Oldtent Archives 2007 - 2008

Bummer that you got ripped off, but good on you that you have such a good attitude toward it.  The only thing you can have control over is yourself.  Good to see that you treat yourself well, so as not to inflict pain on yourself, just accept the loss of things.

There have been a few times I’ve experienced theft of that type.  After getting over the initial feeling of being violated, there were some amusing things about each of the robberies.  The funniest time I was in a second floor motel room, with a balcony running in front of all the rooms.  Being the naive trusting sort, I didn’t think twice about opening the window on the balcony side to let fresh air in since it had a screen in place.  The only things I brought into the room were a toilet kit that was in the bathroom, and a camera bag and wallet, which I set on the nightstand on the far side of the bed.

In the wee hours of the morning before daylight, I awoke and sat up, made momentary eye contact with a now-frightened person straddling the window frame, and in the next instant, with a blood-curdling war cry, I launched myself across the small room and was able to grab his leg.  He kicked and pulled and was able to break free and get his second leg out the window and start running.  I went for the door, but of course it was locked, with the safety chain on it, so I leaped out the window and looked over the railing just in time to see him go around the corner below.  I ran down the stairs, around the corner and there was no one.  I ran and looked in all possible directions, but he was gone.  So I went back to the middle of the motel courtyard.

I had been yelling at the top of my lungs the entire time, which worked to scare the heck out of the thief and also to awaken all the other people in the motel, who were now in their doorways or looking over the railing of the second floor.  I asked if anyone had seen the thief, but they all just stood there staring open-mouthed at me: the naked screaming lunatic standing in the rain!

In his haste to break free of my grasp, the robber had grabbed the window frame and left good fingerprints.  I also gave a good description.  The police caught him easily, but they did not find my camera stuff or wallet.  Like in silverngold’s case, they wanted this guy because he had done lots of B&Es.  Also like in silverngold’s case, this guy was let off because the jail was full or something, I don’t remember.

BTW the police told me I was lucky he didn’t have a knife, but I think he was lucky I didn’t have one, too.

Cuckoo’s nest class is pretty well the category my wife has assigned to me on the odd occasion when she has caught me and the camera capturing a vivid PM scene.  Cheers.  Equiz.

There you go again!  The unofficial GoldTent Official Voice of Reason.  Or GTOVOR in Mogambu Guru-speak.  No one argues with you because there’s never anything to argue with in what you post.  We should pay you in bullion to remind us how to behave here.  Thanks for taking the time to post the words you do.

His articles show up on 321gold or financialsense. He is

a disciple of Feneke and the Gold Standard University

conferences. Too bad Feneke doesn’t seem to write

much anymore.

Auric

  I will send you some backup.

Good Afternoon Bill (from Qatar)

Who still focuses on the vague “non answers” given by Conny Lotze, an IMF press officer ,to the probing questions of GATA’s own Chris Powell back in April 08? That date just about coincides with the issue of the proposed sale of 403.3 tons of IMF gold COMPLETELY FALLING OFF THE RADAR SCREEN. After the G7 meeting earlier this year, there are literally thousands of references to this proposed sale. Then suddenly complete silence, coinciding with just about the precise minute that Conny Lotze admitted that she was close to clueless as to the specific details of the whereabouts of the IMF’s gold hoardings of 3,217 metric tons.Why so much noise and initial excitement and then silence? WAS GATA GETTING TOO CLOSE FOR COMFORT? Bill, I have spent hundreds of hours trying to understand IMF gold holdings. Permit me to tabulate my thoughts and then let anyone with more precise knowledge on this arcane subject rebut them.

1.The 25% initial quota subscriptions of the member countries to the IMF were only ever PLEDGED in gold, and no physical tranfers of the metal occurred, leading to the further presumption that in many instances the IMF’s reported gold hoardings have continued to be DOUBLE COUNTED as both reserves of the IMF and (part of) the reserves of the pledging central banks.

2.By the IMF’s own admission the gold received from Cambodia of 0.7tons in 1992 and 402.6 tons received in 1999-2000 as repayment of IMF credits (total 403.3 tons) was always housed by a designated depository.

3. The depository (BOE?/FED?) then leased this 403.3 tons of gold to a bullion bank who then bombed the spot market. The bullion bank enjoys the proceeds of this gold sale (and pays a minuscule lease rental) but also has a “nominal” obligation to the depository for the return of the swapped gold.

4.2008 arrives and the IMF wants to dispose of this 403 tons. A very bad time for the bullion bank to enter the spot market and repurchase 403 tons of physical gold. Simple-pay up the current value of the 403 tons to the depository who then transmits the dollars to the IMF. No disruption to the spot gold market. One small problem-if the leased gold was sold around 2001, the gold price was well south of $300 per oz. and consequently somebody now has to book a realised loss of up to $6 billion dollars, just when the bullion banks are under the microscope for other categories of loss -but not an insurmountable problem with a FED loan and a John Negroponte reporting exemption.

5.The real problem could occur if the USA Congress gives approval for the IMF sale. The internet is full of speculation about “non compliant” central banks (and others) lining up to buy 403 tons of gold at today’s bargain basement prices. The IMF could receive a deluge of offers! Think of the disorderly consequences for the gold market if the truth was ever leaked that the IMF gold has long ago been sold. The aggrieved parties might still decide to enter the physical gold market anyway, realizing the future implications of the unravelling of the gold price suppression conspiracy. Now is a particularly inconvenient time for the world’s attention to be turned towards the opaque world of the true state of central bank gold reserves and the (”criminal”) suppression of the gold price.

