`IP address will be totally blocked`

Thank you Jesus and Sarah

Thanks, Gary! I’m in on the long side now. Let’s ride this rocket ship!
(Now all the contrarians feel weird being long still, LOL)

Good stuff, I think Gary is going to continue to be correct.
This bottom in the miners has been over a year in the making and I think it’s over.
I also think we’ll get that right translated cycle that Gary mentioned and it will happen as the miners start to make new 52 week highs. This will add fuel to the move. We’ll see…
http://schrts.co/b7aYwI

Btw, the charts that Bird Listener knocked the hell out me for are considered the charts of the year and decade by Morris Hubbartt.
http://www.superforcesignals.com/video/2015sept17gdxj/2015sept17gdxj.html

as I said in last post gary, gold will lumber up till weekend.In view of fed move this gold move is anything but overwhelming. this call of yours is no different than others where you were convinced gold as well as oil hit some grand cycle lows.
Gold is up roughly 3% or so from it’s most recent low up to the 1140 area, not exactly the blow off you speak to. I will come back mid next week to hear you hedge your call as before and subsequently blame phantom powers manipulating gold down once again.

Yes gold will have its time but not now, best bet for a reasonable rally is the traditional year end period following a October sell down.

Greetings from Greece Gary !!!

Actually many good looking charts on gold. Good trade in here!?

Anyone know the Dollar amount of the 100 week moving average for gold?

Great to hear Big Al keep religion out of making money!!…it ruined this economic site

Gold and Silver both hit key resistance zones today at $1142 and $15.50 with that key level proving resistance again (so far) I sold 1/3 of my position in JNUG with 36% gains since a buy was suggested Sept 14th and 1/3 of NUGT with 30% gains at the resistance zone big resistance zone on the yen chart which is the driver of gold (not manipulation) yen next week will need to leave 84.30 level behind if gold is going to test next resistance zone above $1142 @ $1166-69

AXU was a buy Sept 1st at .31 before its big move to .49, still no sign to sell

How many licks does it take? Well, three, of course.
http://schrts.co/hpvwkm

Stock Market gonna go down and retest the last lows. Might even keep going for a 20%er.

Now, a woman with a knife is way more scary than a woman with a gun.
http://www.bullbeartalk.com/forum/attachments/lounge/10338d1442596700-friday-september-18th-no-more-rate-talk-cpm0s7xvaaahq1k.jpg

http://news.sharpspixley.com/article/lawrie-williams-the-comex-gold-warehousing-debate-the-truth/238150/

Gary,
I agree that many or most commodities have bottomed. However, gold and oil have more downside for several weeks.

“Confessions of a horse handicapper”

Or “How I won 80k betting the Travers Stakes and how it relates to you and your gold”

It seems clear these days traders, or speculators, aren’t content to just trade; now they need to write confessions, biographies or memoirs.

Never one to miss opportunity to put pen to paper I think it is time I join the club.

After reading some of these confessions (although honestly I’m not exactly sure what was confessed) I walked away not much better off or edified from where I began.

Most of these dissertations were ordinary and stale to say the least as far as content was concerned. They didn’t even have a good tale or turn of phrase.

For those of you who do not suffer from attention deficit order, this confession just might give you some thing the others lacked – an education.

So if you are willing to set aside some time and some pre conceived notions then read on.

Let me warn you though – there are no love triangles, affairs, robberies or murders in this confession. Just some good old speculating advice.

The 146th edition of the Travers Stakes featured the Triple Crown winner American Pharoah.

Most people have heard of the horse, even if they are not racing fans.

After winning the Triple Crown, the first horse to do so in thirty seven years, American Pharoah became a media darling.

Following up his Triple Crown triumph with another impressive win in the Haskell at Monmouth Park New Jersey, they flew American Pharoah (AM) back to his home base in California, 20,000 miles away, and then his owner entered him in the Travers Stakes, the most prestigious race at the Saratoga meet, and one of the most import races on the calendar. It goes without saying it is a very coveted race.

