Well, we survived another, full-on EE Wednesday beatdown. Lots of new paper metal created from whole cloth today by Blythe and The Monkeys but, as you can see below, 1325 continues to provide solid support and the gold chart is forming a beautiful base form which it will start its inexorable climb to $1600 by 6/10/10.
I understand that many of you are dealing with some harsh, winter weather today. If you are snowbound, you might appreciate some fine reading/discussion material to help you pass the time. First up, ponder this. I received this note from one of my favorite "turdlings". He is a longtime member of the U.S. military which means he qualifies for some serious, government-sponsored retirement "benefits". Some of you may be in the same boat as public sector employees. The "Colonel" makes some interesting points:
"All pension funds today are ponzi schemes, anybody still putting $$ in them is an idiot, in my opinion. You know they are just funding immediate liabilities on the short term before they are bankrupt and changing laws to continue their life, at a steep discount I might add... That said, I will tell you what I did and maybe if you feel it is of merit then you can share with others. It is not new or illegal!
The largest pension fund in the world, which makes it the largest underfunded one as well is the TSP/gov't one, which I belong to. The gov't is adding more jobs so they can rob employees to pay their un-funded obligations and seduce the new employees with a "MATCHING"contribution, yeah right, that is BS. You put your money in there so they can rob it and they put nothing in and give you a statement each month that says you have x# of $$. Bull Shit!
Here's what I did and advised all my friends to do in state/gov't pensions. Your feedback from turdites claim "I wish I could buy more bullion". We know JPM uses gov't $$ from us, bastards- to do the same thing. OK, just fiat $$ but we can f-them and do the same. I suggest, and I did this, to tell all gov't/civilian employees to liquidate as much of their pension as they can as a personal loan. I can take 50% of my TSP; and I did at 3%. I bought eagles by the 500 case, it has almost doubled. I pay my acct back @ 3%. BTW I am giving Uncle Sam his $$, not mine. I know this may x-the line as financial advice so defer to your expertise. But let's use our inflated profits to do what those assholes are doing without cashing out needed cash to profit from this situation. BTW, Egypt is lost, F-it, prepare for doomsday. Just a thought for some of your readers who probably have a huge worthless pension nest egg and will watch it disappear in a couple of years. Do what you can ... I did. Colonel."
Next, I've received quite a few emails asking which other blogs I read. No, I don't read FOFOA, though maybe I should, and I don't follow any TA-oriented blogs, either. I do, however, think that the following are worth your time and effort to check on a regular basis:
Of, course, there's Santa:
But there's also Gonzalo Lira:
And Max Keiser is kind of fun:
My old ZH friend, Mr Jimi Lennon Hendrix always has some valid opinions:
And I'll be checking the new silvergoldsilver blog quite often, too.
That's it for now. Beware a EE sneak attack on the Globex today as Blythe is surely getting desperate. Maybe Ruprecht needs to scrape her bunions again soon.
And this is interesting:
As is this, from Joel Rosenberg: