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Gold/Mining/Energy : Gold Price Monitor -- Ignore unavailable to you. Want to Upgrade?

To: Ahda who wrote (85398)	5/15/2002 10:58:02 AM
From: long-gone	Read Replies (1) \| Respond to of 116816

Men Accused of Defrauding Bank $600M Wed May 15, 8:23 AM ET By LARRY NEUMEISTER, Associated Press Writer NEW YORK (AP) - Banks around the world lost more than $600 million in a fraud scheme allegedly run by four executives for a group of New Jersey metal trading companies, authorities say. The four men face charges of conspiracy to commit bank fraud, mail fraud and wire fraud, investigators said Tuesday. Each could face a maximum sentence of five years in prison if convicted. Prosecutors say the men falsely told banks they were using loans to pay metal suppliers when they actually were wiring the money to accounts for their own use. The men fabricated collateral and set up phony business transactions to get the loans from J.P. Morgan Chase & Co., Fleet National Bank, PNC Bank, China Trust Bank and others, according to court papers filed in U.S. District Court in Manhattan. "This is larceny as surely as breaking into the bank vault and hauling off bags of cash," said Jim Sheehan, acting agent in charge of the FBI (news - web sites)'s New York office. Authorities accuse the men of carrying out fraud for the last two years while operating metal trading companies in Piscataway, N.J., and London, England. The scam surfaced when a bank employee decided one day to walk to the offices of a company called Jersey Metals, said U.S. Attorney James Comey. The employee found only a "door with a peephole in it and a teeny little sign," Comey said. Most of the banks learned they had lost money in the last month, some only in the last few days, the prosecutor said, and investigators are trying to find additional victims. The defendants were identified as Narendra Kumar Rastogi, 47, Anil Anand, 39, Manoj Nijhawan, 43, and Udhay Shankar Balakrishna, 27. They appeared late Tuesday before Magistrate Judge James C. Francis IV. Each was held or placed on electronic home monitoring after securing bond. Jeremy Temkin, a lawyer for Rastogi, said his client will plead innocent "and will defend the case vigorously." Lawyers for the others did not immediately return phone calls Tuesday. story.news.yahoo.com

To: Ahda who wrote (85398)	5/15/2002 4:58:10 PM
From: E. Charters	Respond to of 116816

I will at the risk of figure flood, put them out again with accurate milestones. That should include gold at constant dollars. I will first have to find that according to another site's concept of that. One problem is that figures generated by different formulae may not relate. So putting gold prices into a buying power formula that uses some assumptions of yearly changes may not equate to other constant dollar formulae. I will have to test assumptions based on prime rates and other formula of yearly buying power to keep variances equating. According to one site, one constant dollar figuring has gold at an all time constant year-2000-dollar low of 196 dollars per ounce in 1919, which was a time of high inflation. This is a seeming conundrum, makes sense in that the dollar inflated so quickly that gold's fixed price suddenly became trivial. This leads to the important conclusion that gold will lag high interest by a certain lead time. This makes the Fed paper which leads the change in inflation rates nowadays an important canary. Will gold spike at low interest rates? The conclusion of the figures is that it rarely will. But if it has been depressed by market flooding, or at fixed gold rates, then it gains hoard value if hidden inflation is in operation. When is this? When the market hides it. Times this occurred where in the 1920's, when inflation was low, and markets soared. Note that gold gained monetary value in the 1860's after hordes of it had flooded the market after the California gold rush. Strange. High supply does not mean necessarily low price. But was the price low in constant dollars? Where was the law of supply an demand? The answer is the money supply is as important a demand as the gold supply. The money supply can easily outstrip the gold supply as the money machine is awesome. Gold has to be labourously mined, so its production cannot outstrip the cost of labour. This is why the M3 is important to know in terms of gold's pressure to rise. Right now the M3, ballooned into a wild market is way out of balance. And with low interest, it can get outer of balancer. Interest rates are of course a function of the Fed discount rate, which is the rate at which commercial short term paper to banks is lent by the Federal reserve. The bank interest rate incorporates the inflation rate usualy by the compounding formula of: 1.bankinterest = 1.inlfationrate times 1.realintererate. Note that it is times, not plus. So, if bank interest is 11 percent, and inflation rate is 7%. Then the real interest rate is 1.11/1.07=1.037 or 3.74 percent. Or -- 1.0374 X 1.07 = 1.11 The next step is correlational analysis with lag times generated to find locksteps or anti-locksteps that are predictive. Groups of things together may be better indicators. This would require factor analysis. We see that inflation is very corrlative. But other things may work on the system as well. We must also distinguish between operative price and value. So we must look at black market. EC<:-}