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The first day of corn-back dollar trading started out promising, but ultimately ended up in a failed “pop” over the 20-day EMA ceiling. Late news out of Central Illinois informs us that the Fed’s newest Moline Corn Repository, while heavily fortified against human intervention — a la “Fort Knox” in the days of gold-backed currency — was most unfortunately sited next to a large hog farming operation. What happened next was true Bernankian justice…
Apparently the sus domesticus hordes resident next to the Corn Repository were overhwhelmed by the late afternoon corn-fruit scent coming from said Federal vaults, and that lure, excacerbated by an early Spring hormonal rutting urge, had the neighboring porcine hordes rending the outlying electric fencing and within moments, consuming the precious American staple (and currency backing) with piggish glee.
By late afternoon trading, one third of the Federal Reserve Currency-backing outstanding was in the belly of some of the nation’s most desireable pigs. The following daily chart illustrates the day’s action — especially the failure of the corn-dollar to break back above resistance– with heat-seeking stoat-like acuity:
That’s two days now that the corn-dollar has closed below $76.00. Not good news for you dollar bulls (cough! cough! Cain Thaler! cough!).
However, there is a glimmer of optimism available as well. Late tonight an emissary for the Fed mentioned that since most of the most recent reserve backing is now in the gut of some prized Illinois sows, Chairman Bernanke would announce soon the official newer and stronger “pork belly bacon fat-backed dollar,” later this Fall.
As a sop to certain liberal constituencies, the Chairman has also acceded to locate the new Federal Repository on 125th Street in New York City, next to Sylvia’s. No further devaluation is anticipated.
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Carry on… most likely with ANV, which has been a star in my portfolio this week, as all Jacksonians should be.
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lol
Huzzahs, Sir.
ATT &/or my iFone failed to deliver my first message. But to recap swiftly, let me say that I would propose that this is one of iBC’s best posts, and that is but a modest proposal.
Hat tip.
Haha, that’s most excellent.
I guess it is time to go long pork bellies?
Indubitably!
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Ha! Monday I move a large percentage of the port into pork.
Obviously, hedge that position short Iceland Whitefish, as the Catholics will be moving out of lent, but any decrease in the price of pork will lull them out of the seafood market early.
Potatos. They are not just for the Irish!
When inflation really comes home to roost they may be dinner for much of America.
Potatoes are already the main food group for a majority of Americans.
$50 for a 5lb bag of Yukon Gold coming to a local grocery store.
Die kartoffeln schmeken mir.
Too busy checking out the menu at Sylvia’s.
Never been there but will add it to the list next time I go to NYC.
Too touristy or is the food worth it?
Food is worth it, but bring an emergency stent.
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Great imagination between you and Fly re: corn.
Ok, is there any merit to the miners going down on rising oil?
They weren’t going down as oil rose before but maybe now that oil is still rising this could hurt the miners…
SLV Flagging out nicely over the last 7ish days… getting ready for another BO?
What say ye, senorito?
Also, SSRI looks the best to me right here. pushed right up onto trendline dating back to january of 2010 on the daily. a silver BO (and coinciding SSRI breakout) and I think SSRI is soon staring @ 36.xx
Silver above $38 again. Anyone think we’ll see $40/ounce touched on this week?
A distinct possibility. Sooner are later we BTFO!
“China’s Minmetals offers $6.5 billion for Equinox”
Minmetals approached Equinox Monday with an offer to buy the company on the condition the target drops its C$4.7 billion bid for Canada’s Lundin Mining
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this is better than day time soap operas
Jake, what’s your read on the NGD acquisition? Is it too dilutive?
My apologies, I hate hate hate being “the acquirOR” and only love being the “acquiree” but sometimes even your smaller companies make acquisitions.
I would look at it as a buy, but definitely has me steamed, ovah heah.
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Think this slight decline in NGD a good op to add to a position? Is this acquisition a good thing in your estimation?
Jake,
What you think? NGD.
I need some time to look at the numbers. Still in Florida w. the kids, and if I don’t get off this computer, my wife will take my thumbs.
On the bright side, everything else is going according to plan. So glad I added to EXK last week!
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I hate it when Mrs. 50 does that! Fingers are painful too.
EXK en fuego!!!!
Salud!
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Jake or anyone here:
care to comment on the the underwhelming performance of $GPL? What the heck is wrong with this stock? It acts like it is mining shit instead of silver.
They announced today that they were actually mining shit!
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