Free Kiwi
Dow October 1998 update. Still looking dangerous!!.
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http://www.infobeat.com/stories/cgi/story.cgi?id=2556802334-7ec
Barrick Gold Corp ABX
Shares issued 375,645,771 Oct 27 close $32.20
Wed 28 Oct 98 In the News
The Financial Post reports in its Wednesday edition that Bob Smith, the
former president of Barrick Gold and a pillar of the Canadian mining
industry, died on Tuesday in Toronto of adult respiratory distress
syndrome. He was 66. Reporter Keith Damsell says that Mr. Smith was the
alter ego of Peter Munk, Barrick's dashing chairman and chief executive,
preferring a hard hat and pick-axe to a three-piece suit. He was known as a
miner's miner, a man who held the respect of Barrick employees at mines
around the world because he was one of them. Mr. Munk says that Mr. Smith's
death came as a great shock to him. Mr. Munk says that Mr. Smith was closer
to him than anyone else he ever worked with. Mr. Smith's greatest
achievement was the $1-billion ( U.S. ) development of Barrick's Goldstrike
project in Nevada. The spectacular ore body established Barrick as a
world-class gold producer.
( c ) Copyright 1998 Canjex Publishing Ltd. http://www.canada-stockwatch.com
of reality and effective a diffrent path. If so what might that be. Could we all go to different futures based on consciousness and what would leave earth realities to become. Clues begetting questions ad infinitum.
Agree wholeheartedly about Weiss. The ONLY outfit that was on top of the situation when insurance companies began buckling-under back in the 80's. They called it, no one else.
This October saw forced closures of Yen borrowing to buy U.S. bonds at losses of 20% or more. If that play was leveraged 20 times, these amount to 400% loss on the investment. No doubt this was only one among many hedge fund transactions, but other speculative positions will have had to be closed, perhaps prematurely, probably at a loss. The same losses will have fallen on the proprietary trading of the banks, and some banks certainly have lost their own dealing, apart from exposure in loans to hedge funds.
The world of hedge funds is not a transparent one, nor is the world of proprietary trading. It will therefore be some time before we know how big the losses are, or what positions will have to be closed. Inevitably there will be less, and dearer, credit for investors. Inevitably there will be uncertainty throughout the global system. This will deepen recession and postpone recovery. The politicians will get into the act. The hedge funds will be called to the dock, and there will probably be some very angry confessional hearings.
Ordinary investors will be discouraged too. Even in August there were net withdrawals from mutual funds, and there have been more in September and October. Pension funds will still have money to put into the market. They were unusually liquid at the end of July, and they will be useful support. But this has been a big speculative collapse, and there is more bad news to come."
Yet gullible people are probably more convinced of the 'Greenspan will save us fallacy' than ever. Don't be among them. You imperil your business and investments by accepting the idea that the Fed can create wealth by depreciating money. The most recent rate cut will not create savings where there are none or turn a lame investment into a winner.
Of course, you are told 'not to fight the Fed.' And perhaps you shouldn't. In the very short run. There are enough idiots who credit authorities with almost magical powers that the prospect of still more rate curts is bound to rally U.S. stocks. But that does not mean the rally will be sustained.
Over the long term, the Federal Reserve has proven itself not only to be very fightable but also beatable. Remember the U.S. dollar, which the Fed allegedly was formed to protect, has lost 99% of its value since the Federal Reserve was founded. Over time it has paid handsomely to bet against the Fed......
.......The tug of war between liquidation and the Plunge Protection Team had no clear winner as yet. The fact that the Fed took the extraordinary step of cutting rates between scheduled meetings tells you that there is a lot of bad news coming. Perhaps the banks that have acted like hedge funds were threatened with insolvency. Notwithstanding Fed ease, the world is going to be a scarier place. My guess is that the stock market will go down again and retest the lows."
Qoute John Dale Davidson, 10/28/98 "strategic investment" newletter
Also to the question of the ability of the Fed to effect an outcome on the markets it is pointed out in this issue that foreign investment in bonds and equities outweighs mutual fund investment by 2 to 1, and that money goes home when repatriation and defence of currency calls.
http://www.y2k-links.com/garynorth/2917.htm
http://www.y2k-links.com/garynorth/2911.htm
got parachute pants?-lotsa really big pockets
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A General Contractor that is finishing up a job on a local military base
mentioned something to a electrician about y2k and he wanted him to come
over to his house and look at his electric, and tell him what size
generator he would need to run his house. He stated that he had some
information that he considers to be very reliable because he knows
someone higher up that told him they ( the power company ) will definitely
be down for 7 days, and if they don't do or complete something by that
time they could be down for as long as 4 to 6 months. I couldn't catch
all of the conversation because of jets taking off. He didn't mention
who told him, but I trust this guys word because I know of some of the
connections he has, both civilian and military.
The base is in Fl. I don't want to say much more till I do some
personnel checking.