is the only way I can think of to describe today. Total demoralization everywhere. The best thing to do at this point is think BIG PICTURE and think about where you want to be at the end of the year. The gold and silver fundamentals continue to improve, yet we get clobbered because of the cabal. For the moment, we suffer, but I cannot see them keeping gold and silver down for very long.
The shares have been under siege all year. No doubt, the bad guys knew this was coming and surely have made a killing on the short side. Don’t you love the way they take your money? Buckle up time. We’ll be smiling again. Just have to wait it out.
GATA BE IN IT TO WIN IT!
[Blockierte Grafik: http://www.goldseek.com/news/LemetropoleCafe/lmpc.jpg]
http://www.lemetropolecafe.com
The John Brimelow Report
Does gold live in Falluja?
Wednesday, April 28, 2004
Indian ex-duty premiums: AM $9.82, PM $10.76, with world gold at $397.45 and $396.40. Well above legal import point. Reuters carries an account of the acceleration in gold offtake recently:
Zitat" "There is good demand for imported gold," Rajiv Popley, a leading gold trader, told Reuters from Bombay. People are finding the current price level comfortable to buy new gold."… In Bombay, the country's financial hub, around 700 to 800 kg of gold is being sold every day compared with around 400 kg earlier this year…. Around 1,000 kg gold is being traded daily in the western city of Ahmedabad, the country's leading bullion trading centre. This compared with around 500 kg in January this year."
Japan, which is closed tomorrow and for much of next week, continued little interested. Volume did jump 71% to the equivalent of 26,011 Comex contracts, probably on position squaring, and the active contract was up 4 yen, but world gold went out $1.30 below the NY. Open interest slipped the equivalent of 829 Comex lots. (Gold traded 34,476 contracts in NY yesterday; open interest fell another 3,519 lots.)
Gold drifted higher yesterday in NY:
Zitat"Gold has stabilized well following the recent wave of Fund liquidation with strong physical demand a key factor…"
remarked Standard London. Of course, this sounds ironic in view of the massive raid on Gold this morning in NY. Since gold was never particularly involved in the China play – despite much wishful thinking – there is no real reason for it to be much hurt by the fashion change, unlike, perhaps, platinum. India, far more important, continues to prosper, and peace is not breaking out in the Middle East. (The same applies, perhaps not as strongly, to Crude Oil, which has made a 3 1/2 year high today) .Clearly, this is detail is lost on many market operators right now, including many owners of gold shares. Dow Jones has published a reasonable account:
"…the chances of a rise in U.S. interest rates, spurred some selling….Black box funds then also piled in as key support around $389.50- $390 gave way…The slippage then emitted sell signals to chart and momentum-following funds which drove Jun gold down to $384…"
Normally, with the physical market positioned as it is, one could be confident that this will end as a bear trap. Given the condition of the world, though, and the unusual amount of Official Sector harrumphing earlier this month, one has to consider the logical possibility of a major, Central Bank-facilitated, slide, such as started in late’96 and again, more blatantly, in early ’99. Something of this type is apparently what the shares fear.
In this connection, it is worth contemplating the WSJ account of Fed Governor Bies’ Dow Jones interview about FNM and FRE (see Appendix):
"Bies suggested that the government-sponsored enterprises also could be headed for trouble if they try to maintain their rapid growth."
" "There's no market discipline here," Bies said, "and we're kidding ourselves if we believe there's market discipline…." She said the GSEs aren't properly hedging their interest-rate risk exposure. This exposure, combined with the GSEs' push for more profits, could spell trouble if not properly handled, Bies said."
""What we're concerned about is their growing reliance for earnings growth on interest-rate risk,""
Considering who is speaking, and the subject, this is stunning, and it is odd to think of gold slumping with this development in the wings. Or, then again, maybe not.
Any sustained effort to hold gold down here, however, will require the shipment of huge amounts of physical.
JB
ZitatWas hat der Goldpreis mit den Meldungen aus China zu tun?
Weiss ich auch nicht!
