Saturday, September 1, 2012

Some Saturday news

- der Spargel: Merkel tries to make Germans look less fascist.

As an aside, I hear that Canada's navy is going to buy a bunch of German boats, instead of building our own. Hey, isn't it a coincidence that Merkel just visited Canada? Do you think she lobbies much for the German war machine industry?

Do you think that explains why Greece, despite being bankrupt, still hasn't cut its defense budget, and still pays the bills for the huge numbers of German subs and tanks that they bought? You know, to defend the Greek isles in case of attack from... Moldova or Albania or someone?

What do you think that says about this whole "Mediterraneans are corrupt, but Germanic people are honourable and law-abiding" meme?

- FT Alphaville: the Mediterranean countries are more competitive, and are now running trade surpluses.

#1, this means eventually the Austerians have to admit it's a balance sheet problem, and quit their racial theorizing; and #2, Germany is fucked - by making the south more competitive, they've just destroyed their own exporting ability. Congratulations, with your own stupid fascism you've just leveled the playing field in the Eurozone.

- Gawker: Thieves steal $30M of maple syrup from Quebec.

Somewhere on the north Atlantic is a boat full of maple syrup on a beeline to Kherson. Cos you just gotta assume it's the Russians.

Friday, August 31, 2012

Your end of week PM fix


Silver ends the week at $31.74.

Gold ends the week at $1691.60.

Pretty fucking stunning. Especially since China is collapsing and Europe is collapsing and the fiscal cliff is coming and India is in a horrible drought.

The alternative explanation is that all the above are bullshit.

In either case, you should probably expect silver and gold to go up from here - unless you think China and Europe and the USA (and India but nobody in the western world cares about them now do you) are going to get even worse. But if so, explain to me why the charts say what they say.

Read the following Wikipedia articles and you'll understand what I mean:

Scientific Method
Empiricism
Proof
Evidence

And, for the converse, the following:

List of Cognitive Biases
Communal Reinforcement

Social Proof
Bandwagon Effect
Groupthink
System Justification Theory
Emotional Contagion
Spiral of Silence

Yes, I'm assigning homework.

Oh... and Don Coxe from BMO reads my blog and has learned from me

And on The Gold Report today, there's an interview with Don Coxe from BMO. He must read my blog regularly, because he's come to agree with me that the gold market is all about India you morons.

He doesn't make any specific stock picks, but his general commentary is pretty spot-on - since he agrees with me.

Also, for that rank communist in my readership, he also recommends that people read V.I. Lenin's "Imperialism: the Highest Stage of Capitalism".

Therefore, I expect that when he speaks at the Casey "summit" next week, his very life will be in danger.

Iron and coal, oh my

In the interest of trying to get myself away from this 100% junior gold schtick, and also cos it's in the news, and also cos someone's at me to start up my own $300/yr investment newsletter - cos after all, any old fool can do it nowadays....


Peabody Energy looks like death warmed over. I guess the whole China thing is weighing on coal, plus that whole shale gas thing.

Looks like a great play for a bottom-feeder... when it stops crashing, that is. Volume seems to be a good tell on that one.


Vale is collapsing cos of that whole China thing too. Where, y'know, it's not that the purchasers are refusing to honour their contracts: it's rather that once your ship gets to port in China, they simply don't want to buy your iron ore at $120 cos there's other shiploads with cancelled contracts trying to sell at $85.

So, those are 2 on my watchlist, for whenever they stop collapsing.

If you have no interest in them, then at least you can go visit their charts once in a while for a bit of Schadenfreude. After all, this was how the goldbug scene looked til just a few months ago....

For my next trick....

I now predict that by about 12:30PM everyone will completely forget Ben Bernanke, and immediately start worrying about the Euro summit, the German constitutional court decision, and the Dutch elections.

Oh and the next Fed meeting I guess.

Oh and why the fuck they went out and bought up a sack of garbage like Sabina Silver by 10% in one bloody day.

All too human.


