Bloomberg First Word with Ken Prewitt

• UBS’s Matus Says ‘Too Much Money Too Hide’: Audio

  Aug 5, 2011

  Drew Matus, senior U.S. economist at UBS Securities in Stamford, Connecticut, says investors "are just hiding and headed for the sidelines."

  Download

---

Matus is worth listening to. Several things he brings up.

#1, it's all still about GDP, stupid!
#2, it's all still about earnings, stupid!
#3, remember what is a forward indicator and what is a backward-looking indicator, stupid!
#4, by the way: the money has nowhere else to go.

Very good guy to listen to, makes me a hell of a lot calmer. What the fuck is so important about debt and Euro contagion anyway?

In fact, if you've been listening to the right people instead of mass-media idiots and their blogging troglodyte lackeys, you'd have heard that Europeans are moving money out of banks and into gold.

Hm... and it used to be, gold producers were what you'd buy to get gold exposure.

Hm... and while the explorecos have been getting slaughtered, the gold producers haven't been falling much at all.

This is all one hell of a lot more informative to me than looking at a bunch of stupid charts with commentary which boils down to "well, it could go up from here... or it'll go down... if it goes down we'll sell, if it goes up we won't".

Matt Damon illustrates the problem with the USA

Note I never say "America" when referring to one particular loose confederation of banana republics.





Matt Damon can see through all the bullshit. Therefore, there exist Americans who can see through all the bullshit. The reason the bullshit remains is that the mass media refuse to provide any exposure whatsoever for people who can see through the bullshit.

As a result, the many other people who can see through the bullshit are left thinking they're entirely alone in the universe.

Personally, I think it's because of the folksy small-town mass-man sensibility that says "you aren't allowed to call people ignorant or make them feel dumb by using big words".

In any case, it's the media's fault. I'm especially pissed off right now at all the "Tea Party Taliban" articles cropping up all over the media: what, you only mention this out now, after they took over the US Congress? People were pointing out how fucking lunatic the Rethuglicans were for years, decades; why is it only acceptable to point it out now?

Why taking profits is a good thing, especially when you're an idiot

The following post is entirely Otto's fault. He started it. I couldn't get it outta my head. It's 1AM and I'm still writing this.

---

I bought Century Mining at something like .37 last year. Went up to 80 cents. Then they got CTOed for failing to file financials on time, and so when they finally resumed trading I dumped. 67 cents or something. Thought with the downward price action I should get outta dodge, and was a bit pissed at having been locked down in a CTO. That was, well, probably back in mid-May of 2010.

I had something like 75% of my money in CMM. Yes, 75%. I'll just let that sink in.

...

OK, I'm back. Their old CEO was Peggy/Margaret Kent/White, who (if you've been a long-time reader of IKN) has a sort of... famous esteem. At the time I was in, all they had was the San Juan mine in Peru, which to me looked like something out the 19th century. But oh, wow, they were bringing the Lamaque mine onstream: that's in Quebec, in the Abitibi, and wow they were gonna mine 90,000 oz/y and CMM would be worth like $3 or something in no time.

Anyway, with the CTO, and the 20% price drop after it was lifted, I thought it best to get the hell out of dodge.



I had a big profit, I took it. What a great idea that was. Ho-ley crap, I look back on that now as my finest hour.

Peggy eventually quit as CEO. A major shareholder at the time was Maxim Finsky, owner of some phantom company called White Tiger that you might have read about on Dances With Bears. I never trusted Finsky. I never trust any Russian. It's probably something about radioactive polonium, I dunno.

At the time Finsky was still a minority shareholder. But later on, with CMM's continued money problems (having trouble turning a profit mining gold), he gained over 50% control.

Here's what's happened to the company since then. And remember: this is after Peggy left. You can't blame her. It's not her fault.

