I live in Phuket. Agree about the exchange rate. In my case, mainly dollar based income with expenses in Baht and Rand. Have switched my direct deposit from Baht to Rand, as the Rand is down circa. 20% from its recent trading range.
I also sold my Gold at a good price but moved back into Silver ... ouch. But I have much more of the stuff than before. It's the readies that's in short supply.
In a way, today is capitulation day for me without it having to be so. I am really going to trim my sails, cover all of my short puts, fortunately not many.
... using Bullion Vault. I am not good at trading bullion as it periodically craters but I do like to take advantage of a fire sale using another pm as currency.
Yes, I had 7 puts, too, which I closed out fairly early on. Even stranger was the action on the 9 calls. Halfway in SWM's move yesterday around the 8.90 mark, I bought back my Oct 9 calls at a (small) profit! I ended the day short the Dec 9 puts and calls (covered).
As CEF does not have options, I decided to use the DaveFairtex gambit of shorting GLD at a ratio of -7 GLD to +100 CEF. But I'd rather use the liquidity tied up for put writing if I start running short.
Well I got dumb lucky, selling half my SVM position for a very rich price pre-market. Then went for the jugular with a stink bid of 7.49 and missed (so far).
Looked at options, wrote 5 Dec 7 puts @ 1.90 as I have plenty of liquidity in my account. That's $930 net return in 105 days on tying up just over $1k in required maintenance (at current share price of $7.77).
That was probably a supermarket loyalty card which often results in much lower items on sale items. Though I'd be surprised if you hadn't seen them as I use them not only in the USA but here in Thailand.
But, yes, huge numbers would also be on Food Stamps in L.A. and Las Vegas but instead of the old coupon booklet now use government issued plastic.
For those above the poverty line, why would anyone use cash instead of a rewards credit/debit card? I now use the PerkStreet card which kicks back anywhere from 1 to 5%.
The store loyalty cards here only kick back half a per cent unless there's a promotion. But like in Mexico, every peso counts.
Today looks like being biggest one day gain this year for me. Been selling incrementally all day. Let's hope for a further rally in the metals tomorrow and CEF joining this week's fiesta.
As I think I can now afford a few back to back cruises, I bought RCL for the shareholder benefit and sold an OTM call. RCL is now lagging CCL by 20% in nominal share price.
Euro area economic government proposed
Euro zone president would be elected for 2.5 years
Van Rompuy proposed as euro council president
Deficit rules proposed to be be put in all euro area constitutions by 2012
Still seeking consensus in France on a constitutional debt limit
France, Germany to propose financial transactions tax in September
Sounds like the EMU version of The Producers. They really don't want an orthodox solution.
What's really going on is the top Mandarins agreeing when to introduce the new currency(ies). That's my take, anyway.
I am a round lot type guy these days unlike your 1000 share min. day trader. If the pickings are rich enough, I'll scalp but there has to be a minimum of $100 (minus commissions) in it for me.
Today, I just let my shorts run and run. I re-entered some long positions which may take a day or 2 to come right again!
I am getting the reality trader updates on fb; I felt like nudging you today but figured you'd be savouring every minute of the action.
I imagine there were fortunes made and lost today in the gold trading pit. Incredible gyrations.
Thank you for giving of your time to help the laggards.
If ever the Red light were flashing for paper gold and paper silver it is now.
I took profits on CEF yesterday but re-entered today at 4% cheaper. But I'd still be content holding silver if I was not trading, as I am with my physical gold. It's rainy day money and we may have a cloud burst this month.
Isn't it strange in this era of flash crashes that the market seems immune to one day crashes? The last big one, though managed, was after 9/11 when markets re-opened. But prior to 9/11, the tech crash happened in slo mo, just as the crash of 2008 did.
I would not be surprised that those acting as government traders are making money all the way down, even without shorting. We have no idea what their cost basis is but look at stocks like AMZN and PCLN that have come a very long way during the melt up.
But as Bill has pointed out, once the QE wind changes direction, we may be the last to know.
FD : Some short, long miners, judicious put writing.
POG still below SFR record by around 12 SFR per ounce..
Bill, it is not my style to engage in flame wars; if I see a glaring inaccuracy, I refute and move on. I use the ignore user button liberally.
