Oldtent Archives 2007 - 2008

I hope so RNO.  Perhaps just a solid wipe clean of the slate before the next run.  Well, at least those juniors that don’t file for bankruptcy that is.

Yes the juniors were incredibly susceptible to the credit crisis.  Most are totally reliant on loans to function as cash flows are just not positive.  2300 was solid support until it wasn’t anymore.  Once that level was breached [the neckline] the psychology was turned on its head and everyone bailed.  It was an expensive lesson on the power of a large h&s pattern.  When people throw up those crazy downside POs, one has to take it seriously and realize when it starts to break down.

I remember in early 2008 when it made that lower, low — I watch the horizontal price supports pretty closely and I just did not like that at all.  The same type of lower lows could be seen on several charts - the potential clues to an upcoming crime.  I remember discussing a lower low on SLW in June with my dad like it was yesterday.  That type of action typically doesn’t happen during a shallow correction.  Traders always try to protect important levels.

dow jones newswire had an article yesterday about sovereign wealth funds investing in the smaller miners. it named a few names but i don’t remember which ones. the post was deleted when i went back to it. they were looking for small miners with proven reserves. this is probably “vulture capital”.

rno

hope…I watched that CDNX for the last year and convinced myself that there was huge support around 2500 and if by some slim chance that failed, 2400 would be the worst…..never never in my wildest, lsd induced psychaledic dreams that I thought it would break 2000, then when it did, its like, well it’s near the bottom,…ha 1459 today, that is absolutely insane…….I mean after all, the commodities were at multi year highs, no way the cdnx could go down…

Yeah, I think we’ll finally start to see some value buying come in at least for a technical trade.  The problem with these micros is financing IMO.  A rash of m&a is what this sector badly needs…the problem being no bank is willing to do a lot of these types of deals right now - so it would have to be all cash. 

  Looks like the volume is drying up to me.

Anyone been in contact with wanka?

Hey Fully right there beside you— Might have to lease out my one gold coin to pay off my equity loan if these mining stocks don’t turn around soon  <G>  Aurum whats the ticker symbol for a ETF to double short the Dollar.   

Looks like it will hit it by the end of the week at this rate

 besides fiat is easy, it’s unlimited and keeps the sheep in debt - which is what the regime really wants.

   Is there really any doubt that JPM is The Fed?

   I see the dollar is slowly drifting higher yet again.

-> Posted by amals @ 20:58 pm on September 16, 2008
Don’t rule it out just yet… seems to me other crashes in history were preceded by calm before the storm, not immediately after what should have been the trigger. I get the feeling of uneasy herds shuffling about, and then the image of full stampede. Not to be pessimistic or anything… ”

Your post got me to looking back to the last major banking crisis/depression. If history is not exactly repeating, I think the link below will certainly provide some answers to some of the things we are wittnessing today. With a couple ‘New Twists’ for the history books of the future thrown in.

A teaser…..”In 1928, there had been 491 US bank failures. In 1929, the figure had risen to 642. By 1930, as the collapse of the domestic real estate bubble began to take its toll, bank failures had risen to 1,345. In the wake of the British default, American “bank runs and failures increased spectacularly: 522 commercial banks with $471 million in deposits suspended during October 1931; 1,860 institutions with deposits of $1.45 billion closed between August 1931 and January 1, 1932. At the same time, holdings by the 19,000 banks still open dropped appreciably through hoarding and deterioration of their securities.” [Kennedy, p. 30] ”

“* The Federal Reserve System was first of all one of the principal guilty parties in the Coolidge-Hoover speculative bubble, and in the Crash of 1929. Under the leadership of Benjamin Strong (himself subjected to the hypnotic powers of Lord Montagu Norman), the Federal Reserve System provided the cheap credit which stoked the fiery furnaces of speculation. The Fed did nothing to restrain speculation, but only covered its own posteriors somewhat with a mild obiter dictum in the spring of 1929 — of which some observers were reminded when Alan Greenspan issued his “irrational exuberance” comment of December, 1996. The Fed virtually disowned all banks that were not members of its own system, and was unable to do anything to help the larger banks that were members. The Fed refused to recommend that Hoover declare a nationwide bank holiday until March 2 -very late in the day. The Fed attempted at every turn to duck its responsibilities, trying to shunt them off on the flailing Hoover - as in the Fed’s 1932 refusal to declare a state of emergency to permit Fed loans to nonbank institutions. Under Eugene Meyer, the father of Katherine Meyer Graham of today’s Washington Post, the Federal Reserve System displayed an intertia that was the practical equivalent of sabotage. This abysmal record contrasts most vividly with the extravagant claims of pro-Fed lobbyists cited above: that the Fed would make panics and bank failures impossible, that depressions no longer need be feared, and so forth. Private central banking as exemplified by the Fed was an accomplice in both collapse and disintegration. ”

http://www.tarpley.net/29crash.htm

Bomb Explodes Outside JP Morgan Office (1920)

