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-- Posted Wednesday, 28 March 2007 | Digg This Article
March 27 – Gold $661.80 down $1.20 - Silver $13.18 down 13 cents Dust always blowing about the town,
Except when sea-fog laid it down,
And I was one of the children told
Some of the blowing dust was gold.
All the dust the wind blew high
Appeared like god in the sunset sky,
But I was one of the children told
Some of the dust was really gold.
Such was life in the Golden Gate:
Gold dusted all we drank and ate,
And I was one of the children told,
'We all must eat our peck of gold."
Robert Frost.. A Peck of Gold
GO GATA!!! It saddens me greatly to announce the death of a friend who has been such a big help to me writing this column right after my one and only appearance on CNBC in February 1999. Judith McGee, at the time with Refco in Toronto and now Mann Financial, happened to catch what I had to say on behalf of GATA and contacted me immediately (Whereas CNBC rejected my ever coming back once they heard what GATA had to say). We became friends and I spoke with her 3 and 4 times a day until she came down with cancer last year. Even with cancer spreading throughout her body and into her brain, she stayed on the case with her mentor Tony Wilson as best she could from home while fighting this insidious disease. If there is ever a perfect example that life is not fair, it is that such a nice person as Judith can be struck down so quickly. She shall be greatly missed by all who knew her. The AM Fix came in at $665.15. That was it as far as any upwards excitement was concerned. Even though the euro firmed as the NY trading day went on, gold was held in check by The Gold Cartel, and then sent lower … especially, as is so often the case, after the PM Fix of $664 concluded. Repeat, repeat, repeat. While there is much to bring your way, there is little to talk about concerning gold’s boring uneventful day. The gold open interest rose 3196 contracts yesterday to 316,790, as the funds bought gold sold to them by the cabal. The silver open interest went the other way again, dropping 398 contracts to 112,951. After a Fix of $13.34 in London, silver was bagged on the Comex. May copper fell back from a key technical resistance point, falling 8 cents. The euro rose .17 to 133.40. The dollar fell .07 to 82.73. Crude oil, down most of the session, crept back late to finish up .02 to $62.93 per barrel.
GATA’s Chris Powell sent out the following dispatch this morning: John Embry: Time for gold 'to go ballistic' approaches Submitted by cpowell on 05:58AM ET Tuesday, March 27, 2007. Section: Daily Dispatches
8:55a ET Tuesday, March 27, 2007 Dear Friend of GATA and Gold: Sprott Asset Management's chief investment strategy, John Embry, writes in the March 30 edition of Investor's Digest of Canada that we're nearing the exhaustion of central bank gold reserves in the face of rising demand, which is when the price of gold will "go ballistic." You can find Embry's new commentary, "The Time for Gold 'to go Ballistic' Approaches," at the Sprott Internet site here: http://sprott.com/pdf/investorsdigest/investors_digest_mar_30_2007.pdf Or try this abbreviated link: http://tinyurl.com/32x25o CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc. Ironically, I had been preparing some follow-up stuff on the incredibly important changes that are supposed to be in the works on how the central banks report the real gold holdings in their vaults. While the mainstream gold world yawns about this development, if it actually comes into play (without further hidden deceptions), the changes will rock the gold world if GATA is correct as we are sure we are. I will be getting into this more and more as the year goes on, as the potential impact here is that FORTUNES will be made in a very short period of time … for those who are in position and understand the significance of the findings and how they will affect the gold price, which could easily double on this news alone. For starters let us peruse a couple of paragraphs in John’s fine piece on some of the past intrigue in this matter … intrigue that has been COMPLETELY IGNORED by the mainstream gold world and Planet Wall Street: "However, the crux of the matter is still the availability of central bank gold to plug the yawning gap between demand and mine and scrap supply. In that regard, the position of the U.S. is critical because the U.S. Treasury allegedly controls the largest gold reserves on the planet. But there are questions about whether that gold is really there given the fact that there hasn’t been a public audit since Eisenhower was president in the 1950s. Adding even more intrigue to the situation were the changes in nomenclature in 2001 that affected 94% of the Treasury’s gold. Until early that year, the reserves held at Fort Knox, West Point and the Denver Mint were categorized as "Gold Bullion Reserves". Then they were arbitrarily re-designated "Custodial Gold Bullion". The ink was barely dry on that designation when in June of that year they were reclassified as "Deep Storage Gold". Given the speculation about whether the reserves