Beiträge von ThaiGuru

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Mar 30, 2004) - Earl W. Price, Chief Financial Officer of Eldorado Gold Corporation ("Eldorado", the "Company", or "we") provides the following information regarding Value Added Tax ("VAT") modifications in Turkey.

Turkish VAT law imposes VAT on goods and services sold in Turkey, the most common rate being 18%.

Recently the VAT regulations (the "regulations") have been
modified such that the exemptions allowable on the export of gold
dore ("dore") have been removed. The amendments to the
regulations harmonize the VAT treatment on exports of dore with
internal dore shipments. Under the new regulations dore, as well
as gold and silver, are excluded from receiving rebates on VAT
paid. In conjunction with the removal of the dore export
exemption from VAT, tax rebates granted by the government on the
importation of equipment used in the construction of a precious
metals mine have also been rescinded. In the past, dore producers
were exempt from VAT paid on imported equipment. The removal of
the rebate of VAT on exports of dore and the removal of the VAT
rebate on importation of equipment, if applied in their present
form, will trigger an increase in the construction and operating
costs of the Kisladag Project.

The Company believes that the amendments to the VAT regulations
imposed by the Turkish government are inconsistent with tax
treatments applied by other countries utilizing a VAT. We are
working with the Turkish government in an effort to further amend
the VAT regulations to follow tax treatments offered in other
international markets to avoid unfair competition against local
producers of dore.

The impact of these amendments will be incorporated in an updated
Feasibility Study for the Kisladag Project which will be
completed May 2004. This updated study will provide a current
view of the performance of the project, reflecting recent changes
in metal prices, energy costs, currency fluctuation and
refinements in engineering design.

The Company continues to advance the Kisladag Project through the
final stages of permitting and is presently concluding its
private land acquisition.

Eldorado is a gold producing and exploration company with gold
assets in Brazil and Turkey; two countries that we believe have
substantial geological potential. With our international
expertise in mining, finance and project development, together
with highly skilled and dedicated staff, we believe that Eldorado
is well positioned to experience continued growth and value as we
create and pursue new opportunities.

ON BEHALF OF ELDORADO GOLD CORPORATION

Earl W. Price, Chief Financial Officer

Certain of the statements made may contain forward-looking
statements within the meaning of Section 21E of the Securities
Exchange Act of 1934, which involve known and unknown risk,
uncertainties and other factors which may cause the actual
results, performance or achievements of the Company, or industry
results, to be materially different from any future results,
performance or achievements expressed or implied by such
forward-looking statements. Forward-looking statements are
subject to a variety of risks and uncertainties which could cause
actual events or results to differ from those reflected in the
forward-looking statements. Should one or more of these risks and
uncertainties materialize, or should underlying assumptions prove
incorrect, actual results may vary materially from those
described in forward looking statements. Specific reference is
made to "Narrative Description of the Business - Risk Factors" in
the Company's Annual Information Form. Forward-looking statements
in this release include statements regarding the expectations and
beliefs of management, the assumed long-term price of gold, the
estimation of mineral reserves and resources, the realization of
mineral reserve estimates, the potential of Eldorado's properties
and expectations of growth. We do not expect to update
forward-looking statements continually as conditions change and
you are referred to the full discussion of the Company's business
contained in the Company's reports filed with the securities
regulatory authorities.

Eldorado Gold Corporation's shares trade on the Toronto Stock
Exchange (TSX: ELD) and the American Stock Exchange (AMEX: EGO).

Request for information packages: info@eldoradogold.com

-30-

FOR FURTHER INFORMATION PLEASE CONTACT:

Eldorado Gold Corporation
Nancy E. Woo
Manager Investor Relations
(604) 601-6650 or 1-888-353-8166
(604) 687-4026 (FAX)
Email: nancyw@eldoradogold.com
Website: http://www.eldoradogold.com

The TSX has neither approved nor disapproved the form or content
of this release.

ThaiGuru · 30. März 2004

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http://www.newsalert.com/bin/s…yTitle=Metals&Type=metals

Metalls

March 30, 2004 11:42

Freeport-McMoRan Copper & Gold Inc. Completes Sale of $1.1 Billion of 5 1/2% Convertible Perpetual Preferred Stock and Completes Acquisition of 23.9 Million Common Shares

weiter....