I'd say most failed cruise ship lines sailed their way at close to 100% occupancy into insolvency or as a prelude to being swallowed by a bigger, deep pocketed competitor. And there have been a lot of failed lines.
Cruise ships like to fudge on occupancy. Even though many cabins have greater occupancy than 2, 100% occupancy is calculated on just double occupancy. So it's quite possible for ships to sail at more than 120% capacity, especially when lines run "Kids cruise free" or 3rd/4th passengers cruise for $99 each.
There are many problems facing the cruise industry, not least weak economies. Gone is the era of cheap and plentiful Wall Street money to finance the latest billion dollar ships. Direct and indirect subsidies provided by European shipyards may become a fond memory. Airlines are no longer willing partners in providing below cost transportation to cruise ports. Crew compensation and motivation is becoming a bigger headache as the hordes of new passengers no longer see supposedly voluntary gratuities of circa. $50 per day for a family of 4 as a necessary expense.
The POG may seem high but if there are many people who might splurge on a discretionary holiday but instead say to themselves : I can buy so many ounces of gold with the money that I was going to blow.
Now I like to have my cake and eat it too. The day I went to have a look at Atlantis last December I was on a $249 p/p 7 day cruise.
My impression last December from the 3 Caribbean cruises that I took was that the Canadian market was keeping the entire industry afloat. Yields were so bad this past year, more ships than usual were re-positioned to Europe. Yields have been frighteningly bad this summer in the Med. Easy to book at $499 p/p in high season.
I don't see #3, NCL, pulling through. They were hoping for an IPO to lay off some of the risk but that's now dead in the water.
It's the Daily Telegraph btw.
I see no contradiction between what AEP had to say today and the Malgren article referenced above.
In any case, what does it really matter what an individual German thinks regarding such matters?
The Germans are going to save their banks ... finish and klaar.
The real question is : what will the Flemings do?
@Davefairtex
I live in Phuket. Agree about the exchange rate. In my case, mainly dollar based income with expenses in Baht and Rand. Have switched my direct deposit from Baht to Rand, as the Rand is down circa. 20% from its recent trading range.
I also sold my Gold at a good price but moved back into Silver ... ouch. But I have much more of the stuff than before. It's the readies that's in short supply.
In a way, today is capitulation day for me without it having to be so. I am really going to trim my sails, cover all of my short puts, fortunately not many.
... using Bullion Vault. I am not good at trading bullion as it periodically craters but I do like to take advantage of a fire sale using another pm as currency.
Bill,
Thanks for sharing and, most importantly, for listening to your own body.
You are our general, whether at h.q. or out in the muddy field.
Yes, I had 7 puts, too, which I closed out fairly early on. Even stranger was the action on the 9 calls. Halfway in SWM's move yesterday around the 8.90 mark, I bought back my Oct 9 calls at a (small) profit! I ended the day short the Dec 9 puts and calls (covered).
As CEF does not have options, I decided to use the DaveFairtex gambit of shorting GLD at a ratio of -7 GLD to +100 CEF. But I'd rather use the liquidity tied up for put writing if I start running short.
Dupe
Well I got dumb lucky, selling half my SVM position for a very rich price pre-market. Then went for the jugular with a stink bid of 7.49 and missed (so far).
Looked at options, wrote 5 Dec 7 puts @ 1.90 as I have plenty of liquidity in my account. That's $930 net return in 105 days on tying up just over $1k in required maintenance (at current share price of $7.77).
My stink bid is there and may yet get hit!
Bill,
That was probably a supermarket loyalty card which often results in much lower items on sale items. Though I'd be surprised if you hadn't seen them as I use them not only in the USA but here in Thailand.
But, yes, huge numbers would also be on Food Stamps in L.A. and Las Vegas but instead of the old coupon booklet now use government issued plastic.
For those above the poverty line, why would anyone use cash instead of a rewards credit/debit card? I now use the PerkStreet card which kicks back anywhere from 1 to 5%.
The store loyalty cards here only kick back half a per cent unless there's a promotion. But like in Mexico, every peso counts.
Thank you, Dave. Extremely helpful analysis.
Today looks like being biggest one day gain this year for me. Been selling incrementally all day. Let's hope for a further rally in the metals tomorrow and CEF joining this week's fiesta.
