I Hope You're Ready. I am.
I've been on vacation long enough. Batteries are recharged. Perspective has been gained. Things are about to get very, very interesting in the metals. I'm ready. Are you?
Both metals are rapidly approaching a conclusion to their long-term, corrective patterns. By Monday, I'll be able to draw on these charts again but, for now, you'll have to use your imagination. Connect the tops with a down-sloping line and connect the bottoms with a horizontal line. These "descending triangles" are near their completion as both metals are working themselves into the very tight, acute angle at the far end. WHEN they break out and UP, what is happening will be clear to all. The hot, explosive summer and fall will have begun. Be ready.


Here are some news items that you should be following. As mentioned yesterday, if you want to follow the events on the ground in Syria, this link is your best bet: http://www.aljazeera.com/watch_now/. Israel has fingered Iran/Hezbollah as the culprits behind the bombing in Bulgaria yesterday. http://www.zerohedge.com/news/alleged-mastermind-behind-israel-bus-explosion-identified-swedish-national-mehdi-ghezali. And, the U.S. is appearing to gear up for military action somewhere in the area: http://www.zerohedge.com/news/three-us-aircraft-carriers-now-middle-east-fourth-en-route. All of this has served to drive crude well through $90 and $100+ now looks quite possible very soon.

Soybeans are reaching a mania phase. They are up over $1/bushel in just the past 24 hours. They are likely due for a brief but sharp pullback soon but things aren't looking better, by any means. Here's a 5-minute chart as well as an updated version of the Kansas City forecast I posted earlier this week.


UBS sees hyperinflation coming. (Wait a minute. I thought hyperinflation was just some sort of Austrian pipe dream. David Frum said so. Oh well, Switzerland is pretty close to Austria. It must simply be contagious.) http://www.businessinsider.com/hyperinflation-risk-major-currency-2012-7
Peter Schiff is worried about tyranny and fascism. http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2012/7/18_Peter_Schiff_-_This_Is_My_Single_Greatest_Fear.html
And Trader Garrett (a friend of Trader Dan) has written summary for those searching for bottoms and trend changes. http://marketpendulum.blogspot.com/p/in-depth-coverage.html
OK, that's all for today. Keep the faith.
TF
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Comments
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+1
This is George J
And imagine my surprise when he took my side!
He thinks he should hire who HE wants to for HIS business!
Yay George Jefferson!
Also, TY Tyberious/QE for the civil discussion on the topic. Refreshing. I'm not sure why people think dialog like this is 'fighting'...
Seems to me that Turd needs a
Seems to me that Turd needs a second in command for when he is gone. I would nominate SRS Rocco as someone who can post daily articles in the absence of the Turd.
Rights vs Privilege
Rights versus Privilege. Many of you, your logic is not just twisted, it's stunted. Freedom to not have an enterprise/business? Give me a break. There was a time where Rights were God-given and privileges were something conferred. If I have the Right to Life, I obviously have the right to sustain life - the right to engage in commerce and economy to sustain life. The freedom and choice is not whether or not to HAVE a business it is the freedom and choice to run it as I see fit, and live and die with the consequences.
That's how it used to be, but not now. Are things better now? Maybe for that gay couple, but not for the business owner who is shackled more and more with being told HOW he must live. And if you don't think a business is NOT part of a person's life, you are gravely mistaken.
Is this not the whole point of Atlas Shrugged (which I assume we all know here)? If the state insists on telling the producers who they must produce, then they are slaves. And the day always comes when the slaves revolt. Society is no worse off if the producers are allowed to set their own rules. I'm sure there are as many gay-friendly B&Bs as those like the one closed. But if you insist that a business owner is forced to transact in a certain way, then you have just empowered the statists and the elites that much more.
Hope you sleep well with that thought.
@dagney
I would sure like to hear what you had to say.
Anyone who thinks they are so high and mighty must be a fountain of wisdom indeed.
