It's Monday afternoon. What a perfect time to do some housekeeping. I've got a few things here I've been meaning to mention so, here we go.
First, some longer-term charts. Take a look at the long-term Pig. Even with today's rally, nothing much ever changes. The POSX has been rangebound for over five years now. This means that, relative to all of the other fiat currencies in the world, Pigatha has held its own.
Ahhhh, relative to all other fiat currencies. However, relative to true money, the ancient money of kings, The Pig has declined considerably. Note that, over the same time period, gold has appreciated about 170%. Priced in dollars, gold has risen from roughly $600 to $1600.
And silver has appreciated about the same percentage amount, in dollar terms, rising from about $13 to $34.
Of course, don't even bother trying to tell CNBS, your stockbroker or your father-in-law this stuff. Until it all comes crashing down, they'll continue to maintain that the only "true safe havens" are the U.S. dollar and dollar-denominated "assets" such as treasury bonds and certificates of deposit.
OK, next up is this terrific piece of work from Jeff Nielson at BullionBullsCanada. It was Jeff's drumbeat that first alerted me to the fraud that is GLD and SLV and he's at it again here. Please take the time to read this carefully and then pass it along to anyone you know who is foolish enough to own shares of these shams.
And then there's this, which I got from turdite "strobe". Obviously, I've disregarding the "Canada-only" part:
"Hi Turd, I have a bit of news on a new gold fund that will soon be launched in Canada. I have a contact who works in this area and they've been keeping me up to date on this product. The press release was for distribution only in Canada so I didn't post it on the forums, but thought you might be interested. Looks like it will target the same market as PHYS.
The latest I've heard is that the Mint will start their roadshow next week and the first tranche will close on Nov 22. One share will be C$20 and represent a fraction of an ounce to be calculated at closing. They wanted to split shares into 1/100th but decided it was too much logistical headache. Mint takes 0.35% annual service fee. Guess we'll see how closely this tracks physical in the next few months."
Lastly, a friendly turdite contacted me last week and offered a free trial in his service to any fellow turdite who would like to give it a try. It's a equity trading site and it can be found here:
Here are his instructions for anyone who wants to give it a spin:
"What we should do is tell anyone who's interested to send a note to firstname.lastname@example.org saying "Turd Sent Me" and I'll send them back a registration code. I'll keep the opportunity open for 7 days for anyone who wants in."
Oh, and one more thing...about this whole MF Global situation. As you know, I've always had my option account at Lind-Waldock and Lind was recently purchased by MF Global. Now, MF Global is apparently going out of business. For now, MF has assured me that my puny little account is safe. The cash is held separately and my so-far-out-of-the-money-they're-basically-worthless positions will soon be transferred to another broker/dealer. As soon as I settle on a new broker, I'll be sure to let you know.
Have a great evening! TF