iBankCoin
Home / Tag Archives: SLV (page 2)

Tag Archives: SLV

Enter, Weimar

Weimar
______________________

I guess my jaw is just going to drop every day right into November 6th  of this year.  Yesterday, I stood agog as the U.S. National  Media did not merely let slip their masques of “Objectivity” but tore them off completely in defense of their Dear Leader, The Obama.  It was like we were back in the days of “Soviet Union,” when Pravda and Tass would not only mouth whatever “truths” the Soviet leadership would set them to, but also pro-actively attack dissidents of the regime in order to discredit them. 

When our embassies in Egypt and Libya were attacked “coincidentally” on 9/11, and our Executive Branch Administration decided to respond with an apology instead of condemnation, I guess I wasn’t completely shocked when the MSM house organs (NY Times, Boston Globe, LA Times) buried the story well into their papers to clear room for important Romney/Ryan high school reportage.  What was a shock, however, was watching the press go after Mitt Romney for — very appropriately, IMHO — condemning the wrong-headedness not only of the rioting Islamacists, but of the Obama Administration that was feeling their pain.  Incredulously, I watched as the biggest media firms  in the country went after Romney in a (now confirmed) coordinated attack like he was the guy who murdered our ambassador in Libya instead of being the only Presidential candidate to take time out of his day to remark upon it.

No, what was important to the press was that Romney was condemning the Obama Administration, and everyone knows that the Main Stream Media’s number one job is to advocate for the Democrat President, right?

Right?

____________________

Meanwhile, on day four of “Jaw Dropper Week,” we hear from yet another  uncompensated (well, sorta) member of the Committee Re-elect the President Again (CREEPA) — Mr. Ben Bernanke.   Not two weeks after Mitt Romney all but said that Fed Chair Bernanke was likely selling pencils come this January, the Bearded Bandit decided to show just how far he’d go to keep his job.

In a scene that seemed cut from the classic Mike Judge movie, Idiocracy, Mr. Chairman has decided to cut loose with your sovereign currency in such a way that soon we will be purchasing extra-wide checks to accomodate the extra zeroes we’ll have to write.  And he’s not doing it in any kind of secretive “QE4” way, either.  No, he’s just going to purchase — with fake money! — US mortgage bonds, at $85 billion a month til the end of the year, and then $40 bn a month, apparently until morale improves!

It’s fucking mind-boggling, if you’ll excuse my French.  Just stutteringly mad.

We are spitting in the face of people who hold our dollars world wide.  We are saying, “See this? This hundred dollar bill?  I wipe my arse with it!  Have some!” 

“Oh, yeah… and vote Barry so I can keep my job, eh?  Thanks much.”

Anyone got a line on a wheel barrow factory I can invest in?

______________

As might be expected, gold (+2.11) and silver (+4.33) are screaming.  More analysis of the traditionals tonight, but the ETFs are your best bet at the moment (GDX, GDXJ, SIL, GLD, SLV, even AGQ and NUGT).  Go nuts, mind as well.

_______________________

 

Comments »

Up on Cripple Creek

[youtube:http://www.youtube.com/watch?v=RDnlU6rPfwY 450 300]

______________

She sends me,

If I spring a leak, she mends me.

I don’t have to speak, as she defends me.

A drunkard’s dream if I ever did seeeee ooooooone.

(Appropriate electro-banjo interestice)

_____________________________

Silver (la Lune) and gold (El Sol)  are both galloping across the skies now, impervious to my caution.   Thundering over my head, their coursers full afroth,  they say “paaah!” to my 70% position, daring me to chase my favourite (sic) miner names like some aging bobby soxer on Frank Sinatra Night at the Sands. 

I will not, however, as some option positions in the longer term department have sated my appetite for “easy dough” at the moment.  Instead I will stick to the still bargain issue lesser metals that are just now awakening to aroma of the lightly salted lightly peppered Bernanke Steaks that are being served to the market, “screw inflation”-style.

I will admit that I should have realized the printing presses would be truly whirring this week, as “the Bernank” attempts to assist “Backbone Barry” in ways that even Plugs Biden, with his literally literal literalisms and abstruse accolades cannot.  As I type, the dollar is down more than 80 cents (!!), plunging below the 50% fibonacci line that I mentioned the other day ($80.72) and now heading for the next support at $80.00 or so. 

