[youtube:http://www.youtube.com/watch?v=CwpdGyIY2fQ&feature=channel 450 300]

This is pretty incredible, especially considering it’s from CBS’s 60 Minutes…  Watch the whole thing if you can.  Sobering.

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Feel free to pay attention to all the goings on in this weekend’s G-20 Meeting in Seoul, South Korea.  It’s said they will “contain” this current race-to-the-bottom devaluing fest we’ve seemed to have ignited in order to keep our mortgage market afloat.

I have other ideas, however.

I will instead sacrifice a small goat in a special backyard Harvest Celebration in hopes the the Great Pumpkin will descend into my wife’s tomato gardens, and fix all of our U.S. currency iniquities without locking us up in a stockade in the Hague or sending us to plantations in Dominican Republic to hack tall cane for short beer.

I really believe this is the wiser strategy, and what’s more, it seems goats are running three for six dollars down at the Kroger this weekend.  That leaves two for milking as a bonus.

The dollar markets are already returning to form this evening, and they are down below $77, again, as I type this.   Here’s what’s got me scratching my ribcage like I’ve got a needle-sharp case of the Shingles:

The prospects for the plummeting dollar may change by tomorrow morning, but as for now, I’m planning on giving thanks to the Great Pumpkin (a god as powerful, some say, as the Turkey gods themselves!) and putting back on most of my precious risk trades….

And mooooooooaaahh!

And yes, that includes going back to AGQ, and adding to all of my silver hordes, including EXK, PAAS, EXK and maybe even some MVG.   I will also be adding IVN as mentioned, and more GSS, and RGLD if I can get it quickly enough.

Watch yourselves this week, folks, and watch that vid to get a taste of where we really are these days.   My best to you all, especially my friends in California.

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[youtube:http://www.youtube.com/watch?v=vNc5o9TU0t0&feature=related 450 300]

Jimmy Page, eat your heart out!
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You may be familiar with my call that gold and silver are overbought and should be pulling back here. Well, I still stand by that call, and as proof, today I sold approximately 25 to 40% of my EXK, BAA, AGQ, CDE, respectively .

Note I touched not any of my ANV or SLW, or IAG or RGLD, EGO or PAAS or any of my “core group.”    The reason is the Stairway to Heaven I’ve seen appearing in the charts, particularly the silver commodity’s chart.  First the weekly:

Yes, that’s our eighth week of “steady Eddy” up move we’re witnessing there.   And yet, look at how boringly stair step it seems… almost as if it is some kind of controlled move.  

It looks almost as boring — and maybe alarming — on the daily charts.   Behold:

Not a whole heckuva a lot of pullback in that stairway, eh?  That’s what’s kind of freaking me out from two angles.  First, this is not a “parabolic move” but rather a slow stair-step.  It’s highly unusual for such a volatile metal.  And before you start getting crazy about silver’s tiny market (true), the recent gold commodity charts look exactly like this as well.

It’s almost like someone gave a signal in August that it was time to swap shit dollars — ever so quietly and surreptitiously, like a cafeteria thief replacing roast turkey slices with wedges of liverwurst on all the whole grain wheat sandwich bread — for beautiful ingots of silver and gold.

This action gives me pause, even though I took some mighty profits today in the more volatile PM’s  (I also sold half my shitty BBT position, and trimmed or got rid of some outliers like JAH, KFN and a little VECO). 

This could be traders slowly covering short positions, I guess, in which case, we should ready for a strong pullback, as I’ve noted.   However, this could also be the precursor, the yeast in the bread dough, so to speak, of the parabolic move that I do expect later on this year or in the Spring. 

So we will wait and see, with bated breath, whether Christmas comes early this year… or right… on…. time!

Best to you all.

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No, Not That

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We’ve been talking about gold knocking da boots all through the summer and largely ignoring the August of Despair the lot of you have been whinging about for the better part of six weeks.   And, it is treu (sic) that Jake favourite (sic) ANV has been rocking the world since that bounce off the 200 day EMA ($16.00), closing today up well over 50%  from there at $24.48.    Sure, IAG and EGO have been ripping nicely along as well since that call.

But let me take a second to talk about the next best thing that you may be able to get some anticipatory positioning for…  And no, I don’t mean Christina… she’s already big.

I’m talking about gold’s stealthy, if annoying cousin, silver… which has been making silent steps in the last few weeks to join it’s more yellowy cousin.   Take a look at this recent medium term breakout in the metal price —

It’s a little overbought on the daily chart, but there’s more room to launch on the weekly, as you can see.   Now let’s look at a junior silver I like — EXK — which has been moving nicely recently as well.  Note, it has a similar “intermediate” target:

What’s nice about both of these is that we’ve got a nice “short term play” for you OTB degenerate gamblers, and also a very clear — and approaching — big time breakout opportunity.

