Hi Jim,
Here is another sign we are going to get Stimulus Package #2, not named Stimulus Package #2. You have warned us about how serious a failure of CIT would be.
Respectfully,
CIGA BERNIE
CIT debt swap struggles, bankruptcy looms
Mon Oct 12, 2009 7:22pm EDT
NEW YORK (Reuters) – CIT Group Inc is seeing little interest from bondholders in a debt exchange offer aimed at repairing its fragile balance sheet, making bankruptcy increasingly likely, sources familiar with the matter said.
The lender to small and medium-sized businesses said earlier this month it was looking for investors to approve a large debt exchange that would reduce its borrowings, or to approve a prepackaged bankruptcy.
CIT is now more likely to try a prepackaged bankruptcy, two people familiar with the matter said. They declined to be identified because the exchange offer is ongoing and information about its progress is private.
Dear Jim,
Note the suicide bomber was a former army guard. This is really a civil war. Strange we do not see 39 hostages were freed in the Western media!
“The only hostage-taker captured was identified by Abbas as Aqeel, alias “Dr. Usman.” He critically wounded himself by setting off explosives he was carrying. Military sources said Aqeel, a native of village Kahuta in the northwest, once worked as a guard at an army nursing school, where he got his nickname. He later joined the Punjab chapter of Tehrik-e-Taleban Pakistan”
Best,
CIGA BT
Hi Jim,
I have $1089 Gold as our next resistance. We are getting close to October 25th.
How do you see Gold playing out at $1089:
1) A back off to $1024 or less?
2) $1089 is obliterated in short order?
I know it all depends on the US Dollar and $0.76 seems to be a line in the sand.
CIGA S
Dear CIGA S.
Alf Field’s has refused to give this interim numbers in the best interest of those that have benefited so much from his wisdom. He is not withholding for a price, but rather because he rightly believes that any trading in this market has the prime probability of taking a member of the public out of position at just the wrong time.
You have read Armstrong who has made it clear that when it all unravels, it will be in but a few days that this occurs with gold promptly trading at $1224, $1650 and possibly into the multi-thousands.
Yes, things are that bad, camouflaged by MOPE to a degree never witnessed in history.
Now to your question.
Yes, so many people believe $1084 is meaningful that it must have some degree of meaning.
In the grand scheme of things, it has no more meaning than 34 similar points on this journey from $248 to above $1050. Why must you trade when you know the gold price is going to a minimum of $1650?
Do not gauge price in light of the timing of 27 days to go. Things can easily happen sooner than later. This countdown of days is for the purpose of keeping all readers focused and committed. It is based on knowledge, but nothing can be set in cement to the second.
You must see that international confidence in the US dollar is waning at an accelerating pace. Statements and interventions by the government only serve to bring more attention to the fundamental weakness of the currency in question, now the US dollar.
Recall the intervention in the Swiss Franc that got all the press’s attention, but only failed?
The carry trade is like a rampaging virulent disease once it attacks a currency. This is an added negative to the US dollar.
It is going to be a very cold winter for the US dollar.
I must assume you are NOT using leverage as it is suicidal in this gold market.
In your question, the last line has already given you the answer.
Your friend,
Jim
