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B4 the Bell. Turdsday Aug 19, 2004


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#31

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Posted 19 August 2004 - 08:59 AM

jobless claims 331K
earl 47.95† :o

About the oil...where is all that extra money going?

Just thinking about OPEC, consider that they export about 1/3 of the worlds 80mbd +/- consumption.

So, considering the relentless rise from $30bbl to $47bbl we can calculate that:

80 * 1/3 * ($47 - $30) = ~$450M extra dollars per day that are now flowing to OPEC countries.

What are they doing with all that?

I'm hoping they get smart and start buying gold with it.

They use most of it for social programs -- in other words, they buy off the populations to keep them orderly, calm and quiet. Otherwise, the rulers would start to lose their heads.

#32 PeakOil

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Posted 19 August 2004 - 09:18 AM

Re Argentina and gold.

Another intersting factoid.

Canada weighs in with a hefty 0.1% of reserves in gold placing it just ahead of Fiji but way behind Malawi.  And Gabon.  And Camaroon. And 109 other countries.

Only 4 official spots show up at unity (100% of reserves in gold).

The IMF.

The BIS.

The ECB.

And Syrian Arab Republic.

The Syrians aside, isn't it odd that it is only the major international bankers banks that proportionally (and in aggregate) hold the most gold?

Aren't they the ones that have been wagin war on this competing product?

If they revile it so much, why don't they get rid of it?  Why do they hold so much?

Answer:  "There is no money but gold" - J.P. Morgan.

Brilliant Sphinxter! Denouement of the US dollah reserve system will not be pretty.

Got Gold?

#33 soup

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Posted 19 August 2004 - 09:18 AM

Is gurgle free to trade? With no wall street sponsership who will be on the bid?
""Pretty bubbleheads preen daily on our financial networks, playing the shill to Wall Street and Washington in order to lure unsuspecting Americans into buying insanely overvalued stocks. The great market exchanges, once prudent arenas of investment where the engine of capitalism traded value for value, have become sham casinos staggering under decades of massive Fed created debt and lurching into oblivion on the greater fool theory. Yet our high level bureaucrats, led by Alan Greenspan, exhort all Americans to consume still more of their seed corn and seek still more fools." N. Hultberg

#34 rog

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Posted 19 August 2004 - 09:23 AM

natural gas explosion occurred in an underground storage cavern at Duke Energy's Moss Bluff storage facility around 4am

Reuters

#35 soup

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Posted 19 August 2004 - 09:27 AM

IS this guy Plunger? "I believe that today the government and central bankers will do whatever it takes to try to prop up the markets, to keep the asset bubbles inflated. Following the1987 crash, the Working Group on Financial Markets was formed to prevent future market debacles. Nowadays itís rather obvious that their efforts are directed at not simply preventing crashes but to keep the market from falling much at all." http://www.financial.../2004/0818.html
""Pretty bubbleheads preen daily on our financial networks, playing the shill to Wall Street and Washington in order to lure unsuspecting Americans into buying insanely overvalued stocks. The great market exchanges, once prudent arenas of investment where the engine of capitalism traded value for value, have become sham casinos staggering under decades of massive Fed created debt and lurching into oblivion on the greater fool theory. Yet our high level bureaucrats, led by Alan Greenspan, exhort all Americans to consume still more of their seed corn and seek still more fools." N. Hultberg

#36 PeakOil

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Posted 19 August 2004 - 09:29 AM

jobless claims 331K
earl 47.95  :o

About the oil...where is all that extra money going?

Just thinking about OPEC, consider that they export about 1/3 of the worlds 80mbd +/- consumption.

So, considering the relentless rise from $30bbl to $47bbl we can calculate that:

80 * 1/3 * ($47 - $30) = ~$450M extra dollars per day that are now flowing to OPEC countries.

What are they doing with all that?

I'm hoping they get smart and start buying gold with it.

Holy Sh*t Batman! Gold is a relatively thin market. All things being equal, if even 1% of that extra money makes it into Gold the price should go ballistic!

