Loading ...No blast back at you. But, obviously you have never paid attention to previous posts of mine. I started buying physical at $322 and have added to stash many times since then. The sellers I always called are short on inventory and that is why I am seeking dealers-looking for Sovereigns especially. Now am over 60% physical. Is not reasonable for me to add as time marches on? No neophyte here.
Platinum was attractive Monday BTW.
was Stockhouse member gabrielgray who called Jim Willie, Ph.D. the “Stephen King of newsletter writers,” and he his not wrong. At the Cambridge House Resource Investment Conference in Toronto last weekend, Willie was in fine form as he addressed an audience of two hundred listeners Saturday morning:
“Many people think I’m crazy. I. Don’t. Care.”
There wasn’t much new in Willie’s presentation for those who are familiar with his work.
He said that the inflation/deflation debate is “moronic,”
and that inflation is “absolutely staggering.” There is “mammoth price inflation coming” because of the monetary policy of the U.S. Fed and the Treasury, organizations which, in Willie’s words, are “stupid.”
He argued that it is “not hard to forecast if you give up all your assumptions.” Start with a clean slate, observe the situation, and make your case. Willie is calling the US dollar rally the ultimate bull trap “before it gets crunched,” and even more ominously, he’s calling down the road for a U.S. Treasury bond default. The “dollar will vanish, gold will reign supreme.”
Willie believes that all of the bank mergers going on right now are like “the dead marrying the dead;” even the supposedly sound ones are insolvent because “fractional banking doesn’t work.”
This is not a blast….
……but why are lately folks trying to purchase NOW?
Those of us who foresaw……got in @ $300 & $4.
Sure, there were buy opportunities upward along the way too. I read the same lament on many boards…..they cannot purchase either for less than a ……ohh 20% premium
Or more.
Now, we’ve got the Global man/woman in the street trying to ‘find PM’ for sale.
Will I sell any ??? Hell no. Have no need to do something like that.
Next time I’m at the barberous shop, will ask my hair clipper what his take is.
Then we’ll know for SURE.
Gold availability question
-> Posted by Sinbad @ 20:40 pm on October 7, 2008
Sold some more FRN backed trash today and would like to find a source for gold. “Gold is Money” completely out of everything, Stott going on vacation, unable to find Platinum coins Monday anywhere, and the beat goes on. Anyone know of any sources worth contacting tomorrow morning? I would really like British Sovereigns-but will consider anything. Appreciate any contacts as this was never a problem until lately!
onion bagel 3.50 with cream cheeze
chocolate chip cookie 1.50
large latte 2.50
visit to coin dealer with his surprise lunch ………….. priceless
Things are out of control.
The draconian action taken by the Federal Reserve today was their entry into locked credit markets that are defined by the Libor Rate and Rate on Commercial Paper. This action prevented the triggering of a total implosion of all markets, with the exception of gold, the currency of ultimate final refuge.
“Out of Control” can be defined as a day the Dow crashes 500 points when the Chairman of the Federal Reserve and the President of the United States spoke on national TV, right on the heels of the much touted Bailout Bill, combined with the entrance of the Fed into the OTC derivative business with no binding limits set on the high side of this initiative.
This is a downward spiral in which now four major interventions have failed.
The only case study in History is the Weimar experience. You cannot compare this to the credit lockup of Livermore and JP Morgan times. Arguments against that point are hollow.
What I find inexplicable is that the “Uptick Rule for Short Selling” has not been reinstated. That rule is more powerful than even banning short selling. These people are not STUPID so one can only assume this “Out of Control” situation is not a surprise.
Do not be surprised by additional intervention failures, gold taking out $1000 on the 3rd try, three consecutive TIC reports failing to support the Trade Deficit, a Federal budget deficit of unprecedented proportions, a dollar trading at .72, .62 and .52 and gold trading at and above $1650.
I told you in the middle of the recent dismal state of mind many gold investors were in that I never felt better about gold. That may have sounded nuts to some of you.
I now say that I have never felt more confident about gold and silver juniors with good property, good management and money in the bank.
yep
to create employment, push up wages and provide people with more money to spend. Or, as RR suggests, massive infrastructure spending - a Keynesian inflation. The USD would be burnt toast, of course, and the Chinese would be not happy.
we saw a taste of it today … buying commercial paper .. the start ..
and bernikeee is Keynesian … as is 80% of all trained econo”mists” in america
bailing ouT california, floRIDA , NEW YORK COMING ..
