As Gold Hits An All Time High $1,432.57, Doug Kass May Need To Revise His "25% Lower" Call

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Tue, 03/01/2011 - 16:02 | 1008375 Hugh G Rection
Hugh G Rection's picture

not bad for a barbarous relic

Tue, 03/01/2011 - 16:19 | 1008482 Joe Grannville
Joe Grannville's picture

I'm not making a move until Turd weighs in.

Tue, 03/01/2011 - 16:18 | 1008485 Fredd00
Fredd00's picture

Blythe is finished bitchezzz! (and a bitch herself)

Tue, 03/01/2011 - 17:06 | 1008792 Roger Knights
Roger Knights's picture

The relic rocks!

Tue, 03/01/2011 - 16:19 | 1008491 Math Man
Math Man's picture

Wow.  Holy sh*t.  We broke the previous high by 7c!

Woohoo!!!!!

Better keep buying.  It's going to the moon!

Never mind that the ETFs have completely disappeared from the scene and now sell gold, and the the Chinese - who everyone is relying on for Gold demand in the absence of the ETFs - keep tightening!

Keep buying silver too!  It's going to the moon!

Never mind that silver has run from $18 to $34 in a few months and its causing producers to hedge and pushing down the back end of the curve, leading to backwardation.

Lease rates are too high to incent any one to do anything about it, so the backwardation remains.

See you back at $1000 for gold and below $20 for Silver!

Tue, 03/01/2011 - 16:23 | 1008508 Hugh G Rection
Hugh G Rection's picture

Math Man-

 

Are you bullish the Zimbabwe dollar?  I hear their stocks are looking solid.

 

The irony was funny for 10seconds, now you are just boring.

Tue, 03/01/2011 - 16:35 | 1008601 luk427
Tue, 03/01/2011 - 16:32 | 1008574 tmosley
tmosley's picture

Yes, and those records keep breaking.  But you don't understand this.  You are in shock, as your knife catching habit has left you with bloody stumps where your arms once were.

And you literally know nothing about backwardation or hedging, so shut up about it.

Face it, dumbass.  You have no credibility here, not even the benefit of the doubt.  Time for a new name.  

Tue, 03/01/2011 - 16:38 | 1008616 Math Man
Math Man's picture

So how does one get credibility around here?

Oh yeah that's right, by religiously belieiving conspiracy thoeories and placing 95% of your savings in one asset. 

When are you guys going to learn that never works.  Dot.coms, tulips, the housing market....

They all ended the same way.  Why should PMs be any different?

 

Tue, 03/01/2011 - 16:43 | 1008640 luk427
luk427's picture

Credibility is earned over time, never given or bought.

Tue, 03/01/2011 - 16:44 | 1008649 Harmonious_Diss...
Harmonious_Dissonance's picture

Good question. So all your Beach House doosch nozzle neighbors are double-long with PM's?? What about your family? They where too stupid to abort you, but where they smart enough to own PM's??  What percentage of people own PM's compared to, say, the percentage owning dot-com, tulips, ect>?

Tue, 03/01/2011 - 16:56 | 1008713 Hearst
Hearst's picture

I suspect it's time to I gnore T he F ucking T roll like Meth Man

 

ITFT!!!

Tue, 03/01/2011 - 16:55 | 1008704 tmosley
tmosley's picture

How does one gain credibility?

You can start by being right.  Preferably for years on end.  Highly public calls.  

Oh, and stop bragging about your possessions.  Only brag about your portfolio.  Disclose the whole thing, preferably by percentage.

Tue, 03/01/2011 - 17:03 | 1008768 BigJim
BigJim's picture

He's told us he's bought well over 100 contracts SLV July @ $26. I've pointed out that SLV is not the same thing as silver, but he doesn't believe such 'conspiracy theories'

We shall see.

Tue, 03/01/2011 - 17:07 | 1008805 Math Man
Math Man's picture

So if it's not the same thing, short it against your physical....

Tue, 03/01/2011 - 17:11 | 1008829 tmosley
tmosley's picture

Despite the fact that no-one EVER wants to agree with a troll, this IS a good strategy.  One which I pointed out some time ago.  I don't do it personally, as I fear that the rules will be changed, plus I don't really care to fund a margin account, preferring to simply buy more silver.  I might change my tune if I can see the collapse of SLV coming.

Tue, 03/01/2011 - 18:30 | 1009189 DoctoRx
DoctoRx's picture

Tmosley:  The collapse will come like a thief in the night.  They will allow no preparation.  TPTB and their allies will get the word in advance.

Tue, 03/01/2011 - 18:38 | 1009212 tmosley
tmosley's picture

Exactly.  The point is that with a short, you get your money up front, and that should allow you to buy physical.  In practice, it doesn't work that way for the individual investor.

Tue, 03/01/2011 - 17:20 | 1008876 BigJim
BigJim's picture

I'm considering it. Given the carry costs, and the uncertain timeline, I'm not yet convinced it's a better route to go than just buying more silver.

