Oldtent Archives 2007 - 2008

Wanted…..Weekend Only….Experience Prefered….Sign Painting…Apply FDIC….bring your own Paint

…good thing the SEC is so busy watching the Naked Shorts

)

How Come banks only Fail on Friday Nite ?

Whats up with that ?

I guess you could call it Bank Weekend Mini Holiday

I guess everybody has to tune in to Goldtent every Friday Nite…so you will know where your Bank moved to come Monday Morning ….sheesh

Musical Banks….do you know where your money is ?

Posted On: Friday, August 01, 2008, 10:32:00 PM EST

Spin Versus Economic Law

Author: Jim Sinclair

Dear Friends,

On and on it goes.

You can spin it every day 24 hours a day, but economic law will not allow the end of the day to be altered. The FT will look at the weakness that has set the stage for such events and the local US media will praise the FDIC?s instant action.

I really don’t want to see you in one of those lines because financial TV tells you that all is well and to buy the dollar and lots of shares of those really cheap financials.

International and US media will report this event in diametrically opposed perspectives.

Note that this was first published at 6:56 EDT after all major equity and debt markets closed, leaving an entire weekend to package the spin.

The only problem is all banks that fail following this. The pictures of lines of worried depositors published in the Financial Times is going to mute the publishing of skewed data on any other factors such as inflation and crude, making them all side shows. The system is broken and cannot be put back together again by the application of more of the monetary explosion that created all the bubbles that got us here.

Let?s not forget to thank the manufacturers and distributors of all those OTC derivatives that have killed the financial system and all of us to some degree.

Protect or perish, it is up to you.

Respectfully yours,
Jim

Florida bank closed by FDIC
First Priority Bank becomes the eighth bank failure of the year. Branches will reopen as Sun Trust Bank.
By Ben Rooney, CNNMoney.com staff writer
Last Updated: August 1, 2008: 7:33 PM EDT

NEW YORK (CNNMoney.com) — Federal regulators in Florida closed First Priority Bank Friday, marking the eighth bank failure of the year.

The Federal Deposit Insurance Corporation, which was named the receiver of the failed bank, entered into an agreement with Atlanta-based SunTrust Bank (STI, Fortune 500) to assume the insured deposits of First Priority.

All six branches of the Bradenton, Fla.-based bank will reopen on Monday as branches of SunTrust. First Priority depositors will automatically become depositors of SunTrust, the FDIC said.

First Priority had assets of $259 million and total deposits of $227 million, according to the FDIC. That includes $13 million in uninsured deposits held in approximately 840 accounts that potentially exceeded the federal insurance limits.

Account holders with more than the $100,000 insured limit will essentially “become a creditor” of the failed bank, said FDIC spokesman Andrew Gray.

Those accounts will be credited as the FDIC sells more of the failed bank’s assets, Gray said.

I noticed that on Big Charts my  Calvf trade showed up  Ha—

Guess that I should give honorable mention to Jim Dines. Met Jim, subscribed to the Dines report and reaped excellent gains. Anyway he had a MVAOOAOGASS. Something like that. Dines liked to talk in acronyms. It went something like: MUCH VAUNTED ALL OUT ONE AND ONLY GOLD AND SILVER  SELL SIGNAL. Do not, he told subscribers sell your Gold until he flashes the MVAOOAOGASS.  And we waited and waited and waited…and we renewed and renewed and renewed.

Gold’s goes down so we wait for the signal. Gold continues to go down ..no signal. Finally at a very low gold point Dines says here is the Gold sell signal  !(**@.    The year is 1982.  Gold peaked in January 1980. Dines said that the Dow is now a better buy then gold…Never, to my knowledge did he admit this mistake or appologize to his subscribers. Sure the Dow was a great buy in August 1982. But, we could have been out of Gold and into cash during the interim!

aurum

www.youtube.com/watch?v=HMyn7ZqkTlY&feature=related

or

www.youtube.com/watch?v=QoSIuaczGN0&feature=related

http://tinyurl.com/6db6yl

I remember the day well but I did not have the priority alert subscription.  I was long a ton of options - tried to get out but markets moving so fast (and in 1980 or 1981 the trading systems were not what they are now - had to actually talk to the broker) that I could not get reliable prices fortunately.  So I held and got out with my life!  Friend of mine who was also a subscriber - called his broker and told him to sell everything at market - of course he got filled at the very worse prices and got slaughtered.  Sometimes you got to be lucky.

Glad to have you back posting!

Hard to do - yes. But every time you buy a position write the point where you were wrong - not maybe on the position but on the time. Now it can’t be too close to the buy point as whipsaws will happen - but maybe 20 - 30 %. If one starts with a starter position (get your feet wet) this can’t hurt that much. Do it at the amount written down - don’t rationalize just do it. While the position may turn around and go up - still you were not wrong. Well maybe you needed less percent or more - but not wrong.

aurum

Why I like people that give the big picture weeks, months, years in advance. Of course with that lead time there will be some variation but still you know those possibilties. Perhaps those that have one tied to the latest advice may do that to keep the subscribers “tuned” and the income coming in.

aurum

The story, full story of the lion is on youtube called Christian, the lion who thought he was people. It turns out they were Aussies and got in contact with the born free group, they were living in England at the time and found the lion in a small cage for sale and felt sorry for it sitting in the cage. What I noticed in the 60s 250 LBS was equivelent to about 600 dollars then it said on the tape, interesting.If you key in above you can see it, the shave the reunion as well as part one two and three where u will see the born free group.

Very true!  One must always have a point where they will admit that they made a mistake, take the small loss and move on.  Easier said than done - but I believe all successful traders have to have that ability.

Well done on taking on the Pekingese! 

Well now, Joe Granville..Met Joe and subscribed to Joe during his top days. Not only subscribed but, decided to pay extra Big Bucks for his early warning service.

Comes a Monday ..very early morning…markets not near open yet. Have coffee, turn on the financial news….Pre market is heavy down..Joe Granville has flashed an all out sell alert!

Look at my fax machine and all is silent..Must be BS news I figure. Market opens at 9:30 Heavy Down…10:00 market is Crashing! News says it’s due to Joe Granville….Look at fax machine, still silent.  10:30, a complete deluge of sell orders…Market has Crashed.  11:00 fax macine stirs to life..get priority fax from Joe ….Get of market NOW!

Barney and I listen to Tracy here in the office from time to time. We have the first three vinyl’s that we love. I now find we need to update as we found with Leonard Cohen.

aurum