First, in a followup to last night where I posted that John Embry letter from last summer, here's Embry's latest, discovered by reader "Costa Rica Chris". For perspective, be sure you have read last summer's missive before you dig into this one. After reading this, you'll probably be ready to max out your JPMorgan credit card and use all the money to buy physical silver and gold.
http://www.sprott.com/Docs/InvestorsDigest/2010/MPLID_112610_pg401Emb.pdf
Next, I referenced yesterday the "60 Minutes" segment that dealt with the looming bankruptcies of U.S. cities and states. At the very end, Meredith Whitney says forthrightly that this crisis will be front-and-center "within the next 12 months". Do you really think that states and cities will be allowed to go bankrupt? Do you really think California can find $19B in new deficit financing? Do you really think that the state of Illinois is going to raise revenue by 25% and slash spending by 25% so that they will be in balance? OF COURSE NOT!!! The only remedy is a US government, money-printing, QE3 bailout. Period.
Presented for your enjoyment, here is the full "60 Minutes" video:
http://www.cbsnews.com/video/watch/?id=7166293n&tag=related;photovideo
While I've been typing, I see Blythe has decided to attack...again. This makes 5 straight days! You'd think she'd at least allow us our Tuesday but no. This current attack is about $9 in roughly 9 minutes. Same time, same place. Shit's getting old but what can you do? Let's see if the BoS blunt her forces as we go through the morning. Maybe we can paint the tape with another "FUBM" formation?!?
11:30 EST update:
Here's Blythe's daily footprint
Damn it! I was going to sneak a little short in for 9am but I had to go and finish my Christmas shopping and didn't get back in time. It's becoming the only quick trade worth taking. Anyone else doing this? Tips if so?
ReplyDeleteThere's always tomorrow. And, well, every day it seems...
what a f'in bitch stealing money like this...these people should be thrown in prison...her time is coming though I recently read the JPMorgue is moving it's positions to banks out of the authority of the CFTC...
ReplyDeleteYes, another classic attack commencing shortly after NY market opens. No reason I can see. Nothing has changed, hopefully these rats swimming in a barrel will drown in time.
ReplyDeleteWith any luck, the second half of a new FUBM chart is being drawn in silver as we speak...
ReplyDeleteFortunately, it appears we are establishing higher lows during each attack. Not an expert, but this may be very, very healthy and indicate much stronger market going forward.
ReplyDeletestealin the options......NOT my bullion....ehhehehe
ReplyDeleteDuke I absolutely agree. How can we have a major correction in the future when we only move up .15 to .20 a day? Really looking forward to that number increasing though. It's a very bullish sign. She used to only do this every once in a while to try and spark a reversal. Now we have ended with a positive close 4 days in a row! Very healthy sign indeed.
ReplyDeleteEither Blythe is not bringing her "A" game today, or the market on to her. I can't say I'm impressed.
ReplyDeleteTwo more POMO's today and a falling dollar? Today could be a bloodbath for her.
It's the buy the dip syndrome. Everybody gets ready to BTD around 10 am courtesy of BM. I don't understand the big run up at 8 before the take down though? Why was there a strong move at the Comex open when everyone should know at this point if you wait 2 hours you'll get a better price?
ReplyDeleteBTW, Turd/Chris thanks for those John Embry newsletters, they were great.
Sometimes I wonder if that silver price at $30/ounce is such a HUGE psychological barrier that it may continue like this for several more weeks until we finally blast through it. Perhaps Blythe orders to hold that line at all costs and we have ended up in a WW1 front line scenario. And between her and her cronies she is so far able to hold it. I hope i am wrong, but even if I am not, there is no doubt that it will happen and she will lose.
ReplyDeleteBuy the dips once the LBMA london fix is in. any time betrween 10.10 and 10.50 gmt
ReplyDeletehttp://www.lbma.org.uk/pages/index.cfm
Furthermore.... It makes me wonder if Blythe has read the Art of War????
ReplyDeleteWell Mark because as soon as you get comfortable buying on those dips she will switch it up on ya. I do know we would be easily over $30 dollars today if it wasn't for the daily manipulation down. But as soon as you think you see a pattern, or think you've got it figured out. That's when you should be on guard, cause that bitch will just change it up again. But the past three days I have been buying the morning dips. Take it while you can right?
ReplyDeleteAnyone else notice crude today headed to $90 on a stronger dollar? Glad to see this market still makes sense geez.....
AGH I agree, I think turds blog should get alot more exposure, its a bit like ZH but for metal heads. Turd, I'm a pro at Blog design send me an email and I'll redesign your blog so it looks top notch. I've redesigned others and have a portfolio. I'll do it for free
ReplyDeletedbsmeagol@gmail.com
Not to offend you or downplay your generosity dave, but the blog is great just the way it is IMO. I like the books!
ReplyDeletedave: Thanks for the offer. It is something I'm seriously considering.
ReplyDeleteThat's pretty cool, and Turd if you end up making a "must read" book selection I highly recommend When Money Dies by Adam Fergusson. "The nightmare of deficit spending, devaluation, and hyperinflation in Weimar Germany." Holy crap is this book an eye opener. It almost precisely describes what we are going through now and, unfortunately how it ends. Either way it's a great book to help get your mind prepared for what's coming and helps make it a priority. In the end you don't want to be the guy stuck holding the bag of cash and no food. Death sentence.
ReplyDeleteThe roots of the Mighty Silver Oak are STRONG:
ReplyDeletehttp://www.finviz.com/futures_charts.ashx?t=SI&p=m5
I will be more than happy with $.20 steady daily increases.
JD
Turd, even if a new and improved site design that can provide better navigation and user interactivity has some base costs outside of dave's generous offer, I am certain that many here will step up to the plate to make additional FEED THE TURD contributions. I say go for it and do it asap.
ReplyDeleteThank you flying monkeys. As Mogombo says, "I just bought some gold. You should too."
ReplyDeleteAll: If we can eek out a higher close today (above 29.36 on the March11), we will have set the stage for an explosive move higher. Maybe one of those $1+ babies that takes us up through 30 for good.
ReplyDelete