American Pharoah’s owner, being a true racing fan, wanted to showcase his horse in Saratoga’s oldest and grandest race, and I salute him for that.

Word on the backstretch though was his trainer Bob Baffert wanted to give his horse a little more rest and carve out a different schedule for him.

Obviously the owner trumps the trainer in most cases.

Of course if Baffert was dead set against it they wouldn’t have run the horse, but it wasn’t his first choice.

Regardless they brought the horse to Saratoga Springs from California, AP (American Pharoah)
home base, all 20,000 miles away.

As stated earlier APs last race prior to the Travers Stakes was the Haskell Stakes at Monmouth Park.

Keen Ice ran second that day, beaten by 2 1/4 lengths by AP.

Now you need to be able to relate what I am about to say to your own experiences.

When AP won the Kentucky Derby in early May besides displaying his raw talent, he was also displaying his precociousness.

Many talented three year olds just aren’t ready for the big time in the Spring, but by late Summer they have grown into themselves.

Isn’t this just like people. Some adolescents mature early, and are faster, stronger, bigger.
Some need another year or two to fill out their frame and figure out what the game is all about.

My point is the same horses AP was beating up on in the Spring were improving by late summer and closing the gap.

But most people don’t understand this.

Now the second point I want to mention also calls for you to relate to your own personal observation as well.

AP beat Keen Ice by 2 1/4 lengths in the Haskell.

Now any horse could improve by three lengths from one race to the next, and any horse could digress by three lengths from one race to the next.

Don’t you observe this with professional human athletes as well?

How often do you see a major league pitcher toss a 2 hit shutout, and then get bombed in his next start?

Jonathan Spieth, this years Masters winner was in an unbelieve zone.
Now he can’t even make the cut.

The point is all athletes bounce, or perform in cycles.

So it is perfectly reasonable to see Keen Ice improve by three lengths, and AP digress by three lengths. That is a six length swing. Even if KI only improved by one length and AP only digressed by one length they are basically even.

The third point I want to make once again will ask you to think of your own experience as well.

AP is a horse, not a machine.

I said his home base is in California.

This horse has really put on some frequent flyer miles.

He went from California to Kentucky, to Baltimore, to New York, back to California, to New Jersey, back to California, and finally back to New York.

What would that do to you?

Needless to say a schedule like that could wreck havoc on a young three year old colt.

Is the picture starting to look clearer?

You have an over hyped three year old, who has been battling in one tough race after the other since May, traveling all over the country and another improving three year old who is flying under the radar.

Now all this wouldn’t mean anything if you were getting attractive enough odds to compensate for the risk you are assuming betting AP. But you are not.

Instead, because of his media attention due to his Triple Crown win you are getting terrible odds.

So now we must switch gears and talk about risk and reward. This is the whole crux of it.
VALUE.

I will try to keep things simple.

We all know from basic mathematics and experience and observation that if you have all of something you have 100% of it.

If you have eight slices you have the whole pizza pie, you have all 100% percent.
If you have all the marbles, you have 100% percent.

Simple.

So all of something must equal 100%

All the money bet on the Travers must be 100%

All the money is the pool of money. The total pool is 100%.

Now here is how we determine value. By using the other crux or pillar of successful speculating
EDGE.

Haven’t I been saying forever it’s all about value and edge?

Edge is being privy to VALUABLE information that no one else has OR applying the same information everyone has in the correct way.

We all had the same information that day, but only a handful of professionals like myself applied the information correctly.

Most of the people that made up the 100,000 in attendance and millions more off track were novice racing fans looking for a good time and looking to see the great AP do it again.

They were willing to put down $2 or $20 on AP and root

By using my years of experience I was able to take advantage of this situation and exploit it for my own personal reward.

Keep in mind I also said VALUABLE information. Not junk.

