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#1
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I believe I've single handedly been reponsible for oil pricesplummeting
Here's why. Last week, when gold was at $975, an old customer sold me
four Saints, all PCGS graded. One was in a MS64 holder, two were in old green holders graded MS-61, and one, a 1910-D grades MS-63. I paid an average of $1020 apiece, which I felt was an attractive price, especially with the MS 64 included. Within hours of my purchase, oil prices started falling from about $145 per barrel and is now at $125 per. Prices at the pump should reflect this nosedive, and that's a good thing. Gold plummeted to $919, and that's small potatoes compared to the savings motorists should soon reap. Just tryin' to help y 'all! Ira |
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#2
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I believe I've single handedly been reponsible for oil pricesplummeting
I just hope that the prices show up out here in California!
Thanks for doing your part, Ira! Bruce Ira wrote: Here's why. Last week, when gold was at $975, an old customer sold me four Saints, all PCGS graded. One was in a MS64 holder, two were in old green holders graded MS-61, and one, a 1910-D grades MS-63. I paid an average of $1020 apiece, which I felt was an attractive price, especially with the MS 64 included. Within hours of my purchase, oil prices started falling from about $145 per barrel and is now at $125 per. Prices at the pump should reflect this nosedive, and that's a good thing. Gold plummeted to $919, and that's small potatoes compared to the savings motorists should soon reap. Just tryin' to help y 'all! Ira |
#3
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I believe I've single handedly been reponsible for oil pricesplummeting
In article , Ira wrote:
Here's why. Last week, when gold was at $975, an old customer sold me four Saints, all PCGS graded. One was in a MS64 holder, two were in old green holders graded MS-61, and one, a 1910-D grades MS-63. I paid an average of $1020 apiece, which I felt was an attractive price, especially with the MS 64 included. Within hours of my purchase, oil prices started falling from about $145 per barrel and is now at $125 per. Prices at the pump should reflect this nosedive, and that's a good thing. Gold plummeted to $919, and that's small potatoes compared to the savings motorists should soon reap. Just tryin' to help y 'all! Ira thanks for taking one for the group. i don't think gas will go down much. |
#4
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I believe I've single handedly been reponsible for oil prices plummeting
Ira wrote:
Here's why. Last week, when gold was at $975, an old customer sold me four Saints, all PCGS graded. One was in a MS64 holder, two were in old green holders graded MS-61, and one, a 1910-D grades MS-63. I paid an average of $1020 apiece, which I felt was an attractive price, especially with the MS 64 included. Within hours of my purchase, oil prices started falling from about $145 per barrel and is now at $125 per. Prices at the pump should reflect this nosedive, and that's a good thing. Gold plummeted to $919, and that's small potatoes compared to the savings motorists should soon reap. Just tryin' to help y 'all! I'd still rather have the coins than the bullion. I like coins. No, wait, I love coins. Especially coins such as 64 Saints. James |
#5
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I believe I've single handedly been reponsible for oil prices plummeting
"Ira" wrote in message ... Here's why. Last week, when gold was at $975, an old customer sold me four Saints, all PCGS graded. One was in a MS64 holder, two were in old green holders graded MS-61, and one, a 1910-D grades MS-63. I paid an average of $1020 apiece, which I felt was an attractive price, especially with the MS 64 included. Within hours of my purchase, oil prices started falling from about $145 per barrel and is now at $125 per. Prices at the pump should reflect this nosedive, and that's a good thing. Gold plummeted to $919, and that's small potatoes compared to the savings motorists should soon reap. Just tryin' to help y 'all! Ira So,you really believe prices will fall as fast as they rose? We shall see. Although I did see a $3.95/gal. price today. |
#6
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I believe I've single handedly been reponsible for oil pricesplummeting
On Jul 23, 7:38*pm, "don't look" don't wrote:
"Ira" wrote in message ... Here's why. Last week, when gold was at $975, an old customer sold me four Saints, all PCGS graded. One was in a MS64 holder, two were in old green holders graded MS-61, and one, a 1910-D grades MS-63. I paid an average of $1020 apiece, which I felt was an attractive price, especially with the MS 64 included. Within hours of my purchase, oil prices started falling from about $145 per barrel and is now at $125 per. Prices at the pump should reflect this nosedive, and that's a good thing. Gold plummeted to $919, and that's small potatoes compared to the savings motorists should soon reap. Just tryin' to help y 'all! Ira So,you really believe prices will fall as fast as they rose? We shall see.. Although I did see a $3.95/gal. price today. just last Friday I filled up with premium at $4.49/gal. We'll see What it's priced at this Friday. Ira |
#7
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I believe I've single handedly been reponsible for oil prices plummeting
