Table On-Topic Summary - 07-Sep-2002
A compilation of this board's financial/economic posts From 41537 to 41574

Post  41537  by  uponroof       Reply
Question: Unemployment number...

How many of the 'jobs' which contributed to the positive number (soon to be revised no doubt) were federal gummint 'jobs'?

ans: 100%. No private sector advances in employment.

Speaking of number cookers...

Remember when Bush was in that debate with Gore and was asked what he would do if the economy became 'soft' and we went into a recession? His answer was.."Well, I'll call up Alan Greenspan and ask him about some liquidity" (can't you hear good ol boy George saying those exact words right now?) OK George great answer! You're the man! What a genius we have in the white House! btw-I would love to hear GW explain 'LIQUIDITY' in one of his spontaneous ranch 'question and answer' sessions with the Press.

Well, let's look at the magic bullet 'LIQUIDITY' which is not curing anything...only postponing the inevitable.

In the 1940's for every 1 dollar, newly 'created' Federal Reserve note the GDP was goosed up 3 dollars.

Today the FED must 'create' 64 new dollars to goose the GDP 1 dollar. Think that might be a problem? That is a turn around of monumental proportions! At what point do we become South America?!

We have lost 90% of the dollar's purchasing power since 1913. Everytime we go through one of the FED's instigated recessions, liquidity goes up and value is robbed. We are now burning the purchasing power of all currencies of the world as the dollar remains lead dog in the race to the bottom.

I would like to hear the arguement that this scam can continue forever without disaster. That unbacked fiat will maintain confidence in the face of never ending devaluation through GW's magic bullet 'LIQUIDITY'. In other words, at what point will the masses understand they are being fleeced of value? Or will it forever more avoid their radar?

btw-gold is a must in this environment. More and more public 'analysts' coming out of the woodwork endorsing it these days....for good reason!! Was going to take profits next week but not while jet fuel is being burned over Iraq. The arab nations are going to retaliate (euros for oil?) and gold will be in the mix. Staying long until Sadaam is dead or the anti Christ guarantees peace in the middle east!

Have a great weekend.

Post  41538  by  spirare       Reply

James E. Sinclair of Tan Range Exploration Corp. & Harry D. Schultz of International Harry Schultz Letter

Why the Gold Cartel Will Fail to Prevent a Primary Gold Bull Market
The Real WHY They Are Trying to Prevent it
by James Sinclair & Harry Schultz
September 3, 2002

JP Morgan/Chase appears to be the main member by accident or by intention of the Gold Dealers short seller's club.

JPM (NYSE Symbol for JP Morgan/Chase) has received, in our opinion, from Central Banks, lease agreements, whereby they are able to receive physical bullion from the central bank paying now 3/4 of 1% per annum. JPM and/or their clients are free to use or sell this gold in any manner they want. JPM themselves or on behalf of their clients appear to have used it to sell violently at key technical points. $312.50 to $314.80 (today) -$315 & $329.50-$330, thereby depressing the gold price.

Recently, Moody's Credit Rating Service downgraded JP Morgan/Chase's credit rating. Following that, Standard & Poor's Credit Service downgraded JP Morgan/Chase's credit standing based on specific derivative positions.

The actual figure of derivative positions on the book of JP Morgan/Chase can be found registered at the office of the Controller of the US Currency. The Controller of the US Currency reports to the IMF which shares its data with the BIS.

Therefore, the positions carried by JP Morgan/Chase is public, but the public has no real idea on how to find it (or what it means).

The total of all derivatives on the books of JP Morgan/Chase on all underlying assets is $24 Trillion US dollars. Yes, 24 Trillion.

The size of the Gold Derivatives on JP Morgan/Chase's books is $46,000,000,000 - $60,000,000,000, depending on valuation methods. Yes, $46 to $60 Billion.

All gold derivative dealers use "Risk Control Software" to manage their gold positions. This program maintains the risk of the gold derivative to the dealer according to the risk percentage that is decided upon by the trading management at the inception of the transactions.

All the gold derivatives on the books of JP Morgan/Chase are short spreads. That means short of gold. If they were not short spreads, then JP Morgan/Chase would be extraordinarily pleased by the rise in the gold price and publicly bullish in their reports (which they are not).

