Loading ...“The benchmark Zimbabwe Stock Exchange (ZSE) industrial index leapt to a new high above 900 billion points on Wednesday, from just over 1.2 billion points at the start of the year.”
Reminds me of all the talking bubbleheads HYPING the stockmarket!! Yep, GOLD the underdog is going to be the ultimate winner. Yessirree (chuckle, chuckle)…….de’ spinmeysters have nothing on us!!’
We should have known that, like GOLD as an investment, the longest shot of all, least favored and least respected would win it all.
So much for history and all that horse&*%^!!!! {G}
JBI
youtube.com/watch?v=WAP9Rml8dQA
JBI
PS - BIG BROWN favored to win the Belmont Stakes and the TRIPLE CROWN. Odds …. 1 - 4
HARARE, June 5 (Reuters) - Zimbabwe’s currency plunged to a new record low on Thursday, trading at an average 1 billion to the U.S. dollar on a recently introduced interbank market and triggering massive price increases.
Traders were quoting the Zimbabwean dollar <ZWD=> at between 995 million and 1.45 billion against the greenback in Thursday morning trade, up from an average 700 million at the beginning of the week. The currency has depreciated by about 84 percent since the central bank effectively floated it in early May after years of an official peg.
Analysts said the rapid weakening of the currency was being driven by inflation expectations as well as huge demand for hard currencies.
“The exchange rate is being driven by massive demand for forex, as well as the desire to hedge against inflation,” said Mudzingwa Nhiwatiwa, a research analyst at ZABG banking group.
“It shows our forex generating capacity is perilously low. Until we restore production and exports, the Zimbabwean dollar will continue to depreciate sharply.”
Zimbabwe’s production capacity, largely based on agriculture, has declined sharply mainly due to upheavals on commercial farms following President Robert Mugabe’s drive to seize land from whites to resettle landless blacks.
Prices of basic goods, most of which are now imported, have gone up sharply since the disputed March 29 election in which Mugabe’s ZANU-PF lost its parliamentary majority for the first time in 28 years.
Opposition leader Morgan Tsvangirai also beat Mugabe in the presidential election, but not by enough votes to avoid a run-off ballot, set for June 27.
PRICES SOAR
Nhiwatiwa said the freeing up of the exchange rate system in the absence of improved production and amid uncertainty over the unresolved election stalemate, had seen prices rising sharply.
For instance, a loaf of bread, which cost about Z$15 million before the polls, now costs about Z$600 million.
A two-litre bottle of cooking oil costs about Z$5 billion, almost equal to an average low-income worker’s monthly wage, piling the misery on a country also grappling with food, fuel, water and electricity shortages, 80 percent unemployment and hyperinflation.
Official figures put Zimbabwe’s annual inflation — the highest in the world — at 165,000 percent in February, but analysts say the figure vaulted as high as 1.8 million percent by May.
Prices on Zimbabwe’s stock market, for long a refuge for investors in the inflation-ravaged country, have rocketed since the beginning of the year.
The benchmark Zimbabwe Stock Exchange (ZSE) industrial index leapt to a new high above 900 billion points on Wednesday, from just over 1.2 billion points at the start of the year.
Firstly, court orders were obtained for searching the boxes:
“Courts have given police permission to search storage boxes in the past, but never this many at once.”
http://www.guardian.co.uk/uk/2008/jun/03/ukcrime.london
Secondly, a search warrant just for the premises should have been sufficient to search, well, the premises! You don’t need individual search warrants for each box.
Thirdly, Jim says that what happens in the UK now will spread. He forgets that the US set a precedent in the 1930’s.
Fourthly, although they will presumably come across some gold bugs’ hoards, which are (currently) legal, the main thrust was crime. AC John Yates of the Special Crime Squad: “In the main, this industry operates legitimately, and it is in the public interest that we target this particular business to stop any criminal activity.”
This company was clearly regarded as dodgy in ownership and operation. There are plenty of legitimate safety deposit box companies with excellent reputations (for safety depositing, anyway) like Nat West, HSBC, Barclays etc. for those who want safety, not obscurity.
And finally, what is Jim wittering on about with his warning to us Downunderers to check our bullion? Scaremongering? Trying to get us to put our backs out digging up the hoard? Prowling round our back yards, hoping to catch us in the action of checking so he knows where we stash it? Less of the hidden messages, Jim, tell us what you really mean and stop wasting our time.
BIG BROWN
Uncanny, isn’t it, if not mysterious and scary?
Let’s see what happens.
JBI, just having some fun on Saturday. 
Amazing how the parellels between 78-80 and now seem to be playing out. One more strong run to 12 or 13 hundred……a correction, which could be seviere, a lot of unbelieving gold bugs will be shaken out, and then a moon shot. That is my story and I am sticking to it!!
Time frame: ” Between now and then”…..
What did GOLD do that year?
Hmmmm. I see that its 300 DMA was never touched that year. And GOLD had a very nice move from late April to late October.
JBI
PS - Also, note what appears to be a huge HEAD & SHOULDERS pattern formed during the last 4 - 5 months of that year. Hmmmm. We all know what happened during the next 13 months, huh?
PS2 - This year so far - the low since the All Time High? Last day in April-first day in May. Up up and away into October all over again?
I hear you! LOL! That’s a BIG “10-4″ Brown!
JBI
PS - Just heard on ABC that Jim McKay passed away. He was a legend as a sports announcer and commentator. One of the best ever! I can still remember watching him describe the horror of the tragedy at the 1972 Olympics.
Do we have a new indicator……..”THE BIG BROWN INDICATOR”……
Big Brown wins….gold goes UP. I like it !!
Open a window, you will hear me yell and hoot for him!!
I’m kind of pulling for BIG BROWN to win it. Last one to do it was Affirmed, I believe, 30 years ago. What a coincidence that 30 years ago GOLD was in a bull market, gasoline prices where going through the roof and our nation was in dire straits, still recovering from Watergate, Vietnam and dealing with a horrible economy that was headed towards 10-12% inflation and almost 10% unemployment.
JBI
I am with you on the horse racing. Thanks for reminding me that it is on shortly. I plan to watch it, but I have no idea if Big Brown has a chanch or not. It would be kind of neat he does take the tripple crown though.