Don’t Look Now… it’s Silver Cher!
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Today’s downstroke rode the same tidal wave out that had been building up and cresting these past weeks and days.   Even I was surprised to see how much power that wave continued to exhibit all the way through this morning’s early peaks.

But you knew that momentum had to recede eventually, and SLW’s egregious heights over any semblance of “the mean” was as good an example as any:

EXK, our other junior silver darling, showed the same signs….

That should make for a nice entry… again.   And although the silvers were the drama queens today, even noble ANV looked to have a little bearish candle hung on it today.  Again, opportunity knocks:

And what, besides outsize momentum, caused these sharp rebounds today?  Of course it was your favourite fiat currency, the almighty U.S. dollar, rebounding out of a seeming death spiral in the low $76 region.  Know look at it:

This weekly chart gives the best perspective of all.   The dollar is obviously rebounding somewhat, but the downtrend is still very much in play.  In fact, I think the dollar will have a hard time getting past that 13-week EMA that’s been containing it for months, like a damsel in a tower.

I don’t believe that line will be crossed this time, either.   Look for a pullback from the high $78-$79 region.

My best to you all, trimmers.  Let the Cher be with you.

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[youtube:http://www.youtube.com/watch?v=WM1RChZk1EU 450 300]

The Greatest Hip Hop Video Of All Time… Do you Dispute it?

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And so appropos, no?   Can you dispute I got a million ways to get it?

Who holds the Jacksons, still?  Which of you?  

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I took some silver off today, specifically SLW, PAAS and EXK.  My positions in these were fecund and preposterous.  They were an insult to God, they’d grown to such metastisitic proportions.

So I reset on some.   But I keep all of my SVM, MVG, and SSRI, with an eye on adding again to all of them.

And even more so with the gold juniors.   Some have asked me, “what of IAG?” 

More of it here, good sir?

Yes, good sir, yes, yes.    And NG and IVN at any scant opportunity.   But above all, constantly feed RGLD. 

Outside these of the Precious, only MON, UPS and ANDE are attractive to me right now.  

Go on now, I’ve given you enough! 

Go!

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 Indeuuuud!

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Don’t get me wrong, silver will pull back almost immediately here. And gold should have a nice refrain as well. But all the Glenn Beck modalities aside, let’s not lose sight of the big picture here.

Don’t let the closet commie Keynesians who are currently plaguing the Fly ward you away from the nose in front of your face. It seems there are those who would hew to the belief that the sovrereignity of our currency will remain, unmolested by the tenets of common sense or basic economics. In the words of Lewis Carroll — “Callou Callay, oh frapjous day!’

Nothing to worry about here right?

But then, there’s that old bogey “empiricism,” creeping up to spoil their party once again. One example?

Does this indicate an overbought investment?  Well, sure.  For the last ten years now.   In fact, that’s why perhaps the silver sister has finally begun catching up, and the ratio between the two has begun shrinking.

But there’s still quite a bit of room to go:

Even silver looks a bit overbought right now, doesn’t it?  Yes, in fact, I may take some of my leverage off early this week as a result.  That means I’ll likely sell some of the AGQ I re-purchased in the $93 and $96 ranges, and maybe even sell my SLW December $25 calls as well. 

It’s not like I’m going to sell any of my core positions.  That would be foolish, given the disposition of our currency.  The DX-Y chart is what you should be watching, rather than the ephemeral explanations of the “cake and eat it” economics students who’ve recently appeared like noxious mushrooms on these internets.

Don’t let their quibbles with Glenn Beck or any other broadcast polemicist stay you from your review of the empirical data.  The dollar will bounce, likely at $74 or so.  But that gato will be expired before you can cash your small beer change. 

Friends, the dollar is the Dallas Cowboys of the currency world.  It may have another touchdown or two in its future, but those brief triumphs will be wreathed by tragedy.

Indubitably.

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I still like EGO, if you’re looking for a latter day saint.  Also, IAG is probably a pullback look. 

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Come, lads, and feast at my table at long last.   Rest your weary bones in the comfort of my Great Hall–Silverhalla– for it is the hall built by the metal gods Au and Ag for heroes who have fought in the great shield wall of Hard Commoditus, that great preserver of Empires and succorer of innocent children and midwives.