The size of the total international position of short spread gold derivatives is US Dollars $300,000,000,000 according to IMF and BIS reports. If you convert $300,000,000,000 into ounces of gold at the present gold price, it equates to 900,000,000 ounces.

As gold hit $305, it triggered the logic of the "Risk Control Programs" to buy gold to maintain the risk exposure of the gold derivative short spreads for the gold dealers cabal/cartel of which J.P. Morgan/Chase is, in our opinion, a major player, if not the main player. As gold, with the help of the cartel, dropped from the high $320s, "Risk Control Programs" triggered selling of gold for the same reason. At $302-$305 "Risk control Programs" returned to neutral. Now you can understand the action of the gold market clearly.

If Gold closes above $330, the "Risk Control Programs" will start to demand that for each ounce of gold sold short in the short gold spreads, the dealers must own long approximately .623 ounces of gold.

At a close at/or above $354, the gold dealers cabal/cartel's "Risk Control Programs" will call for approximately .986 ounces of gold long for each ounce short on the gold derivative short spreads.

.986 ounces is practically one to one - one ounce short to one ounce long required to maintain solvency by "Risk Control Programs" at $354 gold.

If you equate the demand to the number of ounces of gold that would be created by a close at or above $354 by the "Risk Control Program" used by all commercial banks, gold banks and gold dealers in the gold derivative business, the number comes out to slightly above 886,325,000 ounces of gold. That number exceeds all the gold that all the central banks on the planet have in their possession including all the gold they have leased and not accounted for. Therefore, at $354, gold will have to go ballistic in price &/or the greatest bankruptcy in history will occur for the gold derivative dealers.

It is not the gold derivative position that worries the major investment banks that are the parents of the subsidiaries which are the exposed gold dealers. It is not the $46 billion to $60 billion in gold derivatives on the books of JP Morgan/Chase that worries them. It is the effect of an explosion in the gold derivatives on the balance of the US Dollar 23.7 Trillion in other derivatives on the books of JP Morgan that worries JP Morgan/Chase, IMO.

This is why JP Morgan/Chase and their other gold dealer cartel members are stopping gold at $312.50 to $314.80 today (as this is written) with the help, IMO, of central banks.

Such a manipulation to prevent the gold market from rising above $354 will fail because history tells us that no manipulation ever attempted has stopped a primary, fundamentally-driven bull or bear market in anything.

The two greatest traders that ever lived, (both expired), Bertram J. Seligman and Jesse Livermore taught that a successful manipulation must always be in the direction that the market wants to take -- fundamentally and technically. Any other manipulation not only fails, a manipulation against the fundamental and technical desire of a market will also create a coiled market that goes further in the direction of its intention than it would have gone in the first place. Therefore, the result of the attempt by the gold cartel to hold the market down will be to propel it higher than it would have gone earlier.

To complicate the problem, most gold derivatives outstanding today are as follows:




Not clearinghouse funded.

Not market priced.

Generally non-transferable as many are specific performance contractual obligations.

Without standard so that closing can't be made at will.

Totally dependent on the balance sheet of the granting entity.

Granting gold bank entities generally non-guaranteed as to trade debt, subsidiaries of international investment and commercial banks holding companies.

Now totaling $300,000,000 notional value internationally.

Approximately 89% of these transaction have been done with entities that have nothing to do with the mining industry as counter party to the gold bank derivative dealer.

Therefore, the gold market has come under continued selling by those entities (gold banks/gold dealers) who will suffer the most, assuming -- and we do -- that gold is in a Primary Fundamental Gold Market based on the "5 Fundamental Reasons" that sustain such an event.

The 5 Keys to a Long Term Bull Market in Gold on

A. The US Current Account must be in a deficit position and growing. Yes, this is a present condition and shows no fundamental signs of reversing for a significant time. This is the account that measures the amount of US dollars in the hands of non-US entities. It is usually invested primarily in US Federal Debt instruments.

B. An intact negative trend in the US Dollar overall must exist. It should have the characteristics of a bear market. This is in fact true for the US Dollar today. We have a classic long-term top called a Head & Shoulders formation, which was subsequently confirmed by price and volume action. Even dollar bulls now are looking only for the dollar to stabilize at lower levels. This criterion is in place for a long-term bull market in gold.

C. The general commodity market is showing in many ways, both fundamentally and technically, that it is in a base formation from which one can expect higher prices. We shall discuss the technical characteristics further to sustain that this ingredient has begun to support gold long term.

