Thursday, December 9, 2010

Today's Events

Wow, a lot going on today. First of all, I want to thank everyone for participating here. The comments sections are growing and growing with insightful thoughts and links. Great, great stuff and I'm absolutely thrilled that so many folks are getting usefulness out of this site. Please continue to recommend it to your friends, internet friends and family. We've had 12,000+ pageviews each of the past few days...another 25% jump in activity. Let's keep it up.

Here are a couple of items I've found in the comments that I think deserve wide attention. First up, Cris suggested we keep tuned in to the CFTC hearings today. Anyone interested can find a link here:
http://www.capitolconnection.net/capcon/cftc/120910/CFTCwebcast-live.htm

Harvey Organ turned us on to this little nugget last night and sumo came through with the actual text. Nice work, sumo!
http://www.24hgold.com/english/news-gold-silver-the-elephant-in-the-room-more-pieces-of-the-puzzle.aspx?contributor=Rob+Kirby&article=2244794602G10020&redirect=Fal

And the keen eye of one of our readers (and for the life of me, I can't remember who it was...sorry) spotted this little beauty yesterday. Its a 9-minute interview with THE John Williams of ShadowStats. Please watch and forward.
http://watch.bnn.ca/squeezeplay/december-2010/squeezeplay-december-8-2010/#clip386602


We're off to a nice start today. The USDX and crude are flat. The PMs are rallying. Let's keep an eye on things and look for that final $9B of POMO to grease the skids. Oh, and if you're wondering, the next POMO schedule is due to be announced at 2:00 pm EST tomorrow.

And this is fantastic. I'll try to find us a link for anyone that wants to order some.
http://www.zerohedge.com/article/bid-bullion-releases-171500-ounces-silver-max-keisers-ongoing-campaign-destroy-jpmorgan
And here's the link. More details will be released on Saturday.
http://www.silverkeiser.com/
And this is an absolute MUST READ:
http://www.zerohedge.com/article/mike-krieger-explains-why-silver-bullets-are-only-defense-against-modern-financial-vampires

26 comments:

  1. London Fix time, right on cue. All together:

    Buy the fuckin' dip!

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  2. The $ has suddenly shot straight up, too. Lord knows why...

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  3. Brent Crude plummets. I think my trading account is using the same chart for silver, gold and dollar, the lazy schmuck.

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  4. Isn't the $ up just a reflection of the Euro down?

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  5. CMT, yes, and for whatever reason, all commodities are currently very tightly buckled to the USDX. Kind of a pain in the ass.

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  6. Turd, it is a pain, but I think that has to be temporary as the dollar continues to lose its "luster" throughout the world.

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  7. What sucks is that just 30 minutes ago we were at 1395.60, then BOOM.
    Silver's hanging tough at 28.82, however.

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  8. From reading ZH, it looks like the $ rally is related to euro weakness concerning the Irish parliament not approving their "bailout".

    What a joke our computer-driven markets have become. NO RATIONAL HUMAN BEING WOULD SELL GOLD ON THIS NEWS! But, the algos only read the variance of the USDX and sell the PMs. We've definitely got a long ways to go on this whole "artificial intelligence" thing. Buy this dip.

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  9. TF, that's my point. I admit, for a trader, this is troubling. I'll just add to my long term investments - I have cash I won't need (hopefully) for more than a couple of years. I'm betting PMs & miners gain on USD over the next 12-24 months. Seems like a no brainer, huh?

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  10. Gee Fergie don't I get a hat tip for posting Sinclair's new prediction? I mean I thought it was pretty ballsy of him to raise his Jan 14 call from $1,650 to $1,764? OK granted he's not the greatest short term caller but still!
    Anyhow keep on keepin'on. :)

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  11. At some point won't PMs and commodities stocks decouple from the dollar and the rest of the stock exchanges? ..At what point is that likely to happen?

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  12. Yes, Pauly, nice job.
    So, the question is, do we go out and blow a bunch of "Vegie money" on $1600 Feb11 calls? As of this moment, the thieves at the Death Star will galdly sell them to you for about $160 each. If Jim's right, they'll be worth $17,640 each.

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  13. Just some comments on the dollar move this morning from a friend of mine who works on a major trading desk:

    1) Rumors (speculation) that Italy may be downgraded
    2) Reports that Irish opposition -- Labour Party -- is going to vote against the IMF/EU aid package. Note here that the gov't had the votes to pass the budget....the new gov't may re-negotiate the terms of the aid package = more uncertainty = more selling of the EURO

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  14. I say "all in" on Jan and Feb calls. Especially silver, as it will go up faster than gold, and may overshoot.

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  15. Dollar strong Eurozone looks like WARZONE....hmmmm...and gold and silver holding support and green......i think i like it.....hehehhehehe

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  16. Options noob query: What's the best way to go about buying a Feb Option call? Through a share broker? 160 bucks is well worth a shot. I'm all read up on them but don't know how to go about actually doing it.

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  17. Fiend: I work with Lind-Waldock. They're great. If there's a link in the "google ads" section above, click there and you'll be on your way.

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  18. All this Europe stuff is really interesting. Let's watch how the PMs trade today and tomorrow. If they start to spike, those options may be necessary.

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  19. Thanks for the response, very much appreciated. I'll cut you in for more than a few martinis if we hit that $1600 mark.

    Am loving today's action after getting hit hard by the early week plunge. This shit is tough, but nothing ventured nothing gained huh. Took delivery of a few Austrian Philharmonic coins today too, very pretty and keeping my going until I know this support is rock solid.

    Thanks again, keep up the good work.

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  20. I am interested in the 1600 Feb11 call option too.
    I never was involved with options before.
    Is it as simple as going to your broker and buying an aproximatelly 160$ costing call option hoping for a profit of around 17.000$?
    I want to buy 10 or 20 of them.

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  21. Again, George, call Lind Waldock.
    800-445-2000
    They'll get you set up.

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  22. The reason given on ZH for the Euro weakness and the dollar going up was because of some BS about the Irish Parliament not going to vote to approve their bailout--what a joke .The real reason I think is the ESF--the exchange stabilization fund ..run by the crooks at the White House and the Treasury secretary .Its only function is to influence the dollar .They can buy futures and the trigger a short squeeze .that seems to be what they pulled off again today .

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  23. Right, from trying to find an options dealer in the UK (I'm in the UK, which I think rules out TF's recommended dealer), most of them that are coming up seem to be offering them as a CFD on spread betting platforms. This is a different thing right?

    One detail I've come across---European options can only be completed on the date of expiration, whereas American can be completed any time up to the date of expiration. An important detail in markets as fucked as these methinks...

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  24. Dearest Turd,I live in Europe,so I guess me and Friend are out of luck with your kind,really apreciated recomendation.I will research the topic,I definetly want some of those call options.

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  25. George and Fiend; I'm actively working in this. Look for a new blog post soon.

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  26. Robert said...
    The reason given on ZH...

    Admittedly I have been a devoted reader over there for awhile but sometimes I wonder about the Tylers and their motives. Long story short caveat emptor.

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