Everything must go!
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As the Turkey Gods take awkward flight from the Bridges of the Kosciuszko (sic), so too they leave with Mom’s silverware firmly “en beak.”
And hey, what a shocker that the markets found an excuse to sell themselves into perdition this late in the daily cycle, no? Who would have thought?
For my part, I was only happy that I was afforded the chance to sell some more gold and silver positions at only a slight discount to Wednesday’s highs. Today, I cut into the actual bullion positions, with a 5k sell of [[SLV]] at $18.02 and a 1k sell of [[GLD]] in the $115.40’s. I also boosted the last (600 shs) of my [[AGQ]] position just south of $68.
For those who’ve been paying attention, that’s about 50% of each PM position in my port if you include the 40 Royal Gold, Inc. [[RGLD]] April $55 calls I sold today (at $4.80 and $4.90) as well.
I also dumped 2k more Allied Nevada Gold Corp. [[ANV]] in the $13.02-.04 range. I am now up to 30% cash overall, and if you exclude the large position in United Parcel Service, Inc. [[UPS]] that I cannot sell, I am very close to 50% in cash for the remainder of the portfolio.
Here’s what else — I expect to sell more Monday and on any knee-jerk bounce in the early parts of next week’s “Tryptophan Rebound.” Remember:
The Ghost of a Turkey God does not a Turkey God’s Blessing endow. (Confucious)
I may throw up some charts, but for now, I am taking the Jacksons to 50% cash as well, with a “butcher’s cut” slap chop to every position in uniform fashion. I will likely post that revision this weekend along with said charts, if you are lucky, and if I am not overburdened by post-Holiday catch-all catch-up here at the homestead.
My take — this is not over, even as I concur with many on this boar that the Dubai thing was a rasher of extra rancid bacon from those who eschew such lovely pork products in their nutritious diets.
Be cautious, and be wary of stopped-watch bears who are right once a quarter. Best to you all.
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Still selling? What are you up to now in cash?
I sold some but bought others, still very long but of course as usual I have no PMs
Yep, see above, sorry for the delay.
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Still developing?
I thought I’d be able to polish the rest of this off in the airport, but traveling with four kids ain’t like what it used to be, what with galley servants and such.
Damn you, Sbarro’s Pizza!
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Thanks for the rest of the info.
For me, Friday’s action triggered a short-term technical sell in the gold diggers …but no sell yet in the bullion.
(Shrug)
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What a dick.
But it is your house, so I’ll refrain from posting here except to respond to any of your neocon rants.
Fine be me. The only value you bring to this site is as my “house commie” whipping boy anyway.
Feel free to post your IRA investment advice on the Peeg, however.
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UK taking it to Moobers Volunteers … looking for the first Wildcat win against Tennessee in… 25 years?
Amazing.
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Old Man Brooks needs to remember to take some time off the clock ovah heah.
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And NOT play for the tie! Dammit.
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Fak, tie game.
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Fak, fakking Old Man Brooks plays it safe, and gets whipped again.
This Hardesty guy is going to be PLAYING on Sundays….
Big time.
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Oy! Brent Musberger. Enough with your Toby man-love already. You are quite embarrassing.
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Re China demand for gold
http://www.bloomberg.com/apps/news?pid=20601087&sid=aGTpy09MFMds&pos=6
How was the parade?? Did the kids love it??
Yeah, the little hayseeds love that Noo Yawk schtuff.
Be cautious on the carefully salted reports of Chinese PM demand…
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So Jake Im dieing for the next industry. I know Fly is calling O&G and Cajun is looking at Ag and Shippers. What sector is now on your radar? Ive got a video game play in ATVI (their shit is hotter than EA), but am not daring enough to step into Dollar Tree or any other discount retailers even for what might be a decent retail season. Ive been stopped out of CHK & STR lately, however I still expect energy and Nat Gas to come back into a colder season.
Your thoughts?
I like Natty. It will pick up here. Water as well.
CWCO is one to watch. An old client.
Silver will beat all, however. Still my fave. Just hold off a bit.
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NG was one of the few bright spots in the last few day.
I hold only a small position as there’s technically no bottom yet.
Yeah, my only current position is a starter in NGAS. Don’t even have any CHK yet.
Soon, though, I think.
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JAKE, are you selling any physical PM here?
NFW!!
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It’s not silver, but its close enough for me! Grey Cup Today! GO Saskatchewan! Hehe, I recall a help desk employee from Illinois trying to pronounce THAT one: “Saska…uh, Saskacheee, er, Saksatcheeiww….”
Refrigerators need not apply: you need legs for the CFL!
Dang, Canadian football?? Is that a paying gig?
I thought you were being ironic with that mention of “legs.”
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DAmn! See, only in Canada would you get a Welsh/French genetic mix that worked out like that, hoo hoo!
“Dang, Canadian football?? Is that a paying gig?”
Not really, most players seem to have jobs as used-car/insurance/carpet salesman in the off season… or they are doing their damnedest to get into the NFL (some do: See Warren Moon)
The ‘Legs” requirement reference relates to the larger playing surface; that, and only 3 downs to make ten yards. Def/off lines, as a rule, (with exceptions), tend to be slightly ganglier than their US counterparts, so no ‘refrigerators’….
Sacre Bleu! The Als won! Tabernak! (not really Grey Cup related, but hilarious)
Jake, whats your gameplan. Wait for a 10% correction in gold/silver?? A 20% correction?? How significant of a dip do you think we could see, and at what point do you plan to step in and rebuild these positions?? I just don’t see gold falling anywhere below 1000 again–too much underlying demand.
Could it be Jake is doing his version of this ballet?
Couple of weeks, mebbe. I think we will see some of this newfound fever blow off, but could be we just have some consolidation as well. Either way, I’m comfortable taking some off the table here.
I too do not think we’ll see gold break back below $1k. I doubt it breaks much below $1,040.
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