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Ed Zimmer  

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  • Leave it to Zero Hedge to see the cloud beneath the silver lining of the latest jobs report: "Today's BLS of 244K is great... until you exclude the 62K from McDonald's (MCD) hirings, and 175K from the Birth Death Adjustment, and end up with... +7K jobs." (also)  [View news story]
    At least ZH didn't just parrot the government statistics and PR. Appreiate a site that looks under the hoopla and exposes the termite ridden substructure
    May 6, 2011. 10:18 AM | 14 Likes Like |Link to Comment
  • Did the Silver Bubble Just Go 'Pop'? [View article]
    LT Physical holder and I don't see any bubble. Correction yes, but not a bubble. The average person on the street still doesn't know diddly about silver and barely knows about Gold and could care less about either. Silver is getting margin hikes right and left on every platform around, yet the "action" occurs when few are trading? yeah, it's a rigged market, which is why you look at the auctions to see where the "physical" demand is and it is north of $50/oz. Yes there is a lot of silver tied up in the ETF's, but worldwide, silver demand is pushing steadily upwards, especially in developing countries like China and India which both have populations that are multiples of the US.

    IMO, each to his own opinion, but I don't see no "silver bubble"
    May 2, 2011. 09:05 AM | 6 Likes Like |Link to Comment
  • Copper: The New Silver [View article]
    A Troy ounce is 31.1 grams, there are 454 grams per pound
    Apr 29, 2011. 11:50 AM | Likes Like |Link to Comment
  • Bernanke refuses to do more to help the unemployed, Paul Krugman believes, because he's "bullied by the inflationistas: the people who keep seeing runaway inflation just around the corner and are undeterred by the fact that they keep on being wrong... because Ron Paul is now the chairman of the House subcommittee on monetary policy." (earlier)  [View news story]
    Those with ideas have taken them to their elected representatives and the President, only to find themselves ignored, chided for interrupting their betters and told to be a good little voter and go play while the big boys and girls take care of business.

    It is also difficult to come up with solutions that don't involved bringing the exaulted down to earth with the rest of us peons. Social Security a problem, let's put the Federal Retirement system and the Congressional Retirement system back into Social Security and see how fast it gets fixed.

    Economic problems? First understand that 80% of the Federal Revenue side comes from individual Income Taxes and Social Security taxes, i.e. people who are working. Corporations only chip in 10% (that is a tithe percentage, right?) and Other Revenue is 10%. Expenses meanwhile outstrip that Revenue by $1.62 for each dollar taken in. Cutting "Discretionary" spending and cutting taxes is not only the wrong prescription, it compounds the problem. Lying about the real "inflation", GDP and unemployment also don't help solve things.

    We could cut every program the Republicans don't like and they would find tax cuts to give to the rich in a larger amount. We have passed the point of no return on cutting spending and are like the Thanksgiving turkey seeing the winter holidays fast approaching. We don't know when the axe will fall, but fall it will.
    Apr 29, 2011. 11:14 AM | Likes Like |Link to Comment
  • The U.S. Treasury's Golden Shell Game, Part 3 [View article]
    Kohalkid once again tries to put a positive spin on things by claiming hedging and pooh-poohing any possibility of government malfeasance or skullduggery, labeling everyone as "unable to understand how things work". I beg to differ that it is you who don't seem to understand how things work.

    Prior to March 2006, the working inventory of which I speak, changed on a monthly basis, as it should, reflecting materials coming in and production going out. Since then, the numbers have consistantly, for nearly 4 years, remained unchanged to the ten thousandth of a FTO.

    Working inventory is not a hedge, it is what you have to produce your product and changes based on flow of material. You postulate that the Mint hedges gold, just how much gold? Enough to attempt to manipulate prices with paper positions?

    BTW, the government is seeking input right now on converting all those private IRA's into fixed income accounts so as to "protect us" from the big, bad stock market plunges. And in 1933, gold in safe deposit boxes was ordered turned in by the same government in return for FRN's. The government has a long history of separating precious metals from the FRN. Where once you could trade your dollars for silver or gold, now you can trade them for zinc and some mix of metals that make up a dollar coin that few trade with.

    The Government wants people to own gold, as long as the government knows where they keep it. Chinese Government is urging it's people to buy gold and silver too and there's ten times the people in China that there are in the US.

    If you are going to be accurate to the thousandth of an ounce, you better have a better cheerleader than Kohalakid
    Feb 3, 2010. 08:56 AM | 4 Likes Like |Link to Comment
  • Passport Capital's Rationale for Owning Physical Gold vs. Proxies [View article]
    The basic premise here is that the fund believes that actual supply will be unable to meet existing and expected demand. Several factors support this, including recent information from China both on production and consumption, concern about adulterated "good delivery" bars, and individual consumer demand for the actual metal vs paper promises.

