HECLA MINING (HL) - 500 Beiträge pro Seite (Seite 2)

[peter.wedemeier1]

January 31, 2003, 8:00 a.m.
Greenspan Comes Home to Gold
The chastened man is again grasping his golden compass.

By Donald Luskin
http://www.nationalreview.com/script/printpage.asp?ref=/nrof…

[peter.wedemeier1]

The SKI System Triple Buy Signal
Long-term Implications for Gold Stocks

Jeffrey M. Kern, Ph.D.
http://www.gold-eagle.com/editorials_03/kern020303.html

[peter.wedemeier1]

Economic Malady
Dear Subscriber,

The government reported Thursday that the gross domestic product
(GDP) grew a measly 0.7% in the fourth quarter -- way, way down
from the 4% growth seen in the third quarter. Clearly, the economy
has taken a turn for the worse!

What`s most significant is that consumer spending posted the weakest
gain since the first quarter of 1993. For an economy that relies on
consumers to drive two-thirds of its growth, that`s ominous news.

And the fact is that all the signs say that this trend will continue.
Consumer confidence just fell for the second month in a row, plunging
to its lowest level in 9 years. Consumer expectations of a better
job market, improving business conditions, rising incomes, and a
turnaround in the overall economy have collapsed.

Can you blame them? The unemployment rate has risen to 6% and job
creation is dismal. Many prominent businesses have reported lackluster
earnings and expect continued poor results. And while personal income
and savings are generally higher, investments have fallen flat.

Plus, consumers are drowning in debt. Personal bankruptcies are
soaring, and home foreclosures have reached their highest level in
the past 30 years.

And credit market debt now equals 295% of GDP -- that`s even higher
than it was during the Great Depression, when credit market debt was
264% of GDP. That`s an outrageous amount of debt outstanding in
relation to the growth of the economy!

These poor fundamentals alone will drive the economy down deeper --
no matter what the Administration or the Fed does to try to stop it.

Take a look at some of the other recent developments in the economy ...

* Accounting scandals still pervade the markets. The SEC filed
charges against KPMG, one of the four remaining "independent"
audit firms in the U.S. The SEC alleges that KPMG, as lead auditor
for Xerox, looked the other way from 1997 through 2000 as Xerox
pad! ded its earnings with accounting tricks. The SEC`s lawsuit
comes too little, too late for investors who`ve watched Xerox`s
share price plunge over the past few years. But it reminds us
that perhaps Arthur Andersen wasn`t the only auditor out there
covering up earnings lies.

* Corporate earnings just get worse! AOL Time Warner recorded the
largest loss in U.S. corporate history for 2002 -- $98.7 BILLION!
The company had two of the largest write-downs in U.S. history in
2002 -- $54 billion in the first quarter and $45.5 billion in the
fourth quarter. Only JDS Uniphase came close to that when it wrote
down $50.1 billion in 2001 -- until this year, JDS Uniphase held
the dubious distinction of having the largest loss in U.S. corporate
history -- its loss was a mere $56.1 billion!

* Consumer confidence continues to plunge. The Conference Board`s
Consumer Confidence Index dropped to 79.0 in January. That`s the
second month in a row the index has fallen, and the lowest the
index has been in nearly a decade. Consumers are uncertain about
the future: War, the economy, and the stock markets are all BIG
QUESTION MARKS in their minds. And when consumers are uncertain,
they begin slamming shut their wallets.

* Among the thousands of bond funds in the United States, the funds
with the very best overall performers last year were the American
Century Target Maturity Trusts -- precisely the ones recommended in
Safe Money. And among all the thousands of stock mutual funds in the
United States, the funds with the very best performance were those
that invested in senior gold mining shares that do not hedge in the
futures markets -- precisely the same investment category recommended
in Safe Money.

Martin Weiss

[peter.wedemeier1]

SILVER: A SMALL OR TINY MARKET?

The information within is not a recommendation to buy or sell anything.
Do your own Due Diligence!


SUMMARY


"In the U.S., there is no prohibition on financial slavery
or involuntary monetary servitude" author unknown

http://www.gold-eagle.com/editorials_03/wallybently013103.ht…

[peter.wedemeier1]

MINERAL LOCALITY:
The Minerals of Mexico


http://mineral.galleries.com/minerals/fablocal/mexico.htm

[peter.wedemeier1]

WORLD
--------------------------------------------------------------------------------
back PRINT-FRIENDLY VERSION EMAIL THIS STORY


Always watching: Saddam Hussein is so fearful of an attempt on his life that he is constantly shadowed by his bodyguard, even while taking a dip in Baghdad`s Tigris River.


Saddam`s bodyguard warns of secret arsenal

02feb03
http://www.heraldsun.news.com.au/common/story_page/0,5478,59…

[peter.wedemeier1]

Saddam’s Sacked Bodyguard: I know where the weapons are…

DEBKA-Net-Weekly Exclusive Interview – Contd.

January 21, 2003, 9:14 PM (GMT+02:00)

http://www.debka.com/article.php?aid=247

[peter.wedemeier1]

Prediction: Year of the Ram to mark Saddam`s demise


By Allen Wan, CBS.MarketWatch.com
Last Update: 5:52 PM ET Feb 2, 2003

SAN FRANCISCO (CBS.MW) -- The Chinese Year of the Ram will be a good season for stocks but a bad one for Saddam Hussein, according to fortune-teller Y.C. Sun.

"War with Iraq may occur in the second half of February. I hope that the Black Ram`s cleverness will trigger Saddam to make compromises to avoid bloodshed from bombings," said Sun. "Otherwise, he will take a huge risk in his own well-being."

Prediction: Year of the Ram to mark Saddam`s demise

While all this may sound like malarkey, Sun accurately predicted that geopolitical turbulence would rattle the markets in 2002 as well as the gold sector`s remarkable comeback. That`s more than could be said for many stock analysts. Read last year`s archived story.

The Chinese New Year began on Saturday, marking the first day of the year 4,701 on the lunar calendar. For some background.

In Chinese fortune telling, there`s no crystal ball. Sun comes up with his predictions based on principles of feng shui, the ancient system of environmental placement, and I-ching, the 2,000-year-old law of the universe, which relies on use of the five elements (metal, wood, water, fire and earth).

Using these methods to create a composite chart and drawing on the birthdays of key individuals, Sun says he can come up with a fairly accurate prediction of where the markets are headed.

Sun, a geomancer by tradition and training, taught by his father and practices his skills with his eight siblings, all of whom dabble in the craft. He`s now based in San Francisco, where he`s captured media attention for boasting a clientele representing the crème de la crème of the technology world.

Sun sees the possibility that Saddam will go into exile in northern Africa in March, and he warns that the Iraqi leader could be in jeopardy the longer the conflict drags on.

"He will obtain good deal or better arrangement if he chooses to leave in March 2003. Otherwise, he will take a huge risk in his own well-being in the periods of July 7 thru Aug. 8 and particularly in the period of Sept. 8 through Oct. 9," said Sun, who comes from a long line of geomancers.

But the perpetual bull was wrong about stock gains for the year as the key markets tumbled for a third-straight year in 2002 -- the first time this had happened since the 1939-41 period.

For 2003, Sun predicts gains of as much as 22 percent for the three major indexes, with the Dow Jones Industrial Average ($DJ: news) going as high as 9,780. He also sees the Nasdaq Composite ($COMPQ: news) rising as high as 1,700 and the S&P 500 Index ($SPX: news) hitting a peak of 1,050.

Instead of looking to the stars for inspiration, he`s just looking at plain old fundamentals. Stocks are "oversold," Sun said, adding that President Bush`s economic stimulus package could give a "big push" to the economy, especially in the fourth quarter.

Sun sees history on the side of the ram (goat or sheep). In 1955, or the year of the so-called Forest Ram, the Dow gained 21 percent. In 1991, the year of the Golden Ram, the blue-chip benchmark rang up a 20 percent gain, he said.

"This year, the Black Ram, a strong footing Chi, will follow and walk on well-crafted roads to economic recovery. The 2003 GNP could be 4 to 5 percent in real growth. It would be loaded in the third & four quarters," he said.

Sun is no longer so bullish on gold, saying that a rebound for the battered dollar in the spring could undermine the precious metal. Instead, he likes chip, telecom and utility stocks.

[peter.wedemeier1]

SILVER: A SMALL OR TINY MARKET?

The information within is not a recommendation to buy or sell anything.
Do your own Due Diligence!


SUMMARY


"In the U.S., there is no prohibition on financial slavery
or involuntary monetary servitude" author unknown
http://www.gold-eagle.com/editorials_03/wallybently013103.ht…

[peter.wedemeier1]

New Retirement plan proposals
Retirement Savings Accounts: A souped up Roth
Retirement Savings Accounts would offer higher limit
By Deborah Adamson, CBS.MarketWatch.com
Last Update: 7:00 PM ET Feb 3, 2003
LOS ANGELES (CBS.MW) -- The Bush Administration`s plan for overhauling tax-advantaged
savings hinges on creation of a souped-up version of the Roth IRA called Retirement Savings
Account.
Under the plan unveiled Friday, Treasury officials described RSAs as a consolidation of
traditional IRAs, non-deductible IRAs and the Roth IRA.
Like Roths, contributions to RSAs would not be not tax-deductible, but earnings may accumulate
tax free. The maximum an individual could contribute would be $7,500 a year vs. $3,000 to
$3,500 for IRAs in 2003. The RSA limit would be adjusted for inflation.
Moreover, you might be able to withdraw money from the account after age 58 with no penalty --
instead of the standard age 59 1/2.
"It provides a bigger incentive now to save," said Sue Stevens, director of financial planning at
Morningstar. "As baby boomers get closer to retirement, the dollars just aren`t there" because of
the damage from the bear market.
"They`re going to have to work much longer and put away much more money or they can`t
retire," Stevens said.
With RSAs, Roth IRA income limits would be repealed. That means people who can`t now open
a Roth because they make too much money would be able to start an RSA. At present, single
taxpayers making more than $110,000 a year and married couples filing jointly and earning
above $160,000 annually can`t open Roth IRAs.
Existing Roths would be renamed RSAs while traditional and nondeductible IRAs may be
converted. While individuals would not be forced to convert to RSAs, they couldn`t make new
contributions to old accounts after 2003 unless these are rollovers.
You could convert a traditional IRA to an RSA at any time, but that money would be taxable
upon conversion. People converting this year could spread tax payments over four years.

Bush proposes a simplified 401(k) plan
Bush proposal would consolidate employer accounts
By Deborah Adamson, CBS.MarketWatch.com
Last Update: 7:15 PM ET Feb 3, 2003
LOS ANGELES (CBS.MW) -- The Bush Administration hopes to do away with the alphabet soup
of employer-sponsored retirement plans -- such as the 401(k) and 403(b) -- and replace them
with a new Employer Retirement Savings Account.
Workers and employers wouldn`t have to wade through myriad rules for different types of
retirement plans such governmental 457s, SARSEPs (Salary Reduction Simplified Employee
ension Plans) and Simple IRAs -- all would be combined into an ERSA. Non-governmental 457
plans are not included.
"President Bush wants to make a good thing better," Elizabeth Varley, director of retirement
policy at the Securities Industry Association, said in a statement.
The new accounts would follow simplified 401(k) rules and may be sponsored by any employer.
Red tape in setting up ERSAs would be reduced and compliance costs decreased.
Employees would be able to put in $12,000 a year, a limit that would increase to $15,000 in
2006. There`s a catch-up provision for workers aged 50 and up -- an additional $2,000 (going up
to $5,000 in 2006) could be set aside.
Starting in 2004, all 401(k) plans would become ERSAs. But 403(b)s, governmental 457 plans,
SIMPLEs and SARSEPs may stay in place. However, no new contributions would be allowed.
ERSA rules would have no effect on traditional pensions.
Last week, Treasury officials said the goal was to encourage more companies to offer retirement
plans. Only half of all working Americans have any kind of pension plan and participation is even
less at smaller firms -- 25 percent.

[peter.wedemeier1]

[peter.wedemeier1]

Under the plan of arrangement
between the three companies,
shareholders of Echo Bay and TVX
will become common shareholders of
Kinross based on the exchange ratios
of 0.1733 and 2.1667, respectively.
On Monday, Kinross will begin trading
on both the Toronto Stock Exchange
and the New York Stock Exchange
reflecting the one-for-three common
share consolidation approved earlier by Kinross shareholders.

[peter.wedemeier1]

Sinclair sent this out today. Comments anyone.

"Has this union recognized the potential impact of run-away gold prices on
the financial affairs of Newmont Mining?

Does this Union understand the implications of Newmont`s gold derivative
hedge position that it inherited from the acquisition of Normandy?

Is this negotiation the reason that Newmont, when acquiring new auditors,
appears to have taken the accounting option that is properly utilized from
accounting standards where hedging is declared to be day-to-day business?

Under the new accounting standards, when that option is adopted, a company
is relieved from the need to do quarterly mark to markets on their
derivative position and make that public. (Mark to market is a means of
valuation required if a gold hedging public company adopts accounting
regulations specified for a company whose day-to-day business is gold
mining and not gold derivative hedging.)

Right now we have more questions than answers but tomorrow we will speak to
the Union organizers in Elko Nevada and find out what occurred at their
rally and, if possible, get a feel for where things are going. Until then,
keep tuned to this situation.

Thanks to a member of the gold community we will call "Kimosabi," our
attention has been riveted on this issue. A shutdown of significant
production of any commodity means only one thing --- higher prices. I
wonder if the short sellers of gold and gold shares have looked at this
situation. Some how I doubt it!

Please check out the following links for news reports on this important
story from The Elko Daily Free Press.

>>http://www.elkodaily.com/archives/index.inn?loc=detail&doc=/… news2.txt

January 26, 2003
Union plans rally over Newmont contract talks

By ADELLA HARDING, Free Press Staff Writer

ELKO -


>>http://www.elkodaily.com/archives/index.inn?loc=detail&doc=/… -news3.txt "

January 29, 2003
Newmont wants union at table

By ADELLA HARDING, Staff Writer

CARLIN -

[peter.wedemeier1]

FED-Musings on the Eve of the Gold Suppression







Guest Editorial: Dimitri Speck

The transcript of the last FED-meeting before the gold suppression
began, expresses the wish to "hold the price of gold"

http://news.goldseek.com/GoldSeek/1044289345.php

[peter.wedemeier1]

Reuters
UPDATE - Bush seeks major increases in US defense spending
Monday February 3, 3:46 pm ET
By Charles Aldinger


(Includes Pentagon news conference, paragraphs 8-9)
WASHINGTON, Feb 3 (Reuters) -
http://biz.yahoo.com/rc/030203/bush_budget_defense_2.html

[peter.wedemeier1]

FOR THE GAMBLERS AMONG MY READERS
To grasp the truth that periodic withdrawal of money through interest payments will inexorably transfer all wealth in the nation to the receiver of interest, imagine yourself in a poker or dice game where everyone must buy the chips (the medium of exchange) from a "banker" who does not risk chips in the game, but watches the table and every hour reaches in and takes 10% to 15% of all the chips on the table. As the game goes on, the amount of chips in the possession of each player will go up and down with his "luck."

However, the TOTAL number of chips available to play the game (carry on trade and business) will decrease rapidly.

The game will get low on chips, and some will run out. If they want to continue to play, they must buy or borrow them from the "banker." The "banker" will sell (lend) them ONLY if the player signs a "mortgage" agreeing to give the "banker" some real property (car, home, farm, business, etc.) if he cannot make periodic payments to pay back all of the chips plus some EXTRA ones (interest). The payments must be made on time, whether he wins (makes a profit) or not.

It is easy to see that no matter how skillfully they play, eventually the "banker" will end up with all of his original chips back, and except for the very best players, the rest, if they stay in long enough, will lose to the "banker" their homes, their farms, their businesses, perhaps even their cars, watches, rings, and the shirts off their backs!

Our real-life situation is MUCH WORSE than any poker game. In a poker game none is forced to go into debt, and anyone can quit at any time and keep whatever he still has. But in real life, even if we borrow little ourselves from the Bankers, the local, State, and Federal governments borrow billions in our name, squander it, then confiscate our earnings from us and pay it back to the Bankers with interest. We are forced to play the game, and none can leave except by death. We pay as long as we live, and our children pay after we die. If we cannot pay, the same government sends the police to take our property and give it to the Bankers. The Bankers risk nothing in the game; they just collect their percentage and "win it all." In Las Vegas and at other gambling centers, all games are "rigged" to pay the owner a percentage, and they rake in millions. The Federal Reserve Bankers` "game" is also rigged, and it pays off in billions!

In recent years Bankers added real "cards" to their `game. "Credit" cards are promoted as a convenience and a great boon to trade. Actually, they are ingenious devices by which Bankers collect 2% to 5% of every retail sale from the seller and 18% interest from buyers. A real "stacked" deck!


Billions for the Bankers, Debts for the People
The Real Story of the Money-Control Over America
by Pastor Sheldon Emry circa 1960



//www.321gold.com/mustread/billions.html?written_circa_1960

[peter.wedemeier1]

The gold rush has started, but will it last?
With equities in turmoil, investors are retreating to an old-fashioned store of wealth
By William Kay, Personal Finance Editor
29 January 2003

http://news.independent.co.uk/business/news_analysis/story.j…

[peter.wedemeier1]

[peter.wedemeier1]

[peter.wedemeier1]

Tue Feb 4, 2003
Dollar Loss and Gold Gain Needs to be Addressed by Every Investor in Gold No Matter What the Currency Unit of Your Domicile
Author: James Sinclair
http://www.jsmineset.com/s/NewsArchives.asp?ReportID=48453

[peter.wedemeier1]

Let`s Get Physical
http://www.financialsense.com/Market/archive/2003/0204.htm

[peter.wedemeier1]

[peter.wedemeier1]

THOM CALANDRA`S STOCKWATCH

Researcher nails gold-price forecast
James Turk uses monetary metric to forecast $434 gold

By Thom Calandra, CBS.MarketWatch.com
Last Update: 11:29 AM ET Feb. 4, 2003







SAN FRANCISCO (CBS.MW) -- A funny thing happened on the way to the gold rally: One analyst issued specific, month-by-month forecasts that thus far are hitting the mark.


http://cbs.marketwatch.com/news/story.asp?column=Thom+Caland…

[peter.wedemeier1]

[peter.wedemeier1]

[peter.wedemeier1]

Reuters
UPDATE - JP Morgan strategist bolts firm-sources
Monday February 3, 5:43 pm ET
By Greg Cresci


(Adds background, shareholder quote paragraph 10)
NEW YORK, Feb 3 (Reuters) -
http://biz.yahoo.com/rf/030203/financial_jpmorgan_strategist…

[peter.wedemeier1]

Silver Threads.
TO MRS. JOHN FARNSWORTH, FORT SCOTT, KANSAS.
http://skyways.lib.ks.us/poetry/moody/silver.html

The Very Beginning


By Noel Singleton

http://www.americanatheist.org/supplement/singleton.html

[peter.wedemeier1]

Market timers foresee imminent crash for stocks
11:43 a.m. 02/03/2003 By Thom Calandra Provided by


Market timers catalogue worrisome signs for stocks
SAN FRANCISCO (CBS.MW) - The U.S. stock market`s leading technical analysts see ominous signs in the fading rally that just a month ago raised the hopes of investors.

As the market`s recovery attempts lose the so-called breadth of robust trading volume, market timers see a turning point for U.S. stocks in the next several days. (More

Here is a round-up of several technicians and veteran market observers whose forecasts largely have withstood the test of time:

Looking at cycles
Tim W. Wood ofsees what market timers call "a re-test of the October lows." In plainer English, that means investors are nervously eyeing the stock market`s major indexes. The S&P 500`s recent low of 782.96 was reached Oct. 7.

"If those lows are indeed violated, the bear should be back in full force," says Wood in his monthly report. The S&P 500(SPX), which represents America`s largest companies, was trading at 860 on Monday morning.

Wood,in January, examines cycles of activity in financial markets, from lengths of 40 or so days all the way to four-year spans, nine-year spans and longer. "With the current weekly cycle topping out on Dec. 2, only eight weeks from the previous bottom, odds suggest a break below the October low is now likely. A break below the October lows should provide final confirmation that the current seasonal cycle has topped. The market should then have a downward bias into the next seasonal cycle bottom, which is not due until late summer or fall 2003," Wood says.

On a lower note, the Louisiana-based Wood looked at the so-called seasonal cycle, which averages about a year in length. He says if the Dec. 2 top proves to be the "current seasonal top, we can expect to see an average decline of between 26 and 31 percent. This would take the Dow down somewhere between roughly 6,200 and 6,700 as the next seasonal cycle bottoms." The Dow Jones Industrial Average(INDU)was trading at 8,100 Monday morning.

Lots of turbulence ahead
Richard T. Williams, chief market technician at Summit Analytic Partners in New Jersey, sees warning signs across the board. William, after digesting the "odd behavior" of the CBOE`s Nasdaq Volatility Index(VXN). The volatility gauge recently had some technology shares stripped from the gauge.

Williams says an imminent decline in stock-market averages is likely. He is charting weaker signals from money flows, lower volume-adjusted prices on Nasdaq, falling relative strength of stocks and problems with so-called oscillators, which help determine extreme oversold and overbought conditions for the stock market.

"The technical forecast calls for a sharp sell-off over the next few weeks, and then a bounce off the lows back up over the next nine months or so that will surprise the market in its strength and how high valuations go," Williams told me Monday morning. "We base this forecast on both historic precedent and our proprietary models, like supply/demand studies and traditional chart studies."

Williams says a small bounce higher is possible in coming weeks. Avoid software stocks - at least until a little later this year, he says. "We are seeing a number of signals that suggest that the market will sell off on increasing momentum over the next couple of weeks," this analyst says.

The psychology of timing
Market timing, the practice of anticipating rallies and swoons, is a finicky - and solitary - art (or science, for that matter). Few timers will stick to their guns if a market moves against their previously stated forecasts. As newsletter pioneer James Dines of four-decade-oldsays, "The ability to call turns in stock-market forecasting must by definition be done when alone, because by the time there is a bandwagon on Wall Street the move is already over."

Dines` timing in recent years has been better than the forecasts of most of the technical crowd. Author of the highly regarded financial book "Market Psychology," Dines looks for moments when the Wall Street and Main Street herds are absolutely convinced certain events - war, corporate profits and so on - will take place.

Dines sees a springtime rally within the confines of a continuing bear market. Such bear-market rallies, he says, are swift, often consuming one-third the time of a bull-market rally. So the race is to the quick. For the rest of America, just hold cash.

"A record 52 percent of Americans owned stocks in 2002, nearly all of them now staring at losses in a major bear market, figuring stocks are down, therefore cheap," the editor says. The time to hold stocks long term "is during a major bull market, not an invisible crash," says Dines.

He also has thoughts on the gold rally that began more than a year ago, and is continuing, in mining shares and physical bullion. Most investors see the commodity`s almost 30 percent rally in 13 months as a "brief fluke, a flash in the pan, even as they observe their portfolios melting. Therefore, we make this prediction, that the public will soon be saying, `Yes, the golds really are bullish, but it`s too late to buy them, they are already overpriced, too high!` "

Schaeffer`s view: War and headlines
I asked Bernie Schaeffer, a longtime market analyst and student of market psychology, what investors might glean from headlines that followed the Columbia space shuttle disaster that left seven astronauts dead.

"A tragedy, without a doubt," says Schaeffer of. "But if we as a nation are going to go into paroxysms of nationally televised, 24-by-seven grief over the death of American astronauts, how might it be should scores of our soldiers come home from a Middle East war in body bags? And if a 17-year-old boy sniper and his accomplice could effectively grind the DC suburbs into a fearful paralysis, how might it be should we experience multiple acts of terror on American soil?"

As for the numbers, Schaeffer says the 884.79 level of the S&P 500 represents a 50 percent "correction" of the rally in the index from its October 1987 low to its March 2000 high. Technical analysts use the word correction to mean a reversal of a trend -- because markets don`t move in straight lines up or down.

Schaeffer sees support for the index at the 870 to 880 levels. Anything lower is troublesome. Schaeffer in the past 18 months has been increasingly confident that gold, the polar opposite of stocks, will stage a lasting rally. "What I find interesting," he says, "is the fact that weakness in the dollar and strength in commodity prices is hurting bonds more than stocks. This supports the general theory that if in fact the reflation efforts now under way by the powers that

be - the Federal Reserve and other central banks -- are successful, the result will be unambiguously bearish for bonds, unambiguously bullish for gold, and just plain ambiguous for stocks."
My own view
What I call the Down-the-Dow-Staircase average will suffer 1,000-point daily losses -- in coming weeks, months and years. A decade of 40x price-earnings multiples for America`s "best" companies does not end with mere slippage to 7,000 Dow, or 6,000 Dow, or 5,000 Dow.

A decade of low interest rates does not justify multiplying a company`s earnings by 40 or 50, then delivering a fat check to a broker in return for a certificate, or an electronic confirmation. The Dow`s 30 companies, with a market worth of $2.5 trillion, represent 25 percent of the $10 trillion market of U.S. stocks. Just 25 percent. Yet the influence of this headline index grows daily, in good times and bad.

The scandal is that unlike most reliable equity indexes, the Dow is a price-weighted index influenced in large part by the biggest-number stocks in the gauge. That means stocks with high dollar prices - and there are two I have in mind -- wield enormous influence on both the index itself and investors across the globe who digest the incessant Dow headlines. When these two get knocked from their perches, the overpriced Dow is on its way down the Dow staircase.

[peter.wedemeier1]

Musings

Doug McIntosh
http://www.gold-eagle.com/gold_digest_03/mcintosh020503.html

[vomo]

Zum Mitverfolgen...


BW2003 FEB 06,2003 5:00 PACIFIC 08:00 EASTERN


( BW)(ID-HECLA-MINING-COMPANY)(HL) Hecla Announces 2002 Earnings
Conference Call Tuesday, February 11, 2003, at 11:00 a.m. ET - 8:00
a.m. PT -

Business Editors

COEUR D`ALENE, Idaho--(BUSINESS WIRE)--Feb. 6, 2003--Hecla Mining
Company (NYSE:HL), a precious metals company, will hold its quarterly
conference call to discuss fourth quarter and year end 2002 results on
Tuesday, February 11, 2003, at 11:00 a.m. Eastern Time (8:00 a.m.
Pacific Time).
This call is being webcast by CCBN and can be accessed at Hecla`s
web site at www.hecla-mining.com under Investor Relations.
The webcast is also being distributed over CCBN`s Investor
Distribution Network to both institutional and individual investors.
Individual investors can listen to the call through CCBN`s individual
investor center at www.companyboardroom.com or by visiting any of the
investor sites in CCBN`s Individual Investor Network. Institutional
investors can access the call via CCBN`s password-protected event
management site, StreetEvents (www.streetevents.com).

Hecla Mining Company, headquartered in Coeur d`Alene, Idaho, mines
and processes silver and gold in the United States, Venezuela and
Mexico. A 111-year-old company, Hecla has long been well known in the
mining world and financial markets as a quality silver and gold
producer.

--30--AS/cgo*

CONTACT: Hecla Mining Company
Vicki J. Veltkamp, 208/769-4144
[e-mail]

Source: Hecla-Mining Company

[peter.wedemeier1]

Hecla Mining Company
A Solid Silver Play

Clive Maund
http://www.gold-eagle.com/editorials_03/maund020703.html

[peter.wedemeier1]

Consolidation, Congestion and Breakouts
5 February 2003 * M.A. Nystrom
http://www.depression2.tv/chronicles/consolidation-etc.html

[peter.wedemeier1]

David Tice (Prudent Bear funds) in an interview on Bloomburg today said he sees DOW 4000 by year end. (for those that don`t get Bloomburg, Realplayer provides some of their commentary - free)

[peter.wedemeier1]

Interview going on now on Market Wrap with Moe Ansari. Radio 8.30 AM in L.A., CA. He just said that he felt that the move in precious metals today looked as if gold would be moving much higher. He`ll be continuing after commercial.
Moe stated that the 1st Eagle fund was the top gold fund last year at 85% or so. Mr. DeVoe attributed this to concentrating on non-hedged companies
http://messages.yahoo.com/bbs?.mm=FN&action=m&board=7079114&…

[Agent.Mulder]

unseriös diese behauptung, ist der mann wahrsager?
zweifelsohne wird der dow fallen, nur kursangaben zeugen nicht gerade von seriösität

[peter.wedemeier1]

* * Hecla Mining (NYSE:HL) -- Hecla closed its recent public offering of 22 million shares last week. The underwriters (which included big boys Merrill Lynch, Salomon Smith Barney, and CIBC World Markets) exercised their option to pick up another 3 million shares for over-allotments.


Hecla will come away from the deal with over $90 million in new cash. The 111-year old firm says it will use the money for future exploration and development, working capital and capital expenditures, possible future acquisitions, and other items.


Hecla was the top performing stock on the New York Stock Exchange last year, with a gain of over 400%. Shares were trading this morning at around $4.25.


Mining News Update from the Idaho Silver Fields
Posted: Thu Feb 6 14:41:41 2003 EST

http://www.penntrade.com/cgi-bin/news.cgi

[peter.wedemeier1]

Posted 2/5/2003 11:58 PM Updated 2/5/2003 11:58 PM
Plan would allow Roth-type 401(k)s
By Christine Dugas, USA TODAY

http://www.usatoday.com/money/perfi/retirement/2003-02-05-ro…

[peter.wedemeier1]

Today`s Market WrapUp
by Jim Puplava
02.03.2003

http://www.financialsense.com/Market/daily/monday.htm

[peter.wedemeier1]

[peter.wedemeier1]

Researcher nails gold-price forecast

By Thom Calandra
Feb 4 2003

cbs.marketwatch.com


James Turk uses monetary metric to forecast $434 gold

SAN FRANCISCO (CBS.MW) --
http://www.kitco.com/ind/Calandra/feb042003.html

[peter.wedemeier1]

"Productivity falls
U.S. labor productivity ends its best year since 1950 on a sour note as economy slows.
February 6, 2003: 9:13 AM EST

WASHINGTON (Reuters) - The productivity of U.S. workers abruptly reversed in the final quarter of last year as the economy slowed, the government said Thursday, but productivity gains for the whole year were the largest in more than 50 years.

The Labor Department said the productivity of workers outside the farm sector dropped 0.2 percent in the fourth quarter after rocketing ahead at 5.5 percent in the previous three months of the year. The number was lower than expectations of a 0.4 percent increase and was the first quarterly decline since the second quarter of 2001.

For 2002 as a whole, productivity soared 4.7 percent, the fastest pace since 1950 -- more than four times the 1.1 percent gain posted in 2001.

Growth in productivity, which measures the amount of goods and services produced for each hour of work, has been cited by analysts and the Federal Reserve as a key factor in the economic recovery, so the report is likely to be a disappointment. "

http://messages.yahoo.com/bbs?.mm=FN&action=m&board=7079114&…

[peter.wedemeier1]

World Gold Council.

Organized and still dominated by producers with close ties to the banks, the WGC has pursued as its principal mission the promotion of gold as a non-monetary, non-investment commodity. The WGC’s “gold-as-jewelry” approach is expected to become more balanced under the chairmanship of Chris Thompson, a talented executive from a gold miner’s gold miner. However, a long awaited gold-as-investment initiative will apparently come at the cost of a complete surrender to the banks in the field of market intelligence and analysis. This is ironic, because it was Chris Thompson who noted in his remarks at the Denver Mining Investment Forum 2001 that the role of the industry’s trade association should be:

To manage existing and create new markets for gold
To develop new products
Custodianship and promotion of the image
A source of accurate information
And it was Chris Thompson who observed, in that same presentation, that GFMS, the orthodox source of information on the gold market, is inadequate and unreliable. Yet under Mr. Thompson’s leadership the WGC has abdicated its responsibility to provide a source of accurate information, choosing instead to outsource market analysis to none other than GFMS. What is GFMS, anyway? Its website (www.gfms.co.uk/Company_Profile_History.asp) identifies it as a London-based precious metals consultancy, the “leading source of information on the precious metals markets.” Who owns it? Three individuals, two of whom are the current directors. They completed a management buyout of the firm from Gold Fields (the miners) in August 1998. Who put up the money for the MBO? We don’t know. All we really know about GFMS is that it is not owned by producers. In hiring GFMS to do its market analysis, the WGC has compromised its own credibility, strengthened the GFMS monopoly and conferred legitimacy on analyses like the Forecast by enabling them to cite “GFMS/WGC” market statistics.

