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Dairy Digger Monday Aug 30

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I think the chart is now quite clear on NEM. At most one more weak rally attempt today then at least a week of weakness. NEM shall lead and the others shall follow. This would complete my failed rally prediction, albeit a couple of days early, it would satisfy the modest strength in gold just now and it would mesh with all the patterns developing and I believe satisfy at least one possibull E-wave alternative. You can see how a double peak in the Williams forecasts at least a Week-o-Weakness?. Although that 2nd peak has not been confirmed, another day or 2 should do it.


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Others see silver's positive action this summer as nothing more than a bear flag waiting around for the commercials to send the price lower to suck money from the large specs and small inwestors.


The Hunchback of Notre Dame.


Two guys are walking along under the spires of Notre Dame cathedral when they here the tolling of the bells. They look up to see Quasimodo in full swing. Jumping on the bell then jumping back as it rings in perfect syncopation. Unfortunately a misstep leads to the largest bell swinging back and catching the hunchback full on the cheek sending him flying in a backward somersault from the bell tower and into a death plunge to the ground below, landing at the feet of our two watchers.

"Who's that queries the first?"

"I don't know his name", quipped the second, "but his face rings a bell."



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Since our topic today is millinery, I will throw my chapeau into the ring and predict a Hooey low for the week. Others might like to join in my game. Using NEM, Zow or Hooey please feel free to give either or both a high and/or low for the week. A close if you like.


I'll take Hooey Low for 176, Bob.

Hooey High 209 (Monday only).


Zowie High 95.5 (Monday only).

Zowie Low 84.


NEM High 45.5 (Monday only).

NEM Low 39.5.

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Gold Majestic


I remember from my MBA 1981 that every dollar coming to a european bank becomes a eurodollar

I the requirements are ( for ease of calculation ) 10% funding then that bank can make a loan for 10 dollar

If that loan was to a secondary bank ; that bank can make a loan for 100 dollar

If that bank was a tertiary bank they can make a loan for 1000 dollar


In theory this process has no controll whatsoever , so a dollar outside the US is not controllable anymore and can in theory multiply indefinetely


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Joe Duarte reviews the PM sector this morning with comments:


"there seems to be a resurgence in the metal stocks, which makes us wonder about what the market is thinking.


Gold is trading above $400 an ounce. The metal is in a consolidation pattern, after making a high near $435 in December and March.


ASA Ltd. (NYSE:ASA), the South African closed end fund, is as good a bellwether for the gold market as any, as it trends well with the metal.


What ASA is telling us as it hovers near its 20 day moving average, is that gold is about to make a move. A failure at the 200 day moving average would be a very negative development for the gold bugs.


While gold is gold, copper is an industrial metal. And Phelps Dodge (NYSE:PD), the bellwether for the group is perking up, with the key being what happens near the 90 level.




Federal Reserve Governon Poole, of the St. Louis Fed told the Jackson Hole, Wyoming crowd of central bankers, that by the end of the fall, the current "soft patch" in the economy will be just a memory.


The gold stocks and the copper stocks seem to agree.


Which makes us think that in the year when Ozzy and Ozzfest have defied all odds in the music business, this old economy may also be getting ready to spring a surprise on the markets. "

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Wildly Bullish


Countdown to Cattle Drive


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