Beiträge von Eldorado

Friday, April 15, 2005, 12:05:00 PM EST

Master of the Universe

Author: Jim Sinclair

Dear CIGA:

The one Federal Reserve Chairman who truly has acted as Master of the Economic Universe has Spoken.

In 1980 when this Gold Bull (as the Wall Street Journal called me at the time) took off his horns, Mr. Bleiberg, then editor of Barrons, wrote a piece calling me a pinhead because I characterized Chairman Volcker as a “class act.”

At a dinner two years later when my former partner was Superintendent of Banks for the State of New York, Chairman Volcker said, “Yes, you and Sinclair. I guess I really got the gold guys.” Our answer was quite simple. “Sorry, Mr. Chairman, but you did not get these gold guys. In fact, you did us a good turn because when we saw you coming we exited gold.”

Now Mr. Volcker is back repeating to you what I told you Mr. V had said somewhat privately many months ago. However, this time he has added an EXTREMELY important caveat.

I listened hard to Chairman Volcker without emotion and paid strict attention to every word in late 1979. I did not like in the least what I heard. However, I did not argue with it because it had been said and he had the power.

Gold soon fulfilled its price objective in a practical sense and fundamentally at $887.50. Gold had balanced the International Balance Sheet of the USA. That day and through the entire night Vincent and I sold all the gold we and our firm owned. Next morning gold opened down $150.

Will you listen to Chairman Volcker now or to the top callers, the star gazers and the agents of COT? Is financial TV your only access to knowledge?

What Chairman Volcker added when speaking of the need to put in place those POLICIES that have a historical record of turning the triple deficits towards surplus was a CRITCALLY IMPORTANT caveat.

“I don't know whether change will come with a bang or a whimper, whether sooner or later. But as things stand, it is more likely than not that it will be financial crises rather than policy foresight that will force the change.”

The Chairman has spoken again saying to you EXACTLY the same words that form the foundation of my present position on the US dollar and Gold.

Sadly, I do not expect you, the gold advisors or many others to pay heed to the words of the best mind in finance.

Sadly, I expect you to continue throwing your gold insurance and good gold shares out.

Sadly, I expect the majority of you to be coned into being long the dollar and even short the Swiss and Canadian dollar.

I know those who know the future and they are not chartists or sooth sayers who might get it right once in a row.

Chairman Volcker is the intellectual powerhouse in finance.

Chairman Volcker has spoken but this time his invitation is to re-enter gold while shorting the dollar by owning other currencies of which my choice is the Swiss and Canadian.

This is the clear implication of this world if you have the ability to listen carefully, unemotionally and act accordingly regardless of whether the establishment considers you a pinhead.

Please, read the piece below, listen, drop your emotions and grasp your intellect.

washingtonpost.com
An Economy On Thin Ice
By Paul A. Volcker
Sunday, April 10, 2005; Page B07

The U.S. expansion appears on track. Europe and Japan may lack exuberance, but their economies are at least on the plus side. China and India - with close to 40 percent of the world's population -- have sustained growth at rates that not so long ago would have seemed, if not impossible, highly improbable.

Yet, under the placid surface, there are disturbing trends: huge imbalances, disequilibria, risks - call them what you will. Altogether the circumstances seem to me as dangerous and intractable as any I can remember, and I can remember quite a lot. What really concerns me is that there seems to be so little willingness or capacity to do much about it.

We sit here absorbed in a debate about how to maintain Social Security - and, more important, Medicare - when the baby boomers retire. But right now, those same boomers are spending like there's no tomorrow. If we can believe the numbers, personal savings in the United States have practically disappeared.

To be sure, businesses have begun to rebuild their financial reserves. But in the space of a few years, the federal deficit has come to offset that source of national savings.

We are buying a lot of housing at rising prices, but home ownership has become a vehicle for borrowing as much as a source of financial security. As a nation we are consuming and investing about 6 percent more than we are producing.

What holds it all together is a massive and growing flow of capital from abroad, running to more than $2 billion every working day, and growing. There is no sense of strain. As a nation we don't consciously borrow or beg. We aren't even offering attractive interest rates, nor do we have to offer our creditors protection against the risk of a declining dollar.

Most of the time, it has been private capital that has freely flowed into our markets from abroad -- where better to invest in an uncertain world, the refrain has gone, than the United States?

More recently, we've become more dependent on foreign central banks, particularly in China and Japan and elsewhere in East Asia.

It's all quite comfortable for us. We fill our shops and our garages with goods from abroad, and the competition has been a powerful restraint on our internal prices. It's surely helped keep interest rates exceptionally low despite our vanishing savings and rapid growth.

And it's comfortable for our trading partners and for those supplying the capital. Some, such as China, depend heavily on our expanding domestic markets. And for the most part, the central banks of the emerging world have been willing to hold more and more dollars, which are, after all, the closest thing the world has to a truly international currency.

The difficulty is that this seemingly comfortable pattern can't go on indefinitely. I don't know of any country that has managed to consume and invest 6 percent more than it produces for long. The United States is absorbing about 80 percent of the net flow of international capital. And at some point, both central banks and private institutions will have their fill of dollars.