Aber Reuters schreibt die ganze Zeit die Goldpreise seien wegen dieser China Meldung, repektive der Angst vor einer sich jetzt zu erwartenden abkühlenden chinesischen Wirtschaft so stark gefallen.
Reuters sollte es eigentlich wissen, weil sie macht ja die Nachrichten 
Gruss
ThaiGuru
[Blockierte Grafik: http://www.goldseek.com/news/LemetropoleCafe/lmpc.jpg]
http://www.lemetropolecafe.com
April 28 - Gold $385.50 down $12.90 - Silver $5.87 down 37 cents
Gold Cartel Mounts All Out Assault On Gold
ZitatAmerica will never be destroyed from the outside. If we falter, and lose our freedoms, it will be because we destroyed ourselves..Abraham Lincoln, 16th U.S. President (1809-1865
GO GATA!!!
A client of a good friend called up out of the blue this morning and said today’s attack on gold and silver proved GATA’s case, if any day ever could. As Bill Buckler calls it, the "Reverse Gold Barometer" was put to full use. The more the reasons gold should soar, the more The Gold Cartel buries it. The US financial market scene and geopolitical situation are deteriorating by the week and could soon spin out of control. Just a few of the problems:
*Iraq is a disaster and looking worse by the day. The United States must eventually send in many tens of thousands of more troops to even come close to winning the day. What is this going to cost? Or, we can cut our losses and run, which would also create a nightmare. No need to go into the Iraq story more. One need only turn on the tube.
*The US stock market is slowly rolling over:
http://futures.tradingcharts.com/chart/SP/64
*The US bond market is reeling. June closed at 107 11/32, down 25/32.
http://futures.tradingcharts.com/chart/TR/64
*Crude oil appears to want to go much higher. After taking out $38 again, it sold off to $37.46.
June crude oil
http://futures.tradingcharts.com/chart/CO/64
Put all of that together and you have some pretty sound reasons for gold to shoot up, not down. However, The Gold Cartel and Working Group on Financial Markets know if gold does take off, it could exacerbate the already disturbed financial markets, so they trash it – the same modus operandi we have witnessed for many years.
The cabal orchestrated their move to coincide with today’s OTC option expiry in gold, which has far greater participation than that of the Comex. In addition, they flirted some nonsense about China:
NEW YORK, April 28 (Reuters) - COMEX gold and silver futures skidded on Wednesday as metals markets were rocked by comments by Chinese Premier Wen Jiabao suggesting China will take strong steps to cool its economy, which has been sucking in raw materials to feed an economic boom.
–END-
Price Action Makes Market Commentary! What jibberish about the Chinese news rocking gold and silver! It makes sense that copper would take a hit, but not gold and silver. The Chinese story was out for many hours and gold and silver did nothing. The damage was done when the US opened up for trading and The Gold Cartel went on the attack.
The reasons you are hearing from the press why gold was clobbered are garbage, nothing more than Red Herrings. The price managers wanted to take out all technical support at $390, flush out more specs and turn others bearish. The cabal failed last week, took a rest, and stormed back today.
Where do we go from here? Hard to say because the technical damage is so severe. The good news is it might not matter much because we are talking about a rigged market, not a normal free trading one.
The big funds are going from mega long and appear to be on their way to going mega short. The Gold Cartel does appear to be maneuvering the market to get the funds short so cabal forces can cover their massive short positions. Perhaps this is what the market needed before it takes off for $500 and above, as the cabal just can’t control it much longer due to the growing demand for physical. It looks more and more like this is their last hurrah and they are going all out to get the job done.
The gold open interest fell 3519 contracts to 246,504, while the silver open interest dropped 1492 to 106,516.
Gold down $13; another example how gold is allowed to fall any amount, but all upside attempts are capped around the $6 rule.
Just to make matters worse, the CBOT raised margins on min-gold last night by 77%, effective today. Silver went up about the same. No doubt it was timed with their attack on the precious metals.
Silver was bombed along with gold and looks just as ugly. The shorts went after the long left breakaway gap right below $5.80, but didn’t get it. Perhaps tomorrow.
