Off the Radar.NYSE

[Lotto123]

$JWN.....off the radar as I just put up the board...strong reports and showing of strength in brutal retail market.

[mick]

i had myway up but got lost.

[mick]

i have been reading on future of mgm casinos.

suppose to build big complex. it is completed.

it is huge.

[MadeBucksOnThis]

Maybe true

MBOT

[MadeBucksOnThis]

yes been watching,

MBOT

[mick]

i think in all markets til india investors get head screwed on right.

world market leaders get caught with both hands in cookie jar.

[mick]

my wife likes divy ones. me too.

but leverage buys are fer now.

[mick]

HMMM! Report: Indebted Dubai World rejected asset sale

http://apnews.myway.com//article/20091129/D9C97J480.html
Email this Story

Nov 29, 8:39 AM (ET)

By BARBARA SURK


DUBAI, United Arab Emirates (AP) - Dubai World "totally rejected" the possibility of selling off some of its top performing assets in the months before the heavily indebted conglomerate turned to creditors with a plea to defer payments on some of the $60 billion it owes, a newspaper reported Sunday.

The company, whose holdings range from ports to real estate, shocked world markets on Wednesday with an announcement that it would seek, until at least May, a deferment on its debts and those of its real estate arm, Nakheel PJSC. That subsidiary has a $3.5 billion bond coming due next month.

The announcement was the clearest indication yet that the conglomerate, which has been a primary engine behind Dubai's meteoric growth over the past decade, was in way over its head in terms of debts. The company's obligations alone account for the overwhelming majority of the at least $80 billion Dubai owes to creditors.

Dubai World "totally rejected the idea of selling some of its good investment and real estate assets at low prices," a company official was quoted as saying by Al-Itihad newspaper on Sunday.

The official said that any asset sale needed to be in a "commercially fair manner in order to achieve (Dubai World's) long-term strategic objectives, away from ... economic pressures."

The statement in the newspaper adds little in the way of explanation as to how company officials, and indeed Dubai's ruling family, planned to tackle a debt crisis that could destroy the reputation of Dubai Inc., as the city-state's government-affiliated businesses are known.

Dubai officials have headed down to neighboring Abu Dhabi, ostensibly to discuss the debt issues, and expectations are that the United Arab Emirates' central bank will issue some sort of statement on Monday.

The company had said last week that it was seeking the delay as it continued its restructuring - a plan under which it has already laid off 15 percent of its work force in a bid to streamline costs.

The opaque wording of the company's announcement for a payment extension was amplified by its timing - coming on the eve of a three-day Islamic holiday in which markets in the region would be closed and officials largely unavailable.

The news was a blow to the reputation of Dubai, once seen as the Gulf Arab region's answer to Las Vegas, Wall Street and Los Angeles rolled in one.

With little oil, the emirate - one of seven semiautonomous city-states making up the UAE - focused its growth efforts on finance, tourism and real estate. It bankrolled that dream, which included indoor ski-slopes, man-made islands and the world's tallest tower, on cheap credit and borrowed time.

A sale of the company's assets is one possibility being floated by analysts to cover the debts. But the more likely scenario being discussed is that Abu Dhabi will engineer another bailout - even partial - in a bid to minimize damage to the country's bank and the economy.

Several UAE banks are on review by international credit agencies for their exposure to Dubai World's debts.

The announcement came in tandem with another from Dubai's government that two banks majority owned by neighboring Abu Dhabi - the oil-rich home to the United Arab Emirates' federal government - had fully subscribed a $5 billion bond issuance.

That issuance was part of a broader $20 billion bond program launched earlier this year to help Dubai meet its mounting debts. The UAE's central bank had already bought $10 billion in bonds, but officials were quick to say that the latest issuance was not linked to Dubai World's problems.

[mick]

i found this link to be good fer related news to events.

http://www.myway.com

[mick]

overnite asia markets will tell a story. dubia needs money bad to cover their butt.

one to watch into monday's opening.

[MadeBucksOnThis]

This one looks like a dip comming.

MBOT

[MadeBucksOnThis]

nice climb on this one.

MBOT

[mick]

pwe,divy one

[mick]

hey ferget and got quickie.

good div yone.
pvx

[mick]

dubia can destruct some of bailout where some bailout money went to china, russia, little china, israel.

opps fergot u.k. and europe.

[MadeBucksOnThis]

So instead of platnum I get disney?

MBOT

[MadeBucksOnThis]

Yes I read that.

MBOT

[mick]

i would have placed pplatinum but fer got symbol.

[MadeBucksOnThis]

Dollar still falling, metals rise.

MBOT

[mick]

headlines are,,,dubia is looking fer oilman help in middle east.

asia markets down heavy last trading.

[MadeBucksOnThis]

Aug 18, same pullback, starts upward movement, I say pullback then run, barring news of course.

MBOT

[mick]

i'm thinking more than that. when dow 30 gets into correction. metals go down with'em.

