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 Many of you may know of Hannukha Harry from his comic forays on the old Saturday Night Live.  Well, a similar number of you may not realize that Harry– in true legend– actually wore a formal stove-pipe hat (see above) when doling out socks and toothbrushes and other sensible gifts to the good Jewish chillens over the eight nights of Hannukha. 

I can confirm this, as I saw Harry himself with mine own goyum eyes coming through the garage door entrance (sensibly) of my friend Benjamin Zimmerman’s house one early December evening in sixth grade, when I’d stayed over — at his parents’ invitation– on the third night of the Festival of Lights.  

It was 7:30 and we’d just laid out the traditional borscht and bagels after Jeopardy, when we saw his trademark stovepipe peeking through the door.    Hannukha Harry only comes at sensible times, as he needs to be in bed before ten.   None of this fakakta post-midnight chimney drop-ins for him, he told us.   That, he explained, is for the meshugganah Sinter Klaus — a distant relative and definitely not glatt kosher. 

One of the gifts Harry bestowed upon us that night was The Tale of Sound Money.  Sure, he was easy with the gelt, but aside from the traditional chocolate coins, he told us never to trust a fully fiat currency system, as it would always let us down.   At the time, he told us, the U.S. dollar had devalued from it’s 1913 (pre-Federal Reserve) value by almost 87% (it’s now closer to 95%), and much of that drop was achieved in the decade since Richard Nixon had given up on gold convertability altogether in the 1971 Bretton Woods abdication.   

Harry told us it was only a matter of time before politicians and their allies in the central banks got so greedy that they’d wreck a fiat currency system designed — with the best of intentions — to promote sound economic trade.   There was just too much conflict of interest for any one central bank or sponsor country to trust another, and worse was that temptation more for the “currency of record”  that was held as the “reserve” in a fake money system. 

No, only an anchored “no cheater” metric could ensure a balance of trade that would not bankrupt the citizenry of the developed world, he admonished, with furrowed mono-brow.

And to emphasize the point of the lesson, Hannukah Harry left us with a Canadian Maple Leaf gold coin a piece (he explained he was originally from Toronto), and then drove out of sight in his ’79 Toyota Corrolla (sensible to the end).

So today, in remembrance of that evening with Hannukah Harry, and on this first night of Hannukah, I have discarded my formal iBC Approved Lincolnesque stovepipe top hat, and replaced it with the traditional Hannukah stovepipe instead (above).  

Happy Hannukah to all of you, and most especially to my Tribal readers and friends.

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As for the market, I think you can see what’s happened to the dollar, and consequently, our vindicated precious metal markets.   Notice also that things in the PM world have started to get a little tired and labored even as the dollar drops?  That’s why I’m not really adding to my precious metal hordes at this late hour, despite the temptation to do so.

In fact, I may even use this short burst to trim some of my laggards like IAG and GSS, and even sell some calls on my workhorses like SLW and ANV.   In the meantime, I make hay whilst the sun shines (and the dollar drops) on such long term holds as ENTR and TC.   I even added to TC ($12.80) and rare earth metal nut-stock AVARF ($3.69)today, as I recorded in The PPT.

These are all late game plays, and I will be trimming in the week ahead almost definitely.  There’s only so much we can expect out of the magnificent moves we’ve experienced in the last months, and I will squeeze what I can out of my bounty.  I will also endeavour, however,  not to get stupid and over-greedy.

Best to you all, Light Festivalists.

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We spent all day tightroping the edge of the knife, with the dollar up over $81.15 at one point, and looking to scratch it’s way back to another resistance level at $82 (see yesterday’s chart).

I am eating samitch after samitch whilst trying to get transactions done in my real-world job before the arrival of Santa and his hated Year-Ending Elves.  These elves are characterised (sic) by their size 15 purple Chuck Taylor sneakers and black leather jackets.   The come to destroy your year end payouts by crashing deals or worse — extending them over the dreaded January 1st barrier, where goblins dwell, stretching their cold emaciated hands out to offer only sauer kraut on cool buns — and no dog, hot or otherwise.

But I won’t bore you with all that trouble.   Suffice it to say I’m busy, and I don’t like what the tragically unhip North Koreans have been doing to my dollar, especially combined with the large selling on strength in the SPY’s that we saw today.

Right now the dollar is banging once again at the $81.00 level, even after it fell off in late day trading today to flirt with the high 80.60’s.   I’m afraid I won’t be quite right until I see it disappear below the waves of $80 for good, which may not be for another week now, given the friskiness the mentally challenged greenback bulls have exhibited here.

So I may actually dump my calls for reals tomorrow, but I may also eat a samitch.   Whatever the case, given today’s selling on strength, if I see the dollar threaten rain again, I will be clearing out of almost everything but my PM positions, with the exception of MON and UPS.  

When it rains we must be ready with the bumbershoot, wot?

Bless you and keep you.

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Call me cynical, but with the Irish Whiskey Soakers getting bailed out via extensive fiscal austerity hand slapping by their European Union betters (bettors?), do you really think this dollar surge is going to last much longer?

I believe the funny money provision is point three or four of “Despotism Made Easy,” which reads like the blueprint for the last four plus years of Hope and Changey recklessness.   I highly recommend the piece for your review — it shouldn’t take you more than ten minutes to read all 14 pages of it.   It explains how keeping people in financial penury by cheapening the paper they use to exchange goods and services (erroneously referred to as “money”) is only one of multiple means toward a targeted despotic end for our once proud Republic.