2011 Jan 4: Century Mining Announces New CEO, Formerly From Ecometals, Also Worked In Russia: Foreshadowing?
Feb 3: Century Mining Gives 2011 Production Guidance, Asserts Sunbeams and Bunnies: After All They Have Gold, and That Seems To Be Worth Something
Mar 8: Century Provides Operational and Financial Update for Lamaque Mine: Cone Crusher Broke, Mine Continues To Suck
Mar 14: Century Announces Merger With White Tiger Gold, Company With Nearly Zero Assets Run By Russians: Boy You Know This Will End Well
Mar 21: Deutsche Bank Approves Proposed Merger With White Tiger: Illustrates Germans Must Have Genetic Flaw That Causes Bad Judgment Regarding Russians
Mar 23: Century Receives $3.3M of Total $4M Loan From White Tiger: Proves There's Nothing Wrong With Borrowing Money From Russians
Mar 31: John Helmer Points Out That Strange As It May Seem, Century Actually Has More Gold Than White Tiger: Takes Nothing Away From Legendary Trustworthiness of Russians in General
Apr 6: San Juan Mill Idled, Tailings Facility Mocked By Peruvian Mines Ministry
Apr 12: Century Mining Achieves a First, Files Year-End On Time: First Year Without Cease-Trade Order In Fuck Knows How Long
Apr 12: Century Announces San Juan Working Again, Duct Tape Is Awesome
Apr 18: 630,000 Stock Options Granted at 42.5 cents: Must Be Reward For Filing Year-End On Time, Or Maybe For UPSing the Duct Tape to Peru, Cos They Certainly Didn't Turn a Profit
Apr 18: Helmer Reports: Group of Century BagShareholders Suggests Effect of White Tiger Merger Will Be Comparable to Forcible Anal Penetration By Particularly Spiky Monster Penis, One Attached to the End of Highly Radioactive Jackhammer, Which Is Being Operated By Large Silverback Gorilla Bent on Exacting Vengeance For Death of His Mother
May 9: Concerned Century BagShareholders Stridently Request Updated NI 43-101 for Lamaque: Skip Ahead To June 30 For Lesson In Keeping Your Fucking Mouth Shut, Bitch
May 16: Century Hires Terre Partners for Investor Relations: Because James West Just Ain't Enough
May 27: Century Mining Announces $1M Flow-Through Financing at 0.38: Alarm Bells Sound For All Canadian Investors
Jun 13: Century Mining Announces $1.5M flow-through PP at 0.38, Plus Further $1M Loan From Russians: This Gold Mining Thing Not Going So Well, Going Further in Hock to Russians Also Generally Bad Idea
Jun 20: Russian Company With No Assets Still Waiting To Take Over Century, You Really Gotta Wonder
Jun 28: Century Mining Corporation Reports 1Q11 Net Loss $3.6M, Despite Mining This Thing Called "Gold" Which We Hear Is All the Rage With the Kids of Today
Jun 30: Well, There's Your Problem: Century Mining Releases Updated 43-101 Resource, Learns They Don't Really Have A Lot of Gold at Lamaque After All, Shoulda Kept Your Mouth Shut Bitch
Jul 12: Century Estimates Second Quarter Production At Lamaque (a Modern Mine in Canada) Will Still Be Less Than At San Juan (19th-Century Hole in the Ground In Peru Operated Entirely By One Trained Donkey Named "Solano López")
Jul 12: Century Apparently Finds It Hard to Pay Lamaque Miners On Time, Surprised at Resulting 96% Strike Vote: Strangely Stock Advances 15% On News
Jul 25: Century Mining Can't Supply Deutsche Bank the Gold They Promised Them, Takes out Loan at 25% Instead
Jul 29: Century Takes out $1M loan at 17%, Convertible at 27 Cents: In Other News, Gold PM Fix $1625
Aug 5: Century Announces $1M Private Placement at 25 Cents: In Other News, Gold PM Fix $1659, I'm Only Sayin'

---

Man oh man. Just assembling that list I gotta wonder why Otto doesn't mock CMM anymore. I mean, fuck! It's the gift that keeps on giving! It's like being Jon Stewart with GW Bush in office. Every day Is Christmas.

