Silver Stuffings

The week again has seen mostly all the action in the early minutes of the trading day.  The major US indices haven’t’ really done much for the past few weeks but they are building nice patterns which could lead to higher prices in the near future.

From what I’m seeing we are going to have a very, very good chance to make a good chunk of cash before the next major holiday late in December.

I’m running short on time today so I’m only posting the GLD and SLV charts below which are quite representative of Gold and Silver themselves and look great!

Metals review

GLD had a nice week rising 1.43% so far but is butting against resistance at $135.  Who knows what’s going to happen in the world the rest of the week and Friday is only a half day in the US.  We could awake to a much higher GLD print next week.

Options expiration came and went without a whisper.  Maybe North Korea was loaded with Gold options and knew their short lived attack would result in a higher Gold price!

In all seriousness, Gold has performed this week very well with strong bids under the market.  The bulls are indeed strong hands now and are not willing to give more than a topical correction to the bears.

The downtrend was broken and a new uptrend is now in place, but the hurdle will be $135, but once that is broken we should be back above and into all-time highs once again.

Volume has dried up today as traders took off after lunch for the most part.  As I keep saying it seems most investors are looking for real physical Gold so GLD volume is not as important as it once was.

SLV has only gained 0.86% so far this week but the chart looks simply awesome.  The downtrend was broken and both horizontal support and 21 day moving average support held as it should have in a strong bull market which is trending higher.

Volume was nothing to write home about this week but the real action is in the futures pits where investors can actually take delivery, although the process is getting more difficult all the time.

It’s only going to take a small push and we will be back to new highs for Silver.  Possibly even in the week ahead.

I remain heavy in Silver trading positions and a but lighter in Gold, but the physical position remains as it was.

Fundamental Review

As Ireland tries to get out of this hole they’re in they see cuts of up to 20% of the budget and income tax increases over the next four years.  You can be assured that these cuts will affect those who had nothing to do with the country getting to where it is, and let those responsible off the hook scott free.  Actually they’ll probably get a nice bonus out of it also.

One of the big US ratings agencies said this week that Irelands debt rating could be cut again if the economy suffers a setback.

I don’t get these ratings agencies.  Any nation or entity that needs bailing out is essentially bankrupt and should have a reflective rating until it can right it’s ship.

It’s not like they’re really fooling anyone anyhow, so why not be honest about it?

The Koreans are at it again, but it appears that nothing will come of it thankfully.  Although it did help Gold this week which is good I suppose.  Take what we can get!

A study just found that if new Basel rules are enforced top banks would face a $100 billion shortfall.  New regulations would call for banks to hold 8% or total assets as top quality capital assets.  The glaring problem here is that they are holding even less than 8% in top quality assets at the moment.  Shouldn’t banks and everyone strive to hold 100% in top quality assets?  I know I sure do.

The SIlver Institute just today released an item whereby they say it was “Another Record Year for US American Eagle Silver Bullion Coin Sales“.  Over 32 million 1 oz coins were sold in 2010 so far.  The Canadian mint has also said Silver coin sales were up 50% over last year.

I’d expect this trend to continue in 2001 as well.

Well I think did my part in keeping it short and fairly light this week, perhaps too short but to get it out on before the long weekend begins that’s the way it is.

I would like however, to give thanks to all you dear readers.  It gives me great pleasure to be able to help you in some small way and even entertain you the odd time.

I must thank the many who write in with such kind words.  It’s truly humbling and a great honour.

It’s funny, every-time I put pen to paper, so to speak, and submit it, I expect it to be rejected and am always nervous.  Same with expecting nasty comments, but both rarely occur thankfully.

I know I’m not perfect and sometimes my writings are much better than others.  But I am thankful to you dear reader and to every site who so graciously publishes my sometimes good, sometimes mediocre work.

And mostly, I’d like to thank you dear subscribers who put up with my rambling on a daily basis!

Enjoy your Thanksgiving long weekend if you celebrate it, wherever you are.  And if you don’t celebrate it, enjoy the quiet that is sure to come with US markets closed Thursday and half of Friday.

In the spirit of keeping things light today let’s end with some funnies.

First I suppose, this one isn’t really meant to be funny, it just is.  Secret talks between Taliban and Afghan leaders broke down this week as it was discovered that the Taliban leader was actually an impostor!  A senior western diplomat said; “It’s not him.  And we gave him a lot of money.”

Oy vey!  I couldn’t make this stuff up if I wanted to.

If you’re lonely this weekend, perhaps you should consider taking a short flight.  This is too much and done by the good guys and gals over at SNL.

On the subject of the TSA a dear reader sent in his views.

“Here’s a solution to all the controversy over full-body scanners at the airports.

Have a booth that you can step into that will not X-ray you, but will detonate any explosive device you may have on you.

It would be a win-win for everyone, there would be none of this crap about racial profiling and this method would eliminate a long and expensive trial.  Justice would be quick and swift.  Case closed!

This is so simple that it’s brilliant.  I can see it now: you’re in the airport terminal and you hear a muffled explosion.  Shortly thereafter an announcement comes over the PA system, “Attention standby passengers we now have a seat available on flight number…”

Works for me!”

Sorry if that offends anyone, I thought it was funny.

And finally a few more funny lines to send you off on a cheery note.

1. Two antennas met on a roof, fell in love and got married. The

ceremony wasn’t much, but the reception was excellent..

2. A jumper cable walks into a bar. The bartender says, “I’ll serve

you, but don’t start anything.”

3. A dyslexic man walked into a bra.

4. Two cannibals are eating a clown. One says to the other: “Does this

taste funny to you?”

5. “Doc, I can’t stop singing The Green, Green Grass of Home.”

“That sounds like Tom Jones

Syndrome.”

“Is it common?”

“Well, It’s Not Unusual.”

6. Two cows are standing next to each other in a field.  Daisy says to

Dolly, “I was artificially inseminated this morning.”

“I don’t believe you,” says Dolly.

“It’s true; no bull!” exclaims Daisy.

7. Deja Moo: The feeling that you’ve heard this bull before.

8. A man woke up in a hospital after a serious accident.  He shouted,

“Doctor, doctor, I can’t feel my legs!” The doctor replied, “I know, I

amputated your arms!”

9. I went to a seafood disco last week… and pulled a mussel..

10. What do you call a fish with no eyes? A fsh.

11. Two fish swim into a concrete wall. The one turns to the other and

says, “Dam!”

12. A group of chess enthusiasts checked into a hotel, and were

standing in the lobby discussing their recent tournament victories.

After about an hour, the manager came out of the office, and asked

them to disperse.

“But why,” they asked, as they moved off.

“Because,” he said. “I can’t stand chess-nuts boasting in an open

foyer.”

13. A woman has twins, and gives them up for adoption. One of them goes

to a family in Egypt , and is named ‘Ahmal.’ The other goes to a family

in Spain ; they name him ‘Juan.’ Years later,

Juan sends a picture of himself to his

birth mother. Upon receiving the

picture, she tells her husband that she wishes she also had a picture

of Ahmal. Her husband responds, “They’re twins! If you’ve seen Juan,

you’ve seen Ahmal.”

14. A dwarf, who was a mystic, escaped from jail. The call went out

that there was a small medium at large.

15. And finally, there was the person who sent twenty different puns to

his friends, with the hope that at least ten of the puns would make

them laugh. No pun in ten did.

Once again thank you very much for everything and enjoy this awesome holiday filled with football, Turkey and beer.  That’s the life 😉

Warren Bevan

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