Emotion
All businesses are regulated and most business hate regulation, not matter what. But the right to engage in commerce is not abridge, simply do not get a business license. I know several people that drive with out a license or insurance for that matter, on principal, and are not subject to the applicable laws. And I have friends at the farmers market, that only transact in cash and provide no receipt, they come and go and do as they are pleased. The right to engage in commerce can only be executed if that right does not infringe on others rights, sorry.
FREEDOM
FREEDOM is the ability to choose your poison. FREEDOM means NO government involvement in your decisions. Right or wrong.
I personally have no problem with the gay lifestyle. I think they should be able to get married and gain access to marital benefits that society bestows (spousal medical care for example). BUT in the interest of freedom, the owner of a bed and breakfast has the right to be free and make the decision that they do not want to extend their business relationship with gays (or blacks, or muslims or one eyed sloths). That's FREEDOM, freedom from government interference, freedom to choose based on one's own personal beliefs. Whether government considers their choice right or not. It's not my right or governments right, to impose beliefs on another. Even if my beliefs are 'wrong', 'childish', 'uninformed', biased or bigoted. It's my business, I built it and I have to live with my own dumb decisions.
What's the difference between withholding service from a gay couple, and refusing to do business with me because I cursed at them one time? NONE. It's the owners subjective decision and that should be inviolate.
All this crap came about because of the discrimination of the Jim Crow laws. Where separate facilities for different races was deemed unequal and unamerican. Since then the all knowing government put themselves between the private individual and any public dealings he may have. The camel's nose entered the tent of private business. THAT"S NOT FREEDOM of individual choice. It's bondage to government edicts. People should be free to make dumb decisions, to conduct business with whomever they choose, because over time the dumbest decisions on how a private entity needs to respond to customers will eventually come from government as total control, eventually controls all, and all freedoms are eventually lost. Because government knows best.
Let me live my life as I see fit, not as you demand me to live.
Fire away,
Icarus
But tyberious...
The right to engage in commerce can only be executed if that right does not infringe on others rights, sorry.
Does a gay couple have the right to sleep in my business? If I have the right to a business, then isn't it my right to confer the privilege of sleeping in my establishment or withholding it? Both cannot have a right here. If one is sovereign, the other must be submissive.
I choose a society that favors the property holder.
Valid
These are all valid arguments and I make not attempt to change anyone's view point, but there is an implied social contract when you apply or receive your business license. I mean I have seen signs that say no shoes, no shirt no service, so there are obviously community or business standards that can be applied.
Guns, Gays & Religion...
All in all...it could have been worse.
Either Mod Jane's keyboard is smoking with the pace of deletions or a modicum of self-restraint has descended on Turdistan.
I don't have a dog in any of these fights and I find it interesting to read the different opinions and personal experiences. So, my thanks to all contributors and my heartfelt condolences to all the victims and their loved ones in that cinema.
spoken from an inside man
quit fighting over details people!!!!
Global QE is Coming...
Hi everyone,
Been a lurker on Turd's site from nearly the beginning - new to the posting scene though.
Hey - this is a decent article if you haven't read it yet. Mostly stuff you guys know already... but check out the last graph and tell me what you think. Looks pretty positive for gold to me, but I'm no expert.
Also, I'm no technical expert by any means... but on that graph doesn't it look like gold kind of regroups about every $200? Like right before $1000, $1200, $1400, and now $1600 before a nice move up? Sorry if this has already been mentioned and I missed it.
http://www.financialsense.com/contributors/chris-puplava/global-qe-coming-let-gold-mania-begin
.
Welcome back peckerwood
For a moment, I thought you were serious when you said you were leaving. You were gone too long.
Maybe Mod Jane is just smokin'. It's been a long week for her. Right now I see her kicked back in a comfy chair, wrapped in her snuggee, sipping on a Blue Moon, watching "Say Yes to the Dress" thinking, "Go for it you dopes. Piss in each others boots if you must. I'm soooo done for this week."
wax off
Headline
Here's a headline you might enjoy.
From Fleckenstein's "Daily Rap" 7/20/12. Can't post because it is a paid site and it is not permitted to post without permission. But you get the gist.
So it goes.
