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$40 Silver?

Tyler Durden's picture





 

Not quite. Give it a few hours: it just hit $39.70. Then we expect the Hunt High should be taken out shortly thereafter.

And not to be left out of the party, gold just hit another all time record as well. At this point, Bernanke is officially panicking.

And a quick update from FMX Connect who were spot on with their $1,550 gold prediction:

Is Gold Going to 1550? An Update from our Analysts (link)

Over the past 4 weeks we have said repeatedly that Gold has an excellent chance of a $75.00 to $150.00 rally from the area of 1410.  We picked $1550 as our home run scenario. It is time for an update.

First our initial chart and prediction from Feb 24th:

“FmxConnect uses several proprietary indicators to predict volatility trends. One indicator, the TrendVol actually gives directional signals as well.

Simply stated, if this week closes above 1416, there is a high likelihood of a 75 to 175 move higher in gold over the next 2 months. Although if the indicator hits, we'd expect the move to happen in a more compressed time. The signal does not usually waste time letting you know if it is right or wrong.

The indicator combines Bollinger bands, implied volatility, skewness, and historical volatility to determine speed and direction of a potential move. The actual calculations involve using these indicators to create and proprietary oscillators.

Volatility breathes (i.e. Bollinger bands) and FMX Connect believes that Gold volatility is getting ready to exhale in a big way.“

image

Next James Turk’s assessment:

James Turk’s recent call for a hyperbolic move is 100% consistent with our trend-vol breakout, hyperbolic moves are in our words, volatility exhaling. This observation means that the gold price is rising at an accelerating rate, so there is in my view only one logical conclusion that can be made from this chart.  Given that gold remains the world’s numéraire by which things are measured because it is money, the other so-called ‘money’ being measured in the above chart – namely, the US dollar – is losing purchasing power at an accelerating rate.  In other words, we are rapidly approaching the hyperinflation of the US dollar.  In fact, the below chart illustrates that it has already begun.  The dollar’s hyperinflation will worsen if gold keeps climbing within the hyperbola on the chart.

We can’t be sure of his hyperinflationary stance. But let’s say his track record is pretty good.

image

Here is where we are now:

image

The bands do not lie. As long as the lower band moves away from the direction of the market and we continue to settle near or above the upper band, there is little to stop this market form going hyperbolic. We believe volatility is just starting to exhale.

Technical Observations

Rallies from here should extend quickly, as in gaps higher. If they do not, be cautious. A close under 1440 reverses the breakout. Pullbacks to 1447 should be bought aggressively with 1440 as the stop out area. Odds of taking out yesterdays high are in the 70% area according to GRI’s report last night. Our next target level is 1477. Remember Goldman called for 1480 in the Dec contract. We’re sure there will be some selling in that area.

Options Plays

We are an options data firm, and based on our data and market intel, we are comfortable with the following comments.

We believe that, as there were no good buys in options for the last 3 months, that there may be no good sales as this market is headed for gap territory. We could be in a blow off pattern (initial-breakaway-exhaustion gaps), which is all the more reason to express directional bias with options. This may end in washout, so we prefer options.

Front months: there will be opportunities to buy as two-way business will be there. Long liquidation should make for dips in vol. if you intend to buy a May straddle, buy half now and half when it gets slammed form some random sell order.

If you are a call buyer in June, the 1500 and 1550 will give you tight markets and two-way business. There are huge longs in the June 1600, so while that option may seem appealing, it could get slammed if the long liquidates

Recommendations:

  • We like the 1510/ 1530 call spread in May for a cheap shot (around 2.00)
  • The June 1500/ 1550 call spread at 9.00
  • The June 1550 call

Back months: unpredictable but we believe most fresh directional plays will be expressed in Dec 11 and Feb 12. Therefore, selling will have to be by dealers and marketmakers, which means entry will have a lot of Vig. But it may be justified given the added time value.

We like the 1900/ 2000 call spread here in the 3.50 area (the Z 2000s are a big short in the ring and consequently that call spread trades cheaply). 100 of these spreads gives you the equivalent of 3 futures exposure but you will benefit if volatility expands as well.

We also like the Dec 1500/ 1600/ 1700 butterfly in the 1300 area. 100 of these give you a 5 futures equivalent exposure.

 


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Wed, 04/06/2011 - 10:05 | Link to Comment TheGreatPonzi
TheGreatPonzi's picture

It's not gold and silver which worry Bernanke right now, but WTI crude, which is at the highest level since september 2008.

His worst nightmare is coming to reality. 

Wed, 04/06/2011 - 10:13 | Link to Comment camaro68ss
camaro68ss's picture

yeah my name is the bernake and you cant eat silver and gold..... but you can eat paper. keep on printing bitchez

 

Up up and away

Wed, 04/06/2011 - 10:49 | Link to Comment Ray1968
Ray1968's picture

PHYS and PSLV are really pissing me off now!

Wed, 04/06/2011 - 11:04 | Link to Comment earlthepearl
earlthepearl's picture

Why? b/c the NAV?

Wed, 04/06/2011 - 11:07 | Link to Comment Ray1968
Ray1968's picture

silver was up 1% and PSLV was down.....

But, looks like someone is putting the slam on the PMs right now anyway.

Wed, 04/06/2011 - 11:19 | Link to Comment tmosley
tmosley's picture

Follow on offering in one of his other products has investors spooked.  Good buying opportunity, as he has staked his reputation that he would never do it with PSLV again.

Wed, 04/06/2011 - 11:59 | Link to Comment Ray1968
Ray1968's picture

With what information I have looks like the only thing lost on PSLV is the NAV premium.

I sold what I had left of SLV (been looking for an exit point) and bought PSLV.

Thanks!

Wed, 04/06/2011 - 10:06 | Link to Comment Sudden Debt
Sudden Debt's picture

Yep, I still remember what that did to the industry in 2007.

It nearly bankrupted most companies and burned a hole in my pocket.

 

 

Wed, 04/06/2011 - 10:21 | Link to Comment DoChenRollingBearing
DoChenRollingBearing's picture

Sudden, I know you guys in Europe took a beating too in 2007 - 2008, but it was a REAL SHOCK when US gas prices went through $4.00 / gallon.  

Many of our working classes have to drive a long way each day.  And they had (and still have) serious debts and gas guzzlers.

Oh, and Owebama took a lot of cheap old cars off the market with Cash-for-Clunkers.

Gold and silver are two of the last places to hide.

Wed, 04/06/2011 - 10:33 | Link to Comment Turd Ferguson
Wed, 04/06/2011 - 10:43 | Link to Comment iinthesky
iinthesky's picture

How about some Gold Pressed Latinum bitchez!?

