Tuesday, 12/24, Market WrapUp(The Bear is Coming After California)

Financial Sense Online ^ | 12/24/2002 | James J. Puplava

[rohry]

This is actually Monday's WrapUp (I goofed and posted Friday's last night)...

Have a Merry Christmas and a Happy New Year everyone (FNS postings will resume on January 6th, God willing)...

[rohry]

Market WrapUp is delivered...
Anybody who wants on or off this list should Freepmail me…

[rohry]

Here is a post from Jim Sinclair challenging the Prechter crowd on the price of gold:

Thought you might like to read Sinclair versus Prechter:


From Jim:

There is a major error circulating amongst our Elliot friends. That is deflation is negative to gold. The primary anti-deflation tool to be used during periods of threatened or real deflation price-wise is GOLD. I am willing to say that if the point of capitulation of opinion for the Elliot (Prechter)School of thought is $400 an ounce, I am looking for Prechter true believers to make a legally binding wager.

I will wager in lots of $1000 up to 100 Elliot believers (total wager $100,000) that gold will trade at $401 in 2003. To book the wager fax me at 860 364 0673. I will send you a contract for signature. To give our Elliot colleagues a fair chance, I suggest that they read my recent Editorial carried on www.financialsense.com, www.tanrange.com & www.lemetropole.com titled " Gold, the Deflation Solution."

The Elliot Wave believers have not reviewed in detail the history of gold 1929-1940. May I suggest that you copy this gentlemanly challenge to the Elliot (Prechter) Doctrine and send a copy of it to all of the major Elliot web site and to Mr. Prechter himself. Mr. Prechter may wish to book the entire wager, himself.

Regards,
Jim

[B4Ranch]

I heard on the news yesterday that due to the uprisings in Venezuela, they were shipping 1/10 their normal percentage of oil.

[arete]

Iraq, Korea and to a certain extent Venezuela are all distractions. They will be blamed when the economy really tanks in '03. It could never be the politicians or the FED's mismangement. The old blame game to keep themselves in power.

Richard W.

[arete]

Thanks rohry for posting the Market WrapUp's for us. You dedication and work are appreciated.

Have a very Merry Christmas and a Happy New Year!

Richard W.

[rohry]

"Have a very Merry Christmas and a Happy New Year!"

You too, buddy!

[razorback-bert]

Merry Christmas

and properous New Year!

[shrinkermd]

"State residents have been warned that more tax increases are on the way. Residents of the People’s Republic of California will be stuck with a larger, more expensive bureaucracy, fewer services and higher taxes to pay for all of it. At a time the state will be facing its next energy crisis, there will be no money left to build, expand and increase its energy infrastructure and supply of energy.As California Goes... So Goes The Nation"

It the big government believers always try more of the same remedy until they kill the patient with an overdose. California will lead the way if we are to have a real economic catastrophe. Environmentalism is nothing but a variant of the "noble savage" argument where everything as it was is really great and it is only the big bad civilizations that have made life so miserable. Of course, it is false. Noble savages killed each other with greater abandon than even the West with two WW. Primitive man routinely starved in the pure natural environment. The whole underlying belief system of the Rats is going to lead to disaster.

[arete]

Thanks bert. Hope that you have a happy holiday season too, and may '03 be prosperous for all our group of hard-cores.

Richard W.

[hinckley buzzard]

"California has between the fifth and sixth largest economy in the world."

A team of Berkeley mathematicians are considered shoe-ins for the next Nobel Prize in mathematics, for disovering a hitherto unknown number between five and six.

"We never were quite comfortable with the base ten system," said one. "Now we know why--it actually turns out we've been using base 11 all along."

[4Americaslove]

I will wager in lots of $1000 up to 100 Elliot believers (total wager $100,000) that gold will trade at $401 in 2003.

-----

This bet is easy to win. The way I read it is that gold will trade at exactly $401 every minute of every day of 2003. It doesn't say during the year it will reach and/or surpass $401.

And I doubt the binding agreement states the wager in those terms.

[rohry]

"This bet is easy to win...

"And I doubt the binding agreement states the wager in those terms."

So, are you gonna bet?

[VOA]

bump

[4Americaslove]

So, are you gonna bet?
-------

As stated on this thread, yes.

As stated on the agreement I don't know, since I don't know the terms to it. BTW, I know little or nothing about finance and was only commenting on the phraseology of the bet.

As stated on this thread did you read the wager as I did?

[Ernest_at_the_Beach]

The Bear is Coming After California

Excellent comments and so very true!

[STONEWALLS]

"Retailers fell on news that this Christmas season is turning out to be weaker than expected."

.....reports I'm seeing say that retailers hope to salvage some of their holiday biz when people spend the gift certificates they got in their stockings.....we'll see.

...as always, thanks Rohry for posting n' hosting....Merry Christmas to everyone!

Stonewalls the Ant

[Semaphore Heathcliffe]

thanks and Merry Christmas, rohry.

[dalereed]

"retailers hope to salvage some of their holiday biz when people spend the gift certificates they got in their stockings"

What kind of idiots are doing this reporting (we already know that!) those gift certificates are already included in the current sales figures, it's only the inventory figures that will change.