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Fed. 1day RP + 11.75B [net Drain -1.00B
http://www.gmtfo.com/RepoReader/OMOps.aspx
Fed. 1day RP + 11.75B [net Drain -1.00B
http://www.gmtfo.com/RepoReader/OMOps.aspx
Reuters: Emergency fed meeting at 11:30am tomorrow morning on interest rates:
hmm.. the question is, will they cut something crazy like .75 in order to stop a large bank from failing, or will they surprise the FUK out of everyone and raise rates to keep the dollar from collapsing to zero?
http://www.federalreserve.gov/boarddocs/meetings/2008/20080303/advancedexp.htm
Advance Notice of a Portion of a Meeting
under Expedited Procedures
It is anticipated that a portion of the closed meeting of the Board of Governors of the Federal Reserve System at 11:30 a.m. on Monday, March 3, 2008, will be held under expedited procedures, as set forth in section 26lb.7 of the Board's Rules Regarding Public Observation of Meetings, at the Board's offices at 20th Street and C Streets, N.W., Washington, D.C. The following items of official Board business are tentatively scheduled to be considered at that meeting.
Meeting date: March 3, 2008
Matters to be Considered:
1. Review and determination by the Board of Governors of the advance and discount rates to be charged by Federal Reserve Banks.
A final announcement of matters considered under expedited procedures will be available in the Board's Freedom of Information and Public Affairs Offices and on the Board's Web site following the closed meeting.
For more information please contact: Michelle Smith, Director, or Dave Skidmore, Assistant to the Board, Office of Board Members at 202-452-2955.
Reuters: Emergency fed meeting at 11:30am tomorrow morning on interest rates:
hmm.. the question is, will they cut something crazy like .75 in order to stop a large bank from failing, or will they surprise the FUK out of everyone and raise rates to keep the dollar from collapsing to zero?
http://www.federalreserve.gov/boarddocs/meetings/2008/20080303/advancedexp.htm
Advance Notice of a Portion of a Meeting
under Expedited Procedures
It is anticipated that a portion of the closed meeting of the Board of Governors of the Federal Reserve System at 11:30 a.m. on Monday, March 3, 2008, will be held under expedited procedures, as set forth in section 26lb.7 of the Board's Rules Regarding Public Observation of Meetings, at the Board's offices at 20th Street and C Streets, N.W., Washington, D.C. The following items of official Board business are tentatively scheduled to be considered at that meeting.
Meeting date: March 3, 2008
Matters to be Considered:
1. Review and determination by the Board of Governors of the advance and discount rates to be charged by Federal Reserve Banks.
A final announcement of matters considered under expedited procedures will be available in the Board's Freedom of Information and Public Affairs Offices and on the Board's Web site following the closed meeting.
For more information please contact: Michelle Smith, Director, or Dave Skidmore, Assistant to the Board, Office of Board Members at 202-452-2955.
Butler: Transformation - Silver
By: Theodore Butler
Posted 2 March, 2004 | Digg This Article
http://news.silverseek.com/TedButler/1078237146.php
The silver market is changing so much so that you have to step back to really appreciate the significance and magnitude of the change. I'm talking about a sea-change in significance. The most profound change is on the part of the silver investor. It has recently occurred to me that the typical silver investor truly "gets it." More so than in any other asset, I believe that the silver investor has become the ultimate educated investor.
Within hours of the statistical release of the delivery and open interest data, I was reading in-depth analysis and reporting of the data on Internet chat sites, in e-mail's and in various articles. This analysis was measured, accurate, and quite good. This has been a developing process, but it is still surprising to me to see how advanced and sophisticated silver market participants have become. Compared to the research emanating from the establishment analytical community (where, in a recent survey the consensus was that silver had already seen its highs for the year), the thinking of Internet silver participants and regular investors is miles ahead. This is truly remarkable.
Also remarkable is the quality and caliber of the content of the letters that many have sent to CFTC and the COMEX, some copies of which were sent to me. The same applies to the comments and sheer number of names on the Internet silver petition. This, too, represents a significant change. This is a type of empowerment that comes when a large, previously unorganized group of people, come to understand and grasp the truth about the pricing and manipulation of the silver market. Too many people are asking too many questions for this issue to go away, as the regulators would prefer. The fact is, that once you come to understand the real story in silver (the twenty year price manipulation of a commodity in a structural deficit), that understanding will be with you for the rest of your life. The coming termination of the manipulation will enhance your understanding and appreciation of the scope of market history we are witnessing. It is an experience you will relate to your grandchildren, hopefully to go along with their increased inheritance.
Another change is in the actual price of silver. An Internet friend of mine told me something the other day that set me back a bit. He told me that silver just had its highest monthly closing price in sixteen years. I checked and he was right (Thanks Gregg). Even though silver did close the month higher than any monthly close in 16 years, it is not that far above its average price for the last decade and a half. More importantly, the price of silver is still manipulated. While I am sure that the regulators will be quick to jump on the price rise in silver as proving silver is responding to the forces of real supply and demand, and is, therefore, not manipulated, that's hogwash. The CFTC and the COMEX would love to have you forget how silver was depressed for decades ,in spite of a known and documented deficit, because of the recent rally, but I think the educated silver investor will see right through that concocted argument.
There is only one thing that will tell you when silver is no longer manipulated. That’s the elimination of the excessive and uneconomic dealer short position on the COMEX. The key word here is excessive. The manipulation began in 1982-83 with this excessive dealer short position, and the manipulation will only be pronounced dead when that short position in no longer excessive. What's excessive? Simple - a short position out of line with every other traded commodity; a short position greater than annual world production; a short position several times greater than known world inventories. If you take the time to compare the silver short position on the COMEX with world production and known world inventories, and do the same with every other US exchange-traded commodity, you'll see, clearly, that silver stands out like a sore thumb.
While a few have short positions greater than total inventories, none share the dubious distinction of COMEX silver, which regularly sports a short position greater than world production and total world known inventories combined. This is truly an absurd condition, having a short position many times greater than all the known silver in the world and greater than all the silver that could be produced in an entire year. Your common sense should be screaming - how can you be short more than what exists or could be produced? And if it's no big deal, as the regulators contend, why doesn't this bizarre condition exist in any other commodity?
