Oldtent Archives 2010

…….you know FUN….I am sure you know what that is….right….I mean think back…You were probably the most fun guy in High School Right ?

…..seriously why so serious ?

such an unfortunate comment….i have no responding …

hummmmmmmmmmmmmmmmm?

on an illusionary feild illuding my illusion! wj
its illusionary zzzzzz time for this illusion.

the wisedom….to reality……..you have defined whom you are….a watching eye..smile….sad

when i was young the islands were my home….but reality here ..

the fog is very real and swipes ….all truth…

i have toooo much to say but ……the dancing crew is here..until another time

Bernanke’s Upcoming Testimony Before Congress Could Prove Pivotal

From: Frank Veneroso
July 19, 2010
Executive Summary

During the stock market rally there were two schools of thought regarding the economy going forward. One school of thought was that private debt was far too high and had not come down. A long period of deleveraging lay ahead. The associated headwinds would cause very sub-par growth – or worse. The other group thought that debt didn’t matter. These believers in a “V” shaped recovery argued that the deeper the recession, the bigger the economic recovery.
Many professional investors who touted the “V” shaped recovery line didn’t actually believe in it. It was window dressing for cynical herding behavior.
Recent incessant U. S. economic disappointments coupled with the bad stock market action since late April are leading more and more money managers and forecasters to jettison the “V” shaped recovery hypothesis which many of them never really held with any conviction.
If this kind of paradigm shift is going on in a major way, shouldn’t the cynical participants in the echo bubble now sell and thereby precipitate a crash?
I believe most of these stock market participants think that the Fed and the Treasury will keep coming forward with further extraordinary measures to keep the all-important stock market aloft.
But, amidst the recent stream of economic disappointments and the paradigm shift among investors described above, cynical echo bubble stock market participants now need the policy makers to make another move.
The key event coming up is Bernanke’s testimony before Congress. My guess is that the market needs Bernanke to tell Congress when faced with questions about the recent erosion in the economic data that the Fed will do absolutely everything needed to keep the recovery on track.
The market is caught between upside resistance at 1110 on the S&P and the key technical level of 1040 on the downside. How Bernanke responds to Congress, perhaps during the Q & A, will probably determine which key level this market will move through.
If Bernanke disappoints, money managers may throw a hissy fit. If the S&P 1040 breaks to the downside for a second time the technical picture will darken. Everyone is a technician now. The risk the mendacious Fed is losing it will be commensurately higher.
-END-

U.S. economic news:

The anti-gold attitude will be part of the Fed’s effort to force investors to remain in fiat money. The Fed and the government want the American people to live and operate with fiat money and without the protection of gold. Finally, the authorities do not want to deal with the anti-dollar signal that rising gold would advertise to the world. The fraud of fiat money must, at all costs, remain a secret and a top priority of the cental banks.

But remember, the US public is not totally stupid, they would realize that rising gold means the dollar’s loss of purchasing power (think the Tea-party).

Question — How far do you think the government (and the Fed) will go in their battle against gold? Do you think the government will try to ban or confiscate gold as they did in 1933?

Answer — I doubt if the government will pull a “1933″ again? But frankly, I wouldn’t trust the Obama administration to keep their socialist hands off our gold. Already the IRS is trying to kill gold with taxes — the IRS treats any variety of gold investment as a commodity subject to taxes as if it was current income. Next, the IRS may try to tax all gold coin holdings.

A final thought in this area. The US government has had a policy for many years of distributing gold coins (American Eagles) to the populace. It’s hard to believe that after years of distributing gold, the government would turn around and try to confiscate that same gold. But I don’t put anything past this government. Further, if ordered to turn their gold in as happened in 1933, I doubt if most Americans would obey. I just doubt if most Americans would passively follow the government’s orders. These are not the same law-abiding Americans that existed in the early 1930s.

This big picture is one reason why wealthy Americans have been diversifying their safe-haven items. Diamond prices are sky-high as are auction prices for favored art. Some wealthy people are buying classic cars at fat prices, others are paying top prices for rare antiques and collectibles.

