"When misguided public opinion honors what is despicable and despises what is honorable, punishes virtue and rewards vice, encourages what is harmful and discourages what is useful, applauds falsehood and smothers truth under indifference or insult, a nation turns its back on progress and can be restored only by the terrible lessons of catastrophe." … Frederic Bastiat
Evil talks about tolerance only when it’s weak. When it gains the upper hand, its vanity always requires the destruction of the good and the innocent, because the example of good and innocent lives is an ongoing witness against it. So it always has been. So it always will be. And America has no special immunity to becoming an enemy of its own founding beliefs about human freedom, human dignity, the limited power of the state, and the sovereignty of God. – Archbishop Chaput
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it is none of my business, but why would you want to be on a website like KWN; today jerk-off Leeb is calling for $330 silver; this is the funniest site there is
ReplyDeleteThis comment has been removed by the author.
DeleteHe's wrong and should know it's only going to $275.
DeleteThe News UNIT
Hi Steve,
DeleteWhen I see the name, Steven Leeb, in an article, I don't pay attention to it. Silver will do, what it is going to do based on the market, regardless of what he says.
Buy Silver (and gold) because you have done your homework, but certainly don't buy because Steven Leeb said silver is going to $330. He is one of the least credible person to listen to, especially in relation to price predictions and market timing as demonstrated by his past calls.
I mostly read/listen to Trader Dan, Jim Rogers, Citi's Tom Fitzpatrick, edgetraderplus.com and Marc Faber for market commentary.
Steve - I think we all get your opinion that Leeb is incorrect when it comes to his call on silver. I am going to ask you just this one time to knock it off however when it comes to the insults and the name calling or else I am going to no longer allow you to post here.
DeleteAs I stated the other day, everyone has an opinion who trades the markets or who invests in the markets. That is why some sell and some buy. If you do not agree with the call, fine, you can let it be known that you disagree with it. Once you descend into the realm of trashing King World News or the commentators there, you have crossed the line. Stay civil.
Frankly I have learned to just ignore predictions. None of us are God. It is really that simple.
After you get your teeth kicked out a few times in these markets, as I have had happen to me over the years I have been trading, you learn humility.
Thanks Dan. You and Gene were great listening back to back. Eric has his routine down pat but it's never stale.
ReplyDeleteIf you look at XRT as of the close on Monday, its trading less than $2 away from world record lifetime highs.
ReplyDeleteIf Stephen Leeb had steered his investors into consumer discretionary and retail names, he would be a rock star hero, featured routinely on CNBC and Bloomberg instead of "I'm short of...." Dennis Gartman who is constantly yapping:
"I'm not a gold bug...."
Well, Egon von Greyerz had silver at 50 by July, so as long as he missed by a freckel, I guess Leeb and Pento and Sprott and everyone else has a shot at 100 by Labor Day, right? As far as Faber and Zulauf and Rogers go, they are true winners and never give out bullshit price targets; all they say is buy a little physical here and there on a regular basis; all the weasel whiners on these blogs are all over committed and own the top; you can tell by their surly and childish comments; we are going lower imho and that is that
ReplyDeleteNo question that the "Home Run Trade" the last 2 years was to short gold and go long consumer stocks like Starbucks. When you look back after the 4 year "Bernanke Miracle", you will find multiple examples of trades that generated a lifetime worth of gains in very short periods of time.
ReplyDeleteI don't recall any other period in trading history where so much money was made so quickly.
Frank Barbera used to say such opportunities happened in gold stocks every few years, however this time, it was different.
Who would have imagined that shorting names like NEM during the biggest money printing campaign ever would have resulted in huge gains.
What is amazing is how traders keep making money day in, day out shorting gold miners and coal stocks. The leverage in those trades must be huge and will eventually be unwound.
It is sick to destroy our mining companies Mark. All based upon lies and deceit and continued availability of large money fed through the Federal Reserve to the Banking system. The large investment houses which have created a "pillow" of air. This pillow will be popped. Some can call it a miracle, I call Mr. Bernanke and his term "Treason". That is the label that should be placed on Jamie Dimon, Paulson, Geitner, Bernanke. The biggest theft in American history. So sad to see you praising him like that.
ReplyDeletei seem to remember the assassinations of the 60's, White Wolf
ReplyDeleteThought that with the euro above 134, gold would be looking at 1400 and beyond. Somebody is really pressing it, and driving it lower, with almost no opposition. Need to send in the marines.
ReplyDeleteIt's the evil speculators, and a little thing called supply and demand.
DeleteI think the bottom could be near though, say at 1200 to 1250
Steve,
ReplyDeleteI would rather concentrate on the here and now. Harboring resentments from the 60's seems like poison to anyone's brain. Maybe that is what it is all about. Destroy capitalism through Mutual Assured Destruction. If the Fed stops buying short term T's, the market will start demanding more yield. It is apparent that the world is distancing itself from the US bond market. I believe if it continues building steam the debt will then become poisonous to our deficits. I tend to agree with the debt explosion scenario, and therefore watch with wonder how we can escape this trap we are in. So it goes on to infinity until the world will have to come up with another way to trade other than with fiat currencies as the race to the bottom or simultaneous devaluing of currencies lead to one end, Hyperinflation. The Bullion Banks and Hedge funds will continue this charade until they cannot.
Everybody waiting with baited breath on what is going to emerge out of Bernanke's Pie-Hole.
ReplyDeleteGartman blogging this morning that gold is dead and going lower which surely means an explosive rally is imminent.
The best thing that could happen to the gold bulls is for Bernanke to step down immediately and recommend Paul Krugman as his replacement.
What can he say. The US has a trillion dollar budget deficit and he needs to supply the phony dollars to cover it. And that doesnt even cover the 17 trillion on top of that. He could say, Obama and congress get your act together and fix some problems, but he wont. Just keep printing, its mush easier that way.
DeleteDollar surging and PM's tanking.
ReplyDeleteStocks like Starbucks still less than 50 cents from world record highs.
Pretty much a non event, even though interest rates are spiking.
The only ones suffering are FX and commodity daytraders, the "buy and hold" equities crowd won't even notice.
Equities take a beating and have finally rolled over. Everything about to tank to real market conditions as the pop the "pillow effect" is about to take hold. Gold has already seen its move down since late 2011. Gold about to get a moon shot once severe deflation asserts itself. The real participation rate of employment will soon become the story, when the Rachel Madows of the world start to wake up. Yellen will replace Bernanke but by that time the death throws of all time will be unleashed and gold will be the only go to investment. Let's see how it unfolds, but the beginning of the end is now insight. Right now the bond holders are rushing in to find the one investment they think will save them all but the race to the exit will soon be upon them and Ben will become the only buyer. He knows that the gig is up and he is ready to hand the bataan to Yellen to open up the spicket? Stay tuned.
ReplyDeleteGold demand soft in India and China . Third test at 1325, this time it goes down. Looks like a 13 handle isn't long for this world and silver will soon have a 20 handle. I'm still holding off.
ReplyDeletehttp://www.bdlive.co.za/markets/2013/06/18/gold-falls-on-stimulus-concerns-and-soft-demand-from-india-and-china
all these stories out of India, Viet Nam, China, Thailand paying +$170 over spot for gold just makes me laugh and get more bearish; oh, and let's not forget the Russians and how smart they are to buy, lol, lol; the only thing for sure is that there are no mkts anymore, and did you all watch the bullshit charade in grains and beans today? take care all, steve in sparks
ReplyDelete