Daaaaaah-DOPE-di-dope-di-dope-dope-dope-dope-daaaaahhhhh…..
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Dateline Palo Alto — Sierra Club President Richard Cecil-Head, IV speaking from his Half Moon Bay headquarter today stated that “No efforts will be spared,” in seeking to preserve the shrinking populace of gold bears in the foothills of Palo Alto.
“Few people realize the boon to society these particular bears can provide,” stated Mr. Head.
“Leaving aside their propensity to keep their backyard pools clean of scree and pine dust– sometimes scrubbing them as many as three times a day– these bears also provide significant aesthetic value by selling into every downspike and even potential downspike in this secular bull market over the last nine years.”
“Do you realize how rare a commodity such perfect obtuseness is nature? Darwin be damned – these knuckleheads must be preserved for the good of us all!”
Head is particularly concerned about the dead and dying bears being reported all up and down the California coast, especially those found with [[GDX]] -brand tire tracks across their furry backs.
“Please,” Mr. Head told this reporter “Let’s get this story out there. We cannot afford to lose this valuable animal to the ravages of rational market.”
(Rumours (sic) of Mr. Head’s large investments in physical gold were unconfirmed as of this column’s deadline.)
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Today I was busy, friends.
I sold a lot of phat calls that I owned since the last two dips today, mostly because they were getting long in the tooth (ie, “December strikes”). I got rid of December GDX $39’s and $40’s at embarassing profits, all thanks and praise to the GDX shorts, once again. I did similarly with December strike Silver Wheaton Corp. (USA) [[SLW]] calls that I held at $7.50 and $9.00 strikes.
The profits were unseemly. I shall not speak of them again, for fear of “colour” (sic).
I also sold 20 Allied Nevada Gold Corp. [[ANV]] December $7.50 calls for a nice mark up, and I hold another 20 I will likely boost tomorrow. I still hold another 40 SLW and another 20 GDX December 40’s (listen, I had a ton, okay?) which I will likely get rid of for the one reason that time grows short on them.
The next dip I will be starting the process all over again, likely with the same robust names, as they have been “berry berry good to me,” Garret Morris-style.
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Please tell me you got some Royal Gold, Inc. [[RGLD]] over the last weeks and/or months? It broke the fruits out today, and it’s in “I dunno WTF” territory now.
I would love for RGLD to return to the breakout area of $49.72 or so… I just don’t know that we’ll see it. I will not sell this stock under $200, and I firmly believe it will be the Potash Corp./Saskatchewan (USA) [[POT]] and The Mosaic Company [[MOS]] of the “next” commodity bubble, which will be precious metal driven.
Don’t forget about [[PTM]] in all the gold and silver shuffle, either.
Sell some Silver Standard Resources Inc. (USA) [[SSRI]] if you have gains. It’s a lagger, and I’m cutting back on it. I think I shall replace it with Allied Nevada Gold Corp. [[ANV]] , on the Jacksonian Roster, fwiw.
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Last, there’s been a lot of back and forth this last weekend over the benificence of socialized medicine, care of Nan Pelosi, Scary Harry Reid and President Obama. Putting all politics aside, know this — you cannot get something for nothing, and economics law will not self-suspend, even in the name of alleged altruism.
As I explained to a fellow blogger over the weekend, increased demand drives one of two things — higher prices or lack of supply, depending on whether prices are allowed to increase in a free market environment.
Increased participation in a market at a “zero price” (ie, gov’t paid health-care) will put a strain on our current supply of very expensive health care, even positing there is no exit by our current providers. If prices are not allowed to rise — or heaven forfend they are cut — there will be massive “throwing in of the towel” by providers across the board.
Look for a bifurcated system to arise, in that event, where the best providers that remain will “opt out” of any government — and likely many “governmentalized private” — insurance programs to serve those who can afford “club-based” gold plated care.
Does anyone think that anybody but the Ted Kennedys and other such plutocrats who can join “the Club” will be happy with what remains for the masses?
Dr. Fly cannot attend to everyone, you know.
Think hard, America.
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I will thrive under Obamacare.
Only because you will be specializing in back alley knee-replacement surgeries.
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The CNBC crew were lamenting a possible change in their health benefits from GE to Comcast today …. LOL
Now that’s funny!!!
Hey …. forget about the Golden Bear. When the populace revolts and resorts to looting and thievery we will need a Brazen Bull in the town square to keep the peace rather than a hoosegow:
http://www.medievality.com/brazen-bull.html
Fits in nicely with Fly’s Medieval theme …. Indeud!
Holy schist…. bring on the brazen bull!!
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I’ve called Jake a chickenhawk for his being too lazy to do a little research before sending OTHER people to war. He responded by implying that he is a combat vet. When asked where he fought, he responded with the service resumes of family members.
Please note for the record that I was correct and that our armchair general, little Jake Limbaugh, is in fact a chickenhawk.
Checking the thread you mention, you’ve taken that conversation completely out of context and presented a terrible misrepresentation of what Jake said. Fucking shocking…
In response to your assertion that Jake is willing to send other men’s sons to there death and has nothing on the table, he presented his own family members who are presently in service. If you are going to carry on like a manipulative piece of shit, know I will make sure everyone knows it.
What a complete and utter douchebag this Purdy is.
My mistake, treating a sociopath like a fellow human being.
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You are a lying pos. You implied that I was wrong in assuming that you were a chickenhawk and had no first hand experience in anything that you were talking about.
As for you Cain, you don’t know what you’re talking about. Jake and I have had long debates about the Iraq war and what is being done to our service people due to ignorant chickenhawks like him. That is the context that bred the contempt in which I hold him.
Again, where and when did you serve?????????????????????????????????????
Purty – give it up. *Hint* It’s better to let someone think you an idiot than to open your mouth and prove it.
We’ve had long debates about whaaat?
You’re delusional.
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Enough with this shit already
I was fortunate to have missed it the first time.
It would be a lot better if we’d just stick to stocks and avoid the political nonsense.
No one gives a fuck what anyone else thinks so lets leave it at that.
You wouldn’t say that if faced w. the crocodile shears.
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Cock – A – Doodle – Do
Unless one’s been tortured via the Crockodile Shears:
http://en.wikipedia.org/wiki/Crocodile_shears
Hol’ crap!
Whats with all the torture already.
He’s on a medieval kick (just go w. it).
I think he’s prepping us for Obamacare.
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http://listverse.files.wordpress.com/2009/07/crocshea.gif
So they used a Ho to get the subject erect before applying the Croc?
Now that’s torture!
PS: This is the same as killing time eating a sandwitch, No?
Jake:
Been reading you since you became a tabbed blogger. I love your PM investing strategy. I have had a lot of success since I have been following you however I have made some rookie mistakes as well. I got stopped out of my favorite Jacksonian – SLW during the last pullback. It’s tough watching a stock you like go up after you got out of it. How do you set your stops or do trust the stocks so much you don’t use stops?
Also, do you see any entry point to SLW in the future? SLW seems to have been the king of the silvers over the last 2 months. It has become my favorite Jacksonian and it kills me that I don’t own it anymore.
Thank you for your efforts. I have banked coin because of you.
D-ass — We’re in a volatile secular gold bull, and as volatile as gold has been , silver’s twice as bad.
You have to go in knowing that they are going to shake you like a terrier with a rat.
What I like to do, personally is buy and sell calls off my main position (which is increasingly large), on relatively obvious “jack” points in the market.
Note, I sold a ton of GDX and SLW calls yesterday on that big dollar drop. I expected some rebound today and we’re seeing that.
This is the time to nibble and build your core position.
We were having a similar discussion on the PPT, btw in reference to IAG, which back in May was around $10.
You need to have patience, and if you need to set stops to make yourself sleep better at night, don’t set them on your entire position.
They’ll be a time to get completely out of SLW — when this bull catches on with the rest of the investment community.
Right now, we are still “kooks” — and that’s a good thing. 😉
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GoinFawr:
Sorry about not being specific. Yes, I meant both questions.
Yeah the first one is broad, but I think there’s a built-in context to this discussion. I wouldn’t mind going back in time as far as is relevant.
Are non-US countries’ “more accessible” healthcare systems mainly viable because of imported technology and medical practice?
Perhaps it’s because of “greed” that medical science has become a business in this country, but also because of drive and ambition of scientists and doctors.
I don’t believe in pure altruistic motives, at all. I imagine that the best brain surgeon in the world isn’t the best because he cares the most about helping people, but because he loves what he does and wants to be the best–IE, he is passionate about it. Further, that doctor’s skill is a finite resource which he owns, and he should be assured the option to exchange that skill for the highest price someone is willing to pay for it.
In reply to your scenario regarding our military: things aren’t really black and white as you’d like to draw them. I don’t think your ideological opponents here are trying to argue that “greed” is the only motivator worth anything. However, equally hyperbolic is the assertion that a society can thrive which has stifled the motivation of greed, passion, or other selfish motives, and instead relies on pure altruism.
What do you think?
Nice summary, Hamfast.
See if you can deal with my other troll — the Brit douche from their National Health Service — and I’ll make you my left-tenant at arms (Sic).
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Hammy,
A balanced, thoughtful comment like that deserves a response of comparable caliber… Likely risking derision by stating this: I’ll do my best.
“Are non-US countries’ “more accessible” healthcare systems mainly viable because of imported technology and medical practice?”
Sure, just like the US system benefits from advances made elsewhere. (See my insulin eg. on previous post). Unfortunately for a large percentage of the US population, it takes a lot longer for new technology to have any effect for them, as they can’t afford to access it, no matter where it was discovered/invented. Don’t you find it odd that US per capita health care costs are some of the highest in the world, and yet millions of your citizens don’t have access to coverage for basic health care? And when anyone, even someone you might consider well off right now, gets old and frail, an he ends up becoming part of an even larger portion of people who are left with the choice between being milked for ever increasingly expensive treatments for their chronic conditions (real or just marketed), or dying and being able to leave a little something for their children. Or do you just live in hope of dying of something that knocks you out quickly and not too expensively? Or do you stick with some brutal occupation you hate, that in itself practically kills you, just so you can keep your benefits for you and yours, while the insurer is incessantly hunting for ways to get out of providing you with service anyway? Ugh. Sounds like a shitty country to try and pursue happiness in, unless you inherited enough wealth for a decent head start (See:Jake)
Your system feeds on these fears. Working on command out of fear is some kind of slavery. Our host here, ol’ Silver Spoon Jake, probably likes the idea of this as it operates to keep those he views as subhumans, ie. those unlucky whelps who weren’t born into money (or first nations people, if Jackson really is his hero), in their ‘place’ by making it extremely difficult to overcome. And getting tougher all the time.
These sort of conditions propagate a system of wage slavery, which in a lot of ways is even more onerous than just plain ol’ fashioned ‘slavery’. At least a slave owner had some responsibility to his victims in their old age; wage slaves are a dime a dozen and can be tossed aside without a second thought once they become unemployable, or even for just making ridiculous demands like a living wage.
Also, if your country spent less time and money travelling the globe for your polyarchy like jolly green giants with guns, to rape the natural resources from incredibly poor and comparatively unarmed nations under the pretense of bravely ‘freeing’ them, or simply giving your dosh to the wealthy in other, even less subtle ways (see TARP), there would be PLENTY to provide the entire population of the US with decent health care coverage. Without having to force your doctors out of their Bugati’s and into VWs either. You need some priorities. Heh, a trillion dollars buys a helluva lot of band aids. What you have right now, and have had for quite some time now, is socialism for the wealthy. That covers the ‘Econ 101’ aspect Jake enjoys clinging to like a dingleberry on an ass hair. If there is any service that all your masses of tax dollars COULD be used to provide, Health Care is one it SHOULD.
“I don’t believe in pure altruistic motives, at all” Neither do I. Even Mother Teresa probably did the things she did because it made her ‘feel good’. Pure greed, on the other hand, is rampant, and hardly needs encouragement. Certainly the motivations for anyone doing practically anything are numerous and varied; agreed,
But, as an industry, Health care is a special case, very different from any other. Allowing greed to be the dominating motivation for its delivery is bound leave a vast number of people inhumanly, unecessarily, in suffering. For the sake of decency, it requires that the level of its balance leans more towards the ‘altruistic’ side of the scale when it comes to motivations. At least, that is the doctor I want examining my family. Not the one who is more concerned with getting that all expenses paid vacation at club med by pushing some drug.
http://www.cdnmedhall.org/laureates/
If you’re interested in some information on Canadian medical pioneers…
Perfect. Thanks.
LOL — “Laureates” for “The Canuckistanian Medical Hall of Fame.”
How do they score that? On MRI’s denied per capita?
😉
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No sir, I think they base it on the number of Uninsured American Lives Saved (now that we have Stephen Harper for a Prime Minister, anyway). Speaking of being denied MRI’s….
Hey Jake,
I’m not trying to pick a fight, really I’m not. There have been great medical discoveries made by Americans, as well as Canadians, Germans, British, etc… That’s all I was trying to point out…
Buzz, Jake is fully aware of these facts, he just doesn’t pay them any heed because he is a jingoist: He simply repeats the same pig ignorant, ethnocentric blathering rote ad nauseum until someone with a sense of decency calling him on it makes a grammatical error, at which time he swoops in and blathers derision. Its the jingoist way!
LOL
See what I mean? Like pulling the string on a Howdy Doody doll that got dropped in the bathtub…
“Jingoist!”
“Jingle Jingle Jangoist!”
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Just pulling your leg, Buzz.
Really just tweaking NICE and Crazyman.
I love you Canadian bruthas, especially those that make do with a busted down healthcare system.
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Good to hear. Hope you like us Canadian sistah’s too ;o))
Love your metal calls…
Loooooove me the Canadian sustahs….
In fact, I once did a whole blog post about it.
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cute 🙂
This would have been more honest GF –
“A balanced, thoughtful comment like that deserves a response of comparable caliber”, however, since i am a fargin troll with shit for brains, i cannot provide you with one.
AAAAnd another stunning non-argument from DMG. Let’s hear it for him folks! (crickets chirping) Ah well, waddaya expect from a eunuch on a strict diet of lead paint…Don’t mind him folks, he’s still stewing after I challenged him to match my acumen and he`crawled away to hide in some hole like wounded cockroach, while my call went upwards of 27%.
Thank you for elevating the debate Gf and to certain extent hammy.
Thanks Indie. It sure is saying something that my comment containing a reference to Jake enjoying something that is “clinging like a dingleberry on an asshair” actually raises the level of debate, hehe.
What a load of hippy tripe. Try paragraphs next time.
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Yawn, your attention to inconsequential detail is yet again shown to be exemplary, Jake. Congrats on your ability to circumlocute any obligation to offer a pertinent retort by being obtuse and glib, yet again.
Try this next: Make some sense instead of farting around without any soluble ideas.
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thanks for the response. you paint the American dilemma from several perspectives I haven’t considered.
“socialism for the wealthy” is an interesting concept.
Ron Paul on the healthcare debate.
Good stuff, Brucie, thx.
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Now for some non-political comment
TIM is ‘extra-bearish on silver’ and ‘ silver will be harder-hit than its stronger brethren’ so I definitely need to find some shorts.
Any ideas? Please no making fun of TIM and calling him ‘the weirdest freak on Earth’.
Come on, anyone can see that right shoulder forming – it can’t miss!!!
LOL.
And of course, he will get boot stomped by silver as early as…. TODAY!
Mein gott, what a contra-indicator that endangered Gold bear is.
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Here’s what I mentioned to a co-blogger today. Want a cheat on the market? Look at Tranny Granny UPS… it’s a leader both up and down.
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BTW — TA — I insist you do a timber study in the Peanutz gallery.
Plum Creek, IP, etc, etc.
C’mon now.
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I would but I don’t know the US industry well enough.
What I can tell you is Asia is on fire and buying wood like mad. We are currently at 80%+ production of what 2006(best year) was. Even local is starting to pick up.
Maybe I’ll do one on option selling instead,
There’s no Canada play in this?
Have a buddy in town… Icelandic originally. Family imports that rare Asian stuff… Making a bucket.
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Nah, timber is to basic materials like natty is to energy.
No respect and no profit.
TA — pretty funny, I just read Timmah’s comments on his massively stupid SLV short.
The crowd is turning against him. When even his lemmings don’t believe his bullscheiss anymore, I guess we’re getting close to a top…
Luckily for him, that double short silver play only has another $5 to absolute zero.
😉
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Unfortunately he banned you(me too 3 weeks ago) a while ago otherwise it might have been entertaining.
I’m actually having more fun lampooning him from afar.
Now I don’t have to deal w. all the snarky replies going to my email account. His comment system is for the birds…
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Jake, you have been killing it to the nth degree. Congratulations.
How do you like TBT nowadays with your massacre of the PM’s??
(I know they aren’t directly related, if at all, but seeing as how you have been murdering the PM’s I wanted to know if you are still keeping tabs on one of your past favs, TBT.)
Chivo — I really like TBT for the long haul. Accumulating on dips, etc, etc. (now have 3k total) Economic reality will visit the United States of Debt Finance soon.
Still a “fave” for the next decade, at least.
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MON is BTFO ………. Purdy take note of the MON chart vs SYT
This is why we buy the calls on the Bollinger band crash trade. Didn’t expect them to double like this, but, I’ll take it.
(Clean living, I guess)
Purdy announced a trade, btw? Wasn’t that ballsy of him?
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Where … ovah at CA’s place?
You still holding C (LT) ? Adding, selling or just enjoying an Italian samwich?
Oh, no… I thought you were saying Purdy made a call on SYT… misunderstood.
Still holding C, as I think BKX may have reversed yesterday… not adding quite yet… maybe tomorrow depending.
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Jake-
If someone was starting just now in building a position in the miners, how would you go about it? Give me your “must have” miners and other strategies you like to use to enter. Also, assume very limited abilities as far as utilizing various options strategies…just some basic stuff on the options side. Mostly looking at buying the stock.
You don’t want to mess around w. options if you are not familiar… They require quite a bit of vigilence.
I’ve done this basic starter thing before, but here it is again:
Physical gold and silver — you should have 5 to 10% of your total PM exposure in this.
GLD and SLV — these are the bullion ETF’s… 10-20% in these two.
Then GDX, which is the miner ETF… and you can google who’s in it, but it’s the bigs, mostly. I’d have at least 10% in this.
The remainder would consist of the big silvers SLW, PAAS, and to a lesser extent SSRI (because it’s a laggard) — 20-30% here.
The junior silvers — EXK, CDE, HL, (others I can’t think of right now)… 10%
Big golds — GG, AUY, NEM (note, I hardly ever speak of these save in passing)
The Royalty Golds — RGLD and ROY (over 4.50 on this last)
Medium Golds (my faves)– EGO, IAG, ANV
Junior gold burritos — BAA, NG, NGD, NXG, IVN, GSS
If I had to pick one from each category?
Well, the first three cats are mandatory (physical metals, SLV/GLD combo and GDX), then I’d take
SLW
EXK
AUY
RGLD
IAG and ANV (had to take two here)
GSS.
If I had only one to choose it would be RGLD. Super silver is SLW.
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Also, you should have a little platinum — I use PTM…. I also jack my silver bullion by buying 2 x SLV = AGQ.
Which is the only thing I bot today, btw.
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Jake-
Very kind of you to lay that out for me…I really appreciate your help.
You’re welcome. Glad to help.
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That’s a great question.
Most of the miners are too run up for my style..
Perfect for momentum players though.
Plenty of 52 week highs to pick from.
Buy the underlying and then sell OTM calls against it. That’s your basic play, imo.
If you’re more confident, you can just buy straight up calls, but that requires a different mindset and money management strategy.
DPeez — that’s what I do, for the most part… but I only sell the calls at peaks –or what I think are peaks! lol.
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So you haven’t sold any in a while, ey? lol.
How about that MON today!? To the moooon. Like a damn fertile crescent.
Get it? Fertile? Crescent? Ahhhh…sometimes I just slay myself.
Yes, MON is a frequent distributor of cash (see my latest post, re my Bolly calls).
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