Gold and silver are being dismantled today, due to the crowded nature of the trade. Many investors went long oil, gold and silver, ahead of the Fed meeting, in an attempt to be smart. I told you the proper time to buy gold and silver was at the very apex of crisis into the first leg up of reflation. What you are seeing now is a mass exit from a trade gone stupid. It feels like a rout, but it isn’t. Investors are finding better venues to gamble in, than ancient currencies or something controlled by criminal cartels.
In my opinion, tech is the place to be. As a matter of fact, it is the only sector worth investing in. It is rife with mergers and acquisitions and devoid of the unsavory type who tend to overpopulate the commodity sector. I think if you would fix your eyes on tech, you might find your pathetic lives to be somewhat more meaningful and less rakish.
On a brighter note, today is “Make Music” day in NYC. Do not be alarmed if you see people playing with toy pianos near your favorite fire hydrant this morning, as it is perfectly acceptable to do so–today. There will be hundreds of performances done by independent musicians, as well as incognito professionals, throughout the streets of NYC, in the midst of 100 degree temperatures. It is just one of the many things that separates this great city from the shit heaps you calls cities in the midwest, or down south.
In short, I like the action, despite the rout in commodities, and will be adding to tech today.
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im even w/gld. for the time being.
“What you are seeing now is a mass exit from a trade gone stupid.”
Tell that to the 156 central banks worldwide that are stockpiling gold and silver, as net buyers. Tell that to the folks in India, where precious metals are at their highest prices ever.
The US dollar is being manipulated to maximize wealth redistribution. Gold and silver prices in US dollars are being manipulated to maximize wealth redistribution. US middle class wealth is the target. World “soft” communism requires this.
What part of the publicly available IMF and World Bank plan for the US dollar are you planning on never discussing? All of it?
Quote:
“I’m trying to think, but nothing’s happening,” – razorsedge (a.k.a., ‘butterknife’)
Yes, catch me at the corner of 7th avenue and 55th street today. I will be playing both the kazoo and the gongs. Tips are appreciated…
Fly don’t you prefer the pastural surroundings of your NJ mansion?
Tech…it’s fun! And populated by or brightest minds. AND OUR LAST HOPE? Yes
Philly Fed at 10–reminder.
thank god THANK THE FUCKING ROBOTS i sold all my shit the day before the fed meeting….i may be in a significant hole but HOOOOWEEE it would be a lot worse right now.
But, I am now paralyzed with fear. I shall wait until some sort of extreme to act again.
kewl, nyc music day, wood nt a guesst.
thx Fly.
also. ecb may cut a qrtr basis. nxt meet n greet.
rally? or, time to grab some PM post FOMC doves?
#fwiw
Fly,
Yesterday I purchased a July 55/60 call spread in Redhat (for a debit of $2.35). Any suggestions to save this trade would be most appreciated.
You can try and cut your deltas , so you won’t feel the down side pressure so much
When you say “tech”, any certain areas of tech your concentrating on?
I like the chips. But I will wait until TLT starts going lower. As long as it is up, the market will be down.
Fly, come on now, how many times has gold tanked after a Bernanke presentation? If folks are that dumb to “anticipate” they get what they deserve, and they have gotten skunked every time.
lol, u r right, seems to always come back thou.
if ur tired of all the bs,,,,http://www.youtube.com/watch_popup?v=Yfbchq0xQmQ&vq=medium#t=
Long DZZ and Frau Merkel’s ball kickers @ Euro 2012.
When gasoline gets cheap, families go on vacation.
When families go on vacation, they upgrade their cell phones.
When cell phones are upgraded, tech revenue keep growing.
Don’t stay home this summer, upgrade your cell phone.