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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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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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Oh crap, that’s not water, is it?

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Time to throw some water on the charade, ladies and gents.  Time to get back to some sensible economic thinking and, more important, practice.

Are you familiar with the 1099 fiasco attached to the recent Health Care Legislation?  Rather than wax bombastic on the errancy of the bill, it’s probably better I just lay it out here:

Section 9006 of the health care bill — just a few lines buried in the 2,409-page document — mandates that beginning in 2012 all companies will have to issue 1099 tax forms not just to contract workers but to any individual or corporation from which they buy more than $600 in goods or services in a tax year.

The stealth change radically alters the nature of 1099s and means businesses will have to issue millions of new tax documents each year.

This is just one provision of the 2,500 page healthcare law that was snuck in by conniving tax eating Dems looking to play hardball with the millions of American businesses.   That the 1099 provision would be an inefficient saddling of our business community with tonnes of useless paperwork is not even the most egregious quality of this directive…

No, the worst of it is that it reflects a fundamental distrust of the American business community.  A distrust so inbred and incapable of “change” that it results in laws that will not only throw sand in the cogs of our great commercial structure,  but will also create larger barriers to entry for the small business entrepreneurs that have ever been the font of innovation and new employment in our economy.

These are the kommisars, my friends.  They have come to take control, via oversight of your healthcare, and now of your commerce.   Tomorrow I may speak about the bill they are currently bruiting about that calls for a 1% transaction fee on all financial transactions, even simple banking measures.  

No worries, however, that 2% roundtrip tax on the deposit and withdrawl of your weekly paycheck is merely in keeping with “fiscal responsibility” and “deficit reduction.”   Because, as we all know folks, that’s the Democrats’ main priority, right?

Don’t tell me there’s no difference, folks.  

MORE ELECTION COVERAGE TOMORROW AND TUESDAY… stay tuned! 

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Gold’s holding up.  I will look to lighten on some of that massive ANV call position, probably tomorrow.   I will annouce any sales in The PPT and then in this blog.    Best to you all.

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Not my Yanks, that’s for sure
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Drawdown days are a bitch, I don’t care how well hedged you are. Some of my positions took 7 and even 8% haircuts today, but mostly that was the small ones. The bigger ones were hedged, so the bleeding was not entirely egregious. I was almost entirely out of my AGQ with only 400 shares left, so that was not a horrible caining I took even in that double slammer today, given I formerly owned 3k shares.

Word to the wise, the $HUI index is oversold already on the deep dive it did today, so I would not dwell long in the land of shorting this gold bull.  You are far more likely to receive  profitable thrills by waving your junk at a basket filled with hungry ferrets.

Of all the single precious issues out there, I like IVN and GSS to rebound first.  Don’t ask me why, just attend to my Spider Senses.   I also like almost precious REE, if it ever comes back down to earth again.  

In the non-metals world, I still love the Trannies and their strength here, relative to the scaredy cat sell off.   I especially love UPS, and you should look to add to this core holding if it can dip just a little below to it’s 50-day EMA at $66.60 or so:

RGLD is another core hold  you should be looking to glom here.   I will be adding to it, to ANV and to SLW very shortly. 

Watch the dollah!   More tomorrah!

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A Fistful of Awesome!

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Yep, I went and did it again today.   I didn’t like the pin action in the price of gold, not to mention the dollar, and so hedged most of my major positions, including SLW, ANV, EGO and RGLD, with short calls, just slightly in the money, one month out (Novembers). 

I also trimmed my AGQ once again, selling another 400 shares at $104+.  I now have only a measly 400 shares left from my original 3,000.   We are retardedly over the 200 day moving average in silver, which just refuses to stand down, but AGQ will be a hard break when it does finally succumb to gravity, I’d contend.  

The good I see ahead is in the precious metals, big surprise, no?   That’s why I’m only shorting calls, rather than selling big chunks, though I did sell 30% of EXK yesterday, instead of selling the calls.   At prices below $5, however, and really even below $10, I see there being little difference in the price of a call, and the price of a stock, so I just sell the underlying to a point where I’m comfortable holding through the storm, and then I just hang on.

The bad I saw today, was in the bank stocks.  I thought at first that this mortgage gig was a smokescreen, readied by The Powers That Are  to scare some valuations down for coming bank M&A’s.   That thesis may still be correuct, but I was given pause by the action of the bank index ($BKX) today.   Observe:

 After all this hooplah since early September, you’d think the financials would have something better to show us than the above, no?   And yet, it’s looking bad for now.   I shall revisit my “possible takeover” thesis later in the year, as I still believe there’s a strong percentage still in betting on a flurry of acquisitions coming off at the end of this year.

In the meantime, I dumped the last of my BBT, FITB and even JPM.   I may buy back one of those after this storm has passed here, but for now, cash is better than banks.

The ugly is none other than the mighty U.S. dollar, which seemed to get it’s bounce today, off the $76.40 low area and is now almost 30 cent higher at $76.70.   

This bounce should give you an opportunity to consolidate some positions, and perhaps enter others.  I have my eye on more GSS, which is one of the few gold and silver plays that is not yet overbought.  But be ready to pounce with all alacrity on the whole universe, as this pullback may be short lived.

Or, not lived at all. 

My best to you.

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