Saturday, December 10, 2016
Joined Apr 19, 2009
721 Blog Posts

Feel Like Plunging Yet?



Soon, soon I will be a plunger yet again. Morsels are looking tasty already, and I don’t think gold and silver have too much farther to go here.  There’s a lot of support for physical silver at this $31.80-ish level and I may choose to nibble there tomorrow if we get one more rip to the downside. Then stuff will be on sale like you read about.  SLW at $37?, AG at below $22? RGLD at more than 15% from recent highs? Are you kidding me? These are the times when men can be gluttonous, in a sippy-cup kind of way (small sips, gradual like).

I will have time to speak about the recent Obaminations when I’ve got ten minutes to assemble my thoughts.  Needless to say, last night was more revelation.  I think I’ve come to the reluctant conclusion that the guy is just not very bright after all.  The consistent throwing of constituency after constituency under the bus…. when will it end?  Last night, he gave up Virginia by blowing up Newport News and its naval stronghold.  Ah well, who needs those bayonets, save our own guts?


Maybe he’ll talk about how he hates Buckeye nuts, next? One can only hope… (for change?)

Best to you all.


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  1. Blitzed

    I think I’ve come to the reluctant conclusion that the guy is just not very bright after all.

    What has he ever said or done that would make you think he was intelligent? This is the same guy who took his teleprompter into a 3rd grade class when he spoke to them.

    The election is over. The polls that have been ridiculously over sampling democrats over the last 2 months but are now moving toward a more normal distribution. Suddenly, Romney is ahead. What a surprise when your poll changes from D+12 to D+4.

  2. DaveyNC

    He’s a walking, talking example of the Dunning-Kruger effect.

    • Jakegint

      Quite possibly, but it’s that charm and glibness that allows him to get away with it whilst those who understand things like the bankruptcy laws, introductory economics and the pluses and minuses of a two-ocean navy are left with jaws dropped in horror.


  3. hitter

    Best short term plays??

  4. sspiff

    iff the Mittster enacts some form of fiscal discipline wont that be bearish for gold?

    • Metalleg

      His tough talk will provide an opportunity to buy gold on the cheap. If they really do what you are suggesting, it’s game over and that can’t happen.

      • Jakegint

        Fiscal discipline is one thing, but we still have the world awash in Bernanke bucks. If Mittster gets the economy moving again, watch for near term inflationary pressure.


  5. derp

    Check out this virtual debate

    True, it’s a set up to make Romney look good, but nevertheless shows you several damning clips from 0bama and presidential ones from Romney and shows you their true colors… (more or less)

  6. redjon

    Deflation is around the corner/coroner with 50% rise in taxes 2013. Everyone knows this so they sell gold. But what they don’t realize is that the only place to safety once the fiscal cliff hits, is resolved and then the deflationary scare begins to be shook out a bit and that bond holders start to realize that the government cannot continue to save them and they can’t manipulate the market forever (see Japan) is that there will be nowhere to run but gold will be the safe haven. Europe will be hit with their final issues and the whole world will go nuts summer 2013. This will present tremendous opportunity for those quick enough to recognize it. I believe gold will begin it’s launch into the stratosphere as well as stocks, but only after many of the bulls get shook out and after those in other areas have nowhere else to go.

    • Jakegint

      Plausible thesis. You are still fighting the Bernank to see it’s resolution, however.

      I think he kills the buck first, then later deflation.


      • Gary_UK

        It is inevitable that they kill the dollar first, it’s the easy way to wipe out their debt.

        A monetary no-brainer.

        As is buying gold.

        Be careful with miners in a few years, I see the physical market separating from the paper, and the miners will follow the paper price.

  7. martin A

    Bill Clinton used creative accounting to bring a lot of the future growth forward and we paid the price for it. He took the 401k and introduced the IRA so that people would pay taxes now by shifting capital into the IRA, rather than put int into 401ks which they would pay taxes on later. He also shifted the funding of debt towards short term maturities to save on interest expenditures.

    Prior to Clinton, every administration tried to extend the national debt for as long as possible, protecting the budget from wild swings in interest rates and reducing volatility. It would have a limited window (2-4 years) to fight inflation before an interest rate would cause a surge in nations deficit from interest rate expenditures. The Clinton debt manipulation endangered our economy, not to mention the forced lending and financial system corruption that forced bankers to lend while also allowing bankers to pack a bunch of mortgages into derivatives and ship them off to someone else.

    The rise in interest expenditures could easily outpace the government’s ability to reduce spending. Every 1 point rise in interest rates caused hundreds of billions of dollars added to the debt.

