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2006 - THANKS FOR THE MEMORIES
What
a treat – filling in for Tim Wood – writing the last market wrap of
2006.
First,
I’d like to share this
newsy item that was brought to my attention by a very astute friend
and market observer, Galearis;
Global
tin deficit to increase in 2007 and drive prices up
Societe
Generale has reported a world tin supply deficit of 10,000 tonnes in
2007 and 5000 tonnes deficit in 2008 as compared with an estimated 3,000
tonnes deficit in 2006.
Societe
Generale in its fourth quarter Commodities Review said that factors
causing supply deficits include increased demand for tin which is
growing at more than 30% in four years and a major supply shock caused
by forced closure of small smelters in Indonesia in October.
The
report said that the demand increase has been fueled by growing use of
lead free solder mandated by EU regulations that became effective in mid
2006.
Societe
Generale said that tin output could climb 3% in 2007 but there is no
certainty.
Societe
Generale forecast that LME average cash price for 2006 will be $8,745
per tonne, $8,750 per tonne in 2007 and $7,250 per tonne in 2008 as
compared to $7,365 per tonne in 2005.
And
Here Is What’s Odd About This
As
my alert market observer friend so aptly pointed out – this widely
published article appears as disinformation at its finest when you
actually STOP and consider
exactly what is being said,
“Note
the huge projection of price for 2007, a whole $5 per tonne increase
over that of 2006! Gee, and I wonder why those refineries went under
too!? And LOOK, they project a FALL in prices in 2008! But if you factor
in the inflation,,,,,,tin has been FALLING in price all along,,,,just
like silver!”
The
lesson to be learned from all of this - with New Year's celebrations
upon us – be careful what you consume!
It
seems that year’s end has always lent itself to making lists – of
the best, the worst, the longest, the tallest, the widest the fattest.
Heck, everyone makes a wish list for Christmas - and let’s not forget
ole Santa – he compiles his list of who’s been naughty or nice, then
checks it twice.
Then
there’s New Year's, and doesn’t EVERYONE make a list of New Year's
resolutions? With this being the case, it seemed fitting that some sort
of review of the year’s major news headlines might be in order.
With
that in mind – and not wanting to re-invent the wheel, with me being a
devoted Gold Bug – I thought it fitting to share with a still wider
audience this interesting piece published yesterday by Midas Bill Murphy
at Lemetropolecafe.com.
These headlines were assembled in chronological order by Café member /
contributor David R., who, in
his own words said,
“As
I read the daily news, I have taken to saving PDF files of interesting
news articles the second I see them. With the constant barrage of news,
it can be astonishing how little time it takes to forget important
stories - and many important stories get just a few hours - or minutes -
of coverage. I find it helpful, when assessing where trends have gone
over the last year, to look back at these archives.”
US
knew of Al Queda cell before 9-11 | No plan yet for New Orleans power
| Cheney calls war critics reprehensible | NSA eavesdropping wider than
White House admitted | US high court nominee urged eavesdropping
immunity | Suit over domestic spying | AG Gonzales defends eavesdropping
| Bush slashes domestic programs, boosts defense | Louisiana governor
vows hardball with Washington | Chavez vows to build up arms | New
Orleans will seek aid from other nations | Bush pushes wind, solar, less
oil | Bush defends ports deal | VP Cheney shoots man | Cheney - Iraq not
in civil war, predicts success | Warnings about Moussaoui unheeded |
Bush disagrees that Iraq in civil war | Military probes killing of Iraqi
family | Bhagdad doctors end strike, ban police from wards | Abu Ghraib
handler guilty of abuse | Bush sees US in Iraq after his term |
California sued over Diebold voting systems | Bush dismisses calls for
White House shake-up | Iraq Propaganda Ok | US Tortures in 'Black Room'
| Chertoff says ports safer under Dubai | Moussaoui could have led to
9-11 attackers | FEMA breaks Katrina contracts pledge | US high court
judge said to slam detainee rights | Rice admits thousands of errors in
Iraq | John Dean backs bid to censure Bush | Supreme Court won't review
Bush terrorism powers | Massachusetts passes ambitious health care plan
| Homeland official arrested for solicitation | Amnesty report fuels
secret prison suspicions | Bush said to authorize leak of Iraq
intelligence | Guantanamo trials unfair | Guantanamo trials claimed
illegal | President authorized Iraq leaks | Wired News- Whistle-Blower
Outs NSA Spy Room | Experts advise no hurry to sell family silver |
White House hotly denies report on Iraq WMD | Generals want Rumsfeld to
resign | Rumsfeld under renewed attack | Iranians volunteer for
martyrdom missions | Iran donates $50 million to Hamas-led government |
