Yeah, I’m still selling.
Maybe “Armegeddon-style.” Like I’m one of these fine Japanesey blokes fighting like a samurai to smoosh my face against the rising nylon tide.
All I know is that the dollar trade is stre-e-e-e-e-e-tched taut. There’s only so much a dollah can take, after all.
Before it snaps.
So I’m selling, into egregiousity. I’m selling beautiful IAMGOLD Corporation (USA) [[IAG]] — one third of my portion at 2k shares @ $18.87.
I even sold more Silver Wheaton Corp. (USA) [[SLW]] today… only 1k at $16.15, leaving me with 10k left. I got rid of the bulk of my KKR Financial Holdings LLC [[KFN]] as well, 4k shares at $5.35.
Meanwhile, in Market Earth, people keep appeasing the Turkey Gods with supplications comprised of gold scoffing and precious metal pilgrimage, saying :
“Oh Turkey Gods, if only you will make this a secular bull, and give reasons unto us that will be economically feasible for this uplifting in the markets, I will promise to stop throwing trash and banana excrement on my neighbor’s lawn, in Thy mercy.”
Too little too late, I say. My pendulum is stuck at 9 o’clock, but not for long my fair thee widgets. Said pendulum will come “crack-back” style to implode the knees of those hoping for a consolidato (Italian for “get up & go market”).
I am at 30% cash right now. Near unprecedented. There’s only so much a market can take, and guess what? I’m selling more calls tomorrow.
Best to all you nylon tug of war mavens.
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What about the Indians and their penchant for Gold?
http://www.zerohedge.com/article/india-negotiating-purchase-remaining-imf-gold-spot-hits-1177oz
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http://www.gotwavs.com/0085412111/WAVS/TV_Shows/Simpsons/noenglish.wav
The Indians buying gold is a long standing Thanksgiving tradition.
They are preparing for the feast.
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Looks like you nailed it. I sold most profitable positions this week, but wish I was 90% cash and 10% short. Have some significant profit in retail equities I was going to harvest tomorrow that will likely dissipate!
I wouldn’t throw the towel in on gold using old market fundatmentals/ methods that don’t hold in current rigged market. GS/quants to continue using Fed money to drive market forward and the Fed is taking the dollar down and keeping the liquidity gushing. Recognize it or loose, new paradigm. Maybe in April when the spigot runs out we will get a pullback but not now. Don’t stand in front of this train there are no brakes, this maybe the last great train ride for sometime to come.
I am not selling all, just “some,” and for the reason that I expect a down move coming that will shake many of you newly christened train-spotters off the glisteny back of this bull.
Do you believe perhaps I am some “looser” (sic) who bought my first gold stock this summer?
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Train spotter, funny.
the USD is moving as if about to get its lights punched out and fall swiftly back to ’08 lows
Not just yet, I don’t think. I’m looking for a pretty solid bounce at the $74 level on DXY.
Later, we will certainly see $71 and likely lower.
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Gary seems to agree with your thesis Jake.
http://garyscommonsense.blogspot.com/2009/11/reaching-extreme-overbought-levels.html
Gary is a close friend, and our long term theses are in agreement. We do not often align in timing, however (he often sells early, imo).
This time, we are extremely close in agreement. He uses dollar cycles, I use my own LT pattern devices.
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I like his blog as well.
You think gold back to 900ish, Jake? That would be kick ass, as I would like to trade more dollars for precious but not at these levels.
Not likely that low, but $1,040 is a possibility, I think.
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As I told DD a few months ago Jakesy: Practically anything is ‘possible’; but with Supply and Demand being what they are, I have my doubts about such an extreme pullback. Its right obvious that this rise in POG has not been soley a function of the weakening of the USD, but more of a general worldwide disillusionment with ‘paper promises’ as a whole. The world’s (former?) ‘reserve’ currency in particular, for certain, but deffo not entirely. Frankly, I am a little surprised with you.
I know this isn’t you, Jaykistan, but the noise is starting to rhyme…
Grandy said, (Goin’Full Eyore)
“Jake, you represent everything that is wrong with this country.”
I disagree Grandy; you’re dead wrong. Jake only represents half of what is wrong with the US, not everything. DMG reps for the other 50%….Taken all round, put some peanut butter around their lips and together they make one wholistic ‘hole. But as they are only half wrong, keep in mind that that makes them half right too.
They are more akin to the talented, but insane ‘Dentist’ in K.Vonnegut’s “Mother Night”; like so many of their bretheren.
Shut up at once, Canuck dufus.
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Careful pussy, i’ve killed for less.
Umm, I shouldn’t have to remind you, but I have given you much worse than the above DMG, and I am still quite alive and kicking, thanks.
Who you calling ‘pussy’, anyway? YOU were the one lacking the ‘nads to go toe-to-toe when it came to making winning calls here, you eunuch jelly thou.
DXY dollar index dropped late today for a one percent daily move. Should be interesting to see if the late day decline holds.
Yes, that kind of stealth move is hard to trust on a low volume, pre-holiday day like today. We might not even get any clarity on Friday for similar reasons.
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