Went to my credit union to deposit cash to pay bills. As I was leaving I met a lady that met with us in a small home church10 years ago. After getting reacquainted she mentioned that something strange happened. She was closing out a small MM account and taking cash. When she stated her intentions, the teller asked her the reason she was closing out the account. She said something about wanting some cash on hand. Then she said the teller indicated that the reason she gave wasn’t “good enough”. He “explained” to her that the credit union was sound and there was no reason to take it out. She informed him that she realizes that, but she needed the money for shopping and if she thought the credit union was in trouble she would close out all the other accounts (hint hint) . He finally gave her the money but it was disconcerting to her that she had to give a reason to take out her own money.
After I concluded my business, I asked to speak with the branch manager about bank holidays and how they planned to handle mortgage payments since I have my mortgage with them. She was busy but did take my number and called me at home @ 6:00 pm. Of course she knew nothing about bank holidays but she said that she would inquire tomorrow. I related the above incident and she said that they try to discourage people from taking out cash because some people put them in safe deposits and they are not insured. They had several notices posted about letting people know that if they wanted insurance on the contents that they had to procure it themselves. She did say that the teller should not have said that the reason she gave was not good enough. She also said that keeping cash in the home is not safe. I indicated that if things go kablooeee, they might be better off with a little cash set aside within reach than having it in a bank that is not open. She didn’t argue with me.
in my life i have no chaos … will handle those two imposter just the same .. prepared for either
just believe the powers that be will inflation .. like we have never seen ..
just today .. commercial paper , other things that will not show up for awhile .. but show up they will..
Good post Sinbad. Touches on a lot of points which are of concern to everyone here. Good luck to you in your changing life, and good luck to all of us in the trials ahead.
ipso
The Fed are trying to cause inflation by working from the top down. They are attacking the credit freeze by throwing money at the financial system hoping to free it up. This will not work. Where money does enter the system, the recipients will give a quiet “yippeeeeee” and use it to reduce their debt. Take the liquor warehouse in Sinbad’s post - give ‘em $700,000, so they can pay Sinbad’s employer, debt is wiped out, employer thinks “Thank God for that - never expected to see that cash, pay down some bank loan”. Does the company think “Great, now we can go and build another mall!”? This approach is disinflationary, not inflationary.
The only way they will get inflation going, IMO, is to start from the bottom. The Fed needs to become the buyer of the last resort for things made in the US. Cars, houses, machinery, doughnuts, Californian wines etc., to create employment, push up wages and provide people with more money to spend. Or, as RR suggests, massive infrastructure spending - a Keynesian inflation. The USD would be burnt toast, of course, and the Chinese would be not happy.
thats my opinion you have a different one…
no use being sarcastic .. what will that do
… you could have said the same thing .. with less emphasis on idiot.. it would have been more respectful on your part… i do believe .. and given a more complete picture of your good mind
either is distructive
no i will say i was wrong
i can name twenty top economist who will say inflation.. others can name as many that will say deflation
deflation kills the powers that be the fed can begain to throw out fiat in never before seen desperation.. i believe that is where we will be gong ..it will become more apparent as we go forward
thats why they call me a savy business person .. haven’t missed a macro call .. since 2000,, nope 1975
and tomorrow is another day gone with the wind
and in my opinion sinclair still ranks as one the great minds of this gold run /// and gave a heads up some month ago about the collapse .. and the crowd made fun of that for a while.. no he seems to be ahead of his time ..
i know i know … many do not like his style .. and pan him .. not me ..
he may have let some down with stupid trading in and out.. but for me .. i think he has it together … he says weimer
and if your right stick a star on the forehead …
Inflation’s New Upward Trend
By: Steven Saville, Speculative Investor
news.goldseek.com/SpeculativeInvestor/1223395882.php
Trend Change Signaled
In our 3rd October email alert we wrote: “The Fed expanded its balance sheet by $254B during the one-week period ending 1st October, which follows a $204B expansion during the preceding week. As a result, the Fed’s balance sheet has grown by almost 50% within the space of just two weeks. This, we believe, is unprecedented.”
