Friday, August 22, 2008
Well, it sounds like even Dan Norcini is as fed up with living in this "goldfish bowl of propaganda" that I have been talking about for the last five years... http://www.jsmineset.com/cwsimages/Miscfiles/6474_August2208Gold1230pmCDT.pdf Poor Dan, he is such a good analyst and trader, that when logic doesn't prevail in the markets, it gets his ire up... I don't even bother to get upset anymore... I just trade it... You make money in either direction. The Big Money, however, is going to be made, in the long run, to the Upside of Gold... All these little suppressive stunts by the Fed amount to is an extra opportunity to scoop up some more REAL MONEY at lower dollar prices. So take advantage folks. It's all going to end very soon! Gold is getting an afternoon hit by some entity who has an vested need to keep gold beneath water level. It certainly can't be due to the utterly fatuous words coming from Ben Beranke today... I mean, how divorced from reality does the average investor have to be to not see the transparent attempt by those in charge of printing the money and bailing out those "too big to fail" institutions to keep the capsizing ship of state afloat just long enough for Bush and his comrades to clean out the safe and escape to Paraguay? Or even more important, to keep from being sent to the Hague and tried for War Crimes and Treason? Maybe history doesn't punish its miscreants during their lifetimes, but with the speed of communication and the economic pain that is being foisted on the World's peoples by these criminals... I have hopes that they will have no place to run that will protect them from the punishment they all deserve for the damage they have caused to all aboard Mother Earth. It will only take one little slip up for the whole house of cards to come crashing down any day now. And these fools are just arrogant enough to stick around to bathe in their egotistical glory just one day too long before they jump aboard the plane bound for their safe houses. One can only hope.
Bernanke sees inflation moderating as growth to stay weak GT SEZ: JUST MORE FED BULLSHIT SPIN By Greg Robb Last update: 10:00 a.m. EDT Aug. 22, 2008 JACKSON HOLE, WY (MarketWatch) -- Recent developments in commodity prices and the dollar, combined with slow growth, should lead inflation to moderate this year and next year, said Fed chairman Ben Bernanke on Friday. The recent decline in commodity prices and the increased stability of the dollar have been welcome trends, Bernanke told policymakers and economists at the Fed's annual retreat in Jackson Hole. The Fed chairman stressed that the central bank was committed to price stability over the medium term and that the Fed will have to monitor inflation carefully as the outlook remains uncertain. Bernanke noted that the financial turmoil that began last August has not yet subsided "and its effects on the broader economy are becoming apparent in the form of softening economic activity and rising unemployment.
Gold has rallied from the manipulated sell off down to 82610 and is now consolidating for a move higher, unless they knock it down while Bernanke is speaking at 7am pdst one half hour from now. The dow is rising right before the open and may get a boost from the speech. Oil is wavering between the high 119s and the low 120s but in any case it's back up from recent lows. Euro is not leading gold as much as trending with it... Bonds are staying in the 117s meaning long term interest rates having been going down... a really great thing as all the dummies are locking themselves into a guaranteed loss of both interest and principal later. Just as the dow opens, gold is getting sold again, in preparation for Bald Ben's speech.
NO REPORTS TODAY gold is getting sold strong, but not crazy, volume a little earlier this morning. Bald Ben Bernanke is speaking in Jackson Hole WY today, so... gold has to look weak so the dollar can look strong...
He speaks at 10am EASTERN so the markets should zoom right about then.That's all there is to this sell off folks, MANIPULATION so the spinners can look like they're "competent"! Dollar is getting PPT help also. Oil is down a bit in the 119s, and could be "part" of the reason gold is off, but this looks like just more intervention. Euro, of course, is down with gold.
