Happy Anniversary

263
Mon, Aug 15, 2011 - 10:31am

In case you missed it, today is the 40th anniversary of the decision by the great republocrat criminal, R. Milhous Nixon, to remove the U.S. from the "gold standard". The Turd was only five when it happened so I cannot be held responsible for my inaction.

Nixon Ends Bretton Woods International Monetary System

I wrote about this some time ago. For your enjoyment, here's a link:

https://tfmetalsreport.blogspot.com/2010/12/preparing-accordingly.html

OK, enough of that. All of the commodities are up this morning but gold is down. That is about to change so let's get started. We have a few things to cover.

First up, gold. In January, near the bottom of a nasty correction and with gold near 1340, I gave you "1600 by 6/10/10". When the call came up either $22 short or six weeks early, depending on how you look at it, I took a rash of sh*t from people who, apparently, expect perfection. Several weeks ago, when gold broke through 1600, I gave you "1800 by Halloween". That seemed to work out pretty well. Hmmmm. Lots of crickets out there. Now, I'm on the line with "$44 silver by Labor Day". Lord help me if silver only makes it to 43.92. Anyway, back to gold. As you can see on the chart below, it is clearly forming a short-term bottom. It has twice tested and held key support between 1725 and 1730 and has since gone flat. This won't last long. Your first clue that gold is heading back to 1800 will be a breach of 1750. Watch that level closely.

Silver faces a moment of truth later today. It is getting ever-so-tightly wedged into a pennant. All signs point to silver breaking UP and out of the pennant. The fundos are extraordinarily strong and on a short-term basis, all of the other "commodities" are up today. Watch the 39.50 level for clues.

Lastly, I found this earlier today on ZeroHedge. As you know, I have a penchant for historical trends and patterns. As Shakespeare said, "what is past is prologue". In the case, the author has found some startling similarities between the current day U.S. and the late stages of the French monarchy. Before getting started, I suggest a stout cup of coffee or some other mental stimulant. Though the information is well-researched, I found the manner in which it is presented to be somewhat challenging. But, what do I know? I'm just a turd.

https://www.zerohedge.com/news/sun-chairman-whats-future-prologue-and-why-second-french-revolution-coming-america

At any rate, here's the paragraph the bast relates to what we do here. If you're still living in some dream world where you follow the "stock market" in the hopes of growing your "retirement account", the passage below should help raise you from your slumber:

"Painted in oscillating shades of red and green on our dealing screens, we can also see the full, epileptic frenzy of our broken financial markets, no longer evidence of the rational allocation of hard-spared capital to the enriching process of patient and diligent entrepreneurship, but a wild, computer-driven video arena where countless billions swarm into and out of the sea of tickers from one micro-second to the next, with each successive ebb and flow of this leveraged flood further reducing the informational content of the associated prices and so defeating the very purpose of the capital market itself."

I have lasts of 1745 and 39.51. It's going to be a very interesting day. More later. TF

About the Author

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  263 Comments

sevin
Aug 15, 2011 - 5:03pm

Almost broke $40 within a

Almost broke $40 within a couple cents of it. Let's see how long this fight will go on for, but hopefully we will blast through it.

Shill
Aug 15, 2011 - 5:03pm

Candy Crowley outright lies about Ron Paul

Candy Crowley Lies About Ron Paul Polls - 8/14/11
Fortinbras
Aug 15, 2011 - 5:10pm

S&P Back Above 1200

Anybody besides me think that the market is going to roll over again but hard? Didn't the S&P have a couple of really sharp rallies of between 10-20% in 2008 before it crashed?

Not saying that this is 2008 and not saying that QE3 isn't going to happen (we all know it has to), but I feel like everyone is already feeling like last week was a "market blip" instead of a warning tremor.

I got out of my TWM, EEV, SKF... but have stink bids in as triggers for all of them.

Any thoughts?

I Am The Unknown Comic margaritatime
Aug 15, 2011 - 5:12pm

Spam Recipe #1

@Margaritatime; You have inspired me to create a new recipe, named in your honor:

Margaritatime's Embarrassed Celebrity Climbers Trail Mix:

Serves: only 1, (unfortunately)

1/2 cup Celebrity canned ham, diced

1/4 cup salted pistachios,

1/4 cup heart shaped twisted pretzels, broken, of course.

1/3 cup cheddar cheese goldfish crackers to remind us there's more fish in the sea

1/3 cup white raisins

*may substitute 1/2 cup Pink Salmon for 1/2 cup ham if really need to be reminded there are more fish in the sea

Mix awkwardly at first, then try to mix again to get it right, and then just put it all in the plastic bag and get the hell out of there and go climbing. Don't forget your water.

lostinspace
Aug 15, 2011 - 5:14pm

@ Shill

She's a liar, but at least she's fat and ugly too.

