Thursday, September 22, 2011

Thursday cinema & library (updated Fri 100 am HST)

Bank of Spain: Drama and treachery loom ahead

7:30 pm (Hawaii) A full, busy day is almost complete. To think I stayed up through the night relaxing, then kept watch on my position in FAZ from the opening bell (3:30 am Hawaii time) until I sold it before the closing bell, I didn't expect that. But it was necessary and I'll do it again and again if that means making a nice profit. Still surprised I got through the night and day without any caffeine.

Staying away from everything but FAZ gave me peace of mind. Had I crashed out in the middle of the session, a stop order to sell was in place, so I was content. AGQ? No. I haven't touched that in weeks, maybe months. Too unpredictable, and I maintain that the banksters are shorting silver big time. DGP? My favorite gold play, but in this market, I'd rather wait and be late to get back on board than try to be a hero and get shot down right here.

DZZ (gold short) and ZSL were possibilities, but keeping track of FAZ was plenty enough for me. The chances of banksters turning things around without trillions of Bernanke bucks are almost nil. The chances of gold and silver bouncing hard are fairly good, so why bother messing around with either DZZ or ZSL?

Lots of catching up to do with my preferred bloggers and vloggers. Take a look at Turd's latest blog. He says, again, that there's a clear difference between trading paper gold and silver, and owning physical. I own my share of metal and keep it in a little sack. The thought of selling it doesn't even occur to me regardless of spot price. Physical precious metals are savings and that won't change as Europe keeps moving toward stability and the US prints its way to disaster.

About gold: With spot hovering well below $1,800/oz and possibly on its way to early August levels (below $1,700), buying more metal is in the cards. I haven't touched any physical since gold was at $1,660. If we're about to have a dead-cat bounce and the market is due for another major dip, I'll be ready to pounce at big discount prices in gold and silver. When the hedgies who emptied out their gold positions to raise cash are ready to deploy their dollars in due time, they'll be racing back into gold like maniacs. There is no substitute in this flim-flam monetary system.

Final note: I haven't looked at any recent video by BrotherJohnF, but two days ago he did say that he sided with Clive Maund about the coming downtrend in spot silver. He added that he would short paper silver to hedge his physical holding. I thought it was a smart strategy, and he turned out to be right. AGQ dropped to 160 today before closing at 165.

WilliamBanzai7: Curb your bankers (Sept 22)
Mike Krieger: Financial warfare (Sept 22)
Reggie Middleton: Trading tips update (Sept 22)
Turd Ferguson: No charts tonight (Sept 22)
> "Now, the smartest-guy-in-the-room thinks he can massage just enough global chaos to create demand for the $400B in short-term treasuries he wants to sell. But the problem is, Mr. Smart Guy won't be able to control the chaos he's created and the attendant global economic freefall will only serve to destroy the last hope of the economic growth needed to stave off the ultimate Keynesian collapse."

Golden Truth: Well, what now? (Sept 22)
Turd Ferguson: Bad day to quit sniffing glue (Sept 22)
SGS: Here we go... (Sept 22)

(new) Keiser Report: Reggie Middleton on French bank run (Sept 22)
(new) Stellaconcepts, Wepollock: Why has Bernanke invited crisis? (Sept 22)
(new) Randy Flag: We buy gold and silver (Sept 22)
(new) Christopher Greene: Stock market crash 2011, bank holiday and bank runs next (Sept 22)
(new) ScrapGoldBusiness: The problem with 1oz silver commemoratives (Sept 22)
(new) george4vlogging: Preparing mentally for coming collapse in California (Sept 22)
(new) DEMCAD: Economic depression's lost generation (Sept 22)
Bullorbearreport: Wow silver -10% discount (Sept 22)
drutter: $5 down day in silver! (Sept 22)
BrotherJohnF: Silver update - Paper profits (Sept 22)
SGT Report: Guest Bix Weir (part 1) (part 2) (Sept 22)
BrotherJohnF: Silver update - GATA (Sept 21)
MoneyBags73: What is money? (Sept 21)

(new) King World News: Guest Nigel Farage (Sept 22)
(new) King World News: Guess Rob Arnott (Sept 22)
(new) Sovereign Economist: Guest Bob Chapman (Sept 22)
Kerry Lutz: Guest Peter Schiff (Sept 22)
(new) Keith Olbermann: Occupy Wall Street (Sept 21)

Blog commentary


Metal bling

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