I would make fun of today's news, but how do you satirize people who are already disconnected from reality? It's impossible to exaggerate enough to out-do their lunacy. Muslim radical walks into a homosexual bar and shoots 49 people. Muslim is pledged to ISIS. However, Huffington Post says, "Don't Throw the Blame On Muslims for the Pulse Shooting." Goofier yet, the Chicago Tribune mumbles profoundly, "The target was all of us." What do the acolytes of the great god Diversity do when one diverse element kills 49 other, dissimilar diverse elements? Why, it threatens to homogenize diversity! In a blender. The snake is eating his own tail. Country is becoming ungovernable. A specter is haunting markets, and that specter is the Brexit vote. I smell a rat. US dollar index today fell 21 basis points (0.22%) to 94.42. However, the 10 year US treasury T-note yield fell 1.4% to 1.616%/ which is to say, the UST-note price rose. With Brexit in view on 23 June, don't y'all imagine folks would be selling pounds and euros & buying dollars and US treasuries? And yen? Yet the dollar keeps sinking. A NGM operation to discourage a panic out of euros into dollars? Euro actually climbed 0.37% to $1.1293. This remains nowhere, above the 20 DMA but below the closely aligned 50 DMA. Yen, safely around the globe from Europe, jumped 0.74% to 94.21, which means that zillions of investors around the world are blind to what the Bank of Japan has done to Japan's government bond market, equities market, and economy. Disconnected from reality. On Wall Street today they ran out of waste baskets. So many had been filled with puke & had to be sent out to empty, they just ran slap out. Like a meteor from a summer sky, Dow fell 252.71 (1.41%) to 17,732.84, winding up below both the 50 DMA and 20 DMA, and headed toward that head-&-shoulders neckline about 17,300 where it will begin to fall like a Holstein cow pushed from a C-5 cargo plane. S&P500 plunged 36.92 (1.72%) to 2,079.06, below the 20 DMA but not quite the 50. Destined for lower things. What's holding oil up I can't imagine. Chart is here, http://schrts.co/KvfGnd It traced out a usually-deadly rising wedge, walked through the bottom boundary, but only today fell through its 20 DMA. Some fall approacheth. Gold spurred its horse & jumped another $11.00, up 0.86% to $1,284.40. Silver leapt 11.3¢ to 1742.8¢, up 0.65%. Today gold hit a new high for the move at $1,290.40. Look at it here, http://schrts.co/ZOy3jH The rise is not over. Rising volume confirms rising price. RSI is not yet overbought. Momentum points up. Rate of change is steep, & all this hu-hu about Brexit leaves me nervous. If that's the only thing driving gold, what happens when that's removed? If the Brits elect to stay in the EU, all the pressure dissipates. If they vote to leave, gold may pound through $1,306 and into the stratosphere. Latest polls show more in favor of leaving. As gold, so silver. Silver made a new high for the move at 1247¢, volume is rising with price, RSI is not yet overbought. In other words, plenty of room remains for further rises. But again I caution, nobody knows how much of this is occasioned by fear of Brexit. Long as that fear holds & the dollar keeps falling, gold & silver will keep rising. FOR GOLD BUYERS: Here's a special offer, on terms I have never offered before. SPECIAL OFFER: US $5.00 GOLD COMMEMS In 1986 the US mint began issuing commemorative $5 gold pieces in the ancient weight of .2418 oz and 90% fineness, about a quarter ounce. Between 1986 and 2008 the Mint issued 21 different commemoratives. Now here's a secret about "modern rarities" that dealers won't tell you. Mints issue them at high premiums, but the premiums very rapidly evaporate, so you never want to buy them when first issued (when public interest is hot), but only after they lose all that premium. So it has happened with the US $5 commemoratives. They have virtually no premium left, and never mind that they are handsome coins, struck in proof and encased in plastic. What does this mean for us? This is my absolute favorite quarter ounce sized gold coin, because it is beautiful, plainly struck in the U.S., & most of all, CHEAP. Here's the offer. A wholesaler friend has a bucket load of US $5 commems & he got the price right. I can sell them to you at $11 per coin over their spot gold value. In other words, if the spot gold value is $310.70 ($1,285 spot gold x 0.2418), I could sell them to you at $321.70. That works out to a 3.5% premium over spot gold, ridiculously low. This offer will operate a little differently than others: DO NOT EMAIL US to accept the offer. Please TELEPHONE US at (931) 766-6066 to enter an order, based on whatever gold price is then-current, higher or lower. It WON'T be exactly $321.70, but will be $11 over whatever the coin's melt value is at the time. ** Minimum order is Ten (10) coins. With spot gold around $1,285, that amounts to about $3,220, plus $30 for shipping makes approximately $3,250. ** Only one $30 shipping charge per order, whether you order 10 or 1,000. ** Offer is good for Two days only, Tuesday, 14 June & Wednesday, 15 June. ** We start answering at 9:00 Eastern. If you get voice mail, it means our lines are clogged. Leave your name, address, phone number, & email & how many US$5 commems you want. We'll call you back quickly with the order written. The following other conditions apply Special Conditions: Sorry, we will not take orders for less than the minimum 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. ORDERING INSTRUCTIONS: 1. You may order by telephone only at (931) 766-6066. Phone orders only, please. Sorry, we can't ship into Tennessee or outside the United States. 2. When you buy from us, we cannot later change or cancel the trade. We are giving you our word that we will sell at that price, & you are giving us your word that you will buy at that price, regardless what later happens in the market, up or down. If you break your word to us, we will never again do business with you. 3. Once your order is filled, we will e-mail you a confirmation. 4. You must send payment by personal check or bank wire (either one is fine) within 48 hours. Check just needs to be in the mail, not in our hands, in 48 hours. Sorry, no credit cards. 5. "No Nag Basis" means that we allow fourteen (14) days for personal checks to clear before we ship. Want your order faster? Send a bank wire, but that's not required. Once we ship, the post office takes four to fourteen days to get the registered mail package to you. All in all, if you send a check you'll see your order in about one month; a wire, about a week.
Argentum et aurum comparanda sunt —
Silver and gold must be bought.
— Franklin Sanders, The Moneychanger
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