Tuesday, February 26, 2013
BI - OMG Italy teh dooooomz. Technically, the voter rejection of austerity is bullish as fuck for Europe: once the kleptocratic oligarchs are kicked out through the application of democracy, Europe can go back to stimulus. But for now everyone has to piss their panties.
Bespoke - charts of the bloodbath! Lotta big red candles, except on the $VIX which got a big green one. Lotta piss-stained pantywaist sissies if you ask me. But I guess this should mean gold gets that fear bid that it's supposedly been missing, no?
BI - but consumer confidence surged!! Market can't decide to shit or get off the pot, no?
Mining.com - Italy election result should spark gold demand. Because if it's one thing the Chinese and Indians fear, it's Berlusconi back in power. Or not.
Krugman - This is the way the euro ends: not with the banks but with bunga-bunga. Funny guy, agrees with me a lot.
Bonddad - quick note on Italy. He thinks it's a game changer. I say yeah, for maybe 2 days. As Josh Brown would say, do you really expect the rich plutocrats of Europe to let a little democracy get in the way of their precious stability?
FT Alphaville - another dollar bull market coming? This article suggests that a USD bull would kill EMs. I don't understand how that could happen; I'd expect a USD bear to be what'll kill EMs, not a bull. But whatever. We're not there yet anyway.
Bloomberg - gold bets cut by most since '07 as sugar bears grow. Mmm... sugar bears. I'm not inspired by the sugar chart just yet; it is at 2-year support, but 3-year support is over 30% lower. I'll stick with my coffee long for now: this article says coffee stockpiles are at their highest since March 2010, which was the start of a 100% bull move in coffee. As for silver, long bets have been cut by the most since silver was at its previous low. And GLD outflows? They have gone on for the longest since 1Q2011 which was right before gold shot from $1350 to $1900. You see what I'm doing here?
BI - BofA says everyone hates gold so much it's due for a bullish turn. Sentiment now at lowest levels since Nov 2008, when there were actually things to worry about. Gee, it's not as if you hadn't read that here already several days ago, eh? Thanks so fucking much for your fantastic fucking research, Bank of America. Glad to see you're putting that trillion dollars of US taxpayer money to good use.
Mining.com - The Vampire Squid drops their targets for gold. I don't like conspiracy theories, but you see this and you've got to think GS is trying to milk their muppets again.
BI - UBS wades in on gold too. Oh, just fuck off the lot of you. You were pissing your pants a week ago.
Mining.com - Glasenberg of Glencore criticizes the miners at a BMO conference. Sorry dude, but Pierre Lassonde and Clive Johnson are both more intelligent, less evil, and more entertaining than you. Quit riding their coat-tails and get back to fucking over Xstrata shareholders, it's what you're good at.
Mineweb - Argonaut sees gold production increasing. Wow, I didn't even know about that Magino thing. Too bad Otto says Argonaut sucks.
Bloomberg - John Thomas Financial draws scrutiny. Cough cough Liberty Silver cough cough.