Da Boyz of the Cartel at it Again, Still!
From Doug Casey's Resource Plus today, "Almost without exception, the Cartel picks Tuesdays for their big smacks, because the cut-off for Friday's COT is at the close of regular Comex hours...around 1:40 p.m New York time...so anything they do from thereon in, won't be in the COT until the following Friday. This is their SOP...which I've spoken of several times before. After the close of trade on the Comex yesterday, the margin for silver longs was increased...again. So the margin calls will be going out as soon as the Comex opens this a.m. This was done to force out the leveraged speculator on the long side. You will notice that they never ever make life miserable for the shorts. That's because it's the exchange's unwritten rule to protect them."
Yesterday gold and silver dropped, but did not close at their lows for the day. Platinum fared better. Today, we are seeing a recouping of much of yesterdays losses with Gold presently 974.40 and Silver 20.12. If you were wise, you added to your holdings in precious metals and/or stocks. Personally, I added to my Call Options on GSS, SLW, and PAAS and a little bit of CEF. We should expect these bumps along the way. I still believe that gold will exceed 1000 this year, possibly before the usual run up in the Fall.
It is wise to use caution and make incremental additions to your portfolios at each opportunity. There is still some intervention by the cartel as the report, above, indicates. China, India, and the Sovereign Wealth Funds may be big players as well. Most of the foreigners know the value of the precious metals better than most Americas. We have not had to use the metals during severe economic problems as have they. Many of their families been saved by having the real portable wealth of precious metals and jewels. We should pray that we will never have a similar use for them. However, if the situation should ever arise, it would be a blessing to have the resources.
On the economic front, I believe we are definitely in a period of stagflation. This is a time when the economy is anemic and there is wide spread price inflation. It is a time when our spending should be very limited and our building of emergency funds and investments should take a very high priority in financial management.
It is likely a good time to plan ahead using John Pugleys' ALPHA STRATEGY. His book in the 1970s suggested putting aside non-perishable consumable items when they are available at bargain prices for use in the future. Normally, we accumulate savings and investments to provide the services and things we will need in the future. However, when we cash in our investments to buy these, most will pay income tax on the profits. If we purchase items today at lower prices than we would have to pay in the future, we are in fact saving, but there would be no income tax on the benefit of the lower price paid. Think about it!
Remember, our salvation comes from Jesus Christ ALONE. He is the way, the truth, and the LIFE. He gives us brains to seek His wisdom in the Bible and apply it to all areas of life. Scan the Bible and see how often there is a discussion of economic subjects. You will be surprised if you have never done this before.
Best to each, Doug
Yesterday gold and silver dropped, but did not close at their lows for the day. Platinum fared better. Today, we are seeing a recouping of much of yesterdays losses with Gold presently 974.40 and Silver 20.12. If you were wise, you added to your holdings in precious metals and/or stocks. Personally, I added to my Call Options on GSS, SLW, and PAAS and a little bit of CEF. We should expect these bumps along the way. I still believe that gold will exceed 1000 this year, possibly before the usual run up in the Fall.
It is wise to use caution and make incremental additions to your portfolios at each opportunity. There is still some intervention by the cartel as the report, above, indicates. China, India, and the Sovereign Wealth Funds may be big players as well. Most of the foreigners know the value of the precious metals better than most Americas. We have not had to use the metals during severe economic problems as have they. Many of their families been saved by having the real portable wealth of precious metals and jewels. We should pray that we will never have a similar use for them. However, if the situation should ever arise, it would be a blessing to have the resources.
On the economic front, I believe we are definitely in a period of stagflation. This is a time when the economy is anemic and there is wide spread price inflation. It is a time when our spending should be very limited and our building of emergency funds and investments should take a very high priority in financial management.
It is likely a good time to plan ahead using John Pugleys' ALPHA STRATEGY. His book in the 1970s suggested putting aside non-perishable consumable items when they are available at bargain prices for use in the future. Normally, we accumulate savings and investments to provide the services and things we will need in the future. However, when we cash in our investments to buy these, most will pay income tax on the profits. If we purchase items today at lower prices than we would have to pay in the future, we are in fact saving, but there would be no income tax on the benefit of the lower price paid. Think about it!
Remember, our salvation comes from Jesus Christ ALONE. He is the way, the truth, and the LIFE. He gives us brains to seek His wisdom in the Bible and apply it to all areas of life. Scan the Bible and see how often there is a discussion of economic subjects. You will be surprised if you have never done this before.
Best to each, Doug
posted by Doug @ 7:48 AM
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