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  • uglyduck555 uglyduck555 Sep 28, 2007 8:18 AM Flag

    QWAK,for alpha

    QWAK,alpha,Citgroup ADMITS collusion in caping GOLD PRICE!
    ----------------------------------
    A major New York investment house, Citgroup, this week acknowledged that central banks have been colluding to suppress the price of gold.

    The acknowledgement came in a long report on the prospects for the metals and mining industry, "Gold: Riding the Reflationary Rescue." It was written by Citigroup analysts John H. Hill and Graham Wark, who, in a section titled "Central Banks: Capitulating on Gold?," write:

    "Official sales ran hot in 2007, offset by rapid de-hedging. Gold undoubtedly faced headwinds this year from resurgent central bank selling, which was clearly timed to cap the gold price. Our sense is that central banks have been forced to choose between global recession or sacrificing control of gold, and have chosen the perceived lesser of two evils. This reflationary dynamic also seems to be playing out in oil markets."

    GATA welcomes Citigroup to the camp of the conspiracy nuts, where the central bank scheme against gold has been documented for nine years.

    You can read Citigroup's acknowledgement of the central bank scheme to suppress gold on Page 7 here:

    http://www.gata.org/files/CitigroupGoldReport092107.pdf

    -----------------------------------------
    the DUCK

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    • QWAK,Bear,That aint exactly what I said or alpha defined what as he does either for that matter. In the passed he has said from time to time he donates some time and just a guess but it may be TAX DEDUCTABLE at his normal billing rate to paying customers.

      In any event We got too DAMN many LAWS and way too many LAWYERS who work the system like a farmer milks a cow!

      No body wants to WORK get DIRTY and build things,gather and grow things and that is the only way actual WEALTH is CREATED, every thing else just waters it down and spreds it around!

      The system is just TOO CORRUPT to work any more and is falling apart all around us! The ones who are high enough up the pirimid don't see it or want to acnolage it but it IS!

      the DUCK

    • duckie...that's how you define the work of 'legal aid attorneys'..?

    • Dwuck... YOu tend to such sweeping genralizations and hype that it difficult to respond rationally. When you say System, do you mean, the system of Criminal Law, Civil Law, or the entire legal system inlcuding due process, free speech, right of assembly, petition et. al. Or are you attacking capitalism, federalism, taxation [income, use and or inheritance], healthcare, distribution of wealth. Or are you attacking the entire structure of America, private property, constituional rights, freedom of contract.

      I am not blind to the significant problems in America and have no illusion that I am a White Knight. I do believe in the inherent goodness of Americans and our Constitutional form of gov't warts and all. Just as Freedom is not free, Democracy is often not pretty, swift or effecient.

      We are a nation of more than 300 million people. Vast geographic distances. Vastly differing backgrounds and cultures. Compare us to the former USSR, China, India, countries of similar vastness, differing peoples and cultures and large populations. Are the System in those countries better. Would you chose to live in these countries or elsewhere on Earth.

      Yes there are problems. And yes some lawyers and some bankers are part of those problems. As I said, I am no White Knight and I have no illusions that my contribution in poverty law is but a small fraction of the changes that are necessary. I do try however. And I will continue to try and be optomistic. I do so because I know of no better system and ours affords means to work at change without violence. Imperfect? Very much so. But we are human beings. Far from a perfect specie IMO.

      alpha

    • QWAK,alpha,The SYSTEM is corrupted and fast becoming a POLICE STATE, you are part of THAT corrupted system. You may see your self as a WHITE KNIGHT but that is just a figment of your imagination and a justification for exploiting people who are ignorent and can not defend themselves from the corrupted system that only TAKES FREEDOM AWAY!

      Just as you SHILL for the STOCK MARKET and also injoy GAMBELING, it is ALL just another form of exploitation of the week for the benifit of the more powerfull.

      It aint ROCKET SCIENCE! It is CORRUPTION!

      the DUCK

    • Sworry Dwuck, but good to see I have figured you out sufficiently to know that you respond with cartoons. Thank you for confirming.