[MadeBucksOnThis]

On chart for silver, pullback looks like standard procedure, watch dips.

MBOT

[MadeBucksOnThis]

That is very possible, which would cuase big trouble in gold market.

MBOT

[mick]

more than dollar. big cache here.

[mick]

both show red tailings. could go and fill some gappers. unless dubia has to sell some of their gold recent purchase.

ya know they can buy on margin.

bet they got margin call.

this is big trouble soon.

another u.s.a. bailer?

[MadeBucksOnThis]

maybe lose a dollar for two weeks or so then rise again.IMO

MBOT

[mick]

twx

[MadeBucksOnThis]

I think a pullback could come before rise again. IMO

MBOT

[mick]

silver, looks like all metals went south on friday.

[mick]

gold,,, no like red tailing. 1150? next?

[MadeBucksOnThis]

there will be more comming.

MBOT

[mick]

i have some but not enough for another heavy weight coming.

[MadeBucksOnThis]

good to know.

MBOT

[mick]

hmmm, whatever one can afford. glenn said as much as you can afford.

[MadeBucksOnThis]

What percent should one hold in one's portfolio, for metals, silver or gold?

MBOT

[mick]

Which metal has yet to take off?


SILVER


Silver is a precious metal and during periods of inflation, capital is heavily invested into silver and gold. There are bullish fundamentals arising which support the notion that silver could provide one of the greatest short to medium term investments available in the market today. In the 1970s, amidst inflation and monetary spending, silver saw all time highs of $48 an ounce and $49.45 in 1980 amidst severe market manipulation. Today's economic and monetary policies are far more bullish for silver than they were in the 1970s and suggest silver will rise considerably in the coming years. Our team is rigorously reviewing companies who own large, proven precious metal deposits (large silver assets) and are surrounded by major producing mines. We will be taking a more detailed look at silver next week.

[mick]

Dear Comrades In Golden Arms,

COT loses when it takes on governments.

COT loses badly when it takes on persistent governments.

COT gets creamed when the US dollar trades below .7400 and persistent government are persistent.

COT expires when delivery problems occur on any futures exchange, the dollar trades under .7400 and persistent government persist.

COT does the death rattle when COT takes on persistent governments that do persist, the dollar trades under .7400, delivery problems occur on any futures exchange and there is a run on the bank of ETFs who "own" more gold than anyone could have bought in the physical market, straining ones imagination enough to read the prospectus.

Junior precious metals shares and junior producers do their 1980 thing when the run on ETFs takes place.

Then Christmas comes?

India plans to buy more gold from IMF
By Mandakini Raina Nov 24 2009 , New Delhi

India is open to buying more gold from the International Monetary Fund (IMF). It bought 200 tonnes for $6.7 billion on November 3. The Reserve Bank of India (RBI) may well buy IMF's remaining hoard of 201.3 tonnes on acceptable terms, which are now under negotiation.

A government official said that the additional purchase would depend on the "successful pitching by RBI". "RBI is an independent body, and the government does not interfere in its affairs. It will get the gold if its bid is successful and at the price it has offered," said the official.

RBI did not respond to Financial Chronicle questions if it was bidding for the remaining IMF gold. The purchase of the first lot of 200 tonnes, RBI had said at the time, was a part of its foreign exchange reserves management operations.

Responding to query from FC, an IMF spokesperson said the gold sale process was still under way and "there is no fixed timetable for completing the sale". Its spokesperson further said that "the fund does not wish to comment on discussions with individual members."

RBI has good reasons to further enrich its gold reserves. In just three weeks it has been able to benefit by as much as $800 million on the investment of $6.7 billion it made in buying 200 tonnes from IMF.

Since 1999 RBI has been periodically valuing its gold reserves at "prices close to the market". It has not done so since it purchased the gold from IMF.

More...
http://www.JSMineset.com

[mick]

Nothing will unnerve the paper gold shorts more quickly and do more to undercut their confidence than to strip them of the real metal and force them to come up with more hard gold bullion to make good on deliveries. "Stand and Deliver or Go Home" should be the rallying cry of the gold longs to the paper gold shorts." --Trader Dan Norcini


Dear Comrades In Golden Arms,

Please accept all of our sincere thanks for the many years of your support.

Gold will shortly trade at $1650 and then on to Alf's and Armstrong's numbers.

The only thank you we want is in the form of your protection.

Our purpose here is your family's financial safety.

Our total reward is knowing you are all ok.

Thank you all for having trusted us. It is the greatest of possible compliments.

Happy Thanksgiving!

Respectfully yours,
Jim and the http://www.JSMineset.com Team

[mick]

Dear Comrades In Golden Arms,

What is the essence of the Dubai request for debt payment delay (a technical default)?