Wed, 04/06/2011 - 10:47 | Link to Comment Rodent Freikorps
Rodent Freikorps's picture

The First Rule of Acquisition:

  1. Once you have their money ... never give it back.
Wed, 04/06/2011 - 11:32 | Link to Comment Problem Is
Problem Is's picture

Rules of Acquisition:

  1. Once you have their money ... never give it back.
  2. Once you have their money ... buy assets and commodities with it.
  3. Then devalue the money a la The 'Copter Bernank...
  4. And squeeze them some more...
Wed, 04/06/2011 - 10:45 | Link to Comment Arthor Bearing
Arthor Bearing's picture

Thank god for the titty-fuck metals report [that's what my mind says when I read your url]

Wed, 04/06/2011 - 11:56 | Link to Comment Eternal Student
Eternal Student's picture

Loved this quote:

"How desperate must global money managers be that they are running to the euro as a safe haven. The euro, for the love of pete!

What times we live in.

 

Wed, 04/06/2011 - 10:08 | Link to Comment Hollow_Point
Hollow_Point's picture

He's not worried. He can turn this around in 15 minutes.

Wed, 04/06/2011 - 10:12 | Link to Comment Roy Bush
Roy Bush's picture

This is starting to get a little scary...

Wed, 04/06/2011 - 10:53 | Link to Comment Math Man
Math Man's picture

Very scary...  the bubble chasers are about to lose thier shirts again.

You get the logic right, but the price wrong. 

You bought tech stocks because the internet was going to change the world... it did, you just overpaid.

You bought real estate in Florida because the baby boomers were going to retire there...  they are, you just overpaid.

You are buying silver because the dollar is devaluing...  it is, but you're massively overpaying.

A 100%+ run in just over six months, meanwhile the dollar index is down less than 10%. 

You never learn.  You just chase one bubble after another.  That's the funny thing about bubbles... they exist because there is always some underlying logic behind the mania that makes sense.  It's the price that gets out of whack...  Silver is a perfect example of that right now.   Oh no!  The dollar is devaluing!  We better buy silver!  Never mind that is just doubled!  Never mind that only 50% of it is used industrially!  Never mind that it only costs 5 bucks to dig it out of the ground!  None of those things matter because the dollar is devaluing! It different this time!  It's not a bubble because the dollar is devauling!

But when you stop and look at the facts, you realize the dollar index has moved down less than 10% in the same time silver has more than doubled. 

You're setting yourselves up for a epic crash here...  don't be suprised when silver is back below $20 this summer.

Wed, 04/06/2011 - 11:03 | Link to Comment Temporis
Temporis's picture

Best quote EVER!!!

by Math Man
on Fri, 02/25/2011 - 17:34
#997990

 

Face it.  Silver is over.

It ran 70% in six months, but it only costs $5 bucks to dig it out the ground.

It'll be back below $20 soon enough.

Wed, 04/06/2011 - 11:15 | Link to Comment Math Man
Math Man's picture

And it will be back below $20 soon enough...  only a matter of time now.

 

Just look at the collapsing backwardation.

Wed, 04/06/2011 - 11:49 | Link to Comment lynnybee
lynnybee's picture

i'd love for silver to go to $20 again !   i'll buy more / am holding it for the day comes when the U.S. $$$ is not accepted in this country .    but, will i be able to find any silver if it hits $20 ?    something tells me that my coin guy will be out of his eagle bullion rounds.  

Wed, 04/06/2011 - 14:51 | Link to Comment malikai
malikai's picture

Ditto that. And I'd use the money from my puts to back the fuckin truck up.

Wed, 04/06/2011 - 11:56 | Link to Comment Math Man
Math Man's picture

Backwardation to the Dec 2015 contract has dropped to 46c....  a decline of 60% from the peak.

Wed, 04/06/2011 - 16:12 | Link to Comment akak
akak's picture

Don't you have some unicorns to go herd?

Wed, 04/06/2011 - 16:29 | Link to Comment RockyRacoon
RockyRacoon's picture

Hey.  The Aden Sisters say, "Buy".

That's good enough for me.

Why you should buy gold and silver now.

Thu, 04/07/2011 - 00:03 | Link to Comment Hephasteus
Hephasteus's picture

I don't know what makes him stupid but it sure works.

Wed, 04/06/2011 - 12:30 | Link to Comment A Nanny Moose
A Nanny Moose's picture

Promise? BTFD Bitch...no "ez" needed here.

Wed, 04/06/2011 - 13:27 | Link to Comment Creed
Creed's picture

"First let’s examine First Majestic's overall business strategy. First Majestic has three operating silver mines, all located in Mexico. They are fairly low cost production mines and the company averages about $7.10 in production cost per ounce."

 

These are actual silver mines, not another operation with a silver byproduct. Apparently $7 bucks an oz to produce it is on the low end.

Better inflation adjust your $5 buck figure.

Wed, 04/06/2011 - 12:11 | Link to Comment Triggernometry
Triggernometry's picture

I remember this quote, thanks for keeping it fresh. I can still remember the coming out my nose from laughing so hard when I first read it.

Wed, 04/06/2011 - 12:21 | Link to Comment A Texan
A Texan's picture

It may only cost $5 to get the stuff out of the ground, but everything yanked out of the ground gets used up, plus several tens of millions or more ounces of what's in the worldwide stockpile of silver - each year.

 

Also, it isn't quite so simple to say that it costs $5 to mine the stuff.  That is the marginal cost once a mine is established - but there are precious few mines purely dedicated to silver alone.  Most silver is a by-product of copper, gold, lead or zinc mining - so if there is relatively little demand for them, the silver doesn't get mined, because the whole operation is closed down (albeit temporarily).  The point being that the supply-demand function isn't as straightforward as one would normally suspect.  Further, silver tends to be found closer to the surface, meaning:  1) most of the easy finds have been made (similar to oil); and 2) even at prices significantly higher than $5 it isn't so easy to find silver.  Note also that with an extraction price significantly higher for any deep mines that MIGHT have sufficient silver, the market price will have to be higher than that price by a substantial margin, and stay there for enough time to be viewed as permanent - otherwise the mine doesn't get started.  These things have long lead times and substantial up-front costs, so we're not going to see a substantial drop in price for anything more than purely speculative reasons (and, at that, such a drop will be temporary - enough people and institutions are aware of the long-term supply shortfall in silver that they'll buy at those lower prices, putting a floor under the price).  This is because the market isn't going to get flooded with new supplies any time soon, if ever (again, the easy stuff has been found and the known stockpiles are a mere shadow of their former selves).  We're not going to see $20 again unless markets collapse worldwide and people/institutions owning silver have to sell to meet margin calls or out of sheer panic.