      And also sorry, Dwuck that you had such a bad experience with your lawyer and therefore find it necessary to disparage all lawyers to justify your feelings. I suggest you visit a Communitty Legal Service office or study up on poverty lawyering. I know such would be difficult for one as yourself so wrapped in class warfare and ideology, but there is always a chance you could learn something.

      alpha

    • QWAK,You silly GOOSE! "I have long ago stopped clicking on your 'cartoon' links." --- You know it WAS a CARTOON because you DID click on it! :)

      I guess being a LAWYER telling the TRUTH is the lowist priority, all that counts is DEFENDING what ever position you chose to defend at any point in time for what ever reason. Not realy a good habit but one that serves well in your profession.

      the DUCK

    • Dwuck.. I have long ago stopped clicking on your 'cartoon' links. LIfe is to short for somethings. I still do click on your informational links because, unlike your over the top hype, they can be rational and informative. Often times actually contradicting your hype.

      Take care Dwuck. Enjoy the weekend.

      alpha

    • QWAK,alpha,I finely understand WARE you are coming FROM and WHY! :)

      http://a174.ac-images.myspacecdn.com/images01/102/l_30ab89bd107dc7a7359a54e48748a83d.gif

      HE HE HE
      the DUCK

    • < Oct. 2 (Bloomberg) -- Former Federal Reserve Chairman Alan Greenspan said there will be ``some rethinking'' of collateralized debt obligations after demand for them helped fuel a bubble in the U.S. subprime mortgage market.

      ``People always say it's the subprime market that created this crisis,'' Greenspan told investors at an event hosted by Bloomberg LP in London. ``It's the subprime asset-backed market'' which did, he said. ``As a consequence of that, there's going to be some rethinking about collateralized debt obligations.''

      The comments suggest Greenspan is moderating his enthusiasm for derivatives, which he has often praised for diversifying risk. Central banks have raised concern about the way markets value CDOs, securities based on underlying debt and other assets. Losses on them helped curb third-quarter profit at Citigroup Inc., the biggest U.S. bank.

      ``The Wall Street firms were under real pressure to supply asset-backed securities, and the Wall Street firms were pressing the lenders to give them more raw material,'' Greenspan said today. ``Credit standards just went straight down, and applications for subprime mortgages soared. The consequences of that are evident.''

      Citigroup's earnings showed that it lost $1.3 billion on subprime assets, contributing to bigger losses than any others disclosed by the world's top banks and securities firms. UBS AG, Europe's largest bank, said yesterday that it had a loss after writing down about $3.4 billion of securities.

      `Aggressive' Products

      ``Once liquidity comes back and confidence returns more broadly, with any luck we will see a resumption in activity in the market for CDOs,'' said Suki Mann, a credit strategist at Societe Generale in London. ``However, it's highly unlikely that the products will be as aggressive as they once were.''

      The market for CDOs is already shrinking. Worldwide issuance of CDOs fell to $17.3 billion in September, about a quarter of the monthly average for the past 12 months, according to data from JPMorgan Chase & Co. CDOs are created by packaging bonds, loans or credit-default swaps and using their income to pay investors interest.

      ``The pricing which in too many cases has been, by some model derivation, four times removed from actual market prices, just doesn't work,'' Greenspan said. Still, CDOs ``serve a useful purpose.''

      `Net Plus'

      While financial innovation has been ``a net plus to the community'' for the new products that have been created, there must ``be a limit as to how many you can create, and we're way past that limit as far as I am concerned,'' he said.

      ``A lot of structured products are going to have short life expectancies,'' Greenspan said.

      One in five managers of CDOs is likely to be forced to cut costs or go out of business as investors avoid the securities following losses on subprime debt, Fitch Ratings said Sept. 24. As many as 40 percent of managers focused only on asset- or mortgage-backed bonds may be ``impaired,'' Fitch said.>

      To contact the reporter on this story: Jennifer Ryan in London at Jryan13@bloomberg.net

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