This excessive short position is a big deal. So big, that it is easy to pinpoint the start of the silver manipulation, and its ultimate end, by looking solely at the extent of the short position. In fact, it was what led me to discover the silver manipulation in the first place, almost twenty years ago. I was a commodity broker/analyst for Drexel Burnham Lambert looking for my next investment play. I had just completed (successful) plays in soybeans, orange juice and US Treasury bonds, both on outright and spread positions, as well as conducting a straddle options writing program on the OEX. A client suggested I look at the fundamentals of silver, because he knew I liked to look under the hood. He claimed there was a deficit in silver and that it had peculiar and attractive price-inelastic production and consumption characteristics. The client, who later became my silver Godfather (Izzy), gave the suggestion in the form of a challenge. The challenge was to explain silver's low price, in spite of the deficit, and no voluntary inventory dishoarding.
Even though I had traded silver over the years, I never really studied it, so I took Izzy’s challenge, and was hooked. For almost a year, I pondered the conundrum of a commodity in a deficit with no sharp price increase. I read and reread everything it was possible to read on silver. At first, I thought it was strictly a perception problem, with investors just not seeing the facts. I went so far as to challenge the statistical reporting agencies, because I thought this might be the problem. I succeeded in getting the US Bureau of Mines (now the USGS) to revise how they calculated industrial silver demand, from voluntary reported demand from members of the Silver User's Association to one that used the more statistically correct apparent demand method. This is still in use 20 years later. But this did nothing to resolve the low price.
Then, one day it hit me. I was looking for something that was different about silver from other commodities that would explain why the silver price was out of line with its fundamentals and with other commodities. In scanning the Wall Street Journal's commodities page, it looked like silver wasn't out of line in terms of volume and open interest with other markets. Then, it jumped out at me. Rather than just look at the open interest in terms of the tens of thousands of contracts, I converted just what those contracts meant in terms of ounces of silver. I did the same with all the other commodities. Then I compared them to their respective domestic and world production totals. I was stunned. When I converted the number of contracts into ounces, and pounds, and tons, and bushels, and barrels, a completely different picture emerged. All the commodities, then and now, shared something in common, namely, all had a total long and short position well below world annual production. All, that is, except one - silver.
While silver's COMEX total short position was greater than world production, other commodities didn't come close to that size short position. For instance, crude oil, had a total short position of many hundreds of thousands of contracts. When you converted those contracts into equivalent barrels of oil, the short position came to only 2% or 3% of world production. The COMEX gold short position did make up 30% to 50% of world production, but when you factored in known world gold inventories of billions of ounces, the short position was back in the 2% range. Only silver had a short position greater than inventories and production.
This same pattern of all commodities having roughly the same short position vs. production/inventory ratios (except silver) has prevailed since I discovered it in 1985. What does this mean? To me, it is the clearest verification of the silver manipulation. It can't be a coincidence that silver's price has been noticeably depressed for the same two decades that silver has had the shockingly large comparative short position. If a small group of short traders got together to sell massive amounts of anything short, like they have done in silver, the price of whatever they sold would be in the gutter. (Whether it would stay in the gutter, like silver, is a different story, due to the uniqueness of silver leasing.) Imagine what would happen if a group of concentrated shorts got together to sell millions of grain contracts, or tens of millions of oil contracts, or billions of shares of a company's common stock. There would be obvious price dislocations of an extreme nature. Yet this is precisely what has happened in COMEX silver. Tens of thousands of COMEX silver contracts are equal to hundreds of thousands and millions of contracts in other commodities, when converted to real world equivalents.
What does this mean for the future? The price of silver has been, and is, manipulated because of the excessive short position in COMEX silver (and leasing). The price of silver will stay manipulated, even if it moves higher, as long as the COMEX short position stays at excessive levels. When the COMEX silver short position falls in line with the short vs. production ratio of all other commodities, the manipulation will be terminated. (If you're looking for a number. I'd guess when the futures open interest on falls to 30 to 50 thousand contracts.)
Until the Comex silver short position declines to levels comparable to all other commodities, we won't see the major top in the silver price. That does not mean we will not see bone-jarring sell-offs, but that we will have not seen the top. It may turn out that the top will come well after the excessive and uneconomic short position is largely eliminated, but certainly not before. But don't turn your back on the concentrated dealer shorts. As long as they are short, you must be prepared for their tricks to trigger sharp sell-offs, designed to cause liquidations. When these guys are in the same room, you must hold on to your wallet. That means only fully-paid for positions, or strong backing to anything leveraged. Get used to the volatility. It isn't going away.
Just a quick update on the March delivery situation. After two delivery days, there was a relatively small number of contracts delivered, and a relatively large amount remaining, but nothing shocking at this point. What was more telling to me was that AIG didn't show up for the delivery process, so far, either as an issuer or a stopper, for the first time in my memory. This is a further confirmation to my theory they may be abandoning the short side and maybe the silver business completely. There is still a very large, and very manipulative total dealer net short position of some 463 million ounces, as of the latest COT, but numbers still suggest that this big short is nowhere as aggressive as he once was. Without the big short's protection the other dealer shorts may start to break rank.
We are at a critical junction, and I don't think we'll stay near the $7 level for long. The dealer short community is under severe financial pressure, not just from silver, but a whole host of other commodity shorts, as well. But, like a cornered rat, they are not to be underestimated. They will exploit any avenue or news event to cause a sharp sell-off. Against their desperation, the overwhelming evidence of strong industrial demand and shortages for almost everything, dictate that it's just a matter of time before the silver manipulation is broken. Now, more than ever, the no-brainer is real silver.
-- Posted 2 March, 2004 | Digg This Article
Butler: Transformation - Silver
By: Theodore Butler
Posted 2 March, 2004 | Digg This Article
http://news.silverseek.com/TedButler/1078237146.php
The silver market is changing so much so that you have to step back to really appreciate the significance and magnitude of the change. I'm talking about a sea-change in significance. The most profound change is on the part of the silver investor. It has recently occurred to me that the typical silver investor truly "gets it." More so than in any other asset, I believe that the silver investor has become the ultimate educated investor.
Within hours of the statistical release of the delivery and open interest data, I was reading in-depth analysis and reporting of the data on Internet chat sites, in e-mail's and in various articles. This analysis was measured, accurate, and quite good. This has been a developing process, but it is still surprising to me to see how advanced and sophisticated silver market participants have become. Compared to the research emanating from the establishment analytical community (where, in a recent survey the consensus was that silver had already seen its highs for the year), the thinking of Internet silver participants and regular investors is miles ahead. This is truly remarkable.