"Ira" wrote in message ... Here's why. Last week, when gold was at $975, an old customer sold me four Saints, all PCGS graded. One was in a MS64 holder, two were in old green holders graded MS-61, and one, a 1910-D grades MS-63. I paid an average of $1020 apiece, which I felt was an attractive price, especially with the MS 64 included. Within hours of my purchase, oil prices started falling from about $145 per barrel and is now at $125 per. Prices at the pump should reflect this nosedive, and that's a good thing. Gold plummeted to $919, and that's small potatoes compared to the savings motorists should soon reap. Just tryin' to help y 'all! Ira Hello You don't think crude oil prices went down because Oil Speculators are being looked at much more from Congress? (See Below). This bill is still being debated. Oil Speculation Control Act of 2008 (Introduced in Senate) S 3131 IS 110th CONGRESS 2d Session S. 3131 To amend the Commodity Exchange Act to ensure the application of speculation limits to speculators in energy markets, and for other purposes. IN THE SENATE OF THE UNITED STATES June 12, 2008 Mrs. FEINSTEIN (for herself and Mr. STEVENS) introduced the following bill; which was read twice and referred to the Committee on Agriculture, Nutrition, and Forestry -------------------------------------------------------- A BILL To amend the Commodity Exchange Act to ensure the application of speculation limits to speculators in energy markets, and for other purposes. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE. This Act may be cited as the `Oil Speculation Control Act of 2008'. SEC. 2. DEFINITION OF INSTITUTIONAL INVESTOR. (a) Definition- Section 1a of the Commodity Exchange Act (7 U.S.C. 1a) is amended-- (1) by redesignating paragraphs (22) through (34) as paragraphs (23) through (35), respectively; and (2) by inserting after paragraph (21) the following: `(22) INSTITUTIONAL INVESTOR- The term `institutional investor' means a long-term investor in financial markets (including pension funds, endowments, and foundations) that-- `(A) invests in energy commodities as an asset class in a portfolio of financial investments; and `(B) does not take or make physical delivery of energy commodities on a frequent basis, as determined by the Commission.'. (b) Conforming Amendments- (1) Section 13106(b)(1) of the Food, Conservation, and Energy Act of 2008 is amended by striking `section 1a(32)' and inserting `section 1a'. (2) Section 402(d)(1)(B) of the Legal Certainty for Bank Products Act of 2000 (7 U.S.C. 27(d)(1)(B)) is amended by striking `section 1a(33)' and inserting `section 1a'. SEC. 3. INSPECTOR GENERAL. Section 2(a) of the Commodity Exchange Act (7 U.S.C. 2(a)) is amended by adding at the end the following: `(13) INSPECTOR GENERAL- `(A) OFFICE- There shall be in the Commission, as an independent office, an Office of the Inspector General. `(B) APPOINTMENT- The Office shall be headed by an Inspector General, appointed in accordance with the Inspector General Act of 1978 (5 U.S.C. App.). `(C) COMPENSATION- The Inspector General shall be compensated at the rate provided for level IV of the Executive Schedule under section 5315 of title 5, United States Code. `(D) ADMINISTRATION- The Inspector General shall exert independent control of the budget allocations, expenditures, and staffing levels, personnel decisions and processes, procurement, and other administrative and management functions of the Office.'. SEC. 4. TRADING PRACTICES REVIEW WITH RESPECT TO INDEX TRADERS, SWAP DEALERS, AND INSTITUTIONAL INVESTORS. Section 4 of the Commodity Exchange Act (7 U.S.C. 6) is amended by adding at the end the following: `(e) Trading Practices Review With Respect to Index Traders, Swap Dealers, and Institutional Investors- `(1) REVIEW- `(A) IN GENERAL- Not later than 30 days after the date of enactment of this subsection, the Commission shall carry out a review of the trading practices of index traders, swap dealers, and institutional investors in markets under the jurisdiction of the Commission-- `(i) to ensure that index trading is not adversely impacting the price discovery process; `(ii) to determine whether different practices or regulations should be implemented; and `(iii) to gather data for use in proposing regulations to limit the size and influence of institutional investor positions in commodity markets. `(B) EMERGENCY AUTHORITY- For the 60-day period described in subparagraph (A), in accordance with each applicable rule adopted under section 5(d)(6), the Commission shall exercise the emergency authority of the Commission to prevent institutional investors from increasing the positions of the institutional investors in-- `(i) energy commodity futures; and `(ii) commodity future index funds. `(2) REPORT- Not later than 30 days after the date described in paragraph (1)(A), the Commission shall submit to the appropriate committees of Congress a report that contains recommendations for such legislation as the Commission determines to be necessary to limit the size and influence of institutional investor positions in commodity markets.'. SEC. 5. BONA FIDE HEDGING TRANSACTIONS OR POSITIONS. Section 4a(c) of the Commodity Exchange Act (7 U.S.C. 6a(c)) is amended by striking `(c) No rule' and inserting the following: `(c) Bona Fide Hedging Transactions or Positions- `(1) DEFINITION OF BONA FIDE HEDGING TRANSACTION OR POSITION- The term `bona fide hedging transaction or position' means a transaction or position that represents a hedge against price risk exposure relating to physical transactions involving an energy commodity . `(2) APPLICATION WITH RESPECT TO BONA FIDE HEDGING TRANSACTIONS OR POSITIONS- No rule'. SEC. 6. SPECULATION LIMITS RELATING TO SPECULATORS IN ENERGY MARKETS. Section 4a of the Commodity Exchange Act (7 U.S.C. 6a) is amended by adding at the end the following: `(f) Speculation Limits Relating to Speculators in Energy Markets- `(1) DEFINITION OF SPECULATOR- In this subsection, the term `speculator' includes any institutional investor or investor of an investment fund that holds a position through an intermediary broker or dealer. `(2) ENFORCEMENT OF SPECULATION LIMITS- The Commission shall enforce speculation limits with respect to speculators in energy markets.'