There are some people on this site advocating you need to listen to everyone and make up your own mind. Nonsense.

That is the exact OPPOSITE of what you are supposed to do.

Why would I want to listen to someone who has no clue what they are doing and has a horrible track record?

Dennis Gartman is a perfect example.

Every other day CNBC parades him out and most of the time the market goes in the opposite direction of what he is predicting. It is becoming a running joke.

Do I really want to listen to Dennis Gartman? I think not.

Now getting back to value and edge.

I need to use my edge to determine value.

Note in this case only the basic simplistic information was enough to give me an edge.

I didn’t even need to take into account speed figures, pace scenario, track and distance preferences or a host of other next level data.

So how do I use my edge to determine value?

It goes back to the concept of 100% of something being all of something.

There were ten horses who ran in the Travers Stakes, so all the money bet on those horses make up the total pool.

The betting public made AP the overwhelming 1-5 favorite.

Now what does that mean?

Remember always think in terms of the % not the price.

What does 1-5 mean?

It means that 83.33% of the money was bet on AP to win.

The betting public (the amateurs, casual fans, novices…) were giving AP a 83.33% chance of winning the race.

Basically they were saying if they ran this race one hundred times, AP would win it eighty three times.

Technical they are saying if they ran this race ten thousand times AP would win it 8333 times.

The betting public made KEEN ICE 16-1

Again what does that mean?

It means 5.88% of the total money was bet on KEEN ICE to win.

Again in essence the betting public was assigning a 5.88% chance of KEEN ICE winning.

There were eight other horses who were all bet on as well with varying degrees of money and probability of winning as well. But we are keeping it simple.

So now as a professional we must determine if AP 83.33% chance of winning and KEEN ICE 5.88% chance of winning is fair. In other words is the market EFFICIENT?

Obviously based on what I have been saying the answer is a resounding no.

After a long grueling campaign that saw AP fly all over the country, competing against top class horses at different tracks and different distances AP was due for at least a sub par effort.

Combine that with an improving colt in KEEN ICE who was almost on level ground with AP and you have all the makings of an upset.

So the public’s book has 83.33 and 5.88 assigned to these two horses.

What does a professional do?

He makes his own book.

Based on my handicapping criteria I determined AP should be even money.
Meaning AP has a 50% chance of winning.
Meaning if they ran this race 100 times he should win half of them.

I also determined KEEN ICE should be 5-1, meaning he has a 16.66% chance of winning.

Do you see where the value comes in? It should be obvious.

I am assigning a 16.66% chance of winning to KEEN ICE, and the public is assigning a 5.88% chance.

That is 10.79% discrepancy in my favor.

I have a 10.79% value.

That is the bet!

When a professional can get over a 10% percentage advantage that is a very attractive bet.

Keep in mind I never said KEEN ICE was the better horse. The truth of the matter is AP probably is the better horse.

But KEEN ICE is the better bet.

Also keep in mind that according to my calculations AP had a 50% chance of winning and the public made him 83.33%

That is a huge 33.33% disadvantage.

If you keep making bets like that you end up in the poor house.

Keep in mind all I mentioned was value and edge. I didn’t talk about sentiment and fundamentals (except to how it relates to gleaming an edge and determining value)

KEEN ICE WON THE RACE AND PAID $34 TO WIN

I BET $5000 TO WIN ON KEEN ICE FOR A RETURN OF $85,000 AND A PROFIT OF $80,000

Now besides value and edge I want to discuss one other point that is not insignificant.

If this was a typical mediocre or average race run at a rinky dink track on a Tuesday night instead of stakes race on a Saturday at Saratoga the win pool would have been much smaller.

My $5000 bet in a $100,000 pool would have had more of an impact on the odds than my $5000 bet in a million $ pool.

With that in mind you must always have a sense of the pool size or volume you are betting into.

So what does all this have to do with gold and investing? Much.