 

Dude, you're just wrong long term.  Anything can happen short term, but the long term fundamentals on silver say that it should be a lot higher than it is now.  Of course, if you think its going to $20, I'll take all that you can sell me at $25 right now.  Deal?

Wed, 04/06/2011 - 12:37 | Link to Comment JonNadler
JonNadler's picture

Priceless quote Temporis, $5 to dig out of the ground!

 

 

How long before Methman goes the way of JonnyBravo

Wed, 04/06/2011 - 14:34 | Link to Comment DoChenRollingBearing
DoChenRollingBearing's picture

How long indeed.

Good to have you back in the ring JonNadler.  You still looking for better shills?  Blythe must be all over you now...

Thu, 04/07/2011 - 10:22 | Link to Comment preston
preston's picture

Perfect timing ATM as I have an ample amount of cash and I do want more silver. I think I will trade some of my palladium store for some 1 oz bars today.

Wed, 04/06/2011 - 11:01 | Link to Comment redpill
redpill's picture

The dollar index is only down 10% because it is a comparison to other paper currencies that are also being devalued.

You can't seriously be that stupid.

Wed, 04/06/2011 - 11:09 | Link to Comment Math Man
Math Man's picture

Oh that's right.  I totally forgot.  It's not relavent what you can buy in other countries with your dollars, only how much silver you can buy and bury in your back yard.

 

 

Wed, 04/06/2011 - 11:16 | Link to Comment KennyG09
KennyG09's picture

Somebody is butt hurt that he doesn't have silver. Please enlighten everyone on what the true value of silver is. Also, what country has ever survived on a unbacked paper currency? 

Wed, 04/06/2011 - 11:29 | Link to Comment Math Man
Math Man's picture

All of them.

 

And which one has ever survived on a gold/silver standard?

Oh wait... that's right.  It has never happened.  The gold standard always goes away.

 

 

Wed, 04/06/2011 - 11:35 | Link to Comment Sancho Ponzi
Sancho Ponzi's picture

We may reach a point where the JP Morgue intentionally blows up equities in order to save their asses by tanking silver.

Wed, 04/06/2011 - 14:54 | Link to Comment malikai
malikai's picture

I pray for this every single day.

Wed, 04/06/2011 - 11:44 | Link to Comment tmosley
tmosley's picture

Ok, tell me where I can talk to the Great Khan, or Louis XXXIV?

Who needs a "standard"?  Money is still money.  Gold has always been valuable, and will always be valuable.

But then, you are too stupid to understand this, or even to know up from down, so I don't know why anyone should bother.

Wed, 04/06/2011 - 13:09 | Link to Comment nachtliche
nachtliche's picture

All unbacked paper currency has gone to 0. Unless you consider the actual paper worth something. Gold and silver has ALWAYS retained value. Gold and silver has, and always will, have strong, solid purchasing power. It's sad that you don't understand this. If you have followed your own investment insights up to now regarding silver, you must have lost a shitload. If not, you are a pansy for not putting your money where your mouth is. 

Wed, 04/06/2011 - 15:22 | Link to Comment Math Man
Math Man's picture

Bullshit.  Last I checked, pretty much every country on the world was operating just fine on unbacked paper currencey.

It's the gold standard that has failed every time it has been used... not the fiat.  There are  hundreds of fiat currencies in the world that have not failed.

 

Wed, 04/06/2011 - 15:40 | Link to Comment whthewrld
whthewrld's picture

Awesome! I love this guy!

Wed, 04/06/2011 - 15:51 | Link to Comment tmosley
tmosley's picture

lol, define "just fine".  Most are failing at this point.  They are in debt up to their eyeballs, or are swimming in bubbles.  Hell, Belgium doesn't even have a government any more!

But hey, you say everything is fine.  We BELIEVE you.  After all, you were right about $34 being the top for silver.

Wed, 04/06/2011 - 16:14 | Link to Comment Math Man
Math Man's picture

Most are failing at this point?  What the fuck are you talking about... Last I checked, paper money was still legal tender in all of the World's 200+ countries.  And, since the '08 financial crisis, how many fiat currencies have failed?  (I'll give you a hint - it starts with Z)

Tmosley, you really need to stop making shit up.  I know it is scary to be 95% long physical silver, but you really need to stop lying to justify your position.

 

 

Wed, 04/06/2011 - 16:21 | Link to Comment akak
akak's picture

The history of fiat money is coexistent with the theft of the average consumer's purchasing power via the stealth tax of so-called "inflation" (which is just a smokescreen word for currency depreciation), and much more importantly, the theft of the average person's savings via the same process, not to mention the resultant profound economic distortions and waste inherent in the process.

Nice to see you standing up for sociopathic monetary corruption, however.

Wed, 04/06/2011 - 16:33 | Link to Comment tmosley
tmosley's picture

Countries are going bankrupt left and right--major economies like Japan and the US have debt levels that are unprecedented in world history--yet you think everything is fine and dandy.  

Here's a tip:  when a government accumulates too much debt, it will default on its obligations.  When the same government is bought and paid for by the banks, they don't "default", they "print", rapidly rendering the currency worthless.

But it "can't happen here", just like "silver can never rise above $34".

Dumbass.

Wed, 04/06/2011 - 16:48 | Link to Comment Math Man
Math Man's picture

But have they gone under?  NO.

You're all just speculating...  with some great underlying logic.  High debt, devaluing currencies mean you should buy PMs.

Makes sense.

Problem is you've had a 100+% run with only a less than 10% dollar devaluation.  You're over paying, just like the fools who bought internet stocks because the internet was going to change the world.  There was nothing wrong with the logic, only a problem with the price.  Same here w/ silver.   Bubbles are always the same... a good reason to buy, but everybody piles in until the price is completely disassociated from reality.   And then the sheep get slaughtered.   Do yourself a favor and buy some puts as a hedge... you could even buy more silver with the proceeds after it collapses.

Wed, 04/06/2011 - 17:31 | Link to Comment Silver Pullet
Silver Pullet's picture

Do yourself a favor and buy some puts as a hedge... you could even buy more silver with the proceeds after it collapses

That's reasonable advice if it ever showed some downward momentum. To do so now would be pretty foolish IMO.

Out of curiousity, do you go on other sites and try to talk down, say, NFLX, which has risen 10x in the time that silver has risen 4x?

How do you get paid to do this? By the comment or day or a flat rate if Turd takes down his site?


Wed, 04/06/2011 - 17:41 | Link to Comment akak
akak's picture

But have they gone under?  NO.

In fact, HUNDREDS of fiat currencies have "gone under" in the last century.  You obviously have not been paying attention --- or, more likely, such incontrovertible but inconvenient facts get in the way of your campaign of disinformational trolling on behalf of the corrupt power elite, and must be ignored.