I don't know whether change will come with a bang or a whimper, whether sooner or later. But as things stand, it is more likely than not that it will be financial crises rather than policy foresight that will force the change.

It's not that it is so difficult intellectually to set out a scenario for a "soft landing" and sustained growth. There is a wide area of agreement among establishment economists about a textbook pretty picture: China and other continental Asian economies should permit and encourage a substantial exchange rate appreciation against the dollar. Japan and Europe should work promptly and aggressively toward domestic stimulus and deal more effectively and speedily with structural obstacles to growth. And the United States, by some combination of measures, should forcibly increase its rate of internal saving, thereby reducing its import demand.

But can we, with any degree of confidence today, look forward to any one of these policies being put in place any time soon, much less a combination of all?

The answer is no. So I think we are skating on increasingly thin ice. On the present trajectory, the deficits and imbalances will increase. At some point, the sense of confidence in capital markets that today so benignly supports the flow of funds to the United States and the growing world economy could fade. Then some event, or combination of events, could come along to disturb markets, with damaging volatility in both exchange markets and interest rates. We had a taste of that in the stagflation of the 1970s -- a volatile and depressed dollar, inflationary pressures, a sudden increase in interest rates and a couple of big recessions.

The clear lesson I draw is that there is a high premium on doing what we can to minimize the risks and to ensure that there is time for orderly adjustment. I'm not suggesting anything unorthodox or arcane. What is required is a willingness to act now -- and next year, and the following year, and to act even when, on the surface, everything seems so placid and favorable.

What I am talking about really boils down to the oldest lesson of economic policy: a strong sense of monetary and fiscal discipline. This is not a time for ideological intransigence and partisan posturing on the budget at the expense of the deficit rising still higher. Surely we would all be better off if other countries did their part. But their failures must not deflect us from what we can do, in our own self-interest.

A wise observer of the economic scene once commented that "what can be left to later, usually is -- and then, alas, it's too late." I don't want to let that stand as the epitaph of what has been an unparalleled period of success for the American economy and of enormous potential for the world at large.

The writer was chairman of the Federal Reserve from 1979 to 1987. This article is adapted from a speech in February at an economic summit sponsored by the Stanford Institute for Economic Policy Research.

Seit 12am. NY time ist nun wieder das PPT beschaeftigt und haut nach der mittagspause wieder auf den HUI mit den selben tricks wie gestern.

Die haben heute laenger geschlafen weil sie gestern ueberstunden machten.

Darum fehlten sie am morgen, kann man ja verstehen.

Sie wollen den Goldbugs das wochenende vermiesen.

Gut, dann halt naechste Woche, nach dem IMF meeting wo eh nichts rauskommt.

Have a nice weekend

XEX

South African Government Issues Directive to DRDGold, Harmony and AngloGold Ashanti

Friday April 15, 12:10 pm ET

JOHANNESBURG, SOUTH AFRICA--(MARKET WIRE)--Apr 15, 2005 -- The South African Department of Water Affairs and Forestry today issued a directive, as an interim measure, ordering three mining groups, DRDGold, Harmony and AngloGold Ashanti (NYSE:AU - News) to share equally the costs of pumping water at a number of shafts at Stilfontein Gold Mine and Buffelsfontein Gold Mines.

The directive follows the launch by AngloGold Ashanti earlier this week of an urgent interdict following the threat by DRDGold that it would cease funding the pumping of water at the shafts after placing its subsidiary Buffelsfontein into liquidation on March 22. DRDGold has been pumping water at Stilfontein under contract for several years. The consequences of a halting of pumping would have been the flooding of several Harmony shafts and AngloGold Ashanti mines in the Vaal River area.

The interdict cited as respondents Stilfontein, DRDGold, various DRDGold subsidiaries and the Ministers of Water Affairs, Minerals and Energy and Environmental Affairs. The purpose was to force the responsible mining companies to continue their pumping activities and the Ministers to take certain actions to ensure that these companies carry out their legal obligations.

It is believed that the costs covered by the directive total some R4.3m per month in total, though this figure is still to be verified.

AngloGold Ashanti is pleased that government accepted that the threat of environmental and economic catastrophe was sufficiently serious that it issued the directive.

We accept the interim arrangement designed to ensure that catastrophe is averted, knowing that the directive is an emergency measure and says nothing about parties' respective legal obligations into the future. However, we continue to maintain that the legal obligation to continue pumping rests with Stilfontein, DRDGold and/or its subsidiaries in liquidation.

The interdict application has been postponed, but will be pursued to completion to enable the court finally to determine legal liabilities and responsibilities. We believe that it would be untenable were a precedent to be set allowing mining companies to walk away from their environmental, health, safety and economic obligations.

We further believe, however, that all parties will have to participate in seeking a long-term solution to the management of underground water in the area. We will be willing participants in this.