They ain't fooling me

Title says it all. The big flying V on the S&P means little to me. What apparently happened was, there are rumblings out of Europe that somehow they're going to fix stuff or something.

At the same time, this was a 10% correction, which was nice.

At the same time, tin is -6%, nickel -4%, coal -3%. Still looks like either fear of a recession or a bunch more margin calls (do nickel and tin even get traded on the CBOE?).

Nice that the $HUI painted a big long tail today. That means support, to me.

Feh. We'll see what happens next week. I need to go buy some shoes.

Coro Mining - collapse imminent

Coro's had all the bids taken out down to 50 cents. The L2 only has 5 bids left.

You might be able to buy some for just penies, if a few more panic dumps occur.

Friday videos, destitution edition

Well, since the market's so obviously going to continue to crash today, I figured you might want to watch Jethro Tull doing Aqualung and ruminate on your coming career as a street bum.

Payroll report not tainted with the horrible putrefescence of infinite death

WSJ says payroll report shows 117k jobs added, US uemployment down 0.1%.

So let's see how the broad market reacts. If it still sells off then you've got a panic sell and probably want to have a lot of cash on hand for when the dust settles.

Oh, and silver dropped under $39, but that was just an AM raid of the $38.50 stops. Printed a nice little v-bottom, nothing to see here, move along.

Hm....

Silver back to $39.17 as of 10:38 PM.

So... I guess it's not the end for silver then... cos... like... it doesn't seem to be going down tonight....

various random charts for you to peruse this evening

Before I go:

What do you think of the $VIX right now?



Here's one of Gary's favourites, the JNK:LQD. Bit of a vigourous puke, today, no?



Would you buy the TLT right now? By the way, if you're really interested, there's a triple-long ETF... or at least I think there is.

Too bad there's no triple-short Italian bond ETF. That one is collapsing. Is that why US T's are up on huge volume? Or is it because we broke technical support in the equities today? Is this just a technical move?



Here's another GT favourite, the GSR. Nothing shocking just yet, believe it or not.


Here's goldminers versus gold. The miners have puked relative to the metal, but nothing really bad just yet. Again, though, we're at the borderline.




Something similar: silver miners versus silver. Actually, I bet if this was a stock and you gave it to Tanashian, before today of course, he'd say this is a stock he'd buy. All of a sudden silver miners began going up versus the metal, around June. We'll have to see what happens now. But it certainly looks better than GDX:GLD, to me.



And... this one I don't get. What, gold miner profit margins have increased 30% since February? Is that it? I dunno... anyway, with oil crashing, this should continue looking better.

Means nothing if our stocks simply collapse at a slightly lower rate than the CCI. Remember that.

Anyway, off to booze and Alex Jones.

Post-mortem on a successful trade, and looking forward to tomorrow

You're supposed to do post-mortems on trading days to learn what you did right and try to fix what you're doing wrong. But my post-mortems for huge losing trades generally take the form of getting drunk and watching Alex Jones scream about the secret lizard people conspiracy.

Anyway... I for once had a successful leveraged trade today: HGD. What happened?

$HUI had moved above the EMA(7), remember? Well, I thought that might have been a headfake when I realized that HUI had just drawn out another attempted move back to its recent top - the way it had also done back in April.

Anyway, $HUI dropped back below the EMA(7). When it's below, except for headfakes at tops, it seems to stay below until it hits a bottom.

So I put $20K into HGD to see what would happen. I buy a smaller position first, watch to see if it does exactly what it's supposed to, and then if it does, buy more so that my average is still out of the action. Eventually I was in for $50K.

I saw $HUI fall all the way to the SMA(50) and find a bounce. OK, I figured the SMA(50) would prove ultimate support. So I decided to sell when the $HUI fell back to that point.

Which was a dumb idea, because the $HUI actually dropped a lot lower. I should have stayed and watched for a while longer, I guess. Oh well! I made half the money I could have. Being in for 50% of the move is pretty good.

And it's better than keeping that $50K in cash, for sure.

Or buying stocks.