are still physically in place, this exercise in semantics raised the red flag among skeptics. If the gold were indeed there, why not classify it as "Gold Bullion Reserves" as had been the case for decades? "Invoking the term "Deep Storage Gold" led some to suggest that the U.S. had been active in a program of gold swaps whereby deliverable bars of gold had been swapped for gold that has yet to be mined. Only the U.S. government officials directly involved know the answer for sure, but given the rampant chicanery in the opaque world of gold, this certainly raises suspicions and reinforces my view that we are very, very close to that key moment when there could be insufficient central bank gold available to meet mounting demand. As I have said before, that is when the gold price is going to go ballistic." *** What does Custodial mean to you? What does Deep Storage mean to you? Certainly this nomenclature has little to do with transparency, which brings us to the IMF plan and a Dow Jones article today brought to my attention by the ever vigilant Neal Ryan of Blanchard and Company: IMF Draft Plan Should Aid Gold Swap Transparency - Analysts
By Lisa Yuriko Thomas
Of DOW JONES NEWSWIRES
LONDON (Dow Jones)--The International Monetary Fund has proposed to increase transparency in the gold market by publishing statistics that reveal the amount of gold loaned and swapped into the market by central banks, analysts said Friday. The first draft version of the sixth edition of the IMF's Balance of Payments and International Investment Position Manual was released earlier in March. It is open to consultation and will be discussed at the IMF's meeting in October 2007. Central banks are the largest holders of gold reserves in the world. Although they provide regular reports of their gold purchases and sales, central banks don't currently reveal how much gold is loaned and swapped. But in a surprise move to some analysts, the IMF draft offers a clarification of treatment of unallocated and allocated gold accounts as well as the definition of monetary gold, which isn't included in the fifth edition of the manual. The moves, if adopted, are "to be welcomed for the main reason that it adds transparency," said Rhona O'Connell of GFMS Analytics in London, "which is what everyone wants." According to the IMF draft, gold bullion can be a financial asset, otherwise called monetary gold, or a good, otherwise known as nonmonetary gold, depending on the holder and the motivation for holding. "Monetary gold is gold to which the monetary authorities have title and is held as reserve assets," the IMF said, and comprises gold bullion and unallocated gold accounts. Meanwhile, an allocated gold account provides a record of title to specified gold, typically offering the purchasing and selling of investment grade bars and coins to order, the draft said. "In contrast, unallocated accounts represent a claim against the account operator to deliver gold," the draft continued. Both of these accounts are to be distinguished from accounts that are linked to gold - accounts indexed to gold - which are considered deposits, the draft said. If the IMF chooses to adopt these details, it will help to "get rid of confusion, disseminate more information, and increase transparency of the market place," said Neil Ryan of Blanchard and Co. in New Orleans. He said that as the IMF begins implementing changes to gold-reserve accounting regulations, the gold market will become "more accessible and transparent for all market participants." The IMF draft also proposes further clarification with regard to the treatment of loans involved in repos and gold swaps. In other words, helping to clarify where gold should be allocated on the books. This contrasts sharply with the IMF's previous decision to report gold held in monetary reserves, both swaps and loans, all in one-line item, said analysts. A gold swap is a repurchase agreement for currency.
With regard to gold swaps between a monetary authority and resident, "it is reported under repo loans in other foreign currency liabilities," according to the draft. And "any loan liability to a nonresident is recorded within 'other investment,' with the foreign exchange received recorded as an increase in currency and deposits within reserve assets," the draft continued. As for gold loan regulations, the IMF draft said that "to qualify as reserve assets, gold accounts must be available upon demand to the monetary authorities." In effect, this means that when gold is deposited with a bullion bank, the ownership effectively remains with the monetary authority and the gold is returned to the authority on maturity, said analysts. The draft continues to elaborate on loans saying, "if the monetary authority deposits gold bullion in an unallocated gold account, the gold bullion is demonetized and this is recorded in the other changes in assets account of the monetary authority." And "if the account is with a non-resident and is available on demand, a transaction in an unallocated gold account is recorded in reserve assets," the draft continues. Analysts maintain, however, that