Tuesday with Gary Savage
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Retail sales for June go down yet the markets have another good day so far. Just how long can this go on? And, then what?
RIGHT ON CUE…………GOLD DOWN $6…with the big Mouth Yellening…..more paper please, would have ,could have, should have……….give me a break.
Kirby…….is playing at usawatchdog.
RIOT DID BREAK OUT IN GREECE WED………………
Greece…….from what I have just read, the PM has thrown in the towel, the people are now slaves, and the country has been given over to the BANKSTERS. The ports, and the islands are now given over as collateral for the loans. …..info from zerohedge., maybe true, maybe not……………….we will see…………….ootb
Jerry…er…I mean Frank, read this.
Tsipras Stunner: Creditors Said “There Is No Point In Holding Elections” In Bailed Out Countries
read that about an hour ago……….
I do not think the people are going to stand for this……….that why I said RIOT TIME…
I ALSO,,,stated in another area…………The REST of the PIGS are looking at this situation and most likely thinking that THEY ARE NEXT…….I think the BANKSTERS have stepped on a LAND MINE.
I agree. I don’t know why they don’t tar and feather tsipras…
An interesting comment AT MAX KEISER REPORT……concerning this debt of Greece,
Listen at the 5min. mark………..this is concerning the sale of greek assets….
All they gotta do is look at Iceland today. Much better off by telling the banksters to go pound salt.
ditto pound some sea salt………………
The banker can go pound some Dead Sea salt……
Ebolan – good points on Iceland stepping up its game and finding a unique solution to its financial missteps.
Big Al mentioned Iran. I think Armstrong’s commentary is correct about Obama becoming buddy buddy with Iran is part of his New Cold War with Russia, just like there was involvement in Afghanistan in the first Cold War.
http://www.armstrongeconomics.com/archives/34941
If you want a reason, just ask what is his religion and which Middle East/Mediterranean country does he hate. Then you will understand his giving nukes to Iran!
Obama is doing nothing he is not told to do.
He has extended the work of Bush/Clintons.
If Trump were to be elected, he sounds warlike. Which could actually give him a chance to be elected.
Ron Paul for the constitution, forget it, that’s not required.
Al – when you said that the market was “beyond my comprehension” you just nailed it for me. I have long described the stock market to friends as “long periods of insanity punctuated by brief moments when folks realized how fucked up things truly are” . I keep wondering when folks will realized how FUed things are!
Oatmeal?
I alway thought Gary was a bacon and eggs man….maybe sausage, too.
The breakfast of champions -John Belushi — Little chocolate donuts
With all that mountain climbing Gary needs something that will stick to his ribs.
Maybe he had oatmeal, bacon, eggs, and toast….. then took a siesta…..then climbed.
Another subject, I have been watching Ken Burns PBS documentary on The American Civil War, I can see why the black people do not like the confederate flag, it embodies terrible suffering, only four out of one hundred plantation slaves would reach the age of sixty, their mistreatment is similar to what happened to Americans in The Second World War who were imprisoned by The Japanese.
DT……DID Burns point out there were several Confederate flags and not just the bars and stripes, which is the one that was taken down at Columbia, SC. statehouse…
Next they might be wanting to take down the TEXAS FLAG……..
….then they’ll take down the US flag…..and in it’s place raise the UN flag……
It’s a brave new world.
DemoNcrats in Kookfornia would want this as Texas was in the Confederacy and in Kookfornia anything associated with the Confederacy is to be outlawed.
I tell ya, in Kookfornia it’s not just enough to outlaw a flag, the DemoNcrats are about to pass a law outlawing names associated with the Confederacy. For now they are applying it to gummit buildings (such as schools) but one DemoNcrat wants a town to change its name.
Actually the Union was just as guilty in the issue of slavery. Where do you think all the slave ship merchants where located?
The Civil War was about economica (taxation, mainly tariffs) and not about slavery. Lincoln made it clear if he could keep the union together by keeping slavery he would do it.
+1
PBS is no better than CNN or FOX. The victors always rewrite or erase events that don’t serve them.
Proud Black Confederates on the Confederate Flag – “Dont take Our History Away”
https://www.youtube.com/watch?v=dAuUiwCNS6w
The Real Lincoln
http://www.wnd.com/2002/04/13521/
For those who don’t want to bother with the linked interview, the civil war was clearly not about slavery.