The last few weeks many analysts have been debating whether or not we have bottomed in gold.

Some people are in the camp we are at or near the bottom.
Others are in the camp we have one more drop to go.

The purpose of this article is not to pick sides.

These analysts are using either sentiment, or Elliot Wave, or some combination thereof.

Others are investing in gold based on “the fundamentals”

THE ONLY CRITERIA FOR SPECULATING IS VALUE AND EDGE.

Gold is not an investment, it is a speculation.

You are speculating on the direction of the price, pure and simple.

Now there are analysts who think they are being contrarians because they argue the sentiment is very low. They are not.

The sentiment has already been priced in.

Just because sentiment is low does not give you a green light to take the other side of the trade.

Detroit housing is a bust. The sentiment is as low as it gets.
Does that mean it is a good investment?

Sentiment is low for a reason.

When you walk through Detroit you can get killed.
There are no street lights or police.

Sentiment is low for a reason – it is a lousy area.

Sure the are giving houses away for $500
You want to buy one? Be my guest.
Pack up your family and move to downtown Detroit because you want to be a contrarian.

If you manage not to get mugged maybe your house will be worth something in twenty years, then again maybe it won’t.

It is the same with gold. Sentiment is in the gutter for a reason.
It has been a horrible investment.

Sentiment cannot determine value.

Let me repeat that so it will sink in for all you so called contrarians who are not contrarian at all.

Sentiment cannot determine value.

Fundamentals cannot determine value either.

The only question that needs to be answered is WHAT IS AN OUNCE OF GOLD WORTH?

If you try to quantify this using “the fundamentals” you are hopelessly confused.

If Janet Yellen raises short term interest rates 1/4 of a point how does that answer what the price of gold should be? It doesn’t.

If the non farms payroll report comes in low how does that answer what the price of gold should be? It doesn’t.

Unless you can know what the price of gold should be you cannot determine if the market is efficient. And there is no way of knowing what the price of gold should be.

The other hot topic lately is the subject of manipulation.

Is gold manipulated?

This is the big question.

Do you want my short answer?

Of course it is.

Why should gold be an exception?

When a boy can reach his arm behind the cash register when no one is looking and take $20 he will.

When a CEO can cook the books to hide something or take unfair advantage he will.

When someone can create a Ponzi scheme to con millions from people they will.

Why would anyone think somehow gold is immune to all this?

If you think this you should get some toys and play in the corner.

You are either a child or very naive.

It’s funny there is one contributor on this blog who is very quick to point out how dishonest our government is when it comes to wars and missions and how they can’t be trusted, but this same person has no problem believing that our government it completely honest when it comes to gold. Talk about a fool.

“I don’t understand gold” – Ben Bernanke

Several years ago in a post FOMC meeting interview with the press Ben Bernanke when asked about gold said he didn’t understand it.

He publicly declared on national TV he didn’t understand gold, meaning he didn’t understand what drives the price of gold, it’s usefulness and its role.

Let’s think about that.

Here is one of the most, if not the most, important central bankers in the world stating he doesn’t understand gold.

Let that sink in. What is he saying and what are the implications?

Ben Bernanke is either saying,

a) the truth and he doesn’t understand gold
Or
b) he is lying and he does understand gold.

There are no other options, you can’t have it both ways.

Let’s assume he is telling the truth, he doesn’t understand gold.

If he doesn’t understand gold what then makes you think you can.

Here is a man who spent his entire life in the banking industry.
He not only knows policy, he sets it.
He is privy to all the information the central bankers know of.

If he truly doesn’t understand golds price action, role, utility what makes you think you can.

I know I know there are a lot of people right now chomping at the bit shouting “I have a chart!”

Again take your toys and go play in the corner.

If you think you can look at a chart, the same chart everyone else has, the same chart Ben Bernanke has, you are deluded.

Yes you will get it right once in a while.