Also remarkable is the quality and caliber of the content of the letters that many have sent to CFTC and the COMEX, some copies of which were sent to me. The same applies to the comments and sheer number of names on the Internet silver petition. This, too, represents a significant change. This is a type of empowerment that comes when a large, previously unorganized group of people, come to understand and grasp the truth about the pricing and manipulation of the silver market. Too many people are asking too many questions for this issue to go away, as the regulators would prefer. The fact is, that once you come to understand the real story in silver (the twenty year price manipulation of a commodity in a structural deficit), that understanding will be with you for the rest of your life. The coming termination of the manipulation will enhance your understanding and appreciation of the scope of market history we are witnessing. It is an experience you will relate to your grandchildren, hopefully to go along with their increased inheritance.
Another change is in the actual price of silver. An Internet friend of mine told me something the other day that set me back a bit. He told me that silver just had its highest monthly closing price in sixteen years. I checked and he was right (Thanks Gregg). Even though silver did close the month higher than any monthly close in 16 years, it is not that far above its average price for the last decade and a half. More importantly, the price of silver is still manipulated. While I am sure that the regulators will be quick to jump on the price rise in silver as proving silver is responding to the forces of real supply and demand, and is, therefore, not manipulated, that's hogwash. The CFTC and the COMEX would love to have you forget how silver was depressed for decades ,in spite of a known and documented deficit, because of the recent rally, but I think the educated silver investor will see right through that concocted argument.
There is only one thing that will tell you when silver is no longer manipulated. That’s the elimination of the excessive and uneconomic dealer short position on the COMEX. The key word here is excessive. The manipulation began in 1982-83 with this excessive dealer short position, and the manipulation will only be pronounced dead when that short position in no longer excessive. What's excessive? Simple - a short position out of line with every other traded commodity; a short position greater than annual world production; a short position several times greater than known world inventories. If you take the time to compare the silver short position on the COMEX with world production and known world inventories, and do the same with every other US exchange-traded commodity, you'll see, clearly, that silver stands out like a sore thumb.
While a few have short positions greater than total inventories, none share the dubious distinction of COMEX silver, which regularly sports a short position greater than world production and total world known inventories combined. This is truly an absurd condition, having a short position many times greater than all the known silver in the world and greater than all the silver that could be produced in an entire year. Your common sense should be screaming - how can you be short more than what exists or could be produced? And if it's no big deal, as the regulators contend, why doesn't this bizarre condition exist in any other commodity?
This excessive short position is a big deal. So big, that it is easy to pinpoint the start of the silver manipulation, and its ultimate end, by looking solely at the extent of the short position. In fact, it was what led me to discover the silver manipulation in the first place, almost twenty years ago. I was a commodity broker/analyst for Drexel Burnham Lambert looking for my next investment play. I had just completed (successful) plays in soybeans, orange juice and US Treasury bonds, both on outright and spread positions, as well as conducting a straddle options writing program on the OEX. A client suggested I look at the fundamentals of silver, because he knew I liked to look under the hood. He claimed there was a deficit in silver and that it had peculiar and attractive price-inelastic production and consumption characteristics. The client, who later became my silver Godfather (Izzy), gave the suggestion in the form of a challenge. The challenge was to explain silver's low price, in spite of the deficit, and no voluntary inventory dishoarding.
Even though I had traded silver over the years, I never really studied it, so I took Izzy’s challenge, and was hooked. For almost a year, I pondered the conundrum of a commodity in a deficit with no sharp price increase. I read and reread everything it was possible to read on silver. At first, I thought it was strictly a perception problem, with investors just not seeing the facts. I went so far as to challenge the statistical reporting agencies, because I thought this might be the problem. I succeeded in getting the US Bureau of Mines (now the USGS) to revise how they calculated industrial silver demand, from voluntary reported demand from members of the Silver User's Association to one that used the more statistically correct apparent demand method. This is still in use 20 years later. But this did nothing to resolve the low price.
Then, one day it hit me. I was looking for something that was different about silver from other commodities that would explain why the silver price was out of line with its fundamentals and with other commodities. In scanning the Wall Street Journal's commodities page, it looked like silver wasn't out of line in terms of volume and open interest with other markets. Then, it jumped out at me. Rather than just look at the open interest in terms of the tens of thousands of contracts, I converted just what those contracts meant in terms of ounces of silver. I did the same with all the other commodities. Then I compared them to their respective domestic and world production totals. I was stunned. When I converted the number of contracts into ounces, and pounds, and tons, and bushels, and barrels, a completely different picture emerged. All the commodities, then and now, shared something in common, namely, all had a total long and short position well below world annual production. All, that is, except one - silver.
While silver's COMEX total short position was greater than world production, other commodities didn't come close to that size short position. For instance, crude oil, had a total short position of many hundreds of thousands of contracts. When you converted those contracts into equivalent barrels of oil, the short position came to only 2% or 3% of world production. The COMEX gold short position did make up 30% to 50% of world production, but when you factored in known world gold inventories of billions of ounces, the short position was back in the 2% range. Only silver had a short position greater than inventories and production.
This same pattern of all commodities having roughly the same short position vs. production/inventory ratios (except silver) has prevailed since I discovered it in 1985. What does this mean? To me, it is the clearest verification of the silver manipulation. It can't be a coincidence that silver's price has been noticeably depressed for the same two decades that silver has had the shockingly large comparative short position. If a small group of short traders got together to sell massive amounts of anything short, like they have done in silver, the price of whatever they sold would be in the gutter. (Whether it would stay in the gutter, like silver, is a different story, due to the uniqueness of silver leasing.) Imagine what would happen if a group of concentrated shorts got together to sell millions of grain contracts, or tens of millions of oil contracts, or billions of shares of a company's common stock. There would be obvious price dislocations of an extreme nature. Yet this is precisely what has happened in COMEX silver. Tens of thousands of COMEX silver contracts are equal to hundreds of thousands and millions of contracts in other commodities, when converted to real world equivalents.
What does this mean for the future? The price of silver has been, and is, manipulated because of the excessive short position in COMEX silver (and leasing). The price of silver will stay manipulated, even if it moves higher, as long as the COMEX short position stays at excessive levels. When the COMEX silver short position falls in line with the short vs. production ratio of all other commodities, the manipulation will be terminated. (If you're looking for a number. I'd guess when the futures open interest on falls to 30 to 50 thousand contracts.)
Until the Comex silver short position declines to levels comparable to all other commodities, we won't see the major top in the silver price. That does not mean we will not see bone-jarring sell-offs, but that we will have not seen the top. It may turn out that the top will come well after the excessive and uneconomic short position is largely eliminated, but certainly not before. But don't turn your back on the concentrated dealer shorts. As long as they are short, you must be prepared for their tricks to trigger sharp sell-offs, designed to cause liquidations. When these guys are in the same room, you must hold on to your wallet. That means only fully-paid for positions, or strong backing to anything leveraged. Get used to the volatility. It isn't going away.
Just a quick update on the March delivery situation. After two delivery days, there was a relatively small number of contracts delivered, and a relatively large amount remaining, but nothing shocking at this point. What was more telling to me was that AIG didn't show up for the delivery process, so far, either as an issuer or a stopper, for the first time in my memory. This is a further confirmation to my theory they may be abandoning the short side and maybe the silver business completely. There is still a very large, and very manipulative total dealer net short position of some 463 million ounces, as of the latest COT, but numbers still suggest that this big short is nowhere as aggressive as he once was. Without the big short's protection the other dealer shorts may start to break rank.
We are at a critical junction, and I don't think we'll stay near the $7 level for long. The dealer short community is under severe financial pressure, not just from silver, but a whole host of other commodity shorts, as well. But, like a cornered rat, they are not to be underestimated. They will exploit any avenue or news event to cause a sharp sell-off. Against their desperation, the overwhelming evidence of strong industrial demand and shortages for almost everything, dictate that it's just a matter of time before the silver manipulation is broken. Now, more than ever, the no-brainer is real silver.
-- Posted 2 March, 2004 | Digg This Article
W@G1 QQQQ 03/03/08 for a 03/05/08 close
41.61 frenchee
40.75 bob3
Futures (2) + World Indices
http://www.cme.com/dta/del/globex.html
http://money.cnn.com/data/premarket/
World Indices (2) Mini Charts
Updates every 60sec ~ Watch the dates!!
http://www.wwfn.com/commentary/oscharts.html
http://www.allstocks.com/markets/World_Charts/Asian_Stock_Markets/asian_stock_markets.html
CDE change Float 551M
thanx rayron
It show up in e-signal
and if u look at the veiw the last 10k it is at the bottom of page 5...
http://phx.corporate-ir.net/phoenix.zhtml?c=86472&p=irol-sec#
TY Ray
my bad, not updated yahoo ? where
did you get 551m.
Here ya go, tell him 'Flip sent you'
#msg-27226672
ClayTrader: 'Video Markets Update'
<font color=green> ** Video: Markets Update Week of 2/25/2008 **
End of the week wrap-up... week started off strong, and then got KO'd Thursday and Friday...
This upcoming week is crucial from a charting standpoint...
Video ---> http://www.tradewithoutemotion.com/market_update
http://investorshub.advfn.com/boards/read_msg.asp?message_id=27273785
CDE this Jr trades NYSE with cheap options
consider risk/reward here & leverage of April/June 5s.
Something to think about IMHO.
BUT the damn float 278M, it's gotta take much higher volume to attract the newbe retail looking to buy something with all the pumping via CNBC & parade of talking heads.
http://finance.yahoo.com/q/ks?s=CDE
http://finance.yahoo.com/q/os?s=CDE&m=2008-04
CDE this Jr trades NYSE with cheap options
consider risk/reward here & leverage of April/June 5s.
Something to think about IMHO.
BUT the damn float 278M, it's gotta take much higher volume to attract the newbe retail looking to buy something with all the pumping via CNBC & parade of talking heads.
http://finance.yahoo.com/q/ks?s=CDE
http://finance.yahoo.com/q/os?s=CDE&m=2008-04
MoneyTalk on the net with Bob Brinker
Brinker -KGO: http://www.kgoam810.com/listenlive.asp#
Fed. Ops: 44.75B Matures this week.
Mon: 12.75B 3day
Tue: 9.00B 7day
Thu: 11.00B 14day
>>> 12.00B 7Day
Float: 61.75B
=================================================
Temp Ops:
Perm Ops:
=================================================
Public Debt:
Limit ~ $9,815 T
2/28 ~~ $9,343 T ~~ Substantial New high
=========================================================
The Slosh Report:
http://www.gmtfo.com/RepoReader/OMOps.aspx
=========================================================
Some perspective on Millions, Billions and Trillions:
-------------------------------------------
A Million dollars in crisp new thousand $ bills tightly wound stack would be about 4 ½ inches high.
A Billion dollars would stack over 365 feet high, roughly the height of a small skyscraper.
A Trillion dollars would stack 69 miles into the blackness of sub orbital space, beyond the sight of the human eye, and perhaps the human imagination. A trillion is a ridiculously large number.
Oh BTW a Thousand Billion is only 1 Trillion.
Fed. Ops: 44.75B Matures this week.
Mon: 12.75B 3day
Tue: 9.00B 7day
Thu: 11.00B 14day
>>> 12.00B 7Day
Float: 61.75B
=================================================
Temp Ops:
Perm Ops:
=================================================
Public Debt:
Limit ~ $9,815 T
2/28 ~~ $9,343 T ~~ Substantial New high
=========================================================
The Slosh Report:
http://www.gmtfo.com/RepoReader/OMOps.aspx
=========================================================
Some perspective on Millions, Billions and Trillions:
-------------------------------------------
A Million dollars in crisp new thousand $ bills tightly wound stack would be about 4 ½ inches high.
A Billion dollars would stack over 365 feet high, roughly the height of a small skyscraper.
A Trillion dollars would stack 69 miles into the blackness of sub orbital space, beyond the sight of the human eye, and perhaps the human imagination. A trillion is a ridiculously large number.
Oh BTW a Thousand Billion is only 1 Trillion.
Goldman, Bear Stearns Bankers Targeted in Muni Criminal Probe
By Martin Z. Braun and William Selway
Feb. 29 (Bloomberg) -- Goldman Sachs Group Inc. and Bear Stearns Cos. bankers are under investigation in the U.S. Justice Department's criminal probe of the municipal derivatives business, regulatory documents show.
Bear Stearns's Stephen Salvadore and former JPMorgan Chase & Co. banker James Hertz are targets of the antitrust investigation of Wall Street's sales of derivatives and investment contracts to state and local governments, Financial Industry Regulatory Authority records show. Goldman's Shlomi Raz also disclosed to Finra that he is being investigated, without saying whether he is a target.
U.S. prosecutors and the Securities and Exchange Commission have been searching for more than a year for evidence of rigged bidding and other misconduct by banks that sell investments and derivatives, such as interest-rate swaps, tied to municipal bonds. This week Wachovia Corp. and Piper Jaffray Cos. also disclosed in SEC filings that employees were targeted.
Bank of America Corp. and Dexia SA's Financial Security Assurance Holdings Ltd. said in regulatory filings that they may be sued by the Securities and Exchange Commission in connection with the investigation. Bank of America, the world's largest bank, said last February that it agreed to cooperate with the Justice Department in exchange for leniency.
Lawyers in the municipal bond industry have said the criminal probe is the biggest in the history of the almost 200- year-old market, where states, cities and towns have $2.6 trillion of debt outstanding. The Federal Bureau of Investigation also raided three brokers that advise local governments and ran the bidding as part of the probe, which may involve transactions as far back as 1992.
Bidding Practices
Derivatives, financial contracts whose value is based on other securities or indexes, are used by local governments to guard against swings in borrowing costs or to lock in current interest rates for bond sales they might not make for years. Investigators are also looking into the bidding practices for another type of agreement, known as a guaranteed investment contract, where governments place money raised from bond sales until it is needed for projects.
Bear Stearns spokesman Russell Sherman, Goldman spokesman Michael DuVally and JPMorgan spokesman Brian Marchiony declined to comment.
Hertz was fired by JPMorgan in December, according to records with Finra, the financial industry regulator.
``Mr. Hertz has been advised that he is a target of a grand jury investigation regarding municipal securities business,'' his record states. A telephone call to Hertz wasn't immediately returned.
Antitrust Violations
Goldman's Raz, who worked at JPMorgan until 2003, also disclosed the investigation to Finra, without specifically saying whether he is a target.
Bear Stearns's Salvadore also received a letter notifying him that he is a target of an investigation ``concerning antitrust and other violations involving contracts related to municipal bonds,'' his record states.
``Mr. Salvadore responds that he has at all times acted lawfully and believes that he has not done anything that justifies issuance of the Department of Justice letter,'' his record states.
To contact the reporter on this story: Martin Z. Braun in New York at bewilliams@bloomberg.net ; William Selway in San Francisco at wselway@bloomberg.net .
Last Updated: February 29, 2008 16:02 EST
good again frenchee, rolled over me last hour.
Ron Paul Interview on FOX Business Channel
02/28/2008
Fed. 3day RP + 12.75B [Net add +0.75B ]
SloshReport http://www.gmtfo.com/RepoReader/OMOps.aspx
Fed. 3day RP + 12.75B [Net add +0.75B ]
SloshReport http://www.gmtfo.com/RepoReader/OMOps.aspx
Financial Firms Face $600 Billion of Losses, UBS Says (Update1)
By Abigail Moses
Feb. 29 (Bloomberg) -- Financial firms are likely to face at least $600 billion of losses as the crisis triggered by the collapse of subprime mortgages batters banks, brokers and insurers, UBS AG analysts said in a report today.
Financial institutions have disclosed more than $160 billion of writedowns and credit losses. Banks and brokers stand to lose $350 billion, according to estimates from UBS's global banking team.
``We have to recognize the risk that the economy will suffer more damage than what consensus suggests,'' wrote Geraud Charpin, head of European credit strategy at UBS in London. ``All the investment schemes that have been built on the basis of a strong and resilient economic backdrop have to be unwound/ scaled down.''
American International Group Inc., the world's largest insurer, reported the biggest quarterly loss in its 89-year history yesterday after an $11.1 billion writedown on derivatives linked in part to subprime mortgages. London-based Peloton Partners LLP said yesterday it is being forced to liquidate a $1.8 billion hedge fund managing asset-backed debt because of tighter lending restrictions on Wall Street.
``The collapse of Peloton's flagship fund yesterday is a reminder to all investors that yesterday's rising star can be tomorrow's fallen angel,'' Charpin wrote. ``Leveraged risk positions are a cancer in this market and the sooner it is treated the better.''
Slosh Report agrees with me But
l get it wrong sometimes. bable = Babel
http://www.gmtfo.com/RepoReader/OMOps.aspx
Coxe: Global bull market for metals has just begun
BMO strategist Don Coxe is singing the praises of “the music of the metals markets,” whose final movement will be “the longest and loveliest performance of metals music in history.”
Author: Dorothy Kosich
Posted: Thursday , 28 Feb 2008
RENO, NV -
In his latest "Basic Points" report, BMO Commodity Portfolio Strategist Don Coxe declared "platinum is the current commodity star" as prices have soared due to South African power failures.
"Ominously, the South African government's repeated failures to implement a program of strengthening the state-owned electricity system mean that such production cutbacks will last for years. At some point, the catalytic converter in a scrapped car could be worth more than the rest of the wreck," Coxe asserted.
"Although gold stocks have not, as a group, performed as well as gold in recent months (largely because of perceived political risks), shares of many junior, speculative gold and/or silver companies have produced rich rewards for their backers," he said. "It is paradoxical that the collective market value of the hundreds of gold exploration companies that trade in Canada, Britain and Australia has risen so sharply, while the value of the companies that collectively produce most of the world's new-mined gold has increased so moderately."
Coxe noted increasing skepticism from clients "about the investment merits of the leading gold mines. They say it makes far better sense to buy the gold ETF than to buy the miners. They cite growing political risks and soaring production costs."
"We respond that the least-risky investment strategy is to own both the gold ETF and the well-managed mines," he advised.
BULL METALS MARKET
Nevertheless, Coxe does believe that base mining stocks have been hurt by the mortgage mess as stock prices are sliding "and the margin clerks take charge." Meanwhile, the bursting of the real estate bubble has pushed the U.S. into recession, which "has always been punishing to the prices of industrial metals. Finally, if the U.S. and Europe enter recession, exports from China and India will suffer. That means, Wall Street believes, that the two fastest-growing large-scale commodity-consuming economies will no longer be supporting raw material markets," he explained.
Although Coxe believes "we have entered the time when western metal demand will shrink in response to economic slowdowns. This will mean a modest slowing in the growth of the total world demand for metals."
Nonetheless, Coxe asserts that "the global bull market for metals has just begun."
"When the commodity bull market began, the total global capitalization of mining stocks was less than the market cap of Microsoft and Cisco...Now, the major mines are the global giants."
