CASE FUCKING CLOSED. THIS IS NOT A LIQUIDATION. Fast forward to 2:35 on the video.
Click here to watch...
Wednesday, September 28, 2011
CEO Midas Letter James West on the Silver Paper market
The Silver futures market (paper) is NO longer a price discovery mechanism. You need to look at the long term Macro picture.
CASE FUCKING CLOSED. THIS IS NOT A LIQUIDATION. Fast forward to 2:35 on the video.
Click here to watch...
CASE FUCKING CLOSED. THIS IS NOT A LIQUIDATION. Fast forward to 2:35 on the video.
Click here to watch...
No title needed. Yawn.
I sat here starring at a blank screen for 20 minutes trying to figure out what to write. I could pull out charts, but that would be kinda redundant and useless. I could pull up options, but thats now a complete disaster on premiums. I am going to be honest. I was away from my desk all day, and for the first time in months, I did not care what the 'price' was. It is simply an illusion now. And I'm not saying this because its gotten spanked either. If it was at $340, I would be saying the same thing-I have accepted the fact that the POS and POG is now an arbitrary number.
Sure some will come on here and say its not, and I'm wrong and this and that. I agree to that too. Some still trade in the paper game (as do I), but my mindset has shifted slightly now to the tune of complacency. This could because I am now about 70% physical and 30% paper.
So listen to me closely for those still fucking around trying to scalp $100 in this retarded, manipulated, clusterfuck: The more phyzz you stack, the more you stop caring. The less you stop looking at the Spot prices tick, by tick, by tick.
Just have faith that the buying will increase on lower prices. And everything will be A-okay. Buying phyzz here is like buying EOW (End of World) Insurance.
I hope you got it.
More to come later we are testing the new site now.
Sure some will come on here and say its not, and I'm wrong and this and that. I agree to that too. Some still trade in the paper game (as do I), but my mindset has shifted slightly now to the tune of complacency. This could because I am now about 70% physical and 30% paper.
So listen to me closely for those still fucking around trying to scalp $100 in this retarded, manipulated, clusterfuck: The more phyzz you stack, the more you stop caring. The less you stop looking at the Spot prices tick, by tick, by tick.
Just have faith that the buying will increase on lower prices. And everything will be A-okay. Buying phyzz here is like buying EOW (End of World) Insurance.
I hope you got it.
More to come later we are testing the new site now.
Morning Update
Okay I have a busy day ahead of me so lets keep it in bullet form again:
1. Every time I am away from my desk there is a big move, so expect something today.
2. I will be tweeting, you can follow on the left hand side
3. The new site is 99% ready. We had issues tieing in the Open ID, so we are leaving that out for the launch. SO you will just have to register as a user for now, and wait a week for the open ID to kick in.
4. Again, if you think this is the bottom, or just want to park some fiat and buy bullion and forget about it, you can use my discount: sgb-sgs www.silvergoldbull.com
If you are yankee, change the currency Flag at the top to USA baby!
5. From here on out we will be faced with an uphill paper price battle of volatility. I put my mind at ease every week and allocate more and more of my portfolio % in bullion.
Be back soon.
1. Every time I am away from my desk there is a big move, so expect something today.
2. I will be tweeting, you can follow on the left hand side
3. The new site is 99% ready. We had issues tieing in the Open ID, so we are leaving that out for the launch. SO you will just have to register as a user for now, and wait a week for the open ID to kick in.
4. Again, if you think this is the bottom, or just want to park some fiat and buy bullion and forget about it, you can use my discount: sgb-sgs www.silvergoldbull.com
If you are yankee, change the currency Flag at the top to USA baby!
5. From here on out we will be faced with an uphill paper price battle of volatility. I put my mind at ease every week and allocate more and more of my portfolio % in bullion.
Be back soon.
Tuesday, September 27, 2011
Scotia Macotta - out of 1 oz/5 oz bars and 1oz Gold coins
Weren't people supposed to SELL their Gold in the liquidation Gartman Bubble selloff? Blythe, you are in Barney Rubble soon!
Click here for Scotia Macotta...
Click here for Scotia Macotta...
Position Limits Oct 18th. Delayed again. Most likely will be delayed on Oct 13, for another 34 years or until JPM has covered.
I'm with Pete on this one LOL. I have given up on this.
Federal rules set to rein in speculative commodities trading face further delays, as regulators struggle to finalize the controversial proposal amid threats of legal challenges.