. SEC. 7. LARGE TRADER REPORTING WITH RESPECT TO INDEX TRADERS, SWAP DEALERS, AND INSTITUTIONAL INVESTORS. Section 4g of the Commodity Exchange Act (7 U.S.C. 6g) is amended by adding at the end the following: `(g) Large Trader Reporting With Respect to Index Traders, Swap Dealers, and Institutional Investors- `(1) IN GENERAL- Each recordkeeping and reporting requirement under this section relating to large trader transactions and positions shall apply to index traders, swaps dealers, and institutional investors in markets under the jurisdiction of the Commission. `(2) PROMULGATION OF REGULATIONS- As soon as practicable after the date of enactment of this subsection, the Commission shall promulgate regulations to establish separate classifications for index traders, swaps dealers, and institutional investors-- `(A) to enforce the recordkeeping and reporting requirements described in paragraph (1); and `(B) to enforce position limits and position accountability levels with respect to energy commodities under section 4a(f).'. SEC. 8. INSTITUTIONAL INVESTOR SPECULATION LIMITS. (a) Core Principles Applicable to Significant Price Discovery Contracts- Section 2(h)(7)(C)(ii)(IV) of the Commodity Exchange Act (7 U.S.C. 2(h)(7)(C)(ii)(IV)) is amended by inserting after `speculators' the following: `(including institutional investors that do not take delivery of energy commodities and that hold positions in energy commodities through swaps dealers or other third parties)'. (b) Core Principles for Contract Markets- Section 5(d)(5) of the Commodity Exchange Act (7 U.S.C. 7(d)(5)) is amended by inserting after `speculators' the following: `(including institutional investors that do not take delivery of energy commodities and that hold positions in energy commodities through swaps dealers or other third parties)'. ... |
#8
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I believe I've single handedly been reponsible for oil prices plummeting
"Ira" wrote in message ... Here's why. Last week, when gold was at $975, an old customer sold me four Saints, all PCGS graded. One was in a MS64 holder, two were in old green holders graded MS-61, and one, a 1910-D grades MS-63. I paid an average of $1020 apiece, which I felt was an attractive price, especially with the MS 64 included. Within hours of my purchase, oil prices started falling from about $145 per barrel and is now at $125 per. Prices at the pump should reflect this nosedive, and that's a good thing. Funny how some experts claim that oil price drops won't be reflected at the pump for up to two months, and that anticipation and emotion don't have a significant effect on pump prices. I think anyone who experiences reality can see some flaws in this paradigm. We appreciate your extra effort to bring gas prices down. |
#9
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I believe I've single handedly been reponsible for oil prices plummeting
On Wed, 23 Jul 2008 14:26:27 -0700 (PDT), Ira wrote:
Here's why. Last week, when gold was at $975, an old customer sold me four Saints, all PCGS graded. One was in a MS64 holder, two were in old green holders graded MS-61, and one, a 1910-D grades MS-63. I paid an average of $1020 apiece, which I felt was an attractive price, especially with the MS 64 included. Within hours of my purchase, oil prices started falling from about $145 per barrel and is now at $125 per. Prices at the pump should reflect this nosedive, and that's a good thing. Gold plummeted to $919, and that's small potatoes compared to the savings motorists should soon reap. Just tryin' to help y 'all! It will take a while before the greedy oil companies LOWER gas prices because of a drop in crude oil prices. Now, if you sold some gold coins and crude oil prices went up, the price at the pump would likely go overnight. I have never understood it. |
#10
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I believe I've single handedly been reponsible for oil prices plummeting
"Jon Purkey" wrote in message news On Wed, 23 Jul 2008 14:26:27 -0700 (PDT), Ira wrote: Here's why. Last week, when gold was at $975, an old customer sold me four Saints, all PCGS graded. One was in a MS64 holder, two were in old green holders graded MS-61, and one, a 1910-D grades MS-63. I paid an average of $1020 apiece, which I felt was an attractive price, especially with the MS 64 included. Within hours of my purchase, oil prices started falling from about $145 per barrel and is now at $125 per. Prices at the pump should reflect this nosedive, and that's a good thing. Gold plummeted to $919, and that's small potatoes compared to the savings motorists should soon reap. Just tryin' to help y 'all! It will take a while before the greedy oil companies LOWER gas prices because of a drop in crude oil prices. Now, if you sold some gold coins and crude oil prices went up, the price at the pump would likely go overnight. I have never understood it. Thanks IRA and Congress. saved $1.00 on gas this week. |
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