Mandela fighting fake jail art

15/04/2005

A row between Nelson Mandela and a former lawyer is rocking South Africa and the art world as the anti-apartheid icon prepares to file lawuits for flogging forgeries.
Johannesburg - A row between Nelson Mandela and a former lawyer is rocking South Africa and the art world as the anti-apartheid icon prepares to file lawuits concerning forgeries of his paintings recalling his long years in prison.
Mandela's lawyer George Bizos, who had represented the world's most-famous political prisoner decades ago, said action would be brought against the elder statesman's ex-lawyer Ismail Ayob and his business associate, Ross Calder, in the coming days.

"We were thinking of next week but more information is coming in from all around the world, from art galleries and art buyers and it may take a little more time," said Bizos on Friday.

Mandela decided to collaborate with "an artist to produce limited edition paintings which he signed," Bizos said.

The works have been snapped up overseas by such celebrity buyers like United States television talk-show queen Oprah Winfrey, who forked out $200 000 (about R1.26m) for a set, according to press reports.

Es sieht so aus das der HUI im moment eine Bluttransfusion bekommt.
Hanibal hat gestern zu viel genommen.
Auch keine vorattacke vor opening ist ein gutes zeichen.
Der Dow hat probleme und CNBC zeigt mir gleich welche aktien der sogenannte Warren Buffet von Arabien, nicht verkaufen wird.
Danach Rick Sentelli, Sylvia Wadwa, und die anderen muppets.
Es ist schon komisch wie so viele leute sich von medien und deren zahlen beeinflussen bzw. gelenkt werden.

Cheers

XEX

So wie es momentan ausschaut ist Droopy ein zaeher Gaul der wieder aufsteht. Bald bin ich wieder ueber meinen alten stop-loss. :))

Gruss

Eldorado

Peter

Zittern tue ich nicht da ich mir ueber 10 jahre ein dickes fell zugelegt habe. Der ganze markt ist manipuliert und alles moegliche kann dort passieren. Da erwischt es jeden auf irgendeiner weise und es gibt keinen der zum besten zeitpunkt kauft oder verkauft.
Ganz klar, die jetzt unten sind hoffen das nun gekauft wird, wenn sie selber nicht kaufen koennen. Ich draenge hier keinen zum kaufen oder verkaufen da es nicht mein risiko ist und ich nicht verantwortlich bin wenn es schief geht.

Wer nun kindisch ist sollten jedoch die leser entscheiden, ich lasse die antwort darauf, ganz einfach im raum stehen.

Meine Aktien kommen schon wieder hoch keine sorge Peter.

Bis du diese menge eingekauft hast bin ich wieder im plus.

Viel glueck Peter !

Gruss

Eldorado

Do Security Concerns Influence Asian Central Bank Holdings?

By Keith W. Rabin and Scott B. MacDonald

International currency markets remain on edge, worried about the future trajectory of the U.S. dollar and its impact on other major currencies and economies. This concern is compounded by apprehension over what is on the minds of Asian central bankers, who collectively held a combined $2.3 trillion in U.S. dollar reserves at the end of last year.

Announcements by the Bank of Korea and Japanese Prime Minister earlier this year conveying their intention to diversify reserves away from the U.S. dollar rang alarm bells in world financial markets. In recent weeks, however, this anxiety has declined, as the US$ has begun to strengthen, and Treasury Department data reveals that foreign investors bought $91.5 billion in Treasury notes, corporate bonds, stocks and other financial assets in January – nearly a 50% increase over December.

The concern over dollar holdings in any case should be surprising given that a move toward greater central bank currency diversification is inevitable over the longer term. Brazil, Russia, India, China and other emerging economies are expected to grow far more rapidly than the United States in coming decades. Therefore, the U.S. share of global GDP, and the relative importance of its economy, should decline over time. Furthermore, Japan, another mature economy, is likely to show less dependence and correlation to the U.S. moving forward. This is due to increasing demand from Asia as well as ongoing restructuring and the gradual awakening of the Japanese consumer.

While the possibility of a systemic shock cannot be dismissed, it is unlikely this will be due to an abrupt decline in Asian U.S. dollar holdings. The shift toward diversification is not likely to be as fast or traumatic as many forecasters indicate. For one thing, at the present time, it is unclear whether any alternative currencies have sufficient depth and liquidity to absorb inflows of such magnitude. In addition, any rapid move by Asian central banks to diversify from the US$ would serve only to strengthen their respective currencies against the dollar. Their export competitiveness would decline as a result – as would the large amounts of U.S. Treasury Agency securities already in their portfolios – when translated back into the domestic currency in question. As of last December, Japan alone held almost $712, China $194 and Korea $69 billion.

Even if one were to believe that Asian economies could withstand the significant financial ramifications of an overt move away from the U.S. dollar, it is doubtful they would move to do so. The alliances that bind the U.S. to playing a vital security role in that part of the world are becoming increasingly important – at a time when we are seeing increasing signs that the delicate balance that has kept the region relatively tranquil for several decades is starting to become undone. Chinese submarines off the coast of, territorial disputes with, and violent demonstrations against, a Japan more prone to asserting its military power, nuclear tensions with North Korea, several border disputes and saber rattling over Taiwan, are just a few of many issues rising in prominence.