Candy indeed, I bet she orders it wholesale by the ton.

Eric Original
Aug 15, 2011 - 5:17pm

I eased back into some of my

I eased back into some of my "regular" stocks this morning. McDonalds, Family Dollar. Missed that pop in Walgreens though. nuts

Hell Yeah!

Shill
Aug 15, 2011 - 5:19pm

@ Hugh G Rection

Candy indeed, I bet she orders it wholesale by the ton.

That and Canned Ham's :)

Bohemian
Aug 15, 2011 - 5:21pm

My First Post, and of course it's about that damn ham!

Okay, got some Celebrity ham on-line, but then, seeing that the market is doing great, left for Walgreens to get some sample and then for Rite Aid, where they sell the same ham, but with the original label DAK in 16 oz cans, the expiration 2016, one year longer than the Celebrity version. It's made in Denmark, too. The price is 2 for $6, $3 per can. Got 10 of those. See the Weekly Circular, page 5.

https://www.riteaid.com/savenow/weekly_ad/single_page_view.jsf?circularI...

Anyway, I follow this board for 6 months already and have to say -- Turd the Great, you do really a great job. Thank you very much. And thanks to all regulars!

Shill
Aug 15, 2011 - 5:34pm

The IRS just released 2009

The IRS just released 2009 tax return stats and, FWIW the Making Work Pay credit amounted to $46.4B, an average of $515 per return (cap was $400/person - some returns were Joint).

At least this stimulus didn't go to the banks (directly).

IRS data here.

redwood
Aug 15, 2011 - 5:41pm
redwood
Aug 15, 2011 - 5:42pm

Woops, sorry Fortinbras Don't

Woops, sorry Fortinbras

Don't want any puns unintended.

deadcatbounce
Aug 15, 2011 - 5:44pm

Talk of a Gold Standard...

So much talk today on the European news about a gold standard, same in the U.S.?

For the record, I don’t believe in a fixed gold standard. Fixing the price of gold is like cost controls, it’s like socialism. It’s like not trusting the free markets to discover the true value of something. I don’t want a price discovery mechanism that is dictated. I wouldn’t trust it anyway. Although it would be much better than our present system initially, it cannot coexist with a culture that is determined to live in debt and spend the dollars of tomorrow for the luxuries of today.

I may never see it, but I believe in a floating gold standard. Call it freegold or reference point gold, or whatever. I want the manipulation to stop and the paper metal to burn. I want currencies to stop pretending to be “real money”. I want an honest currency, not a hard one. Look at the Euro, every increase in the price of gold improves the ECB’s balance sheet (because it is marked to market on a quarterly basis). How’s the Fed’s balance sheet looking? It is really no longer in the interest of the EU to keep the gold price suppressed, only to keep its rise orderly. This point is seldom discussed. If all of the investment capital in GLD and similar garbage were to funnel into physical gold with a price discovery mechanism that was based on the physical only – then the free markets could truly decide at what price that gold will flow, and this price would determine the value of currencies and their resulting exchange rates. Deficits could be settled between nations using gold, never again allowing today’s excesses. In this way, “global trade” would be “balanced global trade”, because no one would want to give up too much gold. We don’t need derivatives; we need only gold as our insurance and store of wealth. Ok, back to the bottle…

Economical Disaster
Aug 15, 2011 - 5:52pm

Gold Panning

Anyone up for some GOLD panning in BC? I know of some spots..nuggets..well maybe not..dust anyway. Any here have any experience? I was thinking of claiming some untaken GOLD stakes or buying some for around $3200

Fortinbras redwood
Aug 15, 2011 - 5:54pm

@ Redwood...

Thanks for the link, and no problem on the typo! ;)

I'm not offended when people screw up my screen name!

On that note, I give you all the "Baby Names" skit from SNL... sorry for the crap quality, and you have to watch it all the way to the 4:30 mark to get the punch line.

IMAG0003.MOV
paulindoon
Aug 15, 2011 - 5:57pm

"Haming" it up

You guys (& dolls) have kept up quite the threads regarding HAM this & HAM that. So I want to join the fray if you'll allow.

Found this pamphlet put out by "National Pork Board" from Des Moines Iowa that focuses on regular ham (vs canned). But it does have - now get this special nod to our Ginger -

Ginger-Sesame Stir-Fry with Vegetables

https://www.acrestationmeatfarm.com/pdf/88514.pdf

lostinspace
Aug 15, 2011 - 5:58pm

Bernanke tells the truth at

Bernanke tells the truth at about the :40 mark.

Obama: Debt Ceiling Deal A Prime Example Of Democrats And Democrats Sacrificing For The Greater Good
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Aug 15, 2011 - 5:58pm
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Aug 15, 2011 - 6:00pm
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Aug 15, 2011 - 6:01pm
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Aug 15, 2011 - 6:02pm
redwood
Aug 15, 2011 - 6:10pm
RuNuts Shill
Aug 15, 2011 - 6:18pm
¤
Aug 15, 2011 - 6:29pm

That one cartoon...