Wed, 04/06/2011 - 11:19 | Link to Comment I Am The Unknow...
I Am The Unknown Comic's picture

@MethwoMan: If you're still long dollars...BWAHAHAHAHA.....then I suggest you take a look at today's DXY chart.   It totally reminds me of my last ski trip! 

Hey just for shits and giggles, look at the DXY chart over the past 3 months......reminds me of, well...MY LAST SKI TRIP....HAHAHAHA!

I thought the Turd and Tmosley had chased you off this site.  Wasn't it you who was supposed to leave when silver hit $38 or something like that?  You know what, who the hell cares....nobody listens to you anyway.

I'm off to get more popcorn before the prices triple. 

Wed, 04/06/2011 - 11:22 | Link to Comment herewego...
herewego...'s picture

Just for fun, an inflation calculator:

What cost $48.70 in 1979 would cost $144.33 in 2011.

http://www.westegg.com/inflation/

Wed, 04/06/2011 - 11:44 | Link to Comment r101958
r101958's picture

Thank you for some sanity herewego.

Wed, 04/06/2011 - 11:46 | Link to Comment Math Man
Math Man's picture

And where was the $50 silver in 1985, 1990, 1995, 2000 and 2005?

Oh yeah, that's right, right around $5 bucks.

 

Wed, 04/06/2011 - 12:35 | Link to Comment tmosley
tmosley's picture

And where is all that silver today?

Landfills. 

It's gonna take a lot more than $5 an ounce to get at that silver again.  More than $50, Maybe someone will start thinking of opening an operation around $500.

But hey, you keep buying those dollars.  I'll keep sellin' em to ya, schmuck.

Wed, 04/06/2011 - 15:22 | Link to Comment Math Man
Math Man's picture

By landfills, you must mean buried in the back yards of zerohedge readers.

We only consume 1/2 of the silver we mine annually... the rest is hoarded by idiots like yourself, and more recently the ETFs.  SLV alone has 360mm ounces...

Wed, 04/06/2011 - 15:52 | Link to Comment tmosley
tmosley's picture

And it disappears forever once used.

But hey, you were right about $34 being the top for silver, I'm sure you will be right here too.  

Wed, 04/06/2011 - 12:32 | Link to Comment A Nanny Moose
A Nanny Moose's picture

Other countries like Egypt? Libya? Oops.

How is that inflation working in the PIIGS?

Wed, 04/06/2011 - 16:19 | Link to Comment IQ 145
IQ 145's picture

 You can't buy anything in any country with dollars, or with the other failing paper currencies; inflation is occuring; also known as on-going devaluation of the currencies, (note the plural); your reference to the exchange rate for the dollar is absurd; your "math" is hopelessly flawed. The buying power of all the currencies has deteriorated significantly, and it is legitimate for the Silver Market to anticipate to some degree further on-going devaluation. your "Analysis" is useless nonsense.

Wed, 04/06/2011 - 11:12 | Link to Comment Max Hunter
Max Hunter's picture

You can't seriously be that stupid.

Apparently he can.  What a display of ignorance. Claiming there should be some kind of 1:1 correlation between the USD index and the price of silver is absurd and only shows how desperate one can become to manufacture false evidence of a bubble in PM's... wow..

Wed, 04/06/2011 - 11:49 | Link to Comment LawsofPhysics
LawsofPhysics's picture

"Claiming there should be some kind of 1:1 correlation between the USD index and the price of silver is absurd and only shows how desperate one can become to manufacture false evidence of a bubble in PM's... wow.."

-----------------

Yep, I think we have a government-paid troll on our hands.  If not, the kool-aid has not worn off yet.  Compared to the run-up of silver and gold in the 70's and 80's, this time is indeed different.  Especially with the fate of the dollar as the world's reserve currency hanging in the balance.

Wed, 04/06/2011 - 14:30 | Link to Comment doggings
doggings's picture

the only bubble round here is your head

a little about the characteristics of bubbles

http://buygoldsilver.org/2011/04/is-gold-in-a-bubble/

 

Wed, 04/06/2011 - 14:39 | Link to Comment 55mph
55mph's picture

Math Man, you haven't done the Math on Silver's fundamentals. Do the Math on Silver's  Supply vs Demand, taking into account Silver's annual mine production and scarse above ground supply.    That said, you also need to calculate Market Manipulation into the formula.  

Once you do that, you will see that Silver is in the middle of an uptrend and to all of our surprise, higher Prices are going to stick because of Silver's extraordinary fundamental picture.  did i say extraordinary?  

good luck!  don't trip over the bubble on your way out the door. 

Wed, 04/06/2011 - 15:29 | Link to Comment Math Man
Math Man's picture

Wow.  Such great fundamentals. There is 50% annual surplus mine production each year!

1/2 of what we mine each year is actually used, the rest is speculativly hoarded.

 

Wake the fuck up.  It's only going up because idiots like yourself keep buying because of percieved shortage...  but the reality is there is a 50% annual surplus realitive to the annual industrial demand.   Be warned.... the backwardation is collapsing, and soon the price of silver will too.

Wed, 04/06/2011 - 16:04 | Link to Comment RockyRacoon
RockyRacoon's picture

And the industrial demand for gold is negligible.  How do you explain its price run up?

You gotta pick a lie and stick to it dude.

Wed, 04/06/2011 - 16:20 | Link to Comment akak
akak's picture

You gotta pick a lie and stick to it dude.

 

ZING!!!

Oh my God, too funny!  LOL!

This MothMan simply can NOT be serious!  His rabid devotion to paper Ponzi money and the Church of Central Kleptocratic Banking is just a little TOO perfect.  But funny as Hell, regardless.

MothMan, if you truly believe the crap you spout here, then I almost feel sorry for you.  Almost.

Wed, 04/06/2011 - 16:37 | Link to Comment Math Man
Math Man's picture

And the industrial demand for gold is negligible.  How do you explain its price run up?

 

Investment demand, same as silver.  Silver is just more sensitive to changes in invesment demand because of the industrial demand component...


 

Wed, 04/06/2011 - 17:50 | Link to Comment KennyG09
KennyG09's picture

As to my earlier comment about unbacked paper currencies, check out this list.

http://dollardaze.org/blog/?page_id=00017

So if I get your logic correct, just because almost every country in the world is currently on a unbacked currency standard it must be working? What's the value of our dollar in 1913 terms? What does our purchasing power look like today? Where is the wealth concentrated? How about our debts and unfunded liabilites? Could the world afford these if they didn't print money? How about massive wars? Could we afford those? Can an ounce of gold still buy the same basket of goods today as it could in 1913? How about silver? I'm not trying to be a D-Bag I'm honestly trying to figure out your logic.

Wed, 04/06/2011 - 17:53 | Link to Comment akak
akak's picture

I'm not trying to be a D-Bag I'm honestly trying to figure out your logic.