ThaiGuru · 30. März 2004

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http://www.iii.co.uk/shares/?t…id=4938484&action=article

Breaking news

2004-03-30 18:27 GMT:

Gold prices firmly higher in afternoon dealings

SAN FRANCISCO (AFX) -- April gold is up $5.10 at $422 an ounce on the New York Mercantile Exchange, regaining the same amount it lost in the previous session. The arrest of eight men in the U.K. on anti-terror charges and the seizure of half a ton of ammonium nitrate fertilizer raised the fear of terrorist activities within the European Union, said James Moore, an analyst at TheBullionDesk.com, in a note to clients. May silver is up 1.8 percent, but May copper is lower for the first time in three sessions, down 1.7 percent. This story was supplied by CBSMarketWatch. For further information see:

http://www.cbsmarketwatch.com.

ThaiGuru · 30. März 2004

Wer sagt denn, dass Gold keine Zinsen bringt?

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Gold prices hit three-month high

(03/30/2004 -- 16:20GMT+7)

Ha Noi, March 30 (VNA)- Gold broke the 8 million VND per tael mark, selling at 8.02 million VND per tael in HCM City and 8.05 million VND in Ha Noi at the closing of Monday.

The price, though soaring, was still lower than that in the world market which hit a three-month high at 420 USD per ounce, pushing the post-tax prices to 8.10 million VND per tael, said Head of the Market and Foreign Exchange Section under the State Bank of Viet Nam Dao Xuan Tuan.

The difference in prices has showed a low demand on the domestic market, discouraging traders to fufil the State Bank's quotas for the import of 15 tonnes of gold.

Some banks have launched services for saving deposits in gold. The annual interest rate at 3.8 percent however looked less competitive than the rates of some 7.2 percent applicable to VND (Vietnam Dong) , Tuan said.

ThaiGuru · 30. März 2004

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http://www.aktiencheck.de/anal…etype=5&AnalysenID=402403

30.03.2004

Sino Gold kaufen

ExtraChancen

Die Experten von "ExtraChancen" empfehlen die Aktie von Sino Gold (ISIN AU000000SGX4/ WKN 164185) zu kaufen.

Die chinesische Wirtschaft wachse in einem atemberaubenden Tempo. Dabei nehme auch die Nachfrage nach Gold explosionsartig zu.

Derzeit würden die Chinesen jährlich rund 200 Tonnen des Edelmetalls verbrauchen. Rohstoffexperten seien davon überzeugt, dass sich diese Zahl in den nächsten Jahren auf über 500 Tonnen mehr als verdoppeln werde. Damit könne die Menge des derzeit in China geförderten Goldes (275 Tonnen) den Bedarf im eigenen Land künftig nicht abdecken.

Die Regierung treibe deshalb den Ausbau der Goldförderung weiter voran. Neben gelockerten Bestimmungen, würden ausländische Explorationsunternehmen u.a. mit steuerlichen Vergünstigungen angelockt. Sino Gold sei in China bereits hervorragend positioniert und werde von den Wachstumschancen der Bergbau- bzw. Goldbranche profitieren.

Mit der Jianchaling-Mine habe die Gesellschaft im Jahr rund 80.000 Unzen Gold produziert. Mitte des kommenden Jahres werde die Jinfeng-Mine in Betrieb genommen. Die in diesem Gebiet vorhandenen Ressourcen seien in den letzten Monaten auf insgesamt 2,6 Mio. Unzen erweitert worden. Das entspreche einer Lebensdauer von knapp neun Jahren. Mit der Entwicklung des Jinfeng-Projektes plane Sino Gold, die Produktion auf jährlich 300.000 Unzen auszuweiten. Darüber hinaus befänden sich weitere gute Explorationsgebiete im Besitz der Australier. Der erfahrenen Führungsetage, der gute Kontakte zur chinesischen Regierung nachgesagt würden, sollte es gelingen, in Zukunft die Förderquote weiter zu erhöhen.

Auf Grund der im Branchenvergleich niedrigen Abbaukosten arbeite die Gesellschaft zudem äußert profitabel. Diesen Vorteil hätten mittlerweile auch die internationalen Branchenführer entdeckt, die ihre Fühler mehr und mehr in Richtung China ausstrecken würden. In diesem Zusammenhang werde Sino Gold in Branchenkreisen bereits als interessanter Übernahmekandidat gehandelt.

Die Talfahrt des Aktienkurses habe mit dem wieder anziehenden Goldpreis ein Ende gefunden. Vom Hoch im Oktober 2003 habe der Titel über 30% an Wert verloren, habe in den letzten Handelstagen aber bereits wieder etwas an Boden gut machen können. Vor dem Hintergrund der aussichtsreichen Mischung der beiden Wachstumsmärkte biete das aktuelle Kursniveau für den langfristig orientierten Anleger einen günstigen Einstiegszeitpunkt. Limitierte Order könnten in Frankfurt oder München aufgegeben werden.

Die Sino Gold-Aktie wird von den Experten von "ExtraChancen" zum Kauf empfohlen.

