So today the US is closed for Martin Luther King Day. The miners are all still uppish, but not as up as they'd be if there was a flood of idiot Americans buying these crap stocks. We'll see what happens tomorrow.
I've been terribly busy at work, but I figured I could maybe get these two newsbits out for you:
New Deal Democrat - a maturing expansion. He clarifies his position: he expects housing starts to turn negative in the first half (we'll see), and he thinks the expansion is getting a little long in the tooth (yeah, but it's taken a long time to get out of the hole your country dug in the first place). And he notes that he'll be writing a fair deal more on the topic over the next couple weeks. So it'll be the place to go for forward projections on where the US economy is headed.
Bloomberg - hedge funds raise long wagers on gold. And hey, someone agrees with me, and his name is Eugen:
Prices will probably rise to $1,400 by the end of the year as the trend of investor selling in ETFs reverses and demand in Asia gains, Commerzbank AG analysts led by Eugen Weinberg in Frankfurt said in a report Jan. 17.And ignore all the US Fed taper commentary from the other analysts, as I urged you to do yesterday. And on Friday too.
As for all you hedge fund dudes who are suddenly long gold, here's a suggestion: stand for delivery. Why?
Zerohedge - Comex gold leverage hits 100:1. That means you, hedge fund dude, can break the Comex and pop gold to $5000/oz. Wouldn't you like to be known as the guy who broke the Comex and popped gold to $5000/oz? You have ambitions, right? Dude, you'd be remembered for 200 years.
Zerohedge - Germany has recovered a paltry 5 tons of gold from New York Fed this year. That means, hedge fund bro, that all the thousands of tons of gold that the US is supposed to have just aren't there. they've been swapped for IOUs, and the gold can never be replaced without popping the gold price. Don't you want to smash the Fed, bro? Don't you still like Ron Paul? Do you think countries will demand the return of their alleged "gold" after the Comex gets broken?
Zerohedge - Shanghai Daily says China is expected to announce it has more than doubled its gold reserves. Bro! When China announces it's doubled its gold reserves, do you think that will make gold look good? Or bad? I mean, if China was buying all the way down to $1200, and you love China so much, don't you think that means it's smart to buy gold? *brofist*