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Kevin, I don't care for bush but I believe that the real problem is corporate greed. The majority of the large banks gambled on derivatives and sub prime loans and it backfired. The corporate leaders still get their millions. I believe that McCain was right in saying that the SEC chairman should be fired but he should have taken it one step further and included all of the people that gambled and put the American people at risk.
This is only encouragement for the company officials to do the same thing all over again. Why not? They now know that they cannot lose. This is just another black eye given to the American people.
Exactly right, Kevin. This is an outrage. The government is giving incompetent management teams a free ride. These company leaders gambled and lost. Apparently the government is going to forgive trillions of dollars in debt for doing a lousy job. It would be very easy for me to go millions in debt in about a weeks time. I wonder if they would bail me out.
What really gets me is that a lot CEO's, Presidents and other company officials that get paid 10's of millions for ruining a company are being rescued by the government.
Today gold closed down $10.90 at $852.00 and silver closed down .13 at $11.93. So far this week gold is up $88.30 and silver is up $1.09. During the session silver hit as high as $12.98 (up .92) before dropping $1.32 to $11.66 and finally closing at $11.93
Early this morning silver was up over eighty cents in London.
This was my post on 2-3-08, #12905
With over 144 trillion dollars in bank controlled derivatives (that's TRILLION) look for some large banks to go bankrupt or taken over before the end of the year. Invest accordingly.
This is your response, utcheevis:
by: utcheevis Date: Sunday, February 03, 2008 11:00:19 PM
In reply to: popeyej who wrote msg# 12905 Post # of 14490
nice prophesy Popeye...I'll hold you to that you prophet, you! lol...that's bold brother, real bold
Today gold closed up $85.20 at $862.90 and silver closed up $1.61 at $12.06. So far this week gold is up $99.20 and silver is up $1.22.
Kevin, if J P Morgan/Chase goes under the market will drop a lot more. By revenue that is the 2nd largest bank in the US.
Kevin, you will be a lot happier about it by May of next year. Another institution that I have been talking about is Washington Mutual. They are now looking for a buyer to bail them out so that they do not have to go under.
Kevin, thanks for the information. I rarely go to Yahoo any more. Just think about what will happen when some more large financial institutions go under. Also, the lease rates are all positive for the 1st time in months.
Kevin, not since the early eighties. For some reason the bullion banks are letting the precious metals run. Hopefully they have run out of options.
Langlui and Kevin, Silver bottomed on 9-15-08 at $10.38. Once in a while I get lucky. You can't get any closer to the middle of September than that. Don't short JPM/Chase. I seem to be the only one around that thinks that they will do down in the next few months. Their financial statements are a disaster but they do have a good cash flow.
Today the US Government bailed AIG out of financial disaster with an 85 billion dollar, $85,000,000,000 loan. All this means to me is that AIG now owes a lot more that they did before and are in worse trouble unless they change management immediately. Who wants a management that has taken a company to the brink of bankruptcy. Take notice of Washington Mutual only to a greater extent ie; the entire board of directors.
Today gold closed down $8.60 at $777.70 and silver closed down .65 at $10.45. So far this week gold is up $14.00 and silver is down .39.
I have no idea, Kevin. I haven't followed oil much over the years because of the tremendous manipulation that took place in the mid seventies.
Kevin, this is the time of the year that precious metals rebound. I have been saying that the middle of September would be the turning point. The manipulation of silver has taken place by the increase of lease forward contracts and I have no idea how long that will go on. The bullion banks are only compounding the difficulty in getting out of those contracts. The strength in the dollar has something to do with it but not all.
The NY metals market knocked the price of silver down .74 in less than an hour.
Today gold closed up $22.60 at $786.30 and silver closed up .26 at $11.10.
Through maintaining a strong cash flow. Here may be some that you have not heard of:
Million
Billion
Trillion
Quadrillion
Sextillion
Septillion
Octillion
Novillion
Decillion
Decillion is a one with 33 zeros.
They may not. I just do not have any idea how they are going to get out of the over two-trillion in derivatives that they have taken on. Derivatives are nothing more than a gamble for riches that backfired on the banks. There are currently 1.28 quadrillion in derivatives that financial institutions are holding. That is 1,280,000,000,000,000.
Just got back from the club. Probably both within a very short period. I still believe that J P Morgan-Chase will go down within the next few months. What is helping them is the billions in cash flow that they have but they are still in trouble.
Langlui, I may be wrong about silver though. The manipulation is still in full force. In the Far East the price of silver hit at least $11.14 but has been driven back down to the current $10.76.
Langlui, unfortunately this is not the end of bank failures that will take place before the end of the year.
Down goes Lehman Brothers. It wasn't very hard to pick that one but there are still a couple of others that are destined for the same ending.
Langlui, I certainly believe so. I like having possession of my assets and I cannot take possession of crude oil. I also believe that at this time crude is highly volatile and too close to what will be the high.
I believe that you are right. I know a lot more about silver than I do gold but they usually run together. I have been saying for the past few months that the summer months (vacations) are always bad for the precious metals and I looked for a turnaround around the middle of September. If they do not turn around by the end of this week I am wrong. But I do believe that most commodities are at the bottom.
MBoomer, I'm not sure that he knows what he is talking about. I purchased 3,000 ounces from the NW Territorial mint and had to wait for three weeks for delivery. This was about five years ago when silver was just under $5.00 an ounce and the price above spot was nowhere near a dollar.
I have been very lucky in that I purchased nearly all of my silver from $3.65 to $4.05 an ounce. Now I have a hard time finding silver anywhere at any price. Most of the silver bullion that I have was purchased at spot and never above .50 but because of the rarity of silver which is just starting to become apparent the price is well above spot. NW Territorial Mint sells bullion at about $1.00 above spot but it depends on the amount of your order.
When I visited the Mint they took me on a tour of their plant and were very courteous. The 3,000 ounces that I bought were in all sizes from five ounce to 100 ounce bars. That is all they had even after three weeks of waiting.
Give them a call and see what they have to say. The number is 1-800-344-6468. Good luck and let me know what you found out.
Jerry
Correction: Silver was down $1.38 for the week.
Today gold closed up $16.80at $763.70 and silver closed up .28 at $10.84. For the week gold is down $39.20 and silver is down .38.
Kevin, after hitting nearly $50.00 in 1980 silver eventually dropped 92% because I started purchasing silver at $3.65 about 12 years ago. Today gold closed down $5.10 at $746.90 and silver closed down .06 at $10.56. So far this week gold is down $54.20 and silver is down $1.66. After peaking at slightly above $1.60 the euro has slipped to the current $1.4017 in the past two weeks.
On 3-14-08 silver closed at $20.67 so silver is now down over 50% in six months.
The American Silver Institute has charts that go back as far as you would want to go. I keep my own charts so I don't go there much. I just have Friday closing prices and silver closed on 6-16-06 at $10.13.
Today gold closed down $24.00 at $752.00 and silver closed down .62 at $10.62. So far this week gold is down $50.90 and silver is down $1.60. Silver closed on the low of the day which means that we should look for more of the same tomorrow.
Kevin, today gold closed down $25.50 at $776.00 and silver closed down .82 at $11.24. For the two days gold is down $26.90 and silver is down .98. This is the lowest closing price for silver since 8-31-07 when silver closed at $12.02. It may do well to note that that is where the turnaround took place with silver closing at $13.72 just four weeks later for a gain of $1.70 in four weeks.
I will just hang on. The last quarter will surprise a lot of people if it is anything like past years. I might be right about the middle of September. The turn could happen any time now.
Today gold closed down $1.40 at $801.50 and silver closed down .16 at $12.06.
Kevin, I thought that the low would take place around the middle of September but the closing price on Friday the fifth of September was the lowest Friday close since August of 2007.
Kevin, it looks like this week may be a different story. Gold is up $9.00 and silver up .30 in the first hour and a half.
This looks like a last ditch effort to get out of the silver contracts but it will not work. They have been adding huge amounts of short sales recently to drive the price down. It has been widely known for weeks that Fanny and Freddie were doomed. There are others that are on the brink of disaster so look out below.
Today gold closed up $8.20 at $802.90 and silver closed down .54 at $12.22. During the past two weeks gold is down $9.30 and silver is down $1.37.