Last week’s money creation by the Fed won’t appear in broader money-supply data until the end of this week, but the week-before-last’s expansion of the Fed’s balance sheet has given the True Money Supply (TMS), our preferred monetary aggregate, a substantial boost. In fact, it has pushed the year-over-year (YOY) TMS growth rate from 3.75% to 7.0%, thus signaling a new major upward trend. The situation is depicted below.
how many more do you want to see lol
Sounds deflationary. Like my effing gold stocks.
Should we have the answers to your questions, so eloquently stated as always, we could all be wealthy… but the contrarian in me would still worry. Farmboy recently posted a travelog of his journey north of Atlanta and with reference to that post I offer the following anecdotal evidence of the situation we are faced with.
As many here know, I am a commercial contractor (soon to be an ex-contractor due to current mess we find ourselves in). The past three to four years in the Lexington, Kentucky area were great boom times. I, along with others in the construction industry, were well aware that commercial construction is cyclical, and many have had to adjust before. But, this time is different. Our company built shopping centers as fast as the developers could get the deals on paper. The money flowed, the centers were built, office space was built as I wondered all the while where the tenants would come from. Out of three malls in Lexington, only one is mostly leased, one has no tenants except outlot restaurant chain stores, and one is boarded up. Goody’s Family Clothing closed two anchor stores in the city, resulting in another major tenant reducing their lease rate by 50% as per the lease agreement when an anchor moves out. Of the Shopping Centers we built over this time frame, the occupancy rate is now at around 25% and at least three tenants have not paid any rent for several months. The developer will not evict them as every occupied storefront is critical. He cannot debt service the centers he has (7 in various towns in central Kentucky). There are businesses closing the doors all over town-now you see them, now you don’t. Developers are barely hanging on. And the ones we built? Still owed over a million on the construction which will probably never be seen. Developers here have no equity, not even in their homes, cars are leased, everything existing on cash flow. So, no cash flow=looming disaster. A liquor warehouse we built owes us 700, 000. Every contractor and sub-contractor we know is in the same predicament. No one will pay what they owe. They can’t. They denied the reality of the situation-would not face the facts. Just like the clowns in Washington who still refuse to accept the truth. Many projects have been on hold for months as the financiers and banks have stopped all financing. Still, the lunatics that misgovern our state are spending untold millions and millions of dollars preparing for the World Equestrian Games to be here in 2010, 771 days from today, as a local billboard alerts us today. This incredible spending bonanza of the taxpayer money will help no one I know and I have yet to find anyone who can explain how this will not be another taxpayer spending scandal complete with newly built empty buildings and new fancy new hotels for future ghosts to inhabit. All this while present restaurants,motels/hotels, bars and other business struggle to survive. More tax paid competition for existing business while the friends of our governor get fat contracts.
I know this is a universal phenomenon. The Central Kentucky area has been vibrant for many years, but that is now coming to an end. Yet, the refusal to face reality astounds me. With all this going on, i was yesterday informed our local city taxes, a “city” of about 800 has been increased, the water company increased rates 30% i one fell swoop (first increase in 18 years), but the county paper has 3-4 pages of foreclosure sales every week. We saw virtually none last year. It is getting ugly and I worry that those who feel entitled to whatever they want will before long prey on those who have assets of any kind. I have a 100 gal tank in my backyard full of fuel. Will I have to shoot someone to protect ti? Will the Government goons determine I am hoarding fuel or food that is the property of the community?
Inflation vs. Deflation? Definitely inflation at the grocery and in those costs the various governments continuously plague us with and monopolies like insurance companies. Deflation in everything else..Lease rates declining, material suppliers desperate for any business they can get, retailers wanting to survive a little while longer, even equipment rental companies discounting rates, subcontractors taking jobs at cost so as not to lay-off long time employees, all praying for a miracle the will not come as the so-called leaders continue to blame eveyrone else for the devastation they have created.
I have believed since I was young these times were coming, but never wanted to internalize that belief. I am now a true believer. I am more convinced than ever that time is short to either hunker down here or to escape to a more southernly climate. Do i want to have to defend my property, my wife and family at the expense of another’s life or do I want to leave the country I once loved while I still can? I don’t want to fight, so I will leave.
Note: Thanks to those who posted gold sources. For my next trick: how to take it with us.
