I don’t usually get into these Ron Paul- Ben Bernank Shin Digs, But This One is Good
_____________________
Did you make money today? Good. If you did not, I would be pressed to question your Adderol dosage, and perhaps add 100 cc’s — STET!
There’s more to be made, of course, despite our flirtation with oversold levels. Who knows, this kabuki theater bullscheiss on the debt ceiling might cause a drop off in overall market liquidity in the coming days and we might even get a nice pullback.
More’s the better, I say.
Gold broke to new highs today and so did DGP, which I was hoping to catch at lower levels. I still grabbed a dollop yesterday, as announced on The PPT, at $50.75. We’re busting out:
Worried about silver? I was too. Not so much anymore, however. I admit, I was a chicken shit, and re-weighted some stuff from silver names to gold. Not that that was a terrible play, but silver did shoot the moon today, giving me the Chiggers of Chagrin as a reward. Awful “bitey” those chiggers. For example, as I announced on The PPT today, I dumped a bunch of AGQ yesterday to put into DGP and other golds. How do the stock gods reward me? By humbling me with a $20 move on AGQ today (up some 11%+). Oy, that smarts.
But, aside from SIL, the silver miner ETF which you should own to capture the field, I really like the look of CDE here. Sure, it’s a dog, but it’s known for taking advantage of PM rallies. In this case, I think it’s got yards to run on the weekly, and will not only catch its old highs, but surpass them soon:
Good luck to you my friends. Try to ignore the politicians. They cannot defeat price.
____________
If you enjoy the content at iBankCoin, please follow us on Twitter
Jake!
“Chiggers of Chagrin” lol, how well said for my recent minor attempts at shuffling too. For the most part in tact, lucky only slightly lighter in my hordes. Still embarrassed I wasn’t buying when I was trimming, or at least buying back in earnest when it turned. Alas.
Continues to be a first-class education here sir (and fun) – thank you for all.
Ron Paul for el Prezidente! 😀 😛 8)
if you were really badass you’d buy NUGT. 🙂
Good call on CDE, its got a ways to run.
I have bought NUGT. In fact, I told the PPT to buy it yesterday. I was going to do a piece on it last night, but got distracted…
______
Thanks, Jake. What’s your feeling on XG these days? It still moves higher, yet was considered “overbought” a week ago.
it’s “overboughten”?
I hope you are kidding #6.
___________
Crap –I just leave it alone. It’s the single most beautiful chart in the universe.
____
Should i have said “overboughtener” to make it more obvious?
Or better yet, maybe i should have said, “Who am I? #3?”
You do look alike.
_____
$XG on sale now.
wow, dropping like lindsay lohan’s undies. Down almost 16% as I type.
Gobble gobble.
added @ $13.05
They did a $25 mm financing at $10.50 Canuckistanian.
Why they priced it so low, I have no idea. Shareholders should be pissed.
______
yeesh, might take the buy orders off for a while, see what shakes out.
Overboughten it was #6 … good call!
Ron Paul wants a gold standard though, right? That’s deflationary as hell and meanwhile all our debts would be denominated and owed in gold just like the PIIGS debt was revalued and denominated in their new currency.
Sure, inflation robs savers, but deflation robs debtors, and even with all of his drastic spending cuts, we would still owe all our debt in gold and as the #1 debtor in the world that CANT be a good thing for anyone but the international banks who would own all the gold as a result.
Then again it would be bullish as hell for gold but at the expense of society. Yes, I know the dollar is probably going down, and it will probably be replaced anyways, I know that the scarcity of raw materials means there either has to be drastic price changes higher which could be hyperinflation at some point, or drastic credit deflation so people’s ability to pay for raw materials is diminished so much so while it remains relatively stable in price. Either way raw materials will have to be a growing industry OR innovation that uses less of it to produce more and eventually nanotechnology.
An adjustment drastic enough will inspire entreprenuerships and investors seeking higher profit margins to flock to the industry to innovate, collect, produce, etc gold and others. At that point eventually we find a break through or die trying. Technology and natural resources are in opposition to each other. Will technology’s speed continue to double every 2 years? Or will it reach a tipping point as resources become scarce?
>> Either way raw materials will have to be a growing industry OR innovation that uses less of it to produce more and eventually nanotechnology. <<
BOOM.
Why would it be at “the expense of society” if we had an actual stable currency? I’m not sure it has to be a gold backed currency, but perhaps one backed by a basket of commodities.
And it would not be deflationary if we priced our dollars at current gold prices.
________
there isn’t enough gold in the US to pay the debts in gold. That is why it would have to be deflationary. When there is a scarce currency trade is limited and often exchange is what creates value. A basket of commodities might make more sense I don’t know. There is a drawback to any system, and I would like to see a more honest currency but going back to that as a debtor nation would be tough.
But our debts aren’t priced in gold, they are priced in dollars. That’s why I own gold. In order to get the debts payable, dollar must continue to drop against gold.
_______
Anyone have input of what happens if more Chinese companies start blowing up like Enron? Does this cause folks to run to PM as security play?
Agreed. Either way gold is a hedge against mismanagement of money supply. If they go to gold standard, gold is scarce and dollars are worthless, but run on banks for new currency. A new currency in gold would deflate. That’s what I mean not that the dollar would deflate. The transition though would be hell I think.
If there is over spending to wash away the debt and higher risk of default there is flood out of bonds and into gold.
Gold remains in long term upward channel… Only when it breaches that channel will the bubble phase begin as it goes parabolic.