Now for some proper news

ETF Trends - Tom Lydon must regularly read my blog, because he's joined me in doubting that corn will go any higher.

ETF Trends - Tom Lydon also agrees with me that coffee looks interesting right now. Then again - if the Brazilian crops were already damaged and the Indochina crops are in danger from El Nino, why isn't that already baked into the price? Seems fishy... oh well, I'll hold my small 100 share position in JO for now. Still want chocolate cos it's nummy, and also skyrocketing right now.

The Economist - stunning cognitive dissonance of the Tea Party. Uh... when someone is a stupid fucktard, they will exhibit stunning cognitive dissonance. Here's the Wikipedia article: read it and learn how to be less stupid than the world around you.

The Borker (Bork Bork Bork!) - Howard Lindzon's 12 rules for investing. The most important for me to get thru my own thick skull is rule #1 - and while I've been trying, I'm still trying to make enough profits to free myself to puke all the rest of the "investments" that I've been stuck with in my portfolio.

I think I'm done with the market for today. Everything looks swell now, I can leave it on autopilot. No more trading, no no! No touchy!

What did Bernanke say? I DON'T CARE. And also, "on fucktards".

Don't care what he said. Made $1000. Shorted silver to near its bottom, then flipped and went long miners.

Since the last update I dumped the last of my DPM at $8.42 for $560, as it had been a weak stock in the recent correction and I thought the surge to over $8.60 was simply fucking stupid.

Now for some venting.

Some hedge fund fucktard must have hit the button to buy $1 billion in GDXJ that very fucking second or something, in order to move DPM like that. Fucktard. Your execution is pathetic, you fucktard. You're too large for your own market, fucktard. You're buying that second when you could probably wait for the afternoon, fucktard. You are a fucking piker fresh out of Stockhouse with no L2 and you have no fucking clue how to execute a stock so you should be fired, shot and dumped in the Hudson, you fucking fucktard.

Seriously. I know I'm not the fucktard, cos I made money. So who is the fucktard on the other side of my trades here?

The fucktard is the person who absolutely had to have silver that very fucking second, so that he warped the whole market hitting bids to load up. He probably got a text from his intern in the room saying that Bernanke just used the word "whereas".

Jesus fuck. And did you see the market hammerblow down right at 10AM? Serious, what did he say in the first 10 seconds, fucktard? Did he start his speech with "Hail Satan, now let's drop some acid and rape some babies"? Hm? Did the Pirate Party swoop in at 10:00:05, assassinate everyone in the room and say that next they were going to bring down Nanex, fucktard? Hm? What's the big deal that you had to get out the minute you saw Bernanke's fucking beard approach the microphone?!?

Seriously! What the fuck are you thinking, you fucking hedge-fund idiot who pukes silver at 10AM, then buys it back like fucking crazy at 10:20AM?

Because this isn't retail. This is someone large enough to distort the bid-ask.

Yet again, more proof that the "big swinging dicks" in this market are just as fucking retarded as that doofus on Stockhouse who gets all his news from KWN and ZH, begs me to post the L2 everyday cos he doesn't get access for a $50K TD account, and who believes a cabal of Jews secretly manipulates the price of Golden Hope Mines.

Jeeee.

Zusss.

In sum, since you probably want some actionable info after reading 500 words of base Anglo-Saxon aggression:

The rules for trading this morning's market were

1. The people driving this market are utterly fucking stupid.
2. ???
3. Profit!!!!!


wow, that was fun!

Bot $10K HZD at $4.94, sold at $5.02, profit of $140.
Sold last night's $3.59 BTO at $3.66 made $180.
Bot BTO back today, $20K worth at $3.66.
Bot another $10K in AR.WT at the bottom, hit the ask even, now have $15K unsheltered at $4.41.
Sold $10K of my $7.98 DPM position at $8.23, made $300.

And now look at silver fucking take off, eh? SLV at $30.19.


quickie pre-Bernank comment

I bot $10K in HZD at SLV=$29.79. Figured we'd get a pre-Bernank puke, and maybe another during Bernank.