"And In Other News Today, Spain Died"
"The hot, explosive summer
"The hot, explosive summer and fall will have begun. Be ready."
So is this Battle Royal II ? Battle Royal I didn't go over so well. For either metal.
63 Days left til Summer Ends,
Raised beds/guns
We have used them in the greenhouse and it has worked well. Once you create the soil, it really makes your life easy, and yes using the square foot gardening book was so helpful. As far as guns go guys, I would rather have one and never need it , than need it and not have it. That said, I am afraid it probably wouldn't have made a ton of difference in Denver . A gun is a tool, and those looking to CC, do take the tactical courses, and practice practice practice. Again, a gun is a tool, just a tool, but because it is a dangerous one extreme care and respect must be given to it.
@ SR and Waxy
this time i'm really leaving. but you forgot a few things :-)
I was watching TV and saw
I was watching TV and saw this commercial It was FANTASTIC !!
and this is the cherry
Nervous times for PM holders.
I bought some DUST to hedge my miners and, hopefully, profit if they continue to fall. If gold makes it to $1615-$1620 and brings the HUI with it I'll dump the DUST and hopefully its ride 'em cowboy. If, on the other hand, it drops below $1525, I'll hold on to DUST until either we return back up to $1615 or we smash down into the $12/1300's and then take the profit. I did a little research on the descending triangle that I mentioned before. Its almost always a bearish sign, although usually associated with down trends it can also be a trend reversal. The good news is that gold did EXACTLY the same thing 6 years ago in 2006 and yet continued higher. Makes you think the charts are being painted to break the will of holders. Have a great weekend all!
This just keeps getting
This just keeps getting Better:
@Planters Re: Western Sky
116%!!!! Obviously lone sharking is now completely legal. That's what I call "doing God's work." They make banksters look like saints.
The Swiss Example
In Switzerland, every male is issued an assault rifle as part of their national obligation to serve in the military. Switzerland has one of the lowest crime rates in the world. They aren't just gun owners, they are essentially well trained marksman. This is part of their national policy to deter foreign aggression on their home soil.
Think about it. How likely is a criminal to walk into a soft target like a theater and start shooting the place up when every security person is trained like a SWAT marksman. Switzerland it was such a great deterrent that in World War 2, Germany didn't invade Switzerland because you would essentially be attacking a highly trained population of marksman. They have a long history of defeating European aggressors because of their military policies. In Switzerland people are brainwashed to believe that guns = peace. Funny thing is that it works. In our society, we are trained by the media that it brings violence. Notice how that works.
While every male at age 20 is issued a rifle, you do you need a permit to carry a gun. And certain assault weapons are not legal. Most people in the security profession are licensed gun carriers. That means security guards at malls and schools aren't just old men with walkie talkies They must demonstrate significant competency with the weapon and undergo regular training.
Another difference is obviously government foreign policy. They maintain a foreign policy the same way our founders envisioned. Strong defense. Civic and national pride.
The Swiss policy is one of the influences of our second amendment including John Adams and Patrick Henry who acknowledged the swiss for their gun policies.
However, the gun laws of Switzerland do not seem to be an isolated issue as citizens have a high degree over the way tax revenues are spent by voting. Citizens are not encroached by their government in business and trade so economic liberties are highly regarded. And their fiat currency has always been considered one of the best.
Liberty seems to work. People don't kill each other or walk into schools, malls or movie theaters and kill each other despite high gun ownership. When government stays out of the daily affairs of individuals, society seems to operate much better. So let's give the 2nd amendment a chance. And while we are at, how about giving the rest a chance too. A constitutional government. What an idea.
Maybe that's why people are scared to give the 2nd amendment a try. Because they have never experienced liberty as guaranteed by the constitution in their life.
I don't suppose blogging in Klingon would help....
http://www.24hgold.com/english/news-gold-silver-nsa-insider–pulling-together-all-the-data-about-virtually-every-u-s-citizen-in-the-country.aspx?article=3988052084G10020&redirect=false&contributor=Mac+Slavo
It turns out that it’s not a conspiracy, and not only does the NSA operate within the borders of the United States, they are assembling detailed dossiers on every single one of us. William Binney, an NSA whistleblower who recently resigned his post at the NSA over its illegal domestic surveillance programs, notes that the agency is engaged in implementing a total surveillance net over America with the help of private businesses like internet and telecom companies – and their target is YOU.
