Many of you may know of Hannukha Harry from his comic forays on the old Saturday Night Live. Well, a similar number of you may not realize that Harry– in true legend– actually wore a formal stove-pipe hat (see above) when doling out socks and toothbrushes and other sensible gifts to the good Jewish chillens over the eight nights of Hannukha.
I can confirm this, as I saw Harry himself with mine own goyum eyes coming through the garage door entrance (sensibly) of my friend Benjamin Zimmerman’s house one early December evening in sixth grade, when I’d stayed over — at his parents’ invitation– on the third night of the Festival of Lights.
It was 7:30 and we’d just laid out the traditional borscht and bagels after Jeopardy, when we saw his trademark stovepipe peeking through the door. Hannukha Harry only comes at sensible times, as he needs to be in bed before ten. None of this fakakta post-midnight chimney drop-ins for him, he told us. That, he explained, is for the meshugganah Sinter Klaus — a distant relative and definitely not glatt kosher.
One of the gifts Harry bestowed upon us that night was The Tale of Sound Money. Sure, he was easy with the gelt, but aside from the traditional chocolate coins, he told us never to trust a fully fiat currency system, as it would always let us down. At the time, he told us, the U.S. dollar had devalued from it’s 1913 (pre-Federal Reserve) value by almost 87% (it’s now closer to 95%), and much of that drop was achieved in the decade since Richard Nixon had given up on gold convertability altogether in the 1971 Bretton Woods abdication.
Harry told us it was only a matter of time before politicians and their allies in the central banks got so greedy that they’d wreck a fiat currency system designed — with the best of intentions — to promote sound economic trade. There was just too much conflict of interest for any one central bank or sponsor country to trust another, and worse was that temptation more for the “currency of record” that was held as the “reserve” in a fake money system.
No, only an anchored “no cheater” metric could ensure a balance of trade that would not bankrupt the citizenry of the developed world, he admonished, with furrowed mono-brow.
And to emphasize the point of the lesson, Hannukah Harry left us with a Canadian Maple Leaf gold coin a piece (he explained he was originally from Toronto), and then drove out of sight in his ’79 Toyota Corrolla (sensible to the end).
So today, in remembrance of that evening with Hannukah Harry, and on this first night of Hannukah, I have discarded my formal iBC Approved Lincolnesque stovepipe top hat, and replaced it with the traditional Hannukah stovepipe instead (above).
Happy Hannukah to all of you, and most especially to my Tribal readers and friends.
As for the market, I think you can see what’s happened to the dollar, and consequently, our vindicated precious metal markets. Notice also that things in the PM world have started to get a little tired and labored even as the dollar drops? That’s why I’m not really adding to my precious metal hordes at this late hour, despite the temptation to do so.
In fact, I may even use this short burst to trim some of my laggards like IAG and GSS, and even sell some calls on my workhorses like SLW and ANV. In the meantime, I make hay whilst the sun shines (and the dollar drops) on such long term holds as ENTR and TC. I even added to TC ($12.80) and rare earth metal nut-stock AVARF ($3.69)today, as I recorded in The PPT.
These are all late game plays, and I will be trimming in the week ahead almost definitely. There’s only so much we can expect out of the magnificent moves we’ve experienced in the last months, and I will squeeze what I can out of my bounty. I will also endeavour, however, not to get stupid and over-greedy.
Best to you all, Light Festivalists.
51 Responses to StovePipe Hannukha Hats
You have a Merry Cratzmere and a Happy Sylvester
…..I’ll be at the Chinese Buffet and AMC.
Fa-ra-ra-rah! Rah, rah, rah, raaaaah!
Spoken like a member of the tribe…You are also making excellent sense.
You flatter me. I am only a wannabe Irish Catlick, but if you know Silver Point Beach Club, you know my education in many matters non-academic.
thank you for your wishes and thank you for your great post!
$ index wave charts attached:
elliot wave is cool in theory but in practice, the ben bernank aims to fuck with elliot wave theory…they call for an uptrend and the ben bernank wakes up and decides to print another trill….for EUROPE?