Also trying to treat it as a hedge. Stupid to hedge a portfolio my size with $10K, but whatever.

Also bot some JO at $38.77, sold my BTO for smokes money.

Want more JO and NIB.

See you on the flipside.

Friday videos - BBC4's Synth Britannia

The entire 90-minute documentary on synth music of the UK.



Fuck isn't the internet just darn awesome.

Bernanke will speak!

Yup, today it's Bernanke's "Jackson Hole" speech.

So be prepared for gold and silver and everything else to wobble around like crazy at 10AM.

None of it is important. In a healthy market, we don't worry about dumb shit like central bankers speaking.

But whatever blather he says, the market's immediate wild gyration might throw you off what's really important.

So watch it!

Thursday, August 30, 2012

Daniela Daniela Daniela! and some guy named Hug or whatever

Daniela Cambone and Peter Hug on September:



He's not an idiot like most people giving their opinions on YouTube nowadays, but I still take issue with his blase attitude towards the rupee.

Sorry, but the US does not buy gold. India buys gold. Thus the rupee is important.

The minute you accept this, the easier you'll see what's going on in the market.

Anyway... otherwise, this Hug guy is okay. September is important because the big money comes back to the market.

They want high beta to close out their dismal year, so maybe they go to the junior miners, y'think? That's been high beta in the past, and I sincerely doubt anyone will try to make money shorting the miners after the year we've already had.

We'll see. First you've gotta make it through Friday alive.

Just couldn't stop myself from trading

OK, so I dumped another $10K BCM (still a large position but now very right-sized), got the hell out of that YMI (I kept asking myself "YMI even in this shitty trade when there are other copper stocks that don't constantly go down, like Nevada Copper?"), and went out and doubled-down on DPM at $7.75 or so, bought some BTO at $3.59 or so, and even bought back those AR.WT at $4.33 which I'd sold earlier for $4.65.

Frankly, while silver was weak, gold was strong; and while GDXJ was weak, GDX was strong. So it looks more like GDXJ and silver getting less overbought than it does anything else (assuming it's not all based on the collapse in iron ore). Also, I had recently sold all these stocks for more than I bought them back at, so I'm still beating the buy-and-hold suckers, right?

As well, it seems the real GDXJ weakness was in the chickenshit stocks - GUY, KGN, KAM, ITH, and all those other properties that will never be mines. The real producers have been strong in comparison, maintaining their prices - SVL's a stunning example, but also AR to some small extent. DPM has looked weak, but maybe that's cos of Krumovgrad and the whole iron thing? I dunno. In any case, DPM and AR dropped on incredibly light volume. That made me want to buy them.

Also dumped half my KOR cos it's not going up. Also read someone on Stockhouse saying more options are coming free-trading in September; I don't know if that's true, it could be wrong, and frankly I'm not going to bother checking. But it makes me less interested in owning a double position at $0.89, especially when people at KOR have just recently been dumping shares into the bids.I'll stick with a single position, and maybe buy back in if there's actually a sustained breakout instead of this tease business - after all, HDA failed its breakout today, though then again it hadn't properly broken out to begin with. Same with KOR - I'll buy back in when it's going up.

Might be a dumb idea to have bought in to so many stocks today; but I still have $20K cash to play the craziness tomorrow. As far as I know, Bernanke isn't fucking live-televised to the world from his podium, so any stupid seesaw moves will be just that - stupid, based on the old "Chinese whispers" method of bullshit-spreading. Let's see if I can make some money on the stupid tomorrow, eh?

Oh, also: here's some charts for you:



Chocolate sure looks nummy! I want me some chocolate!!!!!

Cute article about Hudbay's Constancia


Came across a fun little article about Hudbay's Constancia project.

Lemme give you an excerpt:

"We stayed focused on the people that are affected and tried not to create too much of a profile for us across Peru," [[Hudbay boss David]] Garofalo told reporters late on Wednesday. "Because outsiders and interlopers get involved and they can disrupt our engagement with communities."