Thursday, August 21, 2008
NEW YORK TIMES August 21, 2008 New Guidelines Would Give F.B.I. Broader Powers By ERIC LICHTBLAU WASHINGTON — A Justice Department plan would loosen restrictions on the Federal Bureau of Investigation to allow agents to open a national security or criminal investigation against someone without any clear basis for suspicion, Democratic lawmakers briefed on the details said Wednesday. The plan, which could be made public next month, has already generated intense interest and speculation. Little is known about its precise language, but civil liberties advocates say they fear it could give the government even broader license to open terrorism investigations. FOR ENTIRE ARTICLE: http://www.nytimes.com/2008/08/21/washington/21fbi.html?_r=2&ref=us&pagewanted=print&oref=slogin&oref=slogin
Just before the day session close gold is holding above 836 and is now rallying to 8392+ Expect a further sell off after the close from this rally, perhaps down to 83240 (75%) of today's overall rally. Euro is forming a down flag which should resolve up. Dollar continues sinking without any substantial rally. Bonds have rallied almost 50% of its "fishline drop" sell off today. Dow is backing off its late weak rally. Oil is staying up in ths 120s and should help gold higher overnight On the close gold has rallied up to, and slightly above, the top line of the down flag (see chart)
gold rose in a "rhino horn" which is now being taken back in a down flag that will probably retrace to at least 83750 (75%). Bonds made a "fishline drop" to day, rebounded 50%, then faded down. Dow is down and trading sideways. Euro is making a decent climb back but not a rhino horn. dollar fell on its as to .7620 without pause and has just bounced up a bit. No need for PPT support today as no one important is blabbing on T V, or they know now that the minute they let up on the manipulation, the dollar falls like a rock...which it should...and will... After this pull back is over, gold is going to continue to roar for the rest of the year with some wild pullbacks on the way BUY LOW (on the pull backs) AND DON'T SELL EVER AGAIN! And don't be too chinsy about trying to get the best price anymore... just get the coins in your hands at a reasonable price.
Leading indicators fall 0.7% in July Point to slow growth, or 'economy grinding to halt,' Conference Board says By Rex Nutting, MarketWatch Last update: 10:24 a.m. EDT Aug. 21, 2008 WASHINGTON (MarketWatch) -- U.S. leading economic indicators fell 0.7% in July, pointing to "slow growth the rest of the year, and possibly an economy grinding to a halt," the Conference Board reported Thursday. "If there's a second-half recovery, it'll be the second half of 2009," said Ken Goldstein, labor economist at the private research organization. "The recent decline in gas prices isn't enough to overcome all the negative momentum that's been building up." Five of the 10 indicators declined in July, led by building permits and stock prices. Three of the indicators rose, led by the interest-rate spread and consumer expectations. In the past six months, the leading index has fallen at a 1.8% annual rate, with seven of the 10 indicators falling over that period. The index was flat in June. The coincident index rose 0.1% in July. In the past six months, the coincident index (which includes the four indicators used to judge whether the economy is in recession) fell 0.4%, with all four indicators dropping. The leading index is designed to forecast turning points in the economy. Together, all three indexes "suggests the risks for further economic weakening in the near term remain elevated." Rex Nutting is Washington bureau chief of MarketWatch.
Initial jobless claims fall 13,000 to 432,000 New extended federal program sees 1.28 million filing for benefits By Rex Nutting, MarketWatch Last update: 8:33 a.m. EDT Aug. 21, 2008 WASHINGTON (MarketWatch) - The number of new claims for state unemployment benefits fell by 13,000 to 432,000 last week, and the number of claims under a new extended federal program rose by 714,000 to 1.28 million, the Labor Department reported Thursday. The new federal program just underway allows unemployed workers who've exhausted the typical 26-weeks of eligibility for state benefits to get an additional 13 weeks of federal relief. The new federal program has skewed new claims for state benefits higher in recent weeks, as some of those filing for the federal program instead found they still were eligible for state benefits. The government does not know how many of the 432,000 new state claims were due to the publicity about the federal program.
Ten minutes before the NY open (5:10am pdst) gold makes a bold move up on over 1000 contracts to 83550. When the reports come out, no matter what they say, gold will probably get hit lower... then rally more during the day. On the opening, gold moves up on strong volume to 83670 before pulling back. Dollar is rounding over and is falling... Euro is rounding UP and starting to move higher, but very slowly Oil has jumped up to the 118s and is pulling gold higher (maybe, but it helps!) Bonds are in the 118s Dow is in the 11340s and will probably fall today unless the dollar gets a goose from the PPT and central banks. At 5:29am pdst, gold is falling rapidly into the Reports at 5:30.
TODAY'S REPORTS: Jobless claims Philly Fed Leading indicators Gold did rise last night, first on one big spurt of volume around 11:20pm pdst, then formed a down flag and broke up out of it to 83370, so far. Usually, starting around 5am pdst, in ten minutes from now, gold starts to sell off as it moves into the NY market. Today's reports should shake the market well at 5:30am pdst one direction or the other.
