The Golden Truth: R.I.P. George Steinbrenner (1930-2010)

Tuesday, July 13, 2010

R.I.P. George Steinbrenner (1930-2010)

Love him or hate him, he was provacative and kept baseball interesting

5 comments:

RothbardTuesday, 13 July, 2010
Dave, we moved recently so I haven't been able to post for a while. I started to post, then came across this article from Jesse. Sums up everything better than I could hope to. It's based on an article by Chris Whalen.

http://jessescrossroadscafe.blogspot.com/2010/07/chris-whalen-sensibly-calls-for-reforms.html

I dunno if the Tea Party will be it, but I think at some point a 3rd party has to emerge as Gerald Celente has called for.

Americans will eventually figure out that the 2 parties are essentially the same except for positions on gays, abortion and welfare.

BOth sides take 'campaign contributions' from the moneyed and powered interests, and their views are essentially the same, especially when it comes to voting on or crafting legislation, NOT the rhetoric they spew in front of the camera. I like Jesse's term 'faux democrats', sums up Rubin and his crew.

It is so confusing all these overlapping ideas: welfare and generous pensions for everyone...from your own pocket, don't tax the rich or they'll leave vs everyone pays a fair share of tax, Austerity for...the poor and middle class. Only the rich produce anything of value, not government....Then we privatize public utilities and they gouge the people with higher prices, and fees. CEO's take obscene bonuses based on accounting chicanery so many times the average workers salary to loot the companies they work for and look the other way. Do unions defend workers from the capatalist fatcats (Seinfeld reference)...or do they cripple the companies they work for?

Everyone seems to be feeding at he trough in an intense frenzy to get what they can before the House of Cards collapses. A reset must be in the cards, if you believe in cycles or not.

I listen to Barney Frank and Geithner then read Andrew Jackson's words. Hard to believe this is the type of people we now have running the US.

Sorry to ramble its been a while.
ReplyDelete
Replies
AnonymousTuesday, 13 July, 2010
I liked those Seinfeld episodes with Larry David as Steinbrenner's voice. Hilarious.

I wonder how much gold Georgie boy owned.
ReplyDelete
Replies
Dave in DenverTuesday, 13 July, 2010
Welcome back Rothbard! Thanks for the comment
ReplyDelete
Replies
AnonymousTuesday, 13 July, 2010
Harvey Organ says

"I am totally amazed at the upcoming options and expiry of gold. August Comex gold, strike calls, puts
Strike Price calls Puts.
1180 2794 5080
1200 5331 7114
1210 1080 2104
1220 985 2096.
Notice that in every strike price, we are witnessing a two to one ratio of puts over calls. For years, it is always two or 3 to one of calls over puts.
Thus it will be almost impossible for the crooked bankers to force the options into worthless territory.
Suppose, they knock gold down to 1180, then the 1180 puts and calls would be worthless, but the 1200 put with 7114 contracts, and the 1210 put and the 1220 put would be in the money and these could be exercised for contracts. The put traders are always the more clever players, followed by the call players."

Can you tell me what I am missing here. Month after month we have seen the calls cleaned out on option excercise date. Now like a drunk playing find the lady they switch in desperation from calls to puts and guess what the price of gold is now going to soar and they are going to get cleaned out again.

Can you tell me why this is not bullish for gold?
ReplyDelete
Replies
Dave in DenverWednesday, 14 July, 2010
I was the source for Harvey's comment. Here is the entire section of last nite's Midas report:

*Chuck Cohen has had some hot hand lately with his insightful analysis of the horrendous stock/gold market sentiment as a significant reason for both to rally. The weak hands have been shaken out of the gold market. More from Chuck this morning…

http://www.marketwatch.com/story/sentiment-barely-budged-last-week-2010-07-13?reflink=MW_news_stmp
Bill, it still looks very strongly that the unreal negativity towards stocks (see Hulbert article above) is being exactly matched by the attitudes towards gold. I would assume that the Hulbert Gold Survey remains very cautious while today the DZZ-DGP ratio is at a remarkable 2:1 ratio, the highest or most bullish I have ever seen. This persistence of unbelief must mean that the move in gold and silver will be something we have yet to see.

