Monday, November 29, 2010
Gold This Morning: Morning Rant --Jon
I am trying to understand how 95% of the inhabitants of Ireland are agreeable to pay with their livelihoods, toil, and tears for years to come for the bail-out of the less than 5%, all categorically miscreants, that put them in this position. While all the Euro-hacks and economists who never met a bottom line are patting themselves on the back because they believe they have again dodged a default or restructuring that more appropriately should have skewered their barely liquid banks. I think it's time to let these cheesy, corrupt shaggers get a taste of where they have placed their fellow citizens with a term in Ireland's 4-Star adult facility, Mountjoy, to pick up soap bars of Irish Mist. Gold? Robust overnight volume within a $15 range. Open interest is down about 10% in the past two weeks either shaking out sissies or short covering but that's sizable. Yes, it may seem like we are going nowhere while legitimate euro concerns force USD strength on ill-conceived carry unwinds but I defy you to make a long-term USD strength case. GSR is ~50.80 and the RSI(14) is also back at 50. Just conjure up the image of any of these smug perps picking up the soap if you need reinforcement as to why you are long gold.