D. Trust in paper assets must be waning for gold to assume an investment role internationally. We see the recent decision against Andersen, the comments on GE & IBM accounting practices and Enron as examples of causative items, which have turned investors away from the absolute belief, in existence from 1980 until now, that paper assets were storehouses of value. We believe this ingredient is in favor of gold's long-term bull market.

E. The momentum in the appreciation of the bond market must be decelerating. We see this ingredient as becoming positive now to a long-term bull market in gold.

These five items, as they gain in strength, will further accelerate the underpinnings of a long-term market in gold. It was the forming of these constituents of a long-term bull market in gold that has given rise to the move of gold from $260 to $330.

Therefore, the Gold Cartel is in Harm's Way. A bankruptcy of the derivative dealers who represent, in part, 72 Trillion Dollars of derivative positions (called by Buffett - "Sewage") of the highest mountain of debt ever created on Earth is the reason why gold could go to $1450 -- $1700. When gold reached $887.50 in March of 1980, $900 was the price that would have balanced the balance sheet of the USA defined as the comparison between Federal asset gold and external debt obligations. If a derivative failure was to happen in the next 5 years, it would -- depending on when it happened -- produce a number between $1450 and $1700 on gold to balance the balance sheet of the US as described above.

- - -

CALVF going to GOLDROCK*^^^^^^^^^^^^^^^


Let the New Gold LT Trend be your friend*^*^*^*^*^

RE: Dollar goes down... falling off the cliff...\?

***Precious metals look to gain in the intermediate to longer term as nervous investors seek out other
hard assets for wealth preservation.***

Interview With: S.E. Hayden
President and CEO
Dated 07/02/2002
Click here if you don't hear audio...

TIA. Pass It Along>>>>>>>>>>>

(Voluntary Disclosure: Position- Long; ST Rating- Strong Buy; LT Rating- Strong Buy)

Post  41539  by  oldCADuser       OT: I think the AG...

Post  41540  by  pdowd       Reply
I have finally gotten over the last election!!!!! I honestly didn't connect AG with Albert Gore. I am exorcised and finally free! I guess it was me that was drinking after all !


Post  41541  by  clo       OT: Voting to get rid of these Misrepresentatives

Post  41542  by  pmcw       Reply
roof, You made two very bold claim in your post:

1)How many of the 'jobs' which contributed to the positive number (soon to be revised no doubt) were federal gummint 'jobs'?

ans: 100%. No private sector advances in employment.

2) In the 1940's for every 1 dollar, newly 'created' Federal Reserve note the GDP was goosed up 3 dollars.

Today the FED must 'create' 64 new dollars to goose the GDP 1 dollar. Think that might be a problem? That is a turn around of monumental proportions! At what point do we become South America?!

Can you provide data to substantiate these claims?

Regards, pmcw

Post  41543  by  Decomposed       OT: Table ON TOPIC SUMMARY Sep 6, 2002

Post  41544  by  lkorrow       Reply
roof, srudek has mentioned this issue of liquidity hurting us too. I guess it must be true, but I don't exactly understand the issue. I look at our standard of living and say what's the difference? Is it the related to the decline in the value of the dollar and the possible increase in the cost of imported goods that's the concern? If so, won't deflationary goods from China, etc., and increased exports offset that? Of course "personal" liquidity has just taken a dive with stock market losses so where's that liquidity going . . .

Post  41545  by  uponroof       Reply

Hello buddy. Done with your home repair projects?
Still swinging the hammer? Is the midwest still dry?
Grains hurting? We are in the 80's now with a rain
cycle hitting about once a week. Very nice here!

That info was given on the American Advisor radio show.
(click on listen to national radio show)

Yes, they are bold statements. Remember the title of
the 1959 James Cagney movie ..."Never Steal
Anything Small"
? Our gummint has taken that thought
to heart!

Their 'numbers' are ALWAYS revised towards
(but never hitting) reality at a later, non
market affecting date. These are the same folks
that are crucifying Wall Street CEO's for inventive

I just checked Yahoo news service and found a conflicting
report (to the American Advisor) which states fed
gummint jobs at +20,000 (airport security), all gummint
jobs at +41,000, and private sector jobs at +39,000.
So it seems the AA statement was not accurrate....Sorry,
I tend to believe anyone questioning the crooks
in Washington and should have researched before posting.