    Ask the US mint about gold and silver demand over the past five years and the reoccuring shortages of blanks for coins. Add in the current economic debacles taking place on a weekly and daily basis and the desire to own something physical over a piece of paper makes a lot of sense. It's a lot harder to get something for a piece of paper than it is for actual gold.
    Jan 30, 2010. 07:04 AM | 5 Likes Like |Link to Comment
  • Fourth Quarter GDP: There's Your Inventory Bounce [View article]
    Here's how good the 'recovery' is, despite the GDP rah-rah

    Unemployment rate 10.0 vs 6.9 last year
    Housing starts .56 vs .66 last year
    10 year note 3.85 vs 2.25 last year
    3Q09 GDP original 3.7, revised to 2.2
    Jan 29, 2010. 03:30 PM | 8 Likes Like |Link to Comment
  • Initial Jobless Claims: -28K to 452K vs. 470K expected. Continuing claims -127K to 5,076,000. Nov. Durable Goods: +0.2% vs. +0.4% expected, -0.6% prior. Ex-transport +2% vs. -1.3% prior.  [View news story]
    We continue to hemmorage jobs at a rate that shows the economy is not healty, on life support from the federal government, and the term recovery should not even be in the speech books for our President. More people are on extended, extended unemployment compensation and we are constantly fed nothing but "green shoots" and unrealistic expectations for numbers that continue to disappoint.
    Dec 24, 2009. 08:41 AM | 3 Likes Like |Link to Comment
  • PPI Up 1.8% - Should the Fed Be Worried About Inflation? [View article]
    While one month does not a trend make, the six month look shows a steady increase in the PPI. Considering the government figures are massaged to appear lower than they actually are (like far too many government reports) when it comes to inflationary indications, we are already experiencing price inflation. By the time the government owns up to a higher rate that would force hikes, it will be too late and the inflation horse will be taking off down the road.
    Dec 15, 2009. 05:52 PM | 3 Likes Like |Link to Comment
  • What an FDIC in the Red Means for U.S. Banks [View article]
    Another stick on the taxpayer (camel's) back. How much longer can the poor beast stand?
    Nov 27, 2009. 11:13 AM | Likes Like |Link to Comment
  • “We participated in things that were clearly wrong and have reason to regret. We apologize.” - Goldman Sachs (GS) CEO Lloyd Blankfein, saying the bank is sorry for its role in the financial crisis.  [View news story]
    Sorry doesn't feed the average american who is out of work, living off government largess (extended, extended, extended unemployment benefits) and facing the knowledge that the generous benefits will only last into the dead of winter when utility companies can't shut off the lights and heat as long as temperatures stay below a certain level.

    Officially, 15 million americans are wondering where the next paycheck is coming from. Unofficially, it's closer to 27 million. Quite the foundation for a rebellion one might think...of course considering they even think about the unemployed masses
    Nov 17, 2009. 03:49 PM | 1 Like Like |Link to Comment
  • Call Buying Surged Before 3Com Takeover Announced [View article]
    let's just consider every trade on this deal yesterday as an inside trade, triple the amount in fines and go after their pocketbooks. People are getting fed up with all the shenanigans and with nearly 1 in 5 out of work (dependent upon which figures you believe), winter coming and prospects bleak, thoughts will not be turning towards peace on earth, goodwill to man.
    Nov 13, 2009. 09:16 AM | 2 Likes Like |Link to Comment
  • Isn't the Fed Monetizing Housing Debt? [View article]
    Let us not forget the latest plan, the GSE will take over the mortgage and you become the renter for 12 months, then we'll see about renegotiation. That's another can of worms that will get reguritated a year down the road (let's just keep pushing it off, until we can't push no more). Eventually this all has to come home to roost.
    Nov 12, 2009. 04:02 PM | 8 Likes Like |Link to Comment
  • Congress Takes Up 'Too Big to Fail': Where Will They Draw the Line? [View article]
    The obvious solution was not bailing them out in the first place. We don't need more lawyers, just some common sense about responsibility. Ban all lobbyist gifts would make more sense than phonebook sized laws that take 3 months just to read.
    Oct 28, 2009. 09:43 AM | Likes Like |Link to Comment
  • Silver Futures Show Markets Are Acting Strangely [View article]
    Kohalakid ignores the fact that these two banks, hedgers or not, are dominating the silver futures market by shorting more than 80% of all outstanding short contracts while holding just 38 long positions out of 111,000 contracts. That is a more dominant position than what the Hunt Brothers held when they were long silver.

    While he is correct that hedgers can get exemptions, such outlandish exemptions (three times what anyone else can have) all to the short end would indicate extremely deep pockets that could sustain any manner of loss while pressuring prices downward for much smaller investors. (The short position would equate to 8 Billion dollars at $17.63, of course the total loss position would be significantly less, more on the order of less than a billion, which such large banks could absorb with impunity while continuing to add to their short position.)

    Of course he doesn't mention that the CFTC is looking at setting limits that could force limits in silver to mirror limits in other futures markets (1500 vs current 6,000). Ted Butler has commented on the CFTC moves.

    The point Kohalakid doesn't want to address is the point of manipulation in any single market. The silver futures short position is beyound anything else in the market and while he derides my postings as "silly", they are showing what is actually happening in the paper market. COMEX can't settle the contracts that are out, at least not in actual silver. COMEX silver stocks, registered and eligible are falling and world silver production is pretty much spoken for.

    The only reason you short a market is because you think the price will fall. The only reason to short a single market this much by this few is to keep the price down.
    Oct 22, 2009. 11:15 AM | 1 Like Like |Link to Comment