Wednesday, August 20, 2008
By Stephen Mihm Published: August 16, 2008 NEW YORK: On Sept. 7, 2006, Nouriel Roubini, an economics professor at New York University, stood before an audience of economists at the International Monetary Fund and announced that a crisis was brewing. In the coming months and years, he warned, the United States was likely to face a once-in-a-lifetime housing bust, an oil shock, sharply declining consumer confidence and, ultimately, a deep recession. FOR ENTIRE ARTICLE: http://www.iht.com/articles/2008/08/15/business/wbroubini.1.php?page=1
Lack of sleep finally caught up with me this morning. Believe me when I tell you I have been working 24/7 with little 2 hours naps here and there... Well, this morning, my body simply said stop...and sleep some more! There were no reports today, so nothing there to shake the market. Yesterday's run up would have to happen while I was away and couldn't take advantage of it! Ah, but's that how trading goes...Eventually, you begin to think the commodity gods are playing tricks on you. So far today, gold has held up well and only retraced 38% of yesterday's up move instead of taking it all back. more after I review the markets...
Tuesday, August 19, 2008
Are You Ready For Nuclear War? By Paul Craig Roberts 19/08/08 "ICH " -- - Pervez Musharraf, the puppet installed by the US to rule Pakistan in the interest of US hegemony, resigned August 18 to avoid impeachment. Karl Rove and the Diebold electronic voting machines were unable to control the result of the last election in Pakistan, the result of which gave Pakistanis a bigger voice in their government than America’s. It was obvious to anyone with any sense-- which excludes the entire Bush Regime and almost all of the “foreign policy community”-- that the illegal and gratuitous US invasions of Afghanistan and Iraq, and Israel’s 2006 bombing of Lebanon civilians with US blessing, would result in the overthrow of America’s Pakistani puppet. The imbecilic Bush Regime ensured Musharraf’s overthrow by pressuring their puppet to conduct military operations against tribesmen in Pakistani border areas, whose loyalties were to fellow Muslims and not to American hegemony. When Musharraf’s military operations didn’t produce the desired result, the idiotic Americans began conducting their own military operations within Pakistan with bombs and missiles. This finished off Musharraf. FOR COMPLETE ARTICLE: http://www.informationclearinghouse.info/article20555.htm
Crisis in the Caucasus. What Were They Smoking in the White House? by Eric Margolisby Eric Margolis The Bush administration appears to have pulled off its latest military fiasco in the Caucasus. What was supposed to have been a swift and painless takeover of rebellious South Ossetia by America’s favorite new ally, Georgia, has turned into a disaster that left Georgia battered, Russia enraged, and NATO badly demoralized. Not bad for two days work. Equally important, Russia’s Vladimir Putin swiftly and decisively checkmated the Bush administration’s clumsy attempt last week to expand US influence into the Caucasus, and made the Americans and their Georgian satraps look like fools. We are not facing a return to the Cold War – yet. But the current US-Russian crisis over Georgia, a tiny nation of only 4.6 million, and its linkage to a US anti-ballistic missile system in Eastern Europe, is deeply worrying and increasingly dangerous. FOR ENTIRE ARTICLE: http://www.lewrockwell.com/margolis/margolis120.html
Jim Sinclair’s Commentary The fuse has been ignited. When Pakistan goes off soon the boom will be equal to the "Big Bang," repercussions will roll forward causing incalculable geopolitical dislocations right into 2011. Musharraf Ouster Fails to End Deadlock, Distraction Over Judges By Khalid Qayum and Robin Stringer Aug. 20 (Bloomberg) -- Pakistan's ruling coalition, fresh from ending a six-month standoff by forcing President Pervez Musharraf to resign, failed to resolve a festering dispute over reinstating judges he fired. The government's inability to reach a compromise will continue to distract the four-party alliance as Pakistan suffers from faster inflation, a slowing economy and rising Islamic militancy on its border with Afghanistan. That may cause problems for U.S. President George W. Bush, who considered Musharraf an ally in fighting al-Qaeda and the Taliban and is pressing the new government to step up its efforts. ``If I were the Bush administration, I'd kiss goodbye the chance of having a workable Pakistani government'' this year, said Daniel Markey, a senior fellow at the Council on Foreign Relations in Washington. `` For the next weeks and probably months, the focus will remain on the rules of the game, and who holds power.'' After two days of meetings on what to do about the judges, the coalition said yesterday it hoped to find a solution in the next 72 hours, according to Fazl-ur-Rahman, chief of the Jamiat- e-Ulema Islam, a coalition partner. Asif Ali Zardari's Pakistan Peoples Party, and former Prime Minister Nawaz Sharif's Pakistan Muslim League faction are the biggest parties in the alliance. FOR COMPLETE ARTICLE: http://www.bloomberg.com/apps/news?pid=20601087&sid=aIyRJJNmT.oc&refer=home
IRGC Political Bureau Chief Javani:Closing the Strait of Hormuz is Part of Iran's Defense Policy In an editorial titled "When Will the Hormuz Strait Be Closed?" in the Iranian weekly Sobh-e Sadeq, which is the mouthpiece of Iranian Supreme Leader 'Ali Khamenei circulated among the IRGC, IRGC political bureau chief Yadollah Javani wrote: "The Strait of Hormuz is one of 14 locations in the world with unique strategic importance. Over 60 percent of the world's energy reserves are located in the Persian Gulf, and 17 million barrels of oil are transported daily from the strait by oil tankers. In today's global economy, oil plays the same role as blood in the human body, and under present circumstances, it is impossible to conceive of an active and dynamic economy without oil. Industry is completely dependent on [Persian] Gulf oil for survival. " FOR ENTIRE ARTICLE: http://memri.org/bin/latestnews.cgi?ID=SD202908
VERY TIRED...NEEDED SOME EXTRA SLEEP THIS MORNING. As my trading day was shot anyway...I just grabbed some extra zzzzzzzzzs for my appointment. TODAY'S REPORTS: Retail chain index Producer price index Core PPI Housing starts I don't even have to see the reports to know how they came in... I don't even see any good news anymore, just more about how close we are to economic catastrophy. Everything just gets worse by the minute...and gold goes down... LOGICAL? NO. MANIPULATION by our criminal leaders? YES! more later when I return around noon pdst.
