Oldtent Archives 2009

A lawsuit has been filed against the creators of ProShares UltraShort Real Estate(SRS Quote) in what is the latest chapter in the war against leveraged ETFs. ProShares, creator of some of the first “ultralong” and “ultrashort” funds, is now facing a complaint filed by New York-based law firm Labaton Sucharow LLP in the U.S. District Court for the Southern District of New York.

The lawsuit claims that “as marketed by ProShares, Ultra ETFs are designed to go up when markets go up; UltraShort ETFs are designed to go up when markets go down.” Anyone who has been following funds like Direxion Shares Daily 3X Financial Bull(FAS Quote) and Direxion Shares Daily 3X Financial Bear(FAZ Quote) (FAZ) or SRS for that matter, can claim that this statement does not always hold true.

According to Morningstar, in a one-year period ending July 23, the Dow Jones U.S. Real Estate Index dropped 38%, but the ProShares UltraShort Real Estate fund lost 82%. Year-to-date through July 23, SRS’ index is down 3.5%, but the ETF has fallen 67%.

Direxion faced a similar challenge with FAS and FAZ as the funds dropped nearly 70% and 90% respectively from inception through July. The low price points and high volume prodded Direxion to execute a reverse split in both funds to defray transactional costs. Needless to say, both the bull and the bear strategy had moved in the same direction: down.

ProShares Advisors has issued a statement vehemently denying the claims. The rebuttal states: “The allegations reported in the complaint are wholly without merit. ProShares’ registration statements have always been accurate and complete, contained all material information, and complied with all legal requirements. We plan to defend against this suit vigorously.”

more .. from www.thestreet.com ..

http://tinyurl.com/n8gqf5

FAS vs S&P500 .. http://stockcharts.com/h-sc/ui?s=FAS&p=D&yr=0&mn=9&dy=0&id=p86305303372

FAZ vs inverse S&P500 .. http://stockcharts.com/h-sc/ui?s=FAZ&p=D&yr=0&mn=9&dy=0&id=p41884950476

stockcharts.com/def/servlet/Favorites.CServlet?obj=ID1748085

take a look
if you like them
vote for them

Bank Failure #72: Community First Bank, Prineville, Oregon

by CalculatedRisk on 8/07/2009 09:30:00 PM

From the FDIC: Home Federal Bank, Nampa, Idaho, Assumes All of the Deposits of Community First Bank, Prineville, Oregon

Community First Bank, Prineville, Oregon, was closed today … As of July 5, 2009, Community First Bank had total assets of $209 million and total deposits of approximately $182 million.
…
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $45 million. … Community First Bank is the 72nd FDIC-insured institution to fail in the nation this year, and the third in Oregon. The last FDIC-insured institution to be closed in the state was Silver Falls Bank, Silverton, Oregon, on February 20, 2009.

thought you would like them….
now gold tenters take a look
florida liked them you just might too
and if you do..don’t forget to vote
cheers
####

we all like to see charts annotated. cheers. wj

SOEE or ThirdEyeOpen or turtle all are welcome to post their charts here.  SOEE and ThirdEyeOpen’s real names are different but regardless I like both of their charts. 

if any one else had posted your charts
it would have been a big success
i tried

ya if i remember we got too liberal for soee one day
cheers
####

Turtle the Theme is in reference to the slower reacting Computers (dial up) that would best use this theme as it skips the calander feature in the download…

If your friend Turtle wants more votes he can just post his stuff here…. Goldtent is too Liberal ?….haha

soee

soee

soee

Theme over on the side bar..funny one is turtle????????
Turtle

Theme
Turtle

Theme
Turtle

European central banks: Annual gold sales capped at 400 tons
Posted on : 2009-08-07 | Author : DPA
News Category : Business

Geneva - European central banks have extended a cap on gold sales for another five years but changed the ceiling to 400 tons per year, a joint statement announced. The previous agreement, which allowed for 100 more tons a year, was set to end on September 27. The new one would be reviewed in five-years time.

In all, 19 central banks, including the European Central Bank, signed the agreement. The other banks include those of: Belgium, Germany, Ireland, Greece, Spain, France, Italy, Cyprus, Luxembourg, Portugal, Slovenia,Slovakia, Malta , the Netherlands, Austria, Finland, Sweden and Switzerland.

The statement also recognized the International Monetary Fund’s plan to sell off gold.

“The signatories recognise the intention of the IMF to sell 403 tons of gold and noted that such sales can be accommodated within the above ceiling,” the statement said.

The Swiss National Bank said in an accompanying message that it had no plans for any further gold sales in the foreseeable future.

“With gold holdings amounting to 1,040 tons, it holds a substantial part of its currency reserves in the form of gold,” the SNB said.

-END-

the tent’s moderators are canuckgold and ipso facto along with the admin of floridagold, fullgoldcrown, irish and me. the only other moderators past history was soee and grin.
the originators of GT are audept, fullgoldcrown, irish and yours truly. that is the history in a flash from the past. please post your friends chart link for anyone who wishes to vote for him. best. wj

Redneck and I had Cowboy Cut’s Prime Rib at the Youkon Ok. Cattleman’s Club…I really wanted beans and rice but they didn’t have any….Haaaaa
My body is in shock …I probably won’t live the week out… 61.8% of my arteries slammed shut in the last 24 hours….

to you and thanks for the cox link. from where do you hail…and do you want to be added to the locator? best of cheers. wj

  Your 14:20 post from August 7th contains so much nonsense, distortions of history, and inaccuracies that that I have to question whether you have any first hand or even second hand knowledge of the subject matter that you are posting about?