Opponents of mining projects like Newmont's say they want to protect important local water resources and prevent pollution, but mining advocates say local concerns have been hijacked by politically ambitious ideologues who polarize negotiations.

Yeah! Bitch-slap them commies!

Thu Aug 30 Reuters Inside Metals

Here's the link to today's Reuters Inside Metals.

Look here at what's falling off a cliff

Silver's down a measly 1% or so - definitely shocking compared to recent days, but a far cry from the type of action you've seen in years past.

But look what's really tanking:



Iron miners have done some nasty -3SD gap-down shit today.



The coal and steel ETFs look quite unhappy with their whole existence.

And here's the China 25:


The FXI is not the $SSEC, not even remotely. But it's telling to see it going down so hard.

I dunno... is this the great China-led worldwide crash that I've been expecting?

Doubt it... but at least I know where to keep my attention for the next little while.

GDXJ weekly


O noez! It's the dreaded "red candle that's exactly the same size as last week's white candle" pattern.

If we get a kneejerk selloff on Jackson's Hole, it could even go below $20.

Meh... my stocks look fine and I'm looking to add AR.WT, maybe BTO and DPM, and maybe other stuff, whatever looks best. But I'll wait til tomorrow.

I just found it freaky that we got our puke in silver a day early. Let's see if silver can waterfall this afternoon, or if this is all the selloff we get.

comment at market open

Looks like the S&P500 is going to retest 1400 again; if it fails this time, that gives us a lower low following a lower high, which means at least a small correction. $VIX is >2SD up right now.

Silver's not collapsing yet; and GDXJ is at the EMA(16) and attempting to trigger MACD down. Maybe GDXJ can do as much as fall to resistance around $20, but without weakness in PMs I don't see worse happening.

And so maybe everyone's just selling S&P500 in anticipation of nothing coming out of Jackson's hole tomorrow? Cos the US doesn't need more stimulus - it's China and Europe that need the stimulus. If the market is realizing this, they might be selling in anticipation of Friday 10AM selling.

Also, S&P 500 always has a terrible September. So maybe people are selling in anticipation of that, as well.

So, junior miners are acting weak this morning, but the underlying metals are still okay. Since we're in a bullish advance for the miners, and the downward pressure in GDXJ is showing up more in the developers (like SBB) instead of the producers, balance of probabilities gives me a good reason to wait and see how this all develops.

morning reading


BCLund writes on the most important concept for successful trading: identifying risk tolerance, and then comparing risk to return to find an acceptable trade. Very good article for people who, for example, buy an exploreco at $0.70 hoping to see $3, then hold as it drops to 20 cents. Hint: you're doing it wrong.

FT Alphaville on the iron ore price collapse, Fortescue, and Boart Longyear's dismal guidance. Charlie Aitken brings extremely valuable insight from the trading floor. Interestingly, per Gary Tanashian, the Boart Longyear bit should be a tad bullish for gold miners, if I understand correctly.

BI: Agnico-Eagle needs a new CEO. Why? Cos Sean-Boy is pumping gold on King World News. Seriously, AEM, your credibility is shot right there. And even if Sean-Boy is right and gold does hit $3000, that wouldn't mean AEM's stock would go up now, would it?

BI: China will buy Euro government bonds (again with the rumour). I don't care what that idiot Paul Donovan says - he's just another dogmatic talking head. But really, if Draghi can put his bazooka in action, wouldn't China's purchasing of Euro area bonds make perfect sense? You want leverage? China gives you leverage, and in return they repair the Euro market whose collapse has so hurt their export market. Not that China should be trying to pump their export markets - but any little bit helps, and compared to China, the Eurozone is definitely little.

Wednesday, August 29, 2012

Raoul Pal? Fucktard apparently.


In obsessively poking thru my stats, I came across a post from a few months ago about Raoul Pal, and his Blackened Infinite Doomy Doominess (of Doom).