By the way...did you hear about the IPO matter
involving some of our outspoken political friends?
It will be interesting to see if this is the tip
of the iceberg or just a minor ocurrance:

I was thinking of you when I heard the statements about GDP
as I know you follow it and the various indicators attached. Don't know
how to substantiate this. Perhaps drop the American
Advisor a message requesting more details as they seem
to keep tabs on such alarming 'numbers' which we
never hear about from those 'in charge' of our earnings.

gotta get to work outside!

Good Luck


Post  41546  by  uponroof       Reply
I'll dig up some links and charts later this weekend... gotta get out and work now! Thanks!

Post  41547  by  maniati       OT: Decomposed: Brain Teaser....

Post  41548  by  uponroof       Reply

Reuters Company News
Venezuela awards gold mine contract to Crystallex
Friday September 6, 7:06 pm ET

CARACAS, Venezuela, Sept 6 (Reuters) - Venezuela's state industrial holding CVG said Friday it had selected Canadian miner Crystallex International Corp. (Toronto:KRY.TO - News) to operate the Las Cristinas gold mine in the southeast of the country.

"The directors of the Corporacion Venezolana de Guayana ... approved the signing of an operating contract with the Canadian company Crystallex for the development of the las Cristinas gold deposit," a CVG statement said.

The Venezuelan state holding had considered bids from several foreign mining firms after President Hugo Chavez's left-wing government this year resumed state control of the mine, billed as one of the most promising in Latin America.

Another Canadian company, Vannessa Ventures Ltd. (Vancouver:VVV.V - News), has been involved in a long-running legal dispute with the Venezuelan government and CVG over what it says is its rightful claim to develop the deposit.

Well the timing is very good with POG rising on war concerns! Let's see what the shares do on Monday as this was released Fri evening.

Post  41549  by  uponroof       Reply
More on KRY...

"...believed to be one of the world's top five undeveloped gold resources..."

uponroof- Kry has a tiny market cap of 128 million...and just got a 4 billion dollar mine with potential profits of 2+billion! Watching shares over the next few weeks should be fun!


Post  41550  by  pacemakernj       Reply
Srudek, GW has got all the info he needs. My guess is that by next week he'll present the evidence to the world and that will be that. Are you in favor of Saddam getting nukes? If not than political expediency or not this guy has to go. I think your underestimating the enemy. Do you believe these radical Islamists are out to kill all Jews and Christians? I do. I sincerely doubt that GW is waging this war for his own benefit. Afterall, he had a 66% job approval rating before 9/11 and it's about the same now. So I don't think he's worried about that. It's just the looney left that want to negotiate with these guys. 9/11 has changed the whole dynamic here. You cannot compare anything we've experienced to what we are up against now. I understand that we are about to embark on a new foreign policy here, one of pre-emption vis a vie self-defense. That's what has the left around the world so freaked out. They would rather deal with the terrorists rather than attack. Everyone is so afraid of their response. That they will hit us back. Well guess what, they are going to hit us back if we do nothing too. So we might as well get to them first. That's why Saddam is key. We need to show these folks that we are not afraid to be the agressor. The only thing these people fear is someone crazier than them. We did not negotiate with the Japanese. It was UNCONDITIONAL SURRENDER! Only once you have whipped the enemy can you rebuild them in our image of freedom and democracy. I think this is the long term plan and imo, the only way out. We must bring democracy to the middle east. It is a difficult task but one that has to be made if we are going to have lasting peace. That is the big picture objective of GW. Will he do it, I don't know. But rest assured he will give it all he's got.

Post  41551  by  pacemakernj       Reply
Roof, is this true! HOLY COW! YEE HAW! GREAT NEWS! Well Ive got a bottle of DOM PERIGNON I think I'll put it on ice! Thanks for that great news Pace!

Post  41552  by  Decomposed       ot: New Brain Teaser

Post  41553  by  pmcw       Reply
roof, Thanks for the clarification. I'm done with nearly all the outside projects and I'm trying like heck to get this web site together.

I don't know if you missed a post by me the other day, but I took some time to address some of the hype over "massive liquidity" and other myths. I'm sorry, but they're simply not true. None of the major financial metrics is out of whack and the debt bubble we've all been aware of for quite some time is in fact working its way through the system. Sure, we'll continue to hear some belches (bankruptcies) as the bad debt gas passes, but that's certainly not a surprise.

