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I apologize again for only being among you in rare circumstances these past few days. Except for a brief glimpse at The PPT and the regular iBankCoin panopoly today, I had little time to visit and surely none to roll out a post of any quality.
You see I was getting ready for my Washington trip. Washington, DC, the seat of the Federal Maw, that is. And oh what an egregious trip it is, as I’m off to see an actual Federal functionary. A cypher. A paper pusher. A true honest to goodness Level 15 bureaucrat. Assistant to the assistant secretary of Tax Payer Deflowerment and Refurbishing.
I attend with a client, and I must say I’m morbidly curious. I’ve never actually had to correspond in person with a Federal government employee (at least none that didn’t have to be elected first). We are actually going to see this particular green eye shade public pensionairy about an interesting subject that I wish I could share with you here, but cannot. It would make for a good story, let me tell you, and maybe I’ll roll it out a year from now.
Until then, I will be busy as Paul Ryan in a forest of red tape and pork loin. I will try to Blackberry in, and perhaps post from my hotel tomorrow evening, provided I’m not eaten by some brand of obscene government-provisioned and taxpayer fortified bed mite.
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What’s that you say? Wasn’t it a shame to see all the lily-livers jumping off the bus at 3:00 pm today? Well yes, I admit it was. But I must also say it was quite amusing, as I was in meetings all afternoon and only got to review the tape in 20-20 hindsight. It’s amazing to watch the experienced, hoary old gold and silver bulls shake the noobs like a passel of defeated rats fleeing the maze. Here’s some advice next time the dollar is melting down and you feel trapped into pushing the panic button:
Be the maze. Don’t listen to the dufuses and the short termers, but think about how you are constructing the web, the maze, the golden thread spun up around their misbegotten strategies. You are the maze, and they cannot gnaw their way out, as you are a maze constructed of the finest cement… not maize.
Attend to the dollar this evening:
We could bounce here again, for sure. But the way the rest of the stochs are looking, it doesn’t look like a bounce is imminent. I think we’ll see a snap of this long term support line, and then there will be the deluge.
For now, let’s stick to high quality names, though I like crazy stuff like AAU, IVN IAG, NGD, EXK and even AGQ. However, there is one silver stock that stands asportfolio royalty — the mineless and therefore sinless, SLW. Remember this reminder chart I published just over two weeks back?
Did you indulge? Those who follow me on The PPT did, as do those who are watching my pick in the March Madness Tourney. All found SLW and were comforted:
Thank you indeud for you patience and indulgence, as always.
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Though I have the honor of your adversary this week, I shall cheer your pick as well. Thanks to you she is a long cherished position. Perhaps I will learn of the “winning while losing” mojo the good gentleman here share..
Safe travels sir, be well.
Thanks man, good fortune to you too. That HLX looks likes its ready for a long term breakout. I just hope its not this week! 😉
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Why is RGLD not as peppy as SLW?
I believe its because of portfolio concentration v. diversification on the part of SLW and RGLD respectively. Could also be a catch up on RGLD is coming.
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Am I the only one who thinks the Dollar can bounce?
jimmy bowtie does as well
but just for now
If the US gets troops into Saudi, you’ll see a large and short lived bounce.
Happy Burfday to the 1st Born!
Thanks man. 15 years old. We are old!
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Much to my chagrin, I’ve become one of those old bastids who can say, “I remember the day he was born.”
I had glorious hair back then…
ps – Looks like the Jacksonian gods are showering him with golden ANVils for his birthday.
Haven’t looked at the market all day. Imagine my surprise to find my portfolio (and yours as well) is raining pure argent miracle anvils from the sky.
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I cut half of ANV and EXK today, just because they were so extended, but probably shouldn’t have. Anyhow I will add back soon and what a day it was with 60% of port in the PMs!
Thanks to The Jake!
Psssst! Don’t tell ya mothah, but we had 2k anvils Moah than she!
I do not know why.
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is it too late to hop on the SLW train you think?
Not if you think silver will go to $50/oz , which is certainly a good possibility.
Not too late, but step slow.
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Give them Hell in DC.
And bring a fishing pole.
I hear the fish are biting in front of the Lincoln Memorial Reflecting Pool
Thanks for the post Jake!
Are any of you lurkers going to the Toronto PDAC conference?
Only if its in July!
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This coming Sunday – Wednesday.
EXK — to the moon
http://www.abovetopsecret.com/forum/thread622190/pg1
Might be a little early yet, but I hope to see stuff like that in about 30 years from the private sector. Long after Nautilus Minerals (NUS) has mined the high-grade ocean floor stuff. But I think it will start with asteroids before the moon (due to the gravity well that is the moon).
Attendez Jake,
You are missing quite a day!
Chivisimo
I miss nothing.
Huge huge day.
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Hi Jake,
Nice post as always. So you are adding more SLW at these current levels? 43.20? Do you think precious metal stocks can continue running higher even though it looks like we might get a correction soon to the overall market?
I bought a big lot at 41.50 yesterday and bought even more at 43.20 this morning.
Well, as he’s holding to silence so far on this one, I’ll give my 2 cents: Buy silver related anything aggressively.
Sold down my silver positions to the core EOD for the same reason I started accumulating them when SLV was around 26.50 on the last correction…lack of patience. Every time I look at a silver chart and think “WTF?” it’s time to shed some stock.
If the dollar reverses and plunges through the trendline we can always pick some back up.
Senator
I hope you trip in DC is going well. My girlfriend lives in DC, I travel there frequently from Baltimore. Driving there blows. People get into work late everyday and leave early. Very little sense of urgency. I hope you teach the callous bureaucrats the meaning of fiscal responsibility. Also while in the presence of the functionaries I strongly suggest you heed the words of one Al Swearengen “Hold onto your f&*^ing valuables.”
On a side note, the Giants placed second round tenders on their free agents today. I hope your meeting goes/went well.
Thanks, I will do my best.
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