But as Mark Twain correctly wrote, “You can beat a race, but you can’t beat the races”

UNLESS YOU DEMAND VALUE

Twain was right, but not totally right!

The bottom line is if Ben Bernanke was telling the truth and he doesn’t understand gold then neither does anyone else on this site, including me.

If you want to deny that fact then go ahead.

Until you learn what your limitations are you will never be successful.

Now let’s assume he was

b) lying and he really does understand gold.

Now why would he lie?

To shake people confidence in gold.

By stating he doesn’t understand gold he is sending a subtle message that says,
“Hey if I don’t understand gold what makes you think you can”
“Gold is not understandable, you can’t predict its movements, it is unpredictable”
“Gold is not a good investment, you can’t understand how it moves or responds”

In essence that is what he is doing.

Why would he want to do this? Again to destroy confidence in gold.

Why?

Because he is a central banker, and gold is the enemy.

Yes they want gold, but they don’t want you to want it, or have it.

So put your $2 down and pick the right horse.
Either he is telling the truth or he is lying.
There is no third choice.

So if he is telling the truth and gold is not understandable then you cannot determine VALUE.

Just like you can’t spot a counterfeit if you don’t know what the real thing looks like.

If he is lying then you are playing in a rigged casino and VALUE has been distorted

If it is manipulated then no chart or fundamental is going to help you.

The purpose of this essay is not to advocate for gold or put you off gold, but rather to change your way of thinking regarding speculating and zero sum games.

I don’t care what the asset is you must insist on VALUE and EDGE.

Gold and silver is speculating, not investing!

If you want to speculate fine but don’t confuse it with investing.

All these articles floating around right now, these confessions, and memoirs, they all the miss the main point.

Look at it is way, there is a presidential candidate right now grabbing a lot of attention, both with the media and the voters.

You know who I am talking about, DONALD TRUMP.

Regardless of your opinion of him, what is his claim to fame?
What is his forte?
The art of the deal.

He even has a book called the art of the deal.

What is the art of the deal?

It is knowing when there is value.

End of story

It is not knowing “the fundamentals”
It is not knowing sentiment.

Is the thing offered (a horse, a baseball card, a Manhattan sky scraper, an ounce of gold)
worth more than the offer?

KEEN ICE WAS WORTH A LOT MORE THAN WHAT HE WAS BEING OFFERED AT
I PROVED IT WITH MATHEMATICAL PROBABILITY AND EXPECTED VALUE.

Prove to me you can value an ounce of gold just as accurately.

You can’t

And don’t tell me it’s what it takes to get it out of the ground, or money supply.

That is incomplete, and inaccurate at best.

Again I am not telling you what to do.

If you want to take a flyer on gold go for it.

If it’s true about the COMEX warehouses maybe it will blow up.

I like longshots as well as the next guy.

But don’t feed me some crap about investing in it, or using it for insurance.

The truth of the matter is gold and silver have been dreadful “investments”

They have been beaten up so bad the market is completely broken.

If you never owned an ounce of gold and you are thinking of dabbling I would probably advise you to stay away. Invest in real estate and good businesses (both private and public)

Leave gold and silver to the central planners and bullion banks to kick around.

Long term wealth is created investing in real estate and good businesses, including quality stocks that pay dividends.

Short term money can be made trading gold and silver, but is it simply speculating.

There’s is no way to determine value.

Now you might turn around and say to me that gold is bottoming, it is at long term support, sentiment indicates a bottom, and it has retraced based on Elliot Wave.

All that may be true. However none of that has any bearing on determining if gold is undervalued.

$1100 could end up being both the bottom and fair value.

In which case there is no edge and hence no bet.

If I make a horse 4-1 and the public is making it 4-1 then where’s the value?

I don’t need that.

In other words gold could languish at these levels for years.

Who cares if it is a bottom? What is the upside? That is just as important, if not more so than knowing the bottom.

This article is more about value and edge, not sentiment.

