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B4 the Bell Humpday, Sept. 22, 2004


Guest yobob1

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FNM has been cooking the books. Everybody knows it and now its being discussed publicly. The bigger story is that the whole BKX and XBD complex have been feeding at this trough for the last decade.

 

The only question in my mind is when these dots get connected and how much of the story ever sees the light of day.

The story will be told when the masses feel it in their portfolio...

Of course by then as always it will be well past PNR

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From Marshall Auerback

 

"A near doubling of crude prices over the past 18 months amidst record OPEC production can no longer simply be ascribed to the work of idle investment bankers, simply turning their speculative attentions away from dotcoms and telecoms to ?the black gold rush?. The reality is that dramatic changes in underlying fundamentals have gone unnoticed for years by the majority of investors. The world is now losing more than a million barrels of oil a day to depletion - twice the rate of two years ago - according to a new analysis published this month in Petroleum Review, the oil and gas magazine of the Energy Institute in London.

 

The analysis shows that output from 18 significant oil-producing countries, accounting for almost 29 percent of total world production, declined by 1.14 million barrels a day (mb/d) in 2003. The annual rate of decline also appears to be accelerating, contrary to the widely held view that depletion progresses slowly."

 

http://www.prudentbear.com/internationalperspective.asp

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