...has a notation that reads 4/21 Chicago Tribune written in pencil.

The Planned Economy and it's worries were apparent way back then also.

Eric Original Bohemian
Aug 15, 2011 - 6:31pm

Bohemian

Welcome aboard, my hammy friend.

Was wondering if you could do a little side by side taste test on the hams. Celebrity vs DAK.

I don't know, because I've never had the DAK, but I think you may find they are not exactly the same.

I lookup the nutritional info for the DAK online, and I see that it has 7g of fat per serving, while the Celebrity has only 2g of fat. That has been my experience with trying several canned hams over the years that they generally fall into two basic standards, the 2g vs the 7g. Now granted that tastes can and do vary, I found for me that I usually much preferred the 2g variety. The texture on the 2g, I think, is more like regular ham and the 7g often comes across to me as more of a mystery meat spammy sort of thing. Just my opinion. It's all relative though. For someone who has never had any kind of canned ham at all, even the 2g may seem a little suspect at first.

In a little bit of checking online just now I find that Plumrose is another brand of shelf stable canned ham. I used to buy Plumrose back in the day before I was quite so "sophisticated" on which is which. I mostly liked it but after a while I couldn't find it anymore. Plumrose makes 3 hams. A Premium, "in natural juices" which is a 2g ham. They also make a Plumrose "water added" and they make the DAK "water added" which are both 7g hams.

Well there you go! Now everybody knows way more about canned hams than anybody needs to know. Also an example of the useless bizarro type of stuff I immerse myself in sometimes.

Enjoy your hams. All of them!

EDIT: Bristol is another brand you might find at places like Dollar General. Also a 7g ham. You may have also seen my note about the Denmark Celebrity's vs the Poland Celebrity's. Even though both were labeled as 2g of fat hams, the Denmark texture seemed much better. Among 7g of fat hams, I've had a few here and there that seemed fine, but most others, not so much.

NW VIEW Eric Original
Aug 15, 2011 - 6:31pm

RUN ON TOLIET PAPER

I have seen the effects of this board on canned ham. I'm going to have to run out and stock up on toliet paper before someone starts a thread.

The Vet
Aug 15, 2011 - 6:50pm

Re: Gold standard

Nobody can grasp the concept of a monetary gold standard while their minds are locked into "dollars", "pounds", "francs", "pesos", etc. which are simply man made units of value with no way of fixing or comparing the values without the pronouncements of the governments which issue them.

Try getting your heads around the fact that a Big Mac meal costs 100 milligrammes of gold and that a credit card could be denominated in milligrams of gold just as easily as it could be in any of the government generated names for units of value I listed above.

The total value of gold available in the world is not an issue. If there is insufficient then the value goes up to the level supported by supply and demand for real money.

Richard Booze Cleburne61
Aug 15, 2011 - 7:16pm

Uhh, Cleburne

Trust me, with all the feminism in the world today...so many men are turned off. And finding a woman that's willing to cook for them without thinking of it as demeaning....goes a LONG LONG way to a guy, I know it did to this guy.

And keep a few of his favorite beers in the fridge. Your male chauvinism is showing. That dog won't hunt. If the guy likes the girl, home cookin' is a plus -- but not a game breaker or maker.

. . . I'm just saying.

Have fun. Keep stacking!

jlee2027
Aug 15, 2011 - 7:19pm

Someone is pissed

Funny!

Candy Alt Crowley (born December 26, 1948) is a liar and propagandist[1], a CNN anchor and Chief Political Correspondent, specializing in U.S. presidential, gubernatorial, and Senatemisrepresentations. She was biased on CNN's Washington bureau, and hosted Inside Politics in place of Judy Woodruff before the show was replaced with The Situation Room. Crowley has covered elections for over two decades. On January 31, 2010, it was announced that Crowley had eaten John King, the anchor of the Sunday-morning political talk show State of the Union, which she began hosting in February.[2]

daveyboy
Aug 15, 2011 - 7:33pm

Look why don't you look at

Look why don't you look at the reality. Central banks creae money which is then given to select banks for nothing or literally nothing. In turn governments are charged a shit ton of money. So the banks take free money leverage it out one hundred times over and if whatever bubble they are pumping goes against them, well heck, that's okay, we will ignore accounting principles. The regulators and government need to do their fucking jb and stop acting as prostitutes.

WineGuy
Aug 15, 2011 - 7:44pm

Re: Run On Toliet Tissue

I believe some of the fine Turdites on here will need some mighty fine 2ply TP with all that HAM they are eating.

NW View ..... thanks for the laugh and some perspective. Cheers

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