Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : Mish's Global Economic Trend Analysis -- Ignore unavailable to you. Want to Upgrade?

To: yard_man who wrote (216)	2/18/2004 6:31:33 PM
From: mishedlo	Respond to of 116555

Heinz on Gold A few droppings from our Austrian friend: Date: Wed Feb 18 2004 14:38 trotsky (Dutch plan to sell more gold) ID#377387: Copyright © 2002 trotsky/Kitco Inc. All rights reserved what can i say, except that apparently, CBs around the world have taken complete leave of their senses? gold is the ONLY insurance they have against the inevitable collapse of the Misissippi bubble scheme that the modern fiat system has become. don't they realize that the US IOUs they now hold as 'reserves' will be reneged upon? that it is in fact a liability that CANNOT be repaid, even if the debtor wanted to? obviously the central banker's reputation as being 'conservative' is completely undeserved...the ongoing Japanese helicopter money experiment is but the latest example of their drift into outright insanity. Date: Wed Feb 18 2004 14:10 trotsky (note also) ID#377387: Copyright © 2002 trotsky/Kitco Inc. All rights reserved the ( imo ) important support point at 101.50 in the XAU has been broken to the downside again - it wouldn't be good if this is point gives way on a closing basis. Date: Wed Feb 18 2004 14:04 trotsky (gold stocks) ID#377387: Copyright © 2002 trotsky/Kitco Inc. All rights reserved since the recent rally in the XAU was clearly a distribution rally ( i.e., negative money flows all the way up ) it will be important to see if the decline that has now commenced will be used for accumulation. flows HAVE improved a bit, but not yet by much, definitely not to the point where one can have confidence that a reversal is imminent. that may of course still change by the close, but so far it isn't happening.

To: yard_man who wrote (216)	2/18/2004 11:37:55 PM
From: mishedlo	Read Replies (1) \| Respond to of 116555

IBM loses another round in important pension case for 140,000 employees IBM Corp. owes back payments - possibly worth billions of dollars - to 140,000 older employees who were harmed when the technology giant converted to a new kind of pension plan in the 1990s, a federal judge has ruled. The plaintiffs in the case want IBM to make up for what they lost after the company adopted a "cash balance" pension plan, which pays workers a lump sum when they leave the company. A federal judge had ruled last July that the plan amounted to age discrimination because it unfairly penalized older employees. IBM argued that it shouldn't be forced to make retroactive payments because it could not have foreseen that the judge, Patrick Murphy of U.S. District Court in East St. Louis, Ill., would declare the cash balance plan illegal. But in a ruling dated Feb. 12, Murphy wrote that IBM had no justification for claiming it was blindsided by his decision. "The prohibition against age discrimination existed long before the appearance of cash balance plans," Murphy wrote. "All that has changed is IBM's clever, but ineffectual, response to law that it finds too restrictive for its business model." Murphy has yet to decide the damages IBM should pay or how the figure will be calculated. Under one formula suggested by the plaintiffs, IBM has estimated the payments would total $6 billion US. story.news.yahoo.com

To: yard_man who wrote (216)	2/19/2004 12:15:15 AM
From: mishedlo	Read Replies (3) \| Respond to of 116555

Eurodollars Going to cover some puts tomorrow. Shorted 5 Sept 2004 97.50 for 13.5 Should be able to cover tomorrow for 2 Shorted 10 Dec 96.25 puts in three stages for 14, 11, and 9 points shoule be able to cover those tomorrow for 2 They are offering 10 points for sept 2005 94.50's since I consider that free money I will short 15 of those to replace the 15 I am removing I think the odds of interest rates being 5.5% in Sept 2005 to be preposterously low. Rolling short puts forward. Covering 30 points exposure Adding 150 points exposure. Mish