Loading ...With me having no technical analysis capability whatever, I have been expecting POG to get down into the $870 area, which I will use as a signal to buy more physical silver. So I thank you for at least admitting the possibility that POG could get down into the range of 850 to 900. As the TA persons say “We shall see” and I am prepared to wait and see POG below 900 before I buy any more physical silver or gold. Cheers. Equiz.
<<this is a dog ,.. this is a cat ..different animals>>
Figure this one out: Mr. Puppy is my temple cat.
Moggy
www.321gold.com/editorials/moriarty/moriarty080408.html
We go lower in fits and starts. WIth GFI falling apart, I would expect market darlings like GG and AEM to be the last shoes to drop. When they fall apart, the cyclical bear in gold shares will probably be over.
The next leg up, the shares will be the thing to own but I expect to buy the XAU around 130.
I highly doubt $gold trades much below $850 and certainly not $800.
What do you get if you wrap a 100 ounce silver bar,Margaret2,and a bottle of fine wine,in 30ft. of Saran Wrap=PRICELESS
I just bought two nice tables for the Clinic and the place has seen about 1000 patients the last 2 months . It is not open all the time yet because of holes in the doctors weekly visting times [this was due to not having a Belize budget in place] But it is up and ready. Later I would like to get a 15×15 concrete pad laid…but all things in time.
This follows on the heels of WB completely EXITING the wholesale mortgage origination business.
Chase has made a business decision to suspend our Non-Agency Fixed and ARM (Amortizing and Interest-Only) Product offerings within the Wholesale Lending Business.
We have made this decision based on a variety of reasons including the following:
· A dramatic reduction in Jumbo volume levels over the past six months
· A lack of Capital Markets appetite for Jumbo products
· Worse than expected delinquency performance on these loans
“INTEREST ONLY” PAYMENT OPTION:
1. For PURCHASE TRANSACTIONS: The Interest Only payment option will no longer be allowed for U.S. Bank Consumer Finance 1st liens when the LTV/CLTV exceeds 80%
2. For REFINANCE TRANSACTIONS: When the LTV/CLTV is greater than 80% on any U.S. Bank Wholesale ARM the following requirements will apply for the file to be eligible for Interest Only:
A) An escrow account for taxes, homeowners insurance (and flood insurance if applicable), and HOA fees if any will be required
B) A minimum of $250,000 of assets/reserves seasoned for a minimum of 60 days will be required.
WHOLESALE SECOND POSITION LOANS/LINES:
1. The maximum CLTV for any 2nd loan/line is now capped at 80% in the following states:
Maryland, Missouri, Connecticut, Ohio, New Hampshire, Minnesota, Virginia, Delaware, and Colorado.
Those US Bank restrictions on interest only loans are for jumbo loans only, the second note on Combined Loan To Value Ratio (CLTV) is across the board.
“BZ” pinged me with the following comments:
“This is incredible; to get a refi with an arm with interest only payments, you need to have $250,000 in the bank! Mortgage money IS available; but only to those who don’t need it. This is more proof of your peak credit/credit crunch scenario.”
“Chase stops doing all jumbo arms AND fixed products with their wholesale lending business. This is what US Bank should have done instead of their ridiculous requirement of $250000 in liquid assets. US Bank is essentially saying that they don’t want to do this type of product, but the important point is there are still more restrictions being placed on mortgage lending”.
Catching up this weekend and cannot believe the stuff I am reading. Denial.
So let’s see, if a bank loans credit out of thin air to buy a home and the home is foreclosed and the bank loses its assets and the home is sold for 1/2 of its former value. Then somehow there has not been a destruction of money and credit? Somebody just lost freaking 50%! What is worse, is if that happens enough (it is) then the bank goes out of business. That scares other banks and the spigot is shut off.
See this is the baffling part, according to the “theories” thrown around here, deflation is nigh impossible. Yet, it is happening right now and the masses here do not see it.
On the one hand some claim it is a money supply issue and trot out M3. Then it is a dollar issue.
So when the dollar was soaring in value and the NAZ went to 5000k that wasn’t inflation, or was it? M3 was rising but the dollar was going vertical.
Let me make this very simple. The banks are not lending. Credit is tight. As a result, prices fall as a result. No, they do not have to fall for everything as Ment says. That is totally incorrect. Items used in barter can hold value or increase in value.
A read of the tape should make it clearer.
Rent….falling across America
House prices ….falling across America
Electronics……have gone nowhere for years
Clothing….Please, price inflation?
Autos….used cars are plummeting, sales are simply everywhere
Office space/retail space….starting to crater
Gas up
Food up
Services up
Trillions have been wiped out in home prices and stock prices. I am far richer today than I was two years ago holding US dollars. Sure I would be even richer if it was all Euros, but by merely holding dollars I can buy a lot more than I could two years ago in MOST asset classes.
BTW, that does not mean that there will not be some plan hatched to re-inflate. Nothing that has come out of the FED or Treasury has signaled that. I know some of you think FNM and FRE is highly inflationary, well it isn’t. They can guarantee all the mortgages on their portfolio but I have seen nothing to suggest that banks want to keep writing mortgages in anything other than a fraction of their previous pace because they cannot and will not hold them to any large degree. All the banks ever wanted was to collect a fee, securitize it and sell it. That game has ended. The expansion is OVER.
Money and credit has to expand to be inflationary. It is contracting.
I hear, if I wrap my silver bars in saran wrap, they will stay beautiful forever….
Great to see you posting more from “headquarters”. Would love to hear an update on the children’s clinic.
Winedoc
Adopt a piece of jewelry and save it from being melted at the refinery.
The moderators have kindly allowed Mr. Metallic to offer items in the “Jewlery Tent.” See in the sidebar item: A2 Tent Store Jewelry Tent for the permanent link to items for sale. A link is also provided below.
You will find photos of jewelry items available at or slightly above the cost of the gold content. If you run your cursor over the title, the full title line will be visible which will include salient details about the piece such as the karat content and gram weight. Click on an individual photo to show a larger version of the photo, and the entire title line will be visible. Below the photo you will find additional comments along with the price of the item. You will see a notation of the spot gold price when the jewelry item was posted. The price of the item will float with spot gold, so if the price of gold is higher or lower than when the price was initially posted, the jewelry item will be priced higher or lower accordingly. If you are interested in a piece, please email to confirm the current price. When you decide that you want to buy the piece, the price will be locked in. Most items will be removed from inventory in a week or two since they will be either sold or melted. It’s too time consuming to post the entire inventory, particularly since the inventory changes rapidly, so if you are looking for something specific, please email the details. More photos may be uploaded tonight and tomorrow, time permitting, and I’ll post a brief note if more photos are available. If there isn’t much interest, we won’t continue, but we thought this would be a nice way for fellow Tent members to obtain inexpensive gold jewelry and save the pieces from being taken to the refinery and melted, which is what will happen to most of the inventory, otherwise.
http://s88.photobucket.com/albums/k187/kay7979/Jewelry%20Tent/
Junk silver as well as Morgan and Peace dollars will also be available periodically at competitive prices, but not pictured. Feel free to ask. Those are never melted.
She is showing me something too. Maybe it is the thing to own in an inflationary situation? Iran sticking up their middle finger at us also helps.
….broad terms such as deflation. Everyone can be on each of 467 pages on the subject, where the only important issue is the macro definition that comes as an overall market effect.
Has come out of the chute swinging. Some decent volume…Someone out there is trying to hit a dinger[home run]
AN ASSET CUT IN HALF IS NOT TRUE DEFLATION it is assets cut in half.. so what..
it is just that ..
it is a sorry state if my own personal financial staement is cut in half..
deflation is when all things go down in price.. buck becomes worth something ….
i is really a conundrum when every where the buck drops in value and every where prices are going up on every thing …and many look at house going down in value as deflation.. it is nothing of the sort is is just housing going down in value lol
this is a dog ,.. this is a cat ..different animals
But the Fed and Congress have already announced/ passed laws to backstop such by inflating the currency. Thus, you have a drop in assets, but an increase in currency with the resultant drop in the value of the currency. You cannot have an outright deflationary environment under those conditions. The Fed is in “print or die” mode, but they have been in “print or die mode” for years, now. The “only” indicator you need to watch with the massive deflationary backdrop is the chart of the dollar………..the value of the dollar. If it is dropping over any reasonable period of time, a true deflationary environment cannot happen. “The Dollar Value” is the driving force for the markets as a result of numbers of dollars in the system.
I think it is safer to just drink the whole bottle - that way one does not have to worry about such things! 
Exactly..Housing is going through a 50 or 61.8 correction..like any other damm thing that runs up unchecked for years. It does not mean the housing bull is over. But all the middle class that were getting squeezed with inflation and using the house [ON MARGIN] are getting slaughtered. Joe 6 is way to slow on his feet to compete with these thieves in D.C thats all No Deflation..just a correction.