This next explanation is a freebie…

Earlier I said if you have all of something you have 100% of it.

I said this to keep it simple.

The truth of the matter is you can have more than 100% of something.

Any speculative market, like horse racing, or sports betting, or even gold in a sense can and MUST have more than 100% of something.

Take the race track again.

Many people have the erroneous opinion that the track makes the odds and that the track cares who wins. This couldn’t be further than the truth.

As mentioned earlier it is the public that makes the odds, not the track.
And the track could care less who wins.

Why?

Because the track gets their money off the top.

The track “takes” off the top because of the privilege of hosting the game.

All zero sum games work this way.

The market maker skims off the top.

They don’t care who wins, as long as the money keeps churning.

The track takes anywhere from 10% to 30% right off the top before the race is even run.

THATS WHY HORSE RACING IS A SUCKERS GAME.

You already have 10% to 30% the worst of it.
Those are almost insurmountable percentage disadvantages that only a handful of professionals can overcome.

How do we overcome it?

Again by insisting on VALUE.

Let’s say the track takes 10% off the top.

When you total all the bets made on all the horses the total is not 100%, it is now 110%.

Their book is 110%

What does this mean?

It means simply that for every $110 the public bets the track pays out $100
It doesn’t matter who wins.

The only thing the track cares about is that the handle (or volume) is big.

The bigger the pool the bigger the take.

This goes back to what I said earlier about volume and betting into big pools.

So the track makes $10 for every $110 bet.

Nice work if you can get it.

In some instances they take as much as 30% off the top, exotic bets…

You have to be an idiot to play these bets.

But isn’t it the same with front running and gold?

When you call up your gold dealer he charges you a premium over spot?

2%, 4%, 5%, even 10% depending on availability.
Right now silver supposedly is selling at high premiums.

They make money on the premium and the spread.

You buy from them 5% over spot, they buy it back from you at spot or 2% over for example.

The spread is their profit.

THEY DONT CARE WHAT GOLD DOES! LIKE THE TRACK.

AS LONG AS THE MONEY KEEPS CHURNING.

KEEP THE NARRATIVE CHANGING AND PEOPLE ARE ALWAYS BUYING AND SELLING.

That’s the volume I talk about.

Now let’s also explore the concept of short selling.

Aren’t the sellers selling more than 100% of what is available.

The only problem though, unlike the track, where they can have as much as 30% more than the total, the CRIMEX can have infinitely more than the total.

The CRIMEX IS ACTUALLY MUCH WORSE THAN THE TRACK.

At least the track sticks to the rules, or at least there are rules!

Well I promised you this confession wouldn’t have any love triangles, affairs, sins from the past, or tawdry tales of sexual exploits, I hope I didn’t bore you.

Just a brief primer on some basic concepts in speculating.

I know there are few people on this site that already have their response.

These people are never wrong, they must have the last word.

They can have the last word.

I have the profits (80k this last go round,) they can have their ego.

Good speculating to all!

James the Lesser

Aka Pittsburgh Phil

ps I’m very disappointed you didn’t know Pittsburgh Phil was me.
I’ve referenced his name and his philosophy and methods several times and yet you didn’t connect the dots. I guess you weren’t paying attention

Sep 18 Dollar Shortsale & Silver Buy Signal Morris Hubbartt 321gold
DOW probably will soon stage large rally–

@PeterLBrandt
“Might the continuation chart in Crude be building a H&S top formation — ABSOLUTELY “
https://twitter.com/PeterLBrandt

GDXJ: A healthy pullback here should be bought.
http://schrts.co/LUEStl

October???
Jamie Dimon’s Stark Rate Hike Warning: Treasurys “Will Be Violently Volatile” When Rates Rise
Tyler Durden’s pictureSubmitted by Tyler Durden on 09/18/2015 13:34 -0400

Barclays Bond Jamie Dimon JPMorgan Chase Prop Trading

inShare
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Earlier this year in his letter to shareholders, Jamie Dimon jumped on the bond market liquidity warning bandwagon.