A very wise Englishman said, quite some time ago, "When the people learn they can vote themselves something for nothing a democracy will cease to exist." This is one of our central problems today. Government can vote itself something for nothing - well, not really nothing - we, those they are chartered to serve, pay the tab. Kind of like corporate executives and stock options, but on steroids, huh?

Because government has been inefficient, it has grown to be increasingly ineffective. At the bottom line, government sees itself as a business and, like every business, it's not in business to get smaller. Sure they talk, but there is no walk. There are also factions of voters who appreciate the largesse - depend on the kindness of government - who will gladly support inefficient bloat so long as just a fraction of the money ends up in their pockets. Their votes are bolstered with the well meaning left who feel it is better to give away fish than it is to give fishing lessons. Because these things are done within the framework of the law, they aren't technically corrupt, but a rose by any other name still has thorns.

I think one of the lessons I think many learned during the last two years is that reality can be easily distorted and reconstructed in fashions that can seem to support virtually any flawed thesis. In some cases, they don't stop at distortion and move to outright lies. Debunking some of the resulting BS is part of my mission, but lately the quantity has become overwhelming. Not only are the regular suspects increasing the flow of BS, but even those who are typically carefully spoken and trusted voices have joined the fray or, at least, increased the use of deceptive logic.

Look at Buffett and McCain attacking options. They are smart enough to know better so, what's their real mission? Look at TJ Rogers attacking the GAAP change on pooling of interests. There are outright fabrications in his argument that are totally unneeded to make a sound case. Look at Gross' most recent piece. First he builds a strawman and then uses outright lies to tear it down (his data is simply not accurate and no, I'm not going to waste time taking the tin man apart unless he'll come here in person to debate).

Of course, the aforementioned are rank armatures when compared to our Congress. It's obvious that most politicians are focused only on getting elected and getting their party into power. Yea, yea, the end justifies the means - right. I was born, but it wasn't yesterday.

As it stands today, the general economy is moving very slowly towards the good side. The only real wild card in international acts of violence (this includes wars declared or not). These acts are absolutely inevitable and will be clearly unsettling to the financial markets. The unknown is by how much and for how long and if they might derail the current fragile direction of the economy.

From my perspective, there isn't enough certain today to cast a big bet in any one direction. Of course, you've heard me say that for many months. Well, nothing has changed.

Regards, pmcw

Post  41554  by  pmcw       OT: American Hero - Excellent Feel Good Story!
Post  41555  by  pricegriz       OT: OK
Post  41556  by  oldCADuser       OT: Brain teaser replies:
Post  41557  by  wilful10       OT: FerociousD - Would that then have been the tim
Post  41558  by  ferociousD       I don't remember,

Post  41559  by  uponroof       Reply
pace...5 and 7 are in the deal!
Check link below.

KRY immediately becomes a takeover target. Keep your eye on ABX who desperately needs unhedged ozs and has friendly inroads to KRY management.

We wait to see what the percentages are with VZ. Probably in the neighborhood of 60-70% KRY to 40-30% VZ. The country retains rights to transfer upon approval-and issue mining permits, which is normal, same deal they had with PDG. Pretty much the same everywhere.

The baggage is VZ is a dangerous country to operate in. Also PDG has left a smell behind which may disturb some investors, but upon closer inspection they will find the bases covered and PDG/VVV's recourse gone. Boiled down it's KRY's title and rappore with the country.

Lots of mines out there with 80-100 shares outstanding, with fewer or similar reserves, trading at 6-10 American buckeroos. On paper, Kry compares favorably.

When to sell?

It sounds like VZ is building on this partnership. Las Brisas, another several million oz reserve is next door to Cristinas. VZ rumored to be unhappy with Gold Reserve's (GLDR) environmental record, who is currently sitting on it waiting for an investor. Who knows, but it would not surprise me terribly to see that site move into VZ hands especially if environmental concerns arise to use as a kickout issue. Long shot but not unthinkable

The point is this might make much more as a takeover or long term play once the 5 years worth of bad legal publicity dies and folks realize what the underlying value is in the coming weeks. I will probably hold for a few weeks and watch the truth set in. September is a good month for this to happen with gold on the move, stocks likely to fall, and fund managers back from vacation.

