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Todays economic news.

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Re: Todays economic news. [#permalink] New post 23 Jan 2008, 10:06
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Re: Todays economic news. [#permalink] New post 23 Jan 2008, 10:08
kryzak wrote:
soooo... how does one buy gold cheaply? :P


Well if you end up at Kellogg, you can visit some people at GSB and while in Hyde Park (or any not so nice section of a city...find one of those guys trying to hawk some hot rings, necklaces, braclets. Then you melt it down. Instant gold reserve...and untraceable hahaha.

Actually you can buy gold, you can get certificates for it or you can buy the physical bars. I would go the bar route just cause have a big brick of gold in your vault would be impressive. However a bar of gold could fund your MBA so its probably not a great investment. You can also buy gold coins, I have a couple canadian gold coins in a safety deposit box, if you get coins get canadian they are the purest you will find...Also you can buy gold mining company stock which might not be a bad bet either.

That said, I want this coin.
http://www.cbc.ca/money/story/2007/05/03/goldcoin.html
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Re: Todays economic news. [#permalink] New post 23 Jan 2008, 10:12
oh c'mon riveripper, Hyde Park itself is actually pretty nice!

and with the gold mania on GMATClub reaching cramer-esque proportions, i'm seriously considering shorting gold :)

Last edited by solaris1 on 23 Jan 2008, 10:16, edited 1 time in total.
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Re: Todays economic news. [#permalink] New post 23 Jan 2008, 10:13
Or...you could just buy the ETF GLD :)

riverripper wrote:
kryzak wrote:
soooo... how does one buy gold cheaply? :P


Well if you end up at Kellogg, you can visit some people at GSB and while in Hyde Park (or any not so nice section of a city...find one of those guys trying to hawk some hot rings, necklaces, braclets. Then you melt it down. Instant gold reserve...and untraceable hahaha.

Actually you can buy gold, you can get certificates for it or you can buy the physical bars. I would go the bar route just cause have a big brick of gold in your vault would be impressive. However a bar of gold could fund your MBA so its probably not a great investment. You can also buy gold coins, I have a couple canadian gold coins in a safety deposit box, if you get coins get canadian they are the purest you will find...Also you can buy gold mining company stock which might not be a bad bet either.

That said, I want this coin.
http://www.cbc.ca/money/story/2007/05/03/goldcoin.html
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Re: Todays economic news. [#permalink] New post 23 Jan 2008, 10:32
Ya dosa but that takes all the fun out of using a big hunk of gold as a paperweight to show how rich you are.
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Re: Todays economic news. [#permalink] New post 23 Jan 2008, 10:57
solaris1 wrote:
oh c'mon riveripper, Hyde Park itself is actually pretty nice!

and with the gold mania on GMATClub reaching cramer-esque proportions, i'm seriously considering shorting gold :)


solaris,

i dare you to short 3 contracts of GC here!!!

while gold will always undergo retracements in price, it is in a secular bull market and continues to strengthen with a declining dollar, the inflationary policies of the fed, and simple distrust of paper assets in general.
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Re: Todays economic news. [#permalink] New post 23 Jan 2008, 11:27
haha...well that was just an observation, trader1, and not a gauntlet - i'm a firm believer in efficient markets so I won't do anything of the speculative sort.

nevertheless, let's revisit this conversation in 3 months. :)

trader1 wrote:
solaris1 wrote:
oh c'mon riveripper, Hyde Park itself is actually pretty nice!

and with the gold mania on GMATClub reaching cramer-esque proportions, i'm seriously considering shorting gold :)


solaris,

i dare you to short 3 contracts of GC here!!!

while gold will always undergo retracements in price, it is in a secular bull market and continues to strengthen with a declining dollar, the inflationary policies of the fed, and simple distrust of paper assets in general.
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Re: Todays economic news. [#permalink] New post 23 Jan 2008, 11:45
solaris1 wrote:
haha...well that was just an observation, trader1, and not a gauntlet - i'm a firm believer in efficient markets so I won't do anything of the speculative sort.

nevertheless, let's revisit this conversation in 3 months. :)


gold has a high probability of hitting $1000 sometime this year. and, assuming a 50 bp cut at the fed meeting next week (which now is 75% expected), gold may even take out $1000 in the month february.

now, 3 months from now, gold may very well be in the 800s again, after undergoing a correction off the $1000 level. we shall see :lol:

not a believer in efficient markets here. there is nothing efficient about these markets!!!
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Re: Todays economic news. [#permalink] New post 23 Jan 2008, 13:00
hahahaha, LOL on the Hyde Park thing. Looks like we have an "anti-Rhyme" now :P

But that gold coin is NICE! Some day...
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Re: Todays economic news. [#permalink] New post 23 Jan 2008, 13:26
wait, he thinks Hyde Park is a bad neighbourhood? Woodlawn and Kenwood maybe, but I fail to see how anyone who's lived in an urban setting can consider Hyde Park to be anything other than one of the nicest communities on the South Side of Chicago.

