Begins with T. Sowell and Ends with Walter E Williams

It is hard to imagine a more stupid or more dangerous way of making a decision than by putting those decisions in the hands of people who pay no price for being wrong. - Thomas Sowell (as reported in Casey's Daily Resource Plus)

There was no confirmation of the DJI highs by the Transportation Index, so the Dow Theory says that the overall bear trend of the general market is still in place. There was a near confirmation on Monday, but there is no reward for close except in Horseshoes.

Well the boyz thought we were having too much fun, so they obviously stepped in again just before the midway of Hong Kong trading. This was easy for them, because of the light volume of trading in Hong Kong. Also, we should note the number times that silver has attacked the 13.45 barrier without success in moving above. That, too, is suspicious.
The gold graph shows very similar action; however, the boyz seemed to be concentrating most actitivity on silver. Note, too here, how gold has attacked the 947 level without success. More suspicious activity.
Our miners have had seven up days in succession, but have hit a sandy spot in early trading today. Possible buying opportunities?? Most are down! Here are some of the prices >> AUY 9.46; CEF 11.78; DROOY 8.09; GLD 93.04; HL 3.03; HMY 9.27; SLW 8.72; SSRI 19.24, and VGZ 1.77. DROOY at or below 8.00; HL at or below 3.00; HMY at or below 9.30, and VGZ at or below 1.75 would in my opinion be good buys. I may have to pick up some more.
From Financial Time Asia:

China to deploy foreign reserves

By Jamil Anderlini in Beijing

Published: July 21 2009 19:09 | Last updated: July 21 2009 19:09

Beijing will use its foreign exchange reserves, the largest in the world, to support and accelerate overseas expansion and acquisitions by Chinese companies, Wen Jiabao, the country’s premier, said in comments published on Tuesday.

“We should hasten the implementation of our ‘going out’ strategy and combine the utilisation of foreign exchange reserves with the ‘going out’ of our enterprises,” he told Chinese diplomats late on Monday. Read it HERE.

Not new news unless, as is likely, the Chinese are expanding their use of foreign; that is dollar reserves. Thus, are broadcast of what China has been and continues to do. They are buying the world from under the western governments. That can soon be seen as a threat to the West. However, they must get rid of their ever worthless dollars as rapidly as they can. What better way could it be done?

More on this from ResourceInvestor.com:

Race for rare metals – And China is winning!

Sam Kiri, Proactive Investor

Published 7/16/2009

In the resource sector, China has already made its mark not only as one of the largest consumers but also as one of the largest accumulators of commodities. Chinese policy makers have ushered in an environment in which state enterprises, as well as private companies, are seeking to secure resource supplies around the world. It was against this backdrop that China Investment Corporation (CIC), a Sovereign Wealth Fund, acquired some 17% of Teck Cominco.

Copper is not the only metal China seeks to control and Teck is not the only acquisition China has made in the resource sector. In what could be a further indication of China’s tightening grip on the supply side, the China Non-Ferrous Metals Mining (Group) Co., Ltd. (CNMC) recently acquired a controlling interest in the Australian rare earth project developer Lynas Corporation Ltd. (Lynas). The full transaction, comprising a combination of equity, debt and loan guarantees, is valued at US$366 million and provides a glimpse of what rare metal companies are really worth. Read it HERE.

From Bloomberg.com:

Jefferson County, Alabama, to Put One-Third of Workers on Leave

By Kathleen Edwards

July 21 (Bloomberg) -- Jefferson County, Alabama, the state’s most-populous county, will run out of money and plans on Aug. 1 to put as many as 1,200 employees on unpaid leave, the president of the county commission said.

The six-week furlough of more than one-third of the county’s workforce will allow enough time for the Legislature or the state Supreme Court to reinstate an occupational tax that was struck down on constitutional grounds, commission president Bettye Fine Collins said today.

Jefferson County, home to Birmingham, has been teetering on the brink of bankruptcy since last year when interest rates on $3 billion of the county’s sewer debt soared as high as 10 percent amid Wall Street’s credit crunch. The crisis intensified in June when a circuit court prohibited the county from spending the $75 million annually generated by the tax. Read it HERE.

Thus, not only California is in financial trouble. Here is another and there will be more.

From Walter E Williams in TownHall.com:

The Racism of Diversity

by Walter E. Williams

The U.S. Naval Academy's PowerPoint display explains diversity by saying, "Diversity is all the different characteristics and attributes of individual sailors and civilians which enhance the mission readiness of the Navy," adding that: "Diversity is more than equal opportunity, race, gender or religion. Diversity is the understanding of how each of us brings different skills, talents and experiences to the fight -- and valuing those differences. Leveraging diversity creates an environment of excellence and continuous improvement to remove artificial achievement barriers and value the contribution of all participants." Admiral Gary Roughead, chief of Naval Operations, says that "diversity is the No. 1 priority" at the academy.

Diversity at the Naval Academy, as at most academic institutions, is not about equal opportunity but a race and sex spoils system to achieve what the Navy brass see as a pleasing race and sex mix. They accomplish that vision by the removal of "artificial achievement barriers." Let's go over what the Naval Academy sees as an artificial achievement barrier. A black candidate with B and C grades, with no particular leadership qualities, and 500 on both portions of the SAT, is virtually guaranteed admittance. A white student, who's not an athlete, with such scores is deemed not qualified. Read it HERE.

Therefore, we are no longer interested in quality, but "diversity" which will bring down academic achievement levels here as it has done in government schools across our nation. Over all, this should be called, "dumbing down of America." That is without doubt the goal of such programs.

Gold is down to 947 and silver 13.50 with both on down ticks. Guess the boyz are still at it or have done their "good deeds" for the day.

Keep your focus on King Jesus and work to further His kingdom which is the duty of all.

Best, Doug