Given the ferociousness of today’s takedown I wouldn’t be surprosed if we broke below $79, even in the near term, as we head to new lows in 2013.  Ben seems to be pulling out all the stops, as unemployment still sucks, and the only thing that will get people to think things are ok is if the market is up, up, up.    So be it, but just keep in mind we are playing with interest rate fire here.  That’s why I like the commodities more than the stocks here.  It’s only a matter of time.

I see my perspicacious friend Le Monsieur has already taken my “Cripple Creek” stock TC as his latest addition, so I won’t spend much time lauding it (you’ve probably already bought it, haven’t you?).   Know that this stock truly was crippled, unfairly, IMHO, by a bad financing timing decision.  It can get back to $5 (200 day EMA) very easily from here, I believe.

On other non-PM’s, I like TCK here, also beaten down like an ugly mule.  The nice thing about this metal mining sector is how you can make tonnes of money on beaten down stocks in it for about four out of the 52 weeks of the year.  I think we may be in one of those periods. 

Feel free to ask, I’ll probably say yes, but ask anyway.

Best to you all. 

 

Comments »

Deja Vu All Over Again?

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

_____________________________________

 The empty suit video above aside, I’d like to direct you to an excellent Wall Street Journal article that reviews the scope of our Entitlement State circa 2012.  It’s not that we have reached an unaffordable precipice (we most certainly have), but that the extent and volume of government fund transfers both in dollar terms and in terms of the percentage of the citizenry receiving transfers has begun to transform our own national character.  The article is appropriately called “Are Entitlements Corrupting Us?”

A lot of U.S.-based  and foreign leftists tend to complain whenever anyone brings up the subject of American Exceptionalism, but I wonder how many of them are enjoying this current slide into mediocrity, and how many will be happy when we’re just another European-type welfare state?  I think quite a few of them have a niggling feeling in the back of their head that something is slowly being lost, much as the rest of us on the other side of the aisle have done.  I don’t think one can help it.  I also cannot believe that the majority– even on the Left– sense this will be a net positive for the world.

But who really knows? Spite and schadenfreude are powerful emotional succors.  One never knows where a person, once corrupted, will get their kicks.

________________________

The dollar continues to tumble overnight, but draws near some major Fibonacci support at the high $80.80’s region.  Don’t be surprised if we get a bounce.  Perhaps a weak one, but maybe enough to deflate this current gold and silver run up for several days or even over a week.  I’m cautious here, only because I saw a lot of euphoria last week.  I’m about 60% invested on my PM positions, and will be patient here.

Best to you all.

____________________________

Comments »

Change We Can Invest In

[youtube:http://www.youtube.com/watch?v=6yD43OrcjDI 450 300]

_________________________________

Overall thumbs up to the RNC.  Some lame moments, but this is the Republicans, after all.  They are the opposite of slick.  Unlike many, I enjoyed Clint’s off the cuff rambling.  He’s like your crotchety grandfather — the one you got your sense of humor from, the one who could always make you smile.  Rubio had the second best speech of the convention, after only Ryan, and his tying his own immigrant roots-story into the Euro-style socialist policies of the Obama Administration was as spot-on as it was rhetorically brilliant.  To whit:

“These (Obama policies) are the ideas that people come to America to get away from.”

Brilliant.

Mitt was better than I expected, if only third place (Christie was terrible, IMHO, btw).  He humanized himself, I thought, and connected with the women’s vote, which will be crucial.  His economic versatility can be taken for granted, and it will be what helps save this Republic, but he’s not going to get that chance without “the womenses.”  Unlike Obama, he’s not just another pretty face.

I’m reasonably upbeat about the prospects of the GOP ticket going into November, but much work remains to be done.  Despite Obama’s Jimmy Carteresque record, he’s got major dollar-equivalent support from the likes of the major networks and wire services.  The good news is the American populace is discounting these propaganda organs substantially in the 21st Century.  The Obama-Reid-Pelosi abysmal record is there for those who want to review it,  and it’s our job as intelligent arbiters of our own republic to make sure the truth is not buried under slander, spin and misdirection.   God bless us all.

________________________

I think yesterday’s downspike may have presented an opportunity, market-wise.  I may start to step back into some of my sold off SLW and SIL positions.  I also like SLV for the duration here.  Those of you who have not done so may even think about physical silver.  I think we’re done pulling back and getting ready for the (longer term) move back to the 2011 highs.  We’re back above the 200 day EMA (and pulled back to it yesterday at $29.40).  We may pay pull back to fill in some gaps in the recent rise, but I don’t see SLV getting back below $28.50 any time soon.

