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Yes, I sold off or hedged quite a bit of my gold and silver exposure last week, though I still keep quite a few low-floaters for “venture capital” type opportunities. Like as not I will trim down to the core this week. My reasons for doing so are two-fold:
First, we saw gold hit a significant hurdle last week at $1820 or so without either silver or the miners really taking off. We then saw gold drop more than $70 in scant days, taking it’s little sister silver along with it (far more precipitously, I might add). Now both have stabilized, but I can’t help but think we’ve been riding this latest wave long enough and it’s time to step-off while there’s still some peanuts on the floor to take home to Mom.
Second, my gut is telling me the string is playing out, not only on our precious metal positions (albeit temporarily), but also on the market itself.
But not before a bit of a party.
As you may recall, I bot some ERX and some EDC last week and those have been doing fine. I might add to some of those this week, depending on the reception we get tomorrow morning at around 11 am (my preferred “taste time.”) I may even grab some TNA and QLD as well.
But be forewarned — I’m only grabbing ETF’s because they are easier to monitor with regard to swift moves in the market, which I fully expect in these next few months. Like as not, I will trim all extraneous non-ETF positions in the coming weeks, as the market continues to regain its health from the recent depredations. That means even UPS and BWA will go — though they may go last.
Best to you all.
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Damn, I’m even starting to think like you. I would have said the same thing more or less. I may actually be starting to get this game.. well wishful thinking .. I probably need more instances of finding myself thinking the same way before you post your thoughts. At least tonight, I will be proud of myself!
Thanks again for all of your work!
Testing … Testing
re-education
camps
LOL … works unless I post them together in a phrase or sentence … must be some Bachmann filter, eh?
wrong … education with a preface of re- still being censored … telling, no?
It actually got through on the last page… but not all 8 of your posts.
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As far as I know, there is no filter. Maybe it’s your computer?
Just yell to me (or Jeremy) to un-moderate, and I can usually get in to get it.
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What say you of SLW? Still a core hold though trimmed.
It will always be in my core, and I have yet to trim it significantly, although I will probably at least hedge it here.
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Thanks. I trimmed a little last week to increase my cash position and lay a bounce in QQQ’s
*play
The coolest thing I heard this weekend (Besides my daughter asking if I’d read *just one more chapter*) was from Rick the Perry:
“I promise I will work everyday to make Washington DC as inconsequential in your lives as I can.”
He preceded that jewel with the following:
“In America the people are not subjects to the government. The government is subject to the people.”
At least Tex gets it. And the man is electable. As much as my eye might wonder over to Bachmann, who also gets it, or to Cain Pizza’s joint for a slice, Perry has the potential for “righting” the wrongs in the Republic.
I was glad the weekend came. I was tired of thinking about the markets. I grew weary of waking up to make my daily pilgrimage to the wage slavatorium and reading the various Twitter concerns over the futures of the markets. It seems as though things have calmed down a bit just from the lack of chatter. Today it seems that people are trying to come up with reasons that the market can go up instead of why it has to come down.
I don’t believe my personal thesis on the markets are going to change much. I won’t be participating in the short term gyrations. I have a shopping list of stocks I want to add to my collection and I have a price that I want to buy them. As I’ve vented before in Jake’s space, I’m not competent to trade the minute/hour/daily moves of a stock. So I will look to declines in stocks for long term appreciation potential. Things that people need to survive. I love commodities in a fast growing world. How are they grown, researched, explored, developed, transported? Who makes all that possible with the greatest amount of profit? Who stands to gain the most in a world that seems to be resisting against statism?
Thumb twiddling indeed. Eyes in the States will cast over the pond to see what our Western brothers are doing to survive their impending doom. Can they stave off the “big one” for a few more years? Can the U.S.? The can must be beat to shit. These are questions that remain on my mind as we suffer through the most incompetent and corrupt government leaders our history has provided. The cronies in capitalism have all but ensured that the only option to play is equities. I’ll do what I can to make the best of it. I find it sad that governments have become so important to the world markets. Failure will always be on the table as long as the government is consequential.
Bachman “gets it”? Maybe in a retard contest.
BRD is the word by the way.
Now, now. I’d say an MMA in Tax Accounting from William & Mary is a pretty significant indication that she’s not retarded. You may not agree with her views, but this does not mean she’s mentally deficient.
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I wonder if there will come a day when people who disagree with others will discontinue the childish and insulting name calling. Looking left and right across the political spectrum I suspect not.
Jake, about 2 years ago she was rambling about FEMA internment camps and urged people not to fill out census forms. She continuously talks about Obama death panels. She’s nuttier than squirrel shit. Maybe not retarded, but mentally ill in my view. Who would elect this nut? She’s qualified to sit down with Putin or deal with the Chinese and discuss the affairs of this country?
By the way BRD is indeed the WRD, thanks. It’s a $5 stock in a year, imo.
I think she’s a bit over the top in her support of constitutional gov’t, that’s all. Would I vote for her were she the candidate versus the current authoritarian nightmare?
Hell yes. And you’re worried about Putin?? Lol. You think he’s got a lot of respect for Milquetoast America #2 Obama?
If he thought Bachmann were nutty (like they thought Reagan was) that might actually inure to our benefit.
That said, she will not win…. even though she was spot on about Death Panels.
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Speaking of squirrels, every time I hear “Perry” Perry the Platypus* springs to mind. Hey, at least I get a chuckle listening to the news.
*For those without young children, Perry the Platypus is the secret agent pet of Phineas and Ferb.
We just watched the “Phineaus & Ferb Movie in 2d” — that show is consistently hilarious. What’s great is it has all kinds of funny throwback-type gags that only the parents would get (and laugh at), but which are not at the same time offensive for the small ones.
That’s pretty rare for kids’ stuff, and I compare them favorably to other offerings that try to keep the parents’ interest by featuring a lot of inappropriate garbage you HOPE is going over your kids’ heads — a la “Shrek,” etc.
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We also watched it last night. It’s one of the few shows we watch that’s off of the PBS Kids reservation.
V…H…C, bitchez!
When were you touting that one?
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Never – just picked up scraps from Chuck B and then the Fly.
Perhaps we should turn our metal attention to aluminum:
“sales of baseball bats in the U.K. suddenly increased by over 6,000 percent last week.”
Brits do not enjoy Second Amendment-type protections as you probably know.
Any port in a storm I guess.
Might be something a bit more… satisfying… in weilding a baseball bat on a looter’s dome.
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yes….yes there is