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Strategies & Market Trends : Strictly: Drilling II -- Ignore unavailable to you. Want to Upgrade?

To: isopatch who wrote (4570)	11/28/2001 5:01:21 PM
From: Paul Shread	Read Replies (1) \| Respond to of 36161

Thanks, Iso. Always enjoy your "rants." :-) Makes me want to buy more gold, that's for sure. SPX right on its uptrend line (is that a rising wedge? -g-). NO downside tomorrow for this market, maybe 30 points on the Dow, but that's it. Hopefully ENE will lead to rules restricting retirement money in company stock. Message 16716835 OSIS got whacked today; can't find news. Best, Paul

To: isopatch who wrote (4570)	11/28/2001 6:55:48 PM
From: gold$10k	Read Replies (1) \| Respond to of 36161

Hi Iso, I sold almost half of my RYPMX (XAU fund) for a small profit today. It's a trading vehicle for me and after 2 strong up days and selling into the close, I decided to play it by the candlesticks and look to rebuy lower. I agree that we're getting closer. My core position in explorers totally dwarfs my RYPMX position. I am also 2x short NDX. Regards, vt

To: isopatch who wrote (4570)	11/28/2001 10:43:32 PM
From: Roebear	Respond to of 36161

Ashes ashes, all fall down... Next step, which as your post indicates via the list of seekers seeking to be filled with greenback confetti, will be a raising of the national debt level. Not done since 94, btw, a quick matchbook cover calculation shows only about 80-90 billion of room left there before we hit the debt level. Unless Enron or maybe the ghost of LTCM is doing the US books... With various tax reforms (I actually like the SS holiday one for fairness) being considered, a definitely smaller amount of stock market profits and company earnings, not to mention the lost wages of the newly unemployed AND their unemployment benefits, this seems a given. Best Regards, Roebear

To: isopatch who wrote (4570)	11/29/2001 12:22:02 AM
From: isopatch	Respond to of 36161

Turkey....KA CHING !!!!! an already scheduled $3 billion AND A NEW $10 billion now goes to them in January, per this 9 PM release. This has to be some kind of record. My earlier post was 4.47 PM. Geez! Usually takes longer than 5 hours for an Iso fiat money give away forecast to materialize.<lol> Oh well. Their stock market ought to be a different story tomorrow. The global prop job continues. Isopatch <IMF Approves Loan Payment to Turkey Nov 28 9:03pm ET By Mark Egan WASHINGTON (Reuters) - The International Monetary Fund on Wednesday approved a $3 billion loan payment to Turkey and signaled another $10 billion of support was likely soon -- enough to make the country the lender's largest ever borrower. The approval makes the latest loan payment available immediately under the IMF's $19 billion loan program for Turkey. But perhaps more importantly for nation's fledgling economic recovery, which was hammered by the events of Sept. 11, the IMF signaled it should approve another $10 billion to bridge a financing gap for next year in January. That would mean the IMF would have increased lending an unprecedented three times in just over a year, taking total commitments to an unrivaled $29 billion. Even if repayments scheduled for next year of $5 billion are subtracted, reducing the overall level of assistance to $24 billion, Turkey's aid package will still stand head and shoulders above any previous IMF commitment. The current No. 1 borrower is troubled Argentina, which has $22 billion in IMF commitments. The previous holder of the dubious honor was South Korea, which won $21 billion in IMF cash at the height of the Asian financial crisis in a famed Christmas Eve bailout of 1997. Argentina remains stuck in recession despite the IMF help and is embroiled in a difficult debt swap, which some fear could result in outright default. South Korea recovered after its rescue package, managing to repay the IMF cash early. CASH COMING In a statement released after the IMF's decision-making executive board discussed Turkey, the board suggested it would support additional funds for Ankara if the government puts the right economic policies in place. "Directors agreed that an appropriately strong response would warrant additional support from the international community," the statement said. Later on a conference call with reporters, a senior IMF official said, "The program envisages financing of about $10 billion, and this will be a net addition to financing under ... the initial program." The official said as well as the possible $10 billion three-year loan, the IMF was also working on boosting lending from the World Bank and others to compliment the new aid. "We are also trying to get financing assurances from the World Bank, which is one source, this is something we are working on," the senior official said, adding, "There are some bilateral possibilities as well." An IMF team is expected in Ankara on December 3 to talk about the new loan. That work should take until mid-December, meaning the new loan could be approved some time in January. The IMF official said the Turkish economic slump appeared to have been bottoming out in August but was set back on Sept. 11 when attacks on the United States roiled the global economy. That darker outlook calls for an even stronger policy response, including maintaining a high public sector primary surplus, a renewed effort on banking reforms, public resource management and private sector development. The IMF said reaching the targeted 6.5 percent of gross national product public sector primary surplus in 2002 would be essential to ensure the nation's debts are sustainable. It also supported the decision to delay the introduction of inflation targeting until next year. STILL HOPEFUL But despite an economic contraction of 8.5 percent or worse this year, the IMF is confident of recovery in 2002. "We're reasonable confident that there will be a turnaround, there may be a turnaround underway now, but certainly we expect positive growth next year," the official said. Many have seen a connection between the IMF's latest rescue for the only Muslim member of NATO as being linked to the nation's increased geopolitical significance thanks to its support for the U.S. led war on terrorism. But the IMF official dismissed that connection, repeating the lender's mantra that Ankara has shown a solid record of pushing through reforms and that the new money would help the good foundations laid before Sept. 11 bear fruit. The latest loan payment was delayed from September due to slow implementation of some reforms demanded under the loan. Earlier this year an ongoing economic crisis forced Turkey to float its currency, cutting its value in half. But Ankara had hoped to turn that devaluation to its advantage since it made its exports cheaper and tourism there more attractive. But Turkey's hopes of exporting its way to recovery were dashed when the global economic outlook deteriorated and expectations of strong tourism revenues were scuppered after the events of Sept. 11. Turkey needs the money to help it pay down a domestic debt swollen by an expensive bailout of a crisis-wracked banking system earlier this year.>