Meanwhile, lumber futures went limit up for the second day in a row, ending the day at $424 and unleaded gasoline made a new monthly contract high close at $1.2268.
Gold will need to get back above $395 and silver above $6.05 to get on track again.
Das war die Ankündigung dieser Reuters Meldung die jetzt nicht mehr da ist wo sie vorher war!
Noch so ein Zufall !
Die erste Meldung von Reuters India mit der Begründung für den Gold Preis Abverkauf, ist gelöscht worden.
http://www.reuters.com/locales…Key=en_IN&storyID=4971801
Zur Zeit herrscht unter dem Link mit der ID=4971801 gähnende Leere!
Kleine Chronologie der Meldungen zu, und aus China von heute!
Den ganzen Morgen über Meldungen zu neuen Sars Fällen in China.
[Blockierte Grafik: http://framehosting.dowjonesne…images/djn-logo-w-bar.gif]
China Reports 1 New Suspected SARS Case Dow Jones Newswires 08:19 Uhr GMT
http://framehosting.dowjonesne…D=2004042808190012&Take=1
Um genau 11:47 London Zeit erscheint diese Meldung zu den geplanten Masnahmen zur Abkühlung der Wirtschaft durch die chinesische Regierung!
Wie ihr klar beim Kitco Chart erkennen könnt, hat der Goldpreis darauf überhaupt nicht abnormal reagiert!
[Blockierte Grafik: http://images.bloomberg.com/nav/bblogo.gif]
China Banks Including Pudong Development Halt Loans After Government Call Bloomberg 11:47
http://quote.bloomberg.com/app…d=aCnyG_fO_FAo&refer=asia
[Blockierte Grafik: http://www.kitco.com/images/live/gold.gif]
Danach die Meldungen, dass die Chinesen zukünftig ihren Zahlungsverkehr über Hongkong abwickeln werden.
[Blockierte Grafik: http://gfx.finanztreff.de/vwd_…l/kopfleiste/vwd_logo.jpg]
China nutzt Zahlungs- und Abwicklungssysteme von Hongkong vwd InternetServices 12:51
http://www.vwd.de/vwd/news.htm…sektion=wirtschaftpolitik
Danach folgt Reuters mit einer Meldung! Gold reagiert immer noch nicht!
[Blockierte Grafik: http://wwwi.reuters.com/comX/images/reuters.gif]
Premier: China Must Cool Its Economy Reuters 13:14
[Blockierte Grafik: http://wwwi.reuters.com/images/w148/amdf551095.jpg]
http://www.reuters.com/newsArt…inessNews&storyID=4970676
Danach mehren sich die Meldungen über die Wirtschaftsmasnahmen in China und zu einer bevorstehenden Abkühlung des Wirtschaftsaufschwunges, und den von der Regierung geplanten Kreditrestriktionen. Interessanterweise werden diese Meldungen relativ frühzeitig auch upgedatet wiederholt (3x) von der Börse Italiens veröffentlicht.
[Blockierte Grafik: http://www.borsaitalia.it/medi…a/header/foto_logoNEW.gif]
Borsa Italiana 13:49
INSTANT VIEW-China premier calls for prudence in yuan reform
http://www.borsaitalia.it/fwa-…rm&type=indicator&ling=IT
****
[Blockierte Grafik: http://images.forbes.com/media/assets/forbes_home_logo.gif]
EXCLUSIVE-China premier says aims to widen banking reform Forbes 13:55
http://www.forbes.com/markets/…004/04/28/rtr1350578.html
****
Reuters verbreitet die Meldung über ihr exklusiv Interview mit dem Präsidenten Chinas.
[Blockierte Grafik: http://wwwi.reuters.com/comX/images/reuters.gif]
EXCLUSIVE: Interview with China's Premier Reuters 14:22
[Blockierte Grafik: http://wwwi.reuters.com/images/w148/amdf551110.jpg]
Bald danach folgen schon die ersten Analysen mit einer an Bestimmtheit wohl nicht mehr zu übertreffenden Aussage für den heutigen Gold, und Silber Preis Abverkauf, von der Firma Reuters, wie wenn sie die Gründe für den Preisverfall bei den Edelmetallen bereits schon gestern? ausführlich analysiert hätten.