As I think I can now afford a few back to back cruises, I bought RCL for the shareholder benefit and sold an OTM call. RCL is now lagging CCL by 20% in nominal share price.
Very bizarre downtime situation. Fortunately not critical for me.
Euro area economic government proposed
Euro zone president would be elected for 2.5 years
Van Rompuy proposed as euro council president
Deficit rules proposed to be be put in all euro area constitutions by 2012
Still seeking consensus in France on a constitutional debt limit
France, Germany to propose financial transactions tax in September
Sounds like the EMU version of The Producers. They really don't want an orthodox solution.
What's really going on is the top Mandarins agreeing when to introduce the new currency(ies). That's my take, anyway.
Anyone else here witness to the BV action for approximately 1 hour from 0200-0300 EST?
There was positively a buying panic. At times there were no quotes on the ask, they were all being hit.
The prices were far above spot as quoted on Kitco.
BV is usually such a sedate forum ... experience the quiet of their silver pit!
Vad,
I am a round lot type guy these days unlike your 1000 share min. day trader. If the pickings are rich enough, I'll scalp but there has to be a minimum of $100 (minus commissions) in it for me.
Today, I just let my shorts run and run. I re-entered some long positions which may take a day or 2 to come right again!
I am getting the reality trader updates on fb; I felt like nudging you today but figured you'd be savouring every minute of the action.
I imagine there were fortunes made and lost today in the gold trading pit. Incredible gyrations.
Thank you for giving of your time to help the laggards.
Dupe
I just sold short in after hours PCLN at $50 above the closing print.
If ever the Red light were flashing for paper gold and paper silver it is now.
I took profits on CEF yesterday but re-entered today at 4% cheaper. But I'd still be content holding silver if I was not trading, as I am with my physical gold. It's rainy day money and we may have a cloud burst this month.
Isn't it strange in this era of flash crashes that the market seems immune to one day crashes? The last big one, though managed, was after 9/11 when markets re-opened. But prior to 9/11, the tech crash happened in slo mo, just as the crash of 2008 did.
I would not be surprised that those acting as government traders are making money all the way down, even without shorting. We have no idea what their cost basis is but look at stocks like AMZN and PCLN that have come a very long way during the melt up.
But as Bill has pointed out, once the QE wind changes direction, we may be the last to know.
FD : Some short, long miners, judicious put writing.
Platinum and Palladium are down big (indicating recession?).
I think Ben may yet agree with the today market's assessment: Gold and Silver are indeed money, the most favoured.
POG still below SFR record by around 12 SFR per ounce..
Bill, it is not my style to engage in flame wars; if I see a glaring inaccuracy, I refute and move on. I use the ignore user button liberally.
I'd say most failed cruise ship lines sailed their way at close to 100% occupancy into insolvency or as a prelude to being swallowed by a bigger, deep pocketed competitor. And there have been a lot of failed lines.
Cruise ships like to fudge on occupancy. Even though many cabins have greater occupancy than 2, 100% occupancy is calculated on just double occupancy. So it's quite possible for ships to sail at more than 120% capacity, especially when lines run "Kids cruise free" or 3rd/4th passengers cruise for $99 each.
There are many problems facing the cruise industry, not least weak economies. Gone is the era of cheap and plentiful Wall Street money to finance the latest billion dollar ships. Direct and indirect subsidies provided by European shipyards may become a fond memory. Airlines are no longer willing partners in providing below cost transportation to cruise ports. Crew compensation and motivation is becoming a bigger headache as the hordes of new passengers no longer see supposedly voluntary gratuities of circa. $50 per day for a family of 4 as a necessary expense.
And I love cruising!
Bill,
I think these two situations go together.
The POG may seem high but if there are many people who might splurge on a discretionary holiday but instead say to themselves : I can buy so many ounces of gold with the money that I was going to blow.
Now I like to have my cake and eat it too. The day I went to have a look at Atlantis last December I was on a $249 p/p 7 day cruise.
My impression last December from the 3 Caribbean cruises that I took was that the Canadian market was keeping the entire industry afloat. Yields were so bad this past year, more ships than usual were re-positioned to Europe. Yields have been frighteningly bad this summer in the Med. Easy to book at $499 p/p in high season.
I don't see #3, NCL, pulling through. They were hoping for an IPO to lay off some of the risk but that's now dead in the water.