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[Leslie <cayadopi AT yahoo.com>]

http://www.kitco.com/ind/Turk/turk_dec122008.html
 
Includes history on the 3 times gold has been in backwardation.
 
 
and includes 2 scenarios that may be responsible:
 
First: 
 
"But central banks of course exert a dominant influence on the market for 
LBMA-sized bars by using their existing gold stocks, and they can keep the 
spot price for gold (which is determined by the buying/selling of LBMA-sized 
bars) artificially low by dishoarding  gold from their vaults.  
 
"So my thought is that if gold does not climb back above at least $900 
quickly, a shortage of LBMA-sized bars will develop unless central banks 
allow their vaults to be cleaned out, much like Ft. Knox was drained in the 
weeks leading up to the 2-tiered London gold price created in March 1968.”
 
"The 3-day backwardation in November indicates that a shortage of LBMA bars 
seems to be developing. The implication is that the gold cartel is about to 
lose its grip on the gold market, and can no longer cap the gold price at 
current levels"
 
and
 
"The second possible answer is more ominous. If gold does trade in 
backwardation against US dollar for a protracted period (again, barring a 
very short-term and ephemeral event like the first two instances noted above 
in which a temporary demand for physical gold disrupts normal market 
activity), it will mean that a collapse of the dollar has begun. "
 
 
As a followup to last weeks conversation about the value of gold, James Turk 
makes this observation:
 
"Gold is money.  In other words, gold’s usefulness does not arise from its 
consumption, but rather, from its accumulation. In contrast to all other 
commodities, gold does not get used up and consumed in its applications. 
Rather, gold is hoarded, or as I like to say it because it is money, gold is 
saved."  
 
(other commodities are consumed)
 
 
The author, James Turk, predicted in Aug gold would go into backwardation.  
 
If the US dollar is in the early phase of collapsing, this will affect all of 
us in the form of hyperinflation.  It makes it all the more important to 
stock up, IMO.



>From lynnw1366 AT hotmail.com  Mon Dec 15 08:33:46 2008
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From: "Lynn Wigglesworth" <lynnw1366 AT hotmail.com>
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Subject: Re: [Homestead] deer hunting
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But if the stove is running too hot, the steam can't escape fast enough from
the valve. My pressure cooker also has a pressure gauge, and if it's too
hot, it can get up to dangerously high pressure, even venting through the
valve with the right wieght. I suppose I  could do it on the woodstove, with
careful attention, moving the pot around, putting it on the trivet, or
whatever to control the temperature, but that's a heavy pot to be moving
around; easier to control the flame on a gas stove.

Lynn Wigglesworth

----- Original Message -----
From: <Clansgian AT wmconnect.com>
To: <homestead AT lists.ibiblio.org>
Sent: Monday, December 15, 2008 8:02 AM
Subject: Re: [Homestead] deer hunting


>
>
>> > You have
>> to take a canner up to a particular temp and then get it to stay at a
>> precise temp to hold a precise pressure.
>
> Doesn't work that way and that's why I was scratching my head over the
> notion
> of the need for a precisely controled stove for canning.
>
> The canner (or pressure cooker) is regulated by a weight, that thing hat
> jiggles when it's up to steam.  You get the canner to a boil so that the
> steam can
> blow through the vent and purge out the  air.  Then when you add te
> weight,
> it regulates the pressure.
>
> After that all you need is enough heat, not a precise heat.  If you have
> more
> heat than is needed to keep the pressure the weight is enforcing, it
> jiggles
> all the more and more steam and pressure escape.
>
> Depending on your altitude the, say, 15 lb weight might maintain 13 or 14
> lbs
> of pressure and you extend your canning time accordingly.  But turning up
> the
> heat will not give you more pressure, it will only make the canner blow
> more
> steam.
>
> I suppose that if you wanted 10 lbs pressure, you could put on a 15 lb
> weight
> and very finely trim the heat to achieve and maintain it.  But that's a
> fool's errand.   It makes much more sense to use a 10 lb weight to begin
> with.
>
>
> James
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