Friday, July 23, 2010

The White House Celebrates The Extenstion Of Unemployment Welfare...

I love you Mary Jane...




This author is wondering if maybe The El Hefe was going to dabble a little before he gets on t.v. today to tell what a great job he's doing the economy...

11 comments:

  1. Cypress Hill video and a Jimmy Cliff quote, yikes...Sofa King thinks you need a vacation.

    Funny that you pick Jimmy Cliff; Club Paradise was on Cable last night. They just don't make good comedy like that any more.

    On a more serious note, someone told me that the new FinReg bill includes 1099 reporting requirements for precious metal sales over $600. Any validity to that report?

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  2. Ya. That's buried in one of the recent Orwellian, Animal Farm bills that Jerk Off signed. It's easy enough to get around. Just sell anything you want to sell on craigslist or ebay or privately.

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  3. Silver bullion is another way to keep the scum away from our wealth.

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  4. CLassic dowdraft in the PM's today. Make sure all the chartists are on board with $1195 as the serious resistance. Let it trade through that level, then BOOM! Trade right through it on the downside.

    Looking at today's chart, maybe the signal from JPM that Andrew Macguire's spoke of is a break of resistance before the COMEX open. Then let it trade through again when the COMEX opens. As all the chartists buy the breakout, JPM and the boys are selling paper gold to every bidder, eventually overwheling the longs.

    Just an on the spot theory, but it wouldn't surprise me.

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  5. Yup. Gold spiked up to 1204 and then was smashed exactly at the Comex open. But they can't push either metal much below where they are now. Physical demand in the rest of the world is just to strong - and Turkey is a big buyer now - first time in quite some time. The metals are a ticking time bomb to the upside, especially since the Indian seasonals start coming into play in a few weeks.

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  6. the 1099 requirements for over $600 sales are actually in the "Health Care" monstrosity, yet "Orwellian, Animal Farm bills that Jerk Off signed" is definitely much more evocative and poetic. That's some of the good stuff you got there, Dave! As you say, the black market is a free and honest market and silver will be its everyday currency.

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  7. Hi Dave,

    I have a few question for my learning.

    Since you are a long time trader & having insight knowledge of PM market

    1) From total physical gold delivery how much % gold delivered through COMEX for all this years?

    2) We know the short sellers of the Gold on COMEX but who are the possible long players? Are the long players investors (intended to take delivery) or big powerful traders who are just want to exploit the situation of shortage of PHYSICAL BULLION?

    3) Do you think that long players are more powerful (in terms of finance) then Banking Cable)

    I understand the game of paper bullion.World is benchmarking the Comex price to track Gold & Silver price. So despite the problem on physical side of Gold/Silver delivery on Comex, why long side people go to comex? If there is no long player, banking cable can take down the price nose dive & we can buy Gold & Silver from other places at Comex rate.

    Please apologies if you found my query irrelevent.

    Thanks

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  8. "Turkey is a big buyer now."

    Dave, do you have any links?




    Thank you!

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  9. Anonymous your questions are good. Not sure what % of total gold is delivered thru the Comex. The Comex is small compared to the LBMA. Think of the Comex as a predominantly paper market and the rest of the world is physical.

    The longs on the Comex are largely commercial users of gold - jewelers - and large spec funds. Ultimately a small % of the long side of the Comex actually stands for delivery. Because the paper market, for now, seems to be setting the price of gold, the very large buyers like China and Russia do not want to be seen on the Comex. The Comex has very little gold relative to the amount of gold the big buying countries buy every year. In fact, China/India et al LOVE the Comex price suppression because as long as they can source physical gold at these prices, they know they are buying it artificially cheap. As the Central Banks (Fed, BOE, EU) that are supplying this gold run out of gold, the world price of gold will go to the moon and the physical market will assert control of the price. We may not be far from that point in time.

    Hope that helps

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  10. RE: Turkey buying. Take a two-week free subscription to Midas, www.lemetropolecafe.com - all you need is your email address - no credit card required - and sort thru the "midas" postings on the James Joyce Table over the past week or so. The links can be found in "more gold goodies" or something like that. You'll know it when you see it - it's John Brimelow's reporting on the global gold market. It's an invaluable tool. For the record, I am not promoting subscriptions to the Midas report. I have been a subscriber for over 8 years and I find it to be invaluable as part of my daily regimin as a gold/silver investor/trader/analyst.

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  11. Thanks for the heads up yardfarmer, how silly of me to think the 1099 reporting would be in a financial regulation bill, when it obviously belongs in a heath care bill. Last week, I said strange things are happening down south and this morning I hear Hugo is going ape-shit and is threatening to cut of oil supplies to the US. It now makes sense why millions of barrels of product have been making their way to Puerto Rico from the North East in a rather in a rather hasty fashion. Buckle up boys and girls, I think were about to make our move and just in time to cancel midterm elections.

    Don't mind the lunacy, I watched Zeitgeist this weekend.

    Sofa King just placed an order for a tin-foil hat.

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