My son Justin and I returned yesterday from a four day class in timber framing at Camp McDowell down in Alabama, www.campmcdowell.dioala.org. The Alabama Folk School there sponsored several Old Time music classes -- guitar, mandolin, banjo, harmonica -- and there were homesteading & timber framing classes. See www.alfolkschool.com. Stephen Morrison of MoreSun Custom Woodworking, www.moresundesigns.com, taught the class, & he was an exceptional instructor. Justin and I spent four days laying out, boring, chiseling, and cutting a saw horse. JR at least finished his, & we both have a second one to complete. Our goal is to build a timber frame guest cottage on our farm. If that works, who knows? We might build a timber frame skyscraper. Stephen Morrison builds timber frame houses, and if you are EVER thinking about timber framing, Stephen is your man. If he tells you a rooster dips snuff, you can look under his wing for the brush -- and more, he knows his craft. www.moresundesigns.com. Go check out his website. Now I know & openly admit that I'm nothing more than a natural born fool from Tennessee, but it ought to tell y'all how deep is the trouble that you and the whole world are in when nobody but a natural born fool from Tennessee can tell that all the bogus fixes the High & Mighty are pushing won't work any better than a Zippo in a hurricane. Last week & week before everybody was just a-buying stocks like they had the future written out in advance, all based on Europe's announcement they had a "fix." I told y'all then, that was as good as it gets, and since then it's only gotten worse. Now Italy is trying hard not to look like Greece, & Silvio Baloney is about to lose his grip on power. I'm here to tell you again, they ain't fixed nothing, & ain't going to, because the only course that truly will fix things is a DEBT JUBILEE, writing all that debt clean off, and the bankers won't let them do that. Oh, they will eventually, but not until they made the whole world suffer and sweat blood. In the week I've been away (and a little more) the Dow Jones Industrial Average has lost all its November gains. Whoops -- they were just so slippery we couldn't hold on to 'em! Today was worse. Dow lost 389.24 -- 3.2% -- to close at 11,780.94. (S&P500 closed down 46.82 or 3.67% at 1,2298.10.) Today's colossal drop took the Dow below 11,850 support and WAAAY below its 200 day moving average at 11,975. Woe is stocks! Hard to paint any sort of Smiley Face over this. 'Tisn't yet clear whether the Dow will push one more lap (even yet) to 12,400 before it collapses, or it will merely collapse immediately. How can you tell? A close below 11,600 turns it down. Today the dollar index showed how much it appreciated the European troubles by rising a gargantuan 131.8 basis points (1.70%) to 77.892. The eurro has left behind one of the sorriest, nastiest looking charts you've ever thrown an eye over. Broke down out of the trading range in September, bottomed at 1.3164 in October, rose with great gaps to 1.4247 when the "fix" announcement was made, then gapped down again and fell back out of the trading range. Oh, did I forget to mention that the euro left behind a clear Island Reversal pattern? That's a Kiss of Death with giant fangs and coral snake venom on its lips. If y'all are planning a European vacation, wait a while to buy your euros. You can probably get them for 1.2000. I think the Nice Government Men in Japan have broken the yen for a while. Closed today at 128.53c/Y100 (Y77.8/$), and shouldn't make it through 129c. Gold has had a week to fulfill my suspicions that a rally was coming, and during that time fulfilled my $1,800 target -- high yesterday was $1,802.73, high today was $1,799.50. Comex gold today lost $7.50 to $1,790.90. Now we have reached Fish or Cut Bait time, but gold's fall today still doesn't make perfectly clear its intentions. If it were aiming to cut through $1,800, then it might just pull back and squat down before it made the dash, & that might explain today. On the other hand, if it falls through $1,750 tomorrow & moves toward $1,705, gold's liable to have vertigo problems, including stumbling & falling. Only a close below $1,650 would invite serious worry and nail-biting. Of course, it's hard, hard to picture how a bank solvency crisis in Europe would drive gold DOWN, unless the whole world is dumber than Ben Bernanke. I'm turning ugly, so I better turn to silver. With less enthusiasm than gold, silver rallied in the last week, but today with a 3382c low gave up all those gains, falling today from a 3507c high to close Comex at 3434.8c, down 78.9c (2.24%). Not much to argue about here. Should silver fall through that trap door over the elevator shaft at 3400c, next place it would land about the 20 DMA at 3325c. I wrote last Thursday that the market was beginning to persuade me that bottoms in silver & gold had already occurred. By failing to pass above $1,800, gold has left that question open. It will remain open until gold either closes over $1,800, or below $1,700. I'm telling y'all, long as the world's racing this way downhill into the ditch, y'all better start working on some marketable skills like gardening, milking, herding goats, or digging ditches. That, or give up eating. On 9 November 1799 the French Revolution, like all revolutions, came full circle when Napoleon Bonaparte staged a coup and declared himself dictator of France. In the end France had, through the miracle of revolution & uncountable murders, swapped a mild if inept king and queen for a ruthless dictator who for the next 15 years would bleed France dry with wars, killing so many men (it is said) that today everybody in France tends to the short side. That is, they took all the tall ones first for soldiers, so more of them were killed. Revolutions are chancy undertakings. SPECIAL OFFER. I bought some one troy ounce .999 fine silver rounds that have passed through a housefire. They are not melted, but range from altogether black colored to only a few black spots. With spot silver at $33.90, I will sell these 513 one troy ounce silver rounds at a dollar less than spot, namely, $32.90 each. Before you buy, please understand EVERY SALE IS FINAL. Once you buy them, they are yours. I will BUY them back (at current spot less 10%), but will not take them back for exchange or replacement because I am telling you on the front end exactly what they are, so no later waffling, mind-changing, or "I forgot to tell Mama about this & she got mad when she found out and locked me in the garage." You send me an email order, and you bought them, period. I have 513 one ounce .999 fine blackened silver rounds to sell at $32.90, and will sell them in minimum lots of One hundred (100) pieces. You can order lots in multiples of 100, or make an offer for the whole pile of 513. First come, first served, and no re-orders at these prices. I will write orders based on the time I receive your e-mail. Ordering Instructions: 1. You may order by e-mail only to . Your email MUST include your complete name, address, & phone number. We cannot ship to you without your address. Sorry, we cannot ship outside the United States or to Tennessee. 2. Orders are on a first-come, first-served basis until supply is exhausted. 3. "First-come, first-served" means that we will enter the orders in the order that we receive them by email. 4. If your order is filled , we will email you a confirmation. If you do not receive a confirmation, you order was not filled. 5. You will need to send payment by personal check or bank wire (either one is fine) within 48 hours. It just needs to be in the mail, not in our hands, in 48 hours after we notify you that we entered your order. 6. We will allow fourteen (14) days for personal checks to clear before we ship. If your hurry is greater than that, you can send a bank wire. Once we ship, the post office takes four to fourteen days to get the registered mail package to you. All in all, you'll see your order in about one month.
Argentum et aurum comparanda sunt —
Silver and gold must be bought.
— Franklin Sanders, The Moneychanger
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