I was laughing at him, calling him "Mr. Bottom-Tick". See, he came out with the absolute direst possible predictions of the future. Basically, the few of us left alive would be eating each others' babies in bombed-out apocalyptic hellscapes.

That was June 1st, 2012. It turns out that was the bottom of the market. He really was Mr. Bottom-Tick.

But how well has my sarcasm held up? Let's see:


OK, as a matter of fact, IEF made a marginal higher high afterwards. Basically because of the whole Euro fear thing.


Risk-off indicator JNK:LQD never got so low again.

You think that proves him right? Or that my sarcasm was unfounded? Then explain this, laughing-boy!


S&P made its low June 1st and never looked back. And that is what we care about, my friends - not the stupid liquidity indicators or the US Treasury market.

Raoul Pal's quickly-gone-viral, then-quickly-forgotten doomsday scenario scared people out of the US equity market right at the bottom.

What's worse - the lesser-known BI article that came out days later about the last time Raoul Pal called a crash, 18 May 2010. Yeah, I don't remember that crash either.

 Remember this next time you get lured into reading the chickenshit at ZeroHedge.


Mineola oranges, now from Peru


Oh - almost forgot. Been seeing these all over town and decided to snap a pic for the 2 Peruvians who read my blog.

Here's what that Canada-Peru Free Trade Agreement gets you!

(clickify to probiggitate)

Always in good shape and rather squishy. Proof that Peru makes something besides copper and silver.

Now watch Otto leave a comment telling me that these things are grown by the Shining Path or the narcos.

and since you love them - more news links


Yet more news!

- Project Syndicate article on Chinese "Ghost cities" and why you shouldn't worry - basically, they're planning for future urbanization. So quit worrying about China already.

- Perma-China-skeptic Michael Pettis thinks commodity prices will be halved. His thesis is based on the following two points: China is the only fucking industrializing country in the world, and established data like Adrian Day's copper usage per capita industrialization curve doesn't exist. Therefore, you can fucking ignore Michael Pettis.

- Der Spargel reports that Competitiveness and massive trade surpluses have returned to the Mediterranean countries. So quit worrying about Europe already.


- Greece has signed a treaty with Switzerland to help crack down on their tax cheats. Not very likely to accomplish much, but it perhaps suggests that it's the end of an era for Switzerland's banking industry.

- Deflation-fetishist Rosie is now pumping gold stocks. Does that mark the bottom?

- From WaPo, The 10 most scary items in the Rethuglican platform. For example: the Thugs want to start imposing right-wing social-darwinian doctrine at the universities. Also, they want to force the hiring of Thugs only in the District of Columbia. They also want to "enforce laws on obscenity", which is ripe coming from a party of closeted homosexuals and wife-swappers.

I've regularly threatened the fundamentalist YEC at work with an interesting proposition: if my life ever reached a dead end, and I had no idea what to do next, I'd become a hardcore bible-thumping preacher. But with a twist: I'd start propounding Biblical laws. So, for example, I'd demand that any man who fucks around on his wife be put to death. Also, I'd suggest that children who fail to honour their parents should be stoned to death. I'd campaign to make divorce illegal. I'd bring back the whole "mark of Cain" argument in favour of African slavery.

Why? Just to make people fucking think about their beliefs.

Eric Coffin

I'm going thru the Cambridge lineup, trying to figure out who to see - don't want to waste my time with bozos.

The Coffin Bros always had a good rep on the boards, so I decided to check out Eric Coffin. After him, the room will host Barkerville - hope that trading halt gets lifted soon guys! - and then Argonaut, so I can stay in one place.

Anyway... here's a fairly prescient Eric Coffin interview from back in May. One the one hand, he did pick the May bottom, and he was quite a lot calmer about Eurodoom and Ameridoom than anyone else at that time.

On the other hand, he still likes the Yukon.



