Posted on 04/10/2010 8:12:49 PM PDT by TCH
I really, really, really hope this is all BS. If it isn’t my teeth will be worth MILLIONS!!!!!!
The same gold and silver gets sold over and over again to multiple people? Who ever came up with that hare brained idea?
I wish I could laugh... I figured our IRA’s were toast, with the Feds monetizing the debt and printing trillions more greenbacks.
Hobson’s choice: Cash out the IRA and convert to silver bullion, where I would loose 20 percent off the top in penalties, and pay another 10 percent above spot market price for the silver (Mint mark-up + 1.3 % commission + insurance and shipping); or convert it to ETF stocks in silver, where I take high risks in the commodities market.
Since I am waiting to build my first home the idea was to try and preserve the capital long enough to convert as a down payment on a mortgage. BUT now I am just coming off a 6-month lay-off and only working 3 days a week.
Of course the timing all has to be perfect: before the dollar crashes, and while the silver stock is higher than the purchase price... and before the interest rates start the inevitable climb to the stratosphere!
Silver bullets?
Think of those gold mines in Alaska. Sarah Palin will be able to pay off the national debt.
Y’all tryin’ tuh unmask me, mister?
That’s what makes me suspicious....all the “buy gold” commercials flooding the airwaves like never before.
The same folks who gave us GSE’s and credit default swaps
http://www.blogpulse.com/search?query=Gensler&x=22&y=10
Using the above blog (an excellent tool) search engine, Gensler references are present.
So a few lucky folks actually own gold and silver, the rest just own IOUs.
What is King World News? Never heard of them before.
Thurs. the 8th Bernanke was said to have said in response to the insolvency crisis that decisive, creative action was due....what did he have in mind? He has essentially infinite amounts on his mind.
The Fed’s Emergency Meeting
By Duncan DavidsonApr 4, 2010, 11:49 PM
The Fed called for an emergency meeting Monday morning, which likely means they will raise the Discount Rate a second time. They raised it on Feb 18, and the USD strengthened. Monday is a bank holiday in Europe. so reaction may be muted until they Euro banks wake up Tuesday am. (Also, the recent pattern of a Monday Pump up may be delayed to Tuesday, due to this holiday.)
…
Or is something else going on? After ObamaCare passed, the Fed had a hard time with auctioning off Treasuries, and has more to offload this week. Perhaps this emergency meeting will reconsider ending QE so the Fed can prop up the auctions.
Also, last week the Fed revealed that its Maiden Lane program (where it bought mortgage backed securities – the toxic waste of the housing bubble) has left it holding $2.4T of assets of questionable value. The Maiden Lane III portfolio is only worth 39c on the Dollar. This means the Fed has assumed an impaired balance sheet, and needs to fix it. One way to do this is to sell off or swap out the toxic debt, and buy Treasuries to slowly return to its historical quality of reserve assets. Thus rather than explicitly continue QE, it may begin a swap program.
Whichever, the Fed is in a bit of a pickle: it needs to successfully fund the huge deficits, and at the same time exit from extraordinary measures. More after the Fed’s meeting.
Reasons for panic at the Fed
The Fed had a hard time with auctioning off Treasuries, and has more to offload this week. Treasury Yields are breaking up. Worse, the Fed is out of room out on its balance sheet, as can be seen in graphic below.
(The Fed also has outstanding commitments to buy 104 billion mortgage-backed securities not shown in the chart below)
The Fed faces the envious choice of allowing the treasury market to slowly breakdown or resuming its quantitative easing (money printing) to prop up auctions (which would fan inflation fears and scare investors out of the dollar, causing either the breakdown of the treasury market or even more quantitative easing).
In any case, the last thing the Treasury and Federal Reserve need at this point is anything else that would put pressure on treasury prices, which explains why Secretary Geithner is rushing off to China.
Well, take that and add on top of it the thousands of 400oz gold bars that are nothing more than tungsten coated with a 1/8” layer of gold and you got a real dandy problem.
This story needs significant quality sources if it is to be believed. Sounds more like somebody trying to push gold prices. This story does not appear in WSJ nor FT.
Under the bed, no doubt?
Problem is WaMu’s rapid expansion from regional to semi national bank was based on liar home mortgages. Their mortgage departments were encouraged to to whatever necessary to make a loan, do not verify the applicants info and sell the note within six months. Profit from loan is from fees and points. Problem is housing prices busted and WaMu has a huge inventory of underwater mortgages and foreclosed properties. They are saved by the fed changes in market to market accounting rules that hide these homes from the books. JPMC is now stuck with it and the only way out is the Feds will keep rates low and inflate the US economy out of the mountains of debt.
Isn't that also known as...."counterfeiting"?
Using www.blogpulse.com search Gensler CTFC for a March piece.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.