"The BHP-Rio Tinto-Chinalco-Alcoa battle may end in the biggest merger in world history," Coxe noted. "That statistic in itself shows how China is changing the global economy. Faced with a takeover of the #3 iron ore shipper by the #2, China authorized a blocking attempt by one of its state-controlled entities. Alcoa, once the world's leading aluminum company, was tapped as the junior partner in the swoop that bought 12% of Rio Tinto, giving it potentially a place at the bargaining table-or maybe the dissecting table-where it can scoop up precious parts of Alcan."
Coxe asserted that what is needed "is to get the investment community to share the industry's new-found convictions about the impact of the Chinese-Indian renaissance. Already China's consumption of copper is roughly twice America's, and its demand for iron ore dwarfs U.S. demand. This is no mere hiccup, but a hinge of history."
"It has become clear that this is a once-in-a-millennium commodity boom that will last at least as long as the commodity crash-two decades," he declared
INVESTMENT RECOMMENDATIONS
1) Coxe advised that long-term investors ‘should remain heavily overweight commodity stocks, including the base metal stocks. As the bear market grinds on, use days of stock market weakness to add to commodity stock exposure. They not only remain the asset class with the best earnings outlook, but remain the asset class that is least understood by conventional asset allocators, who still see them as cyclicals dependent on OECD growth."
2) "In the near term, gold will continue to outperform stock markets and to act as a form of hedge against two kinds of shocks-financial panics and inflation stocks.
3) "With the commodity groups, continue to emphasize investment in companies with long-duration unhedged reserves in the ground in politically-secure regions."
4)"Long-term oriented investors should use any temporary pullback in base metals producers to build their portfolios for the Final Movement of the Sonata-which will be the longest and loveliest performance of metal music in history."
http://www.mineweb.co.za/mineweb/view/mineweb/en/page67?oid=48246&sn=Detail
Coxe: Global bull market for metals has just begun
BMO strategist Don Coxe is singing the praises of “the music of the metals markets,” whose final movement will be “the longest and loveliest performance of metals music in history.”
Author: Dorothy Kosich
Posted: Thursday , 28 Feb 2008
RENO, NV -
In his latest "Basic Points" report, BMO Commodity Portfolio Strategist Don Coxe declared "platinum is the current commodity star" as prices have soared due to South African power failures.
"Ominously, the South African government's repeated failures to implement a program of strengthening the state-owned electricity system mean that such production cutbacks will last for years. At some point, the catalytic converter in a scrapped car could be worth more than the rest of the wreck," Coxe asserted.
"Although gold stocks have not, as a group, performed as well as gold in recent months (largely because of perceived political risks), shares of many junior, speculative gold and/or silver companies have produced rich rewards for their backers," he said. "It is paradoxical that the collective market value of the hundreds of gold exploration companies that trade in Canada, Britain and Australia has risen so sharply, while the value of the companies that collectively produce most of the world's new-mined gold has increased so moderately."
Coxe noted increasing skepticism from clients "about the investment merits of the leading gold mines. They say it makes far better sense to buy the gold ETF than to buy the miners. They cite growing political risks and soaring production costs."
"We respond that the least-risky investment strategy is to own both the gold ETF and the well-managed mines," he advised.
BULL METALS MARKET
Nevertheless, Coxe does believe that base mining stocks have been hurt by the mortgage mess as stock prices are sliding "and the margin clerks take charge." Meanwhile, the bursting of the real estate bubble has pushed the U.S. into recession, which "has always been punishing to the prices of industrial metals. Finally, if the U.S. and Europe enter recession, exports from China and India will suffer. That means, Wall Street believes, that the two fastest-growing large-scale commodity-consuming economies will no longer be supporting raw material markets," he explained.
Although Coxe believes "we have entered the time when western metal demand will shrink in response to economic slowdowns. This will mean a modest slowing in the growth of the total world demand for metals."
Nonetheless, Coxe asserts that "the global bull market for metals has just begun."
"When the commodity bull market began, the total global capitalization of mining stocks was less than the market cap of Microsoft and Cisco...Now, the major mines are the global giants."
"The BHP-Rio Tinto-Chinalco-Alcoa battle may end in the biggest merger in world history," Coxe noted. "That statistic in itself shows how China is changing the global economy. Faced with a takeover of the #3 iron ore shipper by the #2, China authorized a blocking attempt by one of its state-controlled entities. Alcoa, once the world's leading aluminum company, was tapped as the junior partner in the swoop that bought 12% of Rio Tinto, giving it potentially a place at the bargaining table-or maybe the dissecting table-where it can scoop up precious parts of Alcan."
Coxe asserted that what is needed "is to get the investment community to share the industry's new-found convictions about the impact of the Chinese-Indian renaissance. Already China's consumption of copper is roughly twice America's, and its demand for iron ore dwarfs U.S. demand. This is no mere hiccup, but a hinge of history."
"It has become clear that this is a once-in-a-millennium commodity boom that will last at least as long as the commodity crash-two decades," he declared
INVESTMENT RECOMMENDATIONS
1) Coxe advised that long-term investors ‘should remain heavily overweight commodity stocks, including the base metal stocks. As the bear market grinds on, use days of stock market weakness to add to commodity stock exposure. They not only remain the asset class with the best earnings outlook, but remain the asset class that is least understood by conventional asset allocators, who still see them as cyclicals dependent on OECD growth."
2) "In the near term, gold will continue to outperform stock markets and to act as a form of hedge against two kinds of shocks-financial panics and inflation stocks.
3) "With the commodity groups, continue to emphasize investment in companies with long-duration unhedged reserves in the ground in politically-secure regions."
4)"Long-term oriented investors should use any temporary pullback in base metals producers to build their portfolios for the Final Movement of the Sonata-which will be the longest and loveliest performance of metal music in history."
http://www.mineweb.co.za/mineweb/view/mineweb/en/page67?oid=48246&sn=Detail
Fed.(2)3) 7day RP + 12.00B [net Add +6.50B
Fed.(3) 1day RP + 12.00B
Fed.(2)3) 7day RP + 12.00B [net Add +6.50B
Fed.(3) 1day RP + 12.00B
Coeur Reports Significant Results from Its 2007 Exploration Program
Thursday February 28, 9:00 am ET
-- Success Leads to Near Doubling of 2008 Companywide Exploration Budget --
-- Aggressive 2008 Budget for New Palmarejo Project --
-- Substantial Silver and Gold Grades from Drilling at Guadalupe and Los Bancos --
COEUR D'ALENE, Idaho--(BUSINESS WIRE)--Coeur d’Alene Mines Corporation (NYSE:CDE - News) (TSX:CDM - News) (ASX:CXC - News) today announced significant results from its $14.9 million exploration program during 2007. Coeur’s exploration strategy continued to focus on cost-effectively adding new mineralization at its existing properties while continuing to expand the Company’s greenfields initiatives.
