Thoughts on Markets

Monday, October 25, 2010

Reformation Day - Fortuna (FVITF) - Harmony (HMY) - GLD - CEF


While October is celebrated by many with witches, goblins, haunted houses, etc. of Halloween, it is well for Reformed Christians to ignore this and to celebrate Reformation Day upon which Martin Luther posted his 95 theses, stating the evil of indulgences being sold by the Roman Church, on the door of the Castle Church at Wittenberg, Germany, at noon on October 13, 1517. Thus, we have a great reason to celebrate, because that was the official beginning of the Reformation. At the time, he sought to debate the theses with any and all who would challenge them.

Let us celebrate something worthwhile this year and not join with the pagans and their sly way of hiding the real meaning of October 31st. Remember that Satan is a deceiver. He uses every opportunity to oppose Christ and Christians. He leads us astray in many devious ways. I believe that Halloween and the "innocent" threat of "trick or treat" is one means of deceiving us into thinking that there is no harm in having the children go out to get candy, etc. on Halloween Night. 

We should, rather, recall the magnificent and daring act of Martin Luther which changed the world for us and lead to the wonderful reformation. 

Consider this and see if Halloween fits into the Christian world and life perspective to which King Jesus calls us. He calls us to be Christian 24/7. Think about it. 

Good news on Harmony (HMY) from

Newcrest and Harmony's gold strike of the century
The Harmony-Newcrest JV at Wafi-Golpu in Papua New Guinea is now targeting 30m ounces of gold while the copper target has been raised from 4m to 8m tonnes. Read it HERE.


Gold and the G20 - what next?
A warning that if long term broad capital controls are taken up by G20 members this could be disastrous for the global economy but positive for gold and other precious metals. HERE.

Here is GLD, a proxy for gold which is updated continuously throughout the day. Gold graph is updated only after the close. 


Invest in silver if you believe in gold
While perhaps not such a safe haven as gold, silver is finding increasing investment interest as the gold price rises. I am doing this for myself, because with the price of gold soaring funds are scarce. HERE.

Below is one of my core holdings in silver. Fortuna has continued to show a resilience every time the price has dropped. It pops back quickly and continues to be my EveryReady Bunny. 

For myself, I prefer CEF to GLD, because it invests in both silver and gold and seems to be very well managed. 


Marc Faber: “Print, Print and Print”
The paragraphs below are an excerpt from the October edition of Marc Faber’s monthly newsletter, The Gloom, Boom and Doom Report (courtesy of The Daily Reckoning).
No matter what central bankers and the cheerleading, mostly useless academics who surround them pronounce in their self-created aura of infinite academic “delicacy and refinement”, under the auspices of the Fed they will do precisely one thing: print, print, and print. Sadly, as Mignon McLaughlin observed, “The know-nothings are, unfortunately, seldom the do-nothings.”
I should like to emphasize once again that the US Fed will continue to monetize massively on any sign of either further economic weakness or a more meaningful (10% or so) financial and property market decline.
In the world I described above, the increased supply of dollars will flow somewhere. Read and listen HERE.


Niall Ferguson: Chinese more committed to capitalism than U.S.
Listen HERE.

The miners from

The Currencies from

Some prices: FVITF 3.30; SILA 0.79; BULM 0.96; DOW up 61 to 11193+; SPX up 6+ to 1189.20; Gold up 7.60 to 1335.60; Silver up 0.22 to 23.51.

Best to each, Doug


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