It’s gonna be a great Fall for gold and silver ladies and germs… let’s watch the goalposts here to trade appropriately.

Christina had a great day today, as earlier tallied.   She still loves SLW the best of all the silvers, but PAAS and even SSRI looked good today along with friend EXK.  

Our new theme epigraph — Get gilded, or be gelded.

Best to you all.

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[youtube: http://www.youtube.com/watch?v=uE-1RPDqJAY 450 300]

The Techno Classic

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It’s late and I just got home.  Burning the candle on both ends is probably not the best idea for your trusty Jacksonian surveyor, but I think we are coming into a critical period that may require some re-enforcement for loyal plebs seeking to make sense of this dollar killing precious metal market.  Therefore I post…

Silver is beginning to make great stirrings in the market and in the loins of pit traders across the globe.  Interestingly, the metal is still lagging some of it’s more accurate pre-indicators, specifically, it’s publicly traded miners.   Among the finest is that of SLW, whose weekly chart reveals that it has broken to new highs:

It appears SLW is just now breaking out to new highs in the weekly, and may have some runway left, stochastically speaking, even as it approaches oversold conditions.

The underlying metal, however, illustrated here in the guise of the widely held ETF,  SLV, seems to have much more potential momentum in front of it.   Look at this weekly:

 

In short, I would not be short silver or the miners here, and I would be looking at those resistance lines as a key to my adding regimen.   If the above lines are broken, then I believe the remainder of the silver miners will begin to show the same kind of new high action we are seeing in the high quality SLW right now.

Again, to reiterate, I am talking about PAAS, EXK, MVG, SSRI and even CDE and HL here.  Watch these in conjunction with the chart above and with Papa SLW, who will continue to lead the way.

My best to you and your mithril mail shirt assembly’ing.

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[youtube:http://www.youtube.com/watch?v=NrG4g6yNLJU&feature=related 450 300]

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“Catch the wave and you’re sittin’ on top of the world…”

— Emperor Leto II,  Atreides

Yes, Pop was quite a surfer wasn’t he?   No matter, today’s walk back in nostalgia-land is brought to you by the good dwarves of Moria who remind you “There’s no better time than late August to stuff your goody bag full of shiny robot parts, preferably made out of pure gold and silver.”

As my dear friend and father of the Mentat, Johnz Hopkinz, M. Le Docteur Le Fly likes to say, “To every time there is a season, etcetera, etcetera, Peter Cetera.”

And this hear is the season, young plebs, to stock up on your favourite gold and silver plays.   Today, I banqued mass coinage on AGQ.   I plan to take that trip to at least $70, and moooah.

But the real play here is in the Jacksons of choice — the silver goddess, SLW, its slower little sister, PAAS, and the robust brotherhood of the three middie golds — ANV, EGO and IAG.

If you are of sound mind and body, you might want to spartaculate on even smaller stuff like GSS and BAA and EXK and RBY.   These are all considerations for the coming weeks and months.   Personally I try to own “one of everything” at least.

You never know when you will see extraordinary action out of such crazy outliers like VGZ.   This is why I try to keep an inventory.  If you haven’t the patience of the pocketbook, GDX for the bigs will do, and GDXJ for the smaller names.

Even the execrable TBT seemed to turn today.   I did not add, but then, I’ve got plenty, and I’m happy to support your bid by never selling.  Your welcome.

Be on the alert for my top calls tomorrow and going forward.   The Lord God Emperor has decreed a moratorium on bullsheet currency.   Only true money shall prevail from this point on.

Best to you all.

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Yes it is….

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I haven’t a whole lot to add, save that I expect a ripping bounce (at least) if not a further resumption of the dollar bow-out.   We actually came within four cents of hitting $82.50 after hours on the DXY (dollar index) and I wouldn’t be surprised if she tried for the 50-day at $83.06 after such a ramp.

That said, The PPT is very deeply oversold and that’s worked as a signal for me for the duration, so I will respect it.   The dollar has already busted into overbought territory on the 5-day RSI stochastic, and even the slow stoch is  catching up after being severely oversold just yesterday.  Expect volatility, but continue to expect dollar death.  It’s already back down to $82.25 this evening.

For tomorrow, in time-honored The PPT tradition, I will be soaking in a mixture of Epsom salts and TNA at the open.   As an after-bath aperitif, I will be enjoying a balsamic vinaigrette and gin reduction of ENTR, which wants higher, despite today’s crazy ride.

Gold is holding steady and so is silver.  Add to long term plays as you see fit.  RBY was even up today, God bless her.

Best to you all.

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