BUYERS ON STRIKE

                           That’s Right; We Ain’t Buyin’ Nuttin’

I know it’s hard, but imagine this for a moment; Greece is totally out of money! They got about € 1.98 in the bank [if it’s still open]. I mean, who could have seen this coming?

Tomorrow sees a Greek bond auction, and if this somehow gets undersubscribed and they can’t raise the necessary scratch to pay the bills, I’m sure all the public sector union thugs employees not getting paid, the 40 year old philosophy students not getting their University tuition, and the pensioners who see their monthly checks slashed,  won’t be a problem. Peace and love in Syntagma Square.

So, the only thing left to do in Europe is sell gold. Even the “Lemmings in Asia” have caught on to the scam game. Yes, Mrs. Watanabe and all her pals, who have been accumulating gold from the 1800’s, 1700’s, and 1600’s, are now bailing in the mid 1500’s. As predictable as they were going up, they don’t disappoint on the way down either; only, on the way down it happens a lot faster.

Not to be outdone, that stellar Wall Street firm Morgan Stanley is telling muppets clients today that gold is still a buy and that the future looks bright for the “barbarous relic”. Seems their prop desk has more proprietary selling to do.

We’re due here, in just about everything financial and especially gold, for a smart 2 or 3 day rally that takes prices back up some. Whenever it finally does happen, look for the rally to start sometime after the Crimex Comex closes for the day. After all, the dealers and Central Planners have to shove the rock back up the hill, in the least volatile time of the trading day, to get everybody else to buy it in “prime time”. Rinse and repeat.

Meanwhile, at JPM …….

                                             Ina Drew Is Gone

Somebody had to fall on the”It’s-my-fault-the-firm-lost-2-large-on-the-trade” sword; making a paltry $15 million per year I’m thinkin’ soup kitchen isn’t in her future. Perhaps there is a good job in Chalky Soetero’s administration somewhere; Treasury Department would be appropriate.

Have a good day everyone.

-vegas

GO AHEAD, MAKE MY DAY

                                     Mrs. Wannabe Trades Gold

Well, to be sure, it didn’t. What we need is Dirty Harry on the case to find out who kidnapped volatility. My guess is he could look right straight at the biggest gold and silver manipulators in the business; JPM and HSBC.

Since they can borrow infinite amounts of money from “Weimar Ben” at basically 0% interest, selling paper gold all day, every day, has been a popular thesis for them for years. Only when they get into trouble and need to actually find the physical stuff to deliver at the place where customer money gets stolen "joke of an exchange" known as the COMEX, do interesting things start to happen in the marketplace.

In a normal bull market, early breaks can be bought and late breaks you have to leave alone. Then on new highs, you have to be the seller.

I know a lot of you were disappointed in gold’s performance today, especially after it climbed out of the whole and made a new high for the day, only to rapidly drop off from there. I’m thinking you can thank JPM for that.

Not much to say about a market that has more $4 candlestick spikes & drops than sugar pops in your cereal bowl, all the while going pretty much nowhere.

Catch my comments on today’s trade at http://vegaspamm.blogspot.com

And for those that want to trade crude oil, get my “Vegas Crude Oil Trader” for free at the links over on the PAMM webpage.

Have a good day everyone.

-vegas