The Commodity Futures Trading Commission decided on Tuesday to push back an Oct. 4 meeting during which the agency had been scheduled to vote on the rules. The commission’s chairman, Gary Gensler, is expected to notify his fellow commissioners that the agency is likely to take up the proposal on Oct. 18.
Bart Chilton, a Democratic member of the agency and a devoted supporter of the so-called position limits plan, lamented the delay. “I continue to be troubled by the pace of implementing position limits as Congress has directed,” he said.
The agency, which must enact some 50 new rules under the Dodd-Frank financial regulatory overhaul, has struggled to keep pace. It already announced plans to push some rules into 2012 — a delay of more than six months.
The agency’s decision on Tuesday was the latest in a long line of setbacks for the position limits plan. Under the Dodd-Frank Act, the limits were supposed to kick in during January. Then the commission planned to vote on the proposal in September, but delayed it to further to bolster the cost-benefit section of the rule.
“I want to be sensitive to the costs,” Scott O’Malia, a Republican member of the commission, said recently.
The position limits would cap the amount of futures contracts that a single trader or firm can hold on 28 commodities like oil, wheat and corn, a response to wild price fluctuations that can hurt consumers at the gas pump and in the supermarket. Existing limits apply to only nine items.
The proposal has emerged as one of the most contentious matters stemming from Dodd-Frank. The regulator received a barrage of letters about its plan, some 13,000 comments in total, some from supporters like Senator Carl Levin, Democrat of Michigan, who wrote that the plan was a “critical step to stop excessive speculation.”
But many responses came from unhappy Wall Street trade groups. Some industry lobbyists and lawyers note that Dodd-Frank leaves it up to the agency to enforce position limits only “as appropriate,” raising the question of whether limits are at all in fact necessary.
Other groups have even issued thinly veiled threats of legal action. In March, for instance, the Futures Industry Association urged the commission to scrap its position limits plan, saying it “may be legally infirm.”
The threats have resonated at the agency in the wake of a recent court ruling that struck down another Dodd-Frank rule. In July, the United States Court of Appeals for the District of Columbia Circuit rejected the so-called proxy access rule by the Securities and Exchange Commission, rebuking that agency for not fully evaluating the rule’s economic effects.
Federal rules set to rein in speculative commodities trading face further delays, as regulators struggle to finalize the controversial proposal amid threats of legal challenges.
The Commodity Futures Trading Commission decided on Tuesday to push back an Oct. 4 meeting during which the agency had been scheduled to vote on the rules. The commission’s chairman, Gary Gensler, is expected to notify his fellow commissioners that the agency is likely to take up the proposal on Oct. 18.
Bart Chilton, a Democratic member of the agency and a devoted supporter of the so-called position limits plan, lamented the delay. “I continue to be troubled by the pace of implementing position limits as Congress has directed,” he said.
The agency, which must enact some 50 new rules under the Dodd-Frank financial regulatory overhaul, has struggled to keep pace. It already announced plans to push some rules into 2012 — a delay of more than six months.
The agency’s decision on Tuesday was the latest in a long line of setbacks for the position limits plan. Under the Dodd-Frank Act, the limits were supposed to kick in during January. Then the commission planned to vote on the proposal in September, but delayed it to further to bolster the cost-benefit section of the rule.
“I want to be sensitive to the costs,” Scott O’Malia, a Republican member of the commission, said recently.
The position limits would cap the amount of futures contracts that a single trader or firm can hold on 28 commodities like oil, wheat and corn, a response to wild price fluctuations that can hurt consumers at the gas pump and in the supermarket. Existing limits apply to only nine items.
The proposal has emerged as one of the most contentious matters stemming from Dodd-Frank. The regulator received a barrage of letters about its plan, some 13,000 comments in total, some from supporters like Senator Carl Levin, Democrat of Michigan, who wrote that the plan was a “critical step to stop excessive speculation.”
But many responses came from unhappy Wall Street trade groups. Some industry lobbyists and lawyers note that Dodd-Frank leaves it up to the agency to enforce position limits only “as appropriate,” raising the question of whether limits are at all in fact necessary.
Other groups have even issued thinly veiled threats of legal action. In March, for instance, the Futures Industry Association urged the commission to scrap its position limits plan, saying it “may be legally infirm.”
The threats have resonated at the agency in the wake of a recent court ruling that struck down another Dodd-Frank rule. In July, the United States Court of Appeals for the District of Columbia Circuit rejected the so-called proxy access rule by the Securities and Exchange Commission, rebuking that agency for not fully evaluating the rule’s economic effects.
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