As you may recall, Dimon spoke out not only about the lack of liquidity in corporate credit markets (something which is always fun for sellsiders because it provides a nice “told you so moment” with regard to the Volcker Rule’s attempt to deter “evil” prop trading), but also about Treasury market depth and the rather disconcerting fact that six sigma events are happening in rapid succession. As a refresher, here are the notable excerpts:

The likely explanation for the lower depth in almost all bond markets is that inventories of market-makers’ positions are dramatically lower than in the past. Dealer positions in corporate securities are down by about 75% from their 2007 peak, while the amount of corporate bonds outstanding has grown by 50% since then.

Recent activity in the Treasury markets and the currency markets is a warning shot across the bow

Treasury markets were quite turbulent in the spring and summer of 2013, when the Fed hinted that it soon would slow its asset purchases. Then on one day, October 15, 2014, Treasury securities moved 40 basis points, statistically 7 to 8 standard deviations – an unprecedented move – an event that is supposed to happen only once in every 3 billion years or so (the Treasury market has only been around for 200 years or so – of course, this should make you question statistics to begin with). Some currencies recently have had similar large moves. Importantly, Treasuries and major country currencies are considered the most standardized and liquid financial instruments in the world.
Indeed, last October’s Treasury flash crash was a wake up call to quite a few market participants and served to validate two concerns we’ve been pounding the table on for years: 1) the presence of nefarious algos across markets means flash crashes are no longer anomalous but in fact part and parcel of today’s broken markets, and 2) the Fed’s move to suck every last vestige of high quality collateral out of the market has led to an acute lack of liquidity.

Or, visually:

Now, Dimon is back at it, warning that when (or maybe “if” is more appropriate) rates start to rise, Treasurys could sell off “violently”. Here’s more, via Bloomberg:

Jamie Dimon, JPMorgan Chase & Co.’s chief executive officer, said the bank will be prepared for the possibility that Treasury prices move violently when interest rates rise.

“The one thing I do worry a little bit about, by the way, is Treasuries,” Dimon said Friday at a conference in New York sponsored by Barclays Plc. “Interest rates have been so low, for so long,” he said, adding that some traders and their managers have never experienced a rising interest-rate environment.

“So I wouldn’t be shocked to see 10-year Treasuries, when rates are going up, people change their mind, they change direction, that they will be violently volatile and go up much faster than people think,” Dimon said. “I’m not predicting that. I’m simply saying in the back of my mind, I think that’s a possibility.”
So while Dimon is worried that “some traders and their managers” have never seen a rate hike – something we warned about back in May – we’re sure no one at JP Morgan falls into that category, and besides, the bank is great at hedging tail risk…

Looking at Mathew’s gdxj chart, the buy volume seems pretty anaemic at the recent low for a major bottom to have occurred.

Matthew two recent posts on SGT by Andrew Hoffman and Ned Scmidt spoke in direct opposites, Hoffman suggesting (12 nibs into interview) that mining shares are toast, while Schmidt said the precise opposite. You may have to scroll to an earlier session to hear Schmidt. I’d be interested to hear your comments. Best, A

http://sgtreport.com/

Sorry – NOT SGT – but Financial Survival network.

http://tunein.com/radio/Financial-Survival-Network-p415063/

If there are posts I don’t find interesting (religion or otherwise) I’ll just read on.

Some folks just aren’t happy about themselves and they’ll criticize others and their methods or beliefs to try to elevate themselves up to the other person’s level to feel happy (or powerful). It’s unfortunate but it’s this world.

Since their “light” is already out, just go to bed.

I don’t know the other guy at all , but I have been following Hoffman a while and he seems to be on top of his game. I wouldn’t bet against him.

Thanks Skeeta. AH is a ranter in my book too.