whatever the next story will be, it will absolutely not be qcom, a tale of by gone years that ended so very many years ago
gold is not and had never been a story, but a systemic truth that gives quarter to none, and a truth that depends on no believers, because it just is, gold that is
twist and turn might mere humans do, and each and every sorry time, gold reign supreme, saving those who save to be saved, and offering redemption to those wanting to redeem
so fine and refined
blessed be gold
just in in-tray
player 1 the monthly dose of gloom from Georgia....as always, keep the children away from it, and thorougjly disregard what they write about gold.
player 2 I think he views gold from teh same perch as the rest of the mkt...from a socionomic perspective, and there is no doubt that from that vantage point, things look bearish for gold...BUT....gold is about wealth preservation, which means a rotation out of paper currencies
player 1 he has a theory - which i disagree with - that since gold is now 'priced' in paper currency, and not 'fixed' anymore, that it must behave like silver in a deflation. this completely overlooks that even though gold is not used as money in everyday transdactions anymore, the market continues to treat it as if it were money. therefore, in a genuine deflation, it will do what it has always done - it will become more valuable.
in fact, we already have empirical proof that even during the nowadays more common occasional 'deflation scares', gold tends to sharply rise in terms of commodities, stocks, and most currencies.
player 3
this should be an interesting exercise to watch:
Financial industry officials said Friday they believed the Treasury had come up with an appropriate procedure for determining a fair price.
"It think this is a fair and balanced process that utilizes objective measurements for determining the market value of the warrants," said Scott Talbott, a senior vice president for the Financial Services Roundtable, which represents the largest financial companies in the country.
Talbott said that for banks that have publicly traded stock, it should be a fairly straightforward process to determine values for the stock warrants.
Under the Treasury guidelines, the banks will have 15 days from when they repaid their bailout funds to submit an offer for what they would be willing to pay to buy back the stock warrants.
Treasury will then have 10 days to respond. If Treasury objects to the bank's offer, it can make a counteroffer, using a range of pricing methods.
If the two sides cannot agree on a price, appraisers for each side will be appointed. If those appraisers remain apart, then a third appraiser will be brought in, according to Treasury's guidelines.
Treasury's guidelines also leave as an option that if the two sides remain apart on a price, the government has the right to put the warrants up for sale in an auction process in which third parties would be invited to bid.
The department received $68 billion in repayments of bailout funds on June 17. The largest amounts were $25 billion from JPMorgan Chase & Co., and $10 billion each from Goldman Sachs Group Inc. and Morgan Stanley. They now have until the end of June to make an offer for the warrants.
The stock warrants allow Treasury to buy the banks' stock at a fixed price at some future date. The Government Accountability Office released a report last week calling for more transparency regarding the warrants and the repayment process.
Until the banks buy back the stock warrants that Treasury holds, they remain entangled in a program that has subjected them to limits on executive pay and other restrictions. The banks have complained that the government-imposed rules could hurt their profits and prevent them from hiring or keeping top talent.
Besides JPMorgan, Goldman and Morgan Stanley, the other seven big institutions repaying funds last week were: U.S. Bancorp, Capital One Financial Corp., American Express Co., BB&T Corp., Bank of New York Mellon Corp., Northern Trust Corp. and State Street Corp.
To begin the process of leaving the bailout program, the banks had to clear a series of hurdles designed to ensure they would remain viable despite the financial crisis and the recession.
All but Northern Trust underwent government "stress tests" to ensure they had an extra capital buffer in case the recession worsened. The 10 also were required to raise equity from investors and raise debt without a government guarantee.
Despite their relative strength, the banks still rely on government subsidies, including guarantees on debt they already issued and discounted credit lines from the Federal Reserve.
In addition to the $68 billion in bailout funds repaid by the 10 large institutions, another $2 billion has been repaid by smaller banks.
In addition to the money they are returning, the banks have paid Treasury more than $2 billion in dividends mandated under the bailout program passed by Congress last October at the height of the financial crisis. The banks were required to pay 5 percent interest on the funds they received for the first five years and then 9 percent interest for any funds they still held after that time.
player 1
my guess is that by 2010 at the latest, they will all need to be bailed out again.
i can understand that they want to shake off the governmental interference strait-jacket as quickly as possible, but there is the looming potential problem that the current downturn is very different from its post WW2 predecessors, and that its likely eventual magnitude and duration is not properly appreciated yet.
player 4 There is always someone of prominence who throws in the towel at the top of a market.
Julian Robertson giving up within 3 months of the top of the internet bubble.
Richard Russell capitulating and telling us we had a final wave to much higher highs in the summer of 2007 in the stock market after being consistently bearish for some time.
So will the time to sell gold be when someone like Prechter finally turns bullish on gold?
... and so, maurice, even you should be able to discern that i am hilariously euphoric that you continue to chant the qcom voodoo chant, now so many years in a roll Message 25743799 , going from 30 to 46, for an outfit that must run to stay in place, while fending off bullets from the back and veering away from traps in front, on the left and right, and have no gold
i must count my blessings, and count them again for at least another 8 years, delicious year after lucious year |
