Monday, August 8, 2011

Monday morning cinema & library

Maui

Sunday 4:50 pm (Hawaii) Some reading and viewing the night before a big week in the market. Will tomorrow be Black Money? Bounce Monday?

Just don't know for sure. Scott Blier says Friday was an insider scam to the nth degree and it's hard to disagree with him on that. All I know is the system is broken, the banks are leading us to hell, and FAZ should work regardless of the manipulation and fluctuation. Wish I'd held at 45. Might soon be wishing I'd held at 63!

China says it won't save anybody unless the ECU steps up. Makes sense that this will be the last recourse. But China also allowed its currency to rise today. Whatever the combination of falling dominoes, China wins ... until its real estate bubble bursts. In that case, I'll be glad I held some gold and silver. Need much more. Anybody got a treasure map?

Update Sunday 7:37 pm (Hawaii) Gold just hit 1716.50, refuses to stop going up. The past 3 minutes were parabolic, from 1708 to 1716, now back at 1712. Not basing any buys or sells of physical at this point. Just enjoying the show. Spectacular. Not even paying attention to silver much. Maybe I'll check every 15 minutes or so. At some point, the buying will come into it, though it'll take some time because whether we like it or not, the white metal is tethered to the economy. It is still in great enough demand that price will go higher, just a matter of when.

Update Monday 1:44 am (Hawaii) Well ... my remorse over selling FAZ is fading away even as it trades in pre-pre market above 67. I got in and out at 62 and 63 on Friday. Shows how little conviction I have sometimes even when evidence/fundamentals supports my theory. Weak. This is the second time in the past month I sold at break even or at a tiny loss, only to see FAZ rocket. Oh well...

DGP is up nicely, as is AGQ (up 15 bucks), QID and quite a few miners. It's all based on miniscule volume until the top of the hour (2 am HST), but it's nice to see the miners possibly rallying. I really wasn't expecting that as long as the indices sell off. I may be speaking too soon, though. The last time XG rallied to 15+, I had my chance to get out with a small profit. But it peeled back to 11.10 by Friday's close. Currently at 11.52 in pre-pre.

I am still prepared to see a selloff at some point, probably at noon, same as last Thursday and Friday. If I jump into AGQ or more DGP this morning, that might be time to sell any positions. But with no solution — long term — it makes more sense to hold AGQ, DGP and FAZ. But I'll probably refrain from any additional long-term positions until after QE3. It's coming, just a matter of which day this week.

Unless Bix Weir is right and Helicopter Ben has purposely tanked the US dollar with a plan to print it to oblivion, thus forcing the creation of a new monetary system. It sounds crazy, but it would explain the madness in Washington.

Vlogs
jackieochannel: Astro flash - Aug 18 market crash?? (Aug 8)
silverfuturist: $1700 gold, silver up! (Aug 8)
manoftruth: US downgraded, what's next? (Aug 8)
manoftruth: Gold hits $1700, some dealers not taking orders (Aug 7)
ScrapGoldBusiness: Pre-collapse report - 90% silver coins (Aug 7)
ScrapGoldBusiness: Paper or silver?? (Aug 7)
endlessmountain: Daily chart info (Aug 7)
propanealex: Hitler and the S&P downgrade (Aug 5)
PastorDowell: US credit rating downgraded (Aug 5)

Turd Ferguson: (pm) Gold chart overnight | Silver chart overnight (Aug 7)
Le Fly: All eyes on Europe (Aug 7)

Blog commentary
pailin: uniformed opinion (Aug 7)

Audio
Bob Chapman: It's pretty simple (Aug 7)

Video

Reports



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