(Or not?)
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Today, it seems everyone’s getting all excited about earl, that black gold concoction that keeps the Enviroweenies up at night dreaming up new ways to keep you off your Harley or leafblower of choice. But don’t be fooled by it’s recent price appreciation. It’s really only doing that to piss off my friend, Mr. Cain Thaler, of the Ascendent Dollar Theory.
What’s really going on has nothing to do with Israelis and Iranians playing tit-for-tat on the atomic apocalypse scene, nor does it even have anything to do with whether or not the Keystone Oil Pipeline gets approved by President “Jobs? Whattaya mean, Jobs?” Obama.
No, it’s not even about the price of earl at all. In fact, here in the real world universe, the price of earl hasn’t moved even one bit from yesterday. What’s moved is the price of the dollar. And it’s not just the price of the dollar versus other crappy fiat currencies, either. It’s the price of all commodities versus the dollar.
Since the beginning of November, the CRB Commodity index is up almost 7% from it’s October low at $291.75. What’s more, that low was almost a perfect 61.8% fibonacci retrace of the May 2010 low at $247.16 to the April 2011 high of $374.48!
Imagine all that stuff bottoming while the dollar was still ascending? And now, it seems the dollar is retreating off what could very well be a double top formation.
Are you getting excited yet?
More charts later….
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(laughter) certainly feels that way sometimes.
I piss on your double top.
I embrace your double top.
regarding the photo, I will embrace her double top.
Re-read the first paragraph for its and giggles.
Jake, interesting that EXK and AG held up while SLV was off. I never have traded silver miners and am in them following Fly.I appreciate your comments and please grace us with more. A big commodity run up would be relieving.
Miners will generally hold up if a softening metal price is “not to be believed.”
I think this is a case of that.
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Interesting .. Didn’t know that.
Jake what do you make of SLW bleeding out all day? I never like to see that.
It’s a mere bag of shells.
Sack up, get yo back up.
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lol I don’t even know what that means.
Cryptic, Gint .
I think he means it’s nothing of concern in the big scheme. Mr Kramden style 😉
Dollar .. Let’s roll .. Over!
Gold and silver up… dollah flat.
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Jake, can you recommend a good website to check live gold, silver, and other commodity prices?
Eric, one of my favorite sites:
http://www.kitco.com/market/
Senator, I’m excited by your bullish thesis and looking forward to the promised charts! Thank you, kind sir:)
The senator has been long term bullish on PM’s for a long time now. He’s very patient and willing to wait out the huge swings in his holdings.
For the most part, waiting has been the correct move, but then again there are stocks like SSRI.
Wassup Jake, long time my friend.
I’m ready for a nice “lock out” day with our PM’s. :)))
NUGT?
Yep.
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Thanks very much Jake. I don’t think I would have held without your convictions. Thank you.
Sounds like AGQ time !
Indeud.
Jake, Do you agree time to get aggressive with silver?
For the time being, yes.
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What’s interesting is that “way back in May” Jake called for silver to rebound to the mid-40’s, then to continue its fall to the $28 area. That’s pretty much *exactly* what happened, but in the interim most people here (perhaps JG himself?) seemed surprised, disheartened, etc. by the precisely foreseen moves to the downside. Now is another moment to take Jake’s call and tape it to the fridge where it is NOT necessarily scrutinized and second-guessed every trading day…until…
Jake,
You nailed it again!
Jake, do you think this rally would be a time to swing trade partial positions in EXK and AG ($.50-$.75 moves are a lot of coin in size) or are you holding on for big coin?
You can do that if you like. I really don’t have the time for that kind of thing.
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nice call on QRM, senator.
I’m glad someone was listening…
Thank Saint Bernank.
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The real question is… did you see AVL today?
LOL!
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I caught that one too. YEA BOY!
What say you on Silver and AGQ, Mr. Gint? Been waiting with eager anticipation for the “more charts later” you promised!
Good day, sir.
I will have some chart for you tomorrow morning.
But they won’t be for silver… too easy.
Just buy the fucking silver stocks… geez! You only need charts for short term plays…
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Thx Jake.