OEW (not EW) doesn’t predict … it adjusts daily based on current moves in relation to past waves … you should read it for a week or so and see how they consider alternate possibilities before booking it in stone … always waiting for confirmation.
Thank you. And an early Merry Christmas to you and your family.
Grazie, Shtetl Steve.
Seasons Greetings to you – I envy your enchanted childhood!
Hanukkah Harry probably drives a flying Lexus, kind of like Santa’s sleigh.
Did Harry look a little like Alan Greenspan or Milton Friedman (probably the latter) based upon the book of Sound Money he was passing out?
Anyway, enjoy the pre- Christmas season with the family.
Actually, he looked like Martin Landau. Much more gaunt than John Lovitz, and taller too!
Thanks for your well wishes… this is a great time of year for the small ones, and our smallest is insisting on being read The Sweet Smell of Christmas — a horrid scratch-n-sniff book — every night until the big day itself.
God knows what those chemicals are doing to his little developing brain… I’m just hoping I don’t have a huffer on my hands in ten years.
LOL – i can see the little guy with his face stuffed in a brown paper bag…
Sell THE GSS?!? Blasphemy!
I just moved most all of my stops up above the purchase price which is a very good feeling, however I don’t want to loose too much here should we reverse course.
So now I’m wondering if I should start to cut back now or wait a little longer. Maybe start cutting the parabolic ones right now, e.g., exk, mvg, slw & anv.
What chu think?
If you feel uncomfortable, sell something, I always say.
Just don’t sell it all.
Sold a portion of the above before they came down today. Now trying to get rid of some of PAAS and SSRI, but they are currently down.
I just took sales of at least 25% of all trading positions in silver +10% at least on all of them.
does” took sales” mean sold?
Wow I sold the top today in PAL and my silver miners. Brazilian central bank said they’re going to buy USD in open currency markets… Well, it certainly worked for JPY!
You bet on the Brazilian central bank…
I’ll bet on the Ben Bernank.
No no no…I was selling anyway.. Just thought it was funny that brazilian CB came out with those comments almost immediately after I sold… Ultimately currency intervention doesn’t work..Especially when fighting the Ben Bernank!!
(laughter) great post, Jake. Happy Holidays to you and yours.
Specialy Hannukah Bonus!
Watched Christina Vicki Barcelona last night. Definitely a chick flick but at least the chicks were ‘weurthy’.
Oy Gevalt. Never have I seen so many members of the tribe in one lineup who love Socialists,Marxists, and Lefttists and would probably love to see the destruction of Israel and the traditions of America.
Is this a Woody Allen flick? Stands to reason.
Still, I give him points for “Bananas” — he lost his way after that one.
Like I said … InSteel (IIIN) I Trust … Anyone join me on this one?
UUP through 22.90 with volume and i’m jumping back into PM’s with both hands, feet, mouth, etc
DX down to 79.40..to buy back or not that is the question.
Add back to EXK at the same price I sold yesterday. $ still going down.
Looks like even GSS can move up for a change.
Even Monsieur Le Fly is buying EXK now… who is left to doubt?
Added JAG today …
Q: What’s better than Steve Austin?
A: The Six AND A HALF million dollar man!
Congratulations! Can I be Virgil the bodyguard?
Check out the picture of Ted Dibiase now days: http://en.wikipedia.org/wiki/Ted_DiBiase
Gravity and age catch us all eventually. Looks happy though!
close a deal? early christmas?
Yes, Closed a deal, but I was talking more the Mo story.
What do you think about this cartoon? The Ben Bernanke makes an appearance
THe JP MOrgue! LOFL.
Do you know who holds all the silver on the Comex?
Congrats The Jake Gint on the recognition! But we already knew that here.
Actually I would have preferred to have built my pm positions bigger before the exclusively Fly readers pile into pm’s. Oh well, the more the merrier.
Why not kill two birds (Gold & Uranium) with one stone – FRG?
“Additionally, we have 100% ownership of Aurora Energy Resources Inc, developer of one of the world’s largest uranium deposits, based in Labrador, Canada.”
Just saying ….
Have tonnes of FRG, thx.
Jake, still holding your AGQ? I’m holding on with both hands and watching what you do:) Getting that giddy feeling oooohhhhh