The gold market reminds me of the breakout of the stock market in August 1982 when, after dropping 7 days in a row down to 776, it went up 45% over the next two months and 350% by October 1987. Chuck

*The Café Sentiment Indicator hit an all-time low the past four days. Never seen anything like it before taking into account the level of the gold price. It is SO bullish!

*Gold has weathered the bandied about BIS gold swap news perfectly, suggesting the real deal IS market friendly, and a reason why it was hidden and not announced when the gold swap occurred.

*The demand for physical gold below $1200 has been very pronounced, as brought to your attention in this column. The Gold Cartel was using up too much ammo at those prices to press their case at such cheap price levels.

*The technicals are extremely constructive as brought to our attention by Dave from Denver…

I agree with Chuck, but this is even more compelling:

August Comex gold, strike calls, puts

1180 - 2,794 5,080
1200 - 5,331 7,114
1210 - 1,080 2,104
1220 - 985 2,096

I don't scrutinize this heavily every month, but when is the last time you can recall ever seeing at the money/near money strikes with a significant amount of more open puts than calls. I cannot. This is hugely bullish.

A high put/call ratio, in fact I've never seen a put/call ratio on Comex gold greater than one, is one of the best contrarian market indicators of which I am aware. Combine that with DZZ/DGP volumn ratio as per Chuckie C. and THAT IS HUGELY BULLISH!!
ReplyDelete
Replies

Why Gold?

Gold is the world's oldest currency. You exchange your fiat currency (dollars, euros, yen, yuan) into gold as an insurance policy against catastrophic Central Bank and Government policies which serve to destroy the value of fiat currencies and destroy democracy.

Gold can ONLY be considered an investment to the extent that it remains significantly and historically undervalued in relation to the fiat currencies against which its value is measured. Otherwise it remains the world's oldest currency and is completely free from the counterparty risk associated with currency by Government fiat (i.e. fiat currencies rely on a Government's "full faith and credit.")

Quote Of The Month Courtesy of "Jesse"

Unfortunately for Larry Summers, Ben Bernanke, and their friends at the BIS, they have not yet figured out how to print physical gold, silver, and other essential commodities, and the world is reaching the point where it might simply start ignoring the New York based markets with respect to essential commodities such as basic materials, oil, foodstuffs, and the like, as they become increasingly irrelevant, fraudulent, and Orwellian. And then where will the financial engineers be, except with no more excuses and no place to hide?

Here is the link to his entire commentary, well worth a read:

http://jessescrossroadscafe.blogspot.com/2010/07/gold-daily-chart-shock-and-awe-for.html

Great Quote From Jim Rogers On Govt CPI Reporting

JR: I mean, we have inflation now. If you go to the shop, whether it’s groceries, or education or insurance or health care, prices are going up for everything. The government lies about it in the US. Some countries lie, many countries don’t: Australia, China, India and Norway. Many countries don’t lie about it and acknowledge that we have inflation. Others lie about it, the UK and the US, but if you go shopping you know prices are up.

Q: Are you saying that the American Consumer Price Index (CPI) published by the US Bureau of Labor Statistics is a lie?

JR: In my opinion, yes, of course it is. Have you looked at it? They’ve changed their accounting several times in the past few decades. When housing was 20% to 25% of the CPI and housing was going up, they didn’t count it, saying rents weren’t going up, and then when home prices started going down, they counted it. It’s the same with many things. It’s staggering some of the tortuous reasoning that the BLS has used over the past 25 or 30 years. When the price of gasoline goes up, they say it’s not really going up because it’s better gasoline, better quality, therefore you’re getting more for your money. I mean, it’s endless, the stuff that they say and for some reason people sit there, although more and more people are catching on, and accept what the government says.

source: www.clusterstock.com

Quote of the Week

"The primary function of a Central Bank is to engage in the massive transfer of wealth from the middle class to the wealthy elite. The Federal Reserve was set up to do this with the blessing and support of Congress." - Dave in Denver

If you refuse to believe the above, please read "The Creature From Jekyll Island: A Second Look at the Federal Reserve" by G. Edward Griffin and then explain to me why the Senate voted down the Vitter Amendment and Congress refuses to pass a law requiring a full audit of the Fed, even though the Fed is using taxpayer-backed money to bailout Wall Street and Europe.