    Interest expenditures of this magnitude are nothing more than a wholesale license to export the national wealth of a nation where government spending no longer stimulates the domestic economy.

    This attitude of extending the problem on and putting the risk on the next administration will come back to haunt us.

    Debt by itself is not bad, what matters is how it’s used and managed. The governments failing first are those that spent the most on social programs (see most of Europe). If government spending fails to create enough good paying jobs, the net effect is not stimulous but a drain on the economy.
    Welfare recipients don’t get enough money to buy a new home, car, or high end durable goods that might create jobs. Combine this with government expansion itself making up a large chunk of the workforce, and you have a reason for political unrest.

    The government must
    -shift the national debt back towards a long term focus
    -freeze government employment
    -Drastically make temporary cuts or make plans to actually cut 2% per year in spending.
    -Establish not a VAT sales tax but a national sales tax that will also extract tax from illegal aliens and the underground economy with exemptions on food and housing to protect the poor and make sure the upper class naturally pays more.
    -Repeal the 16th ammendment which established the income tax. to discourage illegal activity and make sure that eventually the money spent underground will flow towards the government. The income tax ensures that people that make money from illegal activities will keep much of the money in illegal activities as little will go towards state sales tax. By having no income tax and deriving income from national sales tax, those that have all this money illegally and are spending it on their own supplies on legal businesses that are barely breaking even (because much of the profits will go back into the illegal business used to launder money will not be able to keep this up without the federal government getting it’s cut. This also won’t punish business growth and won’t limit it significantly, although margins may be a bit tighter in some areas due to consumers taking on more expenses… BUT those same consumers will keep more of their paycheck to absorb higher prices, and the business growth for 50% of the businesses will be able to reduce their taxes on the businesses, and instead the taxes will be generated once they spend money on yachts and big houses, and when those making money spend. It will reward reinvesting one’s own money to grow the business rather than taking money out of the business and spending it as well.
    -Provide a tax amnesty period allowing those to make good on their payments without fear of prosecution for those with delinquent payments and for those avoiding taxes and use the proceeds to make plans to retire the national debt eventually.

    • martin A

      before an interest rate would cause a surge

      meant interest rate HIKE

      • Jakegint

        Not sure what you were saying about IRA’s. They’ve been around for a while. Are you talking about the “Roth” variety, that goes in after tax?

        401k’s are just corporate (group) IRA’s. In fact, when you leave your company, you can roll your 401k into an IRA.


        • martin A

          yeah Roth IRA because it’s after tax. That way government gets it’s tax NOW rather than later, so it is essentially pulling future government revenues forward

          • Jakegint

            Well, only in the case of those who would otherwise put their $$ into a tax deferred IRA… As most “income” is taxed right away anyhow, no?

            BTW — Roth’s don’t work if you make over $150k, so they are not “optimal” as the POTUS would say.

            (I wouldn’t use them anyway, because I don’t trust they will keep their word and not tax me in the future!)


            • jay

              I thought money that goes into 401k and other IRAs were pre taxible income?

              • Jakegint

                Not Roth IRA money… that’s going in after tax. The deal is it isn’t taxed (i.e. deferred) when you take it out at retirement like normal IRA money (which does go in pre-tax) will be.

                Also, if you make more than $150k a year, you can’t even deduct your non-Roth IRA deposits. So in effect, it’s not pretax money either, but post tax.


  8. Honolulu Trader

    Time For Some Texas Tea


  9. Hawaiifive0

    Thanks again Jake. We are so close. Just waiting.

  10. xxxHuggieBearxxx

    Good to see you back. I am full up to my ears with EXK and MCP. I don’t get how they are so cheap given the deluge of new money that has and will be coming over the next year.

  11. Tim Knight's Ghost
    Tim Knight's Ghost

    Buckeye nuts are poisonous. Hopefully he likes them!

  12. jackrabbit mcgee

    Hey jake, keep these twitter polls going and diversify the questions. It’s really great seeing the ibankcoin users perceptions on various topics. Nice to have more interactivity amongst users.

    • Jakegint

      I talk quite a bit about nationalization risk. If they nationalize mines in Canada and the US, you can forget about owning bullion as well…


      • Gary_UK

        They won’t nationalise, but they will tax them as a utility. Like water companies.
        Gold owners will be left alone, as gold will need to flow.
        But if some foolhardy govt makes a short-term error in this area, it won’t worry me, I lost my gold in a horrific boating accident.

  13. DMG

    Did’ja hear the latest Biden-ism? GOP/Romney voting for a $500 TRILLION tax cut to the rich.

    Guy is a national treasure.

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