Sure, it's not Evanston but it isn't as suburban either.

kryzak wrote:
hahahaha, LOL on the Hyde Park thing. Looks like we have an "anti-Rhyme" now :P
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Re: Todays economic news. [#permalink] New post 23 Jan 2008, 13:59
I actually thought Hyde Park was ok, but I heard that's because I was on the "north side" of the park.
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Re: Todays economic news. [#permalink] New post 23 Jan 2008, 14:02
The Hyde Park thing was a joke, since everyone always say the only back at GSB is its location in a bad area. I only was there for a day and only walked from the train to the school which is a nice area.

Just a friendly little cross town rivalry... :wink:
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Re: Todays economic news. [#permalink] New post 23 Jan 2008, 14:25
Agreed - it isn't terrible. But if it was so nice, why don't more students live there?

solaris1 wrote:
wait, he thinks Hyde Park is a bad neighbourhood? Woodlawn and Kenwood maybe, but I fail to see how anyone who's lived in an urban setting can consider Hyde Park to be anything other than one of the nicest communities on the South Side of Chicago.

Sure, it's not Evanston but it isn't as suburban either.

kryzak wrote:
hahahaha, LOL on the Hyde Park thing. Looks like we have an "anti-Rhyme" now :P
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Re: Todays economic news. [#permalink] New post 24 Jan 2008, 12:37
We can blame the French for Monday's stock market meltdown :)

http://www.portfolio.com/views/blogs/market-movers/2008/01/24/socgen-the-cause-of-mondays-sell-off

trader1, we'll be watching you very closely :-D :wink:
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Re: Todays economic news. [#permalink] New post 24 Jan 2008, 12:46
I sure hope that guy wasn't a Kellogg grad...

How in the world can one Jr. Trader manage to pull off losing over 7 billion, that is actually extremely impressive. Everyone above him should be fired. Follow the chain of command up and keep eliminating folks from his closest supervisor to the CEO. No golden parachute, that was dragged down because of their complete ignorance of this.

The most amazing thing is the guy wasnt doing it for personal gain they said...so why the heck would he? I am assuming its like a gambler, he went in the hole doing something he wasnt supposed to and then thought he would get his way out only to go further in the hole...and then it just snowballed from there.
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Re: Todays economic news. [#permalink] New post 24 Jan 2008, 13:43
riverripper wrote:
I sure hope that guy wasn't a Kellogg grad...

How in the world can one Jr. Trader manage to pull off losing over 7 billion, that is actually extremely impressive. Everyone above him should be fired. Follow the chain of command up and keep eliminating folks from his closest supervisor to the CEO. No golden parachute, that was dragged down because of their complete ignorance of this.

The most amazing thing is the guy wasnt doing it for personal gain they said...so why the heck would he? I am assuming its like a gambler, he went in the hole doing something he wasnt supposed to and then thought he would get his way out only to go further in the hole...and then it just snowballed from there.


the rogue trader story is likely a cover for SocGen making bad bets on SIVs and related derivatives. how do you keep investors with your bank? you blame it on a rogue trader!
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Re: Todays economic news. [#permalink] New post 24 Jan 2008, 13:46
solaris1 wrote:
We can blame the French for Monday's stock market meltdown :)

http://www.portfolio.com/views/blogs/market-movers/2008/01/24/socgen-the-cause-of-mondays-sell-off

trader1, we'll be watching you very closely :-D :wink:


just keep watching gold! 913.40 print on the feb contract as i type. just a couple bucks below all-time highs. i plan to lighten up here, but will look to go long again after a breakout over the 917 level.
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Re: Todays economic news. [#permalink] New post 24 Jan 2008, 14:44
http://en.wikipedia.org/wiki/List_of_trading_losses

Look at John Meriwether's profile River, both Northwestern and U Chicago, have you read Liar's Poker and When Genius Failed?

This SocGen's trader has dwarfed Nick Leeson, the difference is that they will survive... Here in Europe many jokes and speculations today. It's very hard to understand though how a bank so sophisticated as Societe Generale (they are very well known for their excellent - at least until now - risk management models and expertise on equity derivatives) could something that big happen. Las Monday rumors that SocGen would suffer a big hit started but people was talking about subprime, it turned out to be even worse. I doubt that the FED cut rates just because of the sell off, and it's very unlikely that SocGen itself caused the sell off, anyway in some years we may se a movies about that.

For some laughs:
http://www.alexcartoon.com/
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Re: Todays economic news. [#permalink] New post 24 Jan 2008, 14:46
kryzak wrote:
I actually thought Hyde Park was ok, but I heard that's because I was on the "north side" of the park.


Hyde park is Great. One of the royal parks, Bayswater, Kensington, Lancaster gate ( Home of the F.A.) surround it. The Albert Hall, great operatic theatre is on the edge of it, and its next to Kensington gardens, another royal park.
It`s one of the most sought after areas to live in, so extremely expensive.
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Re: Todays economic news. [#permalink] New post 24 Jan 2008, 14:48
trader1 wrote:
the rogue trader story is likely a cover for SocGen making bad bets on SIVs and related derivatives. how do you keep investors with your bank? you blame it on a rogue trader!


Nick Leeson - famous forever!!!
Re: Todays economic news.   [#permalink] 24 Jan 2008, 14:48
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