Neumie we’ve been back and forth about how the industrials and consumer discretionary names gave up the ghost immediately after going up in a straight line, especially the industrials. Look at some of these industrials $GNRC $GE straight down relentlessly on massive volume. Oversold? You betcha. Would I buy them for anything more than a 50%% retracement? No way. Do I hink highs are in for the year? Yup. Am I surprised the VIX is still a teenager? Yup. Bought insurance two weeks ago against my longs to lock in gains for the year. On a somewhat unrelated but still related to the big sea of liquidity discussion, guess who is coming to town for lavish lunches and dinners? None other than KKR BAM BX crew looking to tell us retail muppets about what a great diversifier PE wouild be for our clients’ portfolios, (especially at this point of the cycle 😉) Never mind that when the getting’ was good& money was free, the house wouldn’t let retail near PE. But now they are an “Alt Diversifier” and peddled to the mass affluent who will be left holding the bag. All of the above plus the bondeleros have given Warsh his marching papers. means business until things start to break and then it will be back to easy money and balloon the balance sheet. In the interim, Warsh can see what we all can see. USD best house in the ghetto for now. Liquidity out of control as evidence by retail options volumes, “real inflation” on top of an already 40% incineration of purchasing power that we both know is smashing the “lower K” putting dreams on hold and sending housing/family formation tumbling. Some crazy vicious cycle driven by aftermath of 15 years of free money and horrific economic and fiscal policy On a personal level, stopped out of my silver and gold etfs today. $PHYS $PSLV which I use as tactical trading vehicles quickly moving my gold and silver exposure +/- 10%. Still long $WPM $FNV and underweight after selling 1/3 last week. Too early to buy for sure. Continue to systematically stack physical gold and silver but will be buying my lowest unit amount. Gold and silver look vulnerable here and if the bond market doesn’t cooperate we might get 50 next time. Sometimes it feels like we are smack dab in the middle of a Warren Zevon song. Miss him more every day.

$GLD just flipped green for day Senior producers and juniors en fuego all day Have posted regularly about portfolio positions $WPM $FNV Trimmed a bit more Wheaton which is remainder of my last tranche purchase little less than a month ago +52%. Still long core position https://t.co/jS798JcTyT

@david_parker They will eventually need to resort to capital controls. Continue to convert CAD peso to physical gold and silver systematically.

At 2% inflation, assuming you buy the data, prices double every 36 years. It’s why I systematically buy physical gold and silver every month. In any event, only way out from under crushing debt for western governments is to inflate their way out. We are told inflation is 3%. Anything in your basket of goods and services +3% or less yr/yr?

Repeat after me….. They will inflate the $39T of debt away. M2 already ramped, QE just starting. Tells - $DXY $TNX $TYX $SLV $GLD https://t.co/6UYjohgzuo