This is not to suggest the existance of a strong quid pro quo, in which U.S. and Asian leaders are closely coordinating and linking economic with security considerations. Rather, as CLSA analyst Christopher Wood highlighted in a recent report, a recognition is developing that “there is clearly a ‘rearmament dynamic’ at work in the East Asian region in the sense that the post-1945 status quo is over”.

As China moves to augment, upgrade and flaunt its military capabilities and to achieve more economic and political stature, Japan, South Korea, and Taiwan, which depend on the U.S. as guarantors of their security, are unlikely to take any steps that might endanger Washington’s ability to sustain its treaty and alliance commitments. Nations such as Thailand and others in Southeast Asia, who also hold significant amounts of U.S. Treasury securities, also benefit from the ability of the U.S. to serve as a counterweight as China continues to transition into an increasingly powerful world leader.

One might also imagine China reluctant to see an economically weakened U.S., pressured to cut back on its security commitments. Such a move would create a number of extremely complicated diplomatic issues and dramatically raise anxiety levels throughout the region. That would make it far more difficult for China to maintain its focus on domestic development, as well as efforts to position itself as the focal point of an integrated, and more financially independent, Asia. To cite one example, a reduced U.S. security presence would increase pressure on China to lead in resolving an already intractable situation in North Korea, a responsibility it has been reluctant to assume.

The economic reasons why Asian central banks will refrain from abandoning the U.S. dollar will diminish over time as regional growth and integration accelerates. That will enhance domestic consumption and demand, as well as a greater emphasis on the services sector. This will serve to alleviate Asia’s traditional dependence on exports and create an increasingly vibrant and attractive new driver of global growth and development.

Economic progress in Asia, however, bolstered by regional integration, remains dependent on the shared sense of national security and confidence necessary to allow sufficient cooperation. Given the diverse range of interests, as well as the numerous wars, skirmishes, and power struggles that have held back development in Asia to the present time, the importance of a U.S. security presence should not be minimized.

The reluctance of Asian economies to abandon the U.S. dollar might be seen as a key reason why the U.S. bond market has been maintaining its strength, and the U.S. dollar -- which has been showing renewed strength in recent weeks -- may not be ready to reverse itself in a precipitous slide – despite renewed signs of weakness and the existence of numerous troubling indicators.

It should be emphasized, however, that the willingness of Asian central banks to maintain their U.S. dollar holdings does not offer a solution to growing fiscal imbalances in the U.S. and related distortions in the global financial system. At best, it only delays -- the risk of systemic shocks, as well as implementation of the structural adjustments necessary to resolve this situation.

Consequently, U.S. and Asian interests remain in lockstep and the status quo is likely to sustain itself for the foreseeable future. This is something nervous currency traders need to remember. At the same time, questionings of this reasoning promise periodic upsets and no end to market volatility. In addition, the potential for an abrupt end to this game of musical chairs should not be discounted. This is true regardless of whether Asian Central Banks maintain their ongoing love affair with the U.S. dollar.

Keith W. Rabin is President of KWR International

Scott B. MacDonald is Senior Managing Director at Aladdin Capital and a Senior Consultant at KWR International

Ich bin der meinung man kann jetzt nicht mehr viel falsch machen wenn man diese titel heute kauft.

Happy shopping

Gruss

Eldorado

Die Schere zwischen Armut und Reichtum klafft immer weiter auseinander. Das führt zu einem wachsenden sozialen Konfliktherd. Die Menschheit, vor allem die besitzenden Klasse, ist inzwischen außer Rand und Band. 90% des Weltkapitals befindet sich in den Händen der Reichen, und das sind nur 5% der Weltbevölkerung. Ein weiterer Indikator, der auf den Zerfall des Kapitals hinweist, ist die rasch ansteigende Inflation. Sie ist weiter gediehen als man es uns von Staats wegen glauben macht. Noch wird sie versteckt. Der viel zitierte Warenkorb ist ein wahres Lügensammelsurium. Wichtige Güter des Lebens, die im Preis stark gestiegen sind, befinden sich außerhalb des fiktiven Korbs oder sie werden durch statistische Tricks günstiger ausgewiesen. Über die Trickserei hinaus hat sich ein amoralisches Verhalten wie eine Seuche ausgeweitet. Ähnlich könnten die letzten Tage des dekadenten Roms ausgesehen haben. Weltweit ist die Korruption bis in die obersten Firmenetagen, in Parteien und Ämtern wie eine harmlose Selbstverständlichkeit zu Gast. Unglaubliche Betrugsmanöver riesigen Ausmaßes waren und sind die Markenzeichen gewisser renommierter Firmen. Scharenweise werden nach wie vor die Aktionäre über den Tisch gezogen. So habe ich die Befürchtung, dass sich ein Skandal bei der ehemaligen südafrikanischen Goldmine Durban 2005 anbahnen könnte wie damals bei der Sunshine Mining.