Dass diese erste mir bekannte Meldung zur Begründung für die heutige "Preiskorrektur" von Reuters INDIA verbreitet wurde, dem Land also, das anders als die Europäer glücklicherweise in physisches Gold, und Silber mehr Vertrauen hat, als in *Fiat Money*, und auch der weltweit grösste Goldabnehmer ist, wird wohl auch wieder nur ein "Zufall" gewesen sein.
[Blockierte Grafik: http://www.reuters.com/locales/images/reuters.gif]
U.S. stocks sink on worries about rates, war, China. Reuters 15:18
http://www.reuters.com/locales…Key=en_IN&storyID=4971801
Wenn es wirklich nur die Analyse eines einzelnen naiven Schreiberling wäre, frage ich mich wiso denn diese Analyse mit einer für die der Gold, und Silber Materie fremde Investoren, sogar auf den ersten Blick einleuchtenden Begründung, gleich weltumspannend und in Rekordzeit erscheinen kann.
!!!!!!! Die Meldung aus China war lange vor Beginn der heutigen Preismanipulation bekannt geworden !!!!!!!
Falls jemand wirklich noch an Zufälle beim heutigen Gold, und Silberpreis Geschehen, oder an echte Gründe glauben sollte, die zum heutigen Preisrutsch geführt haben, möchte ich doch diese Personen höflich bitten, mir zu erklären, wiso die Goldkäufer im Londoner Handel nicht verkauft, sondern nach bekanntwerden der Meldung sogar noch Gold, und Silber gekauft haben, und der Preis mehr oder weniger konstant geblieben ist, um dann just zur Eröffnung der Comex, ohne Rücksicht auf Verluste, wieder raussgeschmeissen zu werden, gegen alle positiven Fundamentaldaten beim Gold, und Silber, bar jeder kaufmännischen Logik, und vor allem extrem werte-, und chartzerstörend, und kurzsichtig zugleich, abverkauft wird.
Gruss
ThaiGuru
PS:Alle Zeitangaben stammen von "Newsnow", und sind Londoner Zeitangaben. Es gibt noch gegen hundert weitere Meldungen mit der Chinameldung, und fast ebensoviele Meldungen mit dieser fadenscheinigen Begründung für den Gold Preis Abverkauf. Habe mich nur auf die zeitlich wichtigsten beschränkt. Vielleicht kennt der eine, oder andere User noch weitere Meldungen, die vor dem initierten Abverkauf durch das Gold, und Silber Cabal veröffentlicht wurden. Genaue Zeitangaben beim Goldpreis sind klar beim Kitko Chart angegeben, in Londoner, und New York Zeit.
Auf den von mir verlinkten Seiten sind zum Teil andere Zeitangaben vorhanden, teilweise dadurch bedingt, dass bei jedem Update einer Meldung die Zeitangaben ebenfalls upgedatet werden, oder sich die Homepage in einer anderen Zeitzone befindet. Sämmtliche orginal gemeldeten Zeitangaben, und die kompleten dazugehörigen Seiten die ich hier veröffentlicht habe, wurden von mir abgespeichert, und auch bereits an verschiedene Gold Bugs zur sicheren Aufbewahrung, und Weiterverbreitung, weitergeleitet worden.
Heute ein erneueter Besucher Rekord bei Goldseiten.de!
Dein Zitat:
ZitatJetzt aber mal weiter gedacht. Sollte die chinesische Wirtschaft tatsächlich kürzer treten, dann kommen die Amis noch mehr in Schwierigkeiten. Dann ist's wohl noch früher vorbei mit dem "geborgten" Aufschwung. Und darauf zielen doch nahezu sämtliche (längerfristigen) Goldspekulationen hinaus.
Genau auf den Punkt gebracht!
