Everyone is confused about the sell off in precious metals. Well, put your blue blazers on and let me tell you why it’s dropping.
Gold and silver are retarded and the people who store it in their vaults, moronic. Think about it for more than 10 seconds and I’m sure you’ll agree with me.
But that doesn’t mean we can’t make some money off the blood and tears of others. Every trader worth his salt will be looking for a precious metal reversal today. But it will be a very quick trade, since the space is in liquidation mode.
While in liquidation mode, stocks/commodities can exaggerate to the downside. Think about the people who have physical gold/silver stored in a god damned warehouse in brooklyn and feel sorry for them. What the hell are you gonna do with those gold bars now?
So many central bank haters are getting their faces punched in today. All of the gurus who warned of Zimbabwe-esque inflation have been dispatched with egged faces. There isn’t any inflation worth worrying about. Therefore, as I alluded to in the beginning of this article, gold, silver is retarded.
Nonetheless, I like the miners here for a bounce. This trade expires on Thursday.
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fly,
as you approach the time of year where in the past the market has confiscated your YTD gains, i’m genuinely interested to hear if you have made any mental preparations to prevent this from reoccurring? Absolute stops, based on p&l or positions? a hard line on getting out of all major positions? etc
Thanks
He’s like 80% cash right now. Have you been paying attention?
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Chivo, Jake
I’m not 80% cash, more like 25% with another 20% in HDGE.
My gains usually get confiscated, as you call it, in the 4th qt.
Sometimes the rubberband stretches so far it breaks.
DUST is a egregious portfolio love-maker…
“an”
A game.
Reminds me of Skiffles (SKF) back in the day. Don’t stay too long.
In the meantime, more good news from Yahoo! Idiot Site — out of the top 5 headers, three are shitting on gold:
Gold Tumbles Again: Is the The Era of Gold Over?
Commodity Super-Cycle is Dead: Citi
(Evel Knieval will be so put out!)
The Scary Number for Gold Investors: $1200.
Brrrrr!
Usually these kind of headers are wolf fodder. Attendez!
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Oh, and not to be beat out by Idiot.com, Bubblevision also ways in with it’s own hair ’em and scare ’em!
Gartman’s NEVER SEEN ANYTHING Like this!
Well, not since the silver peak in 2011, I guess.
What’s hilarity is that Gartman is talking about Central Banks forcing countries to liquidate their gold, since they are (allegedly) making Cyrpus do so.
Anyone think this has anything to do with Germany looking to repatriate it’s gold reserves from US sources?
Hmmmmmm……
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Errrr… “weighs in.”
A-game!
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Best trade right now is long volatility.
Yes… see $GVA right now.
Sick.
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Rush Limbaugh, Sean Hannity, and Glenn Beck are long gold.
The huckster gold dealers advertise on those shows.
They sure do.
Short squeeze on the levered funds.
I agree – look at the big picture. Gold doesn’t pay a dividend, it doesn’t have an earnings stream, it doesn’t have new ideas, or technological advancements to drive cashflow. Gold is the “investment” of last resort, and the fact is – there are just more options out there right now.
I learned it in 8th grade. The business cycle. Don’t over complicate it.
We here are blessed and humbled by your genius.
The gold I bought in 2002 is still up over 4x. And yet its still not paying any dividends!
World history, don’t overcomplicate it.
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Goldfinger just blew up Fort Knox!
I am lovin this destruction of the gold an silver hoarders. Got my popcorn out – extra butter.
Misery loves company, I guess?
You must be a riot at parties.
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I’m a blast at parties. Once I’m inebriated, I like to find my gold hoarding friends and wave my fiat currency in their faces.
It’s not my fault you guys fell for the Glenn Beck armageddon theories.
Long live Ben Bernanke.
What’s your excuse, then, I wonder?
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I wonder what the http://smartmoneytracker.blogspot.com/ and http://tinyurl.com/ckchjal boys are doing this morning?
Pinching asscheeks in a way that would make Suzanne Sommers proud!
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Going long AGQ today for very short term trade. bouncy bouncy.
The bounce is coming, but not today.
Frankly, I’ve never understood what moved gold. Oil is moved by economic conditions and mideast threats and supply and demand. Anyone follow my AG pick here? Anyone?
Fly.
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And gold is also moved by supply and demand, of course. It’s just a thinner market, and one that causes CB’s much concern. Hence Germany stating it wanted to repatriate it’s supply.
Why would big “King o’ Europe” badass old Germany have any interest in reptatriating such a barberous relic, do you think?
I mean, for goodness sakes, it doesn’t even pay a dividend!
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AG trade of mean reversion & mathematical precision based on PPT algos.
Revenge of the machines.
You will never make Varsity with that level of quippage, JV.
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