Make no mistake, we’re still in the midst of a full out Horatio Nelson-type naval battle, here, with the combined cannonades of inflation and deflation, public & private sector debt, multi-headed “government assistance,” increasing taxation, shrinking consumption and worsening unemployment all being fired in unison at Her Majesty’s Portfolio Cruiser, the H.M.S Winship.
Luckily her sides are reinforced with a near-impenatrable alloy of silver, gold, molybdenum and all the various metallic crap that Teck Cominco Limited (USA) [[TCK]] pulls out of the earth. For weapons systems, she’s got the finest grain elevator launchers of the fleet, courtesy of The Andersons, Inc. [[ANDE]] , which are in turn able to switch over to ethanol firing nozzles ready to inebriate the various Treasury pirates swinging off their black ships in boarding party fashion. It doesn’t take much.
Speaking of those Treasury pirates, Lt. Commander Montgomery Scott himself would trade all his dilithium crystals for a shot at the defense shields provided by [[TBT]] , the “un-Treasuries” which will keep our ship sound and well-tarred in the coming T-Bond puke, courtesy of our trading partners, formerly known as “Barnum’s Finest.” Looks like I should’ve grabbed a couple more of those on Friday as they bounced right off the pullback, but I was remiss. Maybe Monday.
In the meantime, I’m feeling increasingly good about the prospects of the overall market (at least short term), and of my gold & silver plays. Let’s take the latter first:
That monster stick on the weekly off the channel bottom, and through the 50% fib line is giving me the warm and fuzzies. The outrageously cautious may wish to wait until we break that downtrend line, and guess what? You’ll still be better off than those who bought at the end of May, early June.
Here’s the other reason I really like the sound money plays here:
I don’t know about you, but I think the cards are pointing to a less expensive dollar again. Odd, no?
For my part, I will be collecting more juniors here, including Rubicon Minerals Corp. (USA) [[RBY]] , [[BAA]] , [[EXK]] , Allied Nevada Gold Corp. [[ANV]] , and my new favourite (sic) Sir Walter’s Scott’s knight in shining armor — Ivanhoe Mines Ltd. (USA) [[IVN]] . Of course all the Jackson’s are great as well, but especially the silvers — Silver Wheaton Corp. (USA) [[SLW]] , Silver Standard Resources Inc. (USA) [[SSRI]] , and [[PAAS]] .
Last, I think it’s imperative to realize why the dollar is getting skunked here. Part of it is the deficits and debt we’ve already pledged to fund with the help of our suckers, er, trading partners.
Part of it is a result of the promise of even more ridiculous legislation being rammed through Congress right now by feckless Congresscritters who are not even reading these bills. Take a look at some of the yeoman’s work done by retired Marine Peter Fleckenstein on the first 400 pages of the House health care monstrosity. Really, if you were just thinking that they could get this through without it having any effect on you and your family — well, you’ll see that you’ve had your head in the sand.
This is nothing less than the largest freedom grab in our country’s history — bar nothing, zero zip. Try and read Peter’s parsing without getting a chill down your spine.
Last, I’ve included the Jackson Review. I really should have allocated more cash last week. I will do so for sure this week, so as not to continue lagging the performance of the straight stocks.
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Name/ |
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% |
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% |
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Portfolio |
Portfolio |
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|
Ticker |
16-Jul |
Change |
17-Jul |
Change |
|
Value |
Impact |
|
Comments |
ANDE |
$ 29.30 |
|
$ 28.47 |
-2.83% |
|
$ 8,596 |
-0.15% |
|
50 day still not out of question ($26.40) |
EGO |
9.20 |
|
9.21 |
0.11% |
|
$ 8,630 |
0.01% |
|
Could be due for a little more pullback |
GDX |
38.33 |
|
38.64 |
0.81% |
|
$ 11,695 |
0.06% |
|
Consolidating |
GLD |
91.98 |
|
91.93 |
-0.05% |
|
$ 10,573 |
0.00% |
|
Over 20 & 50 days, but consolidating |
IAG |
10.05 |
|
10.22 |
1.69% |
|
$ 12,602 |
0.13% |
|
10.60’s next resistance |
MON |
75.74 |
|
75.41 |
-0.44% |
|
$ 4,423 |
-0.01% |
|
Pulled back, as expected. |
NRP |
22.89 |
|
23.12 |
1.00% |
|
$ 4,799 |
0.03% |
|
Overbot, but still strong |
PAAS |
19.12 |
|
19.24 |
0.63% |
|
$ 11,556 |
0.04% |
|
200 day @ 19.27 |
RGLD |
40.59 |
|
40.67 |
0.20% |
|
$ 11,238 |
0.01% |
|
Still under 20 & 50 day. |
SLV |
13.09 |
|
13.17 |
0.61% |
|
$ 10,699 |
0.04% |
|
Back over 200 day, but overbot/. |
SLW |
8.39 |
|
8.48 |
1.07% |
|
$ 8,237 |
0.05% |
|
$8.50 major resistance. |
SSRI |
18.76 |
|
19.15 |
2.08% |
|
$ 11,140 |
0.14% |
|
Needs back over $19. |
TBT |
52.00 |
|
53.56 |
3.00% |
|
$ 10,669 |
0.19% |
|
Will likely buy tomorrow on this pullback |
TC |
11.81 |
|
12.36 |
4.66% |
|
$ 5,798 |
0.16% |
|
Getting ready to crank one out |
TCK |
20.03 |
|
21.06 |
5.14% |
|
$ 14,003 |
0.43% |
|
JUST BTFO. Likely consolidate now. |
TZA |
20.35 |
|
20.64 |
1.44% |
|
$ 4,159 |
0.04% |
|
Prolly get some strength tomorrow |
Cash (000) |
$ 26.42 |
|
$ 26.42 |
0.01% |
|
26,420.79 |
0.00% |
|
Same |
AVG (daily) |
|
|
|
1.13% |
|
$ 175,236 |
1.17% |
|
|
AVG (monthly) |
|
|
|
4.03% |
|
Actual |
|
|
|
AVG (inception) |
|
|
17.50% |
|
Return |
16.82% |
|
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