A couple of items while we watch support holding firm...
First, I found this at Business Insider. Short and sweet:
Next, I thought this was a pretty well-written summation of the bullish case:
With all of the "gold bubble" nonsense being bandied about again, I thought you might want to review this excellent piece written about 10 days ago by Jeff Nielson. Great stuff:
My friend, Big Red, in Virginia found this little item today. You can be assured there is more of this to come: http://voices.washingtonpost.com/virginiapolitics/2011/01/delegate_proposes_virginia_min.html?wprss=virginiapolitics
Lastly, you've seen me discuss at length my concern for rapid food price increases in 2011. I find it interesting that this idea is starting to get some msm play. See the clip below but keep in mind several things as you watch:
1) No one even mentions that the rise in commodities is directly related to the foolhardy, arrogant policies of our government and Federal Reserve.
2) David Goldman is frighteningly uninformed and a first-class douchebag. At about the 3:00 mark, he claims that "some food riots might not be a bad thing, particularly in places like Iran". He also incorrectly points out that "soybeans have had very modest increases". See the chart below. What an idiot.
3) Kudlow is a statist boob. However, like Dennis Miller, he thinks he can fool people into believing he's intelligent by using big terms like "Malthusian" over and over. In case you're wondering, here's some info on Malthusian thought: http://en.wikipedia.org/wiki/Malthusian_catastrophe
OK, here's the link, if you can bear to watch it:
Now, review these monthly charts and ask yourself who is more likely to be proven correct: The Giant Douchebag David Goldman or People's Champion Turd Ferguson?
The metals have held really well today in the face of the USDX rally. Through my rose-colored glasses, things look pretty good. Gold has now double-bottomed at 1364. If we can get up now, through 1380 and then 1385, we could really start squeezing those smarty-pant shorts.
Another BLS BS report is due tomorrow morning so I thought it might be fun to review our comments from last month. It'll be interesting to watch just how little things have changed in the past month.
And here's a link to the CNBS coverage from a month ago. Watch this and then ask yourself how in the world we are going to see a BLS BS # of +400M.