this is only a draft proposal and the market will have to wait and see if they are adopted in October. But the outlook looks good if such clarifications are adopted. "We'll have to work to find out how much is loaned and swapped into markets, but for the first time ever, the market will be able to actually get this information with somework," said Ryan. -END- Based on the work of Frank Veneroso, James Turk and Reg Howe (all of whom used different methodologies), GATA believes that the gold no longer in central bank vaults, or that can be counted as gold reserves, is somewhere between 10,000 and 16,000 tonnes, which dwarfs the estimates of the gold establishment world. The difference between our camp’s numbers and that of the mainstream gold world is STAGGERING and is the difference between gold going ballistic or grinding its way higher in the years to come. Perhaps this is why the World Anti-Gold Council refused to meet with Frank Veneroso over five years ago to go over, and learn more about, his findings. They would not even return his phone calls. Even today the WGC is not getting behind the IMF’s plan to give the gold market greater transparency. WHY? Perhaps once this truth is known, it will show that an ad hoc group (GATA), with a tiny budget, did a far better job for the gold industry than they have done with their $50 million dollar per year stipend. Perhaps it will show that our team has far more intellectual superiority than their disingenuous, bureaucratic empty suits. Now when it comes to that intellectual superiority, I am not talking about moi … but the likes of Andrew Hepburn (now with Sprott Asset Management) who discovered some startling dichotomies re the IMF while in HIGH SCHOOL!!! From a MIDAS commentary at the Matisse Table: Dec 29, 2001 The Bank of Italy Confirms Gold Cartel, IMF Gold Deception The following documentation and statements were presented in Reg Howe's lawsuit filed in the District Court of Massachusetts against Defendants: Bank for International Settlements, Alan Greenspan, William J. McDonough, J.P. Morgan & Co. Inc., Chase Manhattan Corp., Citigroup, Inc., Goldman Sachs Group, Inc., Deutsche Bank AG and Lawrence H. Summers, Secretary of the Treasury… The reaction of the gold price to the Washington Agreement was the most dramatic rise in the price of gold ever. That is not what any of the central bankers had in mind. They were just perturbed at the tactics of The Gold Cartel to suppress the gold price and wanted to do something about it. They had no intention of creating financial chaos. How could they have been so surprised at what occurred? Easy. They were working off the inept gold industry gold loan numbers of less than 5,000 tonnes. The real number was more than double that at the time, which means the central banks had FAR less gold in their vaults than they realized. The announcement set off a panic because the yearly supply/demand was running over 1600 tonnes (again, more than they realized) and there would be no way to hold the gold price down under the new agreement. The scheming Gold Cartel was in deep trouble. Something had to be done FAST. A solution had to be found that would allow the central banks and The Gold Cartel to calm down the market by feeding central bank gold into that market to satisfy the strong gold demand. The problem for The Gold Cartel and the central banks was they needed to come up with a way to get the job done and not let the investment world realize the seriousness of the situation. Some sort of plan of deception had to be devised and one was - in Santiago, Chile in October 1999 by the IMF. The plan centered around IMF central bank members "swapping out" their gold, yet still accounting for that gold as a central bank gold asset. To put it bluntly, they would perpetuate a lie about what the true status of central bank gold really was. We know that to be the case as a result of the super-sleuthing of GATA Army's Andrew Hepburn of Canada. Andrew asked the IMF the following: Why does the IMF insist that members record swapped gold as an asset when a legal change in ownership has occurred? The IMF answered: "This is not correct: the IMF in fact recommends that swapped gold be excluded from reserve assets. (see Data Template on International Reserves and Foreign Currency Liquidity, Operational Guidelines, para. 72,)" Yet, the following can be found on the central bank of The Philippines website: "Beginning January 2000, in compliance with the requirements of the IMF's reserves and foreign currency liquidity template under the Special Data Dissemination Standard (SDDS), gold swaps undertaken by the BSP with non-central banks shall be treated as collateralized loan. Thus, gold under the swap arrangement remains to be part of reserves and a liability is deemed incurred corresponding to the proceeds of the swap." The central banks of Portugal, Finland, and the ECB itself, then all confirmed (in writing) the Philippine's treatment of gold swaps to Hepburn. Hepburn's latest investigative work reveals the Bank of Italy changing their accounting procedures in October of 1999 to accommodate the