Domestically, they’re pulling together all the data about virtually every U.S. citizen in the country and assembling that information, building communities that you have relationships with, and knowledge about you; what your activities are; what you’re doing.
i don't think she's coming back.
she told me we couldn't afford beer anymore.
then i found her spending $65.00 on makeup.
"how come i have to give up stuff but you don't," i asked.
she told me she needed the makeup to look pretty for me.
"that's what the beer is for," i said.
i don't think she's coming back.
Meanwhile...
Back to gold.
I recently posted HM Treasury's audited accounts up to 2008 providing evidence of gold lending by the Bank of England on a regular basis in amounts up to 200 tonnes at one time.
http://webarchive.nationalarchives.gov.uk/+/http://www.hm-treasury.gov.u...
My contention is that this gold lending should be taken into account in "Official Selling" in terms of global gold supply estimates.
Not all Central Banks share the B of E's willingness to lend gold. Here the Banque de France confirms the purpose of gold lending:
@ rocoach Wild Ass Statement
"You Americans will never learn. It's this obsession with guns and might and posturing that has gotten you into this mess in the first place. You really do believe that everything can be solved by killing and threatening people." Quote from rocoach
That's one hell of a general statement aimed like a blunderbuss. The gist of this discussion has been about self defense, not an obsession with guns, might and posturing. I can't recall any comments that made the point that killing and threatening people were personally held beliefs, I submit quite the contrary. I most certainly recognize the ramifications of using deadly force and have never taken it lightly nor will I.
I'm a retired army officer with several combat tours and I'm the first one to say the American government is certainly guilty of far more than posturing. The past two administrations have as much admitted to war crimes. The citizenry and the government are completely and totally separate.
Please be more precise with your language.
Gold Tier 1 a Done (Discretionary) Deal?
Calling all insomniac would-be forensic accountants:
As BIS notes in its progress report on Basel III implementation:
(See footnote 32 on page 26 in relation to: 12. Other assets - 81. The treatment of securitisation exposures is presented separately in Section IV. The standard risk weight for all other assets will be 100%. See footnote 32)
From Washington's Blog http://www.washingtonsblog.com/2012/06/proposed-banking-regulations-would-drive-gold-prices-higher.html
My reading of this is that at the discretion of each country's Central Bank gold will have a reserve risk weighted ratio of 0% from January 1, 2013...same as cash, except that as the gold price rises it will free up the balance sheet.
Bacon
Roll, then Flatten a Package of Bacon to Make the Strips Easy to Pry Apart
You're all set to tear into a freshly opened package of bacon, and when you do, you have a hard time pulling the strips apart without them sticking or tearing. No one wants half-strips, and pulling off double-strips just to keep them together isn't a good idea. This tip from America's Test Kitchen makes those strips peel away nice and easy: just roll the package into a tight cylinder before you open it, and then unroll it and flatten it out again. That's all there is to it.
Here's how it works: when you roll up the package (lengthwise, of course), and then unroll it, you press and then separate the strips, which have been tightly packed and sealed since they were packaged up in the first place. It's tough to imagine, but give it a try the next time you have a package of bacon to open—it works like a charm, and makes it easy to peel away individual strips for nice, even cooking.
ATK has a few other bacon-related tips at the link below, including a great way to freeze individual slices so you don't have the sticky-slice problem after you've opened a package and only used part of it (but who has leftover bacon, anyway?)
http://lifehacker.com/5927208/roll-then-flatten-a-package-of-bacon-to-ma...
Re: tier 1 gold
I gather then that the mechanism to rescue and rebuild banks' balance sheets will be to... ahem... "let" gold go higher in price to the respective currency of the banks.
Darn it all...
Just when i have something interesting to say, i realize that mi to drnk too typ prperly