Remember, fiat money is the source of the Fed’s power. Gold is the people’s protection against the Fed’s destruction of our currency. All this has given way to “biflation,” inflation of safe haven items and deflation in consumer products.

GO GATA!

There are days when I wake up, turn on CNBC, and then want to just stay in bed. This morning was one of them.

The last couple of weeks have given us the most consistent and blatant market manipulation in gold and silver that I have witnessed the past 11 years … meaning The Gold Cartel has attacked the market violently, regardless of outside market conditions. Yes, in the past they have been very aggressive, but usually they wait until the dollar rallies, commodities collapse, etc. … waiting for some cover for their raids.

Lately, they don’t seem to care, most likely because they know what a desperate situation the US economy is in, are going to have to hyperinflate, and want to defuse the barometer (thermometer) of US financial market health (that being the gold price) … while they are in the process of gearing up the printing presses.

This morning the euro was much higher, oil was up over a buck, copper up a couple of cents, and the DOW was higher in the early going … not exactly a negative scenario for gold and silver. However…

Behavioral Finance Report

*Larry Summers called back his gold/silver traders from their sunny weekend at the Hamptons to return to action and bury the precious metals markets … to break them down technically, in order to induce spec selling.

So PLAN A it was, just a tad later than usual:

The gold open interest only went down 3451 contracts to 570,745, which is only a trifle considering the extent of the price drop on Friday …revealing more evidence the fall was mainly due to Gold Cartel selling. The silver open interest went UP 297 contracts to 118,779. Thank JP Morgan for that one. This is how JPM has made a fortune being short in a bull market. How many times have they taken $1, $2, $3 out of the market on the downside over the past decade? Not bad when you have Uncle Sam for a backstop.

*PRICE ACTION MAKES MARKET COMMENTARY. As gold and silver tumble, it will elicit one negative commentary after another. Had gold and silver gone up today, one could work around those very same reasons for the rises.

This is ridiculous. Since the beginning of June, gold has fallen from around $1235 to where it is today…

Daily gold chart
stockcharts.com/h-sc/ui?s=

While the euro has risen from 1.19+ to 1.29+…

Daily euro chart
stockcharts.com/h-sc/ui?s=%24XEU

Very few of the gold pundits would have thought that possible months and years ago … the very same pundits who never even mention The Gold Cartel.

that frostbite was stretching out in the carrib’s leeward islands sipping pina colatas in sunglasses served by wonderfull island girls in bikinis and lounging in beach chairs and hammocks doing a proverbial chill-out routine! soon he will change his handle to ‘carribeheat’. wj

the post…..who would have know? who is working the streets of this post….i could say..but

….I was beginning to think it was all my Fault….now thanks to your post I see its not my fault at all….I’m just looking out the wrong damn window again

….anyhow….we need all hands on deck….so take a walk and report for work in the morning….you lead and I’ll follow

i am but a figment of my imagination….i am ‘hal’….here to help….how may i serve?…click click beep beep clack click beep click beep clack beep.wj

good night……..if you are real?  walk away and ………………enjoy your days

we are all past .. the wee people comments..

i can see short hedge with options in a long portfolio as well as short contracts hedging against phyzz holdings as needed.
i’m glad jim paplava is still in our camp. i understood from an eariler post he was shorting the stock itself which in my world means selling the long position off [unless one plays against the box day trading] and shorting borrowed shares unless he do the naked play! whew almost lost my faith in humanity with paplava doing the banksters dance. wj
ps: take care of my nephew …he has been too worried as of late.
wj

Somebody is still Buyin July Silver,, Paying full price,,Will stand for delivery,,Addin to the pressure cooker

harveyorgan.blogspot.com/

i believe in ….we allowed these days…i really do not believe you have been a leader but a one vision window

that window will consume all…..until ….we all realize…the monster must seen.

 there is an old song… a summer song..listen to it …enjoy..and i will dream those days will be a time when you were young and believed in a wonderful world and future….

walk well fully regardlessssss…..walk the reality….you are not to blame….