And I didn't want to stay in overnight. Fuck no! Anything can happen. A 5% puke in the Dow might be a big enough thud to wake up Gary Tanashian's favourite helicopter pilot.

So what about tomorrow?

Look at the end of day HUI here:


The orange bit shows where you might catch a bounce, according to that lateral resistance junk and stuff. The red shading is where actual bounces have happened - so it's slanted, so what?

The yellow in the CCI, bottom right, is just a warning that if this drop is only going to be as bad as the last two, we still have a long way to go.

But I look at that huge frickin' candle we drew today, much larger than anything we've seen recently, and I start to think that either a) it's the beginning of a horrendous market crash, or b) it was a bit overdone and should catch a bounce tomorrow. Regarding (a): well, maybe. Why not? People want a crash, they'll make it happen. Regarding (b): you know, $HUI can bounce all the way back up to the EMA(7) and still remain in a valid downtrend. Nice thing is the EMA(7) is now 20 frickin' points above today's close. So, well, the bounce could be a big one.

On the other hand, tomorrow's Friday, when institutional takes a holiday and all the retail kiddies are left to shit in the sandbox by themselves. So either we'll see major liquidation by the fear crowd without any rational moderation, or we'll see good bargain hunting by intelligent investors who know just how much these companies are really worth.

Which do you expect will happen tomorrow? Hint: retail are the types who read investment analyst newsletters and hang out on bulletin boards.

Anyway... you almost always see big red candles get at least partially retraced the next day. Look it up and backtest it if you don't believe me.

Off to watch some Alex Jones and get drunk.

Friday videos, Thursday edition.

Here's a nice song to get you in the mood for tomorrow.



And here's a secret video, just released by JP Morgan and the Joos, illustrating how they intend tomorrow's trading to play out:

what a fun day

I managed to ride HGD down to the $HUI SMA(50), which wasn't the full extent of its crash but it was better than 50% of the ride. Four figure win! About time!

Then I decided to partake in the afternoon stop raid on silver, another 3 figures there.

Remember that FVI I sold at $5.77 this AM? At a profit? Well, seeing it down by thirteen percent by the afternoon was just too much to handle. I couldn't take it. So I bought back double my position, at around $5.20. Looks like a good move now. FVI should underperform silver on the way down, not overperform it. Mine #1 has negative cash costs, and mine #2 is coming online! Dummies!

You know, a certain FVI fanboy should be disgusted that the stock can swing so wildly that it can be day traded. What the hell, eh? What kinds of tards hold this stock anyway? Certainly not "the right kind of people"!

GOZ and USA were relatively stoic today.

I have loaded some extra money into BCM and RIO. I dunno if the RIO collapse has simply been engineered (remember those rolling 76-ask steamrollers I told you about?), or if they truly are running into teething problems at their mine and are running out of cash. I hope not. RIO has been very good to me over the past year, so I'll load up the damn truck at $2.00 if they give it to me.

All in all, a good day for me.

I have no idea what'll happen Friday. I assume the jobs report will be not so horrible that it craters the market - after all, the jobs report is backward-looking anyway, and we all know the USA is neck deep in 6 feet of suck.

But I'm going to assume there was a bit too much oversell today - a lot of margin calls, supposedly, drove down the commods, and that probably even spilled over to the E-mini. I think Friday should see a bit of a bounce. At least in the $HUI, which was way overdone today.

I mean... gold's down how much? 0.17%? That hurts gold miners' margins how?

$HUI and the SMA(50)

I just noticed the $HUI bounced perfectly off the SMA(50) today.

So add that one to your chart. I guess the (80) doesn't matter right now as it's at the same point as the (30).

targets

I almost bought back my FVI at $5.35 right now. What a dummy!

Here's my price targets for the upcoming clearance sale:

BTO $2.80, RIO $1.90, NGM $0.33, AMM $2.80, SBB $4.50, BCM $3.80, GUY $7, REG $0.90, FVI $4.00.

