Al Korelin and Rick Ackerman discuss the day’s activities for Gold and Silver, and the implications that a Greek default might have on the markets.
From the monthly archives:
September 2011
Several of today’s touts are actionable, albeit geared to the constipated action that has characterized the ups and downs of Gold, Silver and shares in recent weeks. As today’s commentary notes, traders appear to be marking time after having discounted, not epic disaster, but a best-case Greek default that spares the rest of Europe, at least for the moment.
Member-only content. Please Login or get a free trial of Rick's Picks to view.
Member-only content. Please Login or get a free trial of Rick's Picks to view.
Member-only content. Please Login or get a free trial of Rick's Picks to view.
Member-only content. Please Login or get a free trial of Rick's Picks to view.
Ahhh, it’s those old Greek worries again! Yesterday they were blamed for undoing a nearly 150-point rally in the Dow, although the question of what had caused the rally to begin with seemed of less concern. We’ll proffer the usual, technical explanation: Yesterday’s ups and downs were caused entirely by algorithm-driven machines with nothing more on their tiny digital brains than a bunch of zeroes and ones. And if they had a smattering of human help, the humans undoubtedly applied the same tried-and-true tactic that has carried the day for the hedgies time and again in recent months – i.e., letting the index futures fall on thin volume, exhausting sellers overnight; then inducing a short-covering panic ahead of the opening bell. » Read the full article
When we talk about how our Government is corrupt and decadent to the core, it is items like the following in particular that raise our ire. I received this as an e-mail with the suggestion that I recirculate it to 20 others. I’ll recommend that you do so by copy-and-pasting it to friends. Here’s the message**:
“No one has been able to explain to me why young men and women who serve in the U.S. military for 20 years, risking their lives protecting freedom, only get 50% of their pay while politicians who hold their political positions in the safe confines of the Capitol, protected by these same men and women, receive full-pay benefits after serving just one term.
“It just does not make any sense.
“From Fox News on Monday, we also learned that the staffers of Congressional family members are exempt from having to pay back student loans. This will get national attention if other news networks broadcast it. When you add this to the facts noted below, you wonder where it will all stop. Thirty-five states have filed lawsuits against the Federal Government for imposing various, unlawful burdens upon them. It only takes 38 states to convene a Constitutional Convention. This will take less than a minute to read. If you agree, please pass it on. This is an idea that we should address. For too long we have been too complacent about the workings of Congress. Many citizens had no idea that members of Congress could retire with the same pay after only one term, that they specifically exempted themselves from many of the laws they have passed (such as being exempt from any fear of prosecution for sexual harassment) while ordinary citizens must live under those laws.
“The latest is to exempt themselves from the Healthcare Reform… in all of its forms. Somehow, that doesn’t seem logical. We do not have an elite that are above the law. I truly don’t care if they are Democrat, Republican, Independent or whatever; their self-serving ways must stop. If each person who receives this message forwards it to 20 others, most Americans will see it within three days. This is one proposal that should be circulated: a 28th Amendment to the United States Constitution, written as follows: “Congress shall make no law that applies to the citizens of the United States that does not apply equally to the Senators and/or Representatives; and, Congress shall make no law that applies to the Senators and/or Representatives that does not apply equally to the citizens of the United States.”
**A subscriber who checked the facts in this message has written to inform me that members of Congress do indeed have to pay back student loans. As far as I am aware, however, all other facts are correct as stated.
This past Saturday, Rick Ackerman was interviewed by Al Korelin of The Korelin Economics Report. During the interview, Rick discussed the economy and offered his views on the gold market. The full eight-segment show may be heard here.
Strong Dollar Predicting Europe’s Breakdown
by Rick Ackerman on September 22, 2011 2:10 am GMT · 15 comments
The dollar looks primed to move significantly higher, implying that U.S. stocks and precious metals will remain under pressure for the foreseeable future. That doesn’t necessarily mean Gold and Silver cannot continue to rise against all currencies nonetheless, since the global monetary blowout that has caused them to ascend for more than a decade shows no sign of abating. However, whatever strength bullion musters in the weeks and months ahead will in dollar terms be tempered at least somewhat by a resurgent buck. We recently called subscribers’ attention to a possible nascent bull market in the dollar via a trading “tout” that recommended setting a chart alert at 78.87, about 0.6 percent above where the NYBOT Dollar Index was trading at the time. Yesterday, the Index spiked to within 3 cents of that benchmark, so officially the baby bull has not yet been born. However, during an online tutorial session that we conduct every Wednesday morning, we had a powerful sense of déjà vu yesterday while looking at an hourly chart of the Dollar Index. (Want to be alerted in real time to these changes? Click here for a free trial subscription to Rick’s Picks, including access to a chat room that goes ‘round-the-clock, and to trading recommendations and analysis that are continually updated during market hours.) » Read the full article