The past two days, let's call them "Black Thriday" were painful to those of us without EBT cards.
Liquidation was in the air, and not ALL of it was voluntary.
Post Benny-of-the-FED's 'gift' to us all after the FOMC farce concluded (it matters not whether the FED does the 'Twist' the "cha-cha' or 'Salsa'...the end result will not be changed or avoided), the CME raised it's margin limits (again) today after the bell (Gold margins increased 21%, Silver 16%, and Copper 18%). This stinks (Who farted? Blythe? Jamie?). Gee, COMEX options expiry is next week! What a bleeding coincidence. Mystery explained. It's all so predictable, it's getting stale. Boring.
- Do not be distracted from the "delivery" problem developing on the COMEX. They have 'unlimited' paper, but the vaults are nearly empty of the physical stuff. There will be endless lawsuits when the paper GLD and SLV fractional scams crash and default. Greece will seem a picnic, a walk in the park, in contrast. If you're not holding the physical, you're going to be S.O.L. mateys!
Patience. Patience.
Rome did not collapse in a day!
- I remind myself that spot Gold, while it closed at a horrid 1641.60 in USD was 1295.30 a year ago today. Spot Silver, while closing at an ear-popping drop to 30.30 today, was 21.21 one year ago today. So, Silver dropped 22% in 48 hours? It is STILL up about 45% on the year. "Courage lads, courage! Stiff upper lips and all that! We can hold Rourke's Drift! Fasten that chin strap." Colour-Sgt. Bourne
Some days you're the bug. Other days, the windshield.
- This too will pass, and I look upon my $100 trillion dollar Zimbabwe banknote on the wall and am reminded that the temporary rise in the US Dollar is just that. Temporary. Fiat currencies have a short half-life, and PM's (precious metals) a 5,000 year history...or 'tradition' as Benyamin calls it. Pick what you will, but be sure to choose wisely........
Hey buddy! Wanna buy some Drachma's? Euro's maybe?
Saturday 24 September 2011
Bug. Windshield. Twist. Cha-cha..............from Rico
From Theo Spark at 09:35
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