Jake Cashes in some Chips for “Butter & Egg Money.”
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Yes, I’m raising more cash ovah heah, and even buying puts for the first time since the March ’09 lift-off. Sure I’ve sold calls in various weighty PM positions before this, but today I actually bot a starter in January [[SPY]] puts. 100 Jan 110’s @ $2.82-.85, to be exact.
Was I early? Sure looks that way. That said, I think we’ll have a dollar bounce here very soon, and my purchase will prove propitious. That said, I won’t add the second half until I see a break, ovah heah. Note the evidence:
In the meantime, I am continuing to sell down exploding higher PM positions, much to my rue and chagrin. I just sold 2k more Allied Nevada Gold Corp. [[ANV]] @ $13.97, 2k more Eldorado Gold Corporation (USA) [[EGO]] @ $13.92 and 4k more [[EXK]] and Golden Star Resources Ltd. (USA) [[GSS]] at $3.91 and $4.23, respectively.
I cannot bring myself to sell anymore Silver Wheaton Corp. (USA) [[SLW]] , even as I know it’s the right thing to do at this juncture.
My advice? Now that the Fly is legitimately cussin’ and hollerin’ I think it’s time to raise cash like it’s “bread day” in Zimbabwe, people.
In the least, it will be good practice.
Salud.
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Nice post…
I picked up some DZZ earlier today.
Dollar is oversold like a Michael Jackson tribute album.
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That is just how i envisioned you to look.
Just make sure you give the guards at your gated community the heads up, eh brofis?
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actually, I picture you like Drew Brees, full of win.
Enjoy this year, man. It’s a long time coming.
Reminds me a little of the Giants in ’86 — that was a long time coming too. (For Bears fans, the year before was likewise for them).
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Just don’t fuck it up like the Patriots of a few years ago…
Saints still have all of their good Karma intact. It should be an interesting playoff season.
I like the idea but I’d like to see evidence of some bottom forming before going long the dollar.
I’m not smart enough to call tops and bottoms with any accuracy so I’m just going to waiting for a confirmation before making a move. NG is a great example, looks good but still not bottom.
The bet on the financials turn around is so dead, I think I’ll going to bail on C and find a winner to bet on instead. Probably one of RC’s Ag plays.
I’m half out of C, and have a stop set on the rest, so I would tend to agree the only thing that saves those mooks near term is GS phuckery.
As for a “bottom” in the dollar — I don’t see that at all. Rather, I am preparing for a rather rapid bounce to the 13 week line or so, and then further dollar death. I don’t think we have a hard bottom til $71 or so on the DXY.
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I raised about 3/4M today, sold ass-tonnes of BOOM, DRYS, UPL, DLLR, WGOV
Good meuve, me-thinks.
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JG, you use UUP (i think) to follow the dollar. What do you use as your benchmark for gold? GLD? or just the ol’ fashioned POG?
I am following the Price of gold all day long via Lear Financial (price of silver and platinum as well). Google “Lear Capital ExactPrice” just like that (no space) and you can download their little widget, which is quite helpful.
I hardly ever look at GLD, as it’s just a function of $POG, same w. SLV and $POS.
I also monitor GDX and $HUI as a proxy for the miners.
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I’ve tried to reply “thanks” to this three times already. Hopefully, this goes thru this time. If not, it’s the thought that counts.
Down ‘a cellah.
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Thanks – That widget is better than Kitco’s Kcast, which never works right for me!
Jake:
What do you think about this? (Run on the U.S. Dollar ….Soon ) http://www.marketoracle.co.uk/Article15449.html
I’d be lying if I didn’t say it was a concern… I mean, that’s what this blog is about, right?
I just don’t know that it’ll be a “sudden” or “soon” like this article intimates. Seeing that we’re the dominant economy these days I think we’ll see a gradual crumble, much like the British pound after they went “full socialist” after WWII.
Keep in mind, the dollar has lost more than 95% of it’s value since 1913 — the establishment of the Fed. We’ve been running on an inflationary fiat system since 1933 and on “full fiat” since 1971… these things take time.
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As always, it’s a pleasure to read you Mister Jake.
I was chatting with a lady on a site a couple weeks ago and since she’s a photographer, she gave me access to her work. I selected photos in her portfolio, an old song and prepared this video for her ;
http://www.youtube.com/watch?v=GBltKJ1Xnog
My 1st video. Not bad I guess for a starter. If you folks need a photographer for an event, let me know. Marriages, parties or any other event. She’s real cute also.
Not bad. The flower work was impressive.
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Freaking POG is over $1,211 right now… silver at $19.36 and platinum is a cat’s whisker from $1,500.
At least I didn’t sell any PTM yet.
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I think I am developing a st- stutter here:
Well third time pays for all, they say, Eh-Elevator G-G-Goin’Up!
Just sold 2/3rds of ENTR @ $3.20
bot at $2.42….muthafeckaaaa (said in Hank Moody falsetto)
Nice timing.
WTH happened to HEB today, btw?
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Must be in the air. I sold 3/4’s of ENTR @ 3.20 bot at 2.43
Hank Moody’s daughter bugs the shit out of me. Otherwise, fantastic show.
I concur.
Jake
you aboard any of this Cree move? I recall you mentioned in the past you liked it. LEDs may be the 2010 growth story. some related symbols $aixg $veco $rbcn…….