IMF's devious scheming. Andrew Hepburn just reported in with the following: http://www.lemetropolecafe.com/pfv.cfm?pfvID=1900 -END- Thus, as Andrew discovered, the IMF was running around in circles saying one thing to us, and requesting another from central banks. It is blatant deception and lying … what else is new about the gold market? The point is the GATA camp has been on this case for some time, while practically no one else was paying attention. The ramifications of what ought to be coming down the pike (who knows what is really going on behind the scenes?) should be earth shattering. STAY TUNED! CARTEL CAPITULATION WATCH The DOW sank around 80 in the morning. Then, as is almost aways the case, the descent was stopped dead in its tracks. The DOW closed off 72 to 12,397. The DOG dropped 18 to 2437. More gold goodies: Capped ... by the ECB? Both FX and Stock market prices are unavailable from India because of a public holiday in Mumbai, the financial capital. TOCOM found world gold $4.25 higher than at the previous close, and that was enough to chill yesterday’s modest interest. On volume up 1.1% to the equivalent of 16,046 Comex lots, open interest fell 1.2 tonnes (476 Comex lots): Mitsubishi’s data implies the public added 0.1 tonnes to its long. The active contract closed up 17 yen but world gold went out 30c below NY. MKS notes selling orders capped the market around $665. The ECB weekly statement of condition revealed two CBs sold a total of E189 Mm of gold last week, or 12.17 tonnes at the current book value. The previous week saw 16.5 tonnes sold. Back-to back double digit sales have not been seen since last September. At a glance, something about current market conditions has triggered a shift in stance by the ECB. The matter is well discussed at http://www.resourceinvestor.com/pebble.asp?relid=30264 Yesterday’s $6.60 up day involved 123,381 lots trade in NY and the combined equivalent of 38,383 NY lots in Chicago. Open interest jumped 3,196 contracts in NY but fell 3,230 combined equivalent at the CBOT, a vivid illustration of the peculiarly divergent character of the two markets. Today it appeared that the capping noted by MKS continued all day. NY traded about 80,000 lots and combined CBOT volume was about 29,094 NY equivalent. Gold closed down $1.20. The Gartman Letter set up to buy a break out today, which was probably narrowly missed. ***
US economic news: 10:00 Mar Consumer Confidence reported 107.2 vs. consensus 108.5
Prior revised to 111.2 from 112.5.
* * * * * Reuters headlines courtesy of Lois Ringel, who has been Johnny (Lois) on the spot on our behalf with her Reuters input for years now… OCC SAYS US AGENCIES TO HOLD APRIL 16 FORUM ON MORTGAGE, FORECLOSURE ISSUES
SUBPRIME MORTGAGE PROBLEMS NOT THREATENING VIABILITY OF ANY NATIONAL BANK-US OCC
US BANKS GENERALLY INSULATED FROM SIGNIFICANT SUBPRIME MORTGAGE IMPACT-OFFICE OF THRIFT SUPERVISION
OTS SAYS THRIFTS HAD $35.4 BLN IN SUBPRIME MORTGAGES AS OF DEC 2006
FED STAFFER: SUBPRIME MORTGAGE MARKET SELF-CORRECTING, BUT FED REMAINS CONCERNED
FED STAFFER: SUBPRIME BORROWERS "MAY FACE MORE DIFFICULTY" IN NEXT ONE TO TWO YEARS
FED STAFFER: FED REVIEWING MORTGAGE COST DISCLOSURE REGULATIONS
REUTERS FED STAFFER: ADJUSTABLE-RATE MORTGAGE BORROWERS MAY FACE PROBLEM HOUSING: Lennar profit drops 73.4 pct, forecast withdrawn NEW YORK, March 27 (Reuters) - Lennar Corp. , the No. 3 U.S. home builder, posted a 73.4 percent plunge in profit on Tuesday and withdrew its earnings forecast, saying the industry's spring selling season has failed to bloom and its outlook for the rest of 2007 does not look bright. Lennar also said the widening problems in the subprime lending sector have weakened an already anemic market. It did not issue new financial forecasts for the rest of the year, citing market conditions. "While some markets are performing better than others, the typically stronger spring selling season has not yet materialized," Stuart Miller, Lennar chief executive, said in a statement. "These soft market conditions have been exacerbated by the well-publicized problems in the subprime lending market." For the quarter ended Feb. 28, Lennar posted net earnings of $68.6 million, or 43 cents per share, down from $258.1 million, or $1.58 per share, a year earlier. Analysts on average had forecast earnings of 55 cents per share, according to Reuters Estimates... -END- China shifts to euros for Iran oil
By Chen Aizhu
BEIJING (Reuters) - China's state-run Zhuhai Zhenrong Corp, the biggest buyer of Iranian crude worldwide, began paying for its oil in euros late last year as Tehran moves to diversify its foreign reserves away from U.S. dollars.
The Chinese firm, which buys more than a tenth of exports from the world's fourth-largest crude producer, has changed the payment currency for the bulk of its roughly 240,000 barrels per day (bpd) contract, Beijing-based sources said.
Japanese refiners who buy about 500,000 bpd of Iranian crude, nearly a quarter of Iran's 2.2 million-bpd shipments, continue to pay in dollars but are willing to shift to yen if asked, industry sources and officials said separately.