ThaiGuru · 30. März 2004

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http://biz.yahoo.com/bw/040330/305347_1.html

Press Release Source: Atlas Mining Company

Atlas Mining to Present Paper to International Minerals Congress

Tuesday March 30, 11:40 am ET

Microtubule Attributes of Dragon Mine Halloysite Topic of Presentation

[OSBURN, Idaho--(BUSINESS WIRE)--March 30, 2004--Atlas Mining Company (OTCBB:ALMI - News), a natural resource and mining company, announced today its advisory board member, Dr. Ron Price, will address mineral experts from around the world at the 17th annual Industrial Minerals International Congress (IM17) in Barcelona, Spain.

Atlas Mining President and CEO William Jacobson said, "Dr. Price, who is the inventor of the patent on microtubules technology, will address the convention this coming Wednesday." The US Navy owns the microtubule patent and is currently researching various ways to use micro-tubular technology to better protect its ship's hulls from barnacles and other damaging buildup.

Halloysite microtubules can act as time-release capsules, dissolving over time. They can be filled with such things as antifouling paint, anti-scalants, herbicides, pest repellents, and other agents that could benefit from a controlled release. The length of the micro-tube controls the time-release duration.

Dr. Price will be presenting his paper, "New Horizons for Halloysite in Micro-tubular Technology", to an audience focused on both "new" and "growth" markets within the international minerals community.

The Industrial Minerals International Congress brings together senior executives, operating in the producing, trading, and consuming sectors from all over the world to discuss the latest developments within the international marketplace of industrial minerals. Over the three-day conference, presentations from industry leaders and technological experts will provide a unique window on news and developments in the world of minerals.

Zitat

"This is our first opportunity to present, literally to the world, the microtubule and time-release potentials that exist with our halloysite," said Jacobson. "This will change the way many time-release applications are developed and deployed, and we expect a favorable reaction from the worldwide mineral community."

The Dragon Mine is a rich cache of the mineral "halloysite". Historically, halloysite has been used in the manufacturing of bone china, fine china, and porcelain products. However, internal and other chemists and scientists have discovered new uses for the processed mineral. The Dragon Mine halloysite also has a unique tubular quality, not unlike a grain of rice, only considerably smaller and hollow.

ThaiGuru · 30. März 2004

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CARTEL CAPITULATION WATCH

"Last chance to buy cheap expensive stocks," was the call on Wall Street today. The DOW soared 116 to 10,329 and the DOG gained 33 to 1992. Hard for me to figure. Guess MB has the answer:

GATA’s Mike Bolser:

Bill:

The Fed added $7.75 Billion in repos today March 29th 2004, an action that caused the repo pool to rise again to $35.33 Billion. The upward move in the repo pool's 30-day moving average has had its effect and the obedient DOW has followed, up at this hour (10:30AM) 111 points to 10,330. Doubtless this rise will turn the DOW's 30-day ma a bit more towards level, though not yet completely so.

We will see the green trace of the DOW's 30-day ma turn back up to fully re-capture its former linear trend within a week and the Fed will be right back on track to keep its appointment with 11,750 on Labor Day.

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I have represented with a black line what I believe to be the target slope of the Fed managed DOW. This line is based entirely upon the guess that the Fed has chosen to display the rising DOW as a success in an otherwise dismal array of economic indicators. That this Fed strategy plainly appears to be political favoritism is Greenspan's baggage and Kerry's ammunition. However, it is difficult to imagine any real changes at the Fed even if the Democrats win in November. By that time the internal stresses caused by rising key commodities will be unbearable.

Predicting a constantly rising DOW isn't that radical given the past history
of the Weimar stock markets and the Kuwaiti camel market so eloquently
described by Frank Veneroso. BOTH these markets were similarly devoid of fundamental economic substance and BOTH simply stopped trading at their "highs". There was no crash...just a kind of quiet disintegration.

The rising DOW will lead astray millions who could otherwise save their fortunes by placing them in tangible, fungible assets. Gold, being the most fungible substance on Earth, leads the way and silver isn't far behind.

All that is required is the acceptance of the teetering frailty of US paper "markets" as evidenced by outlandish government claims of economic "growth" amid what is obviously a rising depressive, unemployment disaster.

BTW at 11AM EST, the LBMA STILL hasn't reported February's precious metals
volume.
Mike

But, there is no inflation - from The King Report:

The Chicago Tribune on Sunday ran a front page feature story that marks a public epiphany – "Prices rising despite low inflation rate – Key indicators questioned." You’ve hard the gist of the story from us for years, but the fact that that government economic statistics are increasing thought to be bogus is heartening. The reporter, Greg Burns, appearing on WGN-TV on Friday said he doesn’t care what the Fed or government officials say; people are paying a lot more for energy, food, healthcare, etc. Record gasoline prices, yearly double-digit healthcare increases and the highest food commodity prices in 20 years are facts that consumers feel each day. The blatant no-inflation lies of Fed officials, the administration, Congress and Wall Street shills are increasingly seen as self-serving mendacity.