Of course, with the 'paper tornados' on the COMEX, things are decidely NOT equal. Nevertheless, the next couple of months in Gold should prove very entertaining. B)

#37 brian4

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Posted 19 August 2004 - 09:29 AM

Good Morning Crew- The Pig looks rocky this morning, technically we should move up BUT technicals under the current astro's are useless, we could just as easily give it all back. Window at the bell for 30 minutes, Helmets on, Buckle up! ;)

#38 flockofsheeples

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Posted 19 August 2004 - 09:34 AM

dec gold 409.50 :o
I don't know why they call it hamburger helper...it seems to do just fine on its own-Uncle Eddie, "Family Vacation"

#39

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Posted 19 August 2004 - 09:35 AM

IS this guy Plunger? "I believe that today the government and central bankers will do whatever it takes to try to prop up the markets, to keep the asset bubbles inflated. Following the1987 crash, the Working Group on Financial Markets was formed to prevent future market debacles. Nowadays itís rather obvious that their efforts are directed at not simply preventing crashes but to keep the market from falling much at all." http://www.financial.../2004/0818.html

Yeah, but did he mention the Ameritrade outages? It just went down.

#40

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Posted 19 August 2004 - 09:36 AM

Listened to Arch Crawford last night. He was fairly neutral on the markets -- it could move up and move up more, or it could move down and move down more. Surely nothing like 200% bearish short as earlier reported. Did say the astros are bad right now.

#41 rog

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Posted 19 August 2004 - 09:36 AM

SNPS -30% after the warning yesterday. The headline avgs may be up but plenty of high fliers still getting crushed

#42 jstrack

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Posted 19 August 2004 - 09:37 AM

NaJif Update...


Iraq: Government Issues Al-Najaf Ultimatum, Says Al-Sadr Facing 'Final Hours'
Iraq's government is warning that a final military showdown to end a violent standoff with Shi'a militants in the southern holy city of Al-Najaf is nearing. The government says it will attack within hours unless Shi'a cleric Muqtada al-Sadr ends the uprising, disarms his fighters, and leaves the Imam Ali shrine, where he has been holed up since fighting began two weeks ago. As RFE/RL reports, the demand comes just one day after reports that al-Sadr was ready to end a standoff in which U.S. troops have pounded his Imam Al-Mahdi Army with fire from warplanes, helicopter gunships, and tanks.

Prague, 19 August 2004 (RFE/RL) -- Iraqi Minister of State Qassim Dawud, speaking at a news conference in Al-Najaf, said radical Shi'a cleric Muqtada al-Sadr could be facing his "final hours."

He said the government has exhausted all peaceful means to persuade al-Sadr to back down and is ready to impose what he called a "decisive" military solution to the standoff, unless the rebel cleric capitulates.

The minister spoke after explosions and gunfire were heard echoing around Al-Najaf's holy sites and U.S. forces had moved into Al-Sadr City, the cleric's Baghdad stronghold.

An Al-Sadr City resident, who identified himself as Muhammad, told RFE/RL's Iraqi Service that the neighborhood is now mostly quiet after an offensive yesterday in which the U.S. military said it had killed 50 fighters of al-Sadr's Imam Al-Mahdi Army. "There's a lot of American tanks, armored vehicles around," he said. "They're sitting at the entrance of [Al-Sadr City] and also in the deep streets of the city. Actually, [the Shi'a fighters] disappeared from the streets [yesterday]. You know, the Al-Mahdi Army are the people who are living in Al-Sadr City. So each one just put down his weapon and went back to his home."

In Al-Najaf, Iraqi Minister of State Dawud vowed to liberate the Imam Ali shrine, where al-Sadr and his fighters are holed up. But Dawud declined to say whether there would be an assault on Iraq's holiest Shi'a site. That could spark outrage among the country's majority Shi'a community -- especially if U.S. forces are involved.

An al-Sadr spokesman, Sheikh Ahmad al-Shaybani, said today that the cleric wants to negotiate arrangements to implement the government's demands.