El Universal (translation below)
10:44 a.m. September 7

Crystallex asumirá proyecto aurífero Las Cristinas
Ciudad Guayana.- La Corporación Venezolana de Guayana anunció ayer que la empresa minera canadiense Crystallex fue seleccionada como la nueva ejecutora del proyecto aurífero Las Cristinas, consistente en la explotación y exploración de yacimientos con reservas de 11 millones de onzas de oro en el municipio Sifontes del estado Bolívar, informó Venpres.
El anuncio fue hecho por el presidente de la CVG, Francisco Rangel Gómez, quien explicó que el directorio de la Corporación Venezolana de Guayana aprobó suscribir un contrato de operación con la empresa canadiense Crystallex, tras analizar la oferta hecha por esta compañía para asumir el contrato que fue revocado por la CVG y el Ministerio de Energía y Minas a la empresa Minca por incumplimiento en el contrato de explotación suscrito en 1991.

La propuesta presentada por Crystallex estipula la inmediata reactivación del proyecto, la contratación de personal local y ejecución de programas sociales en el área adyacente a Las Cristinas.

Asimismo, estipula una inversión total de aproximadamente 500 millones de dólares y una meta de procesamiento de 40 mil toneladas diarias de mineral aurífero.

El presidente de CVG, Francisco Rangel, explicó que a partir de este momento se dará inicio al período de discusión del contrato que regirá la relación entre CVG y Crystallex, el cual estará definido en un lapso perentorio.

"En el contrato de operación se definirán los compromisos y responsabilidades de las partes, seremos muy estrictos a la hora de garantizar su cumplimiento. Un punto importante de destacar en esta operación es que el Estado venezolano conservará intactos los derechos mineros sobre las concesiones de oro y cobre de Las Cristinas 4, 5, 6 y 7", informó Rangel.

Según el titular de la CVG, se decidió aprobar la oferta presentada por Crystallex a fin de favorecer la inmediata puesta en marcha del proyecto, pues este punto había sido exigido reiteradas veces por la comunidad y autoridades civiles de las zonas circunvecinas, que esperan una generación de riqueza y empleo beneficiosas para sus poblaciones.

"En el cabildo abierto realizado el pasado 22 de mayo en el Kilómetro 88, los habitantes de la zona votaron unánimemente por esta opción, con el ánimo de alcanzar en el menor plazo posible la tan ansiada reactivación económica y generación de empleo en esta zona".

Crystallex es una empresa establecida en el país desde el año 1988, que inició operaciones en la zona desde 1991. Actualmente cuenta con propiedades en el Kilómetro 88 (concesión Albino), El Callao (La Victoria y otros contratos con CVG) y es socia de la Corporación desde 1999 en la planta procesadora de oro de Revemin, ubicada en El Callao.

"Hasta la fecha hemos invertido en Venezuela más de 200 millones de dólares y este país es nuestro mayor centro de operaciones. Desde nuestro nacimiento hemos apostado al éxito de los negocios que tenemos en la región y ratificado nuestra confianza e interés en Venezuela, razón por la cual pondremos todo cuanto esté a nuestro alcance para el desarrollo exitoso de este proyecto, que será nuestro eje fundamental de desarrollo corporativo", expresó Luis Felipe Cottin, presidente de Crystallex de Venezuela.

Translation by Prompt's Online Translator:

