Jesse’s Gold Daily and Silver Weekly – La Douleur du Monde

Jesse can always be counted on for balanced and mature commentary, and he does not disappoint here. Also, his charts are pieces of art as well as valuable tools.

29 June 2011

Gold Daily and Silver Weekly – La Douleur du Monde  

Very nice bounce in the metals as silver turned green for the week and gold also put in what looks to have the potential to form at least a temporary bottom. The miners in my portfolio added some serious leverage to the gains, despite the hedges. Those were increased into the close, as I remain skeptical of a sustained equity rally and any recovery in the real economy.

Scanning the ‘headlines’ in the blogosphere for news is becoming a little more time consuming, as sites seem more willing to post screaming headlines that prove very misleading once you actually read the story. That has always been a bit of tendency among the media, but it has moved from the Daily Post to the National Enquirer lately.

There was a web site I used to frequent that started allowing obvious trolls to post these sort of misleading headlines with great frequency, saying things like “Silver is getting slaughtered” when it was down twenty cents after a five dollar run, and so forth. As long as whatever their bias was had some commonality with the moderators bias. But it was distracting and time consuming. If something affects your trading negatively, get rid of it. That is one of the basic lessons I learned from Lyle Stuart on casino gambling.

Distractions can become more than annoyances, and can cost you money. This notion that all opinions are equally valid and valuable is romantic, egalitarian rubbish. Sure, its good to hear different perspectives, but not waste your time with baseless swill tossed out by someone too lazy or dishonest to put some work and diligence into it. You would not eat garbage off the street. Why would you read something that is of a similar character.

Expect this sort of hysteria to get worse. We are in a period when you either love the truth for itself, its own sake, or you do not. That does not mean you have to be right, because no one can be right all the time. But it does mean that you have a little more respect for the truth and yourself than to say things that are not true just to achieve your ends and get paid.

And as for the commentators on the financial news, and economists, and the Congress, I despair of almost anything they have to say. We are entering an age of pure propaganda and deceit for its own sake, when honor is just a quaint memory sacrificed on the altar of expedient greed.

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