-END-

But, there is no official inflation! How can there be when the reports are messed with:

Bill;
The latest fraud from the Bureau of Labor Statistics regarding PPI. This tells me we are definitely going to hit the wall if we aren't already in it.

"The March 18, 2004 release of Producer Price Index (PPI) data for January 2004 contained erroneous January index levels for four commodity index series: All commodities, farm products and processed foods and feeds, industrial commodities, and all commodities except farm products. These index series appear in Table 3 of the PPI News Release and in Tables 6 and 8 of the PPI Detailed Report. They also are available on the BLS website.

The error in calculating January index levels was made in a step that is unique to these four series. The correct January 2004 index levels are 141.0 for all commodities, 136.4 for farm products and processed foods and feeds, 141.9 for industrial commodities, and 142.6 for all commodities except farm products. The published index values for all series other than the four listed above, and for all months other than January 2004, are not affected.

The January 2004 index values for the four affected series now have been removed from the time series database and will not be available in the PPI Detailed Report. In addition, the originally released values for any percent changes involving January 2004 were incorrect for those four series. Those percent change values also will not be available. In the next three monthly releases of PPI data, percent changes from January 2004 to subsequent months will not be available for the four series.

It should be noted that all January PPI data are preliminary and will be revised after four months in accord with the usual PPI policy. When May 2004 data are released, final values for January 2004 will appear for all series levels and percent changes, including those affected by the error described here. At that time, percent change calculations also will be published for periods beginning or ending in January 2004."

Remember everyone, Pharmalat was insolvent for a few months before anyone woke up and informed us. If it wasn't so serious, I'd laugh.
best
Rob

Will they or won’t they:

LONDON, March 29 (Reuters) -- Japan's 150-billion-pound ($273 billion) campaign to weaken the yen and strengthen the dollar has officially come to an end, the Times newspaper reported, citing sources at the Bank of Japan.

The currency intervention campaign, which has provoked criticism in Washington and deep concern in London, is thought by Japanese officials to be no longer necessary because the country's economic recovery is gathering strength, the Times reported in its March 29 edition….-END-

* * *

Ministry of Finance says intervention continues

http://www.reuters.com/newsArt…e=topNews&storyID=4680183

TOKYO, March 29 (Reuters) -- Japan's Ministry of Finance said on Monday it would continue its policy of currency market intervention, shrugging off a British
newspaper report that Japan would stop its intervention campaign.

"We have been intervening all along based on the Boca Raton statement" by the Group of Seven countries "that excessive volatility and disorderly movement are
undesirable -- and we will continue to do so if necessary," a senior MOF official told Reuters.

"There seems to be a lot of talk about a policy change in March or April, but there is no change in our intervention policy," he said…

-END-

This excerpt from Richard Appel’s latest piece sells it all when it comes what is going to happen to the price of silver and why:

BEWARE OF A RULE CHANGE FOR SILVER

Dr. Richard S. Appel

…….The enormous commodity short position against silver has been at an unsustainable level for quite some time. It appeared obvious that the shorts would eventually be forced to cover their positions. Further, given the amount of silver that they owed, a massive short squeeze seemed the likely outcome. The only question has always been one of timing! Now, we appear to be at the thresh-hold of the silver shorts long-awaited day of reckoning.

Given the fact that the above events appear to be coming to a head, the ultimate outcome will be a significant spike in the silver price. This will be needed to attract the sale of a sufficient quantity of silver from the "strong hands", in order to clear the market. I believe that this process has now been set into motion! When the smoke settles, the only question is the needed dollar price that will effect the balance of the white metal's supply and demand.

-END-

The silver price is going to soar. When it races towards $10, we should see scrap silver coming out of the woodworks from places like India, etc. This will slow down the price advance. The technicals could turn and we could get a substantial correction from that level (approx). However, the correction will not last too long because this new supply will dry up. Then, silver will take off again shooting for a new high level, like $15, where the scrap drill will start anew. This process should kick in over and over until silver reaches the $40 area in a couple of years. This is how the market will be "CLEARED." It will be supply of silver scrap which will ration the demand.