The question before the industry is whether it will remain content to allow the banks to do its thinking for it. In the latter stages of the war on gold, producers have gotten a free pass. An amateur samizdat has sprouted in the institutional vacuum, raising hell and investor consciousness in equal measure. For all its extraordinary success, this grass roots movement lacks institutional credibility and in any event is principally focused on ending the ongoing manipulation of the gold market. Accordingly, to the great relief of the gold establishment, it probably won’t last forever. But the industry faces issues other than market manipulation, many of which will be with it long after sanity is restored to the market. These issues importantly include the role of gold in the new monetary order following the collapse of the managed currency system. What reply will the producers have to the predictable effort by banks and politicians to scam them (and us) again in some lame replay of Bretton Woods? Will producers even be represented at the table?

Flush with cash for a change, producers now have an opportunity to look to their future by creating an entity tasked to think through market and policy issues from their perspective, not the banks’ perspective. Such an entity, call it a think tank, could participate in the monetary debates that lie ahead. But producers need not go that far for a rationale. They can look simply to their own immediate interests, and act to counter the disinformation now dogging the industry. Create an entity with some institutional stature. Provide a credible alternative to the bankers’ spin. Offer respectable habitat to some talented but misdirected bears now languishing in captivity. By taking a few simple steps, they can save Andy. Or, they can turn the page.

February 5, 2003

[peter.wedemeier1]

Wednesday, 5 February, 2003, 10:40 GMT
Shock surge in German jobless

http://news.bbc.co.uk/1/hi/business/2728019.stm

[peter.wedemeier1]

Save the Bears


by Bob Landis
http://www.goldensextant.com/LLCPostings3.html#anchor156946

[peter.wedemeier1]

Adviser Q&A
Golden Girls
Nikhil Hutheesing, 01.31.03, 5:00 PM ET

NEW YORK -

http://www.forbes.com/2003/01/31/cz_nh_0131adviser.html?part…

[peter.wedemeier1]

Reuters
Calif. Vows to Pull Wells Fargo License
Wednesday February 5, 10:36 pm ET


SAN FRANCISCO (Reuters) -

http://biz.yahoo.com/rb/030205/financial_wellsfargo_8.html

[vomo]

Von der Hecla-Homepage...

BW)(ID-HECLA-MINING)(HL) Hecla Reports Record 2002 Production;
Excellent Exploration Progress

Business Editors

COEUR D`ALENE, Idaho--(BUSINESS WIRE)--Feb. 10, 2003--Hecla Mining
Company (NYSE:HL) produced a record amount of gold and silver during
2002 at very low costs of production. Hecla mined 240,000 ounces of
gold in 2002. The La Camorra gold mine in Venezuela was Hecla`s
primary gold producer, contributing 167,000 ounces of gold in 2002.
This is the largest annual gold production in the company`s 112-year
history.
Hecla also produced a record amount of silver, mining
approximately 8.7 million ounces during 2002. Silver production came
from Hecla`s San Sebastian mine, which produced more than 3.4 million
ounces, the Greens Creek mine in Alaska, at more than 3.2 million
ounces, and the Lucky Friday mine in northern Idaho, producing 2
million ounces of silver. Hecla`s news release containing complete
operating and financial results for 2002 is scheduled for release
tomorrow, February 11.
The company estimates that production in 2003 will be
approximately 215,000 ounces of gold and 9 million ounces of silver.
Hecla`s low-cost profile is expected to be maintained, with total
average cash costs in 2003 estimated at $150 per ounce of gold and
$2.15 per ounce of silver.
Hecla President and Chief Operating Officer Phillips S. Baker,
Jr., said, "2002 was a great year for Hecla. We have some excellent
properties that exceeded our expectations for performance and give us
a good base for future growth."

EXPLORATION

In addition to an outstanding year operationally, Hecla`s
exploration programs continue to turn up good results. Baker said,
"While more drilling is required, Hecla could have four
development/production ramps under construction by year end."
One prospective target is Hecla`s Block B project in Venezuela.
The Block B lease was acquired by Hecla in September 2002 from the
Venezuelan government, and is a seven-square-mile property in an
historically rich gold mining district. Hecla is currently focusing on
an area adjacent to and below the old Chile mine, which produced more
than 550,000 ounces of gold at an average ore grade of more than one
ounce of gold per ton. The Chile mine was shut down near the end of
World War II due to war events and technical difficulties which are no
longer an issue. Hecla began drilling on the property in the fourth
quarter of 2002 and initial assays are extremely encouraging. More
than 4,000 meters of exploration drilling were completed during the
fourth quarter at Block B.
Hecla`s drilling program on Block B is aimed at confirming and
expanding a resource previously identified by CVG-Minerven, the
Venezuelan government-owned mining company. That resource was
estimated to have an average grade of about 0.63 ounce of gold per
ton. Baker said, "Our preliminary efforts at Block B have confirmed
the previously identified resource, and we have decided to proceed
with a feasibility study and further drilling to expand the resource
into a mineable property. The timetable for Block B, if all goes well,
could be to have it in commercial production in about 24 to 30 months.
This new mine would greatly supplement our gold production in
Venezuela."
Exploration work also continues on the Betzy vein at Hecla`s La
Camorra gold mine in Venezuela, about 70 miles south of the Block B
property. La Camorra produced 167,000 ounces of gold for Hecla in
2002, and continues to be the company`s largest revenue producer.
Underground drilling between the -425 and -500 meter elevation levels
on the Betzy vein has increased the estimated strike length on the
east flank of the Betzy ore shoot from 150 meters to over 200 meters,
into an area previously thought to be waste. "These encouraging
high-grade results could lead to an expanded life for the mine," said
Baker. "La Camorra is a narrow vein, underground hardrock mine, which
is exactly Hecla`s area of expertise. We have been able to replace the
reserves that we`ve mined in the past, and these results from our
latest exploration efforts indicate that we should be able to continue
to find reserves at a deeper level."
Recent drilling on the Betzy vein returned assay results including
1 ounce of gold per ton over 2.6 meters, 0.76 ounce of gold per ton
over 2 meters and 3.27 ounces of gold per ton over 2 meters.
Hecla has also been focusing attention on the Canaima property,
located 9 kilometers northeast of the main La Camorra mine in
Venezuela, where an inferred resource of 400,000 tons at a grade of
0.55 ounce of gold per ton was earlier identified based on drilling by
Monarch Resources. Hecla is conducting a combination of hydrologic and
geotechnical studies, as well as a drilling program to confirm the
previous resource information. Initial drilling results have confirmed
and possibly upgraded the original multi-vein resource estimate. (see
table)
-0-
*T
Horizontal Gold
Hole From To Width Assay
Number (meters) (meters) (meters) (grams/tonne) Vein
===============================================================
SC-56 50.65 52.06 1.44 12.45 HW1
SC-56 124.30 125.70 1.31 79.93 MU
SC-56 131.77 137.83 6.36 56.81 ML

SC-57 77.60 78.45 0.77 42.66 HW2
SC-57 116.70 119.65 2.77 2.38 MU
SC-57 127.12 130.50 2.82 138.50 ML

SC-58 147.74 156.94 7.58 17.62 MU
SC-58 162.90 169.10 5.69 24.12 ML

SC-59 lost hole

SC-60 76.50 80.35 3.15 13.18 HW1
SC-60 154.50 155.05 0.47 1.04 MU
SC-60 160.25 161.60 1.37 9.26 ML
*T

Baker said, "We are very pleased with the high-grade results at
Canaima, with assays coming in even better than expected. A
feasibility study for Canaima is expected to be completed in the
second quarter of this year. This property could very well be the next
addition to our Venezuelan production within the next 18 to 24
months."
Baker also said, "Due to excellent exploration results on several
fronts, Hecla increased its exploration expenditures in the fourth
quarter of 2002 to nearly $3 million. As progress warrants, we could
easily see continuing to make those kinds of expenditures throughout
2003. With this significantly increased exploration program, our
intent over the next couple of years is to not only replace ore we
have mined out during the year, but also to increase reserves and
expand Hecla`s production capacity."
In Mexico, an aggressive drilling program during the fourth
quarter on the Don Sergio vein on the Cerro Pedernalillo project sets
the stage for the 2003 drilling program and feasibility study for ramp
development. Cerro Pedernalillo is located about 6 kilometers south of
Hecla`s San Sebastian silver mine. Baker said, "This whole area holds
tremendous promise for future discovery. We have a lot of ground to
cover, but hope to discover additional mineable resources here."
Hecla Mining Company, headquartered in Coeur d`Alene, Idaho, mines
and processes silver and gold in the United States, Venezuela and
Mexico. A 112-year-old company, Hecla has long been well known in the
mining world and financial markets as a quality silver and gold
producer. Hecla`s common and preferred shares are traded on the New
York Stock Exchange under the symbols HL and HL-PrB.
Statements made which are not historical facts, such as
anticipated payments, litigation outcome, production, sales of assets,
exploration results and plans, costs, prices or sales performance are
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995, and involve a number of
risks and uncertainties that could cause actual results to differ
materially from those projected, anticipated, expected or implied.
These risks and uncertainties include, but are not limited to, metals
price volatility, volatility of metals production, exploration risks
and results, project development risks and ability to raise financing.
Refer to the company`s Form 10-Q and 10-K reports for a more detailed
discussion of factors that may impact expected future results. The
company undertakes no obligation and has no intention of updating
forward-looking statements.
Cautionary Note to Investors -- The United States Securities and
Exchange Commission permits mining companies, in their filings with
the SEC, to disclose only those mineral deposits that a company can
economically and legally extract or produce. We use certain terms in
this news release, such as "resource" and "inferred resources," that
the SEC guidelines strictly prohibit us from including in our filing
with the SEC. U.S. investors are urged to consider closely the
disclosure in our Form S-1, File No. 333-100395. You can review and
obtain copies of these filings from the SEC`s website at
http://www.sec.gov/edgar.shtml.

--30--SAM/se*

CONTACT: Hecla Mining Company, Coeur d`Alene
Vicki J. Veltkamp, 208/769-4144
http://www.hecla-mining.com

[peter.wedemeier1]

Market Update
Close: It started off a good day, with the indices continuing their bounce of yesterday...Fed Chairman Alan Greenspan gave some support to the market, noting that economic growth is already decent, but that the uncertainty surrounding the Iraqi situation and the possibility of war makes forecasting difficult...the Dow was up over 60 points at one point...but then Secretary of State Powell told a Senate panel that bin Laden may release a tape tonight that ties him to Iraq...the Arab broadcasting unit Al-Jazeera confirmed that in the afternoon and a transcript has been released...
that pushed Greenspan aside and once again raised "war jitters"....the indices slid the rest of the day before coming off their lows in the final hour...volume was light, as reasons to buy now are sparse...the losses were widespread, with few sectors showing any strength, and decliners leading advancers by about 3-to-2...there were no big news stories on individual stocks, as today was all about global tensions...NYSE Adv/Dec 1295/1966, Nasdaq Adv/Dec 1477/1742

3:25PM: Indices make a minor bounce off the lows but it does not alter the overall trend this afternoon - down...simply not enough buying interest now...Dow is just 29 points above 7,800, which some consider a key support level...NYSE Adv/Dec 1216/2016, Nasdaq Adv/Dec 1234/1919

3:00PM: The afternoon is turning into a steady, widespread sell-off...almost a rout...it doesn`t have the feel of panic though...it is just that the compelling reason to buy isn`t there, and in a downdraft, it is easy for buyers to wait even if they see value...breadth is poor now, as banks, chemicals, papers, and brokers lead the decline...even the SOX semiconductor index, which had led the Nasdaq higher, is now -0.86 or 0.3%...
http://quote.yahoo.com/mo

[peter.wedemeier1]

[peter.wedemeier1]

Dogs of the Dow selected as a "Smart Tip" by SmartMoney
http://www.dogsofthedow.com/

[peter.wedemeier1]

METALS STOCKS

Gold ends lower after volatile session
Metals indexes gain after four losing sessions

By Myra P. Saefong, CBS.MarketWatch.com
Last Update: 5:09 PM ET Feb. 11, 2003







NEW YORK (CBS.MW) -- Gold futures prices closed lower Tuesday with investors digesting a multitude of news on Iraq and the U.S. economy.


http://www.marketwatch.com/news/yhoo/story.asp?source=blq/yh…

[peter.wedemeier1]

Economic minuses outweighing the pluses
10:38 a.m. 02/11/2003 By Dr. Irwin Kellner Provided by


Commentary: Economy`s growing risks are outweighing the pluses
NEW YORK (CBS.MW) -- The United States economy is stuck in the twilight zone between a full-fledged recovery and an outright recession.

While there are a number of pluses in the picture, they are being outweighed by a growing number of minuses - including economic policy.

The Federal Reserve may have pushed interest rates down to 40-year lows, but now, instead of helping the flagging recovery, the Fed may now be hindering it.

Fed chief Alan Greenspan may blame the economy`s lackluster performance on the fog of warbut in reality, the Fed may be contributing to this sluggishness by not letting interest rates go as low as the markets would otherwise take them.

As strange as it may seem, the Fed appears to be restraining money growth.

In 2001 the money supply M2 adjusted for inflation at times rose as much as 10 percent compared with the year before. That growth rate has since been sliced to little more than 4 percent.

Fiscal policy may also be less stimulative than it looks.

While the federal budget has, indeed, swung from surplus to deficit, it is not helping all that much. For one thing, there is very little tax relief scheduled for individuals this year. For another, the president wants to boost savings by taxing consumption - the last thing the economy needs now.

Then there is the worsening health of most states and local governments.

According to the, the budget deficit of all states and local governments combined is the biggest in at least 50 years, with 47 of the 50 states projecting shortfalls.

Since virtually all states must balance their budgets, this means hefty tax increases and/or spending cuts, which, of course, take purchasing power out of the economy. Washington could have mitigated this by increasing aid to states but so far it has chosen not to.

Also falling under the heading of the government shooting the economy in the foot is the fog of war, itself. The growing likelihood of war with Iraq is a key reason why the price of oil has shot up. Since oil is used throughout the economy, this jump in prices is tantamount to a tax increase.

Under these circumstances, business is putting major decisions to expand, hire and invest on hold. For individuals, this means tough times, when it comes to obtaining -or even holding onto - a job. Help-wanted advertising is now at a 39-year low.

Not surprisingly, consumer confidence is now at one of its lowest points in recent years. Ironically, this may give the president what he wants, since when they are worried, people tend to save, not spend.

[peter.wedemeier1]

Powell Ties `bin Laden` Message to Iraq
Tue Feb 11,11:38 AM ET Add Top Stories - AP to My Yahoo!


By BARRY SCHWEID, AP Diplomatic Writer

WASHINGTON -
Powell Ties `bin Laden` Message to Iraq
Tue Feb 11,11:38 AM ET


By BARRY SCHWEID, AP Diplomatic Writer

WASHINGTON -

[peter.wedemeier1]

Press Release Source: Hecla Mining Company


Hecla Reports Record Gold and Silver Production in 2002
Tuesday February 11, 8:16 am ET
Second Consecutive Year of Net Income


COEUR D`ALENE, Idaho--(BUSINESS WIRE)--Feb. 11

http://biz.yahoo.com/bw/030211/110251_1.html

[peter.wedemeier1]

MONETARY POWERS AND DISABILITIES

http://www.piecesofeight.us/con5b.html

[peter.wedemeier1]

Press Release Source: Tillinghast


U.S. Tort Costs Climbed To $205 Billion In 2001, According to Tillinghast Study
Tuesday February 11, 7:02 am ET
Tort Costs Jumped 14.3%: Highest Percentage Increase Since 1986


NEW YORK--(BUSINESS WIRE)--Feb. 11, 2003--
http://biz.yahoo.com/bw/030211/110083_1.html

[peter.wedemeier1]

Reuters
UPDATE - Barrick axes CEO, looks to restore confidence
Wednesday February 12, 11:05 pm ET
By Lesley Wroughton


(Adds details of earnings in paragraphs 8-10. Figures in U.S. dollars unless noted)
TORONTO, Feb 12 (Reuters) -
http://biz.yahoo.com/rc/030212/minerals_barrick_5.html

[peter.wedemeier1]

"The 16-20 index (and the 15-19) have generated their buy signals for execution on the close of business tomorrow. This is an executable signal. As promised, if the market fell, the system would have to get a buy signal. Although this signal has never lost money"
"Therefore, the low should be somewhere between today and early next week."
"That looks like a lot of risk to take, but this type of trade has always made a profit. Furthermore, based upon the triple buy signal, prices are not supposed to go below 4.51."
"The famous timers did finally sell today, but only sold 50% of their position (for a 10% loss in 6 days). That suggests that we are close to a low, but I would obviously prefer that they sell all of their gold stocks."
SKI Gold Stock Prediction
Jeffrey M. Kern, Ph.D.
for Thursday February 13, 2003
http://321gold.com/editorials/kern/current.html

[peter.wedemeier1]

Re: Wednesday, February 12, 2003
Sell-off today did not alter structure of long-term bull market
Author: Jim Sinclair
===========================================================================
The recent sell-off from the high in gold has not, in my opinion, altered
the structure of this long-term bull market in gold. Gold has always, and
will continue to be, a market with supply/demand skirmishes between titanic
forces with vested interests in the resulting price.

The almost straight up action of gold, followed by a similar reaction, has
all the earmarks of a forced short cover. The word in the marketplace is
that we have just witnessed our first derivative unwrap and market cover.

I expect this reaction to end either at the low today or $340-$343 or the
next Fibonacci support level outlined in the chart below. As Harry Schultz
said recently: "We have two choices when we experience such declines. To be
disappointed with the market or as the Asian/Islamic interests see it: `as
an opportunity.`" Personally, I see it as an opportunity that carries two
important messages:

a. Trading now must be less often. I am going in on days like today and
will supply angles of ascent as we witnessed on the first move out of the
Golden Teacup formation.

b. We are going into a gold market with unprecedented volatility which
usually means the market is going to new all-time highs. That is actually
somewhat unnerving in its implications.

Conversations with the gold pros:

KA noted: "Surprisingly, silver lost none of its long-term internal
strength on this decline, even though it failed to get through the
$498-$512 over-head resistance.

MM noted: "The pure gold company shareholders said NO today to being
stampeded.
That looks promising."

Click on the following link to view full editorial including associated
chart:
http://www.jsmineset.com/s/NewsArchives.asp?ReportID=48922" target="_blank" rel="nofollow ugc noopener">http://www.jsmineset.com/s/NewsArchives.asp?ReportID=48922
===========================================================================
Copyright (c) 2002 JIM SINCLAIR`S MINESET () All rights reserved. For
more information visit our website at http://www.jsmineset.com/ or send
mailto:[e-mail]
Message sent on Wed Feb 12, 2003 at 3:26:42 PM Pacific Time
=======================================================

[peter.wedemeier1]

• NATO Allies Reject New U.S. Plan on Iraq



• N. Korea Missile Can Hit U.S., CIA Says



• FBI Linked McVeigh to Group After Bombing



• Nation Braces for Potential Terror Attack



Top News - Reuters Feb 12, 6:10 pm ET

• Air Defense Missiles on Alert in U.S. Capital



• US Officials Say N. Korea Could Hit U.S. with Nukes



• Osama Bin Laden at Heart of Transatlantic Iraq Row



• Iraqi Missile Exceeds Allowable Range -UN Experts

[peter.wedemeier1]

Sunday, 26 January, 2003, 20:44 GMT
Soros warns globalisation at risk

http://news.bbc.co.uk/1/hi/business/2696627.stm

[peter.wedemeier1]

Press Release Source: Goldcorp, Inc.


Goldcorp Inc.: Red Lake`s Growth Continues, New Shaft Approved, Reserves Increased
Wednesday February 12, 2:37 am ET
(All dollar amounts in US$)


TORONTO--(BUSINESS WIRE)--Feb. 12, 2003--

http://biz.yahoo.com/bw/030212/112583_1.html

[peter.wedemeier1]

Dow Jones Business News
Barrick Gold Names Wilkins CEO, Replacing Oliphant
Wednesday February 12, 2:11 pm ET


TORONTO --

http://biz.yahoo.com/djus/030212/1411000914_1.html

[peter.wedemeier1]

[peter.wedemeier1]

Greenspan, at his most candid, sets point of no return


Fed chief examines red ink, sees fiscal storm brewing

By Thom Calandra, CBS.MarketWatch.com
Last Update: 1:03 PM ET Feb 12, 2003

SAN FRANCISCO (CBS.MW) --

http://custom.marketwatch.com/custom/excite-com/news-story.a…

[peter.wedemeier1]

France Unconvinced of Jacko Surgery
by: chefman98_1998 (50/M) 02/12/03 09:15 am
Msg: 1591 of 1592
2 recommendations

MICHAEL JACKSON ADMITS PLASTIC SURGERY; FRANCE UNCONVINCED

Chirac Demands More Time for U.N. Face Inspectors

At the United Nations today, U.S. Secretary of State Colin Powell offered
what he called "conclusive proof" that the singer Michael Jackson has had
plastic surgery, but failed to convince France.

In his presentation, Mr. Powell first showed two photos of Mr. Jackson,
taken in 1979 and 2003, to illustrate the dramatic transformation of the
singer`s face from human to Halloween mask.

As Security Council members watched intently, Mr. Powell then played a
tape of a recent court appearance by Mr. Jackson, during which the tip of
his nose appeared to fall from his face and onto the floor.

Finally, Mr. Powell played a tape of the ABC program "20/20" in which Mr.
Jackson admitted he had plastic surgery, after which a visibly frustrated
Mr. Powell turned to the ambassador from France and said, "How much more
freaking proof do you clowns need?"

While the French ambassador did not respond, impassively sipping on a
glass of red wine while reading a book by Camus, later in the day French
President Jacques Chirac had harsh words for Mr. Powell, saying that the
Secretary of State "had proved nothing."

President Chirac added that the United Nations should grant its official
face inspection team more time to look at Mr. Jackson`s head to determine
whether the singer had plastic surgery or not.

In related news, President Chirac said the U.S. had failed to show
convincing proof that Jennifer Lopez has a big ass.
http://messages.yahoo.com/bbs?.mm=FN&action=m&board=7079114&…

[peter.wedemeier1]

The Debt To the Penny
http://www.publicdebt.treas.gov/opd/opdpenny.htm

[peter.wedemeier1]

Statutes of the Bank for International Settlements
http://www.bis.org/about/statu-ex.htm

[peter.wedemeier1]

Germany`s Mr. Tough Guy

By Michael Kelly
Wednesday, February 12, 2003; Page A29
http://www.washingtonpost.com/wp-dyn/articles/A59725-2003Feb…

[peter.wedemeier1]

To: Heclaonians

http://view.greetings.yahoo.com/greet/view?6E7VCJ7GYHX8F

[peter.wedemeier1]

Gold Derivative Market -
Accident Waiting to Happen
By Jim Sinclair
[e-mail]
2-14-3
http://www.rense.com/general34/gold.htm

[peter.wedemeier1]

Saturday, February 15, 2003

What Has Government Done to Our Money?
--------------------------------------------------------------------------------
Murray N. Rothbard
III.
Government Meddling With Money


9. Central Banking
Directing the Inflation

http://www.mises.org/money/3s9.asp

[peter.wedemeier1]

Press Release Source: Silver Standard Resources Inc.


Silver Standard Resources Inc.: Infill Drilling at Bowdens Silver Project in Australia Continues
Friday February 14, 7:03 am ET
Intersects 14.8 Ounces of Silver per ton Over 98.5 Feet


VANCOUVER, British Columbia--(BUSINESS WIRE)--Feb. 14, 2003--
http://biz.yahoo.com/bw/030214/142055_1.html

[peter.wedemeier1]

United States Daily Economic Commentary

Freedom`s Just Another Word For Nothing Left To Lose - Fed Chairman Greenspan`s February 11th Senate Testimony
February 13, 2003

http://www.ntrs.com/library/econ_research/daily/us/030213.ht…

[peter.wedemeier1]

02.14.2003 Market WrapUp by Mike Hartman

Predictable Uncertainty

http://www.financialsense.com/Market/commentary.htm

[peter.wedemeier1]

Former Russian official says 100 portable bombs missing

WASHINGTON (AP) -
http://www.lubbockonline.com/news/090597/LA0759.htm

[peter.wedemeier1]

Arms Control Today September 1997





Russian Officials Deny Claims Of Missing Nuclear Weapons

Craig Cerniello

http://www.armscontrol.org/act/1997_09/lebedsept.asp

[peter.wedemeier1]

House Committee of National Security
Allegations of Russia`s Missing Suitcase Bombs

October 1-2, 1997

http://www.ransac.org/new-web-site/related/congress/hearings…

[peter.wedemeier1]

Pace of Restructuring Accelerates in Japan`s Financial Industry



http://www.matthewsfunds.com/weekly_update.cfm

[peter.wedemeier1]

Hi-Yo Silver!

Don Stott
http://www.gold-eagle.com/gold_digest_03/stott021503.html

[peter.wedemeier1]

Mexico - Mining: Silver Mining
- Overview
http://www.mbendi.co.za/indy/ming/silv/am/mx/p0005.htm

[peter.wedemeier1]

The Gold Volcano:
15 Roads Merge Golden Lava

Jim Willie CB
February 14, 2003

SOURCES OF MONEY FLOWING INTO GOLD & SILVER:

US Treasury debt securities click
Chinese and Russian Central Banks click
Arab Petro-Dollars click
Gold Miners click
Federal Reserve Monetization click
EuroBonds click
Japanese Savings click
Pension Funds (managed and unmanaged) click
Hedge Funds click
Real Estate click
Mortgage-Backed Securities click
Corporate Bonds click
S&P Stocks click
New United States Gold-backed Dollar click
New Argentina Silver-backed Peso click
http://www.321gold.com/editorials/willie/willie021403.html#

[peter.wedemeier1]

Fewer Homeowners Refinancing Mortgages


Wednesday February 12, 3:53 PM EST

NEW YORK (AP) —
http://money.excite.com/jsp/nw/nwdt_rt_top.jsp?cat=TOPBIZ&fe…

[peter.wedemeier1]

Mr. Weiss

Taken from Safe Money Report
February 15th, 2003
Real Estate Hits The Ceiling
-- February 12, 2003

Signs are slowly emerging that the real estate boom is beginning to go bust.
Despite falling interest rates, applications to refinance AND purchase homes are
down. According to the Mortgage Bankers Association, its refinance activity index
dropped 2.7% last week -- following a 4% drop the prior week. And its purchase
index plunged even more, falling 11.4% for the week ending February 7.

Although the numbers remain high, the decline shows that a booming real estate
sector won`t be able to help the economy limp along for much longer. Refinancing
has allowed homeowners to use their houses like an ATM -- which is why consumer
credit has plunged in recent months. But it is just a temporary fix. Before long,
consumers will have maxed out their equity lines of credit and will have to face
those huge piles of debt once again.

And with so much uncertainty developing -- about war, the job market, the stock
market, the overall economy -- it`s no surprise that consumers are hesitant to make
the big jump into purchasing new homes. Plus, they won`t want to add on more
debt, so, they`ll pare down their other spending even more than they already have.

Trouble is, war is all but inevitable and the job market, the stock market, and the
economy look as if they aren`t going to improve much in the coming months.

[peter.wedemeier1]

The US economy
This article is long but critical for you to be able to understand the US economy right now. Nobody at the FED or in the Government is going to tell you what I have written here.

http://168.215.118.56/vince/web/ra-02-13-03.html

[peter.wedemeier1]

Some ordinary investors dropping stocks for gold
By PETER A. MCKAY The Wall Street Journal
http://www.cantonrep.com/printable.php?ID=85042

[peter.wedemeier1]

Greenspan Fiddles and the French Dance

By: John Mauldin, Millennium Wave Advisors






Greenspan Fiddles as the Economy Burns
The Union of European Socialist Republics
For The Want of A Nail
In for a Dime, In for a Dollar
Betting the Whole French Ranch




http://news.goldseek.com/MillenniumWaveAdvisors/1045261366.p…

[peter.wedemeier1]

The Space Shuttle`s Secret Military Mission
Astronaut Ilan Ramon Spied on Iraq with a Multispectral Camera.
Were spectral emissions from the shuttle powered by americium-242?
by Yoichi Clark Shimatsu
http://freedom.orlingrabbe.com/lfetimes/columbia_spectral.ht…

[peter.wedemeier1]

GOLDEN FLEECING?

A New Orleans retailer is accusing a mining giant and one of the biggest names on Wall Street of illegally manipulating the price of gold


Sunday February 16, 2003


By Stewart Yerton
Business writer

http://www.nola.com/business/t-p/index.ssf?/base/money-0/104…

[peter.wedemeier1]

Gold Action No. 337 - Snippet

By: Dr. Clive Roffey, Gold Action
http://news.goldseek.com/GoldAction/1045243795.php

[peter.wedemeier1]

"Gold has fallen a little, giving one an opportunity of buying more gold. If you are dollar-cost-averaging with gold, as you should, and if you are not then the next time I see your mother I am going to tell her that you are acting like an idiot, then you will get more gold per dollar now. It worked with equities in the Nineties, and it will work now with gold."

aus:
TomorrowLand

Richard Daughty
The Mogambo Guru
February 17, 2003
The Daily Reckoning

http://www.321gold.com/editorials/daughty/daughty021703.html

[peter.wedemeier1]

On Barrick

Steve Saville
17 February, 2003

http://www.321gold.com/editorials/saville/saville021703.html

[peter.wedemeier1]

BIG MACS AND A 1% CURRENCY
The Daily Reckoning
Paris, France

Friday, 14 February 2003, Valentine`s Day

http://www.dailyreckoning.com/home.cfm

[peter.wedemeier1]

GOLDEN FLEECING?

A New Orleans retailer is accusing a mining giant and one of the biggest names on Wall Street of illegally manipulating the price of gold


Sunday February 16, 2003


By Stewart Yerton
Business writer

http://www.nola.com/business/t-p/index.ssf?/base/money-0/104…

[peter.wedemeier1]

[peter.wedemeier1]

General Editorial

Let`s Get Real

A few questions and observations for my readers:

- Why has the only Dove in the Bush Administration, General Colin Powell, Become a Hawk?
- The "why" behind my decision not to issue a sell on gold when it broke down from its power up trend line recently.
- Why is gold going to move above $400 soon?
- Why the 2nd leg in gold may surpass the Key $529 level?
http://www.jsmineset.com/s/GeneralEditorial.asp

[peter.wedemeier1]

What`s the story on Barrick`s hedge position?

February 15, 2003
By Jim Sinclair
http://www.jsmineset.com/s/GeneralEditorial.asp

[Wardriver]

End of Gold is coming.



Wardriver

[schuh]

Meine Güte Wardriver schreibst du eine Scheiße

Nach der jahrtausendenwährenden Geschichte von Gold kommt nun 2003 das Ende


Es ist ja ganz lustig mal anders als viele zu schreiben, aber so ein Blödsinn wäre vielleicht bei Blitz oder Raab angebracht, aber nicht in einem Finanzforum

[peter.wedemeier1]

N. Korea Threatens to Abandon Armistice
Mon Feb 17, 7:49 PM ET

By SANG-HUN CHOE, Associated Press Writer

SEOUL, South Korea -
http://story.news.yahoo.com/news?tmpl=story&u=/ap/20030218/a…

[peter.wedemeier1]

WEEKLY COMMENTARY

February 17, 2003

Also see new articles at:

Best of Mark Rostenko

Best of Howard Ruff

Best of Kurt Richebacher

Best of Mogambo Guru

Barrick`s Silver Bombshell
By Theodore Butler
http://www.investmentrarities.com/02-17-03.html

[peter.wedemeier1]

Bankers Plan for Financial Crash
The following edited excerpts are taken from an article that first appeared in the July 28, 2000 issue of Executive Intelligence Review (EIR). Note the parallels, then vs. today. Hmmmmmm???

