Oldtent Archives 2007 - 2008

Sinclair is a straight forward guy. What I would have LOVED to see within his message tonight was a bit more ……..you’ll see it below.

My thought is he ‘goes’ as far as he can in his position.. …
………soee add to it.
(no offense soee, just my perverted humor)

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I seldom interrupt a thoughtful Sinclair message, but something bothers me here.
He does not mention the hidden REASON Bear Stearns was bought out.
They were contrary to the Street Brothers. Didn’t help bail LTCM. And they had a massively Long Gold position that distressed the FED. Adding insult to injury to their Street bretheren, they were massively Short Treasuries.
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There you go Jim. I know you couldn’t state that. Will it actually come out of any litigation ensuing. Hah ! We know better than that.

You said a mouthful there friend! 

Cheers, ipso

yep sure is good to go…i just never invest until i confer with ‘moodyswing’ or ’snpnip’ or ‘mca’ for that matter –oh ‘mca’ thats motor club of america. great insurance ratings and free towing too but only problem is they don’t wash windows. aaarrgghhh wj

“Maximum Order On ALL Silver Products Combined Is 3,000 Ounces.

Even Though We Are NOW Sold Out Of Most Silver Items, We Have Inventory

For ALL Previous Orders That Are Paid For In A Timely Manner.

Sorry, But We Will Not Take Orders For Future Delivery To You,

On Products That We Do Not Know If Or When We Might Have.”

A week ago they were selling junk silver coins for 50 cents an ounce under spot. Now they charge spot PLUS 5 cents.

JP Morgan seems to always rear it’s head in shady biz.

Seeking to put its legal problems behind as it confronts larger financial ones, the banking giant Citigroup said on Wednesday that it had settled claims accusing it of helping the energy trader Enron deceive investors.

Citigroup said it would pay $1.66 billion to the Enron Bankruptcy Estate, which represented Enron creditors at the center of one of the biggest corporate scandals. With a bankruptcy trial looming next month, the bank was the last of 11 financial institutions to resolve claims going back to 2003. Citi’s shares fell $1.29, to $22.13 in late trading.

Citigroup also reached a separate settlement with investors holding Enron credit-linked notes, ending what could have been a complex legal battle with several vulture funds that now own those securities. The investors had sought to have Citigroup step in after Enron objected to settling those claims. Enron has now agreed to absorb those claims, though the dollar amount has not yet been fixed.

In both settlements, Citigroup denied wrongdoing and said it settled to eliminate the uncertainties and expense of protracted litigation. Citigroup has already set aside money to cover the cost of both settlements, which must be approved by a federal bankruptcy court in Manhattan.

So far, legal experts estimate that Citigroup has paid well over $4 billion, including the settlement costs and lawyers’ fees, to clean up the Enron mess. And it still faces other lawsuits. Along with JPMorgan Chase, Citigroup is fighting claims totaling $1.5 billion from a group of several other big banks, which have accused Citigroup of deceiving them about Enron’s finances in its role as principal agent for the group.

Citigroup and JPMorgan Chase agreed in 2003 to pay nearly $300 million in fines and penalties to settle accusations by the Securities and Exchange Commission and the Manhattan district attorney’s office that the two banks enabled Enron to misrepresent its true financial conditions before its collapse. read more

While fielding questions from an overflowing crowd at the AMEX Base and Precious Metals conference, it became clear to me that for the first time in my life, I am scared.

Not for me, not for those of you prepared, but for those stuck by inertia and the average hardworking family man.

Monty is right in that criticism of actions taken carries no contribution. It is our job here to focus on consequences, to be prepared for all consequences, but to hope for the best.

Two new figures can be seen on the horizon. One is a political review of OTC derivatives and the other is OTC derivative litigation. Both these specters are capable of pulling the blanket of secrecy back to expose the reality of why the Fed had no other choice but to finance and broker the “bury the bankruptcy” deal of Bear Stearns into JP Morgan.

The Fed has now established a precedent for being the lender of last resort to any entity that has the capacity of calling into view the credit ability of US Treasury instruments and the net work of obligations thereupon.

The revelation that politics and litigation has is to reveal the character of the defunct so called asset being accepted as collateral for permanent 28 to 30 day loans and outright purchases that are sure to be rolled over repeatedly.

Another revelation is that these are not mortgage buys but specific performance contracts and items derived from mortgages called SIVs. These now defunct former assets are now working their evil on the balance sheet of the central bank of the USA.

Forgive me, for butting in on your response to Goldilocks.

Consider this one thing though. What used to be fought amongst ‘nations’…may no longer be the future. ?? Nations, and the sovernity of such…is passee in this modern world. Future wars, conflicts, will be between mulitnational corporations. Some, I am sure the ‘news media’ will refer to such as between, Canada, USA….perhaps even Russia. But truth be told….future (perhaps current conflicts??), are more about Corporate battles?