For those fleet of foot and young enough to throw some bones on a play, I think BAA presented a nice opportunity yesterday on that big pullback.  If you look at this five minute chart, you’ll see a bunch of buying in the last hour of trading, all at that magic $4-dollarish mark.

I think this thing is headed back to $5.00 at some point before year end, and that’s 20% from here. Keep in mind this is a risky one, and against my usual gold miner picking strategy as it’s got tonnes of political risk, being in the “Democratic”(hah!) Republic of Congo. Keep your finger on the “caution” button for this sucker.

Another beaten down stock I was asked about (by Ragin’ Cajun, it turns out, sorry I took so long RC!) is rare earth miner MCP — Molycorp. I don’t own any of this but looking at the chart, it seems like this would be as safe buy with your stops set below the close on the 28th ($10.75).  I think yesterday’s action was typical back and fill volatility, and MCP is ready to join the re-inflation party Chairman Bernanke is about to touch off in pursuit of “four more years” for he and Barry.

Best to you all.
_____________________________

Comments »

Slim Pickens Bomb Thread

Slim Bomb

__________________________

I just got home and it looks like the golds/silvers had a crappy day, but it also looks like the dollar is falling tonight while the commodity complex, and especially earl, are rallying.  Oversold and out of favor are my two favorite paradigms, but I’m not telling you what to do if you are nervous here.

Me? I’m gonna do like Slim and ride the bomb.  I’ve got meetings all over again first thing tomorrow so I won’t be able to look in via anything else but Crackberry til mid afternoon.  In the  meantime, if you’d like to discuss things, open-thread style — and that means anything — I declare this blog a Mario Savio Free Speech Zone.

Have at it!

_______________________________________

Classic Slim:

[youtube:http://www.youtube.com/watch?v=4w36z7XnwOM 450 300]

 

________________

 

 

Comments »

$HUIs on the Horizon

Hueys
_______________________

As I mentioned the other afternoon, it looks like it won’t be long now, for the dollar and the precious metal markets to once again take different tracks.  And that should mean good things for the miners, as evidenced in what appears to be an approaching turn in the $HUI Gold Bug Index.

Turns out this whole Greek fiasco is becoming something of a mud-stomp for our swarthy souvlaki-eating, Ouzo-swilling band of molotav cocktail pitchers, and it appears that the European Community might even be angling to kick the Greeks out of the Euro no matter what.  Hey, as crazy as it’s become in Greece, at least they don’t have Federal officials inspecting their kids’ lunchboxes for “nutrition violations,’ yet, eh? 

I say so be it, and let it be done.  Either way it’s apparant that Big Brother Bernank is not going to let some rock-throwing, Fiat-torching proto-Spartans ruin his very stable run into the 2012 elections (and yes, he’s running too, believe it).  So be prepared to be awash in liquidity here.  Drachmas?  Schmachmas! Take some digital dollars and shut up, already. 

Around 8 am this morning, currency traders tried to make the dollar go “pop!” but gold and silver are currently calling bullshit on all that.  Yes, these three can sometimes rise together like the greatly undervalued kings of the comedy stage, Larry, Moe & Curly (not really) in a Depression-era movie house, but more often than not, this alliance is proven false within a matter of days, if not hours.  As I type this, mean-spirited Moe (the US dollar) is taking a pratfall from it’s earlier spike over $79.60, and Larry Gold and Curly Silver (the fat, dumb one), are careening higher.

As I mentioned earlier, I will also be looking for a turn in the miners here.  My weekly chart shows us approaching the bottom of that channel I pointed out the other day:

 

And the daily chart shows an even more clear bottoming in the stochastics.  Note also we almost touched the bottom of this (admittedly loose) consolidation triangle yesterday as well.   

 

 Quite a few of my stocks popped in the last hour of yesterday’s trading (along with the whole market, of course), including my March Madness pick, AUY

I had thought that contest was starting this Friday, for some odd reason that seemed truly logical only in my own beleaguered head.  I think that launch would have been perfect, but in the meantime, I’m in a bit of a hole, so be sure to purchase as much AUY as possible here, and to short that hideous purveyor of ethically questionable time-share vacations, AWAY.  Thanks in advance, and…

My best to you all.

___________________________

 

 

 

 

 

Comments »