If you think those are overly aggressive, well... maybe. But I only need one.

noon commod ETF data

As of 12:37

SLV -5.5%
PPLT - 3.56%
PALL -6.32%
SLX -5.45%
SIL -7.5%
COPX -7.41%
URA -7.18%
GDXJ -6.61%

MOO -5.45%
PAGG -4.84%

Asia not nearly as bad as all that.

Looks like global slowdown fears and risk off.

Margin calls hitting commods.

the end of all things

Silver just got puked, and gold is down to even for the day.

Well, good riddance to that nonsense then.

S&P and Q down over 3% for the day.

Bought more HGD at HUI=540. That's my line in the sand now, I think.

HUI noontime chart

You can see how badly HUI lost the EMA(7). It's painting the biggest downward candle we've seen in a while.

Right now it's challenging the SMA(30) and SMA(80) cluster. So I'm suspecting it's gone as low as it can for the day... but maybe not?!? If there's no bounce off those moving averages, it's going to be a quick plummet.

Look at the CCI, bottom panel. See? It hasn't nearly gone low enough to print a bottom.

See how the recent activity is like a slower version of the April top? You'd expect that, as the past few weeks were a lot of waiting over the debt ceiling business. $HUI needed that info before it could decide to crater on us. And importantly, a topping pattern is the one place where the $HUI can headfake the EMA(7). Ah-ha!

I doubled up on my HGD.

Wow... in the few minutes it took to post this, $HUI's dropped to 539. This looks baaaaaaaad.

market comment - hedge

I have poor judgment when it comes to leveraged ETFs, as I've shown myself multiple times.

Still, the $HUI has now broken back below its EMA(7). The S&P has lost support completely, negating Gary T.'s hammer formation, which you'd have to thnk is bad. Silver also seems toppy now.

So I've bought a small starter position in HGD, the double short goldminers ETF, to hedge my stocks.

I also sold my $5.53 FVI for $5.78 - was a small position anyway. Oh look, I can buy it back cheaper already! All of my $3.33 BTO is also gone as of yesterday, for something like $3.40. Nice when you're not in love with a stock, eh? You can make money on its fluctuations then!

I am going to hold on to BCM, USA and RIO come hell or high water. Those are my gems. Might add some on price weakness. But the rest can go at any time. But I think that while $HUI's RSI(7) printed a possible bottom, its CCI(40) definitely did not. We might have a lot further to go.

$HUI's SMA(30) and SMA(80) are up next in the mid-540s - those provided the recent bounce in the $HUI. If they now get violated to the downside, I might go all-in on a double-short gold miners.

We'll have to see. For now I've got BTO's "Godzilla" running through my head... as well as "Dominance and Submission".

Another day, another something completely different.

So now, gold and silver are up but the $HUI is trending down.

Yesterday's break above the EMA(7) might have been a headfake, but I haven't seen the $HUI do a false breakout above the EMA(7) in recent history.

Oh well... I'll see what the day brings. I have a lot of cash, and very few stocks I want to dump.

This might just be everyone trying to get out of the market before the jobs report on Friday confirms what we've already known for months.

Because, y'know, the jobs report is a trailing indicator. It's expected to suck because we already know things are sucking.

By the way....

Let's see what today's interesting ETF closes were.

PALL down 3.86%.
SLX - down 0.85%, but recovered from a much worse low.
KOL - down 1.49%, but again could have been worse.
JJT - down 3.05% and near the day's low. Note, that one's a low volume ETF.
JJN - down 3.48%, but even worse liquidity than tin.

Ags were slightly up, except a few commods like SGG down 2.19% which proves nothing.

Asian ETFs, nothing serious either way. TUR was actually up 2.12%.

Miners? SIL up 2.44% believe it or not. URA -2.05%. GDX up 1.28%, but GDXJ flat and GLDX -0.36%. COPX down 1.88% which isn't that good. It looks like goldbug/silverbug world is getting a chance to gloat.

QQQ outperformed SPY.

There. Now you have some idea what my Google Finance watch lists are like. Go chart them all yourself tonight and report back what you find.

Brent Cook in the Gold Report.

Oh look! Brent Cook gets interviewed in The Gold Report. And this time he gives them opinions and everything.