Your time would be much more productively spent attempting to plow the sea.

The person to whom you responded is nothing but a disingenuous, repetitious, discredited pro-Establishment troll.  Asking him to explain his 'logic' is like asking Bernanke to explain why the dollar is doomed.

Wed, 04/06/2011 - 19:25 | Link to Comment KennyG09
KennyG09's picture

Thank you for saving me some time Akak. I appreciate it.

 

Wed, 04/06/2011 - 16:23 | Link to Comment IQ 145
IQ 145's picture

 Speaking for myself; and I suspect for many other "idiots"; I have never bought one ounce of silver because of it's perceived shortage. I bought it as an un-dollar; a historically respected form of money; a store of value which is in the process of being re-discovered by the world population who are waking up from the effects of the propaganda from the last thirty years; the paper currencies will go to their natural value; zero.

Thu, 04/07/2011 - 03:13 | Link to Comment GlenD
GlenD's picture

Hilarious. USD down 10% and Silver up 100% so you say silver is in a bubble.

Me thinks USD is the bubble but eh if silvers going down to production cost this summer, guess everything else should too. I will noty complain getting my oil will for 10 cents a gallon. Food, electricity, gas, coal, all go for next to nothing.

With everything so cheap, wonder what they will do with all that fiat they keep printing. Nobody will need it!!!

Wed, 04/06/2011 - 10:15 | Link to Comment goldfish1
goldfish1's picture

People like bernanke just walk away...like the president of Tepco.

Wed, 04/06/2011 - 11:07 | Link to Comment slaughterer
slaughterer's picture

Bet the CEO of TEPCO said the problems at Fukushima were only "transitory" and that he could have them under control in "15 minutes."   FED = TEPCO

Wed, 04/06/2011 - 12:55 | Link to Comment Temporalist
Temporalist's picture

Like Larry Summers, Robert Rubin, Hank Paulson, George Bush I & II (energy, oil, Enron criminals), Alan Greenspan...

Wed, 04/06/2011 - 10:16 | Link to Comment Cognitive Dissonance
Cognitive Dissonance's picture

The self deluded Bernanke is not panicking. He has a gun to his own head and he's daring anyone to make him pull the trigger. After the ship has sunk and everyone is in the life boat, who caused of the ship to sink is ultimately immaterial by that point. It's now survival or death.

Knowledge of certain death of a group of people has a tendency to make very strange alliances within that group. This is why in the absence of disinterested regulation and the will to enforce it, greed always results in self immolation and death. We can argue till the cows come home about all the good "capitalism" has done to the standard of living of the "developed" world. It all comes to naught if the end game is collapse.

The good news is that we are not the first "civilization" to self destruct. The bad news is that our big bang will be several orders of magnitude larger than any before because we have all lost the knowledge of basic survival and the means to carry it out even if we did. This is precisely why we have no choice but to join in the insanity and cheer on the Fed. It's either kick the can down the road today and live another day or the downward spiral and controlled flight into terrain begins.

Happy Landings.

Wed, 04/06/2011 - 10:26 | Link to Comment DoChenRollingBearing
DoChenRollingBearing's picture

It's now survival or death.

Well put CogDis.  Preparation is one route that each of us can take.  I have still been unable to break out of The Matrix (or is that break in?), but each day I am trying to do more to prepare for The End, whatever form that takes.

I am not cheering for anything.  I just want to understand what's going on.  And figure out what to do about it.

Wed, 04/06/2011 - 10:27 | Link to Comment tmosley
tmosley's picture

Do me a favor and stop blaming capitalism for the failure of socialism.

Wed, 04/06/2011 - 10:42 | Link to Comment SRV - ES339
SRV - ES339's picture

Socialism (whatever your twisted definition may be) did not create the Wall Street casino of endless leverage and Derivatives that crashed the world economy.

Wed, 04/06/2011 - 10:46 | Link to Comment tmosley
tmosley's picture

Yes it did.  

The Federal Reserve created easy money which poured into Wall Street and funded the derivatives casino you hate so much.  The US has had a centrally planned economy since 1913.  This is not a "twisting" of definitions.  This is fact.  It is those who try to call the current system capitalist that are twisting the facts.  The only reason we have lasted as long as we have is because the interventions of the central planners started very, very small, and have only in the last twenty years grown to the monstrosity we know today.

Don't confuse fascists with capitalists.

Wed, 04/06/2011 - 11:03 | Link to Comment crimius
crimius's picture

Riiiiiight. Ayn Rand's number one free-market capitalist disciple and sycophant, Alan Greenspan, was the architect of this shit. So, maybe you want to call them capitalists or fascists, but it certainly wasn't socialists.

Wed, 04/06/2011 - 11:19 | Link to Comment tmosley
tmosley's picture

Yes, much like Jesus' number one disciple betrayed him, therefor Christianity is all about betrayal and nothing else.

Christ, how can people be so stupid?

Wed, 04/06/2011 - 12:04 | Link to Comment Eternal Student
Eternal Student's picture

Oh please. All of the Libertarians were solidly behind their boy when he was running the show, glorifying him to the heavens. Now that he's wrecked the economy with their failed philosophy, you guys want to re-write history and distance yourself as far a possible until the next opportunity to screw things up.

Wed, 04/06/2011 - 12:39 | Link to Comment tmosley
tmosley's picture

What "libertarians" are you talking about?  I certainly wasn't.

Come on, the guy DIDN'T FOLLOW THE PHILOSOPHY, so how the fuck are you going to claim that "libertarianism" caused the problem.

Christ, you might as well claim that Judas was a model Christian.  When Greenspan dies, he will be chewed up by Satan himself right alongside him.  So go fuck yourself for conflating libertarianism with the actions of the philosophy's greatest traitor.

Wed, 04/06/2011 - 13:29 | Link to Comment Eternal Student
Eternal Student's picture

Unfortunately, Libertarian philosophy is fundamentally logically flawed, and no amount of revisionist history can excuse it's breakdown when people try to implement it. It will always fail.

And as for which Libertarians, how about the Cato Institutes' defense of him after the fact? http://www.cato.org/pubs/bp/bp109.pdf

This is notable because most Libertarians were trying to distance themselves from these failures. I'll give the Cato Institute kudos for consistency here.

Many Libertarians started distancing themselves after his failures became obvious. That's very convenient. But condemnation after the fact doesn't cut it, and is simply an attempt at revisionism.

The fact remains that the Poster Boy of the Libertarian movement at the time screwed up the economy with his flawed views. Suggesting that anyone else in that movement could do better beggars belief.

Wed, 04/06/2011 - 14:33 | Link to Comment tmosley
tmosley's picture

Cato claims to be a libertarian organization, but they aren't.  I could tell about five minutes after I started reading some of their material that something was off--way off.  The fact that they shot down Ron Paul was another obvious strike against them.

Fuck Cato, fuck Greenspan, fuck Judas Iscariot, and fuck you.

I suppose next you will be telling us all that China's success is due to communism.  You give way too much credit to labels without actually looking at the actions of those involved.  This is what makes you a "useful idiot".

Edit:  One final nail in your coffin--If Greenspan were a libertarian, why did he issue mandates about the interest rates?  A libertarian, free market capitalist would NEVER do such a thing, as it is the ANTITHESIS of libertarianism, of free markets, and capitalism.  He may have BEEN a free market capitalist at one point, but the very instant he assumed that role, and failed to float the interest rate, he was a traitor to his upbringing, and made a quick transition to "the middle" then to "socialism" from there.

Wed, 04/06/2011 - 16:48 | Link to Comment Eternal Student
Eternal Student's picture

So your argument is basically that things mean what you mean, until they don't. D*mn all the facts when they become inconvenient. And ignore all the inconvenient bits of reality when it doesn't match your argument.

That, unfortunately, is the core operation of Libertarians. And is to be expected, because there's really no other course to justify its fatal flaws.

Wed, 04/06/2011 - 17:48 | Link to Comment akak
akak's picture

You continue to flog a strawman of your own creation, desperately trying to drown out reality by beating your own ideological drum.  Contemptible.

You are a disingenuous, dishonest asshole, and clearly do not deserve any further modicum of respect in this forum.

Wed, 04/06/2011 - 18:17 | Link to Comment Eternal Student
Eternal Student's picture

No, just dealing with the facts. Along with basic logic. Neither of which you have demonstrated familiarity with. But I suppose religious views are like that. When they become indefensible, you have to revert to ad hominems. I guess there's no other choice, is there?

Were I familiar with your contributions here, I might possibly care. But alas, whatever they are, they are forgettable. Thanks for playing though.

Wed, 04/06/2011 - 18:47 | Link to Comment akak
akak's picture

Apparently, in your eternal studentdom, you never learned the difference between "facts" and "fantasy".

The fact is, however, that your characterization of Alan Greenspan's tenure as Master Economic Central Planner in charge of the fascist, NON-free market Federal Reserve somehow thereby discredits the free market, and libertarians by association, is as laughably illogical as it is disingenuous and pathetic.

Go back to school, fool.

Wed, 04/06/2011 - 19:16 | Link to Comment Eternal Student
Eternal Student's picture

Ah, OK, We'll just ignore history and the nonsensical Reagan revolution then. Clearly they didn't happen. And Glass-Steagal, and other nonsense done under the banner of Free Markets. And Greenspans' being a self-proclaimed Libertarian to this day, as well as his being one of the key disciples of Rand.

Like I said, one of the hallmarks of Libertarians is the fact that they constantly ignore reality. And you are a classic proof of that.

Good to know that you are all knowing though!

Wed, 04/06/2011 - 19:27 | Link to Comment akak
akak's picture

As Tmosley stated above, your disingenuous strawman style of argumentation is beneath contempt.

The following is perfectly logical by your "reasoning":

Judas was a follower of Jesus Christ.

Judas betrayed his master.

Therefore, the essence of being a follower of Christ is betrayal.

 

Do you NOT understand how your specious argument surrounding Greenspan vs. the free market is a strawman argument?  Evidently, you do not.

What a pathetic excuse for a debater you are.

Wed, 04/06/2011 - 20:35 | Link to Comment Eternal Student
Eternal Student's picture

I understand how you'd like to make it a strawman. But the fact remains that a lot of damage was done under the banner of the Free Markets and the flawed thesis that they work. The theory behind them, especially touted by Libertarians, is fundamentally flawed. And the great attempt to practice them has failed miserably, as expected.

If  more Libertarians and other supporters of free markets had voiced their opposition to Greenspans' actions at the time of his peak, then I could understand your point. But the fact remains that they didn't, that the banner was trotted out loudly and with great effort and fanfare. People were worshipping Greenspan at his peak. And his critics were very few.

What you're proclaiming at this point is the same argument that the Communists' have made. Namely, that's it's a great theory, but it's never been tried. Sorry, that just doesn't cut it. The fact remains that neither are great theories; and both attempts in practice (regardless of how "pure" they were) have failed miserably.

Wed, 04/06/2011 - 14:13 | Link to Comment Bay of Pigs
Bay of Pigs's picture

"The fact remains that the Poster Boy of the Libertarian movement at the time screwed up the economy with his flawed views"

WTF? I've read a lot of bullshit comments before, but yours takes the cake.

Wed, 04/06/2011 - 16:25 | Link to Comment akak
akak's picture

Eternal Student, it is clear why you are an eternal student --- because you evidently refuse to learn anything .

Your argument that Greenspan's role as an economic central planner somehow equates to a libertarian program is laughable,and pathetically disingenuous and/or ignorant.

Go back to school.

Wed, 04/06/2011 - 11:05 | Link to Comment crimius
crimius's picture

Riiiiiight. Ayn Rand's number one free-market capitalist disciple and sycophant, Alan Greenspan, was the architect of this shit. So, maybe you want to call them capitalists or fascists, but it certainly wasn't socialists.

Wed, 04/06/2011 - 11:07 | Link to Comment Eternal Student
Eternal Student's picture

Yes, when the current bunch of banner waving Free Market Capitalists failed miserably, they went running as fast as they could to Socialism, which "saved" it. All the while proclaiming how much better Globalism and the Free Market is.

The irony is sickening. As well as the hypocrisy.

Wed, 04/06/2011 - 14:03 | Link to Comment tmosley
tmosley's picture

And that doesn't make them socialists?

Hmmmmmmm.......

Wed, 04/06/2011 - 16:58 | Link to Comment Eternal Student
Eternal Student's picture

Ummm, is there something about the words "ironic" and "hypocrisy" which is unclear?

Wed, 04/06/2011 - 18:44 | Link to Comment akak
akak's picture

Is there something about you conflating the honest free market with the fascist economic central planning of Greenspan, and with his repudiation of the free market by having so acted, which bears any whiff of logic?

Wed, 04/06/2011 - 11:24 | Link to Comment iinthesky
iinthesky's picture

Not to mention the endless propoganda and grade school indoctrination into a system of so-called democracy, when there in fact never was and should not be. Show me where the word Democracy appears in any of the founding documents? The lies to most people have become the truth and the truth has become a terrorist. This cannot stand.

Wed, 04/06/2011 - 10:43 | Link to Comment Cognitive Dissonance
Cognitive Dissonance's picture

Did you notice the word "capitalism" was in quotation marks? It was my way of specifically denigrating the name of the process as it has devolved into without adding one or two paragraphs to my comment.