Those who have taken up hauberk and helm, shield and scimitar against the armies of the Mad Kings — Inflatus and Deflatus — shall be rewarded this day with an eternity of riches and smooth mulled wines.   Those also who have fought against those fierce Kings’ Champion, Bern Yankee,  and his much feared Quantive Eeze Garrison, will be welcome in my Hall, here and in the hereafter.  

True, it is gold that brings the wenches, and gold that has sated the hearts of  many the currency coveter.  But those who hie to my banner (featuring St. ElTee of the Blessed Rood)  will receive a far more useful reward in the Hall of my Fathers– the Great Hall of Silverhalla, aye.

Those lucky few, those sceptered Islanders, shall receive the Holy Stock Picks of Antioch, and be able to then hurl brickbats of bullion at thy enemies and thereby “snuffe them, in His Mercy.   For now is no time to loose one’s bladder in the shield wall, and cower at the hard paper truncheons of the Que Eeze… no!   Now is the time to strike!  And strike again for the promised marshall glories!

The glories of Silverhalla!   (Puts Silver horn to lips, blows four sharp blasts in succession….)

Behold!

Behold anew!

…and  Behold the next Great Warrior Chieftan of Silverhalla! (Still a mere boy, really)–

Now forth!  Forth for glory, and slay thine enemies and revel in the lamentations of their accountants!

Skol!

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This is good…

[youtube:http://www.youtube.com/watch?v=4wty7974IKg&feature=related 450 300]

This might be even better….

[youtube:http://www.youtube.com/watch?v=b8XVMU5obkc&feature=related 450 300]

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C’mon California!  The Giants have done the hard part and dispatched the Crackboys for you.   This leaves the NFL safe for Niner and Charger domination.   Who knows?  Even the Raiduhs are showing signs of life…

Now all you have to do is get rid of Barbara Boxer and reclaim one of the greatest states in the Union.

I know you can do it.  God speed.

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If you were on The PPT today, you saw that I added a tonne of metal back to my portfolio.   AGQ, EXK, GSS, IVN, RGLD, and even FRG were all added at favorable prices.

I also got rid of the last of my hedges at a slight profit. 

Last, I added to my PBR, my favorite long term earl play.   Yes it’s Brazilian, and someday it will be worth a Brazilian bucks to my family.

That is all.   Keep watching that dollar.   My best to you, especially those people in Kelly-Phonia, who can once again give direction to the U.S. with the right move here.

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[youtube:http://www.youtube.com/watch?v=CwpdGyIY2fQ&feature=channel 450 300]

This is pretty incredible, especially considering it’s from CBS’s 60 Minutes…  Watch the whole thing if you can.  Sobering.

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Feel free to pay attention to all the goings on in this weekend’s G-20 Meeting in Seoul, South Korea.  It’s said they will “contain” this current race-to-the-bottom devaluing fest we’ve seemed to have ignited in order to keep our mortgage market afloat.

I have other ideas, however.

I will instead sacrifice a small goat in a special backyard Harvest Celebration in hopes the the Great Pumpkin will descend into my wife’s tomato gardens, and fix all of our U.S. currency iniquities without locking us up in a stockade in the Hague or sending us to plantations in Dominican Republic to hack tall cane for short beer.

I really believe this is the wiser strategy, and what’s more, it seems goats are running three for six dollars down at the Kroger this weekend.  That leaves two for milking as a bonus.

The dollar markets are already returning to form this evening, and they are down below $77, again, as I type this.   Here’s what’s got me scratching my ribcage like I’ve got a needle-sharp case of the Shingles:

The prospects for the plummeting dollar may change by tomorrow morning, but as for now, I’m planning on giving thanks to the Great Pumpkin (a god as powerful, some say, as the Turkey gods themselves!) and putting back on most of my precious risk trades….

And mooooooooaaahh!

And yes, that includes going back to AGQ, and adding to all of my silver hordes, including EXK, PAAS, EXK and maybe even some MVG.   I will also be adding IVN as mentioned, and more GSS, and RGLD if I can get it quickly enough.

Watch yourselves this week, folks, and watch that vid to get a taste of where we really are these days.   My best to you all, especially my friends in California.

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