1. Will an implied Dubai Federal Guarantee of the debt of state owned corporations be honored in Dubai and elsewhere?

2. How many more financial problems are there out there hidden in plain view in the West as well as the Middle East?

3. Will the Middle East see to the bailouts of its own problems or is there a stampede of camel trains into the desert, devoid of cell phones and Mercedes?

4. Will this event cause other developing market country debt to default in a domino effect?

In terms of gold this event is further proof that paper and promises are NOT the stuff money is made of anymore.

Those that will come out of the woodwork to call a top in the gold price have little experience in what a top looks like in gold. Let me assure you the action of today contained zero evidence of a top.

The USA has become a giant FDIC and will have to finance in strange ways (QE) to meet its obligation prior to June of 2011.

Other than transitory technical factors there is nothing whatsoever positive in a collapse anywhere for the US dollar. When the snow falls here on the east coast of the USA the dollar will come under more pressure and fall much further.

The major immediate financial problem, hidden in plain view, is that 2009 financial entity earnings are CASHLESS. They are more than 75% due to the permission of FASB (Financial Audit Standard Board) who sold their souls to the financial sector to again mark up toxic paper to values self determine by the financial institution. The profits of their trading is toxic paper mark up accounting.

The inviting conclusion is the over the top greed in plain view by financial institutions is their own knowledge of the cashless nature of their earning and the fact that the junk is marked up now as much as one can do without either starting a riot or doing time. Therefore the earning prosperity is behind them, nothing is fixed and that makes this year the last opportunity for a long time to cash in for themselves.

Dubai has reminded us that there has been NO cure to the systemic financial problems of the West and those like Dubai that not only tried to mimic the West, but overdo them in a garish manner.

You can be sure that the US Fed and the ECB are chasing the sheiks into the desert today like Lawrence of Arabia in an attempt to get them to pay up and support their own problem. That means more international QE, as the Fed is not in the mood to tank a $12 trillion dollar bailout operation over an $80 to $110 billion dollar failure of a stupid and garish real estate project in Dubai. This concept would contain the domino effect, putting it off until later in 2011.

Conclusion:

The dollar will not reverse out of the bear market it is in, nor will gold top here and now. In fact the bear market in the US dollar and the bull market in gold is not only alive and well but in terms of price, young.

Enjoy your weekend and stop looking at the markets!

Dubai Debt May Be Higher Than $80 Billion, UBS Says
By Anthony DiPaola and Chris Bourke

Nov. 27 (Bloomberg) -- Dubai, the Persian Gulf emirate whose state-run companies are seeking to defer debt payments, may owe more than the $80 billion to $90 billion in liabilities assumed by investors, UBS AG analysts said.

"Perhaps Dubai's debt includes sizeable off-balance sheet liabilities that imply a total debt burden well above the $80 billion to $90 billion markets have estimated so far," Dubai- based real estate analyst Saud Masud wrote in a note. "This could imply that the debt issued by Dubai in recent weeks is insufficient to meet upcoming redemptions."

Dubai, which has said it will raise as much as $20 billion selling bonds to repay borrowings, said on Nov. 25 that state- run Dubai World, with $59 billion of liabilities, would ask creditors for a "standstill" agreement as it negotiates to extend debt maturities.

The request to delay debt repayment "came as a major shock" to investors, Masud and fellow UBS London-based analyst Reinhard Cluse told clients on a conference call today. Dubai World property unit Nakheel PJSC has $3.52 billion of Islamic bonds due Dec. 14. Dubai World may seek to negotiate all its liabilities as it reorganizes the business, Masud said.

"The Nakheel sukuk is the largest that has ever been issued," Cluse said on the conference call. "Markets will take some time to digest this blow."

More...

http://www.jsmineset.com

[mick]

did iran think any differently? Iranian lawmaker: Iran could leave nuclear treaty (AP)
AP - A conservative Iranian legislator warned Saturday that his country may pull out of the Nuclear Nonproliferation Treaty after a U.N. resolution censuring Tehran — a move that could seriously undermine world attempts to prevent Iran from developing atomic weapons.

[mick]

Bernanke makes case for strong Fed role on banks- AP

http://finance.yahoo.com/

[mick]

Canada high court rules for Wal-Mart in union case- AP

http://finance.yahoo.com/

[mick]

US pay czar OKs changes for 2 top BofA executives- AP

http://finance.yahoo.com/

[mick]

Dubai looks to oil-rich neighbor for possible aid- AP
As world markets absorbed the shock of Dubai's debt crisis, the ruler of the once-booming city-state left town for an important meeting in a desert palace. His hosts: the leaders of neighboring Abu Dhabi whose balance sheets are flush with oil revenue.

http://finance.yahoo.com/

[mick]

very inviting if i must say so.

[MadeBucksOnThis]

http://www2.barchart.com/sigtop.asp

[mick]

hmmm, great and appreciate your hard work.

[mick]

on barcharts? fer what symbol?

[MadeBucksOnThis]

yes look for signals on menu, see it there...

MBOT