Before I get started, please don't assume that I know what I'm doing. A reader sends me a report from the NIA bunch. The report reads well and supports the general thesis here that inflation is coming. I post the report. This does not mean that I have any idea who the NIA is. I simply found the report interesting. Posting it is/was not an endorsement of them or their site. I can't and don't know everyfreakingthing. I leave it up to your collective knowledge to point out when something is bogus or comes from a bad source. Thank you all for expressing your opinions of NIA. I won't post anything from them again.
Onto the issue at hand. The yen carry trade is collapsing. The short-term effect on commodity and equity prices may be dramatic, to say the least. Do not get cute. We are truly in unprecedented areas here. Let this play out.
Do I think that silver is extremely attractive at $32.50? Absolutely! Will that stop it from going to 28 or 26.50 if shit really gets rolling? NO! Don't be a hero, Billy. There will be plenty of time to buy once sanity returns.
So, as we go through the evening, I'll be watching $/yen, gold, silver and ES futures. I will attempt to stay calm and rational. I hope you are able to do the same. TF
ps. If you haven't taken the time yet to read, comprehend and consider this warning from Chris Martenson, I wholeheartedly suggest you do it now.
9:40 pm EDT UPDATE:
Maybe the firehoses are making a difference?
The only firehose that can really help would be a firehose of yen from the BoJ. As everything seems to be teetering this evening, I'm sure anxious to see how the world looks in the morning.
In the meantime, with the public comments closing on 3/28, I finally took time tonight to make my feelings known to the CFTC. I heartily encourage all of you to do the same.
"To the CFTC:
Please act immediately to initiate a 1,500 contract position limit in silver.
Average, everyday Americans are struggling to protect their wealth from the misguided policies of the Congress and Federal Reserve of the United States. The ongoing, blatant manipulation of the price of silver by the bullion banking cartel is only serving to disillusion those whom you are charged with protecting.
And here's the link to get you there:
pps Another great note from my buddy, Trader Dan: