Three things to read (and why you need to read them)

This link to Econometrica. This is because these smart people have just released their first 2009 quarterly Argentina macroeconomics review and you can get your copy of this extremely useful PDF for free. It is in Spanish, but as nearly all the info is in chart form even a basic understanding is enough. Excellent source material on the country and highly recommended.

This link to the New York Times. This is because Simon Rosemary has actually gone and done a wonderful thing; he's actually gone and done written us all a balanced report on Venezuelan issues. Yup, I gone done read it thru twice to check, so go do see for yourself who this Posadas creep is. Hat tip to the magnificent Borev bitches.

This link to an article written by John Lee entitled "Gold up to $893: Finally, the wait is over." This is because the dumbass who pretends to know about precious metals wrote it on September 18th 2008. He actually runs a fund and charges his clients commission, y'know. The P.T Barnum school of investment advice still going strong.

Spare a thought for John Lee, CFA

And that thought should be.........

Ever since I read these words written by Lee in February this year;

We can't regulate the patient who wants to overdose on painkillers. We shouldn’t over burden all banks with piles of rules designed to prevent a few outlaw borrowers either. Remove the government as the safety net and return the responsibility back to the people. Let the careless and the weak fall, isn’t that what capitalism, evolution, and free markets are all about? Until then, dollar will continue to lose value and gold and oil will continue to rise in dollar terms.

.....I've thought, "hey, that's just the kind of person the world doesn't need as a financial advisor". So I can now only assume Mr. Lee is supremely underwater thanks to his...

Gold up to $893: Finally, the Wait is Over

....call on September 18th that included such classics as, "I have been VERY careful in not calling a bottom, however I am confident now that the bottom is in, and things can unravel quickly if short stops are taken out, creating a squeeze."

I'm not normally a vindictive person, but this time I am. There are many people out there that have followed the erroneous advice of Lee and other tunnel-visioned goldbug heroes that have now lost a lot. I've been saddened to read bullboards recently where people say they've lost their homes, they've separated from their spouses, things of that ilk because of the losses they've incurred in gold stocks.

Ever since this blog started in March this year I've banged on the drum of capital preservation. I own gold. I own silver. I have a long-term portfolio. I have been in cash (not gold...cash) for weeks and weeks. That's what capital preservation means. Many of the goldbug folk hero writers preach their own variety of capital preservation of course, but none (or perhaps i should say very very few*) of them ever include "hold cash" as part of that capital preservation. That's because the dollar is fiat junk and evil and other such soapbox rubbish.

If you think their analysis is logical and maybe even true in the long-run, well that's fine. But look at where people like Lee have led you. Look carefully. Look again. And once you have, join me in a rousing chorus of "Shut the F*** Up One time, Will Ya?".


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*Offhand i can think on Ron Rosen, though there may be others. I'd include Gary from Biiwii but i'd be doing him a great disservice because he's not a guru and doesn't want to be one. Also he's not a goldbug writer anyway. He's made the case for holding T-bills many a time. He's someone who I truly respect.