On Aug. 22, 1862, Lincoln wrote, “My paramount objective in this struggle is to save the Union and is not either to save or destroy slavery. If I could save the Union without freeing any slave, I would do it.”
I think I mentioned that a while back. The war having nothing to do with slavery.
Good links.
I didn’t know black people owned slaves.
The civil war was about ending the confederacy which ended states right going to the constitution. To Constitute”, create debt for another”. It also was about breaking the cotton control the south had on Europe. And control of the currency, of course. Soon as the nation adopted the constitution, came the act of 1871, which created the corporation and the debt slaves serfs. So uh, Congrats!!
Thanks for the follow up ………Matthew…..always good to know LINCOLN should have stuck to building log cabins is the woods.
The misnamed Civil War does not seem to have been about slavery, but rather about economic domination of the rest of the country by the northeast, and squelching states’ rights in favor of centralized power.
Interesting that Grant was a slave owner as he fought the south, while Lee was against slavery and had freed his slaves prior to the war.
Had blacks not been scapegoated for the war, I wonder if they would have been persecuted by ignorant sheet-wearing lowlives for the following century.
Uncovering the truth………..sometimes hurts……………
They usually stop the correction at around 4 to 5% max. Those waiting for that 25 to 50% correction will be waiting forever.
For all you gold bears out there….Kirkland lake is a buy right now.
Is that the resort outside Vegas dedicated to all things William Shatner?
Bank Of Canada cuts interest rates again, .25%, there goes the real estate bubble higher and higher. Have a good day!
Just part of the on going debt…..never to be repaid, only refinanced………
Buy Vancouver house:). Housing mortgage is Canadian equivalence of QE. It could not fail as least for BOC’s concern.
I sold out of McEwen Mining (MUX) today at a break-even wash on their good news, because the PM markets still look dicey to me.
I took these funds and moved them into DNN today, based on the terribly oversold RSI level at 13.70, huge down Japanese candlestick (which I expect a reversal), and the cross down in the slow stochastics. The MACD hasn’t crossed yet, but I see minimal downside at this point, and see the potential for a snap-back rally. I also like that they are acquiring Fission Uranium (and they got hit extra hard for announcing this with Uranium prices flat and miners getting hit the last 2 weeks). It’s a bit of a gamble, but they are a company I want to start building a position in for the longer term.
http://stockcharts.com/h-sc/ui?s=DNN&p=D&yr=0&mn=6&dy=0&id=p76707349988
I also just picked up some (URG) Ur-Energy shares today for many of the same reasons as getting Denison – RSI oversold but turning back up at 27.10, a reversal pattern in the Japanese candlesticks, the slow stochastics cross, and the MACD looking like it may cross soon. Again, the Uranium miners have gotten the snot kicked out of them for 2 weeks, so personally, the downside looks limited to me, but there could very likely be a snap back rally in the next few days (end of this week beginning of next week). Again, a bit risky, but this is another company I want to have a position in for the longer term and this looks like a good value on Ur-Energy.
http://stockcharts.com/h-sc/ui?s=URG&p=D&yr=0&mn=6&dy=0&id=p16303712742
I bought more Cameco. Dennison has not played out for me. Holding it.
Yes Cameco is a good buy at these levels, but sold out of my swing trade position in late June at a wash, and have been waiting for a new entry point.
Personally, I was going to start building a position in Denison and also Fission soon anyway, and since Denison is acquiring Fission, I’ll get both assets in the new company. Normally the company announcing they are going to acquire another project takes a hit when it announces this kind of news, so that accentuated the move down. Denison looks like it has limited downside from here and, more likely, a snap-back reversal in the near future.
I heard people mention Denison acquire fission is an attempt to raise more money since it is still operating at a loss. Not sure how to interpreted.
Denison is going to be able to help fast-track the Fission property, and wanted a presence in Canada, since many of their assets are in the US. Denison has been in business though several Uranium cycles, have several assets & mines that are permitted and just waiting for higher uranium prices, and have sold and bought a number of assets in the last few years. Much of the growth of Energy Fuels came from Denisons mill that they acquired. Also, there have been 4 other M&A deals done in the last few months, so Denison knew now was the time to act to get Fission before Cameco, Areva, or Uranium One did.
