This Gold Slam Is A Massive Wealth Transfer From Our Pockets To The Banks [View article]
One simple comment. This is NOT a market. Naked short selling is prohibited - except the co-conspirators don't pursue or prosecute the guilty. This is clearly manipulation and if Lakers or Matt had just had their money stolen by the "gang" they would be yelling loudly.
Stop to consider that this is all false selling. A naked short creates the IMPRESSION that there is a legitimate seller in the market. In a situation where they were selling equities, they would, in essence be adding "unlisted" stock or "issuing" without a SEC required filing - additional shares into the market place.
Now stop to consider that in two days, their actions wiped out > $1.2 trillion of market cap on the outstanding stock of gold that is above ground. And now tell me that someone can do that without the permission and direction of the Central Banks and Bullion Banks. I call BS on the whole deal.
The Disturbing Truth About Silver's Rally [View article]
Well, I guess that if there is such a surplus, you would think that it would be easy to find physical silver, and that there would never be a shortage of planchettes to make US silver eagle coins at the US mint. Despite this alleged surplus, there have been, if I recall correctly, 3 instances in the past 2 years where the US mint has halted production of sliver eagles.
Mr. Basenese knows a little about the market from GFMS but then I have never really put lots of faith in GFMS. He doesn't consider the fact that silver is held in limited quantities by investors in general, and that a modest investment in silver by a small percentage of investors will continue to support demand.
Finally, I guess the author doesn't put much stock in the idea that the dollar is ultimately doomed, and will ultimately become worthless...at that point, how much silver would he like to own.
Gold Takes Out Major Support: Next Stop $1,350 [View article]
Come on MIke..... we all know gold price was pegged until 1971. You can't use 200 year timer frame when one of your contestants wasn't even fighting. As soon as I saw that typical mistake, I stopped reading and jumped to the comments. Retry your calculation from 1971 on.
Mr. Salmon....one of your premises is that the bond market yields came down and signaled a disparity in the silver market. Would you care to comment on the idea that the Treasury/Fed is selling puts on treasuries to fundamentally ensure that investors in Treasuries will not lose money.
You certainly understand that the US is desparate to fund it's massive deficits and it's roll over of maturing debt. You certainly understand that there is no relief in sight for zero interest rate policy. You certainly understand that the Treasury/Fed cannot tolerate a "market" driven interest rate that will drive the cost of funding the government into oblivion. That being said, perhaps its believable that an engineered take down of the Precious Metals complex could be started by the simple sale of 2000 silver futures contracts on the Globex market on Sunday evening while the whole world slept and while most anticipated not even having to get up to go to work on Monday.
"Inevitable" is not a word I would use. Predictable is a more accurate word if you talk about central banks and global banking organizations.
Former GE CEO Jack Welch rips Pres. Obama's support for a millionaire's tax as "a transfer payment. You take it from one pan, put it in the other. It doesn’t work." On the administration: "They are spenders... They don’t believe jobs come from the private sector. They believe government creates jobs." [View news story]
The government has created a lot of jobs......government jobs.....that's why we have $1.5 trillion deficits. What we need is FEWER government jobs.
Did the Silver Bubble Just Go 'Pop'? [View article]
Really....compare PM over the last 10 years to Dow, and who's the winner? Let's see, silver just popped down to 44. But it's up from what $7, $8...depending on when you pick to start. If you are 12x does it matter if you drop $4?
Friday Follies: Did Obama Blow Jobs Speech? [View article]
Indianamark....I am of the opinion we should be intensly critical of Washington ( I know you were being facetious). In fact, I think we should have as much sound and fury as we did in the 2010 elections.
The Dunces in DC don't have a clue.
We should have a House investigation of the solar company and someone should identify exactly what was done with every dollar - people should be prosecuted for misdeeds if there were any. If not, it should be a case study published for all to see how government doesn't have a clue.
The more government we have.....the worse off we are.
bigbare....are you one of the guys who said $1600 per ounce was out of the question?