"CFR Bankers Plan for Financial Crash
by Richard Freeman

On July 12-13, 2000, the New York Council on
Foreign Relations (CFR) held a conference at its headquarters on the East Side of Manhattan titled, "The Next Financial Crisis: Warning Signs, Damage Control and Impact."

For two days, several speakers told a high-powered audience of 250 people, comprised largely of bankers, investors, corporation officials, and policymakers, from the United States and Europe, of the possibility that the U.S. stock market, and potentially the world financial system, would melt down.

The conference featured discussion of the outcomes of the simultaneous breakdown of major financial markets around the world.

What had been simulated, was a policy of pumping huge amounts of liquidity by the Federal Reserve, both through public sources and also through secret channels, to "keep the main markets open." The simulation was conducted such that "all the public would see, is that the Fed volume of loans to banks had gone up."

The CFR conscripted 75 people, including bankers, former Treasury Secretaries, and former State Department officials. Participants were divided into four teams, sent into four rooms, with the ability to communicate with each other and with a command headquarters through the computers.

The four teams covered: 1) monetary-financial, which dealt with the functions of the Federal Reserve Board of Governors; 2) economic and trade, which dealt with the functions of the U.S. Treasury Department; 3) regulatory matters; and 4) former CIA director James Woolsey played the role of Secretary of Defense. The game-players were hit with breakdowns in several markets, which increased in severity, and in some ways interacted, during the simulation.

The market assumptions included: the Dow Jones Average Industrial Average falling by stages, from 10,000 to 7,100; the price of oil shooting up to $36 per barrel; the dollar plummeting against both the euro and the yen; the affiliate of a large British insurance company that was a big player in the equity derivatives market getting into trouble,
causing panic in the derivatives market. The CFR has not yet written up the outcome of the simulation, but one conference panel was a "report-back" by participants in the simulation meltdown.

A major objective of the exercise was to bail out the financial markets. According to an article in the March 10 issue of Euromoney
magazine, written by an eyewitness reporter during the simulation, two of the largest mutual funds in America went to the Securities and Exchange Commission saying that they were experiencing redemption rates that could
threaten their firms. The article reported, "They need an injection of
cash to meet the payments without having to dump their portfolio on the market at fire-sale rates. . . . The regulators [a simulation team] approached blue-chip J.P. Morgan and discussed the Fed secretly guaranteeing a huge line of credit to the two funds. Morgan would take excess collateral, but it wouldn`t be taking the credit risk of the mutual fund companies themselves. That would be borne by the Fed. Fed Chairman Greenspan is uncomfortable, but agrees to the deal. `All
the public will see,` says one regulator reassuringly, `is that the Fed`s
volume of loans to banks has gone up.` "

Former World Bank Managing Director and Treasurer Jessica Einhorn, who played vice-chairman of the Fed during the simulation, reported at the conference that, in the simulation, "We kept the main markets open, and let other things go. We lowered rates and put in liquidity. The main thing was to create the perception of confidence."

http://messages.yahoo.com/bbs?action=m&board=7082634&tid=jpm…

[peter.wedemeier1]

Iran moving into Iraq
The problem is that this sure complicates an already complicated situation. Here`s the article, from the Financial Times

US concern as Iranian-backed troops enter Iraq
By Najmeh Bozorgmehr in Tehran and Guy Dinmore in Washington
Published: February 18 2003 21:48 | Last Updated: February 18 2003 21:48

Iranian-backed Iraqi opposition forces have crossed into northern Iraq from Iran with the aim of securing the frontier in the event of war, according to senior Iranian officials.

The forces, numbering up to 5,000 troops, with some heavy equipment, are nominally under the command of Ayatollah Mohammad Baqir al-Hakim, a prominent Iraqi Shia Muslim opposition leader who has been based in Iran since 1980 and lives in Tehran.

A US State Department official said he was aware of reports that part of Ayatollah Hakim`s Badr brigade had crossed into northern Iraq but declined further comment. Analysts close to the administration of President George W. Bush said the US was concerned about the intentions of this new element in an increasingly complicated patchwork of forces in northern Iraq.

Turkey has long had a limited military presence in northern Iraq, and US special forces began moving into the region several months ago. The Badr brigade has been trained and equipped by Iran`s Revolutionary Guards and could be regarded as a proxy force of the Iranian government.

Iranian officials insist that force`s role in the north is defensive but its presence will exacerbate the concerns of the US and especially the Arab world that military intervention in Iraq will lead to a permanent disintegration of the country. Through inserting a proxy force, Iran is underlining that it cannot be ignored in future discussions over Iraq`s make-up.

Ayatollah Hakim`s forces had previously been based in southern Iran, close to Iraq. Two months ago they began moving into the area of northern Iraq governed by the Patriotic Union of Kurdistan (PUK), one of two Kurdish parties that rule an area the size of Switzerland outside Baghdad`s control.

A senior Iranian official, who asked not to be named, said the presence of Ayatollah Hakim`s troops was defensive and aimed at countering a possible attack on Iran by the People`s Mujahideen Organisation (MKO), an Iranian opposition group based in Iraq and strongly supported by President Saddam Hussein.

Another official said the Badr force had moved into an area near Darbandikhan, a depopulated and rugged stretch of hills and ravines about 15 miles from the closest point on the Iranian border.

The MKO used Iraqi territory to mount attacks on Iran during the 1980-88 war between Iran and Iraq. The Kurdish parties controlling northern Iraq have also expressed fears that Mr Hussein would try to use the MKO against them in the event of a US-led invasion of Iraq.

Ayatollah Hakim is the head of the Supreme Council for Islamic Revolution in Iraq (Sciri), a mainly Shia Muslim group that fought in the failed 1991 uprising against Baghdad in southern Iraq. More recently Sciri has taken part in talks between the Iraqi opposition and the US.

His office in Tehran denied that the Badr brigade had moved into northern Iraq but said Sciri had maintained forces in that region for several years, gathered from Iraqi Shia who had fled the Iraqi regime. A representative of the PUK also denied there had been a recent movement across the border but confirmed a presence of Sciri forces.

[peter.wedemeier1]

Golden Bull Buy Signals










Adam Hamilton



February 7, 2003
http://www.zealllc.com/2003/goldbuy.htm

[peter.wedemeier1]

TRANSCRIPTION OF INTERVIEW

July 27, 2002
Ian Gordon, Editor, The Long Wave Analyst
"The Kondratieff Winter"

http://www.financialsense.com/transcriptions/Gordon.htm

[peter.wedemeier1]

Gold analyst `disappears` following WND report
Touter of Silverado stock rumored to have fled country after story ran

--------------------------------------------------------------------------------
Posted: February 19, 2003
1:00 a.m. Eastern


By Sherrie Gossett
© 2003 WorldNetDaily.com

http://www.worldnetdaily.com/news/article.asp?ARTICLE_ID=311…

[peter.wedemeier1]

Press Release Source: Coeur d`Alene Mines Corporation


Coeur Reports 2002 Results from its Properties and Continued Exploration Success at its Martha Mine in Argentina
Wednesday February 19, 9:07 am ET


COEUR D`ALENE, Idaho--(BUSINESS WIRE)--Feb. 19, 2003--

http://biz.yahoo.com/bw/030219/190204_1.html

[peter.wedemeier1]

http://168.215.118.56/vince/web/xau021803.gif

[peter.wedemeier1]

Economic Forecast: It`s Worse Than You Thought

By Jim Jubak
MSN Money Markets Editor
02/19/2003 06:51 AM EST
http://www.thestreet.com/_yahoo/funds/jubak/10069427.html

[peter.wedemeier1]

Reuters
J.P. Morgan Fires Equities Chief
Wednesday February 19, 11:35 am ET
By Jake Keaveny

http://biz.yahoo.com/rb/030219/financial_jpmorgan_6.html

[peter.wedemeier1]

CNN:
"Several Iraq-related developments seemed to roil investors` nerves Wednesday, including a number of reports in the British press. A report in the Independent newspaper claimed that U.S. and British intelligence are tracking three large cargo ships that left Iraq only days before U.N. weapons inspections began in the country. According to the story, the suspicion is that the ships, which have been sailing the world`s oceans for the past three months, could be loaded with Baghdad`s weapons of mass destruction."

[peter.wedemeier1]

Producer Prices Up, Fastest in Decade
Thu Feb 20, 9:22 AM ET



WASHINGTON (Reuters) -
http://story.news.yahoo.com/news?tmpl=story&ncid=580&e=2&cid…

[peter.wedemeier1]

silver lease rates
http://www.kitco.com/charts/s_leaserates.html

[peter.wedemeier1]

Firm buys Sunshine Mine ; Reopening appears unlikely without increase in silver price
Source: Spokesman Review
Publication date: 2003-02-19
Arrival time: 2003-02-20

http://cnniw.yellowbrix.com/pages/cnniw/Story.nsp?story_id=3…

[peter.wedemeier1]

Goldcorp Inc.: Senior Management Promotions
Thursday February 20, 5:43 pm ET

TORONTO--(BUSINESS WIRE)--Feb. 20, 2003--Goldcorp Inc. (NYSE:GG - News; TSX:G - News) is pleased to announce the promotions of R. Bruce Humphrey to Senior Vice President and Chief Operating Officer and Brad J. Boland to Vice President, Finance these promotions represent a key step in our positioning of Goldcorp for its next phase of growth.

Bruce joined Goldcorp in April 1998 with a mandate to drive the design, construction and operation of our new Red Lake Mine. He has executed these responsibilities superbly. Brad joined Goldcorp in August 1998. Since then he has demonstrated strong financial and management skills and focus. He will be assuming many of the duties previously done by Halina McGregor, (formerly VP, Finance and CFO), who has left to pursue other goals."

From GG website:
"Bruce Humphrey (PEng., BScMining Eng.)
Vice President, Operations

Bruce joined Goldcorp in 1998. He was responsible for the planning, re-development and operation of the Red Lake Mine. Bruce has 25 years industry experience and prior to joining Goldcorp, he held senior management and engineering positions with several mining companies and mining contractors."

Now they have an engineer doing the CFO job. This is starting to worry me now. I guess that`s what happened to the stock price today. Notice the public doesn`t get the information till after market close.

[peter.wedemeier1]

[peter.wedemeier1]

From R. Russell`s update tonite.

"Sentiment (use contrary opinion in his area). Investors` Intelligence in their latest poll shows that 41.6% of advisors are bullish vs. 33.7% of advisors that are bearish. The bullish advisors percentage has been above bearish advisors for many months except for a few weeks last October.

History shows that every important market bottom has been accompanied by many weeks or even months in which the percentage of bearish advisors was above the bullish percentage. We haven`t seen anything like that during 2002 or 2003. I have written extensively on the sentiment situation with thanks to the great research of Peter Eliades of Stockmarket Cycles."

[peter.wedemeier1]

A person only has to look at the s&p chart over the past 20 years to get a sense
of the size of the stock market bubble we`ve seen pop since spring of 2000 ... and to
see that it still has a long way to fall to get back to where it was before the climb.

[peter.wedemeier1]

Press Release Source: Coeur d`Alene Mines Corporation


Coeur Announces Financing Agreement to Sell $37.2 Million of 9% Senior Convertible Notes
Friday February 21, 9:02 am ET


COEUR D`ALENE, Idaho--(BUSINESS WIRE)--Feb. 21, 2003--Coeur d`Alene Mines Corporation (NYSE:CDE - News) announced today it has entered into an agreement to complete a private placement of $37.2 million of 9.0% Senior Convertible Notes.
The net proceeds of approximately $33.8 million will be used to retire the majority of the remaining $28 million of the Company`s 6.375% Subordinated Convertible Debentures due January 2004 and will provide working capital for general corporate purposes.

Dennis E. Wheeler, Coeur`s Chairman and Chief Executive Officer stated, "This financing substantially completes the Company`s debt restructuring efforts, which began in 1998. Coeur`s balance sheet will be considerably re-shaped and strengthened. We are now in a position to aggressively pursue new growth opportunities."

Under the purchase agreement, Coeur agreed to issue $37.2 million of new 9.0% Senior Convertible Notes ("New Notes") for $33.8 million in proceeds. The New Notes will be convertible into common stock at a conversion price of $1.60 per share and will mature in 2007. Coeur expects to close this transaction by the end of February. Houlihan Lokey Howard & Zukin Capital has served as the Company`s financial advisor on this transaction.

Coeur d`Alene Mines Corporation is the world`s largest primary silver producer, as well as a significant, low-cost producer of gold. The Company has mining interests in Nevada, Idaho, Alaska, Argentina, Chile and Bolivia.

--------------------------------------------------------------------------------
Contact:
Coeur d`Alene Mines Corporation
Mitchell J. Krebs, 208/769-8155



--------------------------------------------------------------------------------
Source: Coeur d`Alene Mines Corporation

[peter.wedemeier1]

Pacific Exchange to Trade New Options

Friday February 21, 6:35 PM EST
SAN FRANCISCO, Feb 21, 2003 /PRNewswire via COMTEX/ -- The Pacific Exchange
(PCX) announced that, on Monday, February 24, 2003, it will begin trading options
on Hecla Mining Company (HL);
Hecla Mining options will trade on the March expiration cycle with exercise limits set at
60,000 contracts. The issue will be traded by lead market maker William Ryan of D.A.
Davidson & Co.

[peter.wedemeier1]

Currently the S&P ratio and Dow are in the range of the low 20`s. At every end of a bear market like this for the last 100 years, these ratios should be in the high single digits. I guess that would be DOW 2000-3000.

Bill Gross of Pimco says that the bear market has to go at least to where the average S&P stock would be paying at least a 3% dividend. That would be DOW below 5000 or so.

[peter.wedemeier1]

You should go to a book store and thumb Robert Prechter`s book about surviving this crash. He is looking at Dow 1000, a collapse of the housing bubble and just about all of us going back to a hunter gatherer society,

[peter.wedemeier1]

Report from Iraq
Bombing the Starving, Sick & Homeless
By CHARLIE CLEMENTS, M.D.
http://csf.colorado.edu./longwaves/2003/msg00907.html

[peter.wedemeier1]

Legislation Introduced to Study the Effectiveness of Silver-Based Biocides for Wood Preservation
February 21, 2003
--------------------------------------------------------------------------------

(Washington, D.C. - February 21, 2003) -
http://www.silverinstitute.org/news/pr21feb03.html

[peter.wedemeier1]

Coming apart!

David Chapman
http://www.gold-eagle.com/editorials_03/chapmand022403.html

[peter.wedemeier1]

The End of Silver Leasing?

http://www.butlerresearch.com/silver-leasing.html

[peter.wedemeier1]

Morgan Report

-This weeks silver COT had commercials close 7000 short and add 3000 long contracts. Specs took the other side of this going short.
-Still 233 mil. oz. short silver by commercials.
-Gold COT very similar.
-Lease rates are rising. That`s positive but not the best indicator.
-Silver dealers reporting difficulty in obtaining quantity of silver to re-sell.
-Europe and Canada have a VAT on silver purchases discouraging investment.
-Synergies could cause volatility and have one of 2 outcomes. 1. Moving to a spot only market w/ no futures. 2. Making margin requirements unreasonable as happened in Palladium, I think he said marging was double the cost of the paper.
-13 yrs of a silver deficit w/ no significant investment demand.
-An email from pit trader gave reasons for silver`s `can`t get out of it`s own way` problem on the COMEX. Basically said the banks know the limit of the funds resources and can keep the prices from becoming unstable. If investment(delivery) demand started to come in it would the picture could change.
-Kodak doesn`t buy silver from the COMEX. They buy it straight from a producer.
-70% of silver is from by-product mining.
-They changed the law about aquiring silver for the Silver Eagle program. It does not have to be purchased from an American source.
-Buffet leased out 90 mil. of the 130 mil. he bought. Doesn`t like static investments. How where those contracts written ? Could they be settled in cash or do they require return of the silver ? Not known.
-Finally, there is a house resolution to require silver to be used in preserving wood. Instead of Creasote sp?.

http://messages.yahoo.com/bbs?.mm=FN&action=m&board=7079114&…

[peter.wedemeier1]

PLATINUM GROUP METALS
http://www.amm.com/ref/platgrp.HTM

[peter.wedemeier1]

"The Golden Road"

From "The Daily Reckoning" 2/20/03.

This is quite good.

<The Daily Reckoning PRESENTS: What a long, strange trip
it`s been. The International Speculator`s Paul van Eeden
takes us on a scenic tour of the dollar demise and the
rebirth of gold.


THE GOLDEN ROAD
By Paul van Eeden

In 1992, the Brazilian economy buckled under debt and
runaway inflation, resulting in a complete collapse of the
Brazilian real. The real literally went to zero and was
replaced with the new real.

During crises, money flees to the safest haven. The
Brazilian crisis caused large amounts of capital to seek
asylum in the U.S.. Careful analysis shows that the influx
of capital from Brazil caused a noticeable uptick (about a
10% gain) in the U.S. dollar from 1992 to 1994. This marked
the beginning of the greatest bull market in history,
encompassing stocks, bonds and real estate.

The next year, 1995, Mexico experienced its biggest
economic collapse since the Revolution and the peso lost
50% of its value. Being our southern neighbor and one of
our largest trading partners, this caused additional
capital to flee to the U.S., which in turn strengthened the
dollar even more. Our stock and bond markets followed suit.

At this stage, the U.S. economy was robust, real interest
rates were running at 5.02% compared to Europe`s 3%, and
given a stronger economy and higher real rates of return,
it is no surprise that capital migrated to the U.S. as
economic mayhem continued to plague the world. But the
stock market was already overvalued, with the Dow at around
3,500.

In 1996, the South East Asian Tigers caught a bad case of
the flu. This time, however, the new capital influx into
the U.S. was staggering, totaling $356 billion during 1996
and 1997 alone. It is not a coincidence that gold peaked in
February 1996 at $415 an ounce.

The world was still sniffling from the Asian Flu when
Russia defaulted on its debt in 1998. In January 1999, the
euro was launched and promptly started falling against the
dollar, eventually losing as much as 35% during the ensuing
two years. More capital made its way into the U.S.
attracted by reports of a "New Era", supposedly as a result
of productivity gains and the ultra-efficient U.S. economy.
Not to mention the gains in the U.S. stock market from
earlier flight capital infusions...and of course there was
still the perception of the U.S. as a safe haven for
foreign capital. By this time, it was already difficult to
distinguish between the roaring 20`s and the roaring 90`s.

From 1992 to 1999, more than $1.2 trillion (net) flowed
into the U.S. economy. This had to have ramifications.
Initially, the money was invested primarily in bonds,
leading to a spectacular bull market in that sector, but
more importantly driving down U.S. interest rates.

The falling cost of capital had an immediate effect on the
U.S. economy and the markets. Lower borrowing costs
increased corporate cash flows and profits. Higher profits
lead to higher stock prices as more cash flow allowed
companies to increase capital expenditures and R&D. The
latter two stimulated the economy by increasing jobs and
the velocity of money in the system.

Individual consumers also benefited. Unemployment declined,
along with mortgage rates and the interest on bank loans.
Cheap access to money induced both corporations and
consumers alike to take on debt at a staggering pace. From
1992 to 2002, consumer credit increased 119% and corporate
debt 95%.

It`s important to realize that Bill Clinton and Alan
Greenspan did not engineer these `good times`. They were
merely bystanders, spectators and orators. The markets did
not listen to Greenspan in 1996 when he warned of
irrational exuberance because he could not stem the influx
of capital. Likewise, Greenspan will not be able to
alleviate the correction we are now experiencing any more
than he succeeded in have preventing it. Finally, the
emperor is seen for what he is.

As mentioned, the dollar`s run started in 1992, but it was
not until 1996 that it really got going. And the stronger
dollar had consequences. Exports from the U.S. become more
expensive, hurting the export industries. Imports get
cheaper, hurting those competing with lower prices
(imported products, as in the steel industry). Lower import
prices also stimulated demand for imported goods, causing
the balance of trade to get out of kilter. A negative $36
billion trade balance in 1992 expanded to over $420 billion
by 2002.

Undeniably, a negative trade balance leads to a negative
balance of payments. The influx of capital during the
1990`s and the expanding trade deficit are two sides of the
same coin. Foreign demand for dollars was offset by out
demand for imported goods.

The problem with an expanding negative balance of payments
is that never before in the history of the world has there
been a large balance of payments deficit that was not
followed by a recession to correct the imbalance. The
magnitude of the ensuing recession is also in direct
proportion to the size of the deficit. The problem is that
the balance of payment deficit in the United States today
is exceptionally large by any measure. On a nominal basis,
it is the largest the world has ever seen.
The magnitude of our balance of payments deficit suggests
that we are going to have a long and severe correction
ahead of us. The influx of capital into the U.S., which
lowered our borrowing costs and led to exorbitant capital
expenditures, suggests that we are not merely looking at a
recession, but a full-blown depression.


Regards,

Paul van Eeden,
for the Daily Reckoning

P.S. Foreign capital has not yet left the U.S. en masse, as
evidenced by our still negative balance of payments. But it
is becoming ever more difficult to attract new foreign
capital on economic and investment merits. Bush is not
helping, either, by changing the previously favorable U.S.
climate for foreign capital to a perilous one with
terrorism-related seizures and the freezing of accounts.

The U.S. economy is stumbling over a cliff, and it`s going
to take the dollar with it. The result will be slower, or
negative, economic growth, collapsing stock and real estate
markets, and spectacular bankruptcies.

This collapse in asset prices creates deflationary pressure
that the Fed is going to fight tooth and nail with as much
money creation as possible. That will ultimately lead to a
real inflationary problem that could be far worse than
anyone is currently imagining. Navigating through this
investment environment will not be easy.

P.P.S. Fortunately, there is hope. The future is bleak for
the dollar whether we face inflation of deflation. That is
because during the current deflationary period, U.S.
economic growth is grinding to a halt, thereby reducing the
allure of U.S. stocks, bonds and real estate to foreign
investors. As foreign investors reduce their investment in
the U.S., the dollar will fall. To combat deflation, the
Fed is going to try to devalue the dollar, which is
obviously bad for the dollar.

Since gold acts as a stable international monetary asset
and since the gold price in U.S. dollars is inversely
proportional to the U.S. dollar exchange rate, the gold
price will increase as the dollar falls.

Furthermore, war games around the world are likely to cause
the average gold price to increase as well, further
increasing the U.S. dollar gold price. The question should
not be whether to own gold or not, but how to invest in
gold and related assets.


Editor`s Note: Originally from South Africa, Paul van Eeden
brings an international perspective on markets and gold in
particular to his analysis. Paul is well known for his work
on the relationship between gold and the currency markets.
In addition to his expertise in gold, he enjoys an
insider`s understanding of minerals exploration, having
been intimately involved in the financing and evaluation of
resource companies since 1995. Paul van Eeden is co-editor
of:>

[peter.wedemeier1]

WASHINGTON, Feb. 22 — The possibility of war with Iraq could unleash acts of anti-American violence in the United States or overseas by individual extremists who do not belong to Al Qaeda or other Middle Eastern terrorist groups but sympathize with their grievances, intelligence and law enforcement officials say.

[peter.wedemeier1]

Sinclair Commentary......
"The gold share market lacks an establishment media spokesperson with credentials. Recently, a popular independent analyst of gold shares was severely embarrassed because he was revealed to be in possession of insider stock options of a once highly touted company. You may recall in my article on how to select a good gold share, I called attention to the fact that published reviews of any company had to emanate from known investment dealers, not independent analysts. This event should not be taken lightly as investors are now examining how they found the situation and whether it was via a write-up from anything OTHER than a known and regulated investment company. It was clear on Friday that some shares are correctly suffering while other gold shares are incorrectly suffering from this afront to investors and the gold industry as a whole."

[peter.wedemeier1]

"(Washington, D.C. - October 10, 2002) - Senator Larry Craig (R-ID) has introduced legislation directing the Secretary of Agriculture to conduct a study of the effectiveness of silver-based biocides as an alternative treatment to preserve wood. Senator John Ensign (R-NV) has cosponsored the bill.

S.3062, the "Wood Preservation Safety Act of 2002," introduced in the U.S Senate on October 4, directs the Forest Products Laboratory in Madison, Wisconsin to conduct a study on the effectiveness of silver-based biocides as a wood preservation treatment.

Earlier this year, the Environmental Protection Agency (EPA), the chemical industry and the home-improvement industry negotiated an agreement to phase out the use of arsenic-based wood preservatives in pressure-treated wood by December 31, 2003. This transition affects virtually all residential uses of wood treated with chromated copper arsenate (CCA), including wood used in play structures, decks, picnic tables, landscaping timbers, residential fencing, patios and walkways/boardwalks. Beginning January 1, 2004, the EPA will not allow any CCA products in these residential uses. Corporations such as Home Depot and Lowe`s have announced they would stop selling lumber treated with an arsenic-based preservative in concert with the EPA announcement.

"Since ancient times silver has been used as a treatment to prevent the spread of bacteria and has acted as a purifying agent. Its healthful properties are well known, and it`s projected that by 2006 silver`s use as a biocide in various applications could grow by 600%," said Paul Bateman, Executive Director of the Silver Institute. "However, if silver-based biocides were used as an alternative to harmful arsenic-based preservatives, over 100 million ounces a year would be consumed in this application alone, adding significantly to overall worldwide fabrication demand," Bateman added."

[peter.wedemeier1]

(Washington, D.C. - February 21, 2003) - Members of the United States House of Representatives introduced legislation last week directing the Secretary of Agriculture to conduct a study of the effectiveness of silver-based biocides as an alternative treatment to preserve wood.

H.R. 688, known as the "Wood Preservation Safety Act of 2003," directs the Forest Products Laboratory in Madison, Wisconsin to conduct a study on the effectiveness of silver-based biocides as a wood preservation treatment. Congressmen Jim Gibbons (R-NV) and Butch Otter (R-ID) introduced the legislation. The U.S. Senate is expected to introduce companion legislation soon.

Last year, the Environmental Protection Agency (EPA), the chemical industry and the home-improvement industry negotiated an agreement to phase out the use of arsenic-based wood preservatives in pressure-treated wood by December 31, 2003. This transition affects virtually all residential uses of wood treated with chromated copper arsenate (CCA), including wood used in play structures, decks, picnic tables, landscaping timbers, residential fencing, patios and walkways/boardwalks.

Beginning January 1, 2004, the EPA will not allow any CCA products in these residential uses. Corporations such as Home Depot and Lowe`s have announced they would stop selling lumber treated with an arsenic-based preservative in concert with the EPA announcement.

The Consumer Products Safety Commission also is entering the long-running debate about the health risks of playground equipment made of pressure-treated wood. Earlier this month the agency released a staff study of 12 playgrounds in the Washington, D.C. area. It concluded that children who play on equipment made of wood treated with CCA`s could face an increased risk of developing lung or bladder cancer over their lifetime.

"With the introduction of this legislation, Congress recognizes the growing importance of silver as a biocide and we will work hard to see that this important legislation is passed in the 108th Congress," said Paul Bateman, Executive Director of the Silver Institute.

If silver-based biocides were used as an alternative to harmful arsenic-based preservatives, potentially over 100 million ounces of silver a year would be consumed in this application alone, adding significantly to overall worldwide fabrication demand.

The Silver Institute is a nonprofit international association. Established in 1971, the Institute serves as the industry`s voice in increasing public understanding of the value and many uses of silver.

[peter.wedemeier1]

SKI Gold Stock Prediction
Jeffrey M. Kern, Ph.D.
for Monday February 24, 2003
http://www.321gold.com/editorials/kern/current.html

[peter.wedemeier1]

WASHINGTON, D.C. (January 16, 2001) -- Demand for silver in biocide applications is forecast to double over the next six years, according to a report by Dr. Jeffrey R. Ellis, Adjunct Professor of Chemistry at Florida International University, and a consultant to the chemical and plastics industries. The report projects an increase in combined worldwide silver demand for these sectors, with growth expected to surpass 11 million troy ounces in 2006, up from 5.7 million troy ounces today.

"This report demonstrates silver`s growing potential as a biocide, and silver`s important use in a wide range of industrial applications. Silver`s continued strength is in its diversity of uses from jewelry to electronics to water purification," said Paul Bateman, Executive Director of The Silver Institute, which commissioned the report.

Dr. Ellis cites greater concerns for public health, a rich history of silver`s successful use in Japan, and the demonstrated long-term cost effectiveness of silver as the primary factors for this expected increase in consumption.

The report states that global use of silver as a biocide or bacteriostat in polymeric formulations is projected to rise by 600%, from 445 thousand troy ounces in 2000 to over 2.9 million troy ounces by 2006

[peter.wedemeier1]

The End of Silver Leasing?

http://www.butlerresearch.com/silver-leasing.html

[peter.wedemeier1]

Russell`s Dow Theory Calls

Richard Russell

February 22, 2003 -- We`re, unfortunately, in a major
or primary bear market.

According to Dow Theory, neither the duration nor the
extent of a primary trend can be predicted in advance.


In late 1974, I stated that all the characteristics of
a bear market bottom were present. I further stated
that I believed we were at the birth of a new primary
bull market. A few months later the bull market was
confirmed under Dow Theory.

But in my wildest dreams I never envisioned the bull
market lasting for the next 25 years, and I never
foresaw the Dow rising to over 11000.

In September 1999, I "called" a bear market based
under Dow Theory. Since most bear markets last roughly
a quarter to a third as long as the preceding bull
market, I guessed that the bear market might last to
2005 to 2007. But those were, and still are, only
guesses. It`s a lot easier to identify a bear market
bottom than it is to guess correctly when a bear
market might end.

I also stated that I believed the Fed would fight the
bear "tooth and nail" and in so doing, extend the life
of the bear market. So far, I believe my earlier
thoughts on the bear market have proved to be correct.

The fact is that this bear market has been in force
going on three years. But it could go on for another
two or three years or another 10 years. I don`t have
the answer, and neither does anyone else.

Identifying a bear market bottom is a different
matter. Bear market bottoms are characterized by great
values in stocks (stocks fall below "known values"),
low volume, and black gloom on part of the investing
public. Margin debt tends to drop to about 10% of that
which existed at the bull market high, and Wall Street
and even capitalism itself become dirty words.
Expressions are heard such as "I never want to hear
about stocks again," or "we`re seeing the death of
equities," or "the stock market will never recover
from this one."

I don`t have to tell you that we`re nowhere near that
kind of sentiment. The last time I heard or saw this
type of sentiment was at the 1974 lows -- and before
that during the lows of 1949, at which time the Dow
bottomed at 161.60.

The real surprise to me is that today, going on three
years after the Dow Theory bear market signal,
psychology is still so optimistic. Cheerleaders are
everywhere. The stock market magazines continue to
advertise hope, Barron`s continues (on its cover) to
list stocks to buy, The Wall Street Journal (like
Barron`s) has become a cheerleader. Only The Financial
Times (and possibly Economist) provide helpful
perspective of what`s really going on -- and both are
published by the same outfit.
Particularly sad are two of my formerly favorite
reading places, Barron`s and The Wall Street Journal.
I spend maybe 10 minutes on each today, and find them
next to useless as far as the big picture is
concerned. As far as bearish perspective in this, the
greatest and most costly bear market in generations, I
find them both woefully inadequate.

I`ve stopped writing for Barron`s because I don`t
believe they want to print what I have to say. As for
The Wall Street Journal, they stopped accepting
investment advisory ads decades ago. And in their new
revised spread on the action of the stock market, they
don`t even see fit to put their own stock averages,
the Industrials, Transports and Utilities together on
the same chart.

The big picture today is that we are still very much
in the second phase of what could easily be the
greatest, or should I say the worst, bear market since
1929-32. The second phase of a bear market is the
phase where stocks decline as they discount
deterioration in the economic, political and social
fabric of the nation.

A few years ago when I wrote about deterioration in
the economic, political and social fabric of the
nation, people wrote and asked how the "political and
social fabric" could fit into my description of the
second phase. Today people are not asking that
question. I think the answer is becoming rather
obvious.

I want to repeat that the most difficult exercise in a
bear market is -- to stay out of one.

Staying out used to entail being completely in cash.
But today being in cash also entails a danger, since
we`re dealing with a Fed that is generating liquidity
at a rate that boggles the mind. To protect ourselves,
we are forced to buy either other currencies or gold
and gold shares.

But buying "other currencies" is foreign to perhaps
98% of Americans. And buying gold or gold shares is
almost as foreign. Furthermore, we are warned in the
press and even in our newspapers that buying gold or
gold shares is "highly speculative" and very apt to
produce major losses. Of course, the fact that our
paper currency loses purchasing power year after year
is ignored. But American are used to paper money -- as
for real money they mainly come in contact with it via
gold crowns on their teeth, in gold watches and some
gold bracelets.

[peter.wedemeier1]

Russell Final Words........
Thus, my advice to subscribers is simple. To best
survive this bear market be in cash (either US or
foreign cash) plus gold and gold shares.

Incidentally, my old friend Jim Grant (Interest Rate
Observer) writes as follows: "Wending its way through
the SEC is a proposal to transform the gold investment
business. If the SEC approves, the barbarous relic
could be traded like a common stock. One could buy it
on an exchange and take delivery of the physical
metal."

Adds Grant, "Internationally accessible bullion could
change the way people deal with money. . . And it
could wipe the smiles off the faces of some eminent
central bankers."

The Russell comment is that this is an idea whose time
has come. I believe it`s only a matter of time before
the public "gets it" as far as gold is concerned. And
since there is money to be made in making gold far
more accessible to the common man, again, I believe
it`s only a matter of time. "Follow the money." The
real money is gold, and if gold becomes readily
accessible, I believe you`ll see fireworks in the
price of the yellow metal. Patience, patience and more
patience.

People ask if this is a global bear market? The answer
is that great bear markets are always international in
scope. Along these line, this from today`s Bloomberg
-- ECB`s Duisenberg no longer predicts economic
recovery, signals low rates. European Central Banks
President Wim Duisenberg said the economy of the dozen
states sharing the euro probably won`t recover this
year, signaling policy makers may reduce interest
rates as soon as next month. >


Russell`s opinion......But the Dow Theory has been rated by the Hubert Financial Digest as the best market timing newsletter since 1930 (N.Y.Times Aug 18th 2001).

[peter.wedemeier1]

Gold still shines for the Swiss

swissinfo February 22, 2003 12:13 PM

Along with the Swiss franc, gold remains one of the world’s traditional “save havens”. In times of uncertainty, investors pile into the yellow metal, safe in the knowledge that it is the only real security against economic collapse.

After the tumult of the dot-com era, and ongoing instability in global equity markets, gold has taken on a new lustre, even though demand for jewellery remains stable.

“The price of gold is determined by the geopolitical situation, as well as demand,” says René Petter, head of Bank Leu’s precious-metals division.

Petter does not believe the Iraq crisis will be defused in the short term, and says demand for gold remains high – particularly among Japanese and Chinese investors.

Swiss still selling

The irony of a strong gold price is that some central banks, including the Swiss National Bank, have been selling off much of their reserves of the yellow metal.

Since May 2000, the Swiss bank has been selling an average of one ton per day.

The Swiss gold sale follows a global trend, whereby central banks are no longer using gold to balance their national currency – a traditional mechanism for ensuring stability.

By 2004, the central bank plans to have sold-off some 1,300 tons of Swiss gold vauled at around SFr20 billion.

The staggered sale forms part of a deal struck with other European central banks which was aimed at preventing a slump in the gold price.

Dollar down, gold up

Worries about a slump in the price look totally overdone today, with the metal having been on an upward curve since the economy took a downturn. At the same time, the US dollar has tumbled in value.

The dollar has been on a downward trajectory since October 2000. Some analysts believe further falls could drive up the gold price even further.

However, Petter says the relationship between the dollar and gold is prone to exaggeration.

“The dollar is extremely dependent on the situation in Iraq,” Petter told swissinfo.

“That and the difficult economic situation in the US, along with the massive current account deficit have ensured the US currency is no longer considered a safe haven.”

Should the situation in Iraq to remain unresolved; Petter predicts the dollar will fall as low as SFr1.28 before year’s end. On Friday, the US currency was trading at SFr1.35.

Has gold peaked?

At the beginning of February, gold $389 an ounce, but fell back slightly after dealers sold to lock in profits.

Nevertheless, Petter says gold fever is still running hot. “The price of gold could again climb over $380.”

Martin Jetzer, chief economist at HSBC Guyerzeller, agrees. “Two years ago the price of gold began an upward trend. This will probably continue until 2005,” Jetzer told swissinfo.

Jetzer also subscribes to the view that that a weak dollar has fuelled the gold boom. “We have seen this over the long-term,” he says.

Fabulous gold

Marc Faber, a Hong Kong-based Swiss finance expert who predicted the 1987 stock market crash as well as the 1997/8 financial meltdowns in Asia, believes gold is still a winner.

In his latest market commentary, Faber urges investors to jettison the dollar and US securities in favour of gold.

swissinfo, Elvira Wiegers (translation: Jacob Greber)

In Brief

Experts attribute the rise in the gold price to political uncertainty brought on by a possible war in Iraq.

Japanese and Chinese investors are among the biggest buyers.

The price has risen despite massive sell-offs of reserves by central banks, including the Swiss National Bank, which has been selling one ton per day since May 2000.

Gold has risen as the value of the dollar has declined.



Related Sites

- Bank Leu
- HSBC Guyerzeller
- Gold price



http://www.swissinfo.org/sen/swissinfo.html?siteSect=105&sid…

[peter.wedemeier1]

Coming Apart! (Gold, Oil & More)

By: David Chapman, Union Securities





TECHNICAL SCOOP

Charts and technical commentary by David Chapman of Union Securities Ltd.

69 Yonge Street, Suite 800, Toronto, Ontario, M5E 1K3 [phone], (416) 604-

0557 (fax) 1-888-298-7405 (toll free) email [e-mail]

www.davidchapman.com


http://news.goldseek.com/UnionSecurities/1045952559.php

[peter.wedemeier1]

Re: Dr. Marc Faber
Here is what I managed to jot down from the Dr. Marc Faber Interview:

Last few years in US, growth has been generated through borrowing
(vs. saving).

Most people cannot drive like a race car driver and they don`t try
but they think they can invest like George Soros or Julius Robertson
and they can`t.

Central banks believe that problems can be solved through money
creation. Money flowed from one place to another. In the 90`s,
western stock markets were the beneficiary. Since March 2000, money
has been flowing into hard assets, real estate and commodity
markets. Significant increases have been seen in the prices of
propane, coffee, natural gas, oil, coffee and gold.

There is a shift out of financial assets into hard assets.

This shift is for real and will continue for a number of years for a
variety of reasons.

There is not necessarily a bubble in real estate, but there is a
bubble in borrowing to purchase real estate. The mortgage credit
growth in Q3 2002 was at a rate of over 900 billion on an annualized
basis (10% of the GDP). Almost all of the borrowing was real estate
related (as opposed to business investment) and this is very
unhealthy.

The residential market will weaken quite substantially following the
commercial real estate market. There are now 20% vacancy rates in
some of the formerly hot commercial real estate markets. [I know
that this is the case in Boston.]

There is always a change in leadership following the bursting of a
bubble.

The overvaluation of one sector creates undervaluation in other
sectors of the markets.

Warren Buffett was looking elsewhere for investments during the
technology boom.

There are tremendous cross-currents when a bubble bursts. People
don`t believe that the bull market has ended, they think the bear
market is a correction in a bull market so they keep chasing the old
leaders. People think that every bear market rally is the beginning
of a new bull market.

Most people in America have not sold their high tech stocks.

After the 1929 bubble burst, the new leaders were not radio stocks,
electrical utility stocks or movie companies. New companies came
into the market.

After the 77-80 oil/energy bubble burst, the money flowed into
financial and Japanese markets and then in the 90`s, into the US
markets.

Each time you try to solve a problem with easy money, you create a
problem somewhere else with unintended consequences.

The bailout of Mexico encouraged investors to speculate in Asian
markets in the 90`s which lead to a huge increase in real estate
markets culminating in the 1997 crash.

The series of crises has been:

Mexico
Asia
LTCM
Russia
Argentina/Brazil

Two major themes in Faber`s new book are rising commodity prices and
emerging markets.

These major populations (a couple of billion between
India/China/Asia) will require increasing amounts of oil, food and
industrial commodities as their standard of living increases.

This is the beginning of a bull market in commodities. The gold
price fluctuations that we have seen are normal for the beginning of
a bull market.

The per capita consumption in emerging markets is less than in
Western countries but the absolute numbers of people have an
astonishing impact.

For example, on a per capita basis, the Swiss drink 50 times as much
coffee as the Chinese, but because of the size of the population,
the Chinese account for a much larger portion of the coffee trade
than the swiss.

Over the next 5-10 years, demand for commodities from China will
increase and push up prices.

The bond market in the US is looking quite vulnerable.

Deflation of debt is necessary in order to complete working off the
excesses of the bubble. This is required on a very large scale.
Either through massive default or hyperinflation (so debts are
repaid with "cheaper" money).

Housing stocks appear to have peaked and are not confirming the
continued strong housing numbers. This may be indicative of a top.

There are a record number of houses being built but appliances and
furniture industries are down. Their revenues are flat and the
unemployment in these sectors is increasing…but imports of
appliances and furniture from China are soaring.

The US $ will continue to depreciate, but what is the best hedge?
Faber suggests a basket of commodities.

Bernanke is "a very dangerous man". He is likely to be the next
Chairman of the Fed (replacing Greenspan). If you believe that
Bernanke means what he says, then you should immediately sell all US
financial assets and move in to commodities and hard assets.

[peter.wedemeier1]

Researcher nails gold-price forecast

By Thom Calandra
Feb 4 2003

cbs.marketwatch.com


James Turk uses monetary metric to forecast $434 gold

SAN FRANCISCO (CBS.MW) --
http://www.kitco.com/ind/Calandra/feb042003.html

[peter.wedemeier1]

Inflation surprises and the major trend

By Steve Saville

The latest economic news
http://www.gold-eagle.com/editorials_03/milhouse022503.html

[peter.wedemeier1]

[peter.wedemeier1]

THOM CALANDRA`S STOCKWATCH

Searching for market dynamite
Plus: Dow Transport Index flirts with fresh low

By Thom Calandra, CBS.MarketWatch.com
Last Update: 1:03 PM ET Feb. 24, 2003







SAN FRANCISCO (CBS.MW) -- This is dynamite.


http://cbs.marketwatch.com/news/story.asp?guid=%7B96EE1B0F%2…

[peter.wedemeier1]

Dynamite Ahead
One veteran senses dynamite ahead for U.S. stocks
1:03 p.m. 02/24/2003 By Thom Calandra Provided by
Plus: Dow Transport Index flirts with fresh low SAN FRANCISCO (CBS.MW) -- This is
dynamite. So says newsletter pioneer James Dines, who gets credit this month for the
most potent -- dare one say combustible -- description of the prevaricating U.S. stock
market. Dines, a longtime bullion investor and editor of four-decade-old, is, like many
forecasters, drumming his fingers on the blast-plunger, waiting for stocks to move boldly,
one way or another. This is something the stock market, stuck in a tug-of-war between
believers and skeptics, refuses to do. Investors are unwilling to bet their cash piles on any
company or industry group. They`re also loath to dump their remaining holdings. Thus, we
are in a holding pattern with U.S. stock indexes. The latest UBS Index of Investor
Optimism reports an all-time low in the number of upbeat American investors. Just 30
percent of folks are hopeful about the performance of the financial markets in coming
days, weeks and months compared with 51 percent who are sour. In the joint poll by
investment bank UBS AG and pollster Gallup Organization, 35 percent of investors are
upbeat about prospects for economic growth. That`s an all-time low and down from 42
percent in January. A war with Iraq ranks as a top concern, says UBS. Some 56 percent of
investors believe that if the U.S. invades Iraq, there will be a negative effect on the nation`s
economy. Which brings us back to dynamite, and newsletter editor Dines. Determining the
chemical nitroglycerin as too volatile for practical use, scientist Alfred Bernard Nobel
mixed it with a paste that made the explosive more manageable. Sounds like dynamite.
Later, says Dines, Nobel developed trinitrotoluene, or TNT, which needs a blasting cap to
do its stuff. "Similarly, the market has been topping out for several years, but any event
might be the blasting cap that triggers a landslide," Dines says in his latest report. Or an
up-slide. Dines, author of the 1996 financial bookis always on the prowl for a tipping of
the scales. That`s the point on America`s emotion-meter when investors flock to -- or away
-- from stocks, gold, bonds, the dollar. The UBS poll just may give him some
mass-psychology ammunition. The stock market`s worst enemy is a perceived threat, one
with unknown consequences to life, limb and pursuit of profits. On the worry meter, 37
percent of the 1,000 American investors polled say a war with Iraq presents a major threat
to the global economy. Other top worries include a prolonged economic downturn and a
terrorist attack, each mentioned by 22 percent. The falling dollar and a conflict with North
Korea also had some biting their nails. Dines, in a late January alert to investors, was sure
the stock market was "oversold" and primed for a psyche-lifting rally. The rally did not
materialize, and that has even Dines, a market timer whose hits outnumber his strikeouts,
worried. Rightly so. Those who follow the Wilshire 5000 Equity Indexcan see the gauge is
just 7 percent above what I view as a meltdown level. The Wilshire 5000 is one of the
widest measures of the U.S. stock market. The Dow Jones Transportation Index,
meanwhile, is just several points from a fresh low. The transportation index is often seen
as a mirror to an American economy that is fueled by planes, trains, cars, trucks and oil.
The 2,008 level on the Transportation Index, reached in early October 2002, was the
lowest since October 1996. The index on Monday was last at 2,016. Look out below.
"The market should have rallied at the time of our buy signal, and [the fact] that it has not
might be significant," says Dines, who is based in California. "This type of failure to rise in
the teeth of a deep oversold condition is rare but something we have s

[peter.wedemeier1]

Many Investors Are Fleeing Stock Funds
3:42 p.m. 02/24/2003 Provided by

NEW YORK (Reuters) - With the bear market entering its fourth year, investors pulled a
net $1.0 billion from U.S. stock mutual funds last month, the first net withdrawals to
occur in January since 1990, fund research firm Lipper Inc. estimated on Monday.

At the same time, investors seeking relative safety added a net $12.9 billion to bond funds
last month, Lipper estimated. Lipper said the bond fund inflows set a January record and
were the strongest since the summer of 2002, when money was leaving stock funds at a
record pace.

"Investors looked back at the past three years, became even more averse to risk, and
shifted their allocations accordingly," said Don Cassidy, Lipper senior analyst. He noted
that investors not only sought shelter in bonds but also chose more conservative stock
fund investments.

January usually has been a robust month for fund flows, with sales getting a boost from
contributions to retirement plans. January 2001 and January 2002 each saw net inflows of
more than $20 billion despite the bear market which began in March 2000.

In January of 1990, the stock funds saw net redemptions of $274 million according to the
Investment Company Institute, a trade group.

The ICI, which is expected to report its January data around the end of this month,
compiles fund flow data based on reports of sales and redemptions from firms representing
about 95 percent of industry assets. Lipper and other research firms use various methods
to estimate flows.

Money market funds had outflows of $3.4 billion last month, Lipper said.

For stock funds, the January outflows were the latest in a series that started in June 2002.
Since then, only November has seen inflows, and they were a modest $7 billion.

Outflows from stock funds appear to be continuing in February. TrimTabs.com, a Santa
Rosa, Calif. research firm, estimates an outflow of $5.7 billion for the month, based on a
projection of activity through Feb. 19.

Analysts note that whether there are inflows or outflows in any month, they are not large
compared with the $2.6 trillion in stock fund assets.

The Lipper report noted that January flows are usually swelled by the investment of
year-end bonuses, contributions to retirement accounts, and quarterly and annual
contributions to pension and retirement plans by employers.

After a rally in the first few days of January, the stock market sputtered and finished the
month with the Standard & Poor`s 500 stock index and the Dow industrials down about 3
percent. The Nasdaq composite fell by a more modest 1 percent.

Among diversified stock funds, value funds, which buy stocks that are believed to be
reasonably priced on the basis of key financial measures, took in $1.5 billion in January,
Lipper said. Growth funds, which seek companies with fast-growing revenues and profits,
had outflows of $3.9 billion.

[peter.wedemeier1]

TA

http://charts3.barchart.com/procal.htx?sym=HL

[peter.wedemeier1]

Madison Enterprises Corp.: Private Placement Closes

VANCOUVER, BRITISH COLUMBIA, Feb 24, 2003 (CCNMatthews via COMTEX) -- Further to its news release of February 4, 2003, Madison Enterprises Corp. ("Madison") is pleased to report that its private placement of 11,000,000 units at a price of $0.20 per unit closed today. Each unit is comprised of one common share of Madison and one half warrant, every full warrant entitling the purchase of an additional common share of Madison at a price of $0.25 per share until February 24, 2004. The shares which comprise part of the units and any shares acquired on the exercise of the warrants which comprise part of the units are subject to a hold period which expires on June 24, 2003. How strange will it get with this company ? Engineers as CFO`s ? Buys into a brokerage(/hedgefund) ? Sheesh. At least it was only a million bucks.

"Sprott Securities Inc. and Goldcorp Inc. each acquired 5,000,000 units under the private placement, resulting in each of those companies owning 11% of the issued and outstanding shares of Madison on a partially diluted basis. Sprott Securities Inc. is an employee-owned institutional brokerage boutique focusing on small-to-mid capitalization companies and is one of the top independent brokerage firms in the Canadian investment industry. Goldcorp Inc. was the most profitable North American gold company on the per share basis in 2001 and is in excellent financial condition with strong cash flow and earnings, no debt and a treasury of US$261 million in cash and US$67 million in gold bullion to the end of 2002; it is also the second largest unhedged gold producer in the world. Madison is pleased to have investors of this calibre participating in its business growth.

On behalf of the Board of Directors of

MADISON ENTERPRISES CORP."

[peter.wedemeier1]

From Russell`s update tonight....

Back in 1991 we were in a primary bull market. Today we`re in a primary bear market. And believe me, there`s a difference. In a bear market matters work in reverse. In a bear market "whatever can go wrong WILL go wrong." In my opinion, it will be a grave and costly mistake to think that "this time it will be the same as in 1991."

[peter.wedemeier1]

Inflation surprises and the major trend

By Steve Saville

The latest economic news

http://www.gold-eagle.com/editorials_03/milhouse022503.html

[peter.wedemeier1]

While waiting for the Silver Bonanza...
http://www.gold-eagle.com/gold_digest_00/goldbug051800.html

[peter.wedemeier1]

Der bull market beim Gold befindet sich erst am Beginn. Der Goldpreis hat noch einen weiten Weg nach oben vor sich. Der Dow Jones hat noch einen weiten Weg nach unten vor sich. Dem Dow Jones wünsche ich hiermit einen sehr schönen Crash (2.000 - 3.000). Das normale historische Ratio sollte 1:1 betragen! Dieses heitß, mit einem Dow Jones Punkt kaufe ich eine Unze Gold. Der Goldpreis und der Dow Jones werden sich zwischen 2.000 und 3.000 treffen!

[peter.wedemeier1]

Gold rallied on tumbling stocks, surging oil prices and a weak dollar
http://www.g9999.com/english/search/requested_news_commentar…

[peter.wedemeier1]

http://www.g9999.com/english/special_report/report.htm

[peter.wedemeier1]

Press Release Source: Hecla Mining Company

Hecla Reports 2003 Reserves
Tuesday February 25, 8:02 am ET

COEUR D`ALENE, Idaho--(BUSINESS WIRE)--Feb. 25, 2003--Hecla Mining Company (NYSE:HL - News) today announced the results of its updated reserve calculations.

Hecla has significant gold and silver reserves and resources at its operating properties, as well as at several advanced exploration projects.

As of January 1, 2003, Hecla`s proven and probable reserves stood at 769,205 ounces of gold and more than 40 million ounces of silver. The reserves are calculated at a price of $300 per ounce of gold and $4.75 per ounce of silver. These reserves are at currently operating underground gold and silver mines.

However, according to Hecla`s President and Chief Operating Officer, Phillips S. Baker, Jr., this is not the whole picture for Hecla. "All of Hecla`s reserves are at underground mines where proving reserves are expensive and often unnecessary. For example, the Lucky Friday silver mine in northern Idaho has been operating for more than 40 years, yet rarely have we seen more than three years` worth of proven and probable reserves at the mine. As you will see in the attached tables, Hecla`s mineralized material and other resources make up a huge part of our future mining capabilities," said Baker. Most of the gold and silver included in these categories can be mined at low cost. In addition, there is good potential to increase Hecla`s proven and probable reserves during 2003, based on the planned exploration program.

Proven and probable gold reserves have stayed roughly the same as last year`s calculation, essentially replacing Hecla`s mined production of 240,000 ounces of gold during the year. Ounces were taken out of the proven and probable category in the silver segment at Lucky Friday, primarily because a development decision has not yet been made to access the next lower level of the mine. However, tonnage in the mineralized material and other resources categories at all properties has increased significantly.

[peter.wedemeier1]

If the DOW breaks 7700 support.....
It could head for 5000 this year.

[peter.wedemeier1]

Dow Jones Business News
Hecla Mining Defers Preferred Stock Dividend Payment
Tuesday February 25, 9:35 am ET


COEUR D`ALENE, Idaho (Dow Jones)--Hecla Mining Co. said in a news release that, "in the interest of conserving cash for exploration, development and acquisition opportunities," its board has elected to defer the Jan. 1, 2003 quarterly payment of dividends to the holders of Hecla Series B cumulative convertible preferred stock.
Hecla mines and processes silver and gold in the U.S., Venezuela and Mexico.

Company Web Site: http://www.hecla-mining.com

-Carolyn King, Dow Jones Newswires; 416-306-2100

[peter.wedemeier1]

Canadian Regulators Review Naked Short Selling
http://www.rgm.com/articles/nakedreview.html

[peter.wedemeier1]

Consumer Confidence Index Plummets Nearly 15 Points

February 25, 2003



The Conference Board`s Consumer Confidence Index declined sharply in February, the third consecutive monthly decline. The Index now stands at 64.0 (1985=100), down from 78.8 in January, an almost 15-point drop. The Expectations Index fell to 65.6 from 81.1. The Present Situation Index dropped to 61.6 from 75.3. The last time the Consumer Confidence Index was lower was in October of 1993 when it reached 60.5.

The survey by The Conference Board, a not-for-profit research organization, is released on the last Tuesday of every month at 10 AM (ET). It is based on a representative sample of 5,000 U.S. households. The monthly survey is conducted for The Conference Board by NFO WorldGroup, a member of The Interpublic Group of Companies (NYSE: IPG).

“Lackluster job and financial markets, rising fuel costs, and the increasing threat of war and terrorism appear to have taken a toll on consumers,” says Lynn Franco, Director of The Conference Board’s Consumer Research Center. “This month’s confidence readings paint a gloomy picture of current economic conditions, with no apparent rebound on the short-term horizon.”

Consumers` assessment of current conditions turned extremely bleak. Those rating current business conditions as "bad" rose to 30.7 percent from 26.7 percent. Those holding the opposite view declined to 13.2 percent from 15.0 percent.

Consumers’ expectations for the next six months were also considerably more pessimistic than last month. Those anticipating that business conditions will worsen increased to 19.0 percent from 14.0 percent. Those anticipating an improvement fell to 15.3 percent from 17.7 percent.

Jobs ‘Hard to Get’ at a Nine-Year High

The employment outlook was grim. Consumers reporting jobs are hard to get rose to a nine-year high of 30.1 percent from 28.9 percent. Those claiming jobs are plentiful decreased to 11.2 percent from 14.5 percent.

Consumers anticipating fewer jobs to become available in the next six months surged to 28.4 percent from 21.2 percent. Those expecting more jobs fell to 12.7 percent from 14.2 percent. The proportion of consumers anticipating an increase in their income dropped to 15.2 percent, an all-time low, from 18.4 percent

[peter.wedemeier1]

Dow Theory Confirmation:
The Dow would now have to break below its February 13 closing low of 7749.87 to confirm the Transports. If the Dow does confirm by breaking below this level, substantially lower prices would be expected according to Dow Theory.

[peter.wedemeier1]

Feb. 24, 2003, 12:33AM

New view says `debt deflation` to delay recovery
By SCOTT BURNS
Universal Press Syndicate
AUSTIN --
http://www.chron.com/cs/CDA/story.hts/business/1790195

[peter.wedemeier1]

OT Richard Russell
The following is a quote from Richard Russell commentary on Gold Eagle: "Finances of the US are literally `unsustainable`. A study by a group of economists concludes that either government expenses must be cut drastically by 20% to 30%. In view of this all eyes should be focused on the dollar."

[peter.wedemeier1]

Hecla Reports 2003 Reserves
Tuesday, Febuary 25, 2003 08:02 AM ET

COEUR D`ALENE, Idaho--(BUSINESS WIRE)--Feb. 25, 2003--Hecla Mining Company (NYSE: HL, news) today announced the results of its updated reserve calculations.
Hecla has significant gold and silver reserves and resources at its operating properties, as well as at several advanced exploration projects.

As of January 1, 2003, Hecla`s proven and probable reserves stood at 769,205 ounces of gold and more than 40 million ounces of silver. The reserves are calculated at a price of $300 per ounce of gold and $4.75 per ounce of silver. These reserves are at currently operating underground gold and silver mines.

However, according to Hecla`s President and Chief Operating Officer, Phillips S. Baker, Jr., this is not the whole picture for Hecla. "All of Hecla`s reserves are at underground mines where proving reserves are expensive and often unnecessary.

[peter.wedemeier1]

Hecla Mining Defers Preferred Stock Dividend Payment

COEUR D`ALENE, Idaho (Dow Jones)--Hecla Mining Co. (HL, news) said in a news release that, "in the interest of conserving cash for exploration, development and acquisition opportunities," its board has elected to defer the Jan. 1, 2003 quarterly payment of dividends to the holders of Hecla Series B cumulative convertible preferred stock.

Hecla mines and processes silver and gold in the U.S., Venezuela and Mexico.

Company Web Site: http://www.hecla-mining.com


-Carolyn King, Dow Jones Newswires; 416-306-2100


Dow Jones Newswires
02-25-03 0935ET
http://www.quicken.com/investments/news/story/?story=NewsSto… /ON200302250935000620.var&p=HL

[peter.wedemeier1]

OT Richard Russell
Should read: government expenses must be cut drastically or revenues to the government must be increased by 20% to 30%.

[peter.wedemeier1]

UPDATE 6-Gold down on ECB sale, Iraq disclosure Updated Tues 2/25/2003 15:17 EST
(changes dateline-previous LONDON, adds closing prices) NEW YORK, Feb 25 (Reuters) - COMEX Gold tumbled in choppy trade Tuesday, reversing from a 13-day high after the European Central Bank said one of its members sold an unusually large chunk of bullion last week. Gold`s safe-haven allure was dulled further by Baghdad`s disclosure that it had found documents relating to the disposal of weapons of mass destruction and to a bomb of a type known to have been filled with biological agents, a possible sign of Iraqi cooperation with U.N. arms inspectors. Ian MacDonald, head of bullion dealing at Commerzbank said rumors circulated in the gold market "that Saddam Hussein would possibly disarm. Of course gold immediately came off on that." Overnight, April gold <0#GC:> rose to $360.60 an ounce on market jitters about the U.S. push for a war to disarm Iraq and a missile test by North Korea as the United States seeks a diplomatic solution to the standoff over the Communist country`s nuclear program. But support cracked after the ECB said gold reserves fell by 326 million euros because of a 30-tonne sale by a national central bank last week. "That`s what gave the price back from where we were last night," said a floor broker. The active contract tried rallying again but settled down $4 at $352.40 an ounce, setting a low of $351.00. Estimated volume was 48,000 lots, versus Monday`s official 38,496. Spot gold <XAU=> closed at $351.40/2.20, down from $356.00/75 late Monday. London bullion dealers fixed the afternoon spot reference price at $357.60. Dealers declined to speculate on which central bank dumped bullion. But they said selling into strength was the best way to take advantage of gold`s rally and stabilize the market. "It was certainly larger than normal. But of course what the market is telling us is it`s taking on the central bank sales very easily now. Very efficiently," said MacDonald.

[peter.wedemeier1]

The Netherlands and Austria are known sellers under the 1999 Washington Agreement on Gold that limited total European gold sales to 400 tonnes a year for five years. The Bank of England completed a controversial public sales program last year and Switzerland, which is not an ECB member but was party to the gold pact, is downsizing its hoard. Gold hit its high overnight after North Korea confirmed it fired a missile into the Sea of Japan. The launch coincided with U.S. Secretary of State Colin Powell`s trip to South Korea, China and Japan where he sought help in ending the crisis over Pyongyang`s nuclear threats and backing for a new U.N. resolution submitted by the United States, Britain and Spain that could lead to a war in Iraq. France and Germany are strongly opposed to the draft and circulated their own plan that would extend U.N. inspections for at least four months. China and Russia backed France. No vote is expected on the new resolution for at least two weeks. But dealers said they were betting that the White House would go it alone if its resolution failed. "In terms of the gold market, it should push it higher eventually and then you sell the smithereens out of it. Then it`s all over until the next war," said another gold trader. March silver <0#SI:> fell 7.3 cents to $4.642 an ounce, in a $4.735-$4.61 range. Volume was 37,000, with more than half from 11,182 rollovers before March first notice day Friday. Spot silver <XAG=> closed at $4.64/66, off from $4.71/73 late Monday. It fixed at $4.6975 an ounce. NYMEX April platinum <0#PL:> rose $5.30 to $669.10 an ounce. Spot <XPT=> was last priced at $677.00/682.00. March palladium <0#PA:> rose 85 cents to $251.50 an ounce while spot palladium <XPD=> last fetched $249.00/254.00. ((Reporting by Alden Bentley; [e-mail]; editing by Anton Ferreira; Reuters Messaging: [e-mail]; 646 223 6041))

[peter.wedemeier1]

Legislation Introduced to Study the Effectiveness of Silver-Based Biocides for Wood Preservation
February 21, 2003
--------------------------------------------------------------------------------
http://www.silverinstitute.org/news/pr21feb03.html

[peter.wedemeier1]

Tan Range Exploration Corporation
http://www.newswire.ca/webcast/viewEventCNW.html?eventID=487…

[peter.wedemeier1]

Press Release Source: Hecla Mining Company


Hecla Reports 2003 Reserves
Tuesday February 25, 7:47 pm ET


COEUR D`ALENE, Idaho--(BUSINESS WIRE)--Feb. 25, 2003--
http://biz.yahoo.com/bw/030225/255796_1.html

[peter.wedemeier1]

30 tonnes times 32,000 ounces per ton is about 1,000,000 ounces short sale or 10,000 COMEX gold future contracts. For gold at $350 per ounce, with a 10% (big or good customer) margin account this means the individuals have to put up $35,000,000 to make the trade.

How many little guys are there who can throw away $35 million. This sounds like a big bank or a major broker.

One more case of deliberate manipulation. (More evidence will follow)

[peter.wedemeier1]

February 25, 2003


Asian Interest Buys $373,615,200.00 Worth of Gold

Media Reports Central Bank Sells 30 Metric
Tons of Gold in the week ended February 21st.

"In time, the Gold Community will learn that the most positive action for the price of gold during a gold Bull Market is for central banks to sell gold."


