The Golden Truth: Yaaaaaa Baby! U2 In Denver Tomorrow!!!!

Friday, May 20, 2011

Yaaaaaa Baby! U2 In Denver Tomorrow!!!!

I can't wait to see them! I saw them last in NJ at the Meadowlands in 1997 - the Pop Tour. So I'm doing an abbreviated post today. Besides, I'm spending most of my morning taking taking profits on the mining stocks I loaded up on near the close yesterday and adding to our junior mining positions at ridiculously cheap prices. Some of the ones I bought yesterday are up over 5% right now as I write this!

It's my view that silver/mining stocks are washed out to the downside. Gold never even really had much of a correction since the attack on commodities three weeks ago. Today's action convinces me that the bullion banks and the Fed will have trouble taking the metals lower.

It's no coincidence that the hit on silver occurred AFTER Europe and Asia went home for the weekend, leaving only the paper thiefs in NYC to try and hammer down the price of metals. They took a shot at silver on the heels of TWO voting FOMC members stating today that they can't take away the easy money anytime soon: LINK And don't forget that Janet "I look like Janet Reno" Yellen is the Vice Chair-idiot on the FOMC now. Recall that she gave a speech last year in which she advocated taking Fed funds negative in order to "stimulate" employment....siete capisce? QE3 is coming soon.

Here's another little gem that isn't getting much media play. The cost to buy insurance agaist U.S. Treasury default is the highest it's been since January: LINK It costs .5% to hedge a 5 yr Treasury yielding 1.8%. It costs nearly 33% of your return on investment to hedge against default. That says it all right there...I hope everyone took advantage of that little gift delivered by the bullion banks this morning and added to positions when they smacked silver after the Comex opening. I also hope everyone took advantage of that last pullback in ECU and added. ECU will soon have drill results from their deep-drilling and if the results come in anywhere near as good as I think they will, this stock will give the large short-sellers their own day of rapture.

In the meantime: Have a great weekend! Here's U2 in Mexico City last week week performing one of my faves:

12 comments:

AnonymousFriday, 20 May, 2011
You have good company on miners....

Expect Chinese Acquisitions of Mining Companies

With gold surging and silver stabilizing, today King World News interviewed John Hathaway of the Tocqueville Gold Fund. When asked about state owned Citic buying a large stake in Gold One Hathaway replied, “They (the Chinese) know that they have to have gold, so this is just one manifestation of a strategy to increase exposure to gold by taking a significant position in a public company which conceivably could be used to acquire other mining properties. It’s an incipient foray into the mining equity space which from my point of view as a manager of gold equities, I’m just delighted.”

http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2011/5/20_Hathaway_-_Expect_Chinese_Acquisitions_of_Mining_Companies.html
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BillFriday, 20 May, 2011
Looks like someone got scared shitless:

**Attorney General Zoeller supports rehearing in Fourth Amendment case**

http://www.in.gov/portal/news_events/70403.htm

Enjoy your concert Dave
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U2 IlluminatiFriday, 20 May, 2011
Dave,

I am impressed by what you write from the somewhat short time i have been reading you. (1 month or so).

Since much of what you write is in line with my views, i thought i should mention 2U (to you) about U2.

Please do a search on Google for "U2 New World Order" or "U2 Illuminati".

Have fun at the concert anyway. :)
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EconomicDisconnectFriday, 20 May, 2011
WOW! Have a great time at the show. Greek default jitters sent gold up, imagine that! Fake paper promises getting reprofiled or whatever they call it.
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Dave in DenverFriday, 20 May, 2011
Thx. Greece is screwed. Norway pulled out of financial support today because they can. They know Greece is a financial roach motel. Fitch took Greece down to B+. Fitch typically applies the most rigorous and honest credit standards. It's a polite of way of saying Greece is going into the shitter financially.
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vamooseFriday, 20 May, 2011
QE on the QT
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vamooseFriday, 20 May, 2011
Jim Rickards from Omnis has made an interesting QE3 point, that the quadrupling of the Fed balance sheet (it took 95 years to get to 750 billion, and 2 years to get to 2.8 trillion, so a lot of bonds and bills are now maturing, so they will just monetize them.

In fact the bernank has already said so. However its only about 20 percent of the current QE2, likely not enough.

But the numbers, EVEN THEIR NUMBERS have now deteriorated so badly, (assuming they ever even changed) there will be QE on the QT, they may wait a decent interval to try and look responsible , since, they CANNOT LOSE IT SOUTH, thats stone age stuff.

What would be really be interesting would be to know the FED maturity, redemption table, since its likely to be asymmetric.
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AnonymousSaturday, 21 May, 2011
You mean to say you like the "Saviour of The World" as long as he doesn't have to put his own hand in his mega-millions to do it.

Bono the fake.
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EconomicDisconnectSunday, 22 May, 2011
I will have baby back ribs and pastrami pictures up later from the smoker, good stuff.
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Dave in DenverSunday, 22 May, 2011
Looking forward to the pics!

Food pornography if anyone is interested:

http://economicdisconnect.blogspot.com/
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EconomicDisconnectSunday, 22 May, 2011
The pics are up! Pretty good results. Did you get your Egg yet? Now I have to do market homework, always something going on.
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AnonymousMonday, 23 May, 2011
Paul Craig Roberts: "The Whole Thing Is a Fraud"

http://market-ticker.org/akcs-www?post=186707
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Add comment

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.