Friday, March 1, 2013
We see huge orders from China, which are even bigger than the size of buying before the Lunar New Year...Demand from Indonesia was also robust, thanks to a stronger rupiah that kept domestic prices low. - Singapore-based bullion dealer LINK
Rather than add more analysis about why this is the best time to step into the precious metals market since 2001, I thought I'd take a break and let everyone see for themselves how incredibly pathetic our Congresspeople are.
I will make one point of note first. What is occurring right now is the hedge funds are recklessly trying to push the precious metals sector lower in order to try and maximize their gains on their record long short position in paper Comex gold futures: Record Hedge Fund Short
But just like the hedge funds recklessly pushed AAPL to $700, they are recklessly trying to push the precious metals sector lower. How well did the AAPL stunt work? Let's look: since September 21, AAPL stock is down 40%. Gold is down 12.3%. The precious metals sector is going to do the upside what AAPL did to the downside when the hedge funds start to cover. I guarantee it.
Now for our dear pathetic Congressmoron, Maxine Waters. Apparently Maxine somehow got through the educational system with out having to pass math and English.. According to Maxine, the "secrestration" cuts are going to cause 170 million job losses. Don't believe me? Watch for yourself:
"Secrestration?" I'm sorry, can someone tell me what that word means. I can't seem to find it in the Oxford English Dictionary. In fact, I can't even find it in my Scrabble Dictionary and that dictionary has imaginary words in it. Maybe someone has a copy of an Ebonics dictionary and it's in there...As for pathetic Maxine's math. 170 million jobs? According to the most recent BLS employment report, the total number of jobs in the economy is 143 million. Hmmmm....like I said, you can't make it up.
It reminds of the joke about the high school spelling bee.
Teacher: "Maxine, please spell "before."
Teacher: "Very good, now use it in a sentence."
Maxine: "Two and two be four"
Have a great weekend.
Posted by Dave in Denver at 11:51 AM