-END- 00:26 WSJ looks at confusion surrounding last week's Fed statement
Article notes that the Fed's statement was intended to provide the flexibility for a rate cut if concerns surrounding business investment and the subprime fallout pose a bigger threat to the economy down the road.However, the Journal adds that the Fed does not believe that either of these risks is significant enough to warrant a rate cut anytime soon,particularly when considering concerns that inflation remains too high.The Journal also notes that "housekeeping" played a role in the Fed's decision to change its statement, as some officials believed that the indication that rates could rise but not fall, no longer fit with their own expectations of a stable rate environment for the foreseeable future.
Reference Link (subscription required)
* * * * * Covec of China to Invest $300 Million in Congo Copper Mines
2007-03-27 07:15 (New York)
March 27 (Bloomberg) -- China Overseas Engineering Corp., known as Covec, will invest $300 million in two copper and cobalt mining projects in the Democratic Republic of Congo, said Min Guowei, the company's vice-president.Covec, a unit of China Railway Engineering Group, the Asian nation's biggest construction company by revenue, plans to produce 20,000 metric tons of copper and 1,500 tons of cobalt annually by 2009, Min said in an interview yesterday from the capital, Beijing. The company will also build a copper refinery in the central African country. ``China is the second-biggest country for copper demand,'' Min said. ``It needs 3 million tons every year, but it only produces 500,000 tons.'' -END- FSA Warns Banks and Funds
Over Commodities Gold Rush By Patrick Hosking
The Times, London
Tuesday, March 27, 2007 …Hector Sants, the FSA managing director (wholesale business), said: "The risks we have identified should not come as a surprise to those active in the market but serve to focus attention on the areas we consider to be of most impact and importance." -- The face value of commodity derivatives contracts has almost quintupled to $6.39 trillion (£3,250 billion) in two years. -- Of $18.6 trillion of pension fund assets, $80 billion is invested in commodities. -- The FSA predicts that this figure could rise to $930 billion if consultants' advice is followed. -- The pension funds of BT and J Sainsbury are investing in commodities. -- Investment banks have developed a string of new tradeable instruments to track the prices of plastics, emissions allowances, coal, ethanol, freight contracts, and other measurable variables, such as longevity and rainfall. --Hedge funds have invested between $40 billion and $100 billion in commodities, according to the FSA. http://business.timeson
line.co.uk/tol/business/industry_sectors/banking
_and_finance/article1572440.ece -END- TOCOM: Ladies and Gentlemen:
During the March 26th TOCOM sessions the seven big gold shorts increased their net short position by 4,511 contracts to 112,627 contracts.
http://www.tocom.or.jp/souba/gold/torikumi.html In silver the same dealers increased their net short position by 361
contracts to 3,960 contracts.
http://www.tocom.or.jp/souba/silver/torikumi.html Take care,
Scott Bill,
In the March 26 session on the TOCOM Goldman Sachs increased their short position by 288 contracts to bring their short position to 31,861 contracts. I have included the updated chart of GS TOCOM position against the gold price. There are three uptrend channels marked for the gold price. It can be seen that the GS short position also follows three distinct uptrending channels marked in red #1, #2 & #3. These uptrend channels of their short position are consecutively at lower levels which clearly shows that GS is staging a managed retreat from their toxic short position. What is interesting of late is that GS is 100% short without a single long contract. Is this indicative of it becoming more and more difficult to hold down the market? I don’t know, but we are likely to find out soon.
Cheers
Adrian James Turk urges New Hampshire to remonetize gold and silver Submitted by cpowell on 05:52PM ET Monday, March 26, 2007. Section: Daily Dispatches 8:50p ET Monday, March 26, 2007
Dear Friend of GATA and Gold: GoldMoney founder James Turk, editor of the Freemarket Gold & Money Report and consultant to GATA, is among those urging the New Hampshire legislature to pass a bill allowing citizens to require state government to use gold and silver in payments to them. Turk's recent testimony to a New Hampshire legislative committee was published in the FG&MR this week and has been reprinted at Jim Puplava's Financial Sense Internet site here: http://www.financialsense.com/editorials/turk/2007/0326.html CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc. The latest from Central America: Bill & Co.
Thought you might like an interesting observation on the weakening dollar; I live in Managua, Nicaragua (www.fincapopoyo.com is my residential resort project en la playa) where we routinely change money with the "coyotes en los caminos". Inexorably the Nicaraguan cordoba falls against the USD. The government admits that a crawling peg exists by posting the anticipated national rate of change months in advance. They will, of course, adjust this rate as needed, but almost always with a faster crawl not slower.