Please read :

http://www.goldseiten.de/conte…/artikel.php?storyid=1018

Manipulierter Markt

--------------------------------------------------------------------------------
Die Schere zwischen Armut und Reichtum klafft immer weiter auseinander. Das führt zu einem wachsenden sozialen Konfliktherd. Die Menschheit, vor allem die besitzenden Klasse, ist inzwischen außer Rand und Band. 90% des Weltkapitals befindet sich in den Händen der Reichen, und das sind nur 5% der Weltbevölkerung. Ein weiterer Indikator, der auf den Zerfall des Kapitals hinweist, ist die rasch ansteigende Inflation. Sie ist weiter gediehen als man es uns von Staats wegen glauben macht. Noch wird sie versteckt. Der viel zitierte Warenkorb ist ein wahres Lügensammelsurium. Wichtige Güter des Lebens, die im Preis stark gestiegen sind, befinden sich außerhalb des fiktiven Korbs oder sie werden durch statistische Tricks günstiger ausgewiesen. Über die Trickserei hinaus hat sich ein amoralisches Verhalten wie eine Seuche ausgeweitet. Ähnlich könnten die letzten Tage des dekadenten Roms ausgesehen haben. Weltweit ist die Korruption bis in die obersten Firmenetagen, in Parteien und Ämtern wie eine harmlose Selbstverständlichkeit zu Gast. Unglaubliche Betrugsmanöver riesigen Ausmaßes waren und sind die Markenzeichen gewisser renommierter Firmen. Scharenweise werden nach wie vor die Aktionäre über den Tisch gezogen. So habe ich die Befürchtung, dass sich ein Skandal bei der ehemaligen südafrikanischen Goldmine Durban 2005 anbahnen könnte wie damals bei der Sunshine Mining.

So preiswert wie gestern habe ich seit langen nicht die RSA GM aktien gesehen. Ich glaube wenn man jetzt einkaufen geht kann man nicht mehr viel falsch machen. The trend can be your friend or enemy !

Good Luck und happy shopping !

Langsam jedoch ! :))

Gruss

XEX

Nach der gestrigen Attacke sollte man heute quer durchs gemuesebeet shopping gehen und die situation ausnutzen, meiner meinung.

XEX

News Releases - Thursday, April 14, 2005

Jinshan Gold Mines/Ivanhoe Mines Joint Venture Sells its Interest
in the JBS Project in China for US$1.4 Million=========================================================

VANCOUVER, CANADA -- Jinshan Gold Mines announced today that it has
sold its interest in the JBS Joint Venture Company, which holds an
option on the Jinbaoshan (JBS) Palladium and Platinum property and
other regional exploration properties in Yunnan Province, China, for
US$1.4 million. Jinshan, together with its joint-venture partner,
Ivanhoe Mines Ltd., had earned an approximate 20% interest in the JBS
Joint Venture Company.

The interest held by the JBS Joint Venture Company will be sold back to
the Chinese partner, subject to approval by Chinese authorities. The
US$1.4 million proceeds from the sale will be split evenly between
Jinshan and Ivanhoe. The first payment of US$500,000 has been
received, and the balance is scheduled to be paid in two additional
installments over the next 12 months.

Jinshan has carried out drilling, geological modeling and regional
exploration within the permitted areas of the JBS property over the
past two years. An independent resource estimate was prepared in
April, 2004, on the property (see Jinshan's news release May 13, 2004);
however, after initial scoping studies it was determined that the
estimated grade and tonnage did not meet Jinshan's financial criteria.
Jinshan will apply its share of the proceeds from the sale towards its
other projects in China.

About Jinshan
Jinshan Gold Mines is a Canadian company focused on the exploration and
development of precious and base metals (gold and copper) in China.
Jinshan's most advanced project is the 217 Gold Project in the Inner
Mongolia Autonomous Region in northern China. The company also is
conducting exploration work on prospective properties in Xinjiang,
Yunnan, Shandong, Guizhou provinces, and Inner Mongolia.

Jinshan shares are listed on the TSX Venture Exchange under the symbol
JIN.

TVI Pacific Inc.: Rapu Rapu Exploration Update

Thursday April 14, 3:44 pm ET

CALGARY, ALBERTA--(CCNMatthews - April 14, 2005) - TVI Pacific Inc. (TSX:TVI - News)
The Rapu Rapu project, located in the province of Albay, Philippines, is a polymetallic mining project which a group of companies including Lafayette Mining Limited, a publicly traded Australian company, is developing.

TVI retains a 2.5% net smelter return royalty (NSR) in the project.

The following is a verbatim reproduction from a Lafayette news release issued on April 14, 2005

Encouraging Results from exploration drilling at Rapu Rapu

Lafayette Mining today announced encouraging results from its initial drilling program at the Rapu Rapu project in the Philippines.

The Company's first quarter exploration program was targeted over the current Ungay Malobago orebody, and comprised a 22-hole drill program of 1,188 metres, designed to identify extensions to the current orebody. Results from the program included:

- 13m@1.61% Cu, 3.04% Zn, 2.07 g/t Au and 93.68 g/t Ag,

- 7m@1.7% Cu and 2.16 g/t Au; and

- 2m@1.02% Cu, 6.33% Zn and 1.98 g/t Au.

Lafayette's Managing Director, Mr Andrew McIlwain, stated that these encouraging results will increase the resource within the Ungay pit substantially and said that the Company intends to be in a position to release an updated JORC compliant resource by the end of June 2005.

