looks like what Ron was warning about back then is what the U.S. economy is facing today.
Peter Hambro Raises Gold-Backed Bond Placing
Fri Oct 05 12:54:24 2007 EDT
By Jeffrey Sparshott
Of DOW JONES NEWSWIRES
LONDON (Dow Jones)--Peter Hambro Mining PLC (POG.LN) Friday said it increased the size of a bond offering to $170 million from $150 million on the back of strong investor response.
The gold equivalent exchangeable bonds, due to mature in 2012, would carry a 7% coupon rate and could be exchanged for the equivalent of 150,000 Troy ounces of gold after two years. The issue is organized by J.P. Morgan Cazenove.
The conversion price, at $1,000 an ounce, represents a premium of about 38% to Thursday's gold price in London, Peter Hambro said.
The company early Friday said the issue would be for $150 million, but later in the day said the placing had been increased to $170 million, with an option to bump it up by an additional $10 million.
The company raised the funds through the unique bond to take advantage of rising gold prices.
"The interest rate on the bonds is substantially lower than that which our advisers inform us we would have had to pay if we had not offered gold price exposure at $1,000 per ounce," Chairman Peter Hambro said in a statement.
Gold hit a low of $278/oz in 2002, the year Peter Hambro listed on London's Alternative Investment Market. Thursday spot gold closed at about $725/oz and this morning was trading at $736.10/oz. Citigroup earlier this month said the gold price may break its previous record of $850/oz and test $1,000/oz.
"Accordingly, it seemed reasonable to take advantage of this rise in order to secure cheap and certain funding for our major project development," Hambro said.
The bond proceeds will be used to expand production and exploration efforts at the company's Russian operations, Peter Hambro said.
The 150,000 ounces of production is more than half of the company's projected output for this year. It plans to expand output to 1 million ounces a year by 2009.
Peter Hambro has the option to call the bonds at par plus accrued interest after four years if gold prices hit $1,500/oz.
Company Web site: http://www.peterhambro.com
-By Jeffrey Sparshott, Dow Jones Newswires; +44 (0)207 842 9347;
Jump off the deranged bull now
Posted by Ambrose Evans-Pritchard on 02 Oct 2007 at 14:32
Tags: housing market, Interest rates, credit crunch, Global markets, Currencies, Ben Bernanke
Start to take profits right now. Trim any American, British, and European equity that is highly geared to the credit cycle. Layer out of high-risk plays over the next ten days or so, until you reach a defensive level of exposure.
$200 Dollar a Barrel Oil Is Bilderberg Plan To Destroy Middle Class
Elitists use peak oil scam, market turmoil, threat of Iran war to hike profits, torpedo middle class
Thursday, October 4, 2007
Ron Paul covered in great WSJ article
Ron Paul's Fund Raising Doubled in Quarter
By SUSAN DAVIS
October 4, 2007; Page A6
WASHINGTON -- Rep. Ron Paul disclosed more than $5 million in third-quarter fund raising for his insurgent Republican presidential bid, the only Republican in the field so far to report increased donations.
While the Texas lawmaker remains a second-tier candidate in a party field dominated by the likes of Rudy Giuliani and Mitt Romney, his grass-roots campaign continues to build steam, thanks to thousands of small donors over the Internet.
Campaign spokesman Jesse Benton estimates that as much as 80% of the campaign's donations are received online. In the final week of the third quarter, Dr. Paul, a licensed obstetrician, raised $1.2 million in Internet donations alone. The $5 million haul more than doubles his $2.4 million showing in the second quarter.
The funds will allow him to increase staff from 44 to 50 aides and to conduct his first major media buy heading into the crucial early primaries. The campaign has set a goal of $12 million for the fourth quarter.
Dr. Paul's fund-raising successes are a sign of a fluid Republican presidential race. His $5 million is half the approximate $10 million that Messrs. Giuliani and Romney each are expected to report, although neither candidate has officially released numbers. Former Sen. Fred Thompson is expected to report around $8 million in third-quarter fund raising.
Mr. Benton said the ranks of Paul supporters include Republicans attracted by his libertarian conservatism and opposition to the Iraq war. The campaign has enjoyed an aggressive network of Internet activists who use online communities such as MySpace and YouTube to promote his candidacy. "He's got a message that resonates with people right now," Mr. Benton said. "Other Republicans have lost their way. They are not conservatives, and they support an unpopular war."
By contrast, Mr. McCain is betting on success in Iraq. He has struggled financially and is expected to report numbers on par with Dr. Paul. Former Arkansas Gov. Mike Huckabee also leads Dr. Paul in the polls, but raised an estimated $1 million in the third quarter.
Related Articles from the Online Journal
� Pauls Haul Now Tops $5 Million
Posted by CRIMES AND CORRUPTION OF THE NEW WORLD ORDER NEWS mparent7777 Marc Parent CCNWON at 7:48 AM
Labels: funds, President 2008, Ron Paul
October 4, 2007
Daily Market Report (usagold.com 04October2007; 17:07)
THURSDAY Market Excerpts
Gold bounds higher as dollar crumbles
The COMEX December gold futures contract climbed $8.10 Thursday at $735.70, trading between $726.30 and $744.70.
October 4 excerpts:
(from Reuters & MarketWatch) � U.S. gold futures retraced initial losses and finished sharply higher in choppy trade Thursday as the dollar reversed course to weaken against the euro, triggering heavy buying by funds and short-covering.
Market watchers, however, said that gold�s strength was not related to the news of an accident in South Africa�s Elandsrand mine in which as many as some 3,200 miners had been trapped a mile deep underground.
�The euro reversed � And there was huge fund buying. In the ring you can see it, every fund was buying,� said Jonathan Jossen, an independent COMEX floor trader in New York. Jossen also cited short-covering near the end of the pit session.
He said that the entire commodity complex had been completely reversed in the last two days because of the dollar�s movement. �We could see $800 gold on this move if we can get the buyers back in,� Jossen said.
The dollar erased its earlier gains against the euro Thursday after the release of data showing new orders for U.S.-made factory goods dropped a greater-than expected 3.3% in August, the largest decline in factory orders in seven months. Economists had expected a 2.6% drop. The dollar index, which tracks the performance of the dollar against a basket of currencies, fell 0.2% at 78.40.
�Investors are awaiting U.S. non-farm payrolls tomorrow, to see how U.S. dollar trends develop,� said analysts at Action Economics. �Traders remain bullish on the long term trend also because of strong physical demand expected for the fourth quarter.�
see full news, 24-hr newswire�
Stunning fund-raising success for Paul’s presidential campaign
By Jim Kuhnhenn
via Yahoo News
Wednesday, October 3, 2007
WASHINGTON — Long-shot Republican presidential candidate Ron Paul raised a surprising $5 million during the past three months, capitalizing on his stance as the only anti-war contender in the GOP field.
Paul, a Texas congressman who once ran for president as a Libertarian, also will report having $5.3 million cash on hand, campaign spokesman Jesse Benton said.
The amount places Paul well ahead of all but the Republican front-runners in the race. His fundraising for the quarter almost matches what Sen. John McCain is expected to report. His total is half the amount that former Massachusetts Gov. Mitt Romney is reported to have raised. …
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For the full story: