You can’t say Le Fly didn’t warn you.
Both gold and silver are being washed out this morning, down 5 and 7% respectively. I want you to understand something very important: the capital costs to mine for gold and silver is extremely expensive. Most of these idiots can’t make money at current levels and before you know it, they will be filing for bankruptcy protection. The net asset values of all miners will be marked down today, potentionally leading to credit downgrades.
The miners are the banks of 2008. They are in death spirals. Don’t be a hero. Avoid.
Bonds are getting killed again, with the 30 yr nearing 3.5%. Both Europe and Asia got smashed to the tune of 2.5%. The trend is very easy to identify: full blown liquidation of all assets, sans dollars, due to the belief that rates are heading up.
But it’s deeper than that, lads. The underlying fear is the end of Benjamin Bernanke. He is the bitch killer, the one who regulated bears to fag boxes, similar to what superman did to the villains in part 1. But now Obama wants him gone, replaced by Janet Yellen. The market isn’t going to like that, believe you me. Do you remember how hard the market dropped when Greenspan resigned? No one knew Ben and thought he was a putz. It’s very possible that a new Fed chair steps in and jacks rates higher immediately.
The negative for stocks is the possibility of the Fed bid being pulled from the market. That means we’re on our own again, a very hard spectacle to envision.
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Nice post Tyler …1st
The bear market has began, PM bear market has been here for a while and now is death for many years to come.
I will be selling what I bought yesterday for a loss + more selling.
rates go up..dollar comes down…gold/silver explode?? right??
WRONG.
Dollar goes up because stocks are sold, due to higher rates. Gold lower
dollar resumes plunge soon
LOL ! End of the world – again.
The market has seen it’s highs for the year.
Don’t say I didn’t warn you!
you sure did, but you also got long gold in various forms and added to that all the way to here, stay away from twitter 🙂
No, that’s the other Doug Kass – I’m the smart one!
Long burlap overcoats and thick black smoke.
LOL..I can’t stop laughing at the “fag box” picture.
AHHHHHHH I love waking up to the smell of blood flowing on wall street. It feels bad now, but my goodness we are just a few percentage points off the highs.
Keep an eye on SPY 159 today folks. If that falls, we are heading substantially lower, probably to test the breakout of the old highs.
http://lwcm.com/research/stock-bond-correlations-are-upside-down
Oh fine sir, please don’t compare these ground diggers of today with those elegant financial institutions of 2008. I made several pieces of legal tender on those banks. I also made several babies during those good old days.
Actually, compare today’s miners to the shippers in 2008.
Ben and his folk walked arm in arm with the banks like they were attending a goddamn cotillion.
Janet and hers will continue that fine tradition, armed with canes, topped hats and those stupid long handed cigarette holders. They’ll run over the miners on the way.
Janet is well known to agree with Bernanke’s policy.
what about “ben has my back”????
flip flop flip flop
You obviously never managed money. Go buy the dip and blow yourself.
To be successful, one must flippe floppe.
It’s evident you are not.
I am that guy who lived in the Maine woods for the last 27 years. After finding a bag of cash while scrounging one day, I invested in a 2 dollar stock that just went to 25 cents. I really need a place to stay Mr Fly. All I ask for is another bag of cash and your back yard. THANKS IN ADVANCE!
DATA and WDAY are green…those are your next leaders
lets start taliing about the winners of tomorrow
love WDAY
I have spent first 30 minutes selling most of my long positions…. I am out of this market for now for the most part
short the crap out of /6e
Only if you think the flight to quality continues
I don’t think you need to worry about that with Janet Yellen…
You’ve been brilliant with your analysis on the PM’s. I realize you are up 32%, but do you have any regrets not hammering this sector short, like you did with AG, and staying the course? Amongst all the calls you have made, this one has been one of your finest.
thats wheel chair thinking brah
Wha? You mean “wheeled chair” brah.
Vancouver Bullion provies the opportunity to purchse gold and silver at excusive prices.
Congratulations to the team. Though isn’t this pretty much the same people who were on the 2012 team and the 2011 team? All these names and these layouts are familiar to me. I wish CK could find a few more unknowns now and then to mix things up.