Exploration activities will now focus on the nearby Hixbar deposit where an electromagnetic survey has just been completed. The survey indicated several strong induced polarization responses including a significant anomaly trending north west, and these will be targeted with a follow up drilling program to be completed in the second quarter. This program will include 4,500m of reverse circulation (RC) drilling targeting the deeper anomaly and the known zones of oxide mineralization at the eastern end of the Hixbar mine with the objective of defining a JORC compliant resource in the Hixbar area.

"The recently completed capital raising enables the Company to now focus on an aggressive exploration program to (initially) increase the life of the Rapu Rapu project," Mr McIlwain said.

About Lafayette Mining Limited (ASX: LAF - News)

Lafayette Mining Limited, through its subsidiary companies and Philippine partners, hold an interest in the Rapu Rapu polymetallic project in the Philippines. The Rapu Rapu mineral resource will support an initial 6 year mine life producing approximately 10,000 tonnes of copper in concentrates, 14,000 tonnes of zinc in concentrates, 50,000 ounces of gold and 600,000 ounces of silver annually.

Construction commenced in mid 2004 under a fixed price construction contract with Leighton Contractors (Philippines) Inc. covering the plant, wharf, and associated infrastructure. Mining works started in early 2005 with the first production from the gold plant scheduled in the second quarter of 2005 and base metals concentrate production to commence three months later.

The Project is financed through a syndicate of banks comprising NM Rothschild & Sons (Australia) Limited, ANZ Investment Bank, ABN AMRO Bank NV (Australian Branch), Korea First Bank and Investec Bank (Mauritius) Limited. Lafayette made its first drawdown of funds under this facility in early September 2004.

The Project has also secured the support of LG International Corporation and KORES, the Korean government strategic resources investment arm, whom together, hold 26% of Lafayette's subsidiary company, Lafayette Philippines Inc.

The recent decision by the full bench of the Supreme Court of the Philippines in favour of the Mining Sector has reinforced recent political statements also in favour of the industry. President Gloria Macapagal-Arroyo has announced her Administration's full support of the mining industry and this comes at a time when commodity prices permit a more aggressive project development approach.

In a major thrust to support investment in the sector, the Philippines government is now committed to implementing streamlined procedures for mining applications which investors can be confident will be administered under a clear policy directive to support resource development in a transparent and sustainable manner.

For further information, visit: http://www.lafayettemining.com

SKN is pleased to announce that the name of the Company will be changed to:

SILVERCORP METALS INC. in order to reflect its current business focus.
Please view attachment or visit
http://www.sknresources.com/news_04_14_05.html for more information.

Thursday, April 14, 2005, 9:54:00 PM EST

Gold and Dollar Market Summary
Author: Jim Sinclair

Dear CIGA:

The US dollar rallied sharply today but not for any of the reasons given by market commentators. What made it rise was yesterday’s sharp drop in the equity markets followed by the natural and proper action taken by “international investors.”

That action is the sale of US equities and the simultaneous buying of 91 day US Treasury bills. This has been going on since the Dow and NASDAQ topped. It has been a major demand-positive factor for the US dollar.

The firmness in the short term instruments has mistakenly been taken as an indicator of a positive flow of international purchases of US Treasury instruments therefore being positive for the TIC report.

Here is the Bottom Line about which there is no question:

After today’s equity markets closed, it was announced that IBM failed to meet its earning forecast. This is not an isolated event and is showing up in other major companies and industries. Microsoft didn’t help things either. Now everyone is waiting for the GE report.
The disappointment over earnings in the general equities markets will force the highly political US Federal Reserve to fall further behind the inflation curve as they adjust the timing of future increases in the Discount Rate.
You can see now that even a slight roll over in economic activity as measured by various indices is having a dynamic and negative effect on corporate earnings. Today’s post close negative earnings reports and warnings are the product of this roll over phenomenon.
Today, the equity market had its first triple digit back-to-back losing trading day in eight months. There is now a significant drop in tax receipts due to the modest fall-off in business activity. This will produce a dynamic negative impact on the spin prediction of much higher tax receipts contained in estimates of a reduced US Federal Budget Deficit. Lower tax receipts will produce a much higher Federal Budget Deficit.
The Chairman of the Federal Reserve has pointed out correctly that economic decisions have a great deal to do with perceptions. The greatest perception-producing machine is the US equity market. Assuming that the action of the past two weeks is a precursor of the next few months, the domino affect of falling equity markets produce business retrenchment which will see tax receipts plummet.
The demand for dollars created by a strong equity market is an important force acting with respect to the inflow of US dollars from international investors. As such, a weak equity market accelerates the exit out of the US dollar and therefore increases the supply of US dollars in the international market. The result of increased supply is lower prices for the US dollar. Therefore, the Fed will be quite sensitive with respect to the Discount Rate.
As the US Budget Deficit balloons on the upside, the US dollar will decline significantly because the hoped for fundamental improvements are dashed. It was the prediction of a lower US Federal Budget Deficit that caused the beginning of the short covering dollar rally. When this axiomatic truth percolates through the “madness of the crowd” look for the dollar to follow the securities market and fall out of bed. Going up in a bear market is a hard climb but down is like stepping into an elevator shaft.
The impact of a major economic prediction failing is akin to throwing a bucket of ice on your daughter’s suitor as he arrives to pick her up for a date. It is a killer of intentions - in this case, the catalyst that started the dollar short covering rally.
The dollar, IMO, will decline below USDX .8000 which inherently means a new high for gold. Federal debt securities will decline sharply as time goes by because they are the primary dollar-denominated item held by the central banks of the world.