And here's his legion of fans:

I have no idea

I have no idea what's going on in the market right now. Did the S&P find support? Or is everyone only waiting for jobs data later this week? Is the US Falling back into a recession? What can the government do about it? Steel, coal and tin all dropped hard yesterday, as did copper miners. Why?

Gary Tanashian seems to be certain that Bernanke will just throw money out a helicopter again. A portion of commentators agree with him. I on the other hand can't see where he gets the money. And in any case the first two QEs proved to provide absolutely no lasting growth.

So I'll keep it simple. The $HUI broke above its EMA(7). This while the S&P was testing new lows and the Dow Transports fell out the poop chute as if someone were handing out free enteric cholera. That's a buy to me.

This all may be because the European citizenry is fleeing the doomed Euro and stocking up on gold. That seems to be the story behind the scenes. So maybe a few of them aren't just buying gold, but also the gold miners? Are gold miners coming back into fashion with the broader investing public all of a sudden?

Can someone with more data access than me please check the action of the gold producers and see if it's the ones cross-listed in Germany that are seeing the most positive action? Certainly the producers are doing one hell of a lot better than the explorecos.

What to buy? No clue. A few of the stocks I'd want to load up on have steamrollers on the L2 - a huge cluster of asks driving the price down. RIO's especially crazy, with usually something like 76 different asks at $2.28. Even funnier, these asks disappear when retail hour occurs - almost as if they want to distribute without driving the price down.

Oh well. Keep your eye on $HUI's EMA(7) and ignore everything else, eh? I'm open to the idea that the $HUI only moves to the resistance at 580-585, then reverses and collapses back down. That will be the next price point to watch.

debt limit = higher price of gold? and FSG again

The chart looks a little Ron Paulish for me.

Even still....

Remember that double long gold double short S&P ETF I mentioned 2 weeks ago?

Yeah... it's FSG in case you forgot. It's gone from $28 to $35 since then.

It's tempting....

Guy Lerner on market sentiment (as of Monday)

Do read Guy Lerner at the Technical Take once in a while.

He's got an interesting post on sentiment.

Apparently, we have a lot further to fall before sentiment resets itself.

Well, not "we"... the S&P.

Meanwhile GT sounds very doomy.

Strange action on the markets today

Strange action. The S&P is crapping out, yet the $HUI is breaking above the magical EMA(7) and threatening to go bullish.

I'm not buying this yet. We'll see what the $HUI is like this afternoon.

I cashed up this morning for very slight profits... there's a lot I don't want to sell right now (BCM and RIO, for example) but my non-core has been dumped.

We'll see....

Southern Arc Minerals - educational materials

I don't know anything whatsoever about Southern Arc Minerals.

But the presentations section of their website seems to be way better than most of the useless garbage you'll find on other miner websites. Check out this great list of articles:

PDAC 2011 Presentations

Targeting Epithermal Gold – Dr. Mike Andrews (7.0 MB)
Targeting Porphyry Copper-Gold Systems – Dr. Steve Garwin (5.0 MB)
Strategy & Gold Exploration – Hamish Campbell (2.7 MB)
Lithocaps and Porphyry Exploration – Andrew Rowe (4.9 MB)
Indonesian Joint Venture Status – Hamish Campbell (3.7 MB)

Technical Papers

Epithermal Gold for Explorationists (1.0 MB)
Anatomy of Porphyry-Related Au-Cu-Ag-Mo Mineralised Systems (0.6 MB)
Western Pacific Porphyry Cu-Au Deposits (1.3 MB)
Models and Exploration Methods for Major Gold Deposit Types (2.6 MB)

I mean, what are they trying to do? Educate their investors or something?

Good reading material. I'm going to grab it all.

Another example of Obama versus Clinton

Here's another example of why Obama doesn't have the cock to be a 2-term president - unlike Clinton.

Clinton starts tearing Fox a new asshole at about 3 minutes.

