The Land Of Oz Exposed

Stocks slip after warning on China stocks
NEW YORK (Reuters) - U.S. stocks edged lower on Wednesday as a warning about Chinese stocks by former Federal Reserve Chairman Alan Greenspan erased gains fueled by takeover talk in the aluminum sector.

Greenspan said he feared a "dramatic contraction" in Chinese stocks after the recent boom, adding the run-up was "clearly unsustainable."
http://biz.yahoo.com/rb/070523/markets_stocks.html?.v=11

Greeny, who does he think he is, OZ? I think we all know Greeny's predictive value, does anybody remember the "irrational exuberance' speech? Yes, China's stock market will inevitably stumble and fall, but it won't be thru a heads up thrown out by this economic uber criminal for a speaking fee.


US, China Make Modest Progress on Trade
WASHINGTON (AP) -- The United States and China concluded high-level trade talks Wednesday with progress reported in a few areas but no breakthrough in the biggest dispute, China's undervalued currency.
http://biz.yahoo.com/ap/070523/us_china_trade.html?.v=17

Back to the drawing board. When will Henry Paulson and his PPT Rat Bastids realize that the Chinese aren't stupid. They have had years to watch the capitals destroy themselves and have no intention of letting these criminals lead them around by the nose. Henry Paulson says that the Chinese citizens save too much. Maybe this dumb ass should consider encouraging his own citizens to save more. The days of stealing the world's wealth to fund this nations flatulence are quickly coming to an end.


Dollar Falls Vs. Rivals On Rate Expectations
NEW YORK (MarketWatch) --The dollar retreated Wednesday, coming off multiweek highs against the other major currencies on growing expectations that interest rates in Europe will continue to rise this year.
http://www.fxstreet.com/news/forex-news/article.aspx?StoryId=0b8dcc22-6216-42ac-bf74-0d33e04a7b76

LOL! "Growing" expectations of a rate increase in Euroland? I think it has been clear for sometime that interest rates are on the rise in Europe. A revelation for the Dollar Bulls...


Copper rises after LME reports tighter supplies, nickel down
Thu, May 24 2007 LONDON (Thomson Financial) - Copper rose after the LME reported a hefty fall in stocks following a strong session in Asia.
Copper stocks stamped in LME warehouses across the globe fell 1,475 tonnes to 136,100 tonnes, said the LME in a daily report earlier.

Does anybody really know how much copper there is? Does anybody really care?

Jim Willie CB, GoldenJackass.com has penned another wonderful piece exposing the US Dollar for what it really is...a piece of East River Flotsam. Absolutely take the time to read this marvelous piece of writing. If you need more reasons to buy, own, or possess Precious Metals this is a must read for you:

Don't Cry for the US Dollar

We have come full circle from responsible competent economic counsel dating back to the 1960 decade to a guided path to truly cataclysmic Orwellian financial structures. We see the rancid bitter fruit of a US Dollar suffering from debt constipation and economic sclerosis, whose supporting tree lacks the proper manufacturing branch burdened by increasing weight of baby boomer retirees. As the United States gradually becomes isolated on the geopolitical stage, for whatever reason, whether an unfortunate damaging twist of fate or inept aggressive leadership or a compromised Congress, the USGovt and US populace find themselves dependent upon what can be described as the ‘Weimar Engine’ in a highly precarious manner. The ongoing credit and debt explosion keeps the system running, keeps the rivers of money moving, while leaving the door open for fraud and granted gravy gathering by powerful insiders. Von Mises warned that at an end stage, an acceleration of money and debt will be necessary in order to sustain even flat growth. We are there now, here and now today. The Gross Domestic Product for 1Q2007 will be officially announced as almost flat, probably under 1% growth. Accept that number if you accept a 3% to 4% price inflation. Not here, not me, no way, no how!

PLEASE READ ON... http://news.goldseek.com/GoldenJackass/1179945493.php


Patience is a virtue and a choppy market is a pain. This contract rollover activity that has been weighing on the markets should be pretty much wound up by the middle of next week. Spain appears to be dumping it's entire nations wealth on the market to try and resolve it's current account woes. The Banco de Espana's holdings of foreign currencies and gold have fallen to €13.2bn (£9.02bn), equivalent to 12 days of imports, according to their website. Last week saw a continuation of their sales of gold of, possibly, in the region of 10 to 15 tonnes more.
To see more read this scary piece:
Spain’s Savings Spent? http://news.goldseek.com/GoldForecaster/1179936000.php

Durable Goods and Housing numbers this morning should have "some kind of" effect on the markets. I would not be surprised if the rigged numbers print "positive" to see the metals higher with the Dollar and the Stock Markets. Oil is set to bust 67...keep a close eye on US Naval maneuvers in the Gulf in the coming days.



Silver Resistance: 13.03 / 13.11 / 13.23

Silver Support: 12.95 / 12.88 / 12.80
__________________________________All prices SPOT

Gold Resistance: 661 / 664 / 666

Gold Support: 658 / 656 / 653