heads up gold watchers .... backwardation creeping in -- 06:50:58 08/22/07 Wed
6 month gold lease rate is ABOVE the 1 year ... the tsunami approaches stealthily but inevitably .... when it reaches the 1 month rates the afterburners will hit and paper will burn

trillions of losses not yet marked-to-market --

most people don't yet get it .... the auction that Bear Stearns held for its CDO's failed .. no bid, worthless ... there are trillions of those same or similar derivatives out there, on the books of every hedge fund, financial institution, big banks, investment banks, money-market fund .... still waiting to be valued.


get it?


this is massively deflationary and it is not going away anytime soon, there may not be an actual panic but the world is going the way that Japan went 18 years ago .... the carry-trade helped and Japan has finally sucked the world into deflationary depression

just like in japan the bad debts will hang around on books for months, years and finally decades, keeping interest rates excessively low and insolvent banks staggering around the markets like zombies, nobody wishing to put there money anywhere until the final shoe drops or bank blows up .... which it never does .... it's just starting.

BUY GOLD TAKE DELIVERY ..you have been WARNED