I don't want to give y'all a headache, but listening to what bits of news broadcasts I can't avoid, it occurs to me that none of the Three Stooges running for the Republican presidential nomination can beat Bernard O'Bama. There's Mitt MakesUSnore Romney, Rick Now-I'm-A-Conservative-But-Still-Had-My- Charisma-Surgically-Removed Santorum, & Newt (like the slick Lizard) Gingrich. There's not enough charm amongst the three of them to make a good Chatty Kathy doll, nor enough integrity to fill up a mustard seed. Y'all thought it was hard to make O'Bama look good, but the Republicans have done it. STOCKS looked confused today, but after yesterday's big blow-out, a hangover is expected. Dow gained 16.42 (0.12%) but the S&P500 fell 1.67 (0.12%). Mercy! I keep looking at that chart, wondering how it could have been so mean to lie to me, & I trace out all the same thing again. It's like dating a trashy girl. You know she's trashy, but you just can't believe she keeps lying to you. Anyway, I still see that mountainous rising wedge on that chart, the predictable (but false) downside breakout, then the Bernanke reversal upwards. Folks, it just don't make sense. Something's going on we can't see. Or maybe, & I still stubbornly believe, more likely, after this little spurt stocks run dry & fall. If they don't, then a large upside down head & shoulders looks for the Dow at nearly 14,900. I'm watching, but I still wouldn't buy stocks even with your money. Currencies are enough to give the Headless Horseman a headache. Apropos of nothing the dollar rose 34.1 basis points today to 80.534 & carried all currencies before it. Euro sank 0.42% to 1.3032, looking more like it might blow right past 1.2900 & drop lower. And just when y'all thought the yen could not get any weaker, it did. Again. Dropped 0.92% today (gigantic for a currency) to fall through 120c/Y100. Settled at 119.51c/Y100 (Y83.86/US$1). Maybe investors are tired of holding yen at low or negative interest rates. Maybe Japan -- with its Quasimodo balance sheet & Gargantuan debt -- will be the next focus of questions about creditworthiness of sovereign debt. Market reached under the bar, pulled out a stout, knobbly cudgel, and whomped gold & silver over the head today. Gold lost $51.20 and fell clean to the level I yesterday bruited, closing Comex at $1,642.50. Silver did worse, puking up 139.7c to close at 3214.7c. Gold broke $1,680 in European trading, & suddenly looked like a leper in a Turkish bath: no friends at all. Nobody wanted to know gold. It traded down to $1,640 support, & closed Comex at $1,642.50, but in the aftermarket stretched down to $1,634.72. That brought gold's friends out of the shadows & set them to buying -- or at least, covering their short positions. Tomorrow the battle will take place at $1,635. If gold can turn back its attackers there, it can hold on. Otherwise, the break through the 200 DMA today ($1,679) after gold is already below its 50 DMA (1,701) and 150 Dma (1,715.50) argues for a trip to $1,605. I bought a little silver today, because of gold's price. I will buy gold at $1,605, and will be tempted at $1,625. Why tempted? Because I see an upside down head and shoulders forming since November, with a target about $2,030. If that's so, the bottom of this last and right shoulder should occur about there. A like formation stares out of silver's chart, but the shoulder could stop anywhere from 3100c to 2850c. Hurtful day for silver. Fell through its 50 DMA today (32.85). Already below the 200 (3484c) & 300 DMA (3492c). Silver made its low at 3146c and could still drop as low at 3000c, maybe lower. Patient, patient. Lift up your eyes to the horizon. Today's the day in 1900 -- 14 March 1900 -- that the US Congress crucified the nation on a cross of gold, declaring superfluously that the country was on a gold standard. This of course is impossible, since the constitution implies the "dollar of silver" is the standard, and then the first congress fixed that standard in 1792 with the Coinage Act. In other words, the Gold Standard Act was just a sop to the bankers, & a knife in the back of farmers & laborers & of course, silver. SPECIAL OFFER SILVER CLEARANCE When US 90% silver coin comes through we try to clean all the unmerchantable coin out of the bags, coins that have holes, are bent, or badly worn. Many were minted in the early 1900s, some in the 1800s. After a while this stacks up & ties up capital. I have 9,580 grams of this slick coin, broken into two each 3,000 gram sacks plus one 3,580 gram sack. That's 32.15 troy ounces gross weight each, but at 90% purity that's only 28.936 pure ounces. These are dimes, quarters, & halves, some worn paper thin, but all you will be paying for the weight of silver, at spot silver value less 10 cents or 32.05 per ounce. If you were pressed to use silver when paper money fails, these ought to circulate, worn as they are. I am selling these as is, so please don't buy them & call me back in surprise that they are so worn or have holes in them. That's how I'm selling them. I have three of the following: No. 1, Two each 3,000 gram sacks of scrap US 90% silver coin containing 86.807 oz of silver each at $32.05/oz = $2,782.17 + $25 shipping or a total of $2,807.17 No. 2, One each 3,580 gram lot of scrap US 90% silver coin containing 103.590 oz at $32.05/oz for a total of $3,320.06 + $25 shipping = $3,345.06 total. I also have some US 90% silver halves that went through a house fire and are blackened, a few charred. These I will also sell for spot silver less 10 cents or 32.05/oz, which equals $22.916 per dollar face value. So I am selling No. 3, Five lots of $100.00 face value each of burned US 90% silver halves at $100 x $22.916 = $2,291.60 + $25 equals $2,316.60. No. 4, One lot of $120.00 face value each of burned US 90% silver halves at $120 x $22.916 = $2,749.92 + $25 equals $2,774.92 Yes, you may order as many lots as you please, but I'm sorry, no re-orders or back-orders at these prices. Offer ends when my supply runs out. Please remember, these are silver survival coins only, & will be worn or fire-blackened. Survival only. Special Conditions: First come, first served, and no re-orders at these prices. I will enter orders based on the time I receive your e-mail at . We will not take orders for less than the minimums shown above. All sales on a strict "no-nag" basis. We will ship as soon as your check clears, but we allow Two weeks (14 days) for your check to clear. Calls looking for your order two days after we receive your check will be politely and patiently rebuffed. If you want faster shipping, please send a wire. Spot silver basis for all prices above is $32.15 ORDERING INSTRUCTIONS: 1. You may order by e-mail only to franklin@the-moneychanger.com. No phone orders, please. 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. Repeat, your email must include your complete name, address, and phone number. Our clairvoyant quit without warning last week and I stumbled & dropped my crystal ball, smashing it to pieces, so we can no longer read your mind. 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 e-mail. 4. If your order is filled, we will e-mail you a confirmation. If you do not receive a confirmation, your 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. 6. We 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 if you send a check.
Argentum et aurum comparanda sunt —
Silver and gold must be bought.
— Franklin Sanders, The Moneychanger
|