Yabut if you look very closely you may also be able to spot DOOOOOOOM

1. We want the green line back! That green line meant miners were being recognized for their marginal leverage to gold!
2. I'm scared of that red line! We're not supposed to be at that red line.
3. Notice the magenta lines? That's negative divergence. We saw that a few months back with silver versus the silver miners, everybody laughed, but that turned out bad.

Gold is not gold miners.

I dunno. This all scares the livin' crap out of me right now.

Oh well... maybe some music will calm me down.



Whoops! Sorry... here's something better.



Whoops! Okay, how about some nice funny Stephen Colbert?



Okay, that doesn't work either... I'm really just casting about for some sort of solace somewhere....



Alright, yes, now I'm just being silly.

HUI vs SPX?

If you look at the last few charts I posted, you might see that while S&P is at a point of critical support, $HUI still has a long way to drop.

Oh, so miners are outperforming the S&P, eh?


Looks rather more like the $HUI's been trying valiantly to not fall faster than the S&P.

S&P - doooooooooooom!

S&P is at the EMA(200) right now.

How good do you think miners will react to the S&P falling below the EMA(200)?

Something to think about.

Don't take your eye off the ball

Here's How The GOP Presidential Candidates Reacted To The Debt Deal - blather and noise.

Debt-Ceiling Deal Hinges on Senate, House Votes - blather and noise.

ISM manufacturing gauge falls to two-year low - that is the real story.

And you can tell because that's what the market reacted to at 10AM.

Here's a quote from that article in case you don't feel like following links:

"Similar gauges released across the globe pointed to deteriorating if not contracting conditions.

"One of the worst came from Brazil, where the HSBC Brazil manufacturing PMI fell in July to 47.8, the second consecutive month below the 50 no-change line and the worst reading since May 2009. China, Russia, the U.K., Spain and Greece also reported sub-50 readings."

Now, Spain and Greece are banana republics, Russia is also not an economy worth taking seriously, and you'd expect the UK economy to collapse given the austerity plan they're exterminating the masses with.

But... uh... China and Brazil?

It's all kittens and bunnies again, move along.

President Barack Obama on Sunday announced a last-minute deal to raise the U.S. borrowing limit and urged lawmakers to "do the right thing" and approve the proposed agreement to avert a catastrophic default.

Gold down 1% silver down 1% USD up Tokyo up blah blah.

Who the fuck cares. The only stock market in the world worth investing in (during a commodity bull anyway) is closed on Monday for Civic Holiday, our "we want a long weekend in August let's make some shit up" holiday. And like I said, it's the start of another recession that's the true news, this debt crap was just a sideshow.

So maybe $HUI will bounce off the EMA(30) and EMA(80) tomorrow and maybe even hit the EMA(7), around 555 or 560. If it crawls above 565 then I'll be happy to have thrown a pile of money into stocks Friday afternoon. But we're not out of the woods yet. $HUI's not in an upward trend til it breaks above the EMA(7) and stays there. Until then it's just a correction in a downward trend.

With a H&S targeting 400.

So, off to TV to maybe watch some Mantracker, have some blackcurrant liquor, and beddie bye.

Rand Paul on CNN

Did anyone see this on CNN yesterday? The disrespect this blustering, tangential, constantly deflecting guest showed was absolutely stunning. How dare Don Lemon try to get Rand Paul to stay on topic and answer the questions put to him!

The average American appreciates Don Lemon's professional manner and hopes that someday there will be more than one news anchor in the country who forces the bullshit brigade to actually respond with honesty instead of yet more mendacious bluster.

ABC News video on the Yukon gold rush

Here's a video from ABC News on the Yukon gold rush.

God, I apologize for how stupid the commentary is. But it's the American news, it can't be highbrow. That would mean the media giving Americans credit for having more than one braincell, and we know where that leads: socialism! Revolution! Equality! Progress!

But maybe you can watch it for the pretty pictures. I'm sure they'll come fast and furious.

Jay Taylor interviews Bob Quartermain

July 22, Jay Taylor interviews Bob Quartermain from Pretium, who is looking for his father's Lost City of Gold.