WOPR Sells. Turd Buys.

Hope you had a good weekend man.

I always open kitco on Sundays at 3 PST and expect a big selloff. Thanks for another buying opportunity EE, I really appreciate it.  I'm planning to buy as much as possible before Tuesday debt ceiling is reached.  

2.5 trillion $  in cuts over 10 years, seems far too little and way too late. Wont touch their deficits unless they get control over military spending and banksters paychecks, ( loopholes allow them to pay little in tax)

Gold dropped from a record as President Barack Obama said that U.S. lawmakers reached a deal to increase the nation’s debt limit and cut the federal deficit, averting a default tomorrow and eroding demand for haven assets.

Gold for immediate delivery lost as much as 1.3 percent to $1,607.45 an ounce, and traded at $1,613.35 at 9:45 a.m. in Singapore. Spot gold, which reached an all-time high of $1,632.80 on July 29, advanced 8.5 percent last month on concern that sovereign-debt crises in the U.S. and Europe may derail the global economic recovery.

“Gold reached a record because U.S. politicians didn’t seem to be getting anywhere with their negotiations and now that they have an agreement, gold will be knocked back a little,” said Steven Zhu, operations manager at Yinjian Futures Co.

Republicans and Democrats may vote today on the measure, which would raise the $14.3 trillion debt ceiling through 2012, cut spending by about $1 trillion and call for enactment of a law shaving a further $1.5 trillion from long-term debt by 2021. Lawmakers should “do the right thing,” Obama said from the White House late on July 31 in Washington.

“We all knew the U.S. politicians would reach a deal by Aug. 2,” Zhu said from Shanghai. “However, problems still exist within the economies of the U.S. and Europe and that will keep gold’s uptrend intact.”

Gold for December delivery in New York shed as much as 1.4 percent to $1,608.20 after rallying to an all-time high of $1,637.50 on July 29. Exchange-traded product holdings climbed for a fifth day on July 29, reaching a record 2,152.222 metric tons, Bloomberg data show.

Cash silver fell as much as 1.2 percent to $39.41 an ounce. Spot platinum gained 0.9 percent to $1,796.13 an ounce, while palladium rose 0.6 percent to $836 an ounce.

Of note Asia is running green so far tonite, so i suspect we may see green markets , no matter where the metals head, and despite the abhorrent state of the economy in the US and Europe.

Downgrade coming on US debt, this deal solved  nada.

Want to add some gold/silver soon.  Is tonight a good time to buy?  Already rumblings of several groups in the Senate and House that don't think this.  What happens if it doesn't pass? 

I figured a deal would be announced tonight and they would try to hammer both gold/silver at the same time.  I'm thinking though by morning if lots of the dems and/or gop are bashing this and saying they won't vote for it, that the metals will take off again. 

So wondering if tonight is the time to buy some like 1/2 or 100% of my available PM cash./

YESSSSS I like it!

1580 or lower please!

Happy Anniversary Turd..seems ur gift comes in the form of silver sale.....lol...like u always say...BTFD!!!!!!1

HOHOHO. You gotta love these gimmicks outta D.C. When the spin is taken out we can see that it actually means they'd spend up all the rosey cut in next 10 years right before the coming election. So what to do come 2013? Perhaps it's time to spend the projected cut in 2020-30 decade? A pure scam and rocket fuel for the metlas going forward.

Do I need to watch War Games to understand this reference?  I'm pretty sure I saw it a few decades ago but I don't get it. 

As expected, debt ceiling raised. Won't make a dent to fix anything. Same sh*t, different day, EPIC FAIL. The U.S. Fiatsco will continue to decline in value, just as planned.

From Zero Hedge:

you and the Mrs. Turd! 

Depressed that US representatives didn't have courage to do the right thing for the country and or future generations.  Why saddle them with the debt of their forefathers.  Funny how I wish for sanity to be brought about by massive foreign selling of bonds, revalue of the Yuan, and move to gold standard in other currencies.  Burn this den of thieves and vipers down.