Both oil inventory and production in US are down. Same with Canada even we don’t report inventory.
I’m not sure the fundamentals are having any more effect in Oil than they are in any of the other commodities at present. I’ve been expecting the dollar to keep moving higher, and Oil to drop down into the $40’s in July/Aug, and it looks like this is the direction things are heading at present. Oil could bounce of $50 though for a short-term relief rally. It wouldn’t surprise me to see it go back and test its lows though in the next 2 months.
I am wondering how much the current financial market is true anymore. It works perfectly in Obama’s favour. It is too good to be true. In real world some thing has to go wrong. We are in sovereign default age. Gold has to go up even in US dollar terms since US debt is growing very fast too. If people worry about US default when the debt was 15 trillion, now it is over 18 trillion. As for oil, demand has been growing pretty steadily, how can Saudi suddenly start a war on shale when Ukraine crisis happen. There are so many coincidence.
Agreed Lawrence. It is definitely a wacky world out there, and I’ve almost given up on trying to understand what is going on, and just turned into pure fascination at the decisions being made. We haven’t seen the last of the challenges in the Oil patch, and people believed it was going back up to $70 and $80 too soon. I remember a few months back stating that I could see Oil getting as low as $42-$38 zone before it bottoms in late summer, and people got all worked up and proclaimed it would be back above $70 or even $80 in a few months. Well….several months later we are back down to $52 and the dollar is creeping up higher. Again, I could see a short-term relief rally soon, but expect this overall trend to continue for the next 5-6 weeks.
This might explain why derivative on commodities rose sharply this year. How about FX? I feel Wall Street is forcing every market to head the direction government need. At present, it seems to engineer a safe haven. A lot of the conflict were created along this line. Most succeeded and a few failed such as Japan/China territory dispute. I was thinking China has been quiet and then the stock pump and dump. I am not sure what is the course but it came at right time.
cause not course.
Rhodium up 65 bucks this week. It certainly has bottomed and is on the move up.
I hope so, because I want to see a little life in the PGM group. I’ve still be keenly watching Stillwater Mining (SWC), Platinum Group Metals (PLG), Polymet Mining (PLM), and Wellgreen Platinum (WGPLF) for a bottoming and to allocate some funds.
I do hold a position in Platinum Group Metals and Wellgreen Platinum at present, but am slightly underwater, and plan on entering a 2nd tier to average down into my positions. With all the commodity weakness across the board, and stronger US dollar, and slowdown in wold economies, I’m cautious at present and waiting to see how things play out over the next month or so.
Good luck to you in your investing Chartster.
BTW – (PLG) has a good update on the progress of the mine they are building out today:
Platinum Group Metals Ltd. – WBJV Project 1 Platinum Mine Update; Mine Construction 90% Complete; Mine Plan to Use Increased Mechanization
07/15/2015
Thanks man! I need all the luck I can get. I thought gold was going up this week. I didn’t loose though. How much over sold can gold get?! I’m thinking gold will hit the top bolinger band on the weekly chart at 1224, before it resumes the decline. I was hoping for the reversal today..
I’m not sure on Gold, because it is getting dangerously close to flirting with the Nov lows at $1131 and many market players and institutional investors want it to test that level. The US dollar also continues to creep up. I see $1180 and $1200 as resistance before the $1224 bb level, and while I expect a reversal, there are too many variables that could drop Gold down below $1131 or it could take a counter-trend leg back up and then drop further in a few weeks. A little too screwy at present.
This is why, except for a few exploration companies that are takeover targets, I am almost completely out of Gold & Silver miners and have been mostly out since early May. I sold the remainder in June, and only picked up one Gold/Silver miner in the last few weeks (McEwen) and I bought and sold just a fraction over $.80 for a wash today. So I’m out for now. Sure, I may miss a bounce, but I’m more concerned with the bottom dropping out in the next few weeks. Just watching, and took my bets in the Uranium space today instead (fingers crossed : – )
thanks for the info guys…….good hard work……..appreciate……………the.lllllllllonnggggggggggg
Thanks Frank…..The Long…….OOTB…….J…….The BOOT.
Yes, I have my own ball team……………. 🙂
All signs pointing to a PM bottom in September ( – ;
GREECE………..Wed tomorrow and the RIOTS will begin……..jmho..