The Anti-Denny Bet has been laid today...

[OldGuysRule]

hahaha... the circle of fiat money!

Damn right! If they are going to play the game I'll play!

My two other "macro" bets for the year last this week and last month so far:

Shorted the EUR against the USD at 1.3606. I think the pair could be trading close to parity (1:1) this year. Nice 20:1 lever on this one for 100K (5K controls 100K.) Probably the most scary bet of all given the leverage amount on the trade.

1000 shares XLF (Financial sector ETF) and shorted 10 Sept 2011 15 calls for the hedge. Basically I still participate in the upside but can soften the blow on a downside move of the XLF.

Gold and Silver did a decent rebound this week after it was setting up technically for the short. No trade on silver for me last week. Actually from a technical perspective it looks to be setting up for a long trade after the pullback the past few days. I might consider a long on SLV if it gets past 29.75.

Equity markets are sort of topy at the moment (doesn't mean they can't get more topy!) I continue to trade to the long side of equities but fully expect a decent pullback in the future. It is getting more difficult for the big boys to make money in this market so I think a pullback is soon.

I'll re-evaluate some more "big picture" trades once the market corrects a little. Might be as much as an 8% correction which will be great for the reload!

[Denny]

I'm still long SLV, SLW, GDX

Just picked up WITE and REMX (look those bad boys up)

I'm trying to be short PSLV, but it might be a week longer than I really wanted.

Yes, I still play with paper for shits & giggles.

[OldGuysRule]

Few books for you Denny if you haven't read them yet (see I read both sides. ):

http://www.amazon.com/gp/product/1400068509/ref=s9_simh_gw_p14_d0_i1?pf_rd_m=ATVPDKIKX0DER&pf_rd_s=center-2&pf_rd_r=0WD2D4BJH31P3FGK7NYM&pf_rd_t=101&pf_rd_p=470938631&pf_rd_i=507846

http://www.amazon.com/Crisis-Economics-Course-Future-Finance/dp/1594202508/ref=sr_1_1?s=books&ie=UTF8&qid=1297471270&sr=1-1

http://www.amazon.com/Fault-Lines-Fractures-Threaten-Economy/dp/0691146837/ref=pd_bxgy_b_text_b

The last one, the author can beat the shit out of Krugman from time to time. Hilarious to read their back and forth regarding 2008.

[slow99]

Lol @ the "anti-Denny Bet".

[YALE]

So if 01WC's bet pays off, isn't it still a win-win for Denny? Don't you have like 500 ounces of physical silver, or something?

[Denny]

Few books for you Denny if you haven't read them yet (see I read both sides. ):

http://www.amazon.com/gp/product/1400068509/ref=s9_simh_gw_p14_d0_i1?pf_rd_m=ATVPDKIKX0DER&pf_rd_s=center-2&pf_rd_r=0WD2D4BJH31P3FGK7NYM&pf_rd_t=101&pf_rd_p=470938631&pf_rd_i=507846

http://www.amazon.com/Crisis-Economics-Course-Future-Finance/dp/1594202508/ref=sr_1_1?s=books&ie=UTF8&qid=1297471270&sr=1-1

http://www.amazon.com/Fault-Lines-Fractures-Threaten-Economy/dp/0691146837/ref=pd_bxgy_b_text_b

The last one, the author can beat the shit out of Krugman from time to time. Hilarious to read their back and forth regarding 2008.

Looking at some of the associated books and their reviews, I never knew there were THAT many that were charting the forthcoming economic collapse. That's nuts! How big is this audience?

[Denny]

So if 01WC's bet pays off, isn't it still a win-win for Denny? Don't you have like 500 ounces of physical silver, or something?

It could possibly be a win/win, but silver can really come out of the gates when the big central banks finally collapse, which I expect within the next 24 months. Thus, the name "anti-Denny bet."

Too much corruption being brought out, not enough silver to go around... just makes sense to me.

[OldGuysRule]

So if 01WC's bet pays off, isn't it still a win-win for Denny? Don't you have like 500 ounces of physical silver, or something?

Depends on how much of the precious metals price is dependent on the fear factor and how much silver's price is tied to gold. I think that becomes evident in 2011 either way.

Holdings in Gold ETFs hit their lowest level since last summer in the past couple of weeks and looks like the markets in general are starting to take a more moderate outlook instead of the extreme bearish or bullish outlook of the global economy.

Should be fun this year.

[Denny]

Depends on how much of the precious metals price is dependent on the fear factor and how much silver's price is tied to gold. I think that becomes evident in 2011 either way.

Holdings in Gold ETFs hit their lowest level since last summer in the past couple of weeks and looks like the markets in general are starting to take a more moderate outlook instead of the extreme bearish or bullish outlook of the global economy.

Should be fun this year.

But have you looked at the Silver (even all white metal) ETFs and physical silver levels? I just about crapped my pants (again) when I saw January's demand from the US mint for Silver Eagles. Backwardation has already started for silver vs. paper money and the prices are already decoupling vs. paper and gold. I think more are moving from paper to physical with a loss of confidence in the paper promises.

[Denny]

Silver bumped 30.72 earlier and sitting at 30.65 at the moment.


Mutha truckaaaaaaaa


<---buzzing and going to see Smashmouth (solid brag)

[Denny]

I've seen 30.92, but currently sitting on 30.88

Also, IMF calls for dollar alternative

http://money.cnn.com/2011/02/10/markets/dollar/index.htm

Mutha truckaaaaaaaa


<---not buzzing, but Smashmouth was a blast last night (still braggin)

[Denny]

France wants new global finance system

http://www.rte.ie/news/2011/0214/g20-business.html

Gold to silver ratio, 44.5 to 1

Mutha truckaaaaaaaa

[Denny]

Silver Shortage Blamed on "Miner Hedging" as Price Rises with Gold, Global Inflation Data Eyed

http://www.24hgold.com/english/news-gold-silver-Silver-Shortage-Blamed-on-%20Miner-Hedging%20-as-Price-Rises-with-Gold%20-Global-Inflation-Data-Eyed.aspx?langue=en&article=3342445392G10020

We don't need yer stinkin' paper silver!!!

Mutha truckaaaaaaaa

[Denny]

LMFAO @ Peter Schiff from 2006.


To this day, Peter has still not been paid that penny.

And LMAO @ "Our money is so valuable, cuz our credit is accepted worldwide".

[Denny]

$31.16 hollaaaaaaaaaaaa

I wonder if it'll hold. If it holds through EOB Friday above 31, I figure $30.60 as the new support.