Crystallex will assume auriferous project The Cristinas Ciudad Guayana. - The Venezuelan Corporation of Guyana(Guiana) announced yesterday that the mining Canadian company Crystallex was selected as the new executor of the auriferous project The Cristinas, consisting of the exploitation(development) and exploration of deposits by reservations(reserves) of 11 million golden ounces(squares) in the municipality Sifontes of the condition(state) Bolivar, reported Venpres. The advertisement was done by the president of the CVG, Francisco Rangel Gómez, who made clear that the directory(board of directors) of the Venezuelan Corporation of Guyana(Guiana) passed to sign a contract of operation with the Canadian company Crystallex, after analyzing the offer done by this company to assume the contract that was revoked by the CVG and the Department of Energy and Mines to the company Minca by breach in the contract of exploitation(development) signed in 1991. The offer presented by Crystallex stipulates the immediate reactivation of the project, the contracting of local personnel and execution of social programs in the adjacent area to The Cristinas. Likewise, a total investment stipulates of approximately 500 millions of dollars and a goal of processing of 40 thousand daily tons of auriferous mineral. The president of CVG, Francisco Rangel, made clear that from this moment it will be given beginning to the period of discussion of the contract that will govern the relation between(among) CVG and Crystallex, which will be defined in an urgent space. " In the contract of operation there will be defined the commitments and responsibilities of the parts, we will be very strict at the moment of guaranteeing his(her,your) fulfillment. An important point of standing out in this operation is that the Venezuelan State will preserve intact the mining rights on the grants of gold and copper of The Cristinas 4, 5, 6 and 7 ", reported Rangel. According to the holder of the CVG, it was decided to approve the offer presented by Crystallex in order to favor the immediate putting in march of the project, since this point had been demanded repeated times by the community and civil authorities of the neighboring zones, for which there wait a beneficial generation of wealth and employment for his(her,your) populations. " In the opened realized chapter last May 22 in the Kilometre 88, the inhabitants of the zone voted unanimously for this option, with the intention of reaching in the minor possible term such a longed economic reactivation and generation of employment in this zone ". Crystallex is a company established in the country from the year 1988, which initiated operations in the zone from 1991. Nowadays it(he,she) possesses(relies on) properties in the Kilometre 88 (grant Albino), The Callao (The Victory and other contracts with CVG) and is socia of the Corporation from 1999 in the plant(floor) procesadora of Revemin's gold, located in The Callao. " Up to the date we have invested (inverted) in Venezuela more than 200 million dollars and this country is our major center of operations. From our birth we have bet on the success of the business that we have in the region and ratified our confidence and interest in Venezuela, reason for which(whom) we will put everything all that is to our scope for the successful development of this project, which will be our fundamental axis(axle) of corporate development ", expressed Luis Philip Cottin, president of Crystallex of Venezuela.

Gotta get back to work.

Good Luck


Post  41560  by  uponroof       Reply more

Crystallex wins Las Cristinas battle

"...Amazingly, a tight lid was kept on the news until after the market close, but the share can be expected to bolt on Monday as Crystallex clarifies its plans..."

Post  41561  by  Czechsinthemail       Reply

The mirror doesn't really reverse anything; it's a matter of perception.

maniati, I want to thank you for returning to the mirror puzzle, particularly since in your comments, I found an excellent metaphor for our current political predicament:

In our earth-bound world, "left" and "right" are almost always defined to be relative to the observer, while "up" and "down" are almost always defined in relation to the force of gravity. Consequently, we tend to think of "up" and "down" as absolute.

Clearly, left and right are perceived relative to the position of the observer. Things change. Relationships and perspectives change as people change and we ourselves change the perspective from which we see them. Not just right and left, but how about friends, allies, and enemies? History has demonstrated that these perceptions can change dramatically and quickly. Not so long ago, what came to mind immediately when Americans referred to "the enemy" was Japan and Germany, while at the same time our allies included the Soviet Union and China. Not very long afterwards, Japan and Germany had become our allies with the Soviet Union and China as our enemies. Nor was there a very long time interval between the time that the United States was supporting Saddam Hussein's Iraq to the time we were at war with this new enemy.

Buckminster Fuller, who coined the term "Spaceship Earth", once commented that "up" was better understood as "out" and away from the center of the earth. When people are far enough removed from the earth's center of gravity, they lose this reference for orienting and "up" and "down" no longer seem so absolute. Astronauts in a weightless environment are thrown back into relative reference based on a perceptual relationship to their spaceship and to their own physical body. But even then, when the force of the earth's physical gravity is significantly diminished by distance from it, the earth still serves as a reference for "home".

Two common denominators, two common reference points in human discussion are the human body and the earth as a common home. Our capacity for empathy, compassion and communion are largely based on the common humanity we share, which includes a tenuous and temporary life in a vulnerable body. It is also an important part of our intuitive sense of morality: the way we differentiate a terrorist attack from a medical breakthrough is largely through the impact of the act on human bodies.

We also share a common home and can discuss the state of our home, what we value and want to preserve, what we want to change, how we want to relate to one another while living here, and how we want to leave it to our children. The fate of the earth as our common home is relevant to all of us since we are all dependent upon it for our life support.