Due to this success and the addition of the Palmarejo Project in late 2007, the Company has increased its 2008 exploration budget to a record $27.6 million, with almost a third of that amount allocated to Palmarejo, where production is expected to commence next year at annualized levels of approximately 10.4 million ounces of silver and 115,000 ounces of gold.
Highlights of the 2007 program include:
http://biz.yahoo.com/bw/080228/20080228005267.html?.v=1
FA heres the call Hi Ho Silver;
http://members.tripod.com/~ClaytonMoore/
Fed. 14day RP + 17.00B [ So far
SloshReport
http://www.gmtfo.com/RepoReader/OMOps.aspx
Fed. 14day RP + 17.00B [ So far
SloshReport
http://www.gmtfo.com/RepoReader/OMOps.aspx
New York Faces Double Whammy as Swaps Compound Failed Auctions
By Michael Quint
Feb. 28 (Bloomberg) -- Local government officials from New York to Houston who followed the advice of their bankers and issued auction-rate bonds in combination with interest-rate swaps are now getting squeezed by both.
States, cities and hospitals across the country expected yields on the debt to move in tandem with benchmark rates when they bought swaps to protect against rising interest costs. Instead, the bonds' rates are up an average 3.1 percentage points since September, while the one-month London interbank offered rate -- what banks charge each other for funds -- has dropped 2.7 points.
``It's a universal problem,'' said Debra Sloan, director of capital markets at Boston-based Partners Healthcare System Inc., which has interest-rate swaps on $450 million of its $600 million in auction securities. ``We try to structure them so that over time there is a match.''
The failure of the financial instruments compounds the pain for borrowers stuck paying record-high interest on auction-rate debt billed as a cheap alternative to traditional bonds. Investors got skittish last year, retreating from auctions that determine new rates every seven to 35 days. Now UBS AG, Goldman Sachs Group Inc., and other brokers are refusing to be bidders of last resort, and the $330 billion market is frozen.
Municipalities and their taxpayers are paying for swap agreements that haven't worked for months.
Diverging Rates
The contracts typically require buyers to pay fixed rates in exchange for variable payments from the banks arranging them. These variable rates, based on Libor, roughly matched the cost of auction bonds for more than five years, making the fixed rates -- still far lower than what borrowers would have paid on traditional bonds -- well worth it.
Then, when a crisis in the subprime mortgage market began to shake investor confidence in September, they started to diverge.
The annualized rate on $63 million of auction bonds the city of Buffalo, New York, sold in 2005 jumped 7.7 percentage points when a Feb. 14 auction failed, triggering the penalty rate of 11 percent proscribed in the terms of the deal. That's almost 9 percentage points more than the floating rate it got from a swap with New York-based Citigroup Inc. Adding in the fixed rate of 3.17 percent, the city paid more than 12 percent that week.
``It hasn't always been like that,'' said Anthony Farina, executive assistant comptroller in Buffalo.
Before rates soared, Buffalo had about $400,000 saved because the variable interest on the swap exceeded its payments on the bonds, Farina said. That cushion is shrinking because in the week after the Feb. 14 auction, it paid $134,803 in interest on the bonds and received $26,753 from the agreement. The fixed- rate payment was $38,875.
Cheap Financing
Auction-rate bonds are a way to tap short-term interest rates without having to repay principal for decades. They were one of the cheapest forms of tax-exempt municipal debt until the September change in demand coincided with the first cut in the Federal Reserve's target rate in four years.
Securities that reset weekly yielded an average 83 basis points less than 20-year fixed-rate debt in the 16 preceding months, a comparison of indexes compiled by the Bond Buyer and Securities Industry and Financial Markets Association showed. For other variable-rate securities, it was a difference of 10 basis points. A basis point is 0.01 percentage point.
Auction Failures
Hundreds of auctions failed this month as banks that managed the bidding refused to pick up the slack for investors. After $163 billion of losses on debt holdings tied to the riskiest subprime mortgages, the world's biggest financial firms are less willing to make purchases for their own account.
Spokespeople at New York-based Goldman and Zurich-based UBS declined to comment. Dealers used to routinely step in when needed, though they aren't obligated to support the auctions they run.
When there are no bidders, rates revert to penalty rates spelled out when the debt is issued. Even successful auctions are producing yields more than twice that of fixed-rate borrowing benchmarks.
Since Sept. 9, the average seven-day auction rate rose to a record 6.89 percent from 3.88 percent, according to the Securities Industry and Financial Markets Association. At the same time, one-month Libor dropped to 3.12 percent from 5.82 percent as the Fed lowered its rate for overnight lending between banks 2.25 percentage points.
``Right now, the auction rates aren't matching up very well with swaps,'' said James Moncur, deputy comptroller for Houston, which has $1.9 billion of auction debt outstanding, including $653 million tied to swaps. ``We are still better off than if we had done fixed-rate bonds, but the advantage is shrinking.''
Past Savings
New York state's borrowing costs over the five years through March 2007 would have been $176.9 million higher if it had sold conventional fixed-rate bonds instead of going to the auction-rate market and entering into swaps, according to a state report.
Now New York state has $3.5 billion of swaps associated with its $4 billion of auction debt, and all of the bonds cost more than the variable rate that banks including Goldman, Merrill Lynch & Co. and Lehman Brothers Holdings Inc. are paying on its swaps.
Among 57 auctions held on New York's bonds between Feb. 13 and Feb. 21, 53 failed. Rates ranged from 3.30 percent to 7.19 percent, and the variable rate is 65 percent of one-month Libor, or about 2.03 percent today.
Auction-rate bonds have become less appealing as confidence in the insurers backing the securities wanes. Even fixed-rate bonds are declining amid the unprecedented failures, and long- term tax-exempt borrowing costs have risen 11 days in a row.
Switching Out
Houston, New York state and other borrowers are considering options including converting their auction-rate bonds to less expensive variable-rate debt. Laura Anglin, New York's budget director, said state officials and advisers are studying how to shift the swaps and avoid paying fees to end the agreements.