"The proof (a gold price above $400) is not far off. I firmly believe that such an occurrence is coming in the not-too-distant future."

http://www.jsmineset.com/s/Home.asp

[peter.wedemeier1]

Latest from Sinclair
General Editorial

February 25, 2003


Asian Interest Buys $373,615,200.00 Worth of Gold

Media Reports Central Bank Sells 30 Metric
Tons of Gold in the week ended February 21st.

In time, the Gold Community will learn that the most positive action for the price of gold during a gold Bull Market is for central banks to sell gold. Right now the community is assuming the media report on central bank gold sales is negative for the price of the metal.

Large, single-priced, off-market sales actually work as an invitation to major bullish interests because they provide a welcome. That welcome is the ability to buy large amounts of physical gold at singular prices, usually discounted, away from the market. Rather than depressing the trend, they sustain the trend by permitting a significant increase in position by those entities that are responsible for the trend in the first place.

To consider that such activities could exhaust the buy interest is a misconception. The demand for gold is a product of the outflow of US dollars, which is measured by the Current Account. Only a major reversal of the bear market in the US dollar could affect the bull trend in gold. Dollars are moving into the coffers of non-US central banks and private accounts that fuel the demand for gold.

China has added USD$74 billion in 2002. That brings the total dollars held by China to USD$286 billion. Other Asian countries, not counting Japan, added USD$153billion in 2002 to bring the total dollar amount held by other Asian countries to USD$927 billion. Japan holds USD$460 billion. In total, that is a whopping USD$1,673 billion - all of which has lost 20% of its dollar value as gold at $350 has gained in the same period, 29.1%. Is it any surprise that Asian interests, who officially are the lowest percentage holders of gold, would sell dollars and continue to buy gold?

So please understand that there is a distinct difference between the implications of central bank selling of gold in a bear market from their selling gold in a bull market.

The proof (a gold price above $400) is not far off. I firmly believe that such an occurrence is coming in the not-too-distant future. Certainly anyone who thinks that the sale of gold in the week of February 21st is a negative occurrence simply has not experienced previous selling of a similar nature on the last great bull market for gold. "

[peter.wedemeier1]

Weekday A-musings
From "Safe Money Report"

Dear Subscriber,

All over the world, investors are running from
stocks as fast as the wind.

They`re scared out of their wits this morning,
driving major stock indexes down as much as 4% -- the
equivalent of nearly 320 Dow points.

Yesterday, North Korea fired a missile into the
Sea of Japan. Today, terrorist bombings rocked
Beijing. But that`s not all that`s shaking Asia in
its boots:

Japan`s Prime Minister Junichiro Koizumi
just hammered a nail in Japan`s coffin with
his appointment of an "old guard" central
banker. That means MORE status quo in
Japan -- no real reforms, no change in the
disastrous policies that are throwing Japan`s
finances into disarray.

Now, surely, Japan`s economy is going down for the
count, and Japanese investors know it. So they are
selling with a vengeance, pounding the country`s
biggest bank shares, transforming them into penny
stocks.

Meanwhile, in Europe, war fears are ripping the
Continent apart. Giant European food retailer Ahold
just disclosed it rigged its earnings by $500 million
over the last two years. America`s accounting
nightmare has now spread to Europe.

The US markets are next. Yesterday was ugly --
falling corporate earnings ... war fears ... exploding
state and federal budget deficits ... and plunging
retail sales.

Now, as this morning`s wave of panic selling
overseas washes back to the US markets, it`s going
to get worse -- much worse.

The UBS Index of Investor Optimism has already
fallen to its lowest level ever! Investors pulled
$1 billion out of stock market mutual funds in
January -- the first January withdrawals since 1990!
But that is still just a very small fraction of the
selling you`re about to see.

There is absolutely no doubt in my mind that the
Dow is going to make a beeline to 6600 ... then to
4300.

[peter.wedemeier1]

>Gold hedging brinkmanship is here

By: Tim Wood


Posted: 2003/02/25 Tue 21:00 EST | © Mineweb 1997-2003


NEW YORK --
http://m1.mny.co.za/MGGold.nsf/Current/4225685F0043D1B285256…

[peter.wedemeier1]

http://businesswire.edgarpro.com/redirect_frames.asp?filenam… 000009%2Etxt&filepath=%5C2003%5C02%5C25%5C&pdf=0

On February 21, 2003, Mr. Brown was awarded a performance bonus, which consisted of
part cash and part common stock of the Corporation. The stock was awarded under the
terms of the Corporation`s 1995 Stock Incentive Plan.

[peter.wedemeier1]

Latest from Sinclair
In my whole career, the only day I`ve every been let out of work was on 9/11. Came to work that day & they told us to go home about 2 hours later. The CEO, CFO and Chairman are all New Yorkers + we occupy the top 4 floors of a 20-story building -- all reasons why we were told to go home that day. Other than that I have NEVER, EVER, EVER been able to skip a work day. You lucky duck.

[peter.wedemeier1]

THE GURU`S CORNER

Gold cartel and hedge funds attack
Commentary: Riding the gold market bucking bronco

By Harry Schultz, International Harry Schultz Letter
Last Update: 12:03 AM ET Feb. 26, 2003







MONTE CARLO, Monaco (HSL) -- Bullion rose from a week ago Wednesday low of $341 to Tuesday`s high of more than $359. But you wouldn`t know it to look at any of the gold share indices.


http://www.marketwatch.com/news/yhoo/story.asp?source=blq/yh…

[peter.wedemeier1]

Hecla today announced that in the interest of conserving cash for exploration, development and acquisition opportunities, its board of directors has elected to defer the April 1, 2003, quarterly payment of dividends to the holders of Hecla Series B Cumulative Convertible Preferred Stock.

[peter.wedemeier1]

Story Filed: Wednesday, February 26, 2003 8:25 AM EST

MOSCOW, Feb 26, 2003 (ODJ Select via COMTEX) -- (Dow Jones)--Russia`s gold and foreign currency reserves should contain 50% of dollars and 30% of euros, rather than the current 70% dollars and 25% euros, First Deputy Fnance Mnister Alexei Ulyukayev said Wednesday.

He said that 10% of the reserves should be in gold and the rest in currencies such as the Swiss franc and sterling. Currently, gold and other currencies make up 5% of reserves.

[peter.wedemeier1]

SKI Gold Stock Prediction
Jeffrey M. Kern, Ph.D.
for Wednesday February 26, 2003
That signal is supposed to mark the bottom ...
THE SIGNAL IS SUPPOSED TO MARK THE LOW TO WITHIN A DAY
http://321gold.com/editorials/kern/current.html

[peter.wedemeier1]

Associated Press
Union Official: American May Go Bankrupt
Wednesday February 26, 7:02 pm ET
By David Koenig, AP Business Writer
Union Official Says American Airlines Could Be Forced Into Bankruptcy by May


DALLAS (AP) --
http://biz.yahoo.com/ap/030226/american_airlines_bankruptcy_…

[peter.wedemeier1]

Engineers warned of shuttle wing burning
By Richard Stenger
CNN
Wednesday, February 26, 2003 Posted: 7:16 PM EST (0016 GMT)



The space shuttle Columbia broke up over Texas on February 1, killing seven astronauts.

--------------------------------------------------------------------------------

Story Tools



--------------------------------------------------------------------------------

RELATED
Memos document pre-landing anxiety (PDF, 2MB)

SPECIAL REPORT

• Columbia Accident Investigation Board
• Master timelime, maps of shuttle`s fatal descent
• NASA`s investigation page
• Audio: 911 calls
• Explainer: External tank
• Interactive: Thermal protection
• Gallery: Memorial services
• Gallery: Remaining shuttle fleet
• Gallery: The trail of debris
• Audio Slide Show
• Gallery: Columbia crew
• Special Report

(CNN) -- The day before the Columbia broke up, space shuttle engineers expressed concern that its left wing might burn off and lead to the complete loss of the orbiter.

http://www.cnn.com/2003/TECH/space/02/26/sprj.colu.memo/inde…

[peter.wedemeier1]

[peter.wedemeier1]

[peter.wedemeier1]

[peter.wedemeier1]

[peter.wedemeier1]

SUSAN TOMPOR: Some think gold`s a sure thing in war

February 26, 2003





BY SUSAN TOMPOR
FREE PRESS COLUMNIST

http://www.freep.com/money/business/tompor26_20030226.htm

[peter.wedemeier1]

SILVER TO GO "NUCLEAR"?

Alex Wallenwein
http://www.gold-eagle.com/editorials_03/wallenwein022803.htm…

[peter.wedemeier1]

[peter.wedemeier1]

Greenspan Warns of Social Security Delay
Thu Feb 27,11:43 AM ET


By MARTIN CRUTSINGER, AP Economics Writer

WASHINGTON -
http://story.news.yahoo.com/news?tmpl=story&u=/ap/20030227/a…

[peter.wedemeier1]

[peter.wedemeier1]

[peter.wedemeier1]

[peter.wedemeier1]

Greenspan warns of disaster and the need for Gold to be part of the system!

By Julian D. W. Phillips
Feb 26 2003


http://kitco.com/ind/misc/feb262003.html

[peter.wedemeier1]

Revelation 13: Is the Antichrist Russian President Putin? -- More on Putin and Russia -- a Bible prophecy and New Age analysis

http://www.revelation13.net/Putin.html

[peter.wedemeier1]

From the Daily Reckoning

The Rue Vivienne is a street in Paris which runs from the Bourse up towards Pigalle - that is, from the stock market to the red light district...or from one group of whose
virtues are for sale to another whose virtues are both more affordable and more enjoyable. It is to this street that you must go if you want to buy gold coins. But the street`s
coin vendors greet you as if you were applying for a bail bond. You stand in front of a small window in a tawdry stall of shop...like a ghetto liquor store...and count your change carefully. Buying gold is not as easy as buying stocks. Taking advantage of last week`s trip to America, and a $25 per-ounce drop in the gold price, your editor decided to load
up. But a call to one coin company went un-answered. Another informed us that Krugerrands were in short supply and could not be immediately delivered. Your editor left America disappointed and empty handed. But
his faith in gold was confirmed. No shortage of shares in Amazon.com nor GE has ever occurred. Nor has any lone biped with money in his pocket ever had any problem buying them.
If the shortage in Krugerrands persists, the South Africans will mint more of them. But they will not be able to create them out of thin air "at virtually no cost" (as Fed
governor Ben Bernanke described dollar creation at the Bureau of Printing and Engraving). At current prices, each
one-ounce coin costs about $364 and contains about $354 of gold. Plus, there is the actual cost of minting and distributing the coin.
Most investors and financial analysts are amazed that anyone would want to buy gold at all. "It`s mainly war talk that is driving gold higher," explains a report in the Detroit Free Press. Gold is thought to be the duct tape and plastic sheeting of the investment world - the last resort of the paranoid, the
hysterical and the delusional. Will the price of gold collapse after the `quick and easy`
war is over? We do not know. But yesterday the Bush administration asked for $95 billion to fund the war effort. This pushes the federal deficit to well over $1 billion per day. And there is the U.S. trade deficit, too -
more than $1 billion per day. Where will all the money come from? Not from Krugerrands. Most likely, the Fed will create it...at virtually no cost to itself, but huge cost
to dollar-based investors. On September 10, 2001, an ounce of gold could be bought for
$271.50 per ounce. The central banks of the world - the very same banks whom people believe to be capable of seeing into the future and improving it - were selling tons of it at this price. By February 2003, gold was selling for $100 more. Even central bankers must have noticed. Seventy-five percent of their reserves are in dollars - and losing value - while the gold they sold rises. How long will it be before we spot Bernanke, Duisenberg and Hayami on the Rue Vivienne?

[peter.wedemeier1]

[peter.wedemeier1]

International Gold Hunter - Joey Freeze, P.Geo. Candente Resource Corp.

By Ellsworth Dickson
Feb 27 2003


http://www.kitco.com/ind/Dickson/feb272003.html

[peter.wedemeier1]

The Coming Energy Crisis?
http://www.wtrg.com/EnergyCrisis/index.html

[peter.wedemeier1]

Aden sisters favor gold stocks
12:02 a.m. 02/28/2003 By Deborah Adamson Provided by


Newsletter picks are Glamis, Newmont, Kinross
SAN JOSE, Costa Rica -- Gold has played a major part in the lives of the Costa Rica-based Aden sisters.

It was Pamela and Mary Anne Aden`s study on the movement and cycle of gold that launched their investment career in the 1980s. Last year, their bet on gold stocks and coins has propelled the portfolio returns of the Aden Forecast investment newsletter.

While the market as a whole, as measured by the Wilshire 5000, lost 22 percent over the 12-month period ending in January, the Adens added 20 percent, according to the Hulbert Financial Digest, a service of CBS MarketWatch.

Through the bear market, they`re nearly breakeven over the three-year period, while the Index gave up a cumulative 36 percent. This year thus far, they`re tracking the market, down 2.5 percent last month.

"We follow the markets closely, focus on a major trend and look for the best part in a major ride," said Pamela Aden, who writes the newsletter with her sister. They`re both directors of Aden Research.

About three years ago, they saw the gold market starting to stir. The precious metal`s movement began to confirm a major uptrend, Pamela Aden said. Meanwhile, the stock market began to turn bearish. She concluded that an ensuing downturn would be ugly "just to get rid of the excesses" of the tech bubble.

"We thought, `this is it`," Aden said. "This is the beginning."

And gold`s bull market isn`t over yet, she believes.

"I think it`s just getting started, actually," Aden said. "It`s got a long ways to go -- a year or two."

The current weakness in gold is a buying opportunity, she said. The dollar -- which moves opposite to gold -- has been beaten down and is overdue for a short-term rebound, which would depress gold. (Gold is denominated in U.S. dollars.) But gold`s run will continue because she sees the dollar continuing its decline.

Aden recommends buying gold coins and gold stocks. Among gold stocks, she prefers the more established companies that don`t do much of gold hedging. Hedging locks in the future price of gold, so a mining company`s profits won`t rise as much as the metal.

Her picks meeting this criteria are Glamis Gold(GLG)-- which was the ninth best performer in the New York Stock Exchange last year -- Gold Fields(GFI), Newmont Mining(NEM), Kinross Gold(KGC)and AngloGold(AU).

Glamis shares finished 56 cents lower at $11.08 on Thursday, while Gold Fields closed 15 cents down at $12.24. Newmont closed 65 cents lower at $26.85, Kinross fell 10 cents at $7.19 and Anglogold rose 12 cents to $31.63.

[peter.wedemeier1]

Japan identifying the manupulators
"TOKYO, Feb 28 (Reuters) - Japan`s top financial watchdog said on Friday it had ordered the brokerage unit of J.P. Morgan Chase & Co (NYSE:JPM - News) in Tokyo to suspend all stock trading on its own account for 10 business days from March 3 to 14.

The penalty excludes the execution of transactions contracted on or before Friday, the Financial Services Agency (FSA) said.

The administrative penalty against J.P. Morgan Securities Asia Pte Ltd was issued three days after Japan`s securities watchdog, the Securities and Exchange Surveillance Commission (SESC), said the unit had violated securities rules. The SESC had said it would seek a penalty against the unit for manipulating market prices through a series of transactions involving exchangeable bonds (EBs).

The FSA ordered the brokerage to improve its internal control system to ensure no such violation occurred again.

No immediate comment was available from J.P. Morgan.

EBs, which are high-risk, high-return structured bonds exchangeable for company stock, are redeemed in cash with interest if the price of a selected stock is higher than a predetermined price on a set date.

The SESC said its investigation found that the unit launched large-lot sell orders in shares in a company selected for an EB before the market closed on January 16, 2001, when the payment method -- cash or shares -- on the EB was due to be determined.

The brokerage deliberately kept the price below the pre-fixed price, it said.

Japanese regulators have been stepping up surveillance of domestic and foreign financial firms to bolster investor confidence in Tokyo`s financial markets."

[peter.wedemeier1]

Saudi Arabia to double gold production in 5 years

MENAFN - 28/02/2003
http://www.menafn.com/qn_news_story_s.asp?StoryId=14656

[peter.wedemeier1]

gold as the benchmark
KUALA LUMPUR (AFX-ASIA) - Prime Minister Mahathir Mohamad called for the use of other major currencies or gold as a benchmark in international trade, instead of solely relying on the US dollar, as the latter`s domination of global transactions is distorting the world economy, The Star reported.

Mahathir was quoted as citing the euro, yen or gold as other currency options, saying that having a single currency for all international business could expose the world to the dangers of manipulation.

[e-mail]

[peter.wedemeier1]

Ich habe gerade Richard Russell`s neuesten Brief bei 321gold.com gelesen und darin wiederholt er seine Aussage, das der Dow und das Gold sich bei $3000 treffen werden, innerhalb eines Jahrzehnts. Eines von seinen Favoriten bei den Indikatoren ist die 200 day MA von der Anzahl der Unzen, die der Dow Jones kaufen kann.

Im Januar 2000 waren es 34,4 Unzen Gold. Heute sind es gerade mal noch 22.6 Unzen. Er sagt in diesem Brief voraus, das das Dow Gold Ratio auf 1 : 1 gehen wird!

Jim Dines hat voraus gesagt, das das Gold bei $3000 für eine Weile toppen wird und Adam Hamilton von der Zeal site hat predicted $5000 als das Top voraus gesagt.

Erinnere, das Gold war $800 in 1979-80 und diese Zahlen waren für die heutigen Verhältnisse noch nicht sehr hoch. Nehmt alleine mal die Tech Bubble und die Dow bubble die im Jahr 2000 geplatzt ist, dazu noch die Immoblien bubble in den USA und den sekulären bear market bei dem Dollar.

So erscheint mir dieses zusammengefaßt ein Goldpreis von $3000 bis 5000 sehr realistisch.

[peter.wedemeier1]

New threat found on Islamist Web site
By Anwar Iqbal
From the International Desk
Published 2/27/2003 1:49 PM
View printer-friendly version


WASHINGTON, Feb. 27 (UPI) --
http://www.upi.com/view.cfm?StoryID=20030227-010901-5807r

[peter.wedemeier1]

Silver News or Silver Blues?

David Morgan
http://www.gold-eagle.com/editorials_03/morgan030103.html

[peter.wedemeier1]

Defense Sector Could Become Casualty of War
Page 3
http://www.thestreet.com/_yahoo/markets/paulalace/10070954_3…

[peter.wedemeier1]

HL mentioned in Barrons!
This weeks Barrons has a fund manager (An Interview With Paul Stuka)with some picks, and this is what he said about HL:
----------------
Q: What are some of those?
A: The biggest name I`m still relatively excited about is Hecla Mining. Hecla was actually the best-performing stock on the New York Stock Exchange last year. It has historically been viewed as a silver mining company, and silver is about the only commodity that hasn`t gone up. But Hecla has made itself more into a gold company. They had a very questionable balance sheet two years ago, but they just completed an equity deal. The dilution from the deal is already priced in to the shares. The stock peaked at $5.90 and is now at $4, so it has come off a fair amount. One of the issues surrounding Hecla is its exposure to Venezuela. They have significant exploration projects there. The mine itself is doing well, but there`s political risk.
----------

[peter.wedemeier1]

Pakistan Arrests Alleged 9/11 Mastermind
1 hour, 30 minutes ago Add Top Stories - AP to My Yahoo!


By KATHY GANNON, Associated Press Writer

ISLAMABAD, Pakistan -
http://story.news.yahoo.com/news?tmpl=story2&cid=514&ncid=51…

[peter.wedemeier1]

U. S. National Debt Clock
http://toptips.com/debtclock.html

[peter.wedemeier1]

Remarks by Governor Ben S. Bernanke
Before the National Economists Club, Washington, D.C.
November 21, 2002
Deflation: Making Sure "It" Doesn`t Happen Here
http://www.federalreserve.gov/boarddocs/speeches/2002/200211…

[peter.wedemeier1]

28 February, 2003
Mining news update from the Idaho silver fields
http://www.pennaluna.com/prospector.htm

[peter.wedemeier1]

Weekend Report
Safe Money e-News

March 1, 2003

Dear Subscriber,

For the past year the White House spin on the economy was
predicated on the notion that we have "a real recovery" in
America. But in recent months, the hard data showed
NOTHING OF THE KIND.

So if you`re the Federal Reserve Chairman, and you have to
testify before Congress about the state of the economy, how
do you tell the truth ... AND ... avoid offending the White
House at the same time?

Mr. Greenspan and staff must have struggled for hours on this
delicate issue. But they finally came up with a "solution":
Perpetuate the myth about the recovery. Never mention the
"recession" word. Then, coin a new term: SOFT SPOT.

We still have a recovery, said Mr. Greenspan, but we`re in a
soft spot of that recovery.

The whole charade made sense to no one. But it did prove one
thing: Newspeak was alive and well in America, and George
Orwell would be proud.

Now, though, the soft spot is turning to quicksand:

* Consumers, who until recently had single-handedly propped up
the crumbling economy, are now buckling: They are mired in debt.
They see their jobs in jeopardy, mega-failures in Corporate
America, mega-disasters globally.

As a result, overall consumer confidence just plunged to the
lowest level in nine and half years. Consumer expectations for
the next six months are at the lowest level in ELEVEN years!
And consumer expectations for their future income are at the
lowest level since the Conference Board began keeping records
in 1967, THIRTY-SIX years ago!

Chairman Greenspan was stunned by this. He admitted as much in
his own words to the Senate Banking Committee: "... the
order of magnitude [of the plunge in consumer confidence] is
certainly a surprise."

But it comes as no surprise to us. Jobless claims are up to
417,000 in the latest week reported. Retail sales are stumbling.
Auto sales are fading -- down from 16.2 million in January from
18.3 million a month earlier.

Meanwhile ...

* The real estate market is about to go bust. New home sales
plunged 15% in January. And the outlook for February looks to
be just as bad. Mortgage applications for purchasing homes have
dropped 15% in the four weeks from January 31 to February 21,
the latest data on record. The home-buying frenzy appears to be
on the wane.

* Investors are up in arms! The NASD reported a record number
of investor complaints in 2002. 7,704 new arbitration cases
were filed in 2002 -- that`s 11% higher than 2001 and 39%
higher than in 2000. Investors are hopping mad that Wall Street
has taken advantage of them for so long, and they`re finally
beginning to fight back. But this is still the tip of the
iceberg ...

* Accounting shenanigans continue. Parades of CEOs in handcuffs
still haven`t stopped some corporations from fudging their books.
The U.S. division of Dutch supermarket conglomerate Ahold, which
operates the Giant and Stop & Shop chains, will restate at least
$500 million of its earnings.

The SEC is now investigating and S&P has knocked the stock to
junk, but where were they back in April 2002? According to the
New York Times, that`s when the company said that its 2001
earnings, if prepared by GAAP rules, would have been 90% less
than they were under Dutch accounting rules. Clearly, something
fishy was already going on.

[peter.wedemeier1]

Judge: U.S. Air Can End Pension Plan
01:35 a.m. 03/02/2003 Provided by


By John Crawley

ALEXANDRIA, Va. (Reuters) - A federal judge ruled on Saturday night that US Airways Group Inc.(UAWGQ)could terminate its pilots` pension plan, saying it was a disheartening option to help save the bankrupt carrier.

Judge Stephen Mitchell of the U.S. Bankruptcy Court for the Eastern District of Virginia cleared the way for the company to seek federal government approval of its proposal to replace the pension plan with a cheaper one.

The pension plan covers 3,600 active and 1,100 retired pilots, some of whom could lose up to 75 percent of their benefits under the proposal.

[peter.wedemeier1]

War May Not Be All That Ails Economy




Sunday March 2, 10:10 AM EST

By Caren Bohan

WASHINGTON (Reuters) -
http://money.excite.com/ht/nw/bus/20030302/hle_bus-n02200590…

[peter.wedemeier1]

US personal bankruptcies to hit record in 03-Fitch
Fri February 28, 2003 01:54 PM ET
NEW YORK, Feb 28 (Reuters) - U.S. consumer bankruptcies should hit a record high in 2003 for a second straight year as a persistently weak economy slams debt-laden households, Fitch Ratings agency said on Friday.
With few signs of the economy improving enough this year to help consumers, personal bankruptcy filings should rise by about 7 percent to 1.65 million in 2003, Fitch said in a report. That`s up from a record 1.539 million in 2002.

A jump in bankruptcies could hurt consumer spending, which makes up two-thirds of the economy and so far has stayed solid despite a plunge in confidence to a nine-year low on worries about war, high energy prices and a poor labor market.

Layoff announcements and jobless claims are at levels typically seen in a recession, Fitch said. Claims jumped in the week ended Feb. 22 to 417,000, a two-month high and a level that suggests unemployment may be rising from its current 5.7 percent.

In a sign people are paying down debt in response to the pressure on their checkbooks, consumer credit posted its biggest drop since the 1990-91 recession last December, falling by $4 billion, or 2.75 percent, to $1.72 trillion.

Bankruptcies are already rising this year. In January, bankruptcy filings increased 9.2 percent from the same month last year to 121,316 filings, Fitch said.

[peter.wedemeier1]

CONFUSED GOLDBUGS

Copyright March 2003 Charles Savoie

http://www.silver-investor.com/confused.htm

[peter.wedemeier1]

THE GOLD/SILVER RATIO STRATEGY
& THE CASE FOR SILVER

Franklin Sanders
http://www.gold-eagle.com/editorials_03/sanders030703.html

[peter.wedemeier1]

Associated Press
3 Ex-Qwest Execs Plead Innocent to Fraud
Thursday March 6, 4:59 am ET
By Jon Sarche, Associated Press Writer
Three Former Qwest Executives Plead Innocent to Fraud Charges in Revenue-Inflation Case


DENVER (AP) --
http://biz.yahoo.com/ap/030306/qwest_1.html

[peter.wedemeier1]

Hussein Translator on CBS Used Fake Accent-Report
Wed Mar 5, 4:53 PM ET
http://story.news.yahoo.com/news?tmpl=story&u=/nm/20030305/t…

[peter.wedemeier1]

TAKE DELIVERY

Don Stott

http://www.gold-eagle.com/gold_digest_03/stott030803.html

[peter.wedemeier1]

Wall Street Seen Sliding

Friday March 7, 7:16 AM EST

LONDON (Reuters) - Intel Corp. (INTC) shares fell further in Europe on Friday after the world`s largest maker of microchips narrowed its range for first-quarter revenue, and Wall Street stocks were poised to fall, traders said.

Intel`s shares traded at 14.42 euros ($15) in Frankfurt, lower than the 16.05 after-hours level and its close of $16.70 on the Nasdaq.

For the wider market, a report from the head of the U.N. nuclear watchdog Mohamed El Baradei and chief arms inspector Hans Blix on Iraq to the security council will be scrutinized for clues as to the likely timing of a possible war.

The U.S. jobless report at 8:30 a.m. EST and consumer credit at 3 p.m. EST will be studied for signs on the health of the world`s largest economy.



"Non-farm payrolls, unemployment and consumer credit should be holding investors` imagination today. Sadly we all know it will be the rather bland, neutral and inconclusive statement made at 10.00 am EST by Hans Blix," said David Buik at Cantor Index.

By 4:54 a.m. EST, equity index futures indicated the Dow Jones industrial average (DJI) would open 1.31 percent lower, while the tech-laced Nasdaq (IXIC) was set to fall 0.88 percent.

"The U.S. futures market has seen a consistent flow of sellers since 4.00 am GMT this morning," said Buik.

[peter.wedemeier1]

Launching the Islamic Gold Dinar
and Silver Dirham in UAE

The traditional Muslim coins and the deeper significance
of their reappearance as currency

http://www.islamicmint.com/newsarticles/launch.html

[peter.wedemeier1]

Property prices

Betting the house

Mar 6th 2003
From The Economist print edition


Housing markets in several countries are looking decidedly bubbly
http://www.economist.com/finance/displayStory.cfm?story_id=1…

[peter.wedemeier1]

U.S. National - AP

Connecticut Quarantines 4.7M Chickens
Thu Mar 6, 6:53 PM ET


By DONNA TOMMELLEO, Associated Press Writer

HARTFORD, Conn. -

http://story.news.yahoo.com/news?tmpl=story&u=/ap/20030306/a…

[peter.wedemeier1]

Reuters
JP Morgan Bankers Fired, Harassment Cited
Friday March 7, 2:59 pm ET
By Greg Cresci


NEW YORK (Reuters) -
http://biz.yahoo.com/rb/030307/financial_jpmorgan_harrassmen…

[peter.wedemeier1]

Dow Jones Business News
Lockheed Martin Has Order Backlog of $70.4 Billion
Friday March 7, 11:13 am ET


WASHINGTON (Dow Jones)--
http://biz.yahoo.com/djus/030307/1113000369_1.html

[peter.wedemeier1]

Sinclair:
"I am beginning to believe that more than the faithful read my thoughts faithfully.

Conclusion:

The reverse head and shoulders will rebuild and complete and bury TW-COT. By the way it was me you ran into at the low today. Now you have gotten my competitive spirits up. In the last go around I bought 22,000 long from you. This time it may have to be orders of magnitude greater than that.

But hear me, JPM, ML, SB & GS, I am going to bury you at your own game. You cannot scare me because I am better at this than you are. Money means nothing whatsoever to me. It is the game that counts, so now the opposition to your fraudulent derivatives has taken on a new life - mine. Get ready to see $400 at your back."

[peter.wedemeier1]

From The Master
"One concept that subscribers should understand. Once the primary trend of an time such as gold or the stock market is established, the more activity or manipulation against the primary trend, the stronger the primary trend becomes.

Why is this? Take the stock market. The primary trend is down. Every rally, every upside correction, every intra-day pop puts stocks in weaker hands. The people who buy stocks on these counter-primary trend advances are buying stocks against the primary trend. Ultimately, they`ll be forced to sell these same stocks at lower prices. But during the counter-trend rallies, stocks are moving from stronger hands to weaker hands.

The same process applies to gold. We`re now in the first or early phase of the gold bull market. Every time gold dips, every time some central bank or some manipulator dumps gold, the metal moves out of weaker hands and into stronger hands. Finally, gold establishes a rock-bottom base. The weak hands have either been knocked out of the market -- or sold out or scared out.

Once that happens, gold will be ready to move higher and ultimately into its second phase. The second phase is the phase where the public finally becomes interested in the item. But we are not near the second phase yet. Skepticism towards gold, fear of buying or holding gold, is the condition of the market at this time.

Actually, picture yourself as a large investor who wants to accumulate gold. You`re convinced that gold is cheap, a bargain below 400. The last thing you want at this time is higher gold. You are patient, you`re in no hurry. What you really want in this area is the cheapest gold possible for your dollars. In fact, you welcome any scare, any manipulation, any action, which might knock gold down and allow you to buy more gold at what you consider bargain prices."

Russell......

[peter.wedemeier1]

United Airlines no longer controlled by employees
By Carolyn Pritchard, CBS MarketWatch.com
Last Update: 9:11 PM ET Mar 7, 2003
CHICAGO (CBS.MW) -- UAL said Friday the amount of shares held in its employee-ownership
plan has fallen below a key level, ending employee control of nation`s second-largest airline.
Employees also will lose their voting power over major decisions including divestitures,
acquisitions, and the appointment of the company`s CEO.
"This is the end of an era," said Joe Tiberi, spokesman for the International Association of
Machinists and Aerospace Workers union. "It was an experiment that worked well. It was
designed to fill jobs, which it did. It saved jobs and created thousands of new jobs at UAL."

[peter.wedemeier1]

As Hank Locklin would say.........
Please help me Im falling......."

All about inflation, falling market, Buffett bombshell
12:00 p.m. 03/07/2003 By Thom Calandra Provided by


Inflation, the falling market and a Buffett bombshell
SAN FRANCISCO (CBS.MW) -- Abandon all hope of portfolio redemption, you who pass through this gate.

Investors, instead of curling up inside their highly mortgaged cocoons, are registering alarm at the incessant declines of their holdings. They appear to be heeding, albeit slowly, the warnings of solid researchers such as Barry B. Bannister at Legg Mason Wood Walker. Bannister, embarking on a series of reports on the outlook for inflation the next 12 years, says simply, "We do not see a sustained change in direction that consistently favors equities until around 2015."

Bannister, a capital goods analyst, gets little attention from Wall Street. Yet his research, and his conviction, are compelling. Debt in all sectors of America`s economy, when measured against gross domestic product, is about where it was in 1933, just before the United States began a 20-year process of cheapening its dollar assets and thus "reflating" its economy.

The so-called "multiple" of debt to economic output is near a factor of three. Meaning this is one very lopsided teeter-totter. For more, and aof defensive investments, seeThe Calandra Report.

At the heart of sensible researchers such as Bannister is the belief that an accelerated pace of inflation, and America`s $30-plus trillion of debt floating around the globe, will sink stocks and most bonds and other paper assets. Not the coming war in Iraq. Not terrorism, politics or sightings of hostile globs from outer space.

At some point, says Bannister, $1 of new debt will have absolutely no "incremental positive effect" on the American economy. That point, says the former co-chief for U.S. equity research at SBC Warburg, will come in the year 2014.

Bannister is Wall Street`s worst nightmare. He`s all about a world where investors seek out safe-money strategies and hard assets -- and sidestep anything that comes in the shape of a certificate or broker confirmation.

In my view, the fringe, from its glass-tower messengers in the investment business to ordinary folks on Main and Elm streets, will move closer to center stage as we all get closer and closer to the gates of H-E-L-P!

Bill Murphy, a volatile publisher of bullion facts and fancies, is one of the best examples of that fringe. Murphy, as creator of, reaches a paying audience numbered close to 4,000, all of them bent on seeing the price of gold break away from the mid-$350-an-ounce range and soar to its rightful place in the stratosphere. (I believe it will.)

The publisher, who doubles as chairman of the, heads a team of hard-nosed researchers who estimate a "gold derivatives neutron bomb" will soon explode, liquidating the balance sheets of bullion lenders, among them, asserts Murphy and his analysts, the New York City bank J.P. Morgan Chase(JPM).

In the past 36 months, the rising price of gold has put 75 percentage points between itself and shares of J.P. Morgan Chase, which trade on the New York Stock Exchange. (See chart above.)

"A sharply rising gold price will most likely ignite J.P. Morgan Chase`s $26 trillion of derivatives into some kind of blow-up mode," Murphy tells me on the eve of the full Warren Buffett state-of-the-union address, due from that insurance executive`s shareholders on Saturday.

[peter.wedemeier1]

As Hank Locklin would say.........#2
Berkshire Hathaway`s(BRK.A)Buffett this week sounded like the Italian poet Dante Alighieri in painting the world of derivatives as an inferno. The summary: Abandon all hope of leaving, you who pass through the derivatives gates.

"Let`s see: stocks overvalued and offering more risk than reward," observes Robert Bishop, editor of 20-year-old."The dollar in a confirmed major bear market. Derivative poster-child gold rising. It`s not exactly a great leap to conclude that Monday`s business sections may indeed be telling us of Berkshire Hathaway`s newfound exposure to that best known of contra-cyclical investments, gold."

For his part, Murphy, the bullion fanatic who has been largely correct about the direction of gold these past 18 months, tells me, "Good grief. The news does not get any more gold bullish than the employment news in America. Wages up 0.7 percent. Biggest jump in something like 16 years. Employment falling off a cliff. Dollar tanks. Yet, gold is held in check ... to a fractional move higher so far," he told me Friday morning, as U.S. stock indexes set new lows for the year.

Murphy has an audience with dollars and euros, yen and Australian dollars to spend, mostly on gold-mining stocks and bullion-linked investments. Besides his almost 4,000 subscribers, the publisher and former commodities specialist has a mailing list of 7,000 or so additional readers. Murphy and the researchers at the Gold Antitrust Action Committee have long alleged the world`s central banks and bullion lenders are woefully short of the physical gold they need should their customers demand delivery of the pawned metal.

There are, according to Murphy & Co.`s best estimate, gold loans and swaps of around 15,000 tons, an annual supply/demand deficit of 1,700 tons and mine supply at just 2,500 tons.

"According to the work of the GATA camp (strategists Frank Veneroso and Reginald Howe), the central banks are short some 15,000 to 16,000 tons of gold," he says. "That is gold that

has been lent or swapped to the bullion banks. Much of this gold was lent, or swapped, at sub-$300 gold. The bullion banks are on the hook to return the gold to the central banks, should they call it back. These loans are going underwater big time."

Murphy - and this will rankle some purists - says, "We are not that much different from Warren Buffet, who recently warned on excessive derivatives, calling them `financial weapons of mass destruction.`"

Speaking of Buffett, Andy Smith, the Mitsui Precious Metals analyst who elaborated earlier this week - in this space -- on Berkshire Hathaway`s possible penchant for gold, is not willing to bet the legendary investor will spill the gold beans in his annual letter Saturday. Buffett and his partner Charles Munger in 1998 told the world they had bought 4,000 tons of silver, a revelation resulting in a brief frenzy for that metal.

Smith told me Friday from London, "I have a feeling themay be humming. But as I hinted; the odds are no. Threshold quite high. And the silver announcement came only after protracted rumors."

Gold on Friday was getting its tail kicked, down $6 in the spot market to $350 at noon New York time, even as the dollar continued to slide against most major currencies.

[peter.wedemeier1]

A Guaranteed, Golden Opportunity
Yes, the steamroller is coming, chug chug chugging down the street

Richard Daughty
The Mogambo Guru
March 8, 2003
The Daily Reckoning

http://www.321gold.com/editorials/daughty/daughty030803.html

[peter.wedemeier1]

TECHNICAL REVIEW
Desperation on the Short Side
http://www.jsmineset.com/s/Home.asp

[peter.wedemeier1]

http://www.theonion.com/onion3908/bush_offers_taxpayers.html

[peter.wedemeier1]

Mr. Buffett`s comments about tepid stock returns sparked talk among traders about his potentially taking a greater interest in gold. Just a hint of Buffett interest, as well as a weaker dollar, and gold stocks were on the rise once again, with Canyon Resources (CAU, news) adding 3.5%, or five cents, to 1.47. Hecla Mining (HL, news) rose 3%, or 11 cents, to 3.83 on the NYSE.

Auto-Parts Makers, Airlines
Lead Small-Cap Decliners Wall Street Online By Karen Talley
Tuesday, March 4, 2003 09:24 PM ET
NEW YORK --
http://www.quicken.com/investments/news/story/?story=NewsSto…

[peter.wedemeier1]

Irgendwelche Wetten sind erwünscht, wann und auf welchem Niveau sich die beiden treffen werden!

[peter.wedemeier1]

[peter.wedemeier1]

A Detour From the War on Terrorism

By Gary Hart

The urgent necessity to disband terrorist networks abroad and to secure the American homeland has been replaced by the Bush administration`s puzzling preoccupation with Saddam Hussein. He has become George Bush`s White Whale, an obsession that has cost us international solidarity in eradicating terrorism, the goodwill of tens of millions of people worldwide and the role of benign democratic world leader.

While deploying divisions to the Middle East our government has not been training and equipping police, fire and emergency health responders in the United States. While splitting the United Nations and NATO, our government has not made our vulnerable ports safer. While paying tens of billions of (deficit) tax dollars to Turkey, Yemen and other countries for basing rights in the Middle East, our president is not preparing the United States to respond to the terrorist attacks the CIA has predicted will most probably occur as a response to our preemptive invasion of a sovereign Arab nation. It is difficult to imagine that the president seriously believes an invasion of Iraq will reduce the terrorist threat to the United States.

Given the pattern of public deception in Vietnam, we should have learned to demand candor and respect for our judgment from our elected officials. Instead, we are now tacitly permitted to believe war in Iraq will resemble Gulf War I and Afghanistan -- quick, relatively bloodless and successful. We must pray that it will be. But prayers are no substitute for a leader who trusts us enough to be honest about the risks of war.

Obsession with Hussein has caused the president to neglect the probable consequences of the Iraqi war -- attacks on the United States. We are not sufficiently prepared for the next terrorist attacks -- attacks very likely to be precipitated by massive U.S. military invasion -- and probable long-term occupation, of an Islamic nation in the most volatile region on Earth. "America Still Unprepared, Still at Risk," reported the Council on Foreign Relations task force I co-chaired with Warren Rudman last fall. To leave one`s own camp exposed and vulnerable when an attack is made invites counterattack; it is not the hallmark of prudent leadership.

What is our strategic objective in Iraq -- disarmament, regime change, to mount a massive democratic revolution throughout the Arab world or all of the above? Once again, the target changes, and presidential candor is missing.

The extravagance, not to say arrogance, of this epic undertaking is sufficiently breathtaking in its hubris to make Woodrow Wilson blush. And as a visionary, George W. Bush is no Woodrow Wilson. I find nothing in the writings of America`s founders, including those of the expansive Alexander Hamilton, that suggests our national purpose should be the remaking of the world in our own image.

Iraq is a detour from the war on terrorism. Hussein mysteriously morphed into Osama bin Laden, or vice-versa. But at least we have the advantage -- for the moment -- of knowing what country Hussein is in. Instead of wondering how many Americans will be sacrificed to urban warfare in Baghdad, we should be concerned with equipping and training police and firefighters in Baltimore, Dallas and Denver. Right now, first things are being put second and third as our leaders obsess about an isolated Iraq.

The war on terrorism is too serious to become the vehicle for settling old scores, either abroad or between neo-hawks and traditionalists in the administration. And if we really do intend to bring democracy to the Arab world at the point of a bayonet, the American people deserve the candid accounting we have not been given

[peter.wedemeier1]

Reuters
Asia Seeks Answer to China`s Ascent
Sunday March 9, 11:03 am ET
By Alan Wheatley, Asian Economics Correspondent


PENANG, Malaysia (Reuters) -

http://biz.yahoo.com/rb/030309/economy_china_asia_1.html

[peter.wedemeier1]

Asia Watch: Region offers defence against war risk
By Joe Leahy and Justine Lau in Hong Kong
Published: March 7 2003 13:49 | Last Updated: March 7 2003 13:49
http://news.ft.com/servlet/ContentServer?pagename=FT.com/Sto…

[peter.wedemeier1]

All about inflation, falling market, Buffett bombshell
12:00 p.m. 03/07/2003 By Thom Calandra

SAN FRANCISCO (CBS.MW) -- Abandon all hope of portfolio redemption, you who pass through this gate.

Investors, instead of curling up inside their highly mortgaged cocoons, are registering alarm at the incessant declines of their holdings. They appear to be heeding, albeit slowly, the warnings of solid researchers such as Barry B. Bannister at Legg Mason Wood Walker. Bannister, embarking on a series of reports on the outlook for inflation the next 12 years, says simply, "We do not see a sustained change in direction that consistently favors equities until around 2015."

Bannister, a capital goods analyst, gets little attention from Wall Street. Yet his research, and his conviction, are compelling. Debt in all sectors of America`s economy, when measured against gross domestic product, is about where it was in 1933, just before the United States began a 20-year process of cheapening its dollar assets and thus "reflating" its economy.

The so-called "multiple" of debt to economic output is near a factor of three. Meaning this is one very lopsided teeter-totter

[peter.wedemeier1]

DJN HL 03/07/2003 *DJ BMO Ups Hecla To Outperform From Mkt Perform HL

[peter.wedemeier1]

shultz:
Like Richard Russell says, "It ain`t easy holding on in a bull market." And gold is in a bull market. You may need to break out the Pepto Bismol for right now, but you should do just fine in the long run.

[peter.wedemeier1]

Blutbad am heutigen Montag für den DAX und den Dow Jones?!

[peter.wedemeier1]

shultz:
Yeah...... I broke out the pain killers last Friday night. (Freaked me out) I`m no pro at this stuff by any means but i watch news and see numbers everyday that doesn`t convince me to put money anywhere else than here. I don`t think bearishness in this economy is at its peak.

[peter.wedemeier1]

Japan Scrambles to Lift Market Confidence
03:24 a.m. 03/10/2003
By Jonathan Standing TOKYO (Reuters) - Japanese shares fell to their lowest in 20 years
on Monday, raising the specter of a financial crisis as the fiscal year-end approaches and
sending the government scrambling to shore up confidence. Fears of an imminent war in
Iraq and tension over crotchety neighbor North Korea helped drive the benchmark Nikkei
225 share average to its lowest level since March 1983, further undermining confidence in
the world`s second-largest economy. The Nikkei average closed at 8,042.26, around a fifth
of its value at its peak in 1989. "I think there`s very little that the government can do, and
there`s a kind of resignation among fund managers here that a fall to around 7,800 is pretty
much inevitable," said Koichi Ogawa, chief portfolio manager at Daiwa SB Investments.
Officials said the government was preparing steps to deal with any fallout from an Iraq
war. Markets took this as a sign that the government appeared at last to be gaining a sense
of crisis. "It`s clear that we`ve reached the level where some kind of government response
is required," said Tetsuya Ishijima, senior investment strategist at Okasan Securities. "I
think we`re likely to get some kind of package including additional fiscal spending twinned
with action by the Bank of Japan. The current budget was not drawn up with additional
spending for the Iraq crisis in mind, so such a move would be easily justified." Japan`s
economy has recently shown some signs of recovery from a slump that has lasted over a
decade, helped by strong demand for products such as cars from fast-growing China. Data
last week showed that a sharp slowdown in new investment by Japanese companies was
moderating and that most expect rising profits in the fiscal year to March 31 as
restructuring pays off. HAPPIER HAIRDRESSERS A government survey of
service-sector workers from taxi drivers to hairdressers released on Monday showed
business conditions improved for the first time in six months in February. But the plunge in
stocks threatens to pull the rug from under any recovery and will be a big blow to banks,
eating into the value of their huge stockholdings and further eroding capital at a time when
they are struggling with mountains of bad loans. Lending by banks fell for the 62nd
straight month in February, data on Monday showed, meaning that even healthy
companies looking to expand are finding it hard to get their hands on financing. Another
concern is the health of insurance companies. Heavily reliant on share investments to
generate returns, many insurers face the prospect of not being able to meet guaranteed
payments to holders of retirement policies. For the millions of Japanese banking on the
payouts to help them through their old age, the prospect of less money in the future could
push them to save more now. That would have knock-on effects on consumer spending,
while the prospect of a society of impoverished pensioners could hit Prime Minister
Junichiro Koizumi where it hurts -- his personal popularity. Chief Cabinet Secretary Yasuo
Fukuda told a news conference that officials would look at ways to counter the recent
slide in share prices, adding to the now-familiar government pressure on the central bank
to do more. "Monetary policy will play a central role," Fukuda said. "But we can`t be
carried along by the Bank of Japan.

[peter.wedemeier1]

The government and the BOJ must work together."
CONDITION CRITICAL Economics and Financial Services Minister Heizo Takenaka
added to the official calming effort, saying the government was readying steps to cope
with the economic fallout of any war in Iraq and calling for a united approach with the
BOJ. Hiroshi Okuda, head of Japan`s biggest business lobby, the Japan Business
Federation, called the economy`s condition "critical" and said the BOJ should buy more
assets such as ETFs, or equity funds that are traded like stocks. The comments are piling
pressure on the nominee for Bank of Japan governor, Toshihiko Fukui, set to step into the
hot seat next week, to come up with something new. The ruling party has agreed to call
Fukui to appear before parliament to give his views on policies before his appointment is
officially confirmed. Meanwhile, the dollar weakened further against the yen over the
possibility of an Iraq war, dropping below 117 yen. That is bad news for Japan`s exporters
as it makes their products more expensive, and bad news for the economy, too, because
exports have been about the sole bright spot for most of the past year. Nor is the outlook
for the dollar too bright after poor economic data from the U.S. last week added to war
concerns. The number of workers on U.S. payrolls outside the farm sector shrank by
308,000 in February, its biggest decline since November 2001. "Though there has been
speculation that the dollar would be bought back once a war begins, such views are
becoming a minority due to poor U.S. economic data," said Katsunori Kitakura, manager
of the treasury department at Chuo Mitsui Trust and Banking.

[peter.wedemeier1]

[peter.wedemeier1]

U.S. Providing N. Korea With Nuke Info
United States Still Providing North Korea With Nuclear Information During Confrontation

WASHINGTON March 7 —
While the Bush administration confronts North Korea over development of nuclear weapons, it is allowing the regime access to thousands of documents on nuclear technology as part of an electric power project, the Energy Department acknowledged.

Rep. Ed Markey, D-Mass., questioned the continuation of the nuclear technology transfers.

In a letter to Markey, Energy Secretary Spencer Abraham said the administration was considering suspending the technology transfers, which began in 1996 as part of a program to help North Korea build two light water nuclear reactors to generate electricity.

The program was extended for another five years by the Bush administration in 2001. The twin reactors are being built by a South Korean consortium using reactor technology developed by Westinghouse. Construction began last August.

The Energy Department confirmed Friday that about 3,100 documents related to nuclear power plant licensing and operation have been approved for use in the project. About 300 of the documents have already been transferred, while about 100 documents were blocked by the Energy Department`s export control office.

Abraham said every precaution is being taken to assure that North Korea "does not receive technology or assistance that could further a nuclear weapons program."

"The authorization explicitly restricts U.S. technology transfers to that related to licensing and safe operation" of the proposed reactors and "bars transfer of any U.S. technology that would enable North Korea to design or manufacture key components or nuclear reactor fuel," Abraham wrote Markey in a March 4 letter.

He said the DOE export control office "has carefully and thoroughly reviewed" the documents related to the reactor project.

Markey said the administration should halt all nuclear cooperation with North Korea and immediately bar the further transfer of the documents, which cover such subjects as training, quality assurance, reactor construction and reactor safety.

"While Bush administration officials have thrashed the Clinton administration`s approach to North Korea, the fact is that they continued the same ill-conceived policy of offering (North Korean leader) Kim Jong Il access to nuclear technology," complained Markey.

[peter.wedemeier1]

Russia Bolsters Gold, Forex Reserves By $3.79 Bln In Feb
Source: Daily News Bulletin
Publication date: 2003-03-07


MOSCOW. March 7 (Interfax) -

http://cnniw.yellowbrix.com/pages/cnniw/Story.nsp?story_id=3…

[peter.wedemeier1]

PETER BRIMELOW

Veteran editors grumpier than ever

By Peter Brimelow, CBS.MarketWatch.com
Last Update: 12:55 AM ET March 10, 2003







NEW YORK (CBS.MW) -- Nasty news and grumpy geezers. It doesn`t look good for the stock market.


http://www.marketwatch.com/news/yhoo/story.asp?source=blq/yh…

[peter.wedemeier1]

Reuters
Fed`s Poole: Fannie Shocks Could Spread
Monday March 10, 11:37 am ET
By Mark Felsenthal


WASHINGTON (Reuters) -

http://biz.yahoo.com/rb/030310/economy_fed_poole_4.html

[peter.wedemeier1]

Reuters
Buffett: Reinsurer Stops Paying Claims
Monday March 10, 1:09 pm ET


NEW YORK (Reuters) -

http://biz.yahoo.com/rb/030310/financial_buffett_reinsurance…

[peter.wedemeier1]

Dow Jones Business News
Mining Indus Needs To Fund More Exploration - Barrick VP
Monday March 10, 2:32 pm ET


TORONTO (Dow Jones)--

http://biz.yahoo.com/djus/030310/1432000984_1.html

[peter.wedemeier1]

Reuters
Japan Mulls Yen Intervention -Nikkei
Monday March 10, 2:36 pm ET


NEW YORK (Reuters) -

http://biz.yahoo.com/rb/030310/markets_forex_japan_3.html

[peter.wedemeier1]

NEW YORK, March 10 (Reuters) - Fannie Mae (NYSE:FNM - News), the nation`s top home funding source, said on Monday it will sell $2 billion of new three-year callable notes on Thursday. The notes are due March 17, 2006 and have a one-time call feature on March 17, 2004.

[peter.wedemeier1]

Housing in the Macroeconomy

William Poole*
President, Federal Reserve Bank of St. Louis


Office of Federal Housing Enterprise Oversight Symposium
Ronald Reagan Building and International Trade Center
Washington, DC
March 10, 2003

http://www.stls.frb.org/news/speeches/2003/3_10_03.html

[peter.wedemeier1]

"Today, the housing finance system is heavily concentrated. Just three firms—Fannie Mae, Freddie Mac and Ginnie Mae—account for over 40 percent of the residential mortgage market. Ginnie Mae is backed by the full faith and credit of the U.S. Government. Fannie Mae and Freddie Mac are not so backed, and hold capital far below that required of regulated banking institutions. Should either firm be rocked by a mistake or by an unforecastable shock, in the absence of robust contingency arrangements the result could be a crisis in U.S. financial markets that would inflict considerable damage."

[peter.wedemeier1]

[peter.wedemeier1]

iraqi troops are ready!!!!!!!!!
3:23PM Iraqi troops offer surrender; told to come back later : London`s Mirror reports that terrified Iraqi soldiers have crossed the Kuwait border and tried to surrender to British forces - because they thought the war had already started. According to the report, the band of a dozen troops waved the white flag as British paratroopers tested their weapons during a routine exercise. The stunned paratroopers from 16 Air Assault Brigade were forced to tell the Iraqis they were not firing at them, and ordered them back to their home country telling them it was too early to surrender.

[peter.wedemeier1]

Fannie Tumbles on Fed Official`s Remarks
6:27 p.m. 03/10/2003 Provided by


By Mark Felsenthal

WASHINGTON (Reuters) - Shares of the top U.S. home finance companies tumbled to their lowest levels in more than two years on Monday after St. Louis Federal Reserve Bank President William Poole warned that a financial shock at Fannie Mae(FNM)or Freddie Mac(FRE)could hurt the broad economy.

"Should either firm be rocked by a mistake or by an unforecastable shock, in the absence of robust contingency arrangements the result could be a crisis in U.S. financial markets that would inflict considerable damage on the housing industry and the U.S. economy," Poole said at a conference on the two government-sponsored enterprises, or GSEs.

Because of the scale of the short-term debt obligations of Fannie Mae and Freddie Mac, a problem at either company could spread quickly, Poole said. "A market crisis could become acute in a matter of days, or even hours," he warned.

Poole repeated a recommendation he made last year that the government withdraw credit lines to the two shareholder-owned companies, chartered by Congress to provide funds to mortgage markets. The firms buy mortgages from lenders and repackage them as securities for investors.

Fannie Mae and Freddie Mac executives dismissed his comments as repetitious and off the mark. Bonds backed by agency mortgages held their value as bond traders, who have watched efforts to limit the agencies` credit lines hit heavy opposition in Congress, shrugged off Poole`s comments.

But stock investors seemed more concerned. Fannie Mae stock tumbled more than 6 percent to lows not seen since September 2000 while Freddie Mac fell nearly 6 percent to a level not seen since October of that year.

[peter.wedemeier1]

[peter.wedemeier1]

GUEST EDITORIAL

Brady Willett
Author, Private Investor and Proprietor of
www.fallstreet.com

The Great Gold Conspiracy Has No End Game
http://www.financialsense.com/editorials/willett/070802.htm

[peter.wedemeier1]

Crystallex Shareholder update

http://messages.yahoo.com/bbs?.mm=FN&action=m&board=7079114&…

[peter.wedemeier1]

WASHINGTON -- Hecla Mining Co. (HL) said it expects gold production of 215,000 ounces in 2003, compared with 240,000 ounces in 2002; and silver production of 9 million ounces for 2003, compared with 8.68 million ounces produced in 2002.

Also in the company`s annual report filed with the Securities and Exchange Commission Monday, Hecla said it expects $10 million to $15 million in exploration expenditures for 2003, compared with $5.8 million in 2002.

In Venezuela, the exploration expenditures will focus on the down-dip extension of the Main and Betzy veins at the La Camorra mine and drilling and feasibility studies at Canaima and on the company`s Block B concessions.

In Mexico, expenditures will focus on the San Sebastian and Cerro Pedernalillo areas. Expenditures in the U.S. will include exploration at the Hollister Development Block in Nevada and work at Greens Creek in Alaska, the filing said.

Hecla Mining also said that it sees 2003 expenditures for environmental cleanup and reclamation of $6 million to $8 million, mainly for water-management activities at its Grouse Creek property, yard cleanup program at its Bunker Hill Superfund site and reclamation activities at other locations

[peter.wedemeier1]

gold and silver share holders fight back. make a complaint to the sec and securities commision about the illegal short sales of your gold and silver miners.


BY Jim Sinclair:
Was the Three- Day "Trashing" of Royal Gold Legal Long Sellers

Or

Illegal Short Selling, So Common Today?

I would suggest that unless Royal Gold asks the SEC to look into this situation, we will never know. The tactic used so often by offshore hedge funds is to establish a legal short first. This will explain many of the present large short positions in gold shares as compared to their capitalization. When the opportunity presents itself the illegal short sales are made in a violent manner to trash the price of the share. It is in the trashing of the price that the illegal short sales take place devoid of up-ticks so as to demoralize the price by relentless selling into all the bidders at progressively lower levels. Sellers always result in more selling. The illegal short sales trades are made, backing the transaction up through a location where settlements rules, in terms of days until the share has to be delivered is much longer than the US rules require. The reason they do this is that nothing creates an avalanche of selling like driving the price of anything down. The old saying is "Sellers beget sellers & buyers beget buyers."

In order to make cover there has to be an avalanche of selling. Cover is not necessarily made via buying the stock. These stealthy operators, simply to complicate the matter and hide from authority, occasionally cover their short positions via purchases of over the counter calls that are "mirror type" options structured as to reflect the form of the listed options on the situation. This explains why the short positions seem just to sit out there and grow bigger as if no cover is ever made. Cover is made but via other instruments. The weakness in this situation, for the perpetrators, is that there is always a paper trail out there. That trail it is usually on the illegal short sale for the trashing. Usually to further hide the transaction, one dealer is interposed between the culprit and the final illegal short sale into the market. Whenever the build up starts of a large reported short position in a gold share, be prepared for the slam-bang on price lower more than likely coming.

[peter.wedemeier1]

"With all of the complexities inherent in the securities lending process, it can be difficult to obtain a clear understanding of some of the key principles and practices involved. However, a solid foundation in these concepts and an open dialog with your lending provider are crucial. The more information you have, the better equipped you`ll be to ask the right questions regarding your securities lending program.

In light of this, we`re writing a series of articles that together make up State Street`s Financial Digest of Securities Lending. The first three articles are available below, and additional articles will be published throughout the year."

http://gsl.statestreet.com/a_risk.shtml

[peter.wedemeier1]

"Sinclair will have a radio show starting this Friday on the Tiger Fin. News Net. It`s Friday`s from 3-4 Eastern. Can be heard live only at:
>>www.tiger1590.com

can be heard live and archived at:
>>http://www.tfnn.com/onair3.htm

I mentioned this a while back. JS said in his email (regarding interest in a show) that if the interest was there here might do a daily show.

Only problem is the time spent listening and learning.

"Always remember folks the bull can run you over and the bear can claw your heart out. Thank God there is always another trade." -Tom O`Brien"

[peter.wedemeier1]

The answer is no, there is no
change at Hecla that would have sparked any unusual action in our stock.
Frankly, we are puzzled as to why the stock has reacted as it has the last
couple of days. Fundamentally, Hecla is as strong as it has been in a long time,
operationally and financially. We appear to be more volatile than many of the
other precious metals stocks, as we often are compared to the rest of the
sector, but there is no specific Hecla-related reason that I can think of that
would affect us this way.
Sincerely,
Vicki Veltkamp

[peter.wedemeier1]

April 22 & 29, 2002
DEPARTMENT OF FINANCE
Blowing Up
How Nassim Taleb turned the inevitability of disaster into an investment strategy
http://www.gladwell.com/2002/2002_04_29_a_blowingup.htm

[peter.wedemeier1]

BEST OF ROGER ARNOLD

March 4, 2003

Liquidity Crisis in Europe

http://www.investmentrarities.com/

[peter.wedemeier1]

THREE GREAT ECONOMISTS AMERICANS DON`T WANT TO HEAR ABOUT!
http://www.investmentrarities.com/

[peter.wedemeier1]

By Jim Rogers and written in April of 2002…
Last month in this column, I wrote about how expensive everything has gotten since I left on my three-year trip around the world. Movies are now $10 in some places. Pay-phone calls often cost 50 cents. Dry cleaning is a luxury. All of this, of course, goes against what U.S. government figures for inflation suggest about the rising cost of goods.
Nothing reflects the massive jump in prices more than the cost of real estate in the United States. While I was away, I`d heard that prices were soaring. That`s an understatement: According to the National Association of Realtors, median home prices in the United States have jumped nearly 40 percent since 1995. "Invest in real estate" is the mantra these days of investors who have abandoned the anemic stock market for housing`s guarantee of double-digit returns. When the Commerce Department recently announced that housing starts for single-family homes rose 7.4 percent in February, the strongest gain in more than 20 years, it was clear real estate has been the water floating the boat of our troubled economy. Without such a prosperous environment, it`s likely we`d be in far worse shape.
The question on everyone`s mind is obvious: Can it last? Many people acknowledge the housing market is sure to mellow in the future, but die-hard optimists point to the fundamentals. Our population continues to grow, spurring demand for housing. Interest rates are at their lowest in a generation, allowing people to get more home for their dollar. The growth of the mortgage business continues to open the door for new homeowners, who can put down next to nothing to buy into the American Dream. Supply hasn`t outstripped demand. Inflation is subdued.
Don`t get me started on inflation; let`s consider the other elements. The demographic question is interesting. The birth rate, after all, hit a low in 1973 and has been rising fairly steadily ever since. Those people born in 1973 are 29 now. Real estate bulls will say these new buyers, combined with the growing number of immigrants, will continue to drive the housing market. My guess is that immigration will become a trickier subject with the threat of terrorism looming over the country. As for 29-year-olds, I think much of their impact has already been factored in.
Even if I`m wrong and 20-somethings are still snapping up houses, another segment of the population provides a balancing effect. Baby boomers have created much of the demand for housing, particularly in areas with good schools. As they hit their mid-fifties and have less need for new homes, demand will likely shrink.
Falling interest rates have clearly been fuel for the fire of the housing market. Rates on 30-year mortgages fell from a high of 8.7 percent in May 2000 to a low of 6.5 percent last November. While it`s been nearly impossible to predict the near-term direction of interest rates, the consensus belief is that Fed chairman Alan Greenspan will increase rates as much as 50 basis points in the coming months. He will have to if inflation is to remain as low as it appears to be.
Lower interest rates have been a boon to current homeowners who have refinanced their mortgages, locking in these lower rates, often borrowing more money against their houses without raising their monthly payments. With the extra cash, they can make home repairs, pay bills, invest in the stock market, or even speculate in real estate.
Although reducing your monthly bills or adding value to your home is a good idea, Americans are now more leveraged than ever. In 1999, more than 50 percent of all mortgages had down payments of 10 percent or less, according to a U.S. Census report, compared with 7 percent a decade earlier. Americans borrowed more than $630 billion in home equity loans in 2000, compared with $289 billion in 1995. We still have one of the lowest savings rates among first-world nations. Total household debt is $7.5 trillion, or twice what it was a decade ago. Mortgage debt accounts for 71 percent of the total. Such an overleveraged position is a recipe for disaster.
As for the growth of the mortgage business, I`m very concerned. Buying and selling mortgages has become big business. Countless mortgage brokers are willing to sell mortgages for as little as 5 percent down, 3 percent down, or no money down. Most of them can afford to because they can immediately turn around and sell the mortgages to government-created agencies Fannie Mae (NYSE: FNM) and Freddie Mac (NYSE: FRE). In fact, these two companies buy about 70 percent of new mortgages.
Even if the optimists are right and the real estate boom slows only slightly, the effects on the many new mortgage businesses could be profound. If Fannie Mae curbs its buying of mortgages even a little, all those brokers willing to sell a mortgage for 1 percent down would have to cut back as well. Fannie Mae has such a huge impact on the market that the ripple effect could be devastating.
Critics of these government agencies believe Fannie Mae is the next shell game about to collapse. Many people in Washington are concerned the government will bail out investors in case of a major default. I`m not shorting the stock, but I`m thinking about it. Other companies such as Tol Brothers (NYSE: TOL), Centex (NYSE: CTX), Pulte Homes (NYSE: PHM), Kookmin Bank (NYSE: KB), and Ryland Group (NYSE: RYL) would also be at risk. I don`t own any of these at the moment.
The real estate market is already showing some signs of softening. Nationally, home prices fell 1.9 percent in the last three months of 2001. Delinquencies on mortgages from the Federal Housing Administration, the lower end of the market, are on the rise. Housing prices are increasing faster than wage levels, which is causing people to move deeper into debt in order to buy into the housing mania. Two of the most successful California real estate investors I know have gotten out of the business. They would rather watch from the sideline, because they think the whole business is about to blow up.
Even though a home will rarely lose all its value as shares of a company stock or a 401(k) can, those who think that real estate is a guaranteed moneymaker are living in a dream. I like to peruse the real estate section of the newspaper every week to get a sense of what my home is worth. Based on what I`ve seen, I ought to sell. Here`s my rule: If the price of your home is more than you would spend yourself, you should seriously consider selling, especially if it`s a second home or an investment property.
Obviously, no one wants out of a good thing while it`s still flying, but prudence has its benefits. In 1987, the Nikkei index broke 20,000 for the first time. People said it would never stop. Others got out, saying it was overpriced. By December 1989, it had reached nearly 40,000. Today it`s trading at around 11,000. What did a wise investor once say when asked how he got rich? "I always sold too soon."
People want to believe a boom, whether in oil, real estate, or the Internet will last forever, ignoring history and experience. Builders and developers will argue otherwise, saying that yes, prices may go down a bit, but not where they are selling, not where they are building houses. They have better locations, better designs, more house for the money. It`s the same thing you hear in any bubble; the "Goldilocks economy" we heard so much about in the 1990’s; not too hot, not too cold; It`s just right. They say we`ll have a soft landing. But has there ever been a soft landing when a bubble popped?

[peter.wedemeier1]

Serbian Prime Minister Is Assassinated
Wed Mar 12,10:02 AM ET

By DUSAN STOJANOVIC, Associated Press Writer

BELGRADE, Serbia-Montenegro -
http://story.news.yahoo.com/news?tmpl=story&u=/ap/20030312/a…

[peter.wedemeier1]

BY Jim Sinclair:

Was the Three- Day "Trashing" of Royal Gold Legal Long Sellers

Or

Illegal Short Selling, So Common Today?

I would suggest that unless Royal Gold asks the SEC to look into this situation, we will never know. The tactic used so often by offshore hedge funds is to establish a legal short first. This will explain many of the present large short positions in gold shares as compared to their capitalization. When the opportunity presents itself the illegal short sales are made in a violent manner to trash the price of the share. It is in the trashing of the price that the illegal short sales take place devoid of up-ticks so as to demoralize the price by relentless selling into all the bidders at progressively lower levels. Sellers always result in more selling. The illegal short sales trades are made, backing the transaction up through a location where settlements rules, in terms of days until the share has to be delivered is much longer than the US rules require. The reason they do this is that nothing creates an avalanche of selling like driving the price of anything down. The old saying is "Sellers beget sellers & buyers beget buyers."

In order to make cover there has to be an avalanche of selling. Cover is not necessarily made via buying the stock. These stealthy operators, simply to complicate the matter and hide from authority, occasionally cover their short positions via purchases of over the counter calls that are "mirror type" options structured as to reflect the form of the listed options on the situation. This explains why the short positions seem just to sit out there and grow bigger as if no cover is ever made. Cover is made but via other instruments. The weakness in this situation, for the perpetrators, is that there is always a paper trail out there. That trail it is usually on the illegal short sale for the trashing. Usually to further hide the transaction, one dealer is interposed between the culprit and the final illegal short sale into the market. Whenever the build up starts of a large reported short position in a gold share, be prepared for the slam-bang on price lower more than likely coming.

[peter.wedemeier1]

Reuters
Ahold Flagged US Cash Problems Last Year
Wednesday March 12, 1:45 pm ET
By Christopher Borowski


AMSTERDAM (Reuters) -
http://biz.yahoo.com/rb/030312/retail_ahold_3.html

[peter.wedemeier1]

New York, March 12 (Bloomberg) -- Newmont Mining Corp., the world`s largest gold producer, said one of its Australian mines was forced to pay A$24 million ($14.3 million) in cash rather than in gold to make good on a hedging contract with a bullion bank.

The payment of cash to the bank enabled Newmont to get out of a contract in which the company had agreed to sell its gold at a fixed price, Chief Executive Wayne Murdy said. The bullion bank had the option to accept a payment in gold, but insisted instead on cash, which is unusual in such contracts, Murdy said.

``Nobody has ever exercised these options,`` Murdy said in New York before an investment conference sponsored by Citigroup Inc.`s Salomon Smith Barney.

[peter.wedemeier1]

Mining News
Thu, 13 Mar 2003, 2:13am EST
Newmont Mining CEO Says Company Paid $14 Mln to Exit Gold Hedge
By Claudia Carpenter


New York, March 12 (Bloomberg) --
http://quote.bloomberg.com/fgcgi.cgi?mnu=news&ptitle=Mining%…

[peter.wedemeier1]

Amex Lists SPARQS Linked to Newmont Mining Corporation
Monday February 24, 1:17 pm ET


NEW YORK, Feb. 24 /PRNewswire/ -- The American Stock Exchange® (Amex®) today
began trading Morgan Stanley, 7% Stock Participation Accreting Redemption
Quarterly-pay Securities ("SPARQS") mandatorily exchangeable for shares
of common stock of Newmont Mining Corporation.

Trading under the ticker symbol NMQ, the 1.8 million shares of the new
securities were issued at $13.75 with a maturity date of March 15, 2004.

At maturity, holders will receive 0.5 shares of Newmont Mining Corporation
common stock in exchange for each SPARQS, subject to the issuer`s right to call
the SPARQS for the cash call price.

The issuer is Morgan Stanley and the Amex specialist unit for the new listing
is Aim Securities/Aegis Joint Account.

If you would like to receive a copy of the prospectus for NMQ, please contact
the Capital Markets Group at the American Stock Exchange at [phone].

[peter.wedemeier1]

Press Release Source: Coeur d`Alene Mines Corporation


Coeur d`Alene Mines Corporation to Host Conference Call and Webcast
Friday February 28, 2:47 pm ET


COEUR D`ALENE, Idaho--(BUSINESS WIRE)--Feb. 28, 2003--Coeur d`Alene Mines Corporation (NYSE:CDE - News) announced today that it will host a conference call with a simultaneous webcast presentation at 1:00 p.m. Pacific Time on Tuesday, March 18, 2003.
Hosting the call will be Dennis E. Wheeler, Chairman and Chief Executive Officer of the Company, who will be joined by Robert Martinez, President and Chief Operating Officer, James A. Sabala, Executive Vice President and Chief Financial Officer and Dieter A. Krewedl, Senior Vice President of Exploration.

-0-

Subject: 4th Quarter 2002 Results

Date: Tuesday, March 18, 2003
1:00 p.m. Pacific (4:00 p.m. Eastern)

Call Info.: The Call-in numbers are as follows:
US/Canada Dial-In Number: [phone]
International/Local Dial-In Number: [phone]

Webcast Info.: The webcast can be accessed through
Coeur`s website at www.coeur.com.
An on-demand replay of the presentation will be
available two hours following the webcast for
seven days. This feature can be accessed by
dialing 1-800-642-1687 and entering the
conference ID 8769164.

Coeur d`Alene Mines Corporation is the world`s largest primary silver producer, as well as a significant, low-cost producer of gold. Coeur has mining interests in Nevada, Idaho, Alaska, Argentina, Chile and Bolivia.



--------------------------------------------------------------------------------
Contact:
Coeur d`Alene Mines Corporation
Tony Ebersole, 208/769-8155



--------------------------------------------------------------------------------
Source: Coeur d`Alene Mines Corporation

[peter.wedemeier1]

From Steve Saville:

Gold versus Dollar

Most gold market analysts know that there is a relationship between gold and the US$ such that the gold price tends to move in the opposite direction to the US Dollar`s exhange value. However, it is amazing how few analysts
understand how this relationship works and, by
extension, how markets work in general.

The key point to appreciate can be expressed as follows: The gold price does not move in the opposite direction to the US$, it moves in the opposite direction to the expected future direction of the US$. Obviously, current price
behaviour affects the expectations of market participants, but if, for example, speculators in the gold market expected a fall in the US$
to be reversed in the coming weeks/months then the gold price probably wouldn`t rally in response to such a fall. Similarly, if a US$
rally was perceived as being a short-lived bounce then the gold price probably wouldn`t
fall in response to such a rally. Those who don`t understand this will be constantly trying to explain why the US$-gold relationship has apparently broken down. In reality, the relationship never breaks down.

While speculators in gold futures are continually trying to anticipate the future performance of the US$, speculators in gold stocks are continually trying to anticipate the
future performance of the gold price. This is why gold stocks often appear to behaving strangely ( rising on days when the gold price falls and falling on days when the gold price rises). As speculators in gold stocks we buy/sell based on where we think the gold price is going to be at some point in the future, not where it is today.

There are, in our opinion, 4 main reasons why the prices of most gold stocks did not rocket higher in response to the sharp up-move in the gold price earlier this year. In order of importance they are:

1. `The market` believes that December`s upside breakout in the gold price was false and, therefore, that the subsequent price rise was unsustainable ( as mentioned above, speculators in gold stocks make decisions based on their expectations with regard to the future gold price). This probably occurred because the latest gold rally coincided with a build-up in war-related tension, thus creating the false impression that all gains would disappear once the war was out of the way.

2. The stocks of the popular mid-size North American gold producers were extremely expensive prior to the latest gold rally ( the
stock prices of companies such as GG, AEM, GLG and MDG were already discounting a gold price of $400-$500 prior to the gold rally).

3. Strength in the SA Rand offset any benefit to earnings that the SA gold producers would have received as a result of the gold rally.


4. Concerns over the hedge books being run by the 3 largest NA gold producers and most of the Australian gold producers.

Reasons 2,3, and 4 are, we think, valid. We are confident, however, that reason 1 is not valid. The gold rally has been, and continues to be, primarily driven by what is happening to currencies and interest rates, and the financial market trends that have elevated the gold price over the past 2 years are likely to remain in place for many more years.

[peter.wedemeier1]

THE END OF THE SILVER BEAR MARKET

Roland Watson
http://www.gold-eagle.com/editorials_03/watson031303.html

[peter.wedemeier1]

Beware of bubbleonians and dipsters
Fund manager Fleckenstein looks beyond gold`s decline

By Thom Calandra, CBS.MarketWatch.com
Last Update: 10:45 AM ET March 13, 2003


SAN FRANCISCO (CBS.MW) -- It`s no wonder they call William Fleckenstein a contrarian`s contrarian.


The money manager and frequent commentator, known as a global bear for much of his investing career, isn`t shorting the whole stock market right now. Yet he still believes stocks are headed for a heap of trouble, and Fleckenstein, president of Fleckenstein Capital in the Seattle area, likes prospects for gold, a metal whose spot price is sliding even as you read this article.

Next month, Fleckenstein will go one step further by speaking before the hungry gold crowd at the annual Las Vegas Precious Metals Conference. (See conference details.) The hedge fund manager, probably one of America`s best-known short-sellers of stocks, is more than a little surprised at the thumping that gold is taking right now.

Gold in the spot market was down $10.50 to $335 an ounce Thursday morning in New York, a level more than 13 percent below the almost $390 the metal enjoyed earlier this year. Coming on the heels of a dismal past few weeks for the metal, that drop went hand in hand with a rally by the dollar.

Fleckenstein, a long-haired and successful hedge-fund manager, has a theory about all this. "The gold market has gotten caught up in the geopolitical backdrop," he says. "I had this notion that the selling of gold that was going to take place when the war started has already started."

He figures most investors are mindlessly retracing the steps the markets took back in 1991, the first time that America battled in Iraq. Back then, stocks soared and gold collapsed.



"A lot of people have the playbook out for the last time this happened, and the pressure has started because they say, `Oh, the war is going to start and I have to sell my gold because the invasion will be successful.`"

However, war aside, "the problem is the bubble and the debt problems, and the overcapacity problems, and the consumer being overloaded," he adds.

Fleckenstein gets credit for creating an entire vocabulary of, well, Fleckisms. "Bubbleonians" are those who believe in a perpetual bull market. "Dipsters" buy mindlessly on dips.

"While we are all focused on the war,` says Fleckenstein, "most people figure, `Well why we need gold anyway, especially if the U.S. is going to win."

Fleckenstein has two toes in the precious metals market. He is a director of Pan American Silver (PAAS: news, chart, profile). He also owns shares of Newmont Mining (NEM: news, chart, profile), the world`s largest gold producer.

In his view, gold will replace the world`s major currencies as central banks cheapen the value of their paper assets by borrowing, printing or buying securities that inflate their economies.

[Adar]

Hallo,

ich verstehe leider kein englisch und möchte doch eine Frage stellen.
Wie meint Ihr, ist das Geld von Hecla Mining Anleger
futsch ???

Gruß Adar

[peter.wedemeier1]

"The mania that we had in the 1990s that expressed itself was an expression of complete and total confidence in things that are paper," he says. "That pendulum has swung as far as it could when gold was $800 an ounce (more than 20 years ago). That pendulum will swing back the other direction as the world looks around for a place or a store of value."



Fleckenstein says he is not a gold "bug," someone who rabidly supports the metal or believes dark forces, like central banks, are conspiring to keep gold`s price in the dumper.

"People will own gold because it is the only currency that is no one else`s liability," he says. "I really thought the loss of extreme confidence in paper would tend to push people to own some sort of hard asset in their portfolio. After all, there are no real currencies left. The euro has a lot of issues, and so do the dollar and the yen. All of these countries are willing to debase their currencies."

Like many market watchers, Fleckenstein expects some kind of huge paper rally surrounding war developments. (He says he`s shorting just one stock right now, but I neglected to ask him which one.)

"I suspect the paper market will have a big rally on the war, but I don`t know if it will last five minutes or 90 days. Once we get past that, we start to look at the problems of debt ($31 trillion in all sectors of the American economy, or almost three times gross domestic product), none of these currencies are worth a damn thing. Why any foreigner would want to own dollars right now, I don`t know."

He says investors want to see "the war stuff moving ahead, so we can see what everything looks like in a post-war environment. If they get Saddam out peacefully, the party will be that much bigger."

Will gold rally? Possibly, says Fleckenstein, in these highly irrational markets even as the dollar makes up for lost ground (such as on Thursday morning). That view runs against the traditional wisdom that says gold rises when the dollar falls. "But hey, gold was falling as the dollar fell. I think gold could dig in and go up in dollar terms even if the dollar rallies."

If that happens, gold in other currencies would rise even more than dollar-linked gold -- a sure sign that the metal`s rally is back on track.

[peter.wedemeier1]

THE DOWNWARD SPIRAL

http://www.jimrogers.com

[peter.wedemeier1]

HISTORIAN TYLER
The English hisotrian Tyler said (paraphrased): “ A democracy is not a permanent form of government. It lasts until the people realize that they can receive largess (or gifts) from the government by voting for certain representatives. Then it becomes a matter of voting for the politicans who give the most to the electorate.”
Isn’t something like that happening in the United States today? Congress and the President make all sorts of promises of what they can do for the constituents of their respective districts and the nation. They present all sorts of pork barrel schemes that favor their constituents. Then in Congress, they more or less vote favorably on each others scheme.( i.e. "logrolling") When you spend someone has to pay. If its out of your pocket , you tend to be more careful about spending. If it is someone else’s money that is used to pay, generally you generally don’t care as much how the money is being spent, and you see more pork and special interest spending. In our system of government, you can go deep into debt, and make people who come along later pay. From one perspective, the politicians use the spending of other people’s money to buy votes. They want to please us the voters so that we will vote for them. After all, we the voters like to get the most for our money. Now if the politicans make us pay more taxes, we the voters are inclined not to like that. But if the federal government politicians go into debt and make future generations pay, they don’t have to confront us the voters with the unpopular issue of paying more taxes now. Would you agree that there is an something not right in doing this? Apparently this process is what the historian Tyler says is a contributing major factor that destroys democracies. The next time you feel good about your congressman when he tells you about all the money he is getting from Washington to finance projects in your district, please take more than just a superficial look. He or she just might be contributing drops of water that slowly erodes the foundations of our republic.

http://www.angelfire.com/me3/dmueller/historiantyler.html

[peter.wedemeier1]

Market Strategy - March 13, 2003

By Victor Hugo
March 13 2003


www.HugoCapital.com


Gold and Gold Shares

http://kitco.com/ind/Hugo/mar132003.html

[peter.wedemeier1]

NEW YORK, March 12 (Reuters) - International Paper Co., the No. 1 U.S. maker of paper and wood products, on Wednesday warned that it will miss analysts` profit forecast for the first quarter, due in part to higher energy costs and soft demand.
The company expects operating earnings of 12 cents a share in the quarter. Analysts were forecasting a profit, excluding goodwill, of between 16 cents and 35 cents a share, with a mean estimate of 20 cents.

[peter.wedemeier1]

Reuters
Soros Predicts Brief War Rally
Friday March 14, 6:11 am ET
By Reed Stevenson


SEATTLE (Reuters) -

http://biz.yahoo.com/rb/030314/iraq_soros_3.html

[peter.wedemeier1]

17:17 2003-03-14

Dollar to Step Down Ahead of Saddam
http://english.pravda.ru/usa/2003/03/14/44429.html

[peter.wedemeier1]

GLOBAL INVESTING: Unthinkable thoughts about German banks
By John Dizard
Financial Times; Mar 14, 2003

http://search.ft.com/search/article.html?id=030314001125&que…

[peter.wedemeier1]

Hecla Mining Company
A Solid Silver Play

Clive Maund
http://www.gold-eagle.com/editorials_03/maund020703.html

[peter.wedemeier1]

Press Release Source: International Paper Company


International Paper Announces Offering Of $1 Billion Notes
Friday March 14, 5:10 pm ET


STAMFORD, Conn., March 14 /PRNewswire-FirstCall/ --

http://biz.yahoo.com/prnews/030314/nyf104_1.html

[peter.wedemeier1]

Top Financial News



03/14 09:55
U.S. March Michigan Sentiment Index Falls to 75 (Update1)
By Andrew Ward


Washington, March 14 (Bloomberg) --
http://quote.bloomberg.com/fgcgi.cgi?ptitle=Top%20Financial%…

[peter.wedemeier1]

The Greatest Depression Is Coming
by John Finger
The Money Management Firm, Inc.
March 11, 2003



http://www.financialsense.com/fsu/editorials/2003/0311.htm

[peter.wedemeier1]

<University of Michigan Consumer Sentiment Survey is under investigation for Stock Front Running

Investors and taxpayers who foot the bill for the University of Michigan Consumer Confidence Survey are paying to be the last to know about the data. A recent investigation has determined that the Director of the popular Consumer Confidence Survey has been front running stock trades based on data stemming from the reports. Professor Fornall, the Director of the U of M report has been purchasing stocks two weeks in advance of the reports being released. He has been doing this for 3 years. He has been placed on leave pending further investigation. The investigation also pointed out that the University of Michigan has been selling the data to investment banks and brokerage firms for up to $30,000 a year. The brokerage firms and banks receive the data before it is released to the investing public. This is a state sponsored school and research program. So investors are footing the bill to be the last to know about the data, not to mention the greed factor involved in a stock front running scandal, which often leads to further evidence of data manipulation.>

[peter.wedemeier1]

"The final figures will not be available for at least another month or two, but our preliminary estimate for all of 2002 places total Dollar Trading Volume at 170% of Gross Domestic Product. Before the mania for stocks began to take hold as early as 1995, this measure had exceeded GDP only once before, in 1929 at 133%. The measure has now exceeded GDP for six consecutive years, topping 2.4-fold higher than it did in the Roaring Twenties and in fact, it has averaged over 170% of GDP since 1995. This period of eight years represents by far, the most incredible stock market mania of all time. Incredibly, despite the collapse by Nasdaq and the obvious shredding of the notion of a "new era," DTV remains robust and is only down 45% in absolute dollar terms in the two years since the peak. At a similar point after the Roaring Twenties concluded in a crash, DTV had fallen by 76% and was off by 89% after three years. It may be somewhat instructive to consider that the implosion of the Roaring Twenties did not end until 1942, with DTV crushed by 96.8% in absolute dollar terms. Can it happen again? We`re betting it will not, but to believe the worst is already over would, ironically, require that the notion of a new era be correct."

[peter.wedemeier1]

Weapons of Mass Destruction
--------------------------------------------------------------------------------
DATED MARCH 15, 2003
A SPECIAL REPORT BY ALAN M. NEWMAN, EDITOR
LONGBOAT GLOBAL ADVISORS CROSSCURRENTS

http://www.cross-currents.net/charts.htm

[peter.wedemeier1]

URL: http://www.frontlinethoughts.com/printarticle.asp?id=mwo0315…



Unintended Consequences: Iraq, Pensions and Index Funds
March 15, 2003
By John Mauldin


Unintended Consequences
The Unintended Consequences of Underfunded Pensions
Nightmare on Pension Fund Street
Can It Get Worse?
Index Funds Complicate the Markets
Why the Market Rallied
What Will Go Wrong?
It is the flea which worries me.

[peter.wedemeier1]

Trying to decide where the market`s going?

http://www.decisionpoint.com/

[peter.wedemeier1]

>> COEUR D`ALENE, Idaho--(BUSINESS WIRE)--Oct. 1, 2002--Based on outstanding year-to-date performance at all operations, Hecla Mining Company (NYSE:HL)(NYSE:HL-PrB has for the third time this year increased its estimates of gold and silver production for 2002.
Hecla now expects to produce approximately 235,000 ounces of gold and 8.2 million ounces of silver this year. This is an approximate 10% increase from earlier gold production estimates of 215,000 ounces and a slight increase in the earlier silver production estimate of 8 million ounces.<<

[peter.wedemeier1]

Argentine President Candidate Urges Peso-Gold Link, Herald Says
By Claire ShoesmithBuenos Aires, March 13 (Bloomberg) -- Nestor Kirchner, seeking to become president of Argentina, will try to return the country to a monetary system where the peso is backed by gold reserves, the Buenos Aires Herald said, citing Kirchner`s economics adviser. The return to a gold standard would be part of a policy involving ``neither dollarization nor multiple currencies,`` the paper cited Kirchner`s adviser, Jose Maria Las Heras, as saying.

[peter.wedemeier1]

From Business Week...

"Don`t Expect A Bounce Back After the War

"...Wall Street is planning more layoffs this year. At its peak in 2000, the securities industry employed 783,000 people; by the end of 2002, the head count was down to 708,000. Compensation consultant Alan Johnson of Johnson Associates expects payrolls to be slashed 10% more this year, with major firms starting to lay off people in May and June.

"Rising unemployment and income-tax losses will put a further squeeze on state and local budgets in the second half. Worse, the dragged-out war process could threaten the tax cuts expected from Washington this summer. "War could preoccupy policymakers and tend to push back talks about the tax plan," says Goldman`s McKelvey. A delayed tax plan could be the final blow to the consumer sector. The steep February drop in confidence suggests consumers are getting tired. Beside job worries and terrorism fears, higher fuel prices are cutting into household budgets.

"A consumer retrenchment is the last thing the economy can handle. And it would hit autos particularly hard. Sales of cars and light trucks were waning before the February blizzard blew across the East Coast during the important Presidents` Day weekend. Now, both General Motors (GM ) and Toyota (TM ) are cutting second-quarter production, with Ford (F ) expected to follow suit. Second-half plans could be trimmed as well, especially since zero-percent financing has lost its novelty. More important, the key difference between the spending rebound following the 1991 Gulf War and this time out is the prospect of more terrorist attacks on U.S. soil. That could keep families at home, with their bottled water and duct tape.

"Further out, the economy will have to digest enormous federal budget deficits, stemming from tax cuts and government spending boosted by the cost of war and rebuilding in Iraq. That threatens to crimp private investment and lift borrowing costs.

"For now, the hope remains for a rapid and successful war with Iraq. Yet even the best of scenarios gives no guarantee that the economy, still struggling under the excesses of the 1990s, will benefit much from a postwar bounce.

[Note: WSJ this week reported that GM was going to build the same number of cars in the second quarter but that F was cutting production by 17%.]

[peter.wedemeier1]

Plunge Protection Team
By Brett D. Fromson
Washington Post Staff Writer
Sunday, February 23, 1997; Page H01
The Washington Post

http://www.washingtonpost.com/wp-srv/business/longterm/black…

[peter.wedemeier1]

Fedpoint 44:
U.S. Foreign Exchange Intervention
The U.S. monetary authorities occasionally intervene in the foreign exchange (FX) market to counter disorderly market conditions.
The Treasury, in consultation with the Federal Reserve System, has responsibility for setting U.S. exchange rate policy, while the Federal Reserve Bank New York is responsible for executing FX intervention.
U.S. FX intervention has become less frequent in recent years.
http://www.ny.frb.org/pihome/fedpoint/fed44.html

[peter.wedemeier1]

From R. Russell yesterday:

<I just received the great publication from my old friend, Jim Grant, the publication being "Grant`s Interest Rate Observer." The headline for this issues is, "Three years later and still not cheap."

James outlines the classic criteria used by Benjamin Graham to identify bargain stocks. Grant notes that at the 1974 bear market bottom, 85 of the S&P 500 stocks fit Graham`s criteria of bargain stocks. The number declined to 65 in late 1982 and six in January 1991. This year there were only two stocks that qualified -- Limited Brands and Scientific Atlanta.>

[peter.wedemeier1]

www.asensioexposed.com/lowryreport.pdf
unbedingt lesen!

[peter.wedemeier1]

BEST OF ROGER ARNOLD

March 14, 2003

Some Day, Some Way, Someone Will Pay

http://www.investmentrarities.com/bestofra.htm

[peter.wedemeier1]

I mean Weiss.....

Dear Subscriber,

Was this week`s surge in the stock market the widely
expected "war relief rally"? Or will there be still ANOTHER
relief rally when the war actually gets under way?

Our view: You can debate all these short-term ups and downs
until you`re blue in the face. But it doesn`t change the
fact that year after year, THE TOTAL VALUE OF MARKETS ALL
OVER THE WORLD IS VANISHING BEFORE YOUR VERY EYES ...

ESTIMATED LOSS IN MARKET CAP OF
WORLD`S STOCK EXCHANGES SINCE 2000


United States $10,500 BILLION
Japan $1,500
Taiwan $302
South Korea $212
Germany $545
France $616
Hong Kong $232
United Kingdom $898
--------
Total $14,805 BILLION

That`s $14.8 TRILLION in market capitalization that has been
destroyed since early 2000. And this does NOT include:

- The huge losses in Japan BEFORE the year 2000

- The devastating losses at smaller stock exchanges in these
and other countries

- The ultimate losses in many companies that have been
delisted due to bankruptcy or destruction of market cap.

What does all this mean to you?

FIRST, it means you must stop searching for a bottom at
every fork in the road. Instead, recognize that we are in
the midst of A MAJOR, FUNDAMENTAL, LONG-TERM, HISTORIC BEAR
MARKET.

SECOND, view sharp rallies, such as we`ve seen this week, as
EXIT opportunities. Whether it goes by the name of "war
relief rally" or not, just sell. If you get another one,
then sell some more.

THIRD, recognize that $14 trillion in losses MUST HAVE a
major economic impact. Individual investors around the world
are feeling the pinch. Private pension funds are getting
clobbered. State and local pension funds are in even worse
shape. Companies can`t raise capital to finance growth. And
economists are still talking about a recovery?! It`s about
time they wake up and smell the coffee!

Fourth, weak stock market performance reflects weak
fundamentals! In order to improve their bottom lines and
attract investors, companies are cutting costs. One of
the first places they look -- jobs. In just the US alone,
over 2 million jobs have been lost in less than two years.

Plus, the economic situation continues to deteriorate ...

* American Airlines is looking like it will become the next big
company to join the bankruptcy ranks. We`ve identified 12 others
that may not be too far behind. These companies are drowning under
a host of problems ranging from huge debt loads ... to pension
deficit problems ... to plunging earnings ... and more.

* Federal Reserve official William Poole warns that Fannie Mae and
Freddie Mac present "fundamental risk to the continuing stability
of our financial system." According to Poole, these two mortgage
leaders do not have sufficient capital to withstand a severe
finacial shock.

* Shareholders are not taking their stock market losses sitting
down. Instead, they are suing companies at a rapid pace, alleging
securities fraud and misrepresentation. A total of 224 class-action
lawsuits were filed by shareholders in 2002.

* Retail sales fell 1.6% in February -- the fastest pace since
November 2001. One sector being hit hard is auto manufacturers.
As a result Ford and GM will likely cut production even more in
the coming months as sales remain weak.

[peter.wedemeier1]

Citigroup to trim Japan operations
By Allen Wan, CBS.MarketWatch.com
Last Update: 11:57 PM ET March 15, 2003







TOKYO (CBS.MW) -- In a reflection of the poor prospects for the Japanese economy, Citigroup will shut down around 500 consumer finance outlets and shed some 2000 jobs, or one-third of its staff in that division, the Nihon Keizai Shimbun reported Sunday.


http://www.marketwatch.com/news/yhoo/story.asp?source=blq/yh…

[peter.wedemeier1]

Plunge Protection

By Steve Saville

http://www.gold-eagle.com/editorials_02/milhouse070402.html

[woernie]

dass de nich so einsam bist, peter!

[peter.wedemeier1]

Safe-Haven Gold Rallies on War Fears
Mon Mar 17, 7:47 AM ET


By Steven Swindells

LONDON (Reuters) -
http://story.news.yahoo.com/news?tmpl=story&u=/nm/20030317/b…

[peter.wedemeier1]

Germany, the largest economy in Europe is in deep trouble. It is, once again, teetering on the brink of recession, with growth forecasts for this year slashed to nearly zero. Unemployment is climbing—at 4.7m it is now well above the level that Mr Schröder inherited in 1998 and which he pledged to tackle in his first four-year term. Germany’s labour laws discourage companies from hiring workers in the first place: both because pension and other add-on costs make it expensive and because it can be difficult to slim down the workforce if business declines. The country’s generous but hugely expensive welfare system has become unsustainable and is putting great strain on the government’s finances.

[peter.wedemeier1]

Morningstar.com
Stocks Warren Buffett Might Like
Monday March 17, 7:00 am ET
By Amy C. Arnott

http://biz.yahoo.com/ms/030317/88122_1.html

[peter.wedemeier1]

FT.com
US groups warn of impact of accounts move
Monday March 17, 2:45 pm ET
By Andrew Hill in New York

http://biz.yahoo.com/ft/030317/1045511741798_1.html

[peter.wedemeier1]

<SOUTH KOREA

South Korea lost 4.17% as the tensions mount with North Korea and the former President and Nobel Peace Prize recipient, Kim Dae Jung faces a potential prosecution for having authorized illegal payments to the North by Hyundai Asan. Here`s the catch. Hyundai has admitted funneling 500 million dollars to the North but has only accounted for about 194 million of it. Rumors are beginning to circulate that this money came from publicly controlled banks or even the US.

The timeline is unclear also as to when the transfers took place. This has the markings of a potential international problem.

GERMANY

The Wall Street Journal reported this morning that the:

"Josef Ackermann, chief executive of Deutsche Bank AG, said the German government should make plans for a bailout amid what senior German bankers call the worst business environment in 50 years. “The best thing is if we do everything to ensure that none of this will be needed,” Mr. Ackermann said. “But smart managers and smart government leaders must consider how to be prepared for the worst case” -- the failure of a major bank."