The future wars…conflicts….was told/predicted? some years ago. The future, shall be, will be….dependant on ‘RESOURCES’ in an ever shrinking world of 6+ Billion people. From such mundane things as water, oil, even food…..even ‘national borders’…..the hunt, search, to need to acuire/control what is TRULY required/sought…will be the future of conflicts.

As the whole world grows weary of paper, and paper promises…..the things to value, to watch closely…are the things we all need to sustain life, or the life many have become used to. ??

I think it was the ‘Commodity Guru’ Jim Rogers that once upon a time said….”Figure out what China NEEDS….” Perhaps a larger view…is figure out what the world NEEDS….and position one’s self to take advantage of this??

In my own case…..a study of paper…..is something this world is just about ready to flush itself. (Bear Stearns…the most recent example??) Think, many are awakening….to the understanding…that there is little in the paper world, that one can depend on….trust? Think, the finanical statements, of even the largest….show themsleves to be lacking/short?

Think, at least beginning to think….the day of reckoning….is closer/near at hand? Think, America…the worlds greatest Debtor Nation….is struggling to keep the ‘hold’ on the world’s financial system. Think…in my simple ways…..that many much wiser than me, are figuring it out. Figuring……the printing press…Is/Will Not Be…a match for having the real resource….in a world envirnoment…that seeks not paper profits…but DELIVERY of said resource.??

My Humble Opinion…but most reinforced by the Bear Stearns events of recent weeks. Farmboy

“AAA” rating…Oh they have a AAA rating I guess that means you’re good to go! 

me too and my one and only singular gold eagle for retirement only coin i’ll give it up to save this nation from a fate worse than hillbilleryobamamamamccainkong i will. whew all that without missing a stroke? [g] wj

a buck seventy .. get the order to sell at open ..

In response to my posting at 23:48, March 23, where I had quoted the retired US Coast Guard Commander who had predicted Canada/US conflict over Arctic jurisdiction you commented that it would be crazy, “just like going to war with your brother”.

I agree it would be crazy.  But it wouldnt be the first time ‘brothers’ went to war with each other.  If there are some Canada/US skirmishes in the Arctic, I reckon I’m too old to be called to action, but I have been thinking on  how to meet any such conflicts through the power of words, instead of through armed icebreakers. I already know which law firm I would hire to represent me in any intellectual arguments that might be mustered over questions of Arctic sovereignty.  As you can see in the link below, just by their very name,  the law firm of my choice will, I think, have the upper hand.  I like to be on the winning side.  [ g ]

http://www.smartbiggar.com/About/

Well, since 1999, I have seen the 300 Day Moving Average, or a close promixity of….touched a few times. And while even the strongest of Goldbugs where crying the blues at such a ‘correction’, I was stumbling up to the bar, and buying all I could afford. Not sure we will ever be so lucky again….but one can keep a little ‘egg money’ set aside…just in case we are offered another chance to add to the woodpile, at prices far below true ‘value’.

Even with the recent ‘word fights’ at the tent….I doubt we are even close to reaching those bargin basement sale prices….but hope springs eternal. (grin)

All I know, if the ‘Boyz’ want to knock us down a peg or two….this ole boy will be standing by, ready and able to take advantage of a ‘gift’.

And for the ‘legal beagles’ reading my posts….I aint got a single ounce of nothin.

Just a big talker am I. Aint got a single solteray cent to my name. Nope. Sure dont.

(grin) and best, Farmboy

yes and the address is po box 555 grand central station nyny. oh yea i sent in my order last year and they said be ‘patient’. i trust them cause they have a AAA rating from ‘moodyswing’ rating agency. wall street is my friend. wj

OK - I sir-mize that your egg spurt is ” the SYNC ” as ye quote he so oft en

but otherwise what ?

time to spend some time looking at inside of eyelids for a while

C U tomorroe2_p

Usage Note: The meaning of disingenuous has been shifting about lately, as if people were unsure of its proper meaning. Generally, it means “insincere” and often seems to be a synonym of cynical or calculating. Not surprisingly, the word is used often in trading contexts, as in It is both insensitive and disingenuous for the trader to describe its success and the proposal to eliminate the short term taxes as “tough love.”

This use of the word is accepted by 94 percent of the posters. Most posters also accept the extended meaning relating to less reproachable behavior.

Fully 88 percent accept disingenuous with the meaning “playfully insincere, faux-naïf,” as in the example “I don’t have a clue about trading !” he said. The remark seemed disingenuous, coming from one of the world’s foremost gold experts .

Sometimes disingenuous is used as a synonym for naive, as if the dis- prefix functioned as an intensive (as it does in certain words like disannul) rather than as a negative element. This usage does not find much admiration among posters ,

however. Seventy-five percent(or 85% lose) do not accept it in the phrase a disingenuous trader who falls prey to stereotypical con artists.

edited lol