Rumsfeld wont quit | Ex-CIA agent says WMD intelligence ignored | Nearly
30 percent at Guantanamo jail cleared to go | CIA fires officer over
secret prison leak | Actor in 9-11 film denied entry to US | Aussie
homeowners make market in green power | Bush marks Earth Day with focus
on alternative fuels | US seeks to dismiss AT&T secrets suit |
Amnesty -
Torture widespread in US custody | Wells Fargo computer with customer
data missing | Cheney speech spurs new Cold War_ Russian press | Kremlin
fuming after rebuke by Cheney | CIA chief Goss quiet on abrupt departure
| Court skeptical of FCC on broadband wiretap access | NSA kept domestic
calls | As freedom shrinks, teens seek MySpace to hang out | Bush says
authorized intelligence activities lawful | Bush denies spying infringes
on privacy | Specter wants to know about NSA phone database | Congress
passes $70 billion tax cut | German sues over detention and torture |
Qwest balked at NSA records sweep | CIA leak case court filing focuses
on Cheney | Cheney pushed to widen eavesdropping - NY Times | Bush
presses Senate to confirm Hayden for CIA | Europeans knew of CIA flights
| US releases 9-11 video of Pentagon hit | German to fight on after CIA
torture lawsuit fails | US urged to close Guantanamo | NSA killed system
that sifted phone data legally. | Rice faces silent protest in Boston |
Rights abuses rise due to war on terrorism - Amnesty | FCC chief says
won't probe NSA call program | Senate panel endorses Hayden as CIA
director | Bin Laden says Moussaoui not part of Sept 11 | US says
government should judge spy secrets | Cheney could be witness in CIA
leak case | Belarus to ban US & Canadian flights | Harsher Abu
Ghraib
methods condoned | Veterans' data theft may cost $500-mln | Attorney
General prepared to quit over Jefferson probe | Government asks for
dismissal of NSA wiretapping suits | EU court rules airline data deal
with US illegal | In Haditha, Memories of a Massacre | Spain acquits
Sept 11 suspect of conspiracy charge | Europe colluded in CIA prisoner
spiders web | Cheney defends against Specter eavesdropping rebuke |
Court backs government broadband wiretap access | Suicides prompt new
calls to shut Guantanamo | Briton held at Guantanamo says suicides
inevitable | Goldman nears $4.6 bln AB Ports offer | Judge may decide if
US eavesdropping is legal | Suicides fuel more calls for closure of
Guantanamo | Families say Saudi Guantanamo deaths not suicides | Canada
terror suspects have no chance of fair trial | Bush makes surprise visit
to Iraq | Rove not charged in Plame leak | Al-Quaida IDs 20th 9-11
hijacker | UK-US partners in crime on CIA flights | Bush says would like
to close Guantanamo | UN experts urge Guantanamo closure | US to
extradite Afghans at Guantanamo | Bush acknowledges Guantanamo damages
US image | Military deaths in Iraq hit 2,500 | Supreme Court allows
evidence despite police violation | 9-11 thefts not prosecuted | US
soldiers charged with murder in Iraq | ex-Bush aide convicted of
corruption | US wants telecom surveillance lawsuits in DC court | AP-
Police got phone data from brokers | Bush - Iran Aug date for atom reply
is long time | House panel would ask Bush for surveillance records |
AT&T revises privacy policy, says owns customer data | Witness in
CIA
inquiry told Germans of missing man | US Rejected Iran in 2003 | SWIFT
provides financial data to government | Human mad cow epidemic may be
underestimated | US secretly used data to track terror funds | Treasury
confirms bank records surveillance | Bush rips terror financing report |
Rights watchdog backs report on CIA flights | US court prepares ruling
on Guantanamo tribunals | US military admits killing non-combatant in
Iraq | Anti-terrorism orders quashed | U.S. top court rejects Guantanamo
military tribunals | Pentagon reaffirms need for Guantanamo prison | UN
rights forum adopts ban on disappearances | Secret agent interviews rock
French terrorism trial | Italy seeks arrest of 4 Americans for rendition
| White House kept major intel program secret | Soldiers charged in Iraq
rape-murder case | White House asks for dismissal of NSA wiretap suit |
US applies Geneva Convention to military detainees | Alleged terrorist
held years in US without charges | Bush blocked review of spy program |
Judge won't drop AT&T eavesdropping lawsuit | Italy spy boss refused
CIA's kidnap request | US bar panel raps Bush on signing statements |
Specter prepping bill to sue Bush | ACLU appeals dismissal of German's
CIA torture case | UN rights body tells US to shut secret jails | Spies
spied-on as Italy kidnap probe turns tables | Court told US troops
gang-raped Iraqi girl | Belgian drain covers vanish as metal prices
surge | CIA contractor goes on trial over Afghan torture & murder |
Court told US troops gang-raped Iraqi girl | US seeks to shield its
interrogators from war crime charges | Sixty percent of Americans oppose
Iraq war | Court rules NY police can search bags at subways | CIA
contractor guilty in Afghan prisoner torture & murder | Judge orders
