Hey, that whole new job thing I'm doing right now, the precious metals and all that. . . Well, I survived Round 1 of the carnage, but might not make Round 2 of Trading Desk Survivor, so before I get canned, let me make the bull case for gold, before I get so angry at my firm, I can't make a rational call on it.
I think it may be the single greatest trading opportunity since Google in 05.
Great Britain and Ireland are near collapse, Citi and B of A are effectively nationalized as the bailout money given them has exceeded their market caps.
And there is a broadening disconnect between the futures/ETFs and the demand for the hard asset, as people do not want the paper. I am seeing this firsthand.
Keep in mind, Gold Spot is now over $900 on a day when the dollar STRENGTHENED, which is very bullish, as dollar weakness (soon to come) usually means gold strength and vice versa, so when gold moves up on a strong dollar day, the market is telling you something.
See, the ETF, GLD, is run by Street-Tracks which as far as I know is fine, but the major silver ETF is run by Barclays, which like Great Britain and the GB Pound is on the verge of collapse.
The global financial system is beyond repair without major dollar devaluation, that's okay, we need to reconstruct a better system anywho, something resembling the barter system would be cool.
. . .and we just had a massive earthquake here, which is awesome. Either that or a terrorist attack on my building, which will be par for the course in 09.
Basically, we are in deep, the only place to be is in gold.
Happy trades!
Also, my buddy Matty (pictured above) is a very cool dude. I knew him for months before I knew he was on TV. He's got a book coming out soon. You'll hear about it here.
And yes, I love you, Barack Hussein, you have some major problems on your economic team but that is a post for another time.
For now, yes we can!