More April silver demand coming:

Central Fund Enters Underwriting Agreement
Friday March 26, 9:12 am ET

TORONTO--(BUSINESS WIRE)--March 26, 2004--Central Fund of Canada Limited ("CFOC") of Calgary, Alberta announced today that it has entered into an agreement with CIBC World Markets Inc. under which the underwriter has agreed to buy and sell to the public, in Canada and in the United States under the multijurisdictional disclosure system, 17,000,000 Class A Shares of CFOC. CFOC has also granted the underwriter an option to purchase an additional 2,500,000 Class A Shares.

The purchase price of U.S.$5.85 per Class A Share is expected to result in proceeds of approximately U.S.$99,450,000. Substantially all the net proceeds of the offering have been committed to purchase gold and silver bullion, in keeping with the investment policies established by the board of directors of CFOC, for settlement at closing of the issue. The additional capital is expected to reduce the operating expense ratio in favour of the Shareholders of CFOC.

Closing is expected to occur on or about April 8, 2004……

Contact:

Central Fund of Canada Limited
J.C. Stefan Spicer, 905-648-7878
info@centralfund.com http://www.centralfund.com

Nothing to sneeze at:

At closing, this will bring the total CEF holdings up to 16.83 tonnes of Au and 841.5 tonnes of Ag - which may be the second largest privately identifiable physical hoard of Silver (assuming Buffets is still in physical, rather than paper form now, and also assuming he still has it given his extraordinary silence in subsequent shareholder reports.) The physical 50oz Ag to 1oz Au ratio has been maintained since the mid 1980s by CEF. With Shares o/s rising to 79.3, were not far off the US$500 mil market cap level that should put it on a lot more radar screens.

-END-

The other big story of the day is the rumor circulating about Newmont buying out pitiful Barrick Gold. There were no more arrogant people in the entire gold industry three years ago than these increasingly diminutive ex so-called giants. Now, they have been reduced to groveling to explain their day-to-day goings on. The bottom line is they have a toxic hedgebook, one which will blow up when gold streaks past $500 per ounce. GATA warned of this years ago and it appears to be coming to pass.

Barrick CEO Greg Wilkins makes no sense, nor do the rest of the Barrick executives. From The London Telegraph article in their scoop yesterday:

Barrick claims that its hedging programme made it a large profit during periods of weakness in the gold price. But it accepts that if it had to wind up its hedge book today, the company would make a loss of $1.6 billion.

"The hedge position has contributed over £2bn of cash flow to the company. It is one of the main reasons why the company balance sheet has been so strong while Newmont had to raise $1 billion from shareholders when the gold price was weak," Wilkins said. –END-

Wilkins extols the facts that Barrick’s realized $2 billion hedge book gains were a reason for Barrick’s strength. However, he can’t unwind the hedge book because Barrick would incur $1.6 billion of losses. Well, excuse me, what will Barrick’s losses be when gold soars through $500? Meanwhile, he takes a shot at Newmont whose share price has risen $24 per share more than his own, despite their needed share dilution. Barrick wouldn’t listen to GATA years ago and all those who wrote to them about lifting their hedges BEFORE gold soared. They refused to pay attention and now their shareholders are paying the price. How could Barrick’s management receive so much credit for being so smart when they were so dumb?

Wilkins is in La-la land. He also says in the Telegraph article:

"As long as our share price is at the current valuation I would have no interest in using our shares in a deal. If they want a hostile bid they are going to have to recognise that our shareholders will want a full price," Wilkins told The Sunday
Telegraph. "And that means we are going to strongly oppose any hostile transaction."

Newmont would be nuts to go after Barrick at these ridiculously HIGH share prices. Barrick is going to blow up and Newmont will be able to buy them at a fraction of what they would have to pay today. Barrick’s "good will" is going to turn into "bad will in the not too distant future and be worth a negative to their share price.

What other Café members have to say on this issue:

bill

if true this is damage control by the cabal Before abx blows up. this means much higher gold is right around the corner and they know it. hence get barrick safe and sound NOW before it takes down a few bullion banks.
the cabal is confirming this fact by having the darling abx taken over by nem
this is proof positive gata was right all along and 500+ is here now.
congratulations
ted

Hi Bill:

Some observations on this press release:

LOL! Wilkins is out of his mind if he thinks anyone familiar with hedging and gold mining believes the manure he's shoveling. He WISHES someone would rescue that sad sack of a hedging operation masquerading as a gold miner from the inevitable folly about to descend on their most deserving heads as this gold bull rears up and kicks some serious patooti. Either he still believes gold is still in a bear market, or, more likely, he is grasping at the last straws available to the cornered rats of the Gold Cartel of Common Interest.