halt to NSA wiretap program | Bush predicts courts will uphold security
wiretaps | U.S. is coming apart at the seams | Carmakers urged to hurry
up on plug-in hybrids | Agency wants FAA execs disciplined over 9-11
lies | Panhandle wind power could help light the rest of Texas |
Democrats see support for anti-Rumsfeld vote | Bush admits CIA held
terrorism suspects outside US | Senate deflects push for Rumsfeld
outster | EU lawmakers demand to know location of CIA jails | 9-11
conspiracy theorists multiply | Saddam had no link with al-Qa'ida, US
Senate concludes | Bush officials cleared as Powell's former deputy
admits unmasking CIA agent | Merkel criticizes US over CIA prisons |
Bush - CIA terrorism detention program invaluable | Senate panel
approves Bush-backed spying bill | NATO gets no offers of extra
Afghanistan troops | Mideast leaders tell Annan Iraq war a disaster |
Baghdad death squads kill 60 | Bush faces Senate rebellion on tribunals
| Bush argues terrorism case after Republican revolt | Dying glaciers
draw curious to Swiss Alpine peaks | Polar bears drown & islands
appear
in Arctic thaw | NSA Bill Performs a Patriot Act | Mint declares Liberty
Dollars illegal | USA TODAY - Feds lower boom on alternative money | The
Gold Blog - The Death of the Liberty Dollar | CITIZEN-TIMES - Liberty
Dollars face legal scrutiny | US detainees abroad face legal vacuum |
Bush approval rating rebounds in new poll | Bush, Iran president to face
off | Israel cluster bomb use in Lebanon called outrageous | US tortures
Canadian by mistake | House panel backs Bush on detainees | California
sues carmakers for making cars | U.S. secret prisons at odds with
democracy | U.S. general calls for Geneva Conventions definition |
Pentagon ordered to identify detainee abuse cases | UN says Iraq
deadlier, Italians go home | Wal-Mart cuts generic drug prices to $4 in
Florida | Bill Clinton warns against wide torture approval | German
police shadowed man before CIA seized him | Woman jailed for months over
$700 fine | UN expert says torture in Iraq is out of hand | CIA officers
refused to work at secret prisons | U.N. rights envoys condemn Bush plan
on interrogation | Musharraf - US threatened to bomb Pakistan after 9-11
| Specter to press for detainees habeas corpus rights | Rights groups
decry US Senate bill on detainees | Abramoff had more White House ties |
Pakistan accused of hundreds of terror abductions | Woodward says Bush
concealing level of Iraq violence | First female space tourist returns
to Earth | Rice doesn't recall 2001 CIA warning on al-Qaida | Rice
disputes report she brushed off CIA chief | White House backs Rumsfeld
as it denies charges on Iraq | Court says eavesdropping program can
continue | Former 9-11 detainee accuses U.S. of abuse | Guards describe
Guantanamo prisoner abuse | Iraq deaths put at 655000 | Exhausted, 16
Afghans freed after Guantanamo | NY lawyer's case prompts debate on Bush
tactics | Pentagon inspector general orders Guantanamo probe | U.S.
lawyer gets 28 months jail for aiding terrorism | AZ AG illegally
seizing money transfers | Peace, love, exams - U.S. anti-war movement
quiet | Westinghouse wins massive China nuclear deal
It’s
been quite a year, hasn’t it? Now, I’d better get back to writing
down my own list of New Year's resolutions.
"A
government big enough to give us everything we want is a government big
enough to take from us everything we have." President Gerald Ford,
1913 – 2006, R.I.P.100
Today's
Market
Overseas
equity markets were quiet on the last trading day of the year with Japan’s
Nikkei Index gaining 1 point to end the year at 17,225. North American
markets couldn’t gain any traction either with the DOW off 38.37 to
12,463.15, the NASDAQ giving up 10.30 to 2,415.30 and the S & P off
by 6.45 to 1,418.30. NYMEX crude oil futures gained .52 to close at
60.94.
Interest
rates were a basis point higher across the curve with the benchmark 2-year
bond ending the day at 4.81%, the 5-year at 4.70% and the 10-year bond
at 4.70%.
On
foreign exchange markets the U.S. Dollar Index gave up .13 to finish at
83.43.
The
precious metals complex ended the day mixed with COMEX gold futures
adding 1.80 to 637.50 per ounce while COMEX silver futures gained .03 to
12.95 per ounce. The XAU fell by .87 to 141.30 and the HUI gave up 1.62
to close at 338.24.
Tuesday,
Jan. 2 – U.S. markets will be closed for a national day of
mourning in honor of President Ford.
On
tap for Wednesday, Jan. 3:
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Nov.
Construction Spending at 10:00 a.m. exp. -.7% vs. prior -.1%
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Dec
ISM Index at 10:00 a.m. exp. 51.0 vs. prior 49.5
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Dec.
12 FOMC Minutes released at 2:00 p.m.
-
Dec.
Truck Sales at 5:00 p.m. exp. 7.7M vs. prior 7.2M
-
Dec.
Auto Sales at 5:00 p.m. exp. 5.3M vs. prior 5.1M
Wishing
you all the very best for a pleasant weekend and the happiest of New
Years!
Rob Kirby Back
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