Oldtent Archives 2007 - 2008

http://tinyurl.com/5nlbqx

nice chart ment!

All the best.——aggie.

LOL .kinda rings true actually….I can cook but ask aurum what I think of alphabetical organization .. 

Heck we just started here..still in the denial stage I’d say ..It will take years before the excesses shake out..Market prices here remind me of the bid/ask screen on tech stocks in 2000 just as they started going off the cliff..

So the worm has turned in TO also.. From that link 13% decline in sales and 28% incr in listings y/y..Ouch .But the prices there seem almost affordable to me compared to here.

GI only senses one move at a time.  Once the move has happened, then one seeks a state of awareness to determine if there is any Instinct as to the next move.  On occasions one is assailed by a huge GI completely unawares, urging one to buy or sell:  these are usually wrong.

It will be interesting to watch how it plays out to say the least - many have very strong opinions and emotions are high.  I’m not usually so bearish for so long,so it feels strange.  Like I said before, you’ve got to be in it to win it. I would never recommend sitting completely on the sidelines based on TA alone.  Also, I have no plans to part with any of my physical during this correction.  When you do something shortsighted like that you wake up to find China bombing Russia and the POG over 2 grand in the blink of an eye. 

I gather then that you are not one of the “one more time crowd”, because you say ‘at least’, implying that there could be ‘one more time’ a couple of more times and maybe three or more times. [G}  I’m still waiting for the poster who can say with confidence that we have now had the ‘one more time’ down in POG and HUI for the final time for quite awhile and  that from there on it is upwards.  Here’s to one more time, without ‘at least’ in front of it.  Cheers, all in jest.  Equiz.

1. My favorite European joke is “Heaven is a place where the police are English; the chefs are Italian; the car mechanics are German; the lovers are French and it’s all organized by the Swiss. Hell is a place where the police are German; the chefs are English; the car mechanics are French; the lovers are Swiss and it’s all organized by the Italians.”

Wouldn’t surprise me to see the low $700’s aurum mentioned on 10th August.  Got a bit of dry powder for stocks if that happens.  One of the very rare times in the last fifteen years that I’ve not been fully invested.

ps, anyone who takes any notice of ferret’s Gut Instinct deserves all they get!

And then, wouldn’t you know it…….found I was locked out…..
…er….had to go and root around a bit and find the password,
and by the time I got back to the Tent……..

well………. the Fannie/Freddie shareholders are WIPED OUT.

I posted something similar regarding Greenie ‘inventions’ to stave off the problem
on Goldies, but your Peter iles’s is worth a repeat.

Oops……VILES

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Former Federal Reserve Chairman Alan Greenspan is arguing that the most effective solution to the housing downturn is for the United States admit more “skilled immigrants” who would earn enough to buy houses and stabilize the housing market.In an interview with the Wall Street Journal, the 82-year-old economist estimates there are 800,000 units of “excess supply” housing for sale in the United States, and predicts the housing market will not recover until those homes are sold.

From the Journal: “He did offer one suggestion: ‘The most effective initiative, though politically difficult, would be a major expansion in quotas for skilled immigrants,‘ he said. The only sustainable way to increase demand for vacant houses is to spur the formation of new households. Admitting more skilled immigrants, who tend to earn enough to buy homes, would accomplish that while paying other dividends to the U.S. economy.

More: “He estimates the number of new households in the U.S. currently is increasing at an annual rate of about 800,000, of whom about one third are immigrants. ‘Perhaps 150,000 of those are loosely classified as skilled,’ he said. ‘A double or tripling of this number would markedly accelerate the absorption of unsold housing inventory for sale — and hence help stabilize prices.’”

Also in the Journal interview, Greenspan sharply criticized the Bush administration’s rescue plan for Fannie Mae and Freddie Mac, reasoning the government should have nationalized the companies instead of supporting them as for-profit, shareholder-owned entities. He says the administration and Congress should have “wiped out the shareholders.”

– Peter Viles

If greeny reads it, he will adopt the idea and claim that rebuilding 800,000 burnt down McMansions is exactly the stimulus that the economy needs.

i got so worried we went to a friends sunday dinner group 3 islands north and shook all the way to the brandy wine….wj

I think this correction will end up knocking the socks off the hardiest of bulls.  The gold price itself hasn’t even fallen that much.   Sure, it’s down a $240 bucks, but really if it was to fall as much as silver did the other night it would be knocking on $640.  I think the biggest reason its held up so long is that most everyone has completely given up on the the shares and bought the metal itself.  Last week some really big silver traders decided to throw in the towl.  Gold closed the week well below major long term support (65 week ma) that many thought would never be reached or breached for that matter.  It was quick and it was decisive. To me that’s a big tip off of the things to come.  Now the bulls are talking about loading up - like they had any meaningful cash on the sidelines.  As someone who trades more frequently then most, I’d like to see it bounce up to about $850-$880 from here.  I see this correction taking longer to play out then most.  We had a good poll around mid April where we asked when the March 17th gold high would be taken out.  I voted for Q2 of 2009.  Now that looks a little too optimistic to me.  If done again, I would have voted for the second half of 2009.

12 M illegal immigrants and Greenie thinks the country needs 800,000 more to buy up the excess Mc Mansions

It’s laughable, Greenie if you want to get rid of 800,000 units, the easy way is to burn them down

We don’t need 800,000 people that don’t like this country or don’t work towards the good of this country

And to think he gets paid for babbling that crap

     Hope everyone has a good week!