In the last month for only the second time I can remember in my three years here the crawl went backwards on the street. Not much, but a little. Some of this may be related to the looming holiday season and the usual influx of Miami dollars during Semana Santa - you know a supply demand thing, but it started a month early and actually went backwards a few centavos not just stuck in place for a few weeks and the coyotes are not apologizing the way they usual do during Xmas and Easter (Semana Santa).
If the street fx in Nicaragua knows the dollar is headed lower, I wonder just how much fire power the PPT still holds. Just an observation.................................
Keep the flow coming, always good stuff from the cafe!
Philip Christopher
member since '02 or '03 From the legendary Harry Schultz in his recent HSL newsletter: "Many gold speculators have never heard of the Cartel, or GATA, (Gold Anti-Trust Action) nor have they realized the small-size gold mkt might be the most important mkt in the world to banks/govts who wish to continue issuing I.O.U.’s that the world still accepts as money. The Cartel can/will be defeated. Their weakness is they don’t have enough physical gold. They can’t be defeated in the futures mkt where they have unlimited funds. They can be defeated with fully paid no-margin positions in gold. Recent weakness is signaling a big up-leg in the making. Weakness was not caused by long liquidation but massive shorting, eg, by Goldman Sachs, mainly in Tokyo. Such a market can turn very quickly." GATA recom U view their DVD trailer, made when gold was trading $436 in August 2005: http://www.goldrush21.com/small.html*** My kind of gold investor: Bill:
Your daily piece always has a lot to chew over, for which I'm always grateful. Yesterday's note from several subscribers bemoaning the likelihood of attaining some of the loftier targets for gold reminded me to look at the long view of a buy-and-hold strategy in a secular bull market (which we are undoubtedly and undeniably in).
I began my gold investing coincident with membership in GATA in September 2002 and have been adding to my positions continuously since then. Lots of ups and downs for sure, some of them utterly stomach-churning and nausea-inducing, but (as is so often the case in long-term bull markets) holding on tight is, I believe, the best option for most investors like me.
Despite all the recent vicissitudes, my total return is down only 7% from the high achieved in late February of this year. Based on the anxiety levels and the Cafe Sentiment Indicator, a casual reader might assume that the sky is falling. Well, it isn't and is very very unlikely to do so based on the incredibly bullish environment that exists now. How many friends, neighbors or colleagues have even the faintest clue about gold or gold stocks? If you're like me the answer is none.
'Nuff said--GO GATA!!!
Bob It is the same for almost every Café member I know. NONE, or next to none, of our friends and neighbors have any gold awareness, nor have they participated in this 6 year bull market. That is SO bullish, leaving us so much to look forward to! Most of the gold/silver shares were thrown overboard to some degree. The XAU lost 1.3 to 137.90 and the HUI was beaten for 5.49, ending the day at 340.44. Thank goodness for John Embry today. GATA BE IN IT TO WIN IT! MIDASAppendix Reading Midas today, several comments about the usual, and ever so predicable antics of the gold cartel made me think of something from years back. When I first moved to Chicago, some friends invited me to a Bears game. I was absolutely shocked when the entire stadium started chanting, "Payton, left, Payton right, incomplete, punt". "Payton left, Payton right, incomplete, punt". To me it seemed like an awful thing to chant, but the guys I was with just laughed and shrugged it off…they said, it’s the Bears only play…so everyone knows what they’re going to do. LOL; it’s the same bloody play with the Gold cartel, same old play….and the crowd’s catching on. Got a feeling this will be a good week for the PM’s
Take care,
Meg PS: LOL, I bet you catch a lot of crap for that comment about woman writing to complain about the gold price not moving fast enough…being an indicator for a upward move. There’s absolutely no doubt in my mind you’re right. Personally, I don’t see how anyone can complain; you’ve been right on predicting the bull market from the getgo. The fact that it hasn’t unfolded at warp speed might have just a little to do with the constant manipulation by the anti-gold forces of evil, that conveniently own the printing presses and the banking system. In the long run, this way is much healthier for gold; it’s building a huge strong base to support those kinds of highs. Anyone who just can’t take the wait, can always sell out and buy Google, or hide some nice crisp fiat under their mattress and pray it doesn’t devalue below the cost of toilet paper.
-- Posted Wednesday, 28 March 2007 | Digg This Article
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