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The Turkey Gods are here. Tremble, all ye who remain Ursine in attitude.
How do I know? Simple. I merely whip out my prodigious folding money clip and scan the Benjamins, Grants and Jacksons for signs of wear and tear. Sure as shootin’, there’s been beak-damage done to all the eyes of my papery dead Presidents.
The Turkey Gods love to eat dollars, but they especially love the vile jellies of moldering dead American War Heroes. And yes, historical termagents, Ben Franklin was also a war hero.
Said heroes are not to be confused with “The Ben Bernank.” He is the hero only of the Currency Crusades, a tilter at windmills and the paper dragons of deflation. Soon, his unsmiling bearded mug will adorn the $10,000,000 dollar note, Zimbabwe-style.
Tonight, the dollar is below my “drain level” of $78.20 — currently trading at $78.13, after hitting lows tonight (Sunday evening) of $78.08. I believe this is the “all clear” signal, and will be pushing the rest of my chips all in.
Not sure how many of you caught my large pickup in junior gold stock IAG, as announced in The PPT, the other day, but I grabbed a lot of December 17.50’s well below $17–. I think that will continue to work.
However, I think the big silvers will be the one’s off the chart next week. If you were contemplating the rulers — SLW, PAAS, SSRI or even the ETF, SIL, then this week is the time to grab hold before the end of the year.
The one I really like in the more speculative area, however, is EXK. I also like SVM and MVG in the more speculative range. CDE and HL — the garbage of the sector, should be handled with care. No matter, they should all rise through to the end of the year.
RGLD, EGO, and of course ANV, gold juniors all, should also be at the top of your lists, as well.
Best to you all.
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Jake
This week should bear gifts for us all that adorn clothing of the metal variety.
I will spend Thursday chewing on some juicy bird meat, of the dark variety.
Check my post in PG.
Saw it, nice work.
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To: The Jake,
I’m totally loaded up at this point to the tune of about 38% of the port, which I plan to hang onto for awhile hopefully into Christmas. I’m also doubled up on EXK, i.e., twice of any other holding.
So please..please let us know when we may need to lighten up a bit.
My current thinking is that we run into Christmas or maybe slightly beyond and then we need to lighten up, but that’s just a my macro plan. and while I keep watching the dollar for signs,which I can somewhat interpret for myself, I still want to hear from you from time to time to make sure I’m getting it right,
Such is the plight of a novice, who may someday I hope become a Pro.
From: The Hawaii
I wouldn’t exactly call myself a Pro, either, H50 — I’m just a guy who picked up on a relatively obvious trend that started all the way back in the dot com meltdown era.
I do think we could get a major breakdown in the dollar once this Irish Crisis nonsense abates, and I am therefore loathe to be out of the PM market.
All my own speculation, of course.
_________
Hawaii,
Was also reading – and there was some dissenting opinions – that TBT is also a nice hedge for those of us long the precious metals. Maybe Jake can give his perspective on this as he also is long TBT and has recommended a buy when TBT holds over 38. Jake, SIL has been a monster. Thank you for all of your guidance re: the PMs and TBT. I am surprised though that you are still bullish on ANDE after reading astory about them on seekingalpha.com. FD: No position in ANDE. Picked up some PAL Friday, been in and out of it.
TBT is a long term buy and hold disaster hedge for me. I don’t even look at it, though I did add some recently in the lower 30’s.
As for ANDE — Seems it’s now a value play.
_________
A euro bounce to 1.3975 would be most welcome…that ought to clear the way for the Spanish bailout to begin.
So ‘The Bernank’ will only be adorning chump change? He deserves this – http://area224.com/100trillion/
I think I dig the three rocks. Maybe call them “The Bernank,” “The Geithner,” and “the Krugman?”
_________
Call one the ‘Geithman”. The other must be The Greenspan!
True, Alan deserves a rock for sure.
_______
IIIN up 6.5% … Shovel ready?
http://finance.yahoo.com/news/Insteel-Industries-Acquires-prnews-4237546609.html?x=0&.v=1
“We expect that the integration of Ivy will result in enhanced customer service capabilities and significantly lower operating costs.”
Nice C&H formation on the 100 day …
12.2% for the day … it’s still early in the game for this one.
Nice!
++++++
Looks like silver has shored up. What do you think the chances are of it cutting through $30?
I know nothing of the short term, but here’s what James Turk said about the longer term last wk (11/16/10)
The buying pressure in the physical market remains, we are starting to see the industrial buyers coming back in to secure supply. My guess Eric is that the industrial users will be there on any price dip like we have had at present. Up to this point we haven’t seen the boomerang effect that I have been anticipating but I am still expecting a sharp snap back in prices.
As we pointed out in the piece which had Mark Lundeen’s illustration in it, gold is dramatically undervalued and this can only result in much, much higher prices over time. I would just add that I expect the gold/silver ratio to decline over time to under 20 to 1, so silver will be exploding along with the price of gold.
As you know Eric I have been projecting gold to hit $8,000 by 2013 to 2015, so that would equate to silver hitting $400, and that is well within the realm of possibility as silver reverts back to its historical mean.”
That’s a bit nutty.
I do think silver will get to $30 relatively easily. And soon.
_____
let’s hope that’s off-the-wall crazy
Jake,
Any thoughts on PSUN here after the earning drubbing. I’m in it now, but will probably be feeling the pain tomorrow.
My thoughts are… “don’t hold retail stocks into earnings”
Even though I did.
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