Look, the government economists are wrong. We'll have another $7 trillion in debt within 5 years. The spending will not go down, it won't even go up more slowly. So....we'll have 50% debasement ($7 t/$14t). In the next 5 years....and you think Gold will go down.
People like you keep thinking that things will return to "normal". They won't. Things will only get worse in the global debt crisis. And you don't stop to consider that a small series of events can precipitate a cascade of issues that could spell catastrophe at any time. You think Japan planned on a Tsunami and a Nuke crisis? Ha...no way.
Today there's probably a 10 - 15% liklihood that any day of the week something weird could happen. That's worth 3% of one's portfolio in an alternative.
Silver is plunging in early trading Sunday evening, -12.1% at $42.73. No particular news, but there is (make that was) a lot of air underneath the price. Ed Bradford at Full Carry notes the metal was trading 88% above its 200 day moving average. Gold is spared any damage thus far. [View news story]
Ha...the manipulators are at it again. Sell the paper, drop the price....go try to buy some silver eagles somewhere and see if you can get any. I suspect you'll still pay $50 an ounce.
I hope it goes down to $30...then everyone can jump in again and buy the heck out of the physical.
Message to JPM: The harder you work at it, the more difficult the outcome will be for you.
Wall Street Breakfast: Must-Know News [View article]
The Road Not Taken (Attributed to J. Corzine)
Two roads diverged in the business world, Devoid of morals, I could only travel one. Thus for me there was no hurdle As I looked down the one so fertile Because stealing is so darn much fun.
I could have taken the other road, But with the years the heart was set. No sense in carrying a guilty load, Guilt will make your head explode. Just best to take what you can get.
With years of practice the path is known The lawyers and regulators are not so tough Their talk of “right is might,” so overblown Their morals have also easily flown; Versus money, right is never enough.
I shall be telling this with a sigh Somewhere many years when old. Two roads diverged, no real choice, and I – I took the one most traveled by, Men whose hearts are set on gold.
Former GE CEO Jack Welch rips Pres. Obama's support for a millionaire's tax as "a transfer payment. You take it from one pan, put it in the other. It doesn’t work." On the administration: "They are spenders... They don’t believe jobs come from the private sector. They believe government creates jobs." [View news story]
Wolverine....9 months...is that all? How soon before we get back to 2002 levels?
And you can reduce their compensation by about 30% as well.
Dear KenWorth...you can back your truck up to the loading dock to load your worthless dollars on when Greece goes renegade in the next week or so, pulls from the EU and defaults....How do you think that and the ensuing falling dominos will effect silver?
Did the Silver Bubble Just Go 'Pop'? [View article]
Why would you suggest an investor ignore this market. In this economic environment people naturally tend toward hard assets. The Chinese are overwhelmingly trying to reinvest sovereign debt into commodities. They are buying anything they can get their hands on. They encourage their savers to save in gold. India has a tradition and is piling on. The US is into massive debasement mode. Dollar index is cratering. Euro is up. Who wants to hold dollar denominated assets in stocks, or bonds. Pimco is out.... I'd buy diamonds if it were convenient.
This Gold Slam Is A Massive Wealth Transfer From Our Pockets To The Banks [View article]
Stop to consider that this is all false selling. A naked short creates the IMPRESSION that there is a legitimate seller in the market. In a situation where they were selling equities, they would, in essence be adding "unlisted" stock or "issuing" without a SEC required filing - additional shares into the market place.
Now stop to consider that in two days, their actions wiped out > $1.2 trillion of market cap on the outstanding stock of gold that is above ground. And now tell me that someone can do that without the permission and direction of the Central Banks and Bullion Banks. I call BS on the whole deal.
The Disturbing Truth About Silver's Rally [View article]
Mr. Basenese knows a little about the market from GFMS but then I have never really put lots of faith in GFMS. He doesn't consider the fact that silver is held in limited quantities by investors in general, and that a modest investment in silver by a small percentage of investors will continue to support demand.
Finally, I guess the author doesn't put much stock in the idea that the dollar is ultimately doomed, and will ultimately become worthless...at that point, how much silver would he like to own.