One of the big problems people face in political discussion is the tendency to disembody the discussion and take it into abstractions. This distances the discussion from the heart center within each person. It makes it harder to feel connected by the common humanity we share and easier for us to feel divided by the words and abstractions we have generated. As we lose sight of our common ground and our fundamental relatedness, we see things in more fragmented and less holistic ways. Instead of sharing our common home well, we become obsessed with separating ourselves in our rooms, attempting to hoard and defend the collected things that pile up as junk while many in other rooms suffer from hunger and privation.

The mirror puzzle is a great reminder that we see things from different perspectives and tend to interpret our own perspective as the most natural, sensible and true. These different perspectives make possible the gifts of creativity, collaboration and shared discovery. But it is worth remembering that since each one of us has a unique perspective that, too, is something we share as part of our common condition.

The way we see our predicament often governs the intentions we form in responding to it. When people feel hurt, frustrated and afraid, they contract and are more likely to lose touch with the things that make life most worthwhile and livable. They are more likely to feel conflicted and to project conflict through their actions and through their very approach to relationships. Many embrace religion in an attempt to transcend a frustrating human predicament through a religious connection to the absolute. But ironically, they bring their inner conflicts into their religion, frustrating their desire for a feeling of wholeness and peace and producing even more conflict and division around different versions of absolute truth. Disconnected and conflicted people are more likely to come up with intentions to hurt or destroy those they see as enemies than they are to create positive, loving relationships and to share life well.

If people stay more in touch, they are more likely to come up with better intentions and better actions based on those intentions. Having a sincere desire for the well-being of another helps bridge the gulf that otherwise separates self and other. It makes it easier to shift the mirrored perceptions from separation to inclusion, so that our view of one another can shift from "those other people" to "these among us".

Post  41562  by  ferociousD       Czechsinthemail-

Post  41563  by  pacemakernj       Reply
Roof, your the best. I love that post. BTW, if AG doesn't lower rates this month I will personally have to hit him over the head. Moreover, I am going to be one ticked off hombre. This might sound strange but the fed is too tight. Inflation is falling faster than interest rates and that my friend is never a good sign. I said back in June we needed 75bp easing right away. But did he deliver, of course not. This guy imo still thinks there is inflation out there. I know the CRB has been moving up but that dog just won't hunt. I am now saying if we don't get at least a 50bp easing at this upcoming meeting I believe that will ensure a double dip. However, I said we were already in recession in May and things have not gotten any better. I just do not know if he wants to protect the dollar more than the economy. As I said that is the big question. Well know the answer to that in a few weeks. I do agree though you better be owning some gold. It is going to be a wild ride. Pace.

Post  41564  by  pacemakernj       OT:PMCW, I read about Pat Tillman and I think Fox

Post  41565  by  pacemakernj       Reply
Roof, it should be one heck of an open on Monday. There will certainly have to be a lot of short covering at the open plus all the buys. Throw in the fact that where will the supply to sell come from after the shorts are out. The specialists who sit on the floor will have a hard time with this. Plus well need to determine what the actual earnings will be. Maybe they have a deal with ABX as you suggested. Either way it will be exciting. As always please keep me posted with these updates and thoughts. Thanks. Pace.

Post  41566  by  jeffbas       OT: My view on Iraq, based on two things - I do no
Post  41567  by  pacemakernj       OT:PDowd, sorry for the confusion but I had to run

Post  41568  by  pacemakernj       Reply
Roof, just checked online here for a KRY quote and the ask price is $6.64 is that possible? Pace.

Post  41569  by  ferociousD       pacemakernj-Not Bushes fault:
Post  41570  by  Decomposed       ot: Brain Teaser ANSWERS
Post  41571  by  ferociousD       A different view rarely considered-
Post  41572  by  maldinero       OT: Pace. Taxpayers will bear the burden…

Post  41573  by  uponroof       Reply
"...Unless Hillary Clinton was home at the time, it would be an unprecedented tragedy..."

I just had a very good laugh at that one. Thanks! (apologies to clo)

You're right...I probably would've caught up to the brick before it hit the bottom...and then it would've carried me the rest of the way to the never letting go. I am reminded of the WC Fields movie in which someone throws his bottle out an airplane window to which he jumps out after it without a second thought. We all have our vices!


Post  41574  by  weevil       OT for sure...Go #6..Mark Martin. eom