The simple solution is that which we are now witnessing- veil the issue of proposed IMF gold sales in absolute silence. Does this explanation make sense? How otherwise do you explain such a hot topic as IMF gold sales being completely and suddenly atomized?
Regards
Nicholas

25 August 2008

Abu Dhabi Bank Sues Morgan Stanley, Bank of NY and Ratings Agencies for Fraud

Abu Dhabi bank sues in U.S. over risky investments
Mon Aug 25, 2008 6:36pm EDT

NEW YORK, Aug 25 (Reuters) - A United Arab Emirates bank sued Morgan Stanley, the Bank of New York Mellon Corp and ratings agencies Moody’s and S&P on Monday, accusing them of fraud in operating a fund that collapsed in the U.S. credit crisis.

The lawsuit filed by Abu Dhabi Commercial Bank in U.S. district court in Manhattan said a complex deal known as the Cheyne Structured Investment Vehicle (SIV) was marketed by the defendants as highly rated and reliable, but they had hidden the risks.

“Instead of protecting the SIV and its investors as promised, defendants exposed the SIV to significant undisclosed risks,” the lawsuit said. “Defendants knew the assets purchased and held by the SIV were risky and of poor quality. They further knew the models used to generate the high rates were flawed.”

SIVs, which once held some $350 billion in assets, have played a major role in the U.S. credit crisis, after proving unable to refinance their short-term debts.

A series of SIVs are now selling off bank debt and assets such as asset-backed securities to try to pay back investors, a move that many see as further pressuring credit markets.

A deal was announced last month to restructure Cheyne, which at receivership was a $7 billion fund. Many investors who elected to stay in the restructured fund now have assets worth less than one-half of their former value, and the Abu Dhabi Commercial Bank’s investment is worth zero now, the complaint said.

A spokeswoman for Morgan Stanley and a spokesman for Bank of New York Mellon declined to comment.

A spokesman for S&P parent McGraw-Hill Cos Inc declined comment, saying the company had not yet been served with the complaint.

A spokesman for Moody’s Corp was not immediately available for comment.

SIVs used short-term funding, such as asset-backed commercial paper, to buy longer-term assets such as bank debt and asset-backed securities.

The bank brought the action on behalf of all investors who bought investment grade Mezzanine Capital Notes issued by Cheyne Finance PLC and its wholly owned subsidiary Cheyne Finance Capital Notes from October 2004 to October 2007.

“The ratings agencies intentionally, recklessly or negligently misled investors in Cheyne,” according to the suit. “But for the ratings agencies violations of law, the capital notes never would have been issued.”

….Since you brought the Index to the tent..as a proxy for the Junior metals….it has been a popular Index at a lot of websites..

….You can view the Components here….24 pages of 20 Components…480 ….I expect you to memorize them in order of Weighting by Friday

tinyurl.com/5na8yv

Components are on the right side of the page….click next to see 20 at a time…

 Thanks for that excellent link. Schoon clearly understands. Enjoyed his “stirrings of the electorate”.

  Unfortunately, the majority of the electorate has still bought into the left/right ruse. They may need to be brought to their knees to go from “strirred” to “riled”.

   Before this is over I fear we will hear alot more stories like Goldielocks’.

hearing from the island man, and figured with the move to the mainland we might hear from him more frequently…I must have missed what it was that led him to make the decision to depart. A loss for us all, in my books…

I believe it is the total, but the one pt I feel I have to drive home is that the cdnx is not repeat not! hello not just gold stocks!!!!!!!!!!! ah I know you get it….just kidding

But in an index full of gold, base metal, oil ,and teck stocks do you think that index will entirley represent the Jr gold stocks? Nope no way! Not a chance, it is skewed, and I might add as a kudos to the tent….does anyone here have a link to an article about the cdnx pertaining to gold stocks prior to say Sept 2007 when I first posted the thought? Somebody is listening no?

Maybe I am full of it but I have no recollection of it, but it seems now that the cdnx tecknicals are brought out for a lashing in every corner of the pm world right?

…..I missed Grin’s post on the Increasing Volume on CDNX….I agree if that is the case then as Silverngold says…thats the naked Short issue…

…..But….a question for Grin…Is that Volume ..the total of the individual shares traded ?

….OR…is there an Index ETF type of Instrument that the CDNX Volume is based on…

….I ask because…most of the Juniors I have ( CDNX Type Stocks)….have Little to NO Volume day in and day out !

TIA

….Is it possible to naked short the whole Index..thus bringing the components down ….even they individually dont trade much ?

MEXICO DROPS OUT
Of 2008 Summer Olympics

President Felipe Calderon of Mexico has announced that Mexico

will not participate in the Beijing Summer Olympics.

He stated:

‘Casi cada uno que puede funcionar, saltar, O la nadada ha salido ya del pais.’

Translation:
‘Pretty much everyone who can run, jump, or swim has already left the country.’

..I hope no one sees you taking those pictures….They may think you are one flew over the cuckoo’s nest

it is what it is,

www.youtube.com/watch?v=y0ay5S6hWJI

a wee bit ot but I AGREE!

ps: best way to separate people from their money is get them in a game they can’t play.