Chinese coal and iron ore shipment cancellations - from Reuters Inside Metals

Yeah, I should follow Reuters Inside Metals more, sine IKN recommends it so highly. Plus it's metals news, unlike most of the crap I find on the blogonets.

Anyway, from today's issue: Chinese iron ore and coal defaults are not what they seem

Stick that in your pipe and smoke it, Izabella Kaminska!

Yet more with the newsreading why not


- FT on the proposed Xstrata-Glencore unmerger.

- Sober Look on the German economy's uncanny resemblance to a European economy. Or in other words, "don't cut off your nose to spite your face you dumb fucks, and who did you think was going to buy all your shit anyway?"

- FT notes that QE causes... deflation? Huh? You mean Doctor Ron was wrong?

- Bloomberg - the poor in India starve while politicians steal $14.5B in food. Yeah, that "BRIC" concept is looking really prescient right now, eh? Wait... not "prescient", but the other word... what is it? Ah yeah - ignorant.

- Daily Beast says the FBI had a file on Ray Bradbury. And as far as I'm concerned, if your government's security service doesn't have a file on you, you're a fucking lightweight. Me, for example, my file goes back to highschool, and I avoid entering the US.

3 stock charts for you


Dundee Precious Metals is at a make or break point - it's at the Bollinger mean and the EMA(16), and at a test of new horizontal support, and MACD looks to be sucking, and RSI is about to print a lower low. DPM doesn't suck, though, so god knows why with the weakness and all.




Sabina, on the other hand, really sucks. I wonder if that surge in price is due to the apparent failure of the Glencore-Xstrata merger? It's also approaching a make-or-break point, but I still don't get why a non-existent gold mine with a silver stream from a non-existent silver mine, both non-existing in Nunavut, should be worth anything.



And here's Ross Beaty's energy company with the bombed-out share structure. He insists that it's undervalued, and goddamnit doesn't that look like it's about to start going up?

Where's the doooom?



No major move in JNK right now.


No major move in IEF right now.


No major move in UUP right now.

So god knows why gold and silver hammerblowed down this morning.

Morning news links


- This is why averaging down is dumb: your largest position becomes your worst position.

- This is why you can ignore all the racist bluster about the corruption of the Mediterraneans - Dutchmen are also corrupt. And of course, don't forget the Germans: hackers have passed on Swiss banking info to the German regional governments to help them track down tax cheats, despite the German federal government banning the regions from using this info. And what do the German tax cheats do? Now they are shipping their money to Singapore.

- The investor sentiment wheel - Gary will like that one. It's a chart and it's contrarian.

- Gold miner ETFs outperforming gold in August? Say it ain't so! I need a new tagline!

- Gold calls are at a 2008 high on expectations of free money shat out of Jackson's Hole. So, like I said, and I can't repeat this enough! - at 9:30AM Friday, short the hell out of gold. After all the bettors get wiped out at tremendous losses, go back long. Seriously - the US needs no easing, it's China and Europe! Um... and Australia now too, apparently.

- What do the Swedes think of the Swedish Chef? The answer is obvious - they don't think he's funny, they think he's Norwegian, and they're a bunch of sissy pretty-boys who never go into the corners or finish their checks. Now that Doug Gilmour, he was a good Canadian boy!


Tuesday, August 28, 2012

Uncanny similarity in charts

Please just look at the right side of the charts, say from 2011 PDAC onward, for now.

Okay? You ready?

Here's GDXJ:



Now here's Spain:


Do you see?

Big long collapse since spring 2011, a couple attempted rebounds, the collapse accelerates in spring 2012, a selling orgasm in May, and oh look! a double bottom this summer.

Maybe this is an illustration of a liquidity collapse. Or, it could be the "all the world is 100% correlated now cos the traders are all fucking manic-depressive cokeheads" effect that I keep hearing about.

But it suggests that if Eurodoom 2012 gets averted, the junior miners should go up. Even though that seems like a stupid idea.

Or alternatively, you want to buy EWI and go long Spain.