Although living in the US would be harsh, if our Gov. doesn't have the guts, hopefully other countries will.

PS.

It is terribly depressing to know my children will grow up in the USA and not know what a great country this used to be and how great it could have been!!!   

Why does everyone go to Washington have to sell out?

I think this is more about the fact that if they don't raise the debt ceiling, things would easily implode from the austerity cuts.  So why take the pain on your watch when it can happen on someone elses.  The problem is, one of these days likely very soon, there will be no more road to kick the can down. 

I'm sure this bill will pass but I hope that the Tea Party stays strong like they have been so far.  Then we need to kick out even more of the trash/liberals/rinos/ in 2012 along with obama.

Even though I know this will be very painful, I honestly hope we implode soon.  That is the only way to end this ponzi scheme we are currently in.   Hopefully we are still a free country after that happens which is really my only concern about a collapse. 

@eman laer Yeah. From War Games. "The computer that runs the game" Much like the computer algos for the high frequency trading that goes on. Turd is just making a humorous comparison. It's a "Turdism". See link at the top. He might not have updated it but it is a Turdism.

"Nothing can stop the man with the right mental attitude from achieving his goals, nothing on earth can help the man with the wrong mental attitude" Thomas Jefferson. Just food for thought and well intended, I have to push myself back towards the positive quite often.  Best.

@Ginger, yes, for me it feels like the whole sense of community is slowly sailing away and we are waving to it from some distant shore. On a happier note were you around for Drive-In movies, true American culture.

Oh yes... maravich44.. ..trying to remember the 1st drive in movie I ever saw... ..not sure. Our town had the old downtown Main Street walk in theatre and a couple of drive-in movie theatres. ....I was a small kid back in the day of Grizzly Adams and Old Yeller.. ...lol.. loved those movies. Anyone remember?

Here are the words to the above song, Forever Young. ...Seems somehow fitting..

let's dance in style, lets dance for a while
heaven can wait we're only watching the skies
hoping for the best but expecting the worst
are you going to drop the bomb or not?
let us die young or let us live forever
we don't have the power but we never say never
sitting in a sandpit, life is a short trip
the music's for the sad men
can you imagine when this race is won
turn our golden faces into the sun
praising our leaders we're getting in tune
the music's played by the madmen
forever young, i want to be forever young
do you really want to live forever, forever and ever
some are like water, some are like the heat
some are a melody and some are the beat
sooner or later they all will be gone
why don't they stay young
it's so hard to get old without a cause
i don't want to perish like a fading horse
youth is like diamonds in the sun
and dimonds are forever
so many adventures couldn't happen today
so many songs we forgot to play
so many dreams are swinging out of the blue
we let them come true
 

use www.silverrecyclers.com to calculate your metals worth

TF,

Do you think it's more probable we will see $36 first or $50 for silver?

If s&p does downgrade from AAA, and that means higher interest rates - doesn't this have a negative impact for PMs?

Thanks!

It's time for a got dam revolution in this country.  It's time to overthrow all the politicians and bankers and send them straight to hell.

>>It's time for a got dam revolution in this country.  It's time to overthrow all the politicians and bankers and send them straight to hell.

How are you going to do that while you are sitting in your underpants on your PC? I don't see any burning buildings. The USA is far of being angry enough for a real revolution. Greece is a bit further down the road. When we see trucks blockading the borders and American flags on fire and 1 million people marching on Washington maybe something will happen. Nobody is going to risk their lives in a revolt until people get off their asses and start dying for the cause.

If you want to ask me why I am not out there getting my ass torched it's because 

1) I am not American

and

2) I believe in voting with my feet. I left my home country out of disgust many years ago.

True.  Everything is still way too cheap and free here.  If food stamps and welfare got cut off, and alcohol, cellphones, cable TV, and internet porn became unaffordable...we'd probably see all kinds of rioting in the streets.

Unlike Dilbert, I'm wearing a full-metal jacket(s)!  :>D