Friday, October 10, 2014


Here's some snark disguised as commentary:

BI - stocks are going down. Check this out:
And now, people can't think of any "upside catalysts," and everyone thinks the markets are going lower.

What's interesting is that there's no obvious change of stories. Sure China is slowing, and the European economy is belly flopping. But so? How is that news? It's not.
A rare moment of serious reportage from Joey the Weasel. Is BI going bankrupt or something?

But as for the whole "har har, everyone was bullish a month ago and now look!" angle, I just have to shake my head. What, the market goes down 5%, and all of a sudden Rosenberg's secular bull market thesis has been disproven?

Don't be an asshat. A one-week move does not disprove a prediction about the next five years. If you yourself have been asserting forever that the market is "overdue for a correction", then here you go, here's your correction. Don't extrapolate today's price action into the far future.

Reuters - Chinese gold buying picks up, Indian premiums rise. Welcome to Dhanteras, Diwali, and Indian wedding season, a time when 1.25 billion Indians don't consume any significant amount of gold whatsoever according to some white-ass honkey in New York City. Quote:
Demand has also been increasing in India, the second biggest consumer, helped by the festival and wedding season.

Indian gold premium increased to $12-$15 an ounce this week from $7 two weeks ago, dealers said.

This month, India will celebrate the festivals of Dhanteras and Diwali and both are considered auspicious times for buying gold jewellery, coins or bars.

Since the wedding season also kicks off around the same time, markets expect strong purchases. Gifts of gold are an important part of Indian weddings.

"Gold demand in the physical market has increased and is likely to remain firm until early next year because of festivals and the wedding season. Gold jewellery remains in demand during the marriage season as it is mandatory for Indian households to gift gold," said Yash Zaveri, director of retailer Zaveri & Co.

(Reporting by A. Ananthalakshmi in Singapore and Meenakshi Sharma in Mumbai; Editing by Anupama Dwivedi)
Do you think that perhaps people with names like A. Ananthalakshmi, Meenakshi Sharma, and Anupama Dwivedi might know more about gold than Wall Street Whitey? Hm? Or is it racist of me to make such an assumption?

Pharmasave Dave - OMG the S&P is going to crash! I used to wonder "who is this Danielle Park person showing up at goldbug conferences", remember? OK, now I know who Danielle Park is, and I know I can ignore her from now on.

1 comment:

  1. I'm waiting for this headline: JOEY THE WEASEL BUYS INDIAN GOLD, Here's what you need to know.