A December report released by New York's budget division showed the state would have to pay banks about $156.7 million to cancel swaps requiring a fixed rate. A month earlier, it would have cost $31.3 million.
To contact the reporter on this story: Michael Quint in Albany, New York, at mquint@bloomberg.net .
Last Updated: February 28, 2008 00:19 EST
Nice one frenchee./
'For miners, the best is yet to come'
Andy Hoffman
Mining Reporter
Toronto Globe and Mail
February 25, 2008
The bull run in commodities is far from over, according to a prominent market strategist who predicts base metal stocks will take a breather before resuming their ride on a "once-in-a-millennium" boom that will last at least two decades.
Bank of Montreal global portfolio strategist Don Coxe is expected to deliver his exceedingly bullish forecast at an industry conference in Florida today where the bulk of the world's major mining executives have gathered.
Mr. Coxe, who correctly predicted the start of the mining boom at the same conference six years ago, believes that metals demand from the roaring economies of China, India and other developing nations will outweigh the effects of a U.S. recession and equities bear market.
"It has become clear that this is a once-in-a-millennium commodity boom that will last at least as long as the commodity crash - two decades," Mr. Coxe wrote in a report titled "The Music of the Metal Markets."
China's move to buy a 12-per-cent stake in Rio Tinto PLC for $14-billion (U.S.) ahead of rival BHP Billiton Ltd.'s $147.4-billion hostile bid for Rio, could end in the biggest merger in history, Mr. Coxe noted, evidence of how much China is changing the world economy.
"Faced with a takeover of the No. 3 iron ore shipper by the No. 2, China authorized a blocking attempt by one of its state-controlled entities," Mr. Coxe said.
Just five years ago, the mining industry's entire market value was $185-billion. Now, it is more than $2-trillion as metal prices for copper, nickel, iron ore and other commodities have exploded and stalwarts including Alcan, Inco and Phelps Dodge have all been snapped up in a frenzy of consolidation. Over the same period, the S&P TSX mining index has skyrocketed nearly 500 per cent.
Mr. Coxe believes that Western metals demand will slow because of the collapse of the U.S. housing market and a pending recession. "A temporary slowdown [was] predictable: Each decade has some sort of pause. What will follow this one will be, we believe, an even greater boom - that will last for many, many years," he said.
China and India are poised to reclaim their 18th century reign as the key drivers of the world's economy and domestic demand from those countries will keep the boom intact, the BMO strategist predicts.
"China's consumption of copper is roughly twice America's, and its demand for iron ore dwarfs U.S. demand. This is no mere hiccup, but a hinge in history," he said.
Mr. Coxe shrugged off concerns that a U.S. recession, which could spread to the European Union and hurt Chinese and Indian exports, would reduce metal demand.
"Most of the metal demand in those export-oriented economies comes from domestic sources - construction, infrastructure, capital spending and consumer durables. Exports from China and India don't tend to be of the heavy-metal variety," he said.
Not surprisingly, Mr. Coxe is advising heavy exposure to gold.
"In the near term, the golds will continue to outperform the stock markets and act as a form of hedge against two kinds of shocks - financial panics and inflation shocks," he said.
While he is advising clients to modestly reduce their base metal exposure as a result of near-term cyclical risks, Mr. Coxe recommends long-term investors remain heavily overweight in commodity stocks including base metals.
"For miners, the best is yet to come," he said.
http://www.theglobeandmail.com/servlet/story/LAC.20080225.RMETALS25//TPStory/Business
Goldcorp Reports Progress at Pueblo Viejo Project
Wednesday February 27, 11:56 am ET
VANCOUVER, BRITISH COLUMBIA--(MARKET WIRE)--Feb 27, 2008 -- GOLDCORP INC. (Toronto:G.TO - News)(NYSE:GG - News) -
All Amounts in $US unless stated otherwise
Goldcorp is pleased to announce that Barrick Gold Corporation today submitted a feasibility study and Project Notice to the Government of the Dominican Republic to proceed with the Pueblo Viejo project.
Pueblo Viejo is one of the largest undeveloped gold assets in the world. Through the Pueblo Viejo Dominicana Corporation (PVDC), Goldcorp owns 40% of the project, with Barrick, the operator, owning 60%.
On February 21, Barrick provided an updated production schedule and capital spending estimate for Pueblo Viejo. Goldcorp's 40% share of pre-production capital is expected to be about $1.08 billion, reflecting an increase in project throughput to 24,000 tonnes per day versus 18,000 tonnes per day described previously. The proposed increase in throughput grows Goldcorp's share of gold production to approximately 400,000 ounces per year in the first five full years of production at a total cash cost of approximately $250 per ounce. Cash cost estimates do not include the potential benefit of a zinc recovery circuit, which continues to be evaluated. The construction period to first gold production is expected to be about three and a half years.
MoRe: http://biz.yahoo.com/iw/080227/0367793.html
Goldcorp Reports Progress at Pueblo Viejo Project
Wednesday February 27, 11:56 am ET
VANCOUVER, BRITISH COLUMBIA--(MARKET WIRE)--Feb 27, 2008 -- GOLDCORP INC. (Toronto:G.TO - News)(NYSE:GG - News) -
All Amounts in $US unless stated otherwise
Goldcorp is pleased to announce that Barrick Gold Corporation today submitted a feasibility study and Project Notice to the Government of the Dominican Republic to proceed with the Pueblo Viejo project.
Pueblo Viejo is one of the largest undeveloped gold assets in the world. Through the Pueblo Viejo Dominicana Corporation (PVDC), Goldcorp owns 40% of the project, with Barrick, the operator, owning 60%.
On February 21, Barrick provided an updated production schedule and capital spending estimate for Pueblo Viejo. Goldcorp's 40% share of pre-production capital is expected to be about $1.08 billion, reflecting an increase in project throughput to 24,000 tonnes per day versus 18,000 tonnes per day described previously. The proposed increase in throughput grows Goldcorp's share of gold production to approximately 400,000 ounces per year in the first five full years of production at a total cash cost of approximately $250 per ounce. Cash cost estimates do not include the potential benefit of a zinc recovery circuit, which continues to be evaluated. The construction period to first gold production is expected to be about three and a half years.
MoRe: http://biz.yahoo.com/iw/080227/0367793.html
tower of bable & eom action 34.50B matures thursday~ show starts @ 8:30am.
what inflation? only on the radar, what bullchit
Fed. 1day RP + 11.50B [Net add All ]
http://www.gmtfo.com/RepoReader/OMOps.aspx