The dollar gained this now dubious position because of the hard sell by the World Bank and IMF which presented it as the Universal Reserve currency. That definition has fallen off the dollar. This short covering rally will be used to exit major positions in US Federal Securities by short selling the dollar as a hedge against the bonds. This is the mechanism that will eventually end the short covering dollar rally.

Gold will rise sharply due to its relationship with a defunct dollar. So the future is deflation in terms of debt, inflation in terms of liquidity and rising prices for good and services. This is exactly the stuff that generational bull markets are made of.

Gester konnte man ganz klar sehen wie der markt manipuliert wurde vom PPT und dem IMF. Meistens hilft da keine logik und dinge die nach physikalischen gesetzen nach unten fallen sollten, fallen ploetzlich nach oben.
Es ist schwer diesen manipulierten markt noch einzuschaetzen,ich weiss nur das gewisse dunkle maechte sich billigst die wichtigsten Industriezweige in RSA sich in die haende reissen wollen, auf unsere kosten natuerlich !. Alle sind bestochen von den Zionisten bzw. (Illuminati) , alle !!
Suedafrika wird regiert von New York, nicht von Pretoria, dieses seit 20 Jahren. Die Politiker, weltweit, sind alle ihre paid puppets on a string. Und das soll nun Freiheit und Demokratie sein ??

Diese Saubande sage ich nur !!!

Manipulierter Markt

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Die Schere zwischen Armut und Reichtum klafft immer weiter auseinander. Das führt zu einem wachsenden sozialen Konfliktherd. Die Menschheit, vor allem die besitzenden Klasse, ist inzwischen außer Rand und Band. 90% des Weltkapitals befindet sich in den Händen der Reichen, und das sind nur 5% der Weltbevölkerung. Ein weiterer Indikator, der auf den Zerfall des Kapitals hinweist, ist die rasch ansteigende Inflation. Sie ist weiter gediehen als man es uns von Staats wegen glauben macht. Noch wird sie versteckt. Der viel zitierte Warenkorb ist ein wahres Lügensammelsurium. Wichtige Güter des Lebens, die im Preis stark gestiegen sind, befinden sich außerhalb des fiktiven Korbs oder sie werden durch statistische Tricks günstiger ausgewiesen. Über die Trickserei hinaus hat sich ein amoralisches Verhalten wie eine Seuche ausgeweitet. Ähnlich könnten die letzten Tage des dekadenten Roms ausgesehen haben. Weltweit ist die Korruption bis in die obersten Firmenetagen, in Parteien und Ämtern wie eine harmlose Selbstverständlichkeit zu Gast. Unglaubliche Betrugsmanöver riesigen Ausmaßes waren und sind die Markenzeichen gewisser renommierter Firmen. Scharenweise werden nach wie vor die Aktionäre über den Tisch gezogen. So habe ich die Befürchtung, dass sich ein Skandal bei der ehemaligen südafrikanischen Goldmine Durban 2005 anbahnen könnte wie damals bei der Sunshine Mining.

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Beispiel :

WB, IMF pressured SA to cut rates

Apr 15 2005 08:08:14:797AM

By: Jan de Lange


Johannesburg - Delegations of the World Bank and the International Monetary Fund (IMF) convinced,$$ government and the Reserve Bank during secret negotiations two weeks ago, that the rand is too strong and that interest rates should be reduced as a matter of urgency.

This is apparently one of the reasons why Tito Mboweni, governor of the Reserve Bank, and the bank's Monetary Policy Committee decided on Thursday to cut the repo rate - the rate the SARB lends to aother banks - by 0.5 percentage points or 50 basis points.

This decision will probably speed up the economic growth rate, which was already above 4% last year.

The visit of the World Bank and the IMF was part of the two institutions' regular visits to the country, at which time they analyse the economy and make presentations to the National Treasury and the Reserve Bank. (Tell them what to do !)

Their presence is normally announced, but this time, the visit was kept secret because of the sensitivity of the message they were carrying.

Tito Mboweni told a news conference shortly after the interest rate cut announcement that inflation targets were still the main driver behind interest rate decisions, "but the Reserve Bank is not isolated from the rest of the country and its needs".

The strong rand and job losses were also taken into account before the announcement was made on Thursday.

The announcement had the desired effect. The rand immediately weakened from R6.18 against the US dollar to R6.23 and 30 minutes later to R6.32.

By Thursday night, the currency had firmed slightly to R6.23.

Serious arguments

It is the first time since the introduction of inflation targets that Mboweni admitted that other economic drivers, such as the exchange rate and unemployment, are also taken into account when monetary police is made.