Gold Takes Out Major Support: Next Stop $1,350 [View article]
Why Commodities Crashed [View article]
You certainly understand that the US is desparate to fund it's massive deficits and it's roll over of maturing debt. You certainly understand that there is no relief in sight for zero interest rate policy. You certainly understand that the Treasury/Fed cannot tolerate a "market" driven interest rate that will drive the cost of funding the government into oblivion. That being said, perhaps its believable that an engineered take down of the Precious Metals complex could be started by the simple sale of 2000 silver futures contracts on the Globex market on Sunday evening while the whole world slept and while most anticipated not even having to get up to go to work on Monday.
"Inevitable" is not a word I would use. Predictable is a more accurate word if you talk about central banks and global banking organizations.
Did the Silver Bubble Just Go 'Pop'? [View article]
Former GE CEO Jack Welch rips Pres. Obama's support for a millionaire's tax as "a transfer payment. You take it from one pan, put it in the other. It doesn’t work." On the administration: "They are spenders... They don’t believe jobs come from the private sector. They believe government creates jobs." [View news story]
Did the Silver Bubble Just Go 'Pop'? [View article]
Friday Follies: Did Obama Blow Jobs Speech? [View article]
The Dunces in DC don't have a clue.
We should have a House investigation of the solar company and someone should identify exactly what was done with every dollar - people should be prosecuted for misdeeds if there were any. If not, it should be a case study published for all to see how government doesn't have a clue.
The more government we have.....the worse off we are.
Debt Deal Is a Blank Check [View article]
Look, the government economists are wrong. We'll have another $7 trillion in debt within 5 years. The spending will not go down, it won't even go up more slowly. So....we'll have 50% debasement ($7 t/$14t). In the next 5 years....and you think Gold will go down.
People like you keep thinking that things will return to "normal". They won't. Things will only get worse in the global debt crisis. And you don't stop to consider that a small series of events can precipitate a cascade of issues that could spell catastrophe at any time. You think Japan planned on a Tsunami and a Nuke crisis? Ha...no way.
Today there's probably a 10 - 15% liklihood that any day of the week something weird could happen. That's worth 3% of one's portfolio in an alternative.
Silver is plunging in early trading Sunday evening, -12.1% at $42.73. No particular news, but there is (make that was) a lot of air underneath the price. Ed Bradford at Full Carry notes the metal was trading 88% above its 200 day moving average. Gold is spared any damage thus far. [View news story]
I hope it goes down to $30...then everyone can jump in again and buy the heck out of the physical.
Message to JPM: The harder you work at it, the more difficult the outcome will be for you.
Wall Street Breakfast: Must-Know News [View article]
(Attributed to J. Corzine)
Two roads diverged in the business world,
Devoid of morals, I could only travel one.
Thus for me there was no hurdle
As I looked down the one so fertile
Because stealing is so darn much fun.
I could have taken the other road,
But with the years the heart was set.
No sense in carrying a guilty load,
Guilt will make your head explode.
Just best to take what you can get.
With years of practice the path is known
The lawyers and regulators are not so tough
Their talk of “right is might,” so overblown
Their morals have also easily flown;
Versus money, right is never enough.
I shall be telling this with a sigh
Somewhere many years when old.
Two roads diverged, no real choice, and I –
I took the one most traveled by,
Men whose hearts are set on gold.
With apologies to Robert Frost
Former GE CEO Jack Welch rips Pres. Obama's support for a millionaire's tax as "a transfer payment. You take it from one pan, put it in the other. It doesn’t work." On the administration: "They are spenders... They don’t believe jobs come from the private sector. They believe government creates jobs." [View news story]
And you can reduce their compensation by about 30% as well.
A Dead Cat Bounce in Silver [View article]
Did the Silver Bubble Just Go 'Pop'? [View article]
Did the Silver Bubble Just Go 'Pop'? [View article]
It smacks only of manipulation.
Tell the Chinese, Indians, and Vietnamese that it's a bubble.