There isn't much to say here either than I said on Friday we would have a week long holiday lower volume each day rally. That came and passed like clockwork. I had no clue the gains would be so huge in such a short amount of time but in this market you get used to anything and everything.
About the only thing that never changes the past few months has been the news. The news has been downright extremely negative and the negativity has reached a point that it is effecting me and might be having a negative impact in my trading.
I am not used to being a professional investor with a paid website. I am not used to having others be in my trades and see the same thing I see. Now many of you can see exactly what I see and I wonder if that is dangerous or if it is just the signs of the times of the market we are in.
I am sure when the market changes to a real bullish uptrend--and not this short-term short-squeezing lower volume each day rally we have now--we will see everything working again, like it should. However, for now things are a bit crazy and that has everyone a little sketchy despite the holiday season.
Well, yesterday, a very intelligent Gold subscriber posted a little gem on the forums that I think everyone should read only to know that no matter how bad you think it is the reality is much different than it appears.
Thank you, Eric for your contribution. I am sure many will find it very entertaining and hopefully a little enlightening. Things are only as bad as you make them. Thank you, Eric, once again. I will see everyone on Monday. Enjoy the post below and check back for the Free Youtube Video that should be up before Saturday morning. And don't forget if you want to give anyone the gift of learning how to invest for themselves and never having to rely on Wall Street for ANYTHING ever again, we are running a Christmas special for the month of December. I hope everyone had a great Thanksgiving! Aloha!
Post from Ericoleman on the Gold Forums, on Thanksgiving:
Hey guys.
Hope everyone is having a good day. I just thought I'd chime in with some thoughts and observations.
First, there is a lot of truth in the arguments of people such as Peter Schiff, and yes, unfortuantely they've been right on certain things. But I seriously don't think we should start comparing America to Zimbabwe.
Why? Well I've been to Zimbabwe and other parts of southern Africa and the comparison is just silly. For example, Zimbabwe is a landlocked country without any ports which makes international trade a lot more difficult. America has access to both the Atlantic and Pacific Oceans with many heavily travelled ports. Also, they've been an independent nation for less than 50 years, while America has been a nation for over 200 years with just one constitution.
Parts of southern Africa, like Botswana, have upwards of 30% of their populations infected with AIDS or HIV. I'm sorry, but we just don't have that problem here, which is very good. America is also one of the breadbaskets of the world, which means we can not only provide enough food for ourselves, but for export to other parts of the world. Zimbabwe cannot say the same.
The literacy rates in places like Zimbabwe and India are far below those of the USA, not to mention the fact that girls are actually allowed to attend school en masse. And despite problems in our education system, we have a wide variety of options for expanding our educations.
I've been to Singapore, too, and I can tell you, they geographically don't have the room for growth that we are capable of. Not to mention that to ever own a piece of property, which in all likelihood would be a condo or flat, you have to take a mortgage that lasts 40-100 years.
There are a serious number of challenges and imbalances that have piled up over the years, but we just pigeonhole ourselves by comparing ourselves to a place like Zimbabwe. And despite currency and market challenges, America has hell of a lot going for it. Even the perma-bears will eventually realize that pessimism leaves everyone broke. It may take over a decade to work off some of the excesses that have piled up and it probably won't be that fun. But I've been to almost every continent and over 30 countries, and I can say that America is unique. Remember that the turbulence of the 60's and 70's gave birth to some of the founders of America's greatest companies (Apple and Microsoft for example). So now is not the time to give up.
Anyways, just wanted to say that whatever may come, America has some serious competitive advantages and I think America is here to stay, even if a worst case scenario plays out. I'm also encouraged by Obama bringing Paul Volcker into the fold as well as keeping Robert Gates on, which is an encouraging sign of bipartisanship. I personally hope we get a new SEC chairman and can keep TRANSPARENCY in the market. Also, does anyone else think it is ridiculous that hedge funds and I-banks were allowed to leverage up 40:1, which is a big culprit in this whole mess?
Also remember that Peter Schiff was recommending the New Zealand dollar before it tanked and NZT at 15 (now at 6.50). Good luck everyone and thanks for all the hard work Josh.
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