 I will just call your attention to the following piece of nonsense…

b) The Germans had a far more advanced nuclear program than the standard story depicits, they had advanced methods for creating fission material, it was the Germans that supplied the difference in the amount of material at war’s end needed for the US bomb - we were many months away from having produced enough through our methods.

Fact 1.  The German sub U 234 which surrendered in May 1945 had 1235 pounds of 77% pure uranium oxide which would have had a U 235 content of 1235 x .77 x 0.72% U 235 =  6.84 pounds of U 235. 

Fact 2. The atomic bomb, Little Boy, which was dropped on Hiroshima had a U 235 content of 132 pounds.

For you to suggest that the small amount of uranium 235 on that submarine significantly affected the timetable for production of Little Boy is a fractured fairy tale.

It is obvious that you have no idea what you are posting about…Enough said.

ganndolph 

who needs your vote
just trying to help a fellow gold bug
if i remember
we got too liberal for him one day
but that was long ago and far away

note one of our themes is turtle

forgot his pen name

but he was a moderator

see what you got here

is a bleeding heart liberal

promoting a die hard conservative

so don’t hold it against him

that it is puptent doing the promoting

I think you may be mistaken.  Don’t ever remember Turtle being at this site and certainly don’t ever remember him being around at the start of the Tent or having anythink to do with the start of the Tent!

Fractal Gold Report for August 8, 2009

By David Nichols
dnichols@fractalpublishing.com

Gold was mildly weak on Friday, fulfilling the expectations from Thursday’s failed breakout attempt, but in this situation it’s actually not-so-bad to see gold pulling back a bit.

This mild correction is setting up a potentially important low as gold heads into Day 21 - 22 for this new cycle on Monday and Tuesday of next week. Generally these important dates in the cycle trigger a meaningful reversal, although occasionally it brings on acceleration. Although with this highly bullish pattern, it’s very likely that a correction into Day 21 will trigger a big upside reversal.

The big question now is how far down gold will go before the “slingshot move” back to the upside, which should easily carry up to $990. My guess is somewhere around $945, but gold should linger only briefly in the $940s, so if you’re looking to get a position down there I recommend leaving in a limit order.

There’s also a decent chance gold will stabilize and ricochet off $954, as this is an important and already proven energy level. In my experience with gold, often these types of bullish consolidation patterns will briefly overshoot a level like $954, but by the end of the trading day this level will have held up, and then some. So any stretch down towards $945 should cause an even larger upside reaction.

If we do get a turn-around back to the upside on Monday or Tuesday, then gold will really be in position to rocket up to $990, or even push right through. There is plenty of energy on all of the major time-frames to support a big move up right now. The main question now is what level will trigger the next launch higher, but we should not have to wait long to find out early next week.

http://events.startcast.com/events6/122/C0018/Default.aspx#

“general reluctance of the sheep to address  their situation.”

I agree. My husband has often tried to talk to his friends and aquaintances, most of whom play tennis at the local club.  He is told that he is a gloomer and doomer.  I try to do the same with members of my family.  I am told the same, even when I suggest that it’s a good idea to contemplate that there might be another possibility other than what we are fed in some parts of the media. All this in the face of business failures, rising unemployment and people losing their homes.  They don’t seem to want to look at both sides of a question, preferring to believe what they want to believe. They are in denial. Or perhaps they’re just scared.  Until it hits them personally, they will go along the way they always have. Let’s face it, that’s human nature.

Just indications of the real closing of the gate….in real time…small banks were ….i should state this ..not need in the new future system…I once mentioned Greeny, knighted…this knighting thing should be looked into.smile ..others have recently been “honored’….this is a real thread and insightful to the sell out of their citizens…..but as one poster mentioned ..history…aint shared well…..smile…as always …just walking along and enjoying the old  days..or  future weather. Mentioning weather…or change when the past Henry/the banker/honored/ Treasury/CXEO or Goldman/team player went to China on a quicker trip….anyone care to address this ..I have mentioned if the cbs controls China the gate 

the rest is to written not well…or the ….define well again? ….good night to all the GGG ..crew..if they have done IT….in the west….same tools different needed tools…call it greed/ew leadership/ they know what is good /needed for the sheep globally ..of the unrepresented.

Mr. Equisetum….your conveyances are…will be ..always noted. Frankly we are fubared.

what we are witnessing….and shall continue to witness….is a global NWO….the one fact which i think is not shared well is the equation of changing weather ….I still think we are all running past this real factor…..the  change..regardless of  the more common thread of limited resources and the king of the hill walk manipulation. 

We are more….the greed is …seen to all to be limitless…the old story… the change will come from values less digits….when …times are changing….we walk down the path to …. hum-mm…we will hang the obvious leaders when we all  know the real crew team …..web of power is masterfully …..simple term …not seen…kiss

well enjoy the Friday’s evening…..

Regulators close 2 banks in Florida

13 minutes ago

(AP:NEW YORK) Regulators on Friday shut down two banks in Florida, bringing to 71 the number of federally insured banks to fail this year under the weight of the weak economy and rising loan losses.

The FDIC estimates that the cost to the deposit insurance fund from the failure of the two banks will be around $140 million.