The delegation of the World Bank and IMF included top economists from both organisations.

"The economists all presented serious arguments that the rand is too strong and that South Africa is causing irreparable damage to its economy," a source, who was invited to the meeting, said on Thursday.

Government has been criticised a lot recently for its indifference to job losses in the mining industry and the manufacturing sector because of the strong rand.

The trade union Solidarity recently calculated that up to 20 000 jobs could be lost before the end of May because of the strength of the currency.

Thursday's interest rate cut is too late to save these jobs, the trade federation Cosatu said after the rate cut announcement.

Thoraya Phandy, spokesperson for Finance Minister Trevor Manuel, confirmed on Thursday evening that the delegation visited the country and made presentations to a group "of which Trevor Manuel was part" in Pretoria.
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Here you have it again, its all manipulated, all the way !

Please read:

http://www.goldseiten.de/conte…/artikel.php?storyid=1018

http://rense.com/general52/secretsoftheplunge.htm

Gruss

Eldorado

Schwabenpfeil , ich kann dich verstehen.

News von Paul van Eden :

Central to the thesis that the gold price will continue to rise on the back of a falling US dollar, is the premise that China will forego its policy of supporting the dollar in favor of letting its own currency, the renminbi, appreciate. Both China and Japan are accumulating massive amounts of dollars as a result of their trade surpluses with the United States. But instead of selling those trade dollars into the foreign exchange markets, they, and other countries, are hoarding the dollars and investing them in US Treasury securities. As a result the US dollar is currently trading at a much higher exchange rate than it should versus the renminbi, the yen, other Southeast Asian currencies and, in fact, most currencies.

Many people have argued that China will not allow the renminbi to appreciate against the dollar because it needs US consumption to drive its fledgling economy. But pressure is mounting from Europe, the United States, the World Bank and the IMF for China to let its currency appreciate.

The contention is that Chinese exports have an unfair advantage in the world because the renminbi is undervalued in foreign exchange markets. The undervaluation is a direct result of China's dollar-hoarding policy, since it keeps the trade dollars that China receives every day off the market.

Support is growing in the US Senate for taking tariff action against China. The US trade deficit with China totaled $29.12 billion for only January and February of this year. That is a fifty percent increase from last year. The US trade deficit with China is now the largest of any country and almost double the size of the trade deficit with Japan, which is second.

The appointment of a new US trade representative is being blocked until Senate leaders vote on anti-subsidy laws against non-market economies such as China. In addition, a wide coalition of senators is backing legislation to impose a 27.5% tariff on all Chinese products entering the US if Beijing does not agree to raise the value of its currency.

If China does not allow its currency to appreciate against the dollar, and if the US goes ahead and implements the tariffs, all Chinese goods will become 27.5% more expensive for US consumers. On the other hand, if China allows its currency to appreciate, let's say by the same amount, 27.5%, then its goods would be no more expensive to US consumers than if tariffs were imposed. However, the cost of all China's imports would fall by 21.6% if it allowed its currency to appreciate by 27.5%. So what do you think China is more likely to do? Give the US government a revenue stream equal to 27.5% of the value of all Chinese imports to the US, or reduce the cost of its own imports by 21.6%?

The Chinese have always struck me as intelligent and practical. I suspect that China is going to let its currency appreciate. This not only means that the US dollar is going to fall, it also implies that US interest rates are going to rise because if the Chinese (and Japanese) no longer have to keep their trade dollars off the market to prevent the US dollar from falling they will also not need to buy as many US Treasuries as they have in the past.

It's all starting to come together. The next big upward move in the gold price will occur when China and Japan allow their currencies to appreciate and the dollar to fall. I have no idea whether it will be this year, or next, but I do believe the current decline in gold and gold related equities represents an opportunity.

I'll be speaking at next month's investment conference in New York. Visit my website http://www.paulvaneeden.com for details.

Paul van Eeden

Secrets Of The Plunge Protection Team

The Four Derivative US Dictators
By Michael Edward

5-13-4

There are just four people who control all of the U.S. markets through their use of dangerous and explosive DERIVATIVES. They are risking the assets and retirement funds of all Americans. Because of their manipulations, especially since 2001, U.S. financial markets are now based on the gambling whims of a special fraternity of Federal Government DERIVATIVE dealers.
This group is known among Wall Street as the Plunge Protection Team (PPT). Their "official" role was to prevent another 1987 "Black Monday". They have the entire U.S. Treasury at their disposal to manipulate the markets through DERIVATIVES (futures options). In other words, they are using the assets behind the U.S. Treasury to rig the prices of commodites (gold, currencies, etc.) and stocks.
This fraternity comprises of Fed Chairman Alan Greenspan, the Secretary of the Treasury Snow, and the heads of the SEC and the Commodity Futures Trading Association. It works closely with all the U.S. exchanges and Wall Street banks, including the largest DERIVATIVE risk holders Citibank and JP Morgan Chase.

Those are the culprits who gave us a bad day !! gruss, Eldorado

http://rense.com/general52/secretsoftheplunge.htm