But U.S. and Iraqi officials appear to be losing patience with the cleric. Iraqi Defense Minister Hazim al-Sha'lan Khuza'i gave al-Sadr a similar deadline yesterday. Later, al-Sadr reportedly agreed to end the standoff, but then called for a cease-fire to be in place before his forces would pull back.

His apparent about-face raised doubts among U.S. officials. National security adviser Condoleezza Rice commented on U.S. television: "I don't think we can trust al-Sadr. I think we have to see action, not just words."

The U.S. military says it has killed hundreds of insurgents during the two weeks of fighting in Al-Najaf. Militia fighters give a much lower estimate. Some 10 U.S. soldiers have been killed in action in Al-Najaf this month, including one Marine yesterday.

Meanwhile, the Arab-language satellite television network Al-Jazeera reports that Iraqi militants who say they have captured a U.S. journalist are now threatening to kill him within 48 hours if U.S. forces do not leave Al-Najaf.

The network showed footage of a man with a moustache kneeling in front of masked men holding rifles. The group -- calling itself the Martyrs Brigades -- identified the man as Micah Garen.

According to witnesses, Garen was seized on 13 August in a market in the southern city of Al-Nasiriyah. The 36-year-old was reportedly working on a documentary about the looting of archaeological sites in Iraq.

(compiled from staff and agency reports, with RFE/RL's Iraqi Service)
:( :(

#43 soup

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Posted 19 August 2004 - 09:39 AM

Found this on Fleck's page. Krudlow sez gold * should * be priced north of 800 bucks an ounce. "econd, the monetary model of oil prices that uses the ratio between gold and oil suggests that today's $17 per barrel spot price (or current price) for West Texas crude is also just about right. Gold is a useful benchmark because its monetary purchasing power is relatively constant over long periods of time. Hence, over time, an ounce of gold should buy roughly the same number of barrels of oil. In the past decade an ounce of gold bought seventeen barrels of oil, on average. Today, with gold at $275 per ounce, a $17 barrel of oil implies 16.2 barrels per gold ounce. This is actually below the average of seventeen oil barrels per ounce of gold registered over the past ten years. Therefore, a $16 per barrel oil price would be consistent with the decade-long trend."
""Pretty bubbleheads preen daily on our financial networks, playing the shill to Wall Street and Washington in order to lure unsuspecting Americans into buying insanely overvalued stocks. The great market exchanges, once prudent arenas of investment where the engine of capitalism traded value for value, have become sham casinos staggering under decades of massive Fed created debt and lurching into oblivion on the greater fool theory. Yet our high level bureaucrats, led by Alan Greenspan, exhort all Americans to consume still more of their seed corn and seek still more fools." N. Hultberg

#44 yellowfish

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Posted 19 August 2004 - 09:47 AM

IS this guy Plunger?  "I believe that today the government and central bankers will do whatever it takes to try to prop up the markets, to keep the asset bubbles inflated. Following the1987 crash, the Working Group on Financial Markets was formed to prevent future market debacles. Nowadays itís rather obvious that their efforts are directed at not simply preventing crashes but to keep the market from falling much at all."      http://www.financial.../2004/0818.html

Yeah, but did he mention the Ameritrade outages? It just went down.

I got in on the wireless site.

http://www.amtdw.com/
"No matter what happens, I will look back and smile" - Beardrech

#45 jstrack

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Posted 19 August 2004 - 09:50 AM

Al-Sadr Rejects Iraq Ultimatum, Aide Says

37 minutes ago


NAJAF, Iraq - Militant Shiite cleric Muqtada al-Sadr rejected on Thursday a government ultimatum to disarm his militia immediately and pull them out of a holy Shiite shrine here without conditions, an al-Sadr aide said.

Minister of State Qassim Dawoud said earlier Thursday that if al-Sadr's Mahdi Army militia did not give up without negotiations, the government would raid the shrine within hours.

Haidar al-Tourfi, an official at al-Sadr office's office in Najaf, said he received a text message from al-Sadr rejecting the demands.

"Either martyrdom or victory," the message said, according to al-Tourfi.





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