That need to continue feeding the hungry funny money machine that will keep this economy “going” — at least superficially — will always serve as a millstone around the dollar, no matter it’s near-term reaction to Korean Guttersniping or PIIG-like European snorting.

Since I last left you for a scrumptious giblet delight repast, the dollar has surged in erratic Turkey Gods Trading  all the way to $80.65.  While I was not surprised to see the dollar touch $80.00 on the DXY, I was amazed at how quickly it blew by that number and then almost all the way to $81.00 in subsequent very light trading. 

I just don’t think the dollar has a lot of more runway ahead of it, and it’s not just because of this stealth move in light trading.  It’s also because we’ve retraced the last drop from the highs all the way to the very strong 38.2% Fibonacci Line.   Check it here on the weekly:

That all said, we should gird our loins for a continued move to the $81-$82 region.   It’s not such a stretch from here, and it would be enough to make the recent PM noobs squeal and drop.   Heck, I might even dump some of my December IAG call positions if I see a move to $81.    

Like my pappy always said — be prepared for the worst, so you can take advantage of the best when the time comes.

Best to you all.  

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[youtube:http://www.youtube.com/watch?v=HrnoR9cBP3o&feature=related 450 300]

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Just back from the retard-iculously expensive version of Disney’s Broadway Musical — Mary Poppins…

It was really a nice show, and the little Irish girl they’ve got playing Ms. Poppins is top notch.

Highly recommended, despite the seeming incongruity w. red blooded maleness.  Then again, there’s a fully stocked bar at the beautiful little New Amsterdam Theater.

That cannot be discounted.

Neither can be the bizzaro back and forth the market has been throwing us these past two days.  Calloo callay, what can I say?   I can say this:

The North Korean sabre rattling is bullshit.

The Turkey Gods cannot be gainsayed.

Benjamin will shower you with helicopter goods rather than grab you a job in the kleptocracy.   He’s like that.

(That’s it, I have no remonstrances after this)

Happy Thanksgiving to All.   Stay the Course, of course.

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[youtube:http://www.youtube.com/watch?v=_ZSMJUJkiAY&feature=youtu.be 450 300]

Pure Gold, Especially “the O-Bom”

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What’s that?  You bought something today that couldn’t be coin-stamped into quick-liquid drachmas were you dropped off in the middle of pre-Roman Phoenicia (sic) by a passing time-warping Spaceman?

You mean you didn’t buy silver?  Or even gold or platinum or palladium today?   You were instead PSUNned with ten thousand volts from the PSUN-gun?

Well then… join the crowd!

Actually, besides taking that ill-advised detour into California Retail Rag Trade,  I also backed up the truck today and bot a Chicago-load of SIL for the first time today.  I won’t even mention how much, as it was entirely for my own account and none of your affair.  I will tell you it was at 40 cents shy of $24 per share, however, and then some.

Why do I bother purchasing anyting else besides PM’s, and at my great peril, you ask?   For thrills I guess, as there’s nothing less thrilling than 2-5% every day on these damnable  Jack in the Beanstalk PM picks.

Am I boring you?  My apologies, as I’m even boring myself.  

Well no one ever said this stock picking thing was an easy gig.   Try to stifle the yawns, and let’s just do our daily bit of mining.   I’ve been purchasing some options in IAG and ANV to make life a little less mundane.  I expect they should about double by mid December.  Boring, no?

Hmmmm… what else?   Oh yes, there’s this — AXU.  I just found it today, oddly enough.  Speculative as all get out, so don’t get too crazy, but who knows.   Might be the funnest ride we’ll have this side of GSS for the near future, now that everyone else is getting so damned respectable.

Cain’t stand all that respectability. 

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As for our theme: remember to do your part.  Civil disobedience, Ghandi-style, til these TSA boners get that this is not Soviet Russia.  Try not to enjoy the rubdown/off too much.   

Bonus Clip!  Pres’dent O’Bama tries to board Air Force One!

[youtube:http://www.youtube.com/watch?v=EdQzNMLECi8 450 300]

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The Turkey Gods are here.  Tremble, all ye who remain Ursine in attitude.

How do I know? Simple.   I merely whip out my prodigious folding money clip and scan the Benjamins, Grants and Jacksons for signs of wear and tear.   Sure as shootin’, there’s been beak-damage done to all the eyes of my papery dead Presidents.

The Turkey Gods love to eat dollars, but they especially love the vile jellies of moldering dead American War Heroes.   And yes, historical termagents, Ben Franklin was also a war hero.

Said heroes are not to be confused with “The Ben Bernank.” He is the hero only of the Currency Crusades, a tilter at windmills and the paper dragons of deflation. Soon, his unsmiling bearded mug will adorn the $10,000,000 dollar note, Zimbabwe-style.

Tonight, the dollar is below my “drain level” of $78.20 — currently trading at $78.13, after hitting lows tonight (Sunday evening) of $78.08.   I believe this is the “all clear” signal, and will be pushing the rest of my chips all in.

Not sure how many of you caught my large pickup in junior gold stock IAG, as announced in The PPT, the other day, but I grabbed a lot of December 17.50’s well below $17–.   I think that will continue to work.

However, I think the big silvers will be the one’s off the chart next week.  If you were contemplating the rulers — SLW, PAAS, SSRI or even the ETF, SIL, then this week is the time to grab hold before the end of the year.

The one I really like in the more speculative area, however, is EXK.   I also like SVM and MVG in the more speculative range.   CDE and HL — the garbage of the sector, should be handled with care.  No matter, they should all rise through to the end of the year.

RGLD, EGO, and of course ANV, gold juniors all, should also be at the top of your lists, as well.

Best to you all.

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