WOW!

251
104
Wed, Jul 13, 2011 - 11:41am

Well, the doldrums look like they've wrapped up about a month earlier than expected.

Gold is just fantastic. It needs to hold these gains until the Comex close. As stated yesterday, a close above the previous intraday high of 1577.80 would be extremely bullish...as if the chart wasn't already bullish enough!

Silver is scaring the living daylights out of the shorts today. They should be scared at this point. Silver has finally broken through the down-sloping trendline from May and appears poised to go tackle the all-important 39.50 level. It, too, needs to hang onto these gains into the close. I'd like to see it print a Comex close above 37.88, which is the intraday high of 6/10/11.

Crude, copper, the grains...it's all good as The Bernank has apparently decided that there was no point in further lies/deception regarding the eventual continuance of QE to infinity.

More later. TF

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  251 Comments

ginger
Jul 14, 2011 - 11:57am

lol kiwi. ..Hey.. I don't see

lol kiwi. ..Hey.. I don't see you 'round these parts very much. You hiding in Pailin's corner?? ...I need to check in there more often to see what I can learn from you pros. ..But yes.. I would like a 'patience' forum. .....Mostly because if I don't develop some good disciplines and keep from losing all my options money I am going to need a 'patients forum' (due to injuries received from getting beaten up by the market)

tmosley Gold Member
Jul 14, 2011 - 11:59am

How would purchases work

How would purchases work during/after a currency collapse? Who knows! More than likely, you would just trade the gold for the asset, and get a bill of sale if said asset is land. For paper assets, such as stocks, you are going to be stuck trading with whatever your broker will accept. As someone else in the thread said, JPMorgan now accepts gold as collateral. Your local broker should accept gold by then if he's still in business. You may have to convert some gold to fiat, but you won't be holding it for long, and if you are doing this while hyperinflation is roaring, you are doing it at the wrong time.

If forced to trade with fiat, I would wait until the stocks I was interested in are no longer traded in dollars. More than likely, many of these companies will move to foreign exchanges in non-hyperinflating countries. By that time, these countries are just as likely to have a gold standard, so you will be able to transact your gold for their currency very easily. If that has happened, you can expect to see those same gold currencies start circulating here as our fiat falls apart.

But in reality, no-one can know exactly what is coming. Much of this is speculation based on what one might expect logical politicians to do, but such people are few and far between.

You could certainly wait for a new currency regime, but be sure to get in early if you do, as the economy is likely to recover fairly quickly once that happens. If the new regime is fiat based, you can buy SOME, but I would hold back 75% or so, as a new fiat currency instituted after a fiat hperinflation has an 80% chance of hyperinflating again in the first 5 years of its existence.

nathan1234 Kiwi
Jul 14, 2011 - 12:01pm

Patience Forum

If Patience is a lady (with 36-28-36) i dont mind waiting for 32-31-30 with my balance money

Kiwi
Jul 14, 2011 - 12:07pm

Hey Ginger

Yeah, mostly I'm in Pailins corner of the site, trying to act like a big bad day trader.... but the air kinda went out of that balloon for me on May 1st, so now it's more a matter of waiting for the right entry point for the 2nd half runup. But even if I miss the bottom, as somebody on the site said "It's not like they won't let me buy later on". If I miss the bottom and have to buy in during the QE3 bull market, I'm OK with that, it's easier to sleep knowing the trend is working for you, and not worrying about the PMs going up and down every time Benny boy burps.

Sterling
Jul 14, 2011 - 1:03pm

Server issues?

Server issues?

sevin
Jul 14, 2011 - 1:06pm

That was quick! Tell your

That was quick! Tell your server team they did good to get the site back up.


Jul 14, 2011 - 1:07pm

Just had a service shut down

Just had a service shut down briefly. All is well.

SilverWealth
Jul 14, 2011 - 1:11pm

timing

Continuing to buy weakness and sell strength in increments. Not spending alot of time trying to 'time' the market. Thousands of technical opinions, so little time.

If people had simply been buying weakness 10 days ago and then selling off into wonderful bounces there would not be so many agonizing over possible sudden price movements today. The less I spend time in drama thinking that I can call market turns the better off I am. No one can call the fart-speak of Bernanke, when he will fart from his mouth and when he will not. No one can say what the next 'event' to move price will be but its highly,highly addictive to succumb to that game. I say keep it simple, accumulate a core in whatever you feel is longer run going higher and then buy weakness in tranches and sell that in tranches into given strength with patience and discipline. Its the patience and the discipline that wins out in the end not being right on the timing calls. Its the old story of the Turtle and the Hare.

Gold Member tmosley
Jul 14, 2011 - 2:15pm

@tmosley & Phantom Thank you

@tmosley & Phantom

Thank you for your responses and insight. Greatly appreciated. :)

ewc58
Jul 14, 2011 - 6:49pm

Typically brilliant line from Jesse

Dude's a gem and so is this...

"Just another day in the Pax Goldmana. "They create a desert, and call it recovery." "

ewc58
Jul 14, 2011 - 6:52pm

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