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Some of you get a tad nervous and that’s understandable. You haven’t been sailin’ the seas lo these last ten years with a chest of silver and a chest of gold amid-decks, watching the waves break over your port bow and the rigging whip up under many a Jamaica squall.
‘Tis a pity, as it’s rendered many of ye as feckless and gray-faced as a feral stoat during the slaughtering season when it comes to any down-draft in ye positions.
If there’s one thing I could keep in your mind it’s that the PM”s are a volatile lot. Like a powderkeg in a burning fireworks factory, ye shall be shaken about before ye’re borne to heaven.
But your time is not yet, and neither is it the hour for hand wringing. There may very well be one last shake of the lamb’s tail before we ascend over again into the high surf and the sun scuppered seas. I say “may” because with silver’s recent strength leading the prow, it’s just as likely we take off like a shot tomorrow, mimicking the dolphins of tech like CREE and VECO, the latter of which blew out it’s numbers tonight and should offer boundless booty to ye faithful who stuck with her. As well, POWR should benefit from that triumph.
As usual, I think it’s the weekly charts that give the best perspective, and the weekly of $GOLD should be no exception. Look here on the direction I think we should take in the coming month. That short dip may very well be our last gasp at these levels, and if so, I’ve amasse some dry powder to partake in more ANV and SLW in the coming week.
My best to you all, as ye make yer way through the shoals of Uncertainty.
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Gold has intrinsic value of approximately $0.00
Oh, btw, $gold is about to crash through the floor boards.
Then what are you standing around for? Short, me lad, shoooooort!
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sorry to hear about the yellowness of the penis… (jk)
Jake, a question. $1 worth of gold was worth $1, of course, or so, until about 1970 adjusted for inflation (as in gold basically held its buying power). It then rose through the 70’s and bubbled dramatically before falling back to, and even below, $1 10 years ago or so. Today its well above that $1 (adjusted for inflation) in 1802 dollars mark, perhaps $2.50
Why wouldn’t we believe that gold will eventually go back to $1 (in 1802 dollars, inflation adjusted, etc) one day, making it expensive today? Is the bet that this time its different and gold won’t go back down or that inflation will be so severe that it will catch up to the premium that seems to currently exist?
The latter.
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Jake,
I down 6.5% on GLD, but holding it for the longer term and plan to switch it out for a miner at some point, but not at a loss. It seems that I bought at just the wrong time when I was expecting a breakout. Oh well, since it’s only 5% of the port, I’m going for the concept now as opposed to the TA. Besides, I like gold dammit!
GLD is a sea anchor, a port in the storm. You shouldn’t mess with it, not at least until we get our final blowout, maybe as soon as next spring.
The miners are where the treasure is, though, lad.
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Next spring! Hopefully not.
I’m guessing the fat lady sings for gold in 2013.
crazy pirate jake
MnM, 50 and the good Dr? Platinum?
?
Who let the dogs out? T-Bombs for all.
Nice linkage, but I actually googled for an image of “Almost Done” and that’s what came up. I thought it so out of character that I had to use it.
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Aye, me hearties! Pass the piece of eight, and slap the white boy in the isle for immitatin’ a musician.
Such nerve, avast!
Penis jaundice.
Bad, bad situation.
Sort of like musician drip but worse.
There’s a shot for that, but you have to bend over in the jail shower to pick up the soap to get vaccinated.
I believe that by “yeller stage,” it’s nearabout ready to break right off into the sea, lad.
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http://jessescrossroadscafe.blogspot.com/2010/07/gold-daily-chart-shock-and-awe-for.html
Comex option expiration
This too shall pass
Good opportunity, though.
May load some ANV today…. the PPT will know first.
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Ahhh, the things you see when you don’t have a grenade handy, more’s the pity….
Speaking of which….
The heirs of Charles Ponzi visit the Stock Exchange…
Fuggedah-bowwww-dit!!
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Hymen VECO right here. Stop LOD.
Jake,
On ANV, what are you looking for on the PPT….an OS reading? I may follow you with a small amount.
No, I am looking at support at around $15.50 (200 day EMA).
Might wait til tomorrow and get some IAG today instead. Looks baked.
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As per PPT — 2k more IAG @ 15.45
2k more SLW @18.09 (couldn’t resist).
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I was looking at that $15.50 level on ANV too but was afraid I’d miss it so I took some at $15.80 rather than lose out over 30 cents.
Added RRC on the breakdown today from the downgrade on earnings miss by 2 cents. Looks like $36 may be the floor so grabbed some for caine season around $37. They control the most acreage in the sweet spot of the Marcellus Shale Basin … and one of the few not to take in a partner as of yet.
ANV tomorrow, I think.
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SLW now or wait for PAAS?
I got some late this afternoon, but that’s how I do.
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