Monday, August 18, 2008
GOLD BUGS... WE ARE HAVING SEVERE THUNDERSTORMS AND WIND UP TO 70MPH. I MAY LOSE POWER... I ALSO HAVE AN APPOINTMENT AT 8AM PDST TUESDAY, SO I WILL NOT BE POSTING ANYWAY UNTIL I GET BACK AROUND NOON PDST. IF THE POWER STAYS ON, I WILL POST BEFORE 5AM PDST AS USUAL, BUT HAVE TO LEAVE BY 7AM. GT
THESE PEOPLE HAVE NEVER BEEN WRONG ON PREDICTING THE FUTURE! "The world plunges into the heart of the global systemic crisis" http://www.leap2020.eu/GEAB-N-26-is-available!-LEAP-E2020-Summer-2008-Alert-July-December-2008-The-world-plunges-into-the-heart-of-the-global_a1800.html READ IT ALL AND WEEP...THEN GET PREPARED! BE SURE TO READ THE FOOTNOTES...LOTS OF INFO THERE!
TODAY'S REPORT: Home builders' index 1PM EST Once again, as gold moves into NY trading, usually at the 5am pdst hour, gold starts selling off. Overnight, since the Sunday afternoon opening, gold made steady increase only to begin doing its retracement around the midnight pdst hour as gold became active in Asia. Are the Big Boys trying to manipulate gold even in the Asian Markets? I'm sure Sinclair will soon comment on that. Should be a fairly boring morning for gold with no reports to react to early. However, the Pervez Musharraf resignation might be the cause of gold selling off as people "might" be thinking that tensions in the World have been reduced... Hahahaha!...just wait folks...you ain't begun to see tension yet!
Sunday, August 17, 2008
U.S. likely to recapitalize Fannie, Freddie: report Sun Aug 17, 2008 5:49pm EDT NEW YORK (Reuters) - The U.S. Treasury is growing increasingly likely to recapitalize Fannie Mae and Freddie Mac in the months ahead on the taxpayer's dime, Barron's reported in its August 18 edition. The weekly financial newspaper said that such a move could wipe out existing holders of the agencies' common stock, with preferred shareholders and even holders of the two entities' $19 billion of subordinated debt also suffering losses. An insider in the Bush administration told Barron's that Fannie and Freddie "are being jawboned" by the Treasury Department and their new regulator, the Federal Housing Finance Agency (FHFA), to raise more equity. But government officials don't expect the agencies to succeed, Barron's reported. If the government-sponsored enterprises fail to raise fresh capital, the administration is likely to mount its own recapitalization, with Treasury infusing taxpayer money into the agencies, according to the Barron's source. The paper reported the infusion would take the form of a preferred stock with such seniority, dividend preference and convertibility rights that Fannie's and Freddie's existing common shares "effectively would be wiped out, and their preferred shares left bereft of dividends." The report called an equity injection by the government a quasi-nationalization -- without having to put the agencies' liabilities on the U.S. balance sheet, and thus doubling the U.S. debt. After accounting for deferred tax assets and generous asset marks, Fannie and Freddie each may have a negative $50 billion in asset value, and little prospect of digging themselves out of the hole, Barron's reported. (Reporting by Ed Tobin, editing by Richard Chang) http://www.reuters.com/article/ousiv/idUSN1747783620080817