“BOMB EXPLOSION WRECKS WALL STREET; MORGAN OFFICE AND TREASURY DAMAGED.
WORLD GOLD CENTER A SHAMBLES; DEAD LITTER PAVEMENT
MORE THAN THIRTY DEAD; HUNDREDS ARE INJURED; GIRLS’ BODIES IN STREET

Whole Financial District Is Shaken and Troops Are Called to Guard Millions in Financial District.

STOCK EXCHANGE QUICKLY CLOSED; WOMEN HURT IN MORGAN OFFICE.
T.N.T. Is Blamed for Disaster – Automobile With Two Men Drew Up at Morgan Institution Before Explosion.

New York, Sept. 16. — Ten minutes after an explosion occurred on Wall street today, either in the New York Stock exchange or the office of J. P. Morgan & Co., a report was circulated that a bomb had exploded in the Morgan building. Several persons were injured and ten ambulances summoned.
Great excitement prevailed in the financial district and police reserves were rushed to the scene. Crowds were kept back and it was difficult to see whether the blow-up occurred in Morgan’s or the Stock exchange. Several persons were seen lying injured on the sidewalk.
All windows in the financial district was smashed to atoms. Fifteen minutes after the explosion occurred eight persons were reported killed and fifty injured.
At 12:15 the report that the Stock Exchange had closed for the day was confirmed. The board of governors ordered the closing two minutes after the explosion occurred.
J. S. MORGAN INJURED.
Newspaper men counted eight bodies on the street and the bodies of several horses. The Morgan building appeared a shamble and part of the front of the sub treasury across the street was torn away. The forty-story Equitable building was rocked by the explosion as was all of lower Manhattan.
JUNIUS SPENCER MORGAN, son of J. P. MORGAN and a member of the firm, was badly cut by flying glass. Officials of the company denied first reports that a bomb had exploded in the Morgan building.
It was equally impossible half an hour after the explosion occurred to determine either its exact nature or location, for spectators were held back by the police.
It was reported, however, that shortly before noon an automobile with two men drew up in front of the Morgan office and that when Morgan detectives approached the machine one man alighted and either accidentally or purposely dropped what appeared to be a bomb. ”

http://www3.gendisasters.com/new-york/1397/new-york,-ny-wall-street-bombing,-sept-1920

Dont take much of an imagination to begin to think, ’someone(s)’ are following an earlier playbook…???

been so wrapped up in my own little world that i haven’t opened my eyes for a while. this is beginning to look a lot like japan when they inflated and were buying everything in the u.s. when the walls came crashing down, they were selling everything and bringing the yen home. yen surged on all world markets when the japanese were selling everything to raise cash to bring home to shore up the homeland. now substitute all the entities touched by the financial toxic waste all over the world for the japanese. lots of cash will need to be raised by institutions that need reserves of some form. in a lot of cases, their reserves have evaporated before their eyes.

look for insurance companies to stall claims in galveston. when catastrophes happen, insurance companies have to dip into reserves to pay claims. some of those reserves are bound to be toxic waste. companies all over the world have bought this junk and now are trying to stay solvent. they are raising capital by the quickest means possible. if you can run a market, what better way. i think i may remain on the sideline until after the election and thanksgiving holiday unless i can find another yen trade.

btw, gold had a 5 point rpw and a buy signal.

i don’t know that my post tonight explains why down is up and up is down. people are selling anything to keep businesses afloat. they are running markets to raise cash from investors. i don’t know when the short squeeze is coming in the pm, but it will be the mother of all pm rallies. lots more dead bodies will be floating to the surface soon. seems like they come in groups. they can’t let everyone go under at once or the meltdown will happen.

rno

….Thanks for the Laugh…

…Hang in ther fellow Permabull…..our day to Crow will come…till then I eat Rambus Crow Pie

“Seriously, the first major country to tie their currency to gold would attract trillions of investment capital. Why hasn’t he done it”

————-

If ever a country really threatened the fiat regime with a gold back currency they would not only attract capital but nukes also.   They will stop at nothing to protect the right to syphon off the wealth of the world.