Or, even better, all that scary shit you want to avoid, so you don't want to buy Spain? That all ends up affecting the junior miners.


A few funny things I've noticed, some stocks I'm following

A couple things of interest this morning:

1. GDX and SIL are up while GDXJ is down.
2. SLV is strong while GDXJ is down.
3. The juniors are going down, but on disinterested volume.

Below is a chart of the stocks I'm watching during this pullback. It's of interest to me because I'm wondering how many of the lines in this chart get broken. That'll suggest to me how weak that particular stock is, I think. For example, ITH is already broken; DPM might be breaking; SVL and BTO look strong.



Also, a few of those points double as approximately horizontal resistance kinda, highlighted.

Numbers are approximate.

None is suggested as an investment, or an inducement to buy or sell securities, and really if you're getting stock ideas from some blogger on the intarwebz you must be a fucktard.

Corn and coffee, oh my

Here's corn:


Two words: Short the fuck out of corn.

Here's coffee:


Still looks bottomy and worthy of a trade.

I'm more afear'd of coffee than corn, since I suspect (no knowledge here) that it's one of those crops where a huge runup in price like 2010 encourages people to plant more, meaning supply increases to ensure the next spike requires more demand.


Monday, August 27, 2012

And my comment on the market?

Yeah, people are selling god and silver because they don't believe their own good luck. Quit being sissies, you sissies.

Tell your favourite bloggers and analysts to go fuck themselves, and instead watch this 60 Minutes interview with Lady Gaga. You'll learn more.


Sunday, August 26, 2012

A little overnight reading for you

James Bianco via Ritholtz: The Next 21 Days

Y'know sumfink? I understand, the markets spent all summer gyrating back and forth based on politics, central bunkum, and quotes by everyone from George Soros (remember "the Euro has a matter of days"?) to the odd closeted racist from Germany's Christian Social Union.

But when it gets to the point that highly-followed bloggers have to map out the next month's activity?

I damn well betcha that the drama-queens and masochists are going to be awfully disappointed with the action in September.

Matthew O'Brien via Business Insider: Why The Gold Standard Is The World's Worst Economic Idea -- In Two Charts

And it's actually a lot longer than two charts, and - sorry Gary! - it's not the charts but the writing that carries the story.

And here's some late-night viewing, all via BNN:

- one more time, Clive Johnson from BTO on why 75% of mining executives are incompetent
- Juan Carlos Fartgas from the World Gold Council on how it has nothing to do with the 30s/2s
- David Harquil from Franco-Nevada on not sucking
- Endeavour mining just bought Avion Gold? Do they not read the paper?
- Do we care what David Talbot from Dundee says about the uranium supply gap? His shirt and tie make me want to punch him. I'll stay out and watch the chart, myself.



More kooks from Youtube - Alex Jones and Max Keiser


I have no problem with Alex Jones; frankly it's nice to have someone on the air who encourages people to load up on firearms in anticipation of the coming One World Government.

It doesn't really help when those kooks then start drawing their weapons on installation technicians from the utility company, but whatever. Alex Jones doesn't kill people, his fucktard listeners kill people.

But here's something from Aug 17th: Alex Jones talking to Max Keiser about the impending global financial collapse.



No, you don't have to watch it.

The video has this descriptor:

On the Friday, August 17 edition of the Alex Jones Show, Alex welcomes economist, journalist and American broadcaster Max Keiser to discuss the warning signs of an impending economic collapse, the effect this will have globally and solutions that would bring us back from certain financial doom.

Well... how to interpret this narrative, eh? If the entire market was this bearish, I'd be certain that S&P's about to skyrocket to 2000.

Then again, Max Keiser's viewers aren't presently rotating their money out of equities and into gold bullion. They aren't because they're penniless fucktards who, if they ever did have money, already lost all of it on Canaco and Jaguar and Golden Hope and whatever other shitty puke juniors they invested in.

I mean, someone must have lost all that money! Someone took a 90% hit to his portfolio over the past year.

