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DRD ups stake in Goldmoney.com
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South African gold mining company Durban Roodepoort Deep (DRD DUR) has increased its stake in leading internet-based gold marketing company GoldMoney.com to 14% with a further investment of $1.8 million.
weiter.....
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News
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Newmont dewatering headed back to court
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http://www2.ccnmatthews.com/sc…pl?/current/0407046n.html
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APRIL 7, 2004 - 10:19 ET
Richmont Mines Inc. and Mountain Lake Resources Inc.:
Excellent Drilling Results on the Valentine Lake
Property
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Breaking news
2004-04-07 17:07 GMT:
UK small caps close flat as Cluff Mining drops on cash call
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Newmont, Solitario sign agreement for Peru gold interest
Newmont Peru Ltd., a subsidiary of Denver-based Newmont Mining Corp. (NYSE: NEM), signed a $7 million letter of agreement for a 51 percent interest in Wheat Ridge-based Solitario Resources Corp.'s La Tola gold property in southern Peru.
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Bema stock bows under higher Chile gold mine costs
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http://www.interfax.ru/e/B/0/26.html?id_issue=9687547
Finance & Business
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Apr 7 2004 12:19PM
Russian gold, forex reserves shrink $2.9 bln in March
MOSCOW. April 7 (Interfax) - Russia's gold and foreign-exchange reserves fell $2.92 billion in March in their heaviest drop since August 1998.
The reserves fell 3.38% to $83.398 billion from $86.318 billion during March, and returned to the level seen at the end of January this year, the Central Bank said on its web-site. <>
War ja schwer was los im Thread in den vergangenen 40 Stunden.
Muss zuerst selbst die (neuen) GATA Meldungen lesen, und die wichtigsten Meldungen zum Goldgeschehn analysieren. Einige davon werde ich danach noch posten.
Bis nachher
Gruss
ThaiGuru
[Blockierte Grafik: http://www.goldseek.com/news/LemetropoleCafe/lmpc.jpg]
http://www.lemetropolecafe.com
CARTEL CAPITULATION WATCH
The DOW continues to levitate, closing at 10,570, up 12. The DOG slipped a bit to 2060, down 19.
The dollar fell to 89.08, down .50, while the euro jumped .80 to 120.72.
The euro jumped even though the German economic news was not good:
April 6 (Bloomberg) -- German unemployment increased by the most in a year in March, clouding the outlook for growth in Europe's largest economy after three years of stagnation.
The number of jobless rose a seasonally adjusted 44,000 from February, the Nuremberg-based Federal Labor Agency said. It was the third straight monthly increase. The adjusted unemployment rate climbed to 10.4 percent from 10.3 percent.
The rise in unemployment may add to calls from politicians for the European Central Bank to lower interest rates to spur growth, which is lagging that of the U.S. and Japan. German Chancellor Gerhard Schroeder's failure to reduce joblessness since taking office 5 1/2 years ago has contributed to a plunge in support for his Social Democratic Party. –END-
Trouble in euro land:
Euro policy crumbling as Italy joins the rebels
By Ambrose Evans-Pritchard in Brussels (Filed: 06/04/2004)
Italy is to press ahead with huge tax cuts in defiance of legal action for breach of the Stability and Growth Pact.
The European Commission is expected to issue Rome with its first "yellow card" tomorrow for violating the spending rules designed to underpin the euro, alleging "one-off" accounting tricks to bring its budget deficit below the limit of 3pc of GDP. The real deficit for 2003 was 4.4pc.
Silvio Berlusconi: says he is 'not interested' in the European Commission's
opinion. The pact is already crumbling after France and Germany escaped punishment last autumn for breaking it three years in a row.
Silvio Berlusconi, Italian prime minister, now appears to be finishing the demolition job. He said a breach of the rules laid down in the Maastricht Treaty would "not be a capital offence", adding that he was "not interested" in the European Commission's opinion.
The newspaper Libero caught the mood in the Berlusconi camp yesterday with the headline: "To Hell with Europe".
Italy can count on Paris and Berlin to crush the European Commission when EU ministers vote on the issue. French documents leaked to Le Monde show that France intends to run deficits of 4pc or more into the middle of the decade, whatever Brussels says.
With the three biggest euro-zone countries openly flouting the pact, the system of fiscal discipline appears to be collapsing. The financial markets remain the only serious instrument for policing excess by spendthrift governments……...
-END-
But, there is no inflation:
Dear HP Business Development Partner,
Effective, May 1, 2004 HP will increase U.S. list prices for software licenses and bundled first year support by 8% for most OpenView Products. Exceptions are noted below. Standard support renewal prices are not being increased. –END-
GATA’s Mike Bolser:
Hi Bill:
The Federal Reserve added $6 Billion in repos to day April 6th 2004, an action that caused the repo pool to slip ever-so-slightly to $28.58 Billion. As mentioned yesterday this turn around from a falling pool level to a rising one has been different as the bottoming pattern is ragged. That pattern continues today and I continue to interpret it as a fear that the DOW might runaway to the upside "too soon". At this hour (11AM) the DOW tracks down a bit at 10,520.
I see no alteration (at this point) in the repo pattern levitating the DOW through the Spring and Summer, although the other indexes (NASDAQ, S&P 500) should get a little more volatile as they aren't under the control of the Fed's primary dealer's index futures buying. Their actions are in essence sympathetic to the DOW but suffer from normal market forces.
More on government delusion
The Fed has embarked since 1987 and especially since 1994 on a massive gamble to rig a whole series of indexes and indicators, imagining that they can conquer free markets and deliver a perpetual economic golden goose for the US. In doing so, they have lost the ability to see reality and have become delusional to the point that they are today openly falsifying economic reports such as the PPI and employment reports, whose recent big "gains" turn out to originate from part-time immigrant workers.
***
Delusional people waving guns in public are treated with deference by authorities for a time, as an apprehension slowly progresses. So also the economically powerful Fed is being treated with polite deference as smarter investors get their money out of its disintegrating paper-based system. The high-level government disconnect from reality extends even to geopolitics...in Iraq.
Standard military theory developed over millennia stipulates that an occupying combat force needs a 10% ratio to the indigent population. In Iraq that number would be 2.5 million "coalition" troupes since that country has 25 Million people. At last count the "coalition" has around 100,000 actual combat troupes (perhaps an additional 50,000 reservists in various support functions) scattered around Iraq and Kuwait for a ratio of troupe to occupied population of .4%. This is woefully inadequate and it exposes US personnel to needless risks. The current uprising there thus has the real potential to accelerate because the "insurgents" have full freedom of movement. Indeed, it is reasonable to predict within a month or two, the fall of an outpost or two similar to the fall of Ke San in Viet Nam. The archived pictures of burning C-130 re supply planes bull-dozed off the field still resonate. History is repeating itself.
Perhaps collective delusion is a virus that has infected everyone in today's administration?
Mike
From The King Report:
Bob Herbert in the NY Slimes: "What is happening is nothing short of historic. The American workers' share of the increase in national income since November 2001, the end of the last recession, is the lowest on record." Normally workers get 65% of national income and corporations get 15 to 18%. But now labor is getting only 38% while corporations garner 41%. Wow, a productivity miracle! The relentless mega trend is the diminution of the US middle class and living standards. The major reasons include the ascent of Asia (labor arbitrage), bubble policies (always concentrates wealth), and the desperate attempt to perpetuate US socialism even though it has burdened the US with unserviceable debt & obligations (creates dukes & serfs). http://www.nytimes.com/2004/04/05/opinion/05HERB.html?th
Many pundits aver the US economy is strong, because corporate earnings are increasing. However, national income is stagnant, below par for a recovery and workers’ incomes are horrid. And it’s the paycheck that counts; as many, including Bush, will learn. A few weeks ago we highlighted IRS data, which shows for 2002 there was no self-employment or small business boom and income is subpar. Soon, 2003 IRS data will be available and the 2003 disposition of national income will be revealed. –END-
Houston’s Dan Norcini:
Hey Bill:
Just caught the exchange release of the open interest figures for yesterday's action in the gold.
Talk about a stunner! I had fully expected to see a further decline in there as some of the weaker hands and the funds spit out some of the those new longs put on near the top. Didn't happen. The break was bought as the open interest figures showed an increase instead and a fairly sizeable one at that. It turns out we had fresh sellers instead.
This is going to get very interesting. From my perspective, something seems to have changed in the gold market. I am sure all of us all too well remember last October and then January of this year as the funds were flushed on these setbacks yanking gold down significantly and doing serious technical damage on the charts. It is still young in the game but if I were a new short seller, I would be worried. Gold has a different "feel" to it this time. I know that is pretty subjective but that is my gut instinct. The open interest is just a confirmation. This new gang that has moved into gold means business and thus far has refused to be stampeded. To see them step up yesterday and buy into the sell off is incredibly encouraging for our side. Yes, again, it is young in the game but this is the first time I can recall that this has happened considering that as of yesterday gold had been clocked nearly $19.00 off the recent peak high in just two short days. People want into this market and are stepping up. If we can hold near these levels and consolidate for a bit, we should see some serious short covering in the not-too-distant future. A close over the $430 level will see it begin.
Dan
dnorcini@earthlink.net
Richard Russell last evening:
I note that the price/earning ratio (trailing earnings) for the S&P is now slightly above 23 while the yield stands at low 1.60%. Those valuations also tell me that investors remains highly bullish on stocks. The "excuse" for these statistics is that interest rates remains historically very low, and the low rates allow for higher P/E ratios. Of course, again, this is a reason why the trend of the bond market (rates) is now so critical. –END-
Much less letting the bullion banks in The Gold Cartel get off Scott Free on their gold fraud:
Playing Favorites
Why Alan Greenspan's Fed lets banks off easy on corporate fraud.
Ronald Fink, CFO Magazine
April 01, 2004
When the Financial Accounting Standards Board released its exposure draft of new accounting rules for special-purpose entities (SPEs), in late 2002, the nation's financial regulators sent FASB chairman Robert H. Herz decidedly mixed signals.
On the one hand, the Securities and Exchange Commission wanted Herz to make the rules effective as soon as possible. SPEs were the prime vehicle for the fraud that brought Enron down, and were widely used by other companies to take liabilities off their balance sheets, obscure their financial condition, and obtain lower-cost financing than they deserved. Not surprisingly, the SEC was anxious to head off other financial fiascos resulting from such abuse.
At the same time, however, the Federal Reserve Board pressed Herz to slow down. That's because the new rules threatened to complicate the lives of the Fed's most important charges: large, multibusiness bank holding companies that happen to earn sizable fees by arranging deals involving SPEs. Stuck between this regulatory rock and hard place, Herz told the Fed and the SEC to get together and work out a timetable that satisfied both constituencies.
http://www.cfo.com/printarticle/0,5317,12866|M,00.html?f=options
-END-
Shenanigans:
Hey Bill,
Great column, I couldn't live without it. By the way, have you noticed that EVERY day, and I mean EVERY day, the closing trade on the current gold futures contract is screwed with. EVERY day, just after the 1:30 close the final print is shown as being $0.30-$0.60 below the final print, even though this trade NEVER shows up in time and sales (in fact, usually the last 20-40 trades are above the level printed). Then, after the 1:35-1:38 trading period after hours, they usually try to throw in another bad print. In really strong up or down days, I've seen this bad print as much as $0.90 below the last trade.
I've never seen anything like this in any market, anywhere, yet it happens in the gold market EVERY day. Absolutely criminal manipulation, no other way of putting it.
Go GATA!
Andrew
As I watch the markets every day and follow the increasing Iraq debacle, I am flabbergasted how the US market just yawns at this complete disaster, while the gold share owners can’t wait to sell out their positions, just when they should be loading the boat. The XAU was up only .65 to 102.42. The HUI fared worse, only managing a pitiful .36 gain to 230.96.
You would think more and more investors would be coming to the conclusion the United States has blundered its way into Iraq, is trapped there, and has no graceful exit. Twenty one brave soldiers dead in four days, rioting all over the place and on the brink of civil war – this is what we have a year after the war is over. AND, we are supposed to turn over control of Iraq to the Iraqis in less than 90 days.
It is hard for me to imagine this fiasco not being very dollar bearish and gold bullish in the weeks and months to come. With so many problems developing in Euroland, more and more investors are will be headed towards the "go to" currency and prudent investment of choice, GOLD!
The Gold Cartel has been huffing and puffing to keep the price of gold subdued. The good news for us is it is their door which is going to blown down.
Gold, silver and the shares remain THE historic investment opportunity of a lifetime.
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
CLUNK! Bears bruise paws on something solid
Tuesday, April 6, 2004
Indian ex-duty premiums: AM $6.38, PM $5.85, with world gold at $415.40 and $417.40. Ample for legal imports. The Reserve Bank held down the rupee today. Moody’s issued its annual comment on India, remarking on the country’s "strong external liquidity and growth outlook": which implies a positive outlook for gold imports.