FYI

I will write more about this in the future but want you to be aware now:

Bank Fraud prosecutions of individuals will rise rapidly as mortgage default rates rise. This will impact stocks of firms in the mortgage business and especially primary market lenders like Washington Mutual and Wells Fargo. The majority of losses however will be incurred by Fannie and Freddie. Money managers need to watch the REO rates at these companies as a first sign of trouble in this area. This is the Real Estate Owned division of each lender; where foreclosed properties are transferred to internally. An increase in REO holdings does not itself indicate fraud but without it the fraud can not be discovered. Some foreclosures are the result of the bad economic environment resulting on job losses. However, there is substantial and has been substantial fraud on the part of individual mortgage borrowers that is beginning to become apparent. People lying on mortgage applications about income or assets. Do not do this. It is very serious and will land you in jail if discovered. This is also a part of the moral hazard discovery process. It is not contained to the senior management level or to Wall Street.>

[peter.wedemeier1]

Three reasons were given for this weakness in gold and gold stocks. First and most obvious, gold prices that soared to $390 were both overbought and had reached near extreme bullish consensus. Gold stocks were non-confirming, as they did not go to the highs seen in May 2002. Second as tensions appeared to ease on the geopolitical scene gold sold down. Conversely as tensions increase gold will increase. Thirdly and possibly the most important is that there had been built up late in the fourth quarter and on into the first quarter large short positions in numerous index related gold stocks particularly in junior unhedged miners.

While this build-up was not readily seen in a large miner such as Newmont Mining (NEM-NYSE, NMC-TSX) it was easily seen in an intermediate such as Glamis Gold (GLG-TSX, NYSE) where short positions increased from about 780 thousand in the 2nd quarter 2002 to 3,220 thousand in the 1st quarter of 2003. Others such as Durban Roodepoort Deep (DROOY-NASDAQ) rose from 155 thousand in the 2nd quarter 2002 to 6,423 thousand in the 1st quarter 2003. Even some smaller silver juniors such as Silver Standard (SSO-TSX Venture) and Hecla Mining (HL-NYSE) had seen large increases in their short position.

Increases in the short positions of this extreme for this particular sector are unusual. Remember that the total market value of all gold stocks is still less than the market value of Coca-Cola

What`s wrong with gold stocks?
David Chapman
March 18, 2003

http://www.321gold.com/editorials/chapman_d/chapman_d_031803…

[peter.wedemeier1]

Barclays to launch bonds linked to gold price
Source: The Sunday Telegraph - London
Publication date: 2003-03-16
http://cnniw.yellowbrix.com/pages/cnniw/Story.nsp?story_id=3…

[peter.wedemeier1]

HL (+ 3.30% bei $3.13) hat soeben im US-Handel heute die Führung von CDE (+ 3.17% bei $1.30) übernommen. Beide führen vor RANGY (+ 3.05% bei $9.81).

Go Silver und Gold Go!

[peter.wedemeier1]

Press Release Source: Coeur d`Alene Mines Corporation


Coeur Reports Record 4th Quarter and 2002 Silver Production, with 22 Percent Lower Cash Operating Costs
Tuesday March 18, 8:32 am ET


COEUR D`ALENE, Idaho--(BUSINESS WIRE)--March 18, 2003--Coeur d`Alene Mines Corporation (NYSE:CDE - News):
New South American operations driving improved performance
Majority of remaining indebtedness restructured
Highlights

Record silver production of 4.9 million ounces during the fourth quarter, up 53 percent from a year ago at an average cash cost per ounce of $2.06.
Full year silver production a new record of 14.8 million ounces, up 36 percent over the previous year at an average cash cost per ounce of $2.89.
Fourth quarter gold production of 43,674 ounces, up 118 percent from last year`s period.
Full year gold production of 117,114 ounces, up 22 percent from previous year.
Silver cash costs down 22 percent for the year.
Cerro Bayo/Martha mines in South America commenced production and produced nearly two million ounces of silver in fourth quarter at cash cost of $0.05 per ounce, net of gold sold as a cash by-product.
Discovery of 13.9 million additional high-grade silver equivalent ounces of reserves and 8.3 million ounces of resources at Cerro Bayo and Martha, with average discovery cost of $0.07 per ounce.
Debt reduced 42 percent from previous year. Additional capital raised in February will further restructure outstanding indebtedness.
"We are extremely pleased with Coeur`s achievements in 2002, culminating in the fourth quarter, when our new generation of mines -- Cerro Bayo and Martha -- more than doubled their silver production from the third quarter. These mines are very low cost, high grade operations that will generate strong operating cash flow," said Dennis E. Wheeler, Chairman and Chief Executive Officer. "We expect to build on our very successful exploration results in South America and continue adding more high-grade silver and gold ounces at low cost. At the same time, we have now neared completion of our debt restructuring efforts, and Coeur`s much stronger balance sheet now positions us to actively pursue new growth opportunities."

http://biz.yahoo.com/bw/030318/185271_1.html

[peter.wedemeier1]

How the new war is likely to play out
By Max Blenkin, AAP Defence Correspondent in Doha, Qatar
March 17 2003


http://www.smh.com.au/articles/2003/03/17/1047749716372.html

[peter.wedemeier1]

HL (+ 3.30% bei $3.13) hat eben gerade wieder die Führung von
CDE (+ 3.17% bei $1.30) übernommen. Beide führen nun vor
GLG (+ 3.14% bei $10.18).

Go Silver und Gold Go!

[peter.wedemeier1]

<Eric Fry, reporting from Sir John Templeton`s backyard...

- Your co-editor is still marooned in the Bahamas. He
arrived in this sunny tropical locale late last week to
attend a meeting of the Supper Club, an interesting event
about which you may learn more in tomorrow`s Daily
Reckoning.

- But your co-editor has not yet returned to New York
because he is in no hurry to trade a balmy beach for an icy
metropolis. Your co-editor fancies himself something of a
beach aficionado, and has lounged on many of the world`s
finest. He was prepared, therefore, to be underwhelmed by
the beach at the Atlantis Resort here in the Bahamas.
Instead, it impressed him greatly.

- The resort`s massive, Disneyland-style trappings and
swarms of overweight vacationers detract from its natural
beauty. (Your co-editor found himself longing for the stark
isolation and raw beauty of Rancho Santana in Nicaragua).
But, physically, the beach at Atlantis is gorgeous. Less
gorgeous by far were the beach-goers. If you spend any time
strolling along the beach at Atlantis - or wondering around
almost any American resort - one particular observation
becomes inescapable: Americans eat...and eat and eat and
eat...They never miss a meal, and rarely miss a between-
meal snacks. We Americans know how to consume, and nobody
does it better.

- But are American feeding habits any different than
American financial habits? Or is the tendency to over-
indulge - whether in credit cards or carbohydrates - simply
part of our national DNA? We gorge ourselves on debt and
donuts alike. Predictably, our financial profile is as
unsightly as our physical profile. And getting back into
shape is difficult and "like so un-fun". We shouldn`t
expect either profile to improve any time soon, if ever. To
the contrary, the way that our debts are expanding, we`ll
soon need to loosen our financial belts several notches.>

[peter.wedemeier1]

Again, from the boyz at The Daily Reckoning:

----------------

<We like the statement that Rep. Bernard Sanders recently
made to Fed Chairman Alan Greenspan after a testimony: "Mr.
Greenspan, I always enjoy your presentation because,
frankly, I wonder what world you live in." It is a question
that we would like to ask numerous Wall Street economists
and analysts.

Not only Mr. Greenspan, but indeed most economists are
clearly overstating the role of the Iraq "jitters" in
slowing the economy. In the same vein, they flatly ignore
the implications of the severe economic and financial
maladjustments that the bubble-related borrowing and
spending excesses have inflicted on the economy, among them
in particular the profit implosion. There is no debate, no
discussion, no questioning about this unprecedented profit
calamity - just lamenting that increasing oil prices and
the looming war with Iraq are causing companies and
consumers to postpone big spending decisions. This
explanation has, of course, the great virtue to make
believe that the economy and the markets will resume
booming as soon as this uncertainty is lifted, war or no
war.>

[peter.wedemeier1]

Eben hat HL (+ 3.63% bei $3.14) wieder die Führung von GLG
(+ 3.44% bei $10.21) übernommen. Beide führen jetzt vor AEM
(+ 2.85% bei $12.65)

[peter.wedemeier1]

Will the War Tame the Bear?
3/18/2003 1:30 PM ET
http://www.schaeffersresearch.com/special/war_tame_bear.asp

[peter.wedemeier1]

WASHINGTON/BAGHDAD (Reuters) - Iraqi President Saddam Hussein on Tuesday rejected a U.S. demand that he flee his country, setting the stage for a divisive war that both its critics and supporters said could change the course of history.

President Bush`s spokesman said Saddam`s refusal to go into exile with his sons by a U.S.-imposed deadline of 4:15 a.m. local time on Thursday (8:15 p.m. EST Wednesday) would be his "final mistake."

[peter.wedemeier1]

The Roger Arnold Show
http://www.tigerfinancialnewsnetwork.com/archived_032003_ra.…

[peter.wedemeier1]

Tractor Standoff Continues

A man identified as Dwight W. Watson gestures from the flag-bedecked tractor, which he drove into a pond. He claims to have explosives. (Michael Lutzky - The Post)



Building Plans for Wednesday
From Associated Press at 8:12 PM


Some of the buildings affected by the stand-off with the man on the tractor are announcing their plans for tomorrow.

The National Academy of Sciences plans to once again open their building at 2101 Constitution Avenue regardless of what the situation is. But to be safe, if the stand-off continues, all offices and rooms with windows facing Constitution will be closed again. And non-essential staff are advised to work at home or at another Academy building.

Over at the Interior Department, they plan to keep the South Interior Building closed. However, the Main Interior Building will be open, and those employees are expected to report to work. Some main building offices facing south toward "C" Street will be closed off, but affected workers need to show up, since other work spaces will be found for them.

http://www.washingtonpost.com/wp-dyn/articles/A43089-2003Mar…





___ Reporter`s Query___

Standoff in D.C.
Were you affected by the tractor incident at Constitution Gardens? If so, please e-mail Katharine Shaver and Libby Copeland. Please include your name and phone number.



_____Street Closures_____


Police say the area from Constitution Avenue to E Street, between 15th and 23rd streets in Northwest will remain closed until Watson is in custody.




_____Related Column_____

• Marc Fisher: Paralyzing the Capital

_____Audio_____

• Washington Post reporter Libby Copeland describes the scene at Constitution Gardens, where police are still in a standoff with a man who has driven his tractor into the pond. (3:17 p.m.)
• Washington Post reporter David A. Fahrenthold reports from Constitution Gardens on the standoff. (8:22 a.m.)

_____Graphic_____

• Tractor in Pond on National Mall





By David Nakamura
Washington Post Staff Writer
Tuesday, March 18, 2003; 8:13 PM

[peter.wedemeier1]

Dr. Rinehart`s Latest

Wow! Once again, we are blessed with a report from one of the best analytical minds out there, Dr. Stephen Rinehart who sent us this special report:

The Late Great Dow Jones – Update March 2003 !?


By: Dr Stephen A Rinehart Mar 2003
http://urbansurvival.com/week.htm

[peter.wedemeier1]

US and Japan to protect markets

Just days ahead of a war, the US and Japan are prepared to co-operate to support the financial markets if there is a crisis.

A deal was struck last week in the US between a former Japanese finance minister and the head of the US central bank, the Federal Reserve`s Alan Greenspan.

"There was an agreement between Japan and the US to take action co-operatively in foreign exchange, stocks and other markets if the markets face a crisis," Chief Cabinet Secretary Yasuo Fukuda said.

The move came as Japan`s key Nikkei 225 index dropped to another 20-year low, falling about 1.5% to hit 7,824.82, before rebounding.
Finance and economics minister Heizo Takenaka said the Bank of Japan and stock exchanges would be watching the markets closely during the current Iraq crisis.

Economic troubles

"We will follow the prime minister`s instructions, co-operate with the Bank of Japan and exchanges, and respond appropriately," he said.
The looming war comes as Japan`s economy continues to struggle with weak domestic demand, record unemployment and a third year of deflation.

Stronger exports also look threatened as the weakening of the dollar has pushed up the yen. Japan`s Financial Services Agency has already announced a number of measures to support the markets including easing rules on companies to buy their own shares.

[peter.wedemeier1]

Fidelity Says Profits, Not War, Are Key




Saturday March 22, 11:11 AM EST

Nick Edwards

BOSTON (Reuters) - War is on the mind of Robert Reynolds, chief operating officer of the world`s biggest mutual fund firm Fidelity Investments.

Not only has months of uncertainty about when the U.S. would eventually go to war with Iraq -- which finally happened on Wednesday -- served to keep investors out of the markets, it has taken more than 40 of the Boston firm`s staff out on military duty in connection with the conflict.

And he faces his own battle on the financial front, combating beaten down investor sentiment and deepened pessimism about the U.S. economy to revive his firm`s growth outlook.

"The war has had an overhang effect on the market and investors because of the uncertainty," Reynolds told Reuters in an interview.



Fidelity`s annual results for 2002 revealed much of this impact when they were released last month: profits down 39 percent for the second year in a row, revenue down nine percent year on year, assets under management off seven percent.

It`s not all war-related though. High profile U.S. corporate scandals, the flagging economy and the third straight year of decline for global share markets have hit hard. Reynolds is sure only one thing will get people investing heavily again.

"The market still has to be driven by fundamentals and that`s earnings of corporations," he said.

[peter.wedemeier1]

URL: http://www.frontlinethoughts.com/printarticle.asp?id=mwo0321…



The Real Old Europe
March 21, 2003
By John Mauldin


The Economic Sandstorm
Is It Something In the Water?
The Real Old Europe
Age Vulnerability: Your Pension or Your Life
Demography Is Destiny
Speaking of Public Pensions

http://www.frontlinethoughts.com/printarticle.asp?id=mwo0321…

[peter.wedemeier1]

SILVER: A GOLDEN OPPORTUNITY TO BUY SILVER SHARES

The long-term picture

http://www.gold-eagle.com/editorials_03/zihlmann032403.html

[peter.wedemeier1]

Wisdom of Jesse Livermore 2










Adam Hamilton



February 28, 2003

3149
In the early 1900s Jesse Livermore grew into one of the greatest speculators in all of history. In this series of essays we highlight his vast wisdom.
http://www.zealllc.com/2003/jesse02.htm

[peter.wedemeier1]

From a Roger Arnold E-mail

----------------

<Pleading the fifth

The following article is the response given by the US government to a query from a Reuters reporter in reference to the BBC article we discussed yesterday stating that there was a agreement between the US and Japan to intervene in the capital markets. See if you can make sense of the double talk answer that was given. I can`t. But it reads like a diplomatic form of pleading the fifth. I am not going to continue with this discussion and I have only done so this past week in an attempt to get as many of you as possible to wake up. There is nothing wrong with intervention at the margin when necessary. That is a part of the function of our public sector and where it interacts with the private markets. The danger is not when intervention is prudently used but in the fact hat it may be abused. That is what investors must be watchful of. That first requires acknowledging it. I hope by now that you have done so. If not, there is nothing I can do to help you. In either case, next week we will be moving back to cover the fundamentals of the economy again. As a point of reference I will add however that Reuters is doing a bang up job of reporting recently and going after stories nobody else will touch. They have been losing sales to Bloomberg and have been trying to regain them through this strategy. I would advise you follow their feed at http://www.reuters.com/ . You can also get some of their feed through www.Forbes.com .

US Treasury-Views on markets, intervention unchanged
WASHINGTON, March 19 (Reuters) - A U.S. Treasury spokesman said on Wednesday the Bush administration`s views on financial markets and intervention are well known and have not changed.

The spokesman was responding to a question from Reuters about reports quoting Japanese Chief Cabinet Secretary Yasuo Fukuda saying Japan and the United States would work together to keep financial markets stable in case of turmoil over the probable war in Iraq.

"The administration`s views on markets and interventions are well known and there has been no change in our view," said Treasury spokesman Tony Fratto.

Roger note:

I have no idea what the administrations view is on this subject and have never heard it written about.



The comment followed a visit to Washington last week by Haruhiko Kuroda, a senior adviser to Japan`s Prime Minister Junichiro Koizumi.

Treasury confirmed Kuroda, during his visit, had met with Treasury Undersecretary for International Affairs John Taylor, but not Treasury Secretary John Snow.

"The discussions were routine and touched on a range of economic and financial issues," Fratto said.

Copyright 2003, Reuters News Service

http://www.forbes.com/personalfinance/retirement/newswire/20… tml>

[peter.wedemeier1]

Message from Richard Russell on Gold


http://news.goldseek.com/GoldSeek/1048453515.php

[peter.wedemeier1]

HL (+ 4.67% bei $3.14) hat soeben die Führung im US-Handel von DROOY übernommen und führt nun vor GSS (+ 4.52% bei $1.62) und KGC (+ 4.40% bei $5.70).

Go Gold und Silber Go!

[peter.wedemeier1]

HL (+ 5.00% bei $3.15) hat soeben im US-Handel die Führung zurück erobert und führt nun vor KGC (+ 4.21% bei $5.69) und DROOY (+ 3.70% bei $2.24).

Go Gold und Silber Go!

[peter.wedemeier1]

DENVER -- Newmont Mining Corp.(NEM) said fourth-quarter net income nearly quadrupled, thanks to higher sales and gold prices.

Newmont reported fourth-quarter net income of $75.1 million, or 19 cents a share, compared with $20.2 million, or 10 cents a share, a year earlier.

Sales, including royalties and other income, surged 79% to $815.1 million from $454.7 million. The total included $777.3 million in sales of gold, up 73% from a year earlier.

Newmont sold 2.2 million ounces of gold in the period, up 57% from 1.4 million ounces in the fourth quarter of 2001.

For the full year, Newmont reported net income of $158 million, or 41 cents a share, in contrast to a net loss of $46.6 million, or 28 cents a share, for 2001. Net sales and other income rose 64% to $2.75 billion from $1.67 billion.

[peter.wedemeier1]

HL (+ 2.22% bei $3.68) hat soeben im US-Handel die Führung von RIC (+ 2.20% bei $3.25) übernommen. Beide führen nun vor MDG (+ 2.01% bei $10.16).

Go Silber und Gold Go!

[peter.wedemeier1]

DJ CIBC Starts Hecla Mining At Sector Outperformer >HL

04/25/2003
Dow Jones News Services
(Copyright © 2003 Dow Jones & Company, Inc.)




(END) Dow Jones Newswires

04-25-03 0829ET

[peter.wedemeier1]

Analyst Recommendations - April 25, 2003
Hecla Mining Co HL CIBC Wrld Mkts to Sector Outperform

[peter.wedemeier1]

HL (+ 2.22% bei $3.68 hat soeben im US-Handel die Führung von ASL (+ 2.12% bei $5.30) übernommen. Beide führen nun vor MDG
(+ 1.51% bei $10.11).

Go Silber und Gold Go!

[Crowww]

peter

Kannst du mir in kurzen Worten erklären wer oder was Helca Mining ist? Ein bekannter von mir hat gekauft. Wäre sehr neugirig und dankbar.

[peter.wedemeier1]

Crowww
Ein Gold- und Silberproduzemt aus den USA. Der beste Performer an der NYSE im Jahr 2002. Gehört meistens zu den Outperformern. Alles im allem eine sehr gute Wahl von deinem Bekannten. Mit HL deckt er sowohl den Gold- als auch den Silbermarkt ab.

Gruß

[onlineripper]

Das war kurz,bündig und präzise Peter, aber warum fragst Du mich nicht selbst, Crowww?! Traust mir wohl nicht?

Hab hier auch noch was für Dich Crowww, alter Englischspezialist:

About Hecla Mining (NYSE:HL)

Hecla Mining Company is principally engaged in the exploration, development, mining and processing of silver, gold, lead and zinc, and owns or has interests in a number of precious and nonferrous metals properties. The Company`s principal producing metals properties during 2002 included the San Sebastian silver mine, the La Camorra gold mine, the Greens Creek silver mine and the Lucky Friday mine. Sales of metal concentrates and metal products are made principally to custom smelters and metals traders. The Company is organized and managed primarily on the basis of its principle products being produced from its operating units. The La Camorra mine is the only unit included in the gold segment. Production from all other mines is considered to be in the silver segment. The Company owns or controls patented and unpatented mining claims, fee land, mineral concessions and state and private leases in the United States, Mexico, Venezuela and other South American countries.

Gruß OR

[peter.wedemeier1]

Etwas ausführlicher:



Hecla Announces First Quarter 2003 Earnings Conference Call Thursday, May 1, 2003, at 11:00 a.m. ET, 8:00 a.m. PT

Business Editors

COEUR D`ALENE, Idaho--(BUSINESS WIRE)--April 24, 2003--Hecla Mining Company (NYSE:HL), a precious metals company, will hold its quarterly conference call to discuss first quarter 2003 results on Thursday, May 1, 2003, at 11:00 a.m. Eastern Time (8:00 a.m. Pacific Time).
This call is being webcast by CCBN and can be accessed at Hecla`s web site at www.hecla-mining.com under Investor Relations.
The webcast is also being distributed over CCBN`s Investor Distribution Network to both institutional and individual investors. Individual investors can listen to the call through CCBN`s individual investor center at www.companyboardroom.com or by visiting any of the investor sites in CCBN`s Individual Investor Network. Institutional investors can access the call via CCBN`s password-protected event management site, StreetEvents (www.streetevents.com).

Hecla Mining Company, headquartered in Coeur d`Alene, Idaho, mines and processes silver and gold in the United States, Venezuela and Mexico. A 112-year-old company, Hecla has long been well known in the mining world and financial markets as a quality silver and gold producer.


--30--YM/cg*

CONTACT: Hecla Mining Company
Vicki Veltkamp, 208/769-4144
[email][e-mail][/email]

KEYWORD: IDAHO VENEZUELA MEXICO INTERNATIONAL LATIN AMERICA
INDUSTRY KEYWORD: MINING/METALS ADVISORY CONFERENCE CALLS
SOURCE: Hecla Mining Company

Identity


Established in 1891 in northern Idaho’s Silver Valley, Hecla Mining Company’s rich history of mining has distinguished it as a respected precious metals producer. Now headquartered in
Coeur d’Alene, Idaho, this international, publicly traded company is 112 years old.

The best percentage stock price performer on the New York Stock Exchange during 2002, Hecla Mining Company produced 240,000 ounces of gold and 8.7 million ounces of silver last year, at very low costs of production. The average total cash cost for gold produced by Hecla in 2002 was $137 per ounce, and the average total cash cost for silver was $2.16 per ounce. Hecla’s excellent exploration prospects, minimal debt, strong cash position and growing gross profit make it a good bet on silver and gold.

Hecla mines and processes silver, gold, lead and zinc in the United States, Mexico and Venezuela. Hecla currently produces silver from three silver mines, San Sebastian, Greens Creek and Lucky Friday, as well as mining gold at the La Camorra mine.

Hecla has long been well known in the United States as a major primary silver producer and quality gold producer. The name “Hecla” is commonly associated with both precious metals by investors. Hecla’s common stock trades on the New York Stock Exchange under the symbol “HL”.

Updated 4/2/2003

Annual Meeting
The annual meeting of shareholders will be held at the Hecla building in Coeur d`Alene, Idaho, at 10 a.m. Pacific Daylight Time, Friday, May 9, 2003.

mehr Informationen auf Ihrer Website:
http://www.hecla-mining.com/index.html

[onlineripper]

+ Super Homepage
+ sehr informativ
+ ausführlich
+ übersichtlich

www.hecla-mining.com

[peter.wedemeier1]

Zu einem Super Unternehmen gehört ja auch eine Super Homepage!

Und HL gehört in jedes Depot!

[Crowww]

Danke an beide für die Infos.

Selbst würde ich mich jedoch nicht an Hecla beteiligen, denn ich bin TURBOpesemistisch auf den US-Dollar gestimmt. Würde mir lieber ein südafrikanisches Minenunternehmen ins Depot legen.

[onlineripper]

Crowww

Ein anhaltender steigender Goldpreis, wovon ich ausgehe, wird das Währungsrisiko in Bezug auf die Aktie wohl mehr als nur kompensieren, bzw. deutlich outperformen.

[peter.wedemeier1]

HL (+ 5.62% bei $3.76) hat soeben im US-Handel die Führung von RANGY übernommen. HL führt nun vor GSS (+ 5.36% bei $1.77) und RIC (+ 5.33% bei $3.16).

Go Silber und Gold Go!

[peter.wedemeier1]

HL (+ 7.02% bei $3.81) hat soeben im US-Handel die Führung von PAAS übernommen. HL führt nun vor SSRI (+ 6.98% bei $4.60) und VGZ (+ 6.56% bei $3.25).

Go Silber und Gold Go!

[Crowww]

Also ich kann mir einen Goldpreis zwischen 500 und 800 US-Dollar in den nächsten Jahren vorstellen. Onlineripper steht ja schließlich auch in unserer "Bibel". Sage nur US-Haushaltsdefizit.

[onlineripper]

Crowww, ich sehe auf lange Sicht (10 Jahre) einen Goldpreis von 1000 Euro oder mehr.
Gold = Safe Haven !!!

[Crowww]

Zum Euro denke ich eher nicht. der US-Dollar wird noch Kollabieren!

[Crowww]

Warum denkst du eigentlich das der Goldpreis so weit steigen wird OR, hats du doch nicht in etwa aus der "Bibel".

Sollte die 1000 kommen, dann kannst du bei der BEg mit 0,..... Kursen rechnen!

[onlineripper]

Hallo Crowww,
folgende grundlegende Überlegungen:

Gold wurde jahrelang nach unten geprügelt. Diese Abwärtsbewgung kam vor ca. 2 Jahren zum Erliegen. Gold befindet sich mittlerweile wieder in einem Bullenmarkt, der noch sehr jung ist, wobei die Chancen gut stehen, daß dieser Trend aufgrund der allgemein guten Rahmenbedingungen für Gold sich fortsetzen wird.
Wie lange so ein Trend dauern könnte weißt Du ja selbst. Das kann man ganz einfach bei einem Blick zurück in die Geschichte, schlichtweg aus der Historie der Börse ersehen. Und 1000 Dollar als mittelfristiges Kursziel finde ich ganz und gar nicht übertrieben. Bei einem Goldpreis von aktuell 340 Dollar, sind es gerade mal 40 Prozent, die wir uns vom Tief wegbewegt haben. Das ist für einen Bullenmarkt gar nichts, vergleicht man es mit dem Aktienbullenmarkt der 1982 begann und 2000 endete. Wie ich unserer „grünen Bibel“ entnehmen konnte stiegen die Aktienpreise in dieser Zeit durchschnittlich um das Fünffache, um in der Phase der Übertreibung sich nochmal zu verdreifachen.

Von einer Goldblase kann also momentan bei Kursen um 340 Dollar überhaupt keine Rede sein. Ein Kursziel von 1000 Dollar erscheint mir deshalb wirklich sehr moderat:-)

Für den allgemeinen Aktienmarkt sehe ich eine länger anhaltende Seitwärtsbewegung in einer Range von 1700 – 3000 Dax-Punkten, ... die Jahre dauern wird. Schließlich muß die Riesenbubble der vergangen Jahre erst einmal verdaut werden. Und das kann dauern. Ein Blick zurück in die Geschichte beweist das. Und in der Zwischenzeit steigt Gold und Silber, ... und natürlich auch HECLA MINING :-)

Was den allgemeinen Aktienmarkt betrifft, bin ich also eher skeptisch. Aber auch hier gibt es Unternehmen, die sich den Markttrend entziehen können. (Siehe Puma AG)!! Langfristig maßgebend für den Aktienkurs eines Unternehmens sind immer noch deren erzielte Gewinne. Und Gewinne reflektieren die Fähigkeit des Managements. Und da bin ich bei meiner Hauptposition trotz der miesen allgemeinen Rahmenbedingungen weiterhin extrem optimistisch. Das Management ist das „A“ und „O“! Jedes fähige Management erkennt die sich aus der Krise bietende Chance und nutzt diese, ... zum Wohle des Unternehmens, ... zum Wohle der Aktionäre !!


Go Gold Go Silver !!!

[Crowww]

1000 Dollar/oz sind etwas Anderes als 1000 Euro, denn der Dollar wird .......

1,1289 und so weiter!

[Crowww]

Haushaltsdefizit!

[onlineripper]

Crowww,
wo siehst DU denn dann den Euro/Dollar Kurs auf absehbare Zeit!?

[Crowww]

Das kommt vor allem auf den ......... Bush an, sollte er mit seiner Müllpolitik weitermachen, dann bei über 1,3 $/Euro. Bei der Welt hat er ja schon verschi.........

[onlineripper]

Was sagst Du denn zu Burning Stock? Der is ja völlig daneben! Ärgert sich wahrscheinlich, daß er nicht dabei ist!!!

Hecla 4,15

Der Greenback bei 1,30, .. seh ich gelassen!!

[Crowww]

Burning



BEG 5,1

[Crowww]

1,15 der US-Dollar kollabiert schon, bald wird der Goldpreis deutlich steigen.

[peter.wedemeier1]

HL (+ 2.04% bei $4.00) hat soeben im US-Handel die Führung von SWC (+ 1.91% bei $4.26) übernommen.

Go Silber go HL go!

[peter.wedemeier1]

HL (+ 2.30% bei $4.01) hat soeben im US-Handel die Führung von SWC (+ 1.67% bei $4.25) zurück erobert. Beide führen nun vor PAL (+ 1.47% bei $3.44).

Go Silber go HL go!

[peter.wedemeier1]

HL (+ 4.08% bei $4.08) hat soeben im US-Handel die Führung von GSS (+ 3.36% bei $2.46) zurück erobert. Beide führen nun vor NEM (+ 2.47% bei $32.74).

Go Silber go HL go!

[peter.wedemeier1]

HL (+ 2.81% bei $4.03) hat soeben im US-Handel die Führung von GSS (+ 2.52% bei $2.44) übernommen. Beide führen nun vor SWC (+ 2.39% bei $4.28).

Go Silber go HL!

[peter.wedemeier1]

[Sozzi]

@p.w.,

anstatt dir die Mühe zu machen, so viele einzelne Goldwerte zu bewerben nimm doch einfach Dundee Precious Metals (WKN 872063)...

Hier das aktuelle Beteiligungsportfolio von DPM:

Altius Minerals Corporation
American Bonanza Gold Mining Corporation
Anatolia Minerals
Apollo Gold Corporation
Argosy Minerals
Ariane Gold Corporation
Atikwa Minerals Limited
Bolivar Gold Corp.
Cambior
Campell Res. Inc.
Canadian Royalities Inc.
Case Resources Inc.
Cumberland Resources
Diagem International Res.
Eastmain Resources Inc.
Eldorado Gold Corporation
European Goldfields Ltd.
FNX Mining Company
Gabriel Resources Ltd.
GlobeStar Mining Corp.
Golden Queen Mining
Greystar Resources
Hedman Resources Ltd.
Manhattan Minerals Corporation
Major Drilling Group
Metallic Ventures
Metallica Resources
Miramar Mining Corporation
Nichromet Extractions Inc.
Northgate Exploration Ltd.
Opti Canada
Pacific Rim Corporation
Pele Mountain Resources Inc.
Quest Ventures
Ranchgate Oil & Gas
Rio Narcea
South Atlantic Ventures Ltd.
Stratic Energy Corp
Tahera Corporation
TecnoPetrol Inc.
Tempest Energy
Titanium Corporation
Twin Mining Corporation
Verena Minerals Corporation
Western Canadian Coal Corp.
Wolfden Resources
East African Gold Mines
Revesco Group Ltd.
Red Back Mining NL
Buenaventura

[GOLDHAUSSE]

hl geht ganz gut

[peter.wedemeier1]

HL (+ 1.93% bei $4.75) führt im US-Handel vor SSRI (+ 1.89% bei $5.40) und RANGY (+ 1.47% bei $11.77).

Go Silber go HL!

[peter.wedemeier1]

HL (+ 3.86% bei $4.84) hat soeben im US-Handel die Führung von PAAS (+ 3.23% bei $7.66) zurück erobert. Beide führen nun vor SSRI (+ 2.83% bei $5.45).

Go Silber go HL!

[peter.wedemeier1]

!

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