Wanka, Think you have the wrong take on JP short positions.
He said he was using short options to hedge his long positions.
Just trying to protect his positions in a uncertain market.
Still like his commentary and longterm outlook.

Best regards from beautiful NJ

www.youtube.com/watch?v=ewGVJePA7qo&feature=related

Fractal Gold Report for July 20, 2010

By David Nichols
dnichols@fractalpublishing.com

Gold sunk a bit lower on Monday, but it looks like this is the very final stage of the big 86-day cycle, and gold is getting ready for a major reversal.

The really interesting thing about these big cycle dates is how it looks like a switch is flipped when the new energy hits, and how this can literally happen at any minute during the window for the trend change. In the current cycle, I think this window is Tuesday and Wednesday. There was a small chance the energy would hit on Monday, but the early drifting weakness was not the sort of energy signature typically seen at major reversals.

It would be more typical to see a spiky move down followed by a very rapid “slingshot” recovery; or perhaps just a strong dose of upside energy off an equilibrium still-point. The 150-minute chart still has a bit of work to do to get back to such an equilibrium state.

This 150-minute chart should be ready to go on the new trend on Tuesday, but again, there is a good chance the new cycle energy will hit on Wednesday, as this should be Day 1 for the new cycle.

It looks apparent now that gold is undergoing a rather lengthy corrective pattern — at least for this stage — into the turn date. Tuesday will be a full 21 days (quarter-cycle, or one calendar month) since gold topped out on Day 65. This top led to a 38.2% retracement of the entire move up off the early February bottom at $1,045.

Importantly, the weekly fractal dimension is back over 55, so there is plenty of energy to support a major growth period into the 64-month peak, which I’m guessing will actually come in Month 65 in early 2011.

I cannot identify a compelling reason why gold would need to go down further to touch $1,168, other than the fact that this has been an important energy level for the big pattern, and gold prices may get attracted down there for one last test. But Monday’s test down to $1,180 should really be enough, as far as 38.2% retracements are concerned, and this $1,180 level should provide very firm support, even if there does turn out to be a small “tail” extending below $1,180 on the weekly and monthly charts.

If a drop down to $1,168 is going to happen it should come early on the reversal day, and prices should bounce back ferociously into the close, and then just keep on going in the days and weeks ahead.

life is a journey, gold and silver , await

the reality…you know…the truth…the best truth is a simple understanding..it is what it is!

smile…i have enjoyed the past months holding bullion..the rest is not worth commenting

hello ez!

to the dancers…the fast tango is about to start. the facts are about to become reality

and what did we really expect????…corruption rules the day…we wished and we recieved

nothing….for nothing

ps…it is the summer time….walk a beach and enjoy life…i do

You go man go.  I am for you and will support you with my vote.  I am not suited emotionally or mentally to be an activist.

Happy days to you.
Thanks for the welcome.

ETF’s trade physical, (supposedly).
So that is a trade, a change, and a 1099 would be due in any trade over $600 too.
That may be a means and a way to dump this 1099 rule. That is, to say that, in addition to Schedule C, a 1099 for every trade would be due by the ETF’s.

…..And they call him a Permabull…?….

…..Permabulls Dont Short…By Definition….I hearby summarily Strip Mr Pooplava of his Permabull Gold Wings…

….Once you are Disbarred from the Small Elite Gold Permabull Club….you never ever get back in !

….Pooplava….shame on you …may your shorts burn your turncoat Butt !

….Onthebeach welcome back

Yes, ipso, the post referred to traders only, nothing long term. He does trade 9 minute charts on spot. No one who trades 9 minute charts on spot is holding a 70 dollar decline. If people want to trade, that’s their business, wouldn’t you think? He’s a trader, so what’s wrong with other traders? There wouldn’t be any liquidity if we didn’t trade.