You've been reading me long enough to know that I do not believe what we are or have been experiencing is capitalism for at least the last 50 years and I would argue for thousands of years. Nor is it socialism for that matter. It is greedy self will run riot. Unregulated greed begets more greed.

We have been conditioned by those who most benefit from this system to believe that we all benefit from unbridled greed. Why am I not surprised we believe this even when we know that net average wages haven't increased in the last 15 plus years and any standard of living increases we may have experienced are the direct result of more and more credit being extended.

Wed, 04/06/2011 - 10:57 | Link to Comment tmosley
tmosley's picture

I know exactly what you mean.  But others don't.  People who think capitalism caused this crisis will almost by definition claim that we need to move away from capitalism, and "toward" more "prudent" policies, like socialism and fascism (though they would never use those words, of course).

Liberals, such as the fellow above, love to twist definitions so that no-one knows which way is up, and can use the confusion to install more and more of their own policies.  Hell, Fascists do the same thing.

Your thoughts on greed are interesting.  Greed is not evil.  Only greed, unchecked by fear is evil.  When you have the government on "your" side, you don't fear.  When you know that you are TBTF, when you know that you will be bailed out, or when you know you have the military on your side (as is the case in 3rd world countries), greed rules.  Well, it's time fear made a comeback.

http://www.youtube.com/watch?v=jWshPH_jsjQ

Wed, 04/06/2011 - 11:37 | Link to Comment SubjectivObject
SubjectivObject's picture

I think a basis for greed is fear as survival self-interest.  There is not a defininte demarcation between evil or not because the  psychological motivations are complex, but I think greed is evil to the extent that the welfare of others with no power is intentionally ignored.

Wed, 04/06/2011 - 11:05 | Link to Comment crimius
crimius's picture

Well said.

Wed, 04/06/2011 - 11:54 | Link to Comment LawsofPhysics
LawsofPhysics's picture

Yes indeed.  True capitalism, much like Nature, is survival of the fittest.  In fact, I wonder if capitalism has even existed anywhere for any length of time before being corrupted from both ends of the spectrum?

Wed, 04/06/2011 - 11:52 | Link to Comment maximin thrax
maximin thrax's picture

What is captalism without capital? We know savings have been replaced with credit card debt, and likewise real capital replaced with borrowed money, which has brought on a host of problems. I still remember a chart that I think was on ZH that showed GDP increases faster when the savings rate increase and slower when savings decrease. Now there's so much Fed money in the banking system that actual earned money deposited into a bank isn't really necessary for its operation. It's the easy money from the fed, the securitization of mortages to hide risk and the spurious insurance instruments held against loss from those securities that have brought on the new "hide the losses" model of governance that's taking us over the cliff.

Wed, 04/06/2011 - 17:15 | Link to Comment Zero Govt
Zero Govt's picture

spot on TMosely ....the West is dying a death because of parasites (the State, crony businessmen and monpolists) living off the private sector... it is the private sector that creates all wealth in society but it is being dragged down by these socialist-parasitical sheisters using the ratchet that is Govt to drain private sector wealth

the 7 who junked you are the junk for having a friggin clue what is really happening 

Wed, 04/06/2011 - 10:16 | Link to Comment Pladizow
Pladizow's picture

This is not Bernankes nightmare, but the plan he has been handed to follow.

There can be no NWO with a super power in it.

America and the dollar must be brought to its knees.

Eveything is done to accomplish this.

 

Wed, 04/06/2011 - 11:08 | Link to Comment ForWhomTheTollBuilds
ForWhomTheTollBuilds's picture

Yeah, a lot of otherwise very smart people keep referring to various events as "Bernanke's worst nightmare" when in reality oil can easily go to $150 in the next 3 months and his fellows will announce that if anything this just proves that money creation is lagging behind price increases. 

 

His real worst nightmare is torches and pitchforks, but there is little historical precedent for that sort of thing.  I think the man sleeps quite well.

 

Wed, 04/06/2011 - 11:25 | Link to Comment I Am The Unknow...
I Am The Unknown Comic's picture

Smart and great tits too....wow

Wed, 04/06/2011 - 11:58 | Link to Comment gametracker
gametracker's picture

No, actually it's the gold and silver.

A Constitutional dollar is 371.25 grains of .999 silver, not a barrel of crude.

Wed, 04/06/2011 - 12:31 | Link to Comment plata pura
plata pura's picture

Yep

Wed, 04/06/2011 - 12:33 | Link to Comment plata pura
plata pura's picture

Should be 480 grains of .999ag= 1 States United Dollar

Wed, 04/06/2011 - 10:05 | Link to Comment Cash_is_Trash
Cash_is_Trash's picture

How does tomorrow's Jobless Claims play into this?

Wed, 04/06/2011 - 10:06 | Link to Comment Roy Bush
Roy Bush's picture

Bizarro world again....Bernanke might be hoping for a bad jobs number to stop the advance of PM's and inflation expectations.

Wed, 04/06/2011 - 10:11 | Link to Comment Cash_is_Trash
Cash_is_Trash's picture

PM's have been relentless during the week.

I suspect that tomorrow's number may justify a beat-down in the metals, leading us to some delicious DIP

Seems tough to gauge... If we break $40 today, I'm shopping tomorrow if there's a dip.

Wed, 04/06/2011 - 11:00 | Link to Comment hedgeless_horseman
hedgeless_horseman's picture

King Euro!  

Unbelieveable.

lol

Wed, 04/06/2011 - 10:05 | Link to Comment Infinite QE
Infinite QE's picture

Silver shorts to the whooping shed!

Wed, 04/06/2011 - 10:11 | Link to Comment Sudden Debt
Sudden Debt's picture

and JPM added 2 billion in short contracts last month. I wonder how they're doing...

and what was the math?

1 billion dollar loss once the 36$ breach and doubling that for every dollar after that?

 

Wed, 04/06/2011 - 10:10 | Link to Comment Infinite QE
Infinite QE's picture

No problemo. They just take more from the Fed to make it an even.

Wed, 04/06/2011 - 10:17 | Link to Comment DoChenRollingBearing
DoChenRollingBearing's picture

That's exactly right.  As I recall, JPM is one of the owners of the Fed.

Wed, 04/06/2011 - 10:20 | Link to Comment Cash_is_Trash
Cash_is_Trash's picture

Shhaa, and Federal Express isn't part of the Government.

</s>

Wed, 04/06/2011 - 10:32 | Link to Comment malikai
malikai's picture

Proof that one need not be part of the government to own the government.

Wed, 04/06/2011 - 10:24 | Link to Comment Sudden Debt
Sudden Debt's picture

So thanks to the taxpayers money, we can buy cheap silver AMERCIAN eagles :)

 

 

Wed, 04/06/2011 - 11:09 | Link to Comment Eternal Student
Eternal Student's picture

+1. Beware though. Jesse said it well yesterday when he said that the only thing stopping the PM's will be a Stock Market crash. I agree. And I expect that to be rolled out when the pros outweight the cons for the Feds' twisted agenda.

Wed, 04/06/2011 - 12:11 | Link to Comment gametracker
gametracker's picture

You goons have been saying "beware" since $12 silver.

Yeah so where do you think that money exiiting the fraudulent stock market will seek safety?

 

Wed, 04/06/2011 - 13:58 | Link to Comment Eternal Student
Eternal Student's picture

I haven't, and it's a matter of public record here that I've been buying since the $20's.

It's also a matter of record over on Harvey Organ's site that I not only predicted that the Comex wasn't going to default last month; but I also predicted what was generally going to be done next. And it was, with JPM's spontaneous creation of their silver "vault". Heh. That one was funny.

As to where capital goes, you need to understand the concept of capital destruction. When margin calls are made, everything is dumped. This includes PMs. If you were paying attention in the least during the Fall of 2008, you'd have noticed this. And you'd have noticed what started to happen during the Carry Trade crisis a couple of weeks ago, before the G7 stepped in. Had they not done so, there would've been some great big margin calls.

That's the trouble with leverage. In the meantime, I'm in the process of taking profits. Rather lovely profits at that. I'll wait until its clear what the Fed is going to do next and re-evaluate things then. If I'm right, there's going to be another great buying opportunity coming up. If I'm wrong, I'll get back in later. In either case, I'll have the profits that I've booked.

Wed, 04/06/2011 - 13:21 | Link to Comment Temporalist
Temporalist's picture

The way I see it the last stock market crash which resulted in a corresponding PM paper exodus was the last PM "correction" that we'll see relating to stocks.  Unlike the last time people are aware and are bying physical and waiting for delivery.  If the paper price crashes again any smart investor will know that the paper price v physical price are so out of whack they will not abandon their positions as they did the last time.  Also fewer will leave the mining sector in equities because the earnings will improve with rising PM prices.

It may dip but won't be the all out abandonment that happened the last time.  The whole atmosphere around PMs looks improved from the last crash including the growing public awareness.

Wed, 04/06/2011 - 13:49 | Link to Comment Eternal Student
Eternal Student's picture

I agree that it won't be outright abandonment. And it will be a superb buying opportunity.

Wed, 04/06/2011 - 10:59 | Link to Comment Ergo
Ergo's picture

I speculate - but that can only be government money.  Who else would take such a deliberate beating?

Wed, 04/06/2011 - 10:05 | Link to Comment slow_roast
slow_roast's picture

Is it just me or is going LONG CALL options in the big miners, ABX/NEM/AUY the easiest buy in the world due to their low volatility recently?  Gold has all this upside momentum and these options are cheap.  Short covering will make us riches bitchez!

Wed, 04/06/2011 - 10:09 | Link to Comment d00daa
d00daa's picture

If you can get in and out without much slippage in the spread(s), I agree.

Wed, 04/06/2011 - 10:06 | Link to Comment Blue Vervain
Blue Vervain's picture

Gold ...

 

 

... meh

Wed, 04/06/2011 - 10:07 | Link to Comment Clueless Economist
Clueless Economist's picture

This is unexpected.  My Keynsian textbooks do not account for this rise in barbaric metals.  I believe another $2 Trillion stimulus to create shovel ready jobs is needed.

Wed, 04/06/2011 - 10:08 | Link to Comment HamyWanger
HamyWanger's picture

"Clueless" economist??? Dr. Paul Krugman Ph.D. (Nobel Prize in Economic Sciences) is the greatest economist who ever lived, along with Dr. Barack H. Obama Jr. and Dr. John M. Keynes. 

No matter what bigoted Ron Paul-worshipper, anti-Federal Reserve, anti-State libertarians say, the global economic recovery is on the march, and nothing will stop it. 

Wed, 04/06/2011 - 10:16 | Link to Comment Exposer of Inte...
Exposer of Internet Shills's picture

haha good joke

Wed, 04/06/2011 - 10:35 | Link to Comment DoChenRollingBearing
DoChenRollingBearing's picture

Dr. Wanger is in good form today.

Wed, 04/06/2011 - 11:01 | Link to Comment Ergo
Ergo's picture

I laughed.  That is a joke, right? 

Wed, 04/06/2011 - 10:19 | Link to Comment Long-John-Silver
Long-John-Silver's picture

The associated term "Educated Idiot" comes to mind.

Wed, 04/06/2011 - 10:38 | Link to Comment Cash_is_Trash
Cash_is_Trash's picture

The idiot just went to school, therefore:

A schooled Idiot

Just cause you got straight A's doesn't mean you can't write utter shit in the NYT.

Wed, 04/06/2011 - 10:27 | Link to Comment Hulk
Hulk's picture

Congrats on making it on  Banzai's zh T-shirt, you sarcastic Bastard!

Wed, 04/06/2011 - 11:00 | Link to Comment e_goldstein
e_goldstein's picture

You forgot to mention Gideon Gono in your list of "greatest economists."

Wed, 04/06/2011 - 11:01 | Link to Comment Triggernometry
Triggernometry's picture

SIKE!!!

Wed, 04/06/2011 - 17:30 | Link to Comment gorillaonyourback
gorillaonyourback's picture

sock puppet? hamy?

Wed, 04/06/2011 - 10:11 | Link to Comment Cindy_Dies_In_T...
Cindy_Dies_In_The_End's picture

The sad part is, that is exactly what Krugman would say, except your "dollar" amount is way too low.

 

Hamy, you crack me up. Why don't people get you. You are so obvious sometimes.

Wed, 04/06/2011 - 10:13 | Link to Comment Cash_is_Trash
Cash_is_Trash's picture

Now I get why rappers light their cigars with $100 notes, because they we're filmed in late 2011!

Fuck you Kruggy and Bernank, I read your shit textbooks in college -- pure propaganda.

I shall use them as firewood when the shit hits the fan.

Wed, 04/06/2011 - 10:05 | Link to Comment Ancona
Ancona's picture

Silver Bitchez!

Wed, 04/06/2011 - 10:38 | Link to Comment DoChenRollingBearing
DoChenRollingBearing's picture

Yes, gold too.  Diversification!

Wed, 04/06/2011 - 10:08 | Link to Comment eigenvalue
eigenvalue's picture

$40 is a great psychological level. If $40 is broken and holds, we will see a great of short-covering activities. $50 by the end of June? Hopefully $150 by the end of this year! :)

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