Why on Earth would Newmont want to acquire a dead dog meat hedger like Barrick? Makes no sense whatsoever. After they've worked overtime to reduce the hedges inherited from Normandy before gold prices go ballistic, they want to take on Barrick's ballast? This does not pass the smell test. The unhedged PM shares look ready to explode upwards, and Barrick is about to eat heaping helpings of their dust. What better subversive strategy than to bash away at the Leader of the Pack of the large cap unhedged miners with a phony acquisition ruse. Of course, if someone wanted to knock a little steam out of Newmont by baiting the arbitrageurs, this would be an entirely expected, but alas, a woefully transparent strategy.

Uh-uh, I'm not buying it, and knowledgable investors will not either. It's obviously desperation time in the La-La Land of irresponsible gold hedging. Go GATA and GO Gold!

Regards, Tom K.

Hi Bill and Chris

There is no clearer marker that the gold market is controlled by big banks (the Gold Cartel) that this news that Newmont is considering buying Dracula, excuse me Barrick Gold.

This is not good news for the shareholders of Newmont as all the unhedged gold that Newmont shareholders thought that they would sell at higher prices in the years to come will now be used to ease the exit the gold shorts out of what is now an impossible position; I am talking about Barrick's multi-million ounces hedge book. Why burden long suffering Newmont shareholders with buying a company like Barrick that logic clearly shows to be a liability rather than an asset in a rising gold market. Newmont shareholders must understand that their company's managers are going to pledge their companies capital to mine millions of ounces of gold that Barrick has already sold for under $300 an ounce. No doubt this cheap gold, sold years ago by Barrick and mined by Newmont in the years to come, if this deal goes through, will go right back in to the control of the Gold Cartel. Who thought up this deal?

Barrick is a dead man walking, the logical position for Newmont is to wait until Barrick goes bankrupt, along with their investment bankers who in fact engineered Barrick's demise with their harebrain derivatives schemes. This is what would be good for Newmont as this would send gold and silver to the moon and allow Newmont to sell their shareholders gold and silver at much higher prices. To do other wise sounds to me of malfeasance on the part of Newmont's management toward their long suffering shareholders. I am damn glad that I own no shares of any gold company that would allow their significant and irreplaceable gold resources to be utilized in such a manner that would benefit people that have done everything possible to bankrupt the industry at the expense of their shareholders.

Mark

The gold shares firmed up despite bullion’s trouncing. The XAU closed .87 higher at 103.41, while the HUI gained 1.16 to 231.79 and closed above KEY technical resistance at 231. This close should attract more buying tomorrow.

What is important most to keep in mind:

GATA BE IN IT TO WIN IT!

MIDAS

ThaiGuru · 30. März 2004

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

http://www.lemetropolecafe.com

The John Brimelow Report

Huge seller/buyer waltz goes on

Monday, March 29, 2004

Indian ex-duty premiums: AM $1.70, PM $4.73, with world gold at $420 and $420.50. Below, and dubious, for legal imports. The Reserve Bank of India allowed the currency to jump an amazing 0.91% against the $US today. This is likely to be a surprisingly supportive influence on any downswing in world gold.

Tokyo was quite indifferent to the dramatic day gold had in NY on Friday. To a large extent that was masked by the yen action, but there seemed no acknowledgment of $US dollar speculative sentiment at all. Volume was low at the equivalent of 15,300 Comex lots ( + 5 % ) the open interest fell quite steeply by the equivalent of 1,710 Comex; the active contract was up 1 yen, but world gold fell $2 from the NY close. (NY on Friday traded a huge 128,535 lots (only 14,831 switches); open interest rose 3,955 contracts.)

On Friday the Bulls made an impressive charge – impressive enough that Refco Research was tempted back in:

Zitat

"Buy 2 June Gold at the market. Risk close below $420, expect $430."

UBS remarks:

Zitat

"decent speculative buying was seen again on the floor although the rally was halted by determined selling from one US investment bank but the metal posted a positive close around $421.80/oz."

The magnitude of the buying (and therefore the selling) has shocked many observers. UBS, usually accurate in these things suggests:

"The COTR release on Friday showed a large than expected increased in the net long position, which jumped by 5.2 million ounces to 18.8 million ounces. Longs increased by 5.78 million ounces while shorts were 0.6 million ounces higher, demonstrating that a lot of new money came into gold last week, and not all of it on the long side…We estimate that the net long position is now around 20 million ounces, at a new all-time high by our calculations. (JB emphasis)"

HSBC emphasizes the rate of increase:

Zitat

"Friday’s CFTC Commitments of Traders data showed the total speculative long position at the close of trading last Tuesday to have been 15.5Moz, up a whopping 4.4Moz on the week. This was the largest weekly increase since August 2001"

Who are the buyers? Refco Research offers of Friday:

"the macro funds were prominent buyers, impressed by gold’s ability to hold up against adverse currency moves recently. Overnight buying set the tone for bullion strength. Good purchases were noted from the Middle and Far East"

Who are the sellers? Brave enough on Friday to sell 10 million oz of Comex gold around the $422 level seen in the first few minutes trading on Friday? On that, no one comments.