Tue, 03/01/2011 - 16:57 | 1008724 Johnny Lawrence
Johnny Lawrence's picture

Math Man,

I agree with not putting 95% of your savings in one asset.  However, I'd like to see the overall allocation that households have to precious metals in comparison to equities and real estate.

I'd also urinate on you.

Tue, 03/01/2011 - 17:35 | 1008961 Blythes Master
Blythes Master's picture

+.08

 

Agreed. Bad at math, man has zip cred.

 

When he figures out that his hedging, lease rate jibberish is all folly, and PM's will revert back to their 6000 year old role of real money, He'll still be bad at math, man.

 

 

Tue, 03/01/2011 - 16:57 | 1008726 Citxmech
Citxmech's picture

A track record better than Magic 8-Ball would be good for starters.

Backing up actual performance with some kind of  factual insight that acknowledges real-world fundimentals might help get you some credibility also.

Tue, 03/01/2011 - 17:34 | 1008827 BigJim
BigJim's picture

I've got some news for you. Most speculators get rich by concentrating on relatively few asset classes. Diversification is for preserving wealth, not making it.

Comparing gold/silver with tulips, dot coms, and overpriced houses shows a remarkable ignorance of monetary history. Gold and silver have been valued for thousands of years. Fiat currencies? They all ended the same way. Why should the USD be any different?

As for dismissing price manipulation by TPTB as a 'conspiracy theory' - did you read the GATA article I posted for you? If so, then please present us your counterarguments against it; if not - then fuck off, troll.

Tue, 03/01/2011 - 17:36 | 1008966 rex-lacrymarum
rex-lacrymarum's picture

Gold fundamentals remain bullish:

http://www.acting-man.com/?p=6526

it is therefore probably not a good idea to fight a technical breakout.

Tue, 03/01/2011 - 18:00 | 1009090 cranky-old-geezer
cranky-old-geezer's picture

"When are you guys going to learn that [placing 95% of your savings in one asset] never works."

This has got to be one of the most ignorant investing remarks I've ever heard.

It's the mindset of two classes of people: (1) those who watch charts all day, and (2) those who make commissions on securities sales, i.e. stockbrokers, etc.

He mentions dot.coms.  Putting 95% of your money in dot.coms was not putting 95% in one asset since dot.com was an asset class.  If you carefully studied company fundamentals (rather than looking at charts all day) putting 95% in one company you studied well could have been a fantastic wave ride while keeping the broader dot.com spectrum in sight.

He mentions Tulips.  Tulips was of course a massive fraud.  Only those who ignored daily price movements (charts of that time) and studied the underlying fundamentals saw it was a fraud and stayed out.  Daily price movement watchers were sucked in and lost everything.

He mentions housing.  Putting 95% in housing was not putting 95% in one asset since housing is an asset class.  If you carefully studied company fundamentals (rather than looking at charts all day) putting 95% in one company you studied well could have been a fantastic wave ride while keeping the broader housing spectrum in sight.

Silver & gold are market fundamentals plays, fundamentals are incredibly strong for those who understand the underlying fundamentals, but silver & gold look like bubbles to those merely looking at daily price movements not understanding the underlying fundamentals ...or ignoring the underlying fundamentas because they have an anti-PM bias.

Wed, 03/02/2011 - 00:45 | 1010278 StychoKiller
StychoKiller's picture

Underlying fundamentals:

1. The Fed is STILL printing money (QE, call it what you will!), check.

2. The US Govt (at all levels) has NOT engaged in serious spending cuts, check.

3. Physical commodities are ALL rising in price, check.

4. NO ONE has even been arrested for mortgage fraud(s), check.

5. Housing prices have NOT bottomed out yet, check.

6. ME/NA countries are unstable (well, even more than usual), check.

7. The Chinese are building ghost cities, waiting for their real estate mania to pop, check.

8. Virtually no one in the USA is buying Gold/Silver (in fact, Cash4Gold is STILL in business!), check.

9. The Decepticrats and Republicons are heading into political gridlock, check.

10. HFT robots are STILL running the market(s) with no real oversight, check.

Yet somehow, we should ignore all these indicators, buy stocks/bonds and believe Gold/Silver are gonna fall in price??

I was born in the morning, but it was NOT this morning!

 

Tue, 03/01/2011 - 19:28 | 1009340 strannick
strannick's picture

You forgot the US$ when listing your ponzit schemes. Gold is what you measure the ponzis against.

'Religiously believing the conspiracy theories' has got gold decade-long double digit gains and no top in sight. I'll take that over the balanced diversifying bet-hedging bed-wetters anyday.

Dooouggiee Kassss, come out to playeeyaaa...

 MathMan is the rodeo clown for bulls to chase around. He should write John Nadler a supportive letter as his rationalizations get ever more shrill and high pitched with gold's relentless march.

'When you buy gold, you're betting against every central bank in the world'.

Dont just whine about Obama screwing up, bet on it by buying gold!

Tue, 03/01/2011 - 16:32 | 1008579 DiverCity
DiverCity's picture

Man of Math, who knows if gold's going to the moon?  I don't.  But you likewise don't know if it's going to $1,000 either.  ETF liquidation, by the way, can just as easily be explained as holders of size redeeming paper for physical.  And do you really believe that Chinese citizens or especially the Chinese CB have been buying gold as a hedge against yuan depreciation?

Tue, 03/01/2011 - 16:34 | 1008582 Harmonious_Diss...
Harmonious_Dissonance's picture

Gee, Meth Man, it just keeps proving you wrong. Perhaps tomorrow there will be a pullback. So what do you do for work? Are you employed? You seem really knowledgeable, so I was wondering from where do you hail?

Tue, 03/01/2011 - 16:35 | 1008593 Harmonious_Diss...
Harmonious_Dissonance's picture

China can tighten until their ass makes diamonds, it wont matter. People buy with SAVINGS. Every hear of that word: SAVINGS? Prob, you don't know what it means....

Tue, 03/01/2011 - 16:58 | 1008727 DosZap
DosZap's picture

China,and India know all about paper currencies.

Tue, 03/01/2011 - 16:35 | 1008597 Johrny Bravo
Johrny Bravo's picture

Meth boy === Louzzzzer

Tue, 03/01/2011 - 16:38 | 1008611 Temporalist
Temporalist's picture

How can you be so stupid as to not understand that even as the ETFs sell and the spot of gold/silver goes up that is even MORE BULLISH?  They can sell and still not suppress the price valued in magical green paper.

Silver also ran from $4 to $8 to $16 to $32 and it's still going higher.

 

Tue, 03/01/2011 - 16:42 | 1008645 Math Man
Math Man's picture

Oh yeah, that is right.  I totally forgot.

Everything is bullish for PMs on Zerohedge.

Even selling.

Tue, 03/01/2011 - 16:47 | 1008676 Harmonious_Diss...
Harmonious_Dissonance's picture

So what are you bullish on, there, Mr. Meth?

Tue, 03/01/2011 - 16:52 | 1008684 Math Man
Math Man's picture

Merchant Power. 

And PM puts.

Tue, 03/01/2011 - 16:54 | 1008700 Harmonious_Diss...
Harmonious_Dissonance's picture

what about GEN? I saw GEN in their first, lol!

Tue, 03/01/2011 - 17:16 | 1008854 ColonelCooper
ColonelCooper's picture

The big problem with you, Math Man (johnny, master, whoever you call yourself today) is that you're wrong until you're right.  Please continue to forecast your opinion that PM is going down.  We all appreciate that.  But you have ZERO credibility to date, because you have not been right and you're calling a group of people stupid who are MAKING MONEY HAND OVER FIST. 

Some of us will take profits, some of us will hold until armageddon.  But as long as metal goes up, and currencies go down, you are still wrong.  Or at the very least, giving you the benefit of the doubt, you aren't right YET.  You may be making money in the markets, and if so, good for you.  But that doesn't mean bugs are missing out on earnings.  Even you can't deny it's been a helluva run.  Even if silver did go to 20, (really doubt it) has it ever occurred to you that most of the people you're bitching at would average out JUST FUCKING FINE?  The bugs may be wrong (I personally have bet a lot that we aren't) someday, but as of today, ESPECIALLY today, we are still right, and you are still wrong. 

Get it?  Or are you just a troll?  I guess I already know the answer, so I don't know why I wasted five minutes of my time that could have been better spent printing rifle targets with your name and avatar on them.

Tue, 03/01/2011 - 17:40 | 1008990 Blythes Master
Blythes Master's picture

......

 

+.45LC

Tue, 03/01/2011 - 17:43 | 1009013 ColonelCooper
ColonelCooper's picture

What do you shoot it out of?

Tue, 03/01/2011 - 18:35 | 1009204 Blythes Master
Blythes Master's picture

......

 

 

The Judge.

Tue, 03/01/2011 - 21:22 | 1009727 RockyRacoon
RockyRacoon's picture

The Taurus Judge is a fine gun.  Got one of them myself.

Those .410 slugs do some damage.

Tue, 03/01/2011 - 17:23 | 1008894 Citxmech
Citxmech's picture

How's that working out for you?

Tue, 03/01/2011 - 16:50 | 1008685 Temporalist
Temporalist's picture

The ETFs are actually redeeming their shares for physical so it's not actually selling they are basically being sucked dry of all their underlying asset value for a song.

Tue, 03/01/2011 - 17:01 | 1008742 DosZap
DosZap's picture

Yep,the Chinese have figured out a way to get even with Bernank bucks.On both metals.

ETF heaven.

Tue, 03/01/2011 - 16:50 | 1008686 Temporalist
Temporalist's picture

Dupe

Tue, 03/01/2011 - 17:03 | 1008772 Citxmech
Citxmech's picture

PMs have been in a bull market for 10 years now.  Are there signs of froth?  Let's see:  Out of control money printing?  Check.  Major worldwide conflicts?  Check.  Banking collapse?  Check.  Fraud in the metals markets?  Check... 

I could keep going, but you should get the point.  Can you name one fundimental that points toward an imminent PM drop?

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