Again, I’m not sure what’s deflationary. You just match price levels with the current price of gold (or basket of commodities) and issue your new currency at that price. Whether a dollar buys a gram of gold or a microgram, all it is is division.
And it’s slightly inflationary, as gold is not destroyed (for the most part) via industrial application, so more gold is introduced into the market every year. What it does is keep prices STABLE, and that’s important.
__________
Transitioning to THE gold standard is something to be looked at but there is no doubt of its superiority to fiat.
Paper money, especially the kind of reserve currency status which is created with nothing more then a few key strokes, facilitates massive govt spending and shackles average hard working citizens.
The gold standard on the other hand forces govt to live within their means and promotes a stable environment; wealth does not erode and prices gradually decline. Things like war truly are ”last resorts”, the average family can easily live off one income, and the 40 year factory work can comfortably retire solely from his life savings.
AXU on this dip??
Looks like it’s pretty much filled the gap, and now taking off… so yeah… I AX U — if not now, when?
______
They all AX for U, even inquired about you. (New Orleans Audubon Zoo mardi gras song)
zach knows all about axing u.
http://www.youtube.com/watch?v=YRefevREtAk
Unbelieveable:
“Book Challenges Obama on Mother’s Deathbed Fight,” says the NYT, which, of course, isn’t generally inclined to cast unnecessary aspersions on this President. “Lied” is my paraphrasing. The NYT wrote “mischaracterized.”
During his presidential campaign and subsequent battle over a health care law, Mr. Obama quieted crowds with the story of his mother’s fight with her insurer over whether her cancer was a pre-existing condition that disqualified her from coverage.
In offering the story as an argument for ending pre-existing condition exclusions by health insurers, the president left the clear impression that his mother’s fight was over health benefits for medical expenses.
But in “A Singular Woman: The Untold Story of Barack Obama’s Mother,” author Janny Scott quotes from correspondence from the president’s mother to assert that the 1995 dispute concerned a Cigna disability insurance policy and that her actual health insurer had apparently reimbursed most of her medical expenses without argument….
The book came out in early May. The reason this article is hitting the front page today is that the NYT has been trying to extract a response from Obama.
On Wednesday, in response to repeated requests for comment that The Times first made in mid-June, shortly after the book’s release….
It took repeated requests for the NYT to get an answer to such an important question?!
… a White House spokesman chose not to dispute either Ms. Scott’s account or Mr. Obama’s memory, while arguing that Mr. Obama’s broader point remained salient.
Fake false but accurate?!
“We have not reviewed the letters or other material on which the author bases her account,” said Nicholas Papas, the spokesman. “The president has told this story based on his recollection of events that took place more than 15 years ago.”
This is the standard response of the memoirist: These are my memories. This is how I remember it. Even if I am mistaken, there is truth in the way this story has become part of me. (That notion is expressed beautifully in the interview at the end of the audiobook version of the thoroughly delightful “The Life and Times of the Thunderbolt Kid: A Memoir.”)
But I don’t accept that the President could have an innocently false memory about this story, which he milked dramatically, as Byron York describes here:
“I remember in the last month of her life, she wasn’t thinking about how to get well, she wasn’t thinking about coming to terms with her own mortality, she was thinking about whether or not insurance was going to cover the medical bills and whether our family would be bankrupt as a consequence,” Obama said in September 2007.
“She was in her hospital room looking at insurance forms because the insurance company said that maybe she had a pre-existing condition and maybe they wouldn’t have to reimburse her for her medical bills,” Obama added in January 2008.
“The insurance companies were saying, ‘Maybe there’s a pre-existing condition and we don’t have to pay your medical bills,’ ” Obama said in a debate with Republican opponent Sen. John McCain in October 2008.
Those terrible, heartless corporations have been a theme of the Obama presidency. He has been trying to structure American brains around that idea, so he can win acceptance of policies that most Americans don’t want, and that story of his personal agony played an important role in pushing through an immense federal power.
— Ann Althouse (see link above)
_____
Disgusting.
“Yeah I made all that shit up, but if I had been telling the truth, then my argument would be valid. See?”
Par for the course… He has a long list of tall tales. I like the Selma, Alabama one even better:
Obama credits Selma march for his existence
Posted on Thursday, March 27, 2008
A year ago, Barack Obama addressed a group in Selma, AL commemorating the 1965 voting rights march. He credited the event with giving his parents the idea that they could have a child. The result was him–Barack Obama, Child of Destiny. The only problem is he was born in 1961.
“What happened in Selma, Alabama and Birmingham also stirred the conscience of the nation…This young man named Barack Obama…came over to this country. He met this woman…(who) had a good idea there was some craziness going on because they looked at each other and they decided…it might…be possible for us to get together and have a child. There was something stirring across the country because of what happened in Selma, Alabama… So they got together and Barack Obama Jr. was born. So don’t tell me I don’t have a claim on Selma, Alabama. Don’t tell me I’m not coming home to Selma, Alabama. ”
Problem is, most of his supporters are too stupid to realize he’s lying every time he opens his mouth.
So wait, you guys are suggesting politicians lie??? For shame!
There’s a difference between lying about your campaign promises — Ie, “I will end the war in Iraq” and lying bald faced about your mother dying of cancer. And all to push a noxious economically perilous policy.
Are you serious? Can you imagine if Bush… or God help us, Palin, were caught in such self serving blatent made up story like that?
_____________
Chatter, chatter, “(D)”. Chuckles from the back room in your corner.
I give you gold. You give me something non-gold in return.
Gold is therefore money.
How fucking hard is this?