Reuters from Singapore this morning quoted dealers noting an upturn in Far Eastern demand, with Malaysia and Hong Kong mentioned. The recently-returned premium over world gold on the Shanghai Gold Exchange widened a little more.
While TOCOM opened to a world gold price abruptly weakened by NY, a steepening slide in the yen during the day offset much of this. Volume, at the equivalent of 28,029 Comex lots, was 7% down on yesterday, open interest was virtually unchanged (up 58 Comex), the active contract went out up 9 yen, and world gold edged up 65c from the NY close. From time to time Japan does do something to influence world gold: that time is not now. (NY yesterday traded 57,266 contracts, notably higher than the 46,000 estimated: open interest rose 1,497.)
The astonishing fact is that gold has fallen through a range of some $17 from a multi year high in the past two trading days, with open interest and the spec long positions well known to be at record highs, and yet Comex open interest has fallen, net, only 1,236 contracts (e.g. 123,600 ozs). There were plenty of eager predators looking to start a rout. ScotiaMocatta says:
"Both dealers and funds were noted sellers, forcing the price lower…The record high of the Comex open interest is…helping to encourage profit taking and long liquidation. The metal fell in an orderly fashion as scale down physical buying interest helped cushion the fall..."
UBS adds:
"Stop-loss selling was triggered from commission houses on the Comex floor once gold traded below $417.50 / 418 and further stops were triggered beneath the $416 level and gold traded down to the lows beneath $414 before a weak bounce into the close."
In reality the virtual absence of liquidation suggests that either the longs of the March build-up are extremely determined, or that any fleeing are immediately replaced. Given the behavior of the physical premiums, it is time for any shorts to get nervous. Over-reliance on charting, or on tracking the Euro (not the domestic currency of the main physical buyers) could be dangerous.
JB
[Blockierte Grafik: http://www.goldseek.com/news/LemetropoleCafe/lmpc.jpg]
http://www.lemetropolecafe.com
April 6 - Gold $418.40 up $3.40 - Silver $8.20 up 10 cents
Are The Comex Authorities Beginning Their Silver Panic?
History has demonstrated that the most notable winners usually encountered heartbreaking obstacles before they triumphed. They won because they refused to become discouraged by their defeats... B.C. Forbes (Scottish Journalist)
GO GATA!!!!!
Gold came in almost $3 higher and held those gains most of the session after a brief sell-off in an attempt to fill its opening gap. Gap left unfilled. After the early flurry, the gold trading went comatose, trading either side of $418 much of the time.
The stunning news was the open interest number. It ROSE yesterday to 306,041, up 1497 contracts. This follows Friday’s puny fall of 2737 contracts. From last evening’s MIDAS:
"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."
The gold open interest is at its highest levels ever. For gold to fall almost $13 on Friday/Monday and for the open interest to only drop 1240 contracts is astounding. One might have expected a 20,000 contract drop. This does suggest there are more and more investors around the world who want in on the gold play. Certainly there was some fund liquidation the past two days, but most of it was replaced by new longs.
For many weeks I have been talking about a "structural market change" in both gold and silver – discussed it at the resource conference in Chicago too. The unusual growing open interest on such a substantial price drop is more anecdotal evidence gold is indeed changing from a structural standpoint, following silver’s lead. This latest open interest development follows gold’s run from $395 to $433 with little, if any, help from the dollar. That run without dollar weakness support was a divergence from the pattern of the last couple of years and also a sign of a market structural change.
What is important as far as I am concerned is to relate this unusual open interest pattern with John Brimelow’s physical market input. Factually, he confirms how strong the physical market is. More than likely, much of this futures buying is related to this strong physical market. This makes The Gold Cartel’s efforts to break gold down much more difficult. It means CARTEL CAPITULATION WATCH needs to go on a more heightened alert.
As oft-stated in this column, gold will only explode when The Gold Cartel loses control of their price-rigging operations. They are desperately doing all they can to keep gold from closing north of $430. If the buying is large enough in the weeks ahead, it might make it near impossible to keep gold from doing just that.
Which leads us to silver. We know by now the bums have LOST control of this market, which is why the silver price keeps going up. It made another 17-year high today to little fanfare. Incredibly, very few pundits/precious metals analysts are even bullish. Silver has run from below $5 to $8.20, gone almost straight up with only minor corrections, and yet, all Wall Street gives this market is silence.
We know why! The crooks rigged silver like they have rigged gold all these years. Silver is running because these jerks don’t have the physical silver to stop it. This is their worst nightmare. They rigged silver so as not to bring attention to their gold price rigging. Now, you can see why. As silver continues its climb, it attracts more and more attention to gold, which could be one of the major reasons the gold open interest is not backing off.
As is often the case, Morgan Stanley was the major early silver seller. They had their way for a while. The silver technicals were a bit shaky in the morning. As a result of the past two day gold related sell-offs from its early day highs, silver had formed two candlestick formations on the upside. With an early surge today ($8.26 bid) and subsequent failure (it was down 3 cents on the day after Morgan’s selling), silver was vulnerable to putting in an outside day key reversal to the downside. It would also been its third candlestick top in a row.
However, silver quietly drifted back up to close very firmly. The potential candlestick negative has now turned into a positive because of silver's close. The floor thought a close above $8.25, basis May, would have been very constructive. If so many think so, perhaps we will get our breakaway gap tomorrow - one that will remain. Remarkably, silver has no near-term gaps to fill on the downside. This is a big positive in my book. No real excitement yet. That is still to come.
May silver
http://futures.tradingcharts.com/chart/SV/54
The silver open interest rose 2555 contracts to 121,794, a new HIGH. More and more buyers want in. The smart money knows what is going on out there regarding the physical market. This is in spite of most of the bearish mainstream precious metals crowd, some of whom are commenting that silver is going up despite "deteriorating fundamentals." What planet do these clowns live on? There isn’t any silver of any size left in the world except on the Comex. One day it will begin to disappear there too and you will hear the "UH-OH" all over the trading world.
Silver tidbits:
*The May open interest (80,647 contracts) is roughly equivalent to one year’s silver production. If a large number of longs stand for delivery at the end of this month, the shorts and the Comex are in BIG trouble.
*The Comex authorities, who continue to say the are not concerned about the huge short position, must be beginning to twitch more than just a little bit. Tomorrow, after the close, they are raising the Comex silver margin by another $675 to $3375 a contract, good for a 68 cent daily move in silver. This shouldn’t hurt the longs too much as we have the hedging shorts and crooked shorts on the run. It will only have an impact on the longs if the silver price managers are able to really flush silver down about 50 cents from here. Since the price managers are already sucking seaweed without enough physical silver to stay short too much longer, I don’t see a drop like that until silver rises sharply first.
Raising margins like this again, so soon after a recent margin increase to $2750, is like putting out a RED FLAG. On the one hand the Comex/CFTC authorities tell inquirers like Kelly O’Meara of Insight Magazine there is absolutely no problem with the humongous silver short position and then they go and raise the margins.
Note: the copper price went a bit berserk to the upside over the past month. The Comex DID NOT raise the copper margins!
One thing we know is a fact. Silver has gone almost straight up since the GATA ARMY commenced its email/letter writing campaign to the Comex, Spitzer and CFTC. Wonder if Spitzer is poking is head around the Comex yet? We certainly gave him the right heads up. Silver has rallied over $2 per ounce since we bombed the authorities with letters and emails. Coincidence????
Palladium is roaring along as Mahendra predicted. It closed at $324, up $6.
Komme gerade von meiner Gold Tour zurück.
Es scheint Gold lässt sich nicht kleinkriegen!
Silber trotz einer wie vielerorts vermeldeten charttechnisch überkauften Situation weiterhin konfortabel über der 8.- Dollar Marke.
Habe die vergangenen 2 Tage Gold gekauft, physisches Gold versteht sich, und das nicht zu knapp.
Thailändische Goldmünzen um genauer zu sein.
Habe ganz Bangkok auf den Kopf gestellt um die zuletzt ausgegebenen, offiziell kursgültigen 9000.- Thaibath Goldmünzen, und auch einige weitere vorgängige Ausgaben, gegen lokales "Fiat Money" zu Tauschen, solange das noch zu Preisen die momentan verlangt werden, noch möglich ist.
Werde nächstens noch genaueres darüber verlauten lassen.
Gruss
ThaiGuru
@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
[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!
[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
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
April 5 - Gold $415.10 down $6.30 - Silver $8.10 down 2 cents
Gold Cartel Bombs Gold Again / Silver Sets Sights on $9
ZitatAssiduus 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.
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
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!
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.
