..The Shiny Stuff:
The experts all feel that gold, after going parabolic in the last couple weeks was ripe for some profit taking and panic selling. Voila. At this point, they also pretty much agree that gold will be soft for 6 weeks to a couple months before it will attack it's high, if in fact it does. I think it will.
From an economic-dollar value-housing market sucks point of view - Nothing has changed and things will get worse. Fredd, I think you're going to have to hold off claiming victory of Gold cratering back to 300/oz...It's got more to go. And the miners like NGD have held up very well under the selling pressure of the metal.
As far as the brown colored stuff:
I have to tell you that I can't think of one single thing that is happening in the USA that is business friendly, employment friendly (same thing of course) or recovery friendly in any form whatsoever. Not a one. Can you? Clue me in.
I heard today that the EPA is going to use it's muscle to put coal fired power plants out of business post haste, meaning very soon. With nothing to replace them. They say 82% of the electricity in Ohio will vanish from the grid. "They" are doing this to bring the country down - If it happens. How could anyone who isn't insane think anything else?
Skyrocketing energy costs will cause more unemployment which begets more unemployment.
As an extension of that thought, isn't it obvious we have 4 branches of government, not 3? That the EPA can impose fines and have a legal material impact on businesses that service the country and ourselves without oversight from Congress means they are an autonomous branch of government.
And Checks and Balances? PUHLEASE!
The HC bill is passed without a single republican voting for it and 70% of the population against it then and still ?
And Checks and Balances? PUHLEASE!
The HC bill is passed without a single republican voting for it and 70% of the population against it then and still ?
There are no checks and balances.
There are 4 branches of government (at least) not 3.Voters, especially democrat voters don't have a clue. It will be 50 years before they even notice and they will scream "What happened?"
Wolf Blitzer's grandson will be hosting the romper room on CNN and will fill them in that it was the Tea party that did them in.
Finally, The Republicans ARE NOT protecting us from this onslaught. They're a useless pack of greedy idiots. Vote them out please in favor of Tea Party. Let's see what the Tea Party can do with sufficient numbers.
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Again Kid, Well done.
ReplyDeleteI am past the point of even trying to reason with libs.
Kid:
ReplyDeleteI just bought a small chunk of a double gold short ETF: 'DZZ.' Bought it at about $1850/oz, and it's already made me about 20%.
And $300 is not that unrealistic, stay tuned...
Admiral, You Can't. They have no use for reason and every reason to shun it.
ReplyDeleteFredd, Nice! I sold before it broke down. Even I can recognize parabolic.
ReplyDeleteSure was strong today, but I think it heads back down again real soon, like in the next couple trading days. If it makes a new high before then, I'll be surprised.
I do think it comes back though as stated.
I've played the DUST(short) and NUGT(long) ETFs myself. Based on the miners which get a bit more volatility.
I usually don't go short much. It is hard and you need to take profits quickly imho.
DZZ, now down to only 12% profit, no need to tell you, Kid, that gold is mighty iffy stuff, investment wise.
ReplyDeleteIt may indeed go to $2500, which will make me look like a complete moron, but I still smell a gold bubble.....
Fredd, by my reckoning, this market likes to punish short sellers. Which to me equates to taking profits quickly.
ReplyDeleteI still think it goes down in the short term, but I don't know much. :)
I'll pop over to your site and drop off a couple bubble charts you might be interested in.