And Max Keiser isn't a clever rogue, disserting on the failings of Western capitalism; he's a paid stooge of Vladimir Putin, disserting on the failings of Western capitalism and the innate superiority of Soviet Russia and allies of theirs such as Iran and Syria. Why the fuck else would he have been given a slot on Russia Today for his cable-access-quality hourly conspiracy program?

Are we moving into the post-goldbug world? You know, a world where nobody invests in the juniors anymore based on the blather of the American patriot movement, "libertarian anarchists", hateful pseudo-survivalists, and paid disinfo-stooges of foreign powers?

Might those few left in the market start investing based on real hard data, like gold & silver consumption, supply & demand, and the fundamentals of particular stocks?

Daniela Cambone interviews Greg Weldon


I could only get through about a minute and a half of this bullshit. Weldon thought there was no monetary easing, despite the fact that China's printing money via their regional development programs. Slanty-eyed people don't count in the world market? And the ECB came out weeks ago with the plan to buy Italian and Spanish debt. Where are you getting your data from, King "World" "News"?

What's worse, he equates central bank action with strength in gold price. As if Chinese, Vietnamese and Indian people buying actual physical gold has nothing to do with it.

But then at about 1:30 he gets into the theory that central banks were buying gold on down days, because if gold continued to go down through support it'd make the market think QE was over, and thus the equity markets would collapse.

Yeah, if you read the World Gold Council's report, you'll see that the Russian central bank has been buying scads of gold; but otherwise this is a silly conspiracy theory.

Sorry guy, you lost me at 1:45.

Oh, and August strength in gold? It's cos Indians start buying in August, and they make up 1/4 of the world gold market. Not Americans.



I didn't even want to put this video up because it's utterly wrong and useless. But at least it has Daniela Cambone in it.

Monsoon update


Yes, it's still raining in India.

Even the whiners in the west are going to get some rain now.

In other news, looks like the Yellow Sea has a whopping big darn hurricane. Or whatever they call it over there. I wonder what that kind of swell is going to do to all those people living around the Bo Hai.


Now go buy some gold you whiners.

Italy ETF

Here's EWI, the Italy ETF. The weekly chart shows you just how bad things have gotten:


It's failing at its weekly SMA(50), and back in May 2011 it failed at its weekly SMA(200). Both numbers actually seem to mean something on this chart.

And here's the daily:



$11.50-$11.75 is resistance, and that's also where the daily SMA(200) is. MACD is attempting to fail. For some reason, I'd kinda expect Italy to go down next week.

But if it instead flew up to $11.75-$12, maybe that would be a time to buy? Italy's got something like a 5% dividend yield (but no payout on the ETF til December, cuz for some reason iShares don't like paying monthly dividends) and a P/B of 0.6, so the internet tells me. That, for an industrialized nation, seems pretty cheap.

And Italy can't be allowed to fail. Even better, the Europlutocracy is actually making noises about sorting out Greece! They only thing that could fuck things up now is a re-election of that cunt Berlusconi, and that's still a ways away.

Judging by the weekly, this thing could go to $14 or so, where it'll again hit horizontal resistance and the weekly SMA(200).

So maybe I want to buy, either at a breakout of the weekly SMA(50) and the horizontal resistance past $11.75, or at a retest of daily SMA(50) and support around $10.80, keep a tight stop in either case, and hold to $14? After all, upside outweighs downside, and Italy really can't get worse than it was in late July, right?

If you're a bottom-feeder, a contrarian, and a chartie TA dude, I'd think you should be all over this. Yes you, Gary.

Neil Young, first man on the moon, dies at 82

NBC reported that Neil Young, first man to walk on the moon, died at 82.

In other news, NBC reported that Neil Young was the first man to walk on the moon.


What does Neil Young have to say about this?



I rue the day when they report that Kevin Shields, cosmological theorist and discoverer of Hawking Radiation, passes away. Or Robert Fripp, the author of the "Game of Thrones" novels.

Until then,