JB

ThaiGuru · 30. März 2004

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

http://www.lemetropolecafe.com

March 29 - Gold $417.40 down $4.70 - Silver $7.60 down 11 cents

Goldman Sachs Crooks Bury Bullion Again/Gold Shares Firm Up

Zitat

"There is but one straight course, and that is to seek truth and pursue it steadily." --George Washington

Same ole crud from the corrupt Gold Cartel. Gold rallied $6 and change on Friday in the first 15 minutes. It was capped the rest of that session and on into this one. Clearly, the United States Government and the rest of the cabal want to quell the budding gold excitement, increasing inflation talk and movement into hard assets.

Their greatest fear must be that gold will move much higher in all currencies, thereby creating gold bull markets around the world. MIDAS has long held that gold would never explode until the anti-trust violating cabal lost control of their rigging operation, which is what CARTEL CAPITULATION WATCH has been all about. Gold’s move the past two weeks, independent of dollar weakness, was a sign they have begun to lose control, the bad guy’s worst nightmare.

For the past couple of years MOST of the pundits have associated gold’s strength with that of dollar weakness. To some degree that has been true, but that is not the real gold story in my book. The key to the gold market has been surging physical market demand gradually overpowering the efforts of The Gold Cartel to suppress the price. My take is The Gold Cartel knew the gold price would have to rise and their mission was to keep it from exploding and creating too much excitement. One way to do that was to keep gold quiet in most currencies. This would keep foreign investment demand subdued.

The way to accomplish this aspect of their mission was to take advantage of the gold/dollar relationship. The first clue to grasping this way of viewing what the gold market is all about is to understand that gold broke higher first early in 2002. The dollar then began to weaken weeks later. Finally, gold soon began to trade up on dollar weakness. However, it was misleading. The Gold Cartel let traders think gold was trading with the dollar, when in reality, the cabal was using the dollar action to set up the traders. When the dollar was weak, the specs would pour in. The Gold Cartel would "rope-a-dope" backpedal, gradually suckering more and more specs in by letting the price rise gradually as the open interest expanded and the dollar weakened further. They would cap the upward price action with their $6 rule each and every time, so the upward momentum would not attract too much attention. Meanwhile, they laid in wait for a turn up in the dollar and they would pound on gold, bringing other sellers along with them, eventually trying to elect the tech black box sell signals. Yes, gold rose as the dollar was sinking, but only at the beck and call of The Gold Cartel. Behind the scenes, it as the surging physical market which was driving gold higher, as John Brimelow has so aptly noted for years now.

This time gold demand has been so strong (as evidenced by the enormous Comex volumes also articulated by John Brimelow), the cabal was headed towards the ropes. Gold was rising independently of the dollar falling. Therefore, The Gold Cartel, led by Goldman Sachs, felt compelled to change tactics and discipline gold bulls even though the euro was higher and the dollar was weaker today. The dollar closed down .30 to 88.98 and the euro gained .38 to 121.30, yet gold was smashed.

The good news is gold’s surge over the last two weeks must have the elitist Gold Cartel shook up because if gold can rise without the dollar falling, they have lost one of their control mechanisms. Surely they are on full-scale alert and are trying to figure out other ways to handle this new developing problem.

By day’s end gold gave up most all of its Friday gains and, for all practical purposes, has been slammed by the cabal/Goldman Sachs for the last two Comex trading sessions.

Even better news for our camp is The Gold Cartel is running out of options because they are slowly running out of enough physical gold to continue their scam. Gold’s recent run-up without dollar weakness is compounded by the fact they are quickly losing control of the silver market. The more silver rallies, the more investors are attracted to gold in a wonderful reinforcing process. As in any market, silver can be bashed on any given day, but all sharp slumps will be fleeting and are opportunities to jump on board the "Silver Streak."

There were 119 silver deliveries, none for me. That means I get mine tomorrow. While we did not get a squeeze in March, the price of silver went almost straight up this month. I posited a couple of months ago an actual squeeze might be put off until May. Here’s why:

*We know a major fund is expected to receive 20 million ounces of silver sometime in April. Last I heard the seller was having trouble securing the supply.

*This is only ONE buyer. There are others including China.

*The last major source of silver supply in the world is at the Comex. The cupboard is bare in Europe. When the silver supplies begin to leave the Comex in earnest, watch out above. We also need to keep an eye on the Comex spreads. If they narrow substantially, or go even go into backwardization, it will be off to the races.

