Monday, September 24, 2012

NO PLACE FOR A HERO

Not in this game. This is only for those that want to play in the most loaded craps game ever rigged. The problem is there is ten thousand pounds of high explosives under the casino and no one but the house knows when its rigged to blow. So enjoy the game. If you like those odds then this game is perfect for you.

Today's action was relatively easy to anticipate but that doesn't help with the rest of the week. Most of the daily charts remain overbot and several more days of sideways or down action would be very bullish for the PM miners. Some of the miners have achieved a buy here but most could use some more side ways backing and filling here. I remain convinced that the risk in this move remains NOT overtrading your positions so do so at your own risk....as usual. The move off the bottom of these miners has been powerful....but when its over you will most likely be shocked at its intensity before we get a major pullback in this 10 year (so far) secular bull market. We remain in a modern supercycle debt collapse that will meet its destiny in a resolution that hopefully will not be cataclysmic but with a whimper and a peaceful transition into a new currency and economic regime...........I remain hopeful. For certain however the Moneymen are going to print this into another realm of reality. That will remain the fuel for this trade. Ignore the talking heads and concentrate on your trade.

If we get some follow up side ways trade this week then I am happy. If we get a strong push up the next few days then maybe a little profit taking. Remember end of the month window dressing. gl all




24 comments:

  1. Just another scam to add to the list..........

    http://www.zerohedge.com/news/2012-09-24/get-your-fake-tungsten-filled-gold-coins-here

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  2. Tom,
    I suspect as gold prices rise, we will see more of this. I have read that it may be best to buy older gold coins.

    Paladin,
    I read your post written yesterday. You implied that those wealthy individuals were buying only silver. Is that true? If so, was there a reason that they were avoiding gold?
    Thanks!

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    1. All Gold coins should be acceptable...due to their inherent minting characteristics that provide the buyer a degree of safety. Gold most likely will NOT serve as any exchange mechanism due not only to its high price but VERY few peeps own any. Which is why confiscation is unlikely. NOT to mention it is essentially a store of wealth and you may think that you will sell it at a "high" but when that number comes most of us will decide to hold on to it for a variety of reasons....including the danger involved in the exchange and attention to own it.......The big money is buying gold.....the hedges and hot money are speculating on silver....for the obvious higher return anticipated in silver. Physical silver is too unwieldy for a "store of wealth" or as a SHTF investment for big money....they keep gold.

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    2. Russell conclusion -- There are too many IFs in this scenario, so that I, personally, have opted to remain on the sidelines (I need my sleep). The market may already have discounted the nation's falling off the fiscal cliff. But wait -- if Congress finally gets its act together, the fiscal cliff may be averted, in which case the stock market could soar. The implications, either way, are momentous. In fact, the implications are so momentous that they scare me. As a result I'm definitely not going to bet my money on the outcome -- and you shouldn't either.

      Gold timing -- and I might as well say this -- I believe there is only one safe, eternal repository of wealth -- and that is gold. Therefore, I believe that there is only one item worth buying at this time, and that is physical gold in the form of bullion coins. If you buy gold bullion coins, you can forget about timing. I don't care what the price of gold is now, in a month, six months, or five years from now.

      Gold is eternal wealth that you can physically own. So forget what you paid for the gold coins, and forget their price a year from now. Accumulate them and put them away in a safe place. They represent the safest form of pure intrinsic wealth, and they are the only items whose price you do not have to worry about. The reason is that gold has no true competition. Nothing on earth compares in eternal safety with physical gold.” -- KWN today Richard Russell

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    3. Guess it's time to start going high tech again.
      Get and learn to use a UTG, ultrasonic thickness gauge. Non destructive test.
      They are available at Amazon and Ebay.

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  3. GM all...someone suggested yesterday that the hedgies had to sell their biggest winners (i.e., miners) to cover their redemptions for QE. Just sorry there's no getting more PPP for under $5. Heavy buying yesterday at 5.02.

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  4. Thousands of protesters are expected to gather outside the Spanish parliament to protest the country’s austerity measures. The demonstrators pledged to march around the building, and called for new elections.
    The city deployed armored police vehicles bumper-to-bumper around the building, and announced that around 1,300 police would be deployed to counter the protesters.
    The organizers of the protest dubbed their movement ‘Occupy Congress,’ and expressed hopes that thousands would turn out. The protesters called themselves ‘indignants’ and claimed that their democracy had been ‘kidnapped,’ calling for new elections and rallies against the austerity measures enacted by Mariano Rajoy’s government.
    Spain is in the middle of its second recession in two years, and faces a 25 percent unemployment rate.
    Madrid introduced the controversial austerity measures in a gesture meant to show that it intends to fix its debt and budgetary shortfalls. The European Central Bank granted Spain a 100 billion euro rescue loan for its banks, but the country has not decided whether to seek another bailout.
    Europe’s financial leaders are pleading for Spain to reduce volatility in its markets by deciding whether or not to request the second loan.-RT

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  5. Another flash crash in gold & silver w/out corresponding upside in the dollar. Not sure what "they" expect in Spain with no jobs. Our POTUS saying he'll be speaking to give young people "the sense of possibility and opportunity" lol!

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    1. "he'll be speaking to give young people "the sense of possibility and opportunity""

      Heheeeeeeeeeee

      The possibilities are going to be endless, the opportunities will be sparse and in both cases no one is gonna like them!!!!

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  6. Euor zone is as it has been a f'd up mees with nothing that can save it. Euro shol tank and dollars be bought. IMHO Euro sellers would be buying PM's too.

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  7. Going to check out the guage Red. Maybe useful in the wood shop. Did ya see the 3d printer?

    The market is slowy eating away at the QE-3 up day. There is an ocean of stops below.

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  8. spain starting to explode......should be "bullish"...sarcasm off

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  9. even CNBS is reporting it....over 100 thousand surrounding parliment and the cops not going to be able to hold them without bloodshed

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  10. Spain looks like they want to be first to the "lamp post"......IMO that's still a year off

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    1. Coworker on a 10 day Spain vacation, hopefully get to see some cool vacation pictures.

      http://www.nytimes.com/2012/09/25/world/europe/hunger-on-the-rise-in-spain.html

      notice the increase in VAT for food, as elite hide from paying taxes offshore

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  11. Yup, CNBS showing the live protests cause the vix and spx to move. Technical new low on spx. I bet this gets ugly in Spain in the next hour.

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  12. There is a live stream of the RIOT. Protestors just kicked the crap out of a cop....was not pretty.

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  13. Turd's followers on suicide watch and I thot i was doom and gloom. they are entering their bunkers now.

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  14. Come on now just another bump in the road....... Hehehehehe

    American Idol cant get here fast enough!

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  15. ok.....that's enough backing and filling ......could be even more but the minimum has been met in many miners

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  16. Gold holding up and oil going down should be most EXCELLENT for the miners! Thanks for the charts kli, ppp refuses to get under $5.

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  17. I think AA is in big trouble...A possible short candidate....Looks like a gartley and bear flag....

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