The gold open interest rose 3955 contracts to 290,975. The bullion dealers were the big sellers today, led by Dr. Evil, GS. It was The Gold Cartel who stopped Friday’s stunning surge dead in its tracks with the intention of following through today. As always, the cowered mainstream gold world remains silent about what is going on here. They are pathetic.

The silver weekly is as good as it gets. It shows silver rising straight up since around $4.60 with a congestion area stop above and below $6.50. Aside from silver’s breakaway gap at $5.80, it has no other gaps to fill in the nearby area. This is an extraordinary move so far with the acceleration phases still to come. Technically it tells us there has been a dramatic structural change in the silver market. Fundamentally, it tells us the price managers have run of enough silver to continue their scam.

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

Gold may be headed back to fill the gap it left last week, maybe not. Regardless, the stunning move up the past two weeks suggests gold is beginning to go through its own structural change as gold demand surges around the world. I will be surprised and disappointed if gold doesn’t make new highs for the recovery move by week’s end.

Gold weekly

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

ThaiGuru · 30. März 2004

Den Teufel mit dem Belzebub austreiben

http://biz.yahoo.com/rf/040329…al_deutsche_derivs_1.html

ThaiGuru · 29. März 2004

[Blockierte Grafik: http://www.usagold.com/AMK/GrossFederalDebt12-31-03.jpeg]

ThaiGuru · 29. März 2004

Darf's noch ein bisserl mehr sein?

$7,131,615,529,890.35

http://www.publicdebt.treas.gov/opd/opdpenny.htm

ThaiGuru · 29. März 2004

[Blockierte Grafik: http://wwwi.reuters.com/comX/images/reuters.gif]

http://www.reuters.com/newsArt…inessNews&storyID=4679937

Report:

Japan Ends Currency Intervention

LONDON (Reuters) - Japan's 150-billion-pound ($273 billion) campaign to weaken the yen and strengthen the dollar has officially come to an end, the Times newspaper reported, citing sources at the Bank of Japan.

The currency intervention campaign, which has provoked criticism in Washington and deep concern in London, is thought by Japanese officials to be no longer necessary because the country's economic recovery is gathering strength, the London Times newspaper reported in its March 29 edition.

BOJ sources said that they would intervene in the markets only when there was extraordinary volatility, but made clear that the unprecedented dollar purchases of the past seven months were formally over, the paper reported.

The BOJ and Japan's Ministry of Finance will no longer buy dollars even to smooth out the sort of sudden price spikes that have prompted intervention in the past, it added.

"Even if the market shows volatility, we believe that things are not so fragile now," the BOJ sources said, in what the paper describes as an exclusive briefing.

Zitat

"We have reached the point where we are confident that the Japanese recovery no longer depends on export strength ... the interventions have served their purpose," the sources added.

The dollar was last quoted at 105.35 (JPY=: Quote, Profile, Research) at 5:30 p.m. EST.

The intervention drive to support the falling dollar against the yen began in earnest last September, and has left Japan with paper trading losses of more than 50 billion pounds, the paper said.

The end of intervention has apparently been brought about by Toshihiko Fukui, the BOJ governor, who has restored confidence in the Japanese economy since his appointment a year ago and won plaudits from international financial authorities for his deft monetary management, the paper said.

ThaiGuru · 29. März 2004

[Blockierte Grafik: http://www.newratings.com/anal…omponents/nr_logo_160.gif]

http://www.newratings.com/analyst_news/article_402310.html

Bema Gold "buy"

Monday, March 29, 2004 12:44:40 PM ET

Canaccord Capital

NEW YORK, March 29 (New Ratings) - Analysts at Canaccord Capital reiterate their "buy" rating on Bema Gold Corporation (BGO). The 12-month target price is set to $4.60.

Shares of Bema Gold, a gold mining and exploration company operating gold reserves in Russia, South Africa, Chile and Canada, are currently trading at $3.81.

According to Canaccord Capital’s research note published on March 26, the company reported Q403 EPS of -$0.06 against the estimate of $0.00. Bema Gold reported a loss of $7 million for the quarter, excluding hedge losses and project write downs, the analysts say. The company’s production in the fourth quarter declined due to lower feed grades, delays and rock breaking difficulties at the Petrex mines, the analysts add.

Canaccord Capital expects Bema Gold's production at Petrex to improve in the near term. The production at the company’s Refugio mine would recommence later this year, the analysts believe. Canaccord Capital expects the company's feasibility study on the Kupol project to be released in April this year.

The EPS estimates for 2004 and 2005 are $0.01 and $0.04, respectively.

Canaccord Capital reiterates its "buy" rating on Bema Gold Corporation.

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