NMMM Finance Notes: 2009-01

2009-01-30

Gold

Gold currently at the "resistance" point. We will see if ths next line will be broken.
Quick check shows that horizontal resistance from previous peak from NOV.2008 is STILL not broken as well ($928 or even $930). Today's high was $927.

2009-01-29

Zimbabwe abandons its currency

Via honestmoneyreport.com forum,
thanks Dupontgaf

Zimbabweans will be allowed to conduct business in other currencies, alongside the Zimbabwe dollar, in an effort to stem the country's runaway inflation.

The announcement was made by acting Finance Minister Patrick Chinamasa.

BBC southern Africa correspondent Peter Biles says the Zimbabwean dollar has become a laughing stock. A Z$100 trillion note was recently introduced.

Until now only licensed businesses could accept foreign currencies, although it was common practice.

Mr Chinamasa made the announcement as he delivered the budget to parliament.

"In line with the prevailing practices by the general public, government is therefore allowing the use of multiple foreign currencies for business transactions alongside the Zimbabwean dollar," he said.

Gold

Gold weekly

To avoid confusion with gold charts posted 3 days ago, you must note following - brown lines are same lines as on previous weekly chart. Pink (red like) lines are the lines as of previous daily chart. Gold indeed tested $880 and currently bouneced to $895-900 level.

Hedge funds offer to price in gold

A hedge fund has begun offering investors the chance to have their investment denominated in gold, as worries grow over governments debasing their currencies by printing money.
http://www.ft.com/cms/s/0/efe1a910-ed98-11dd-bd60-0000779fd2ac.html?nclick_check=1

2009-01-25

Penn West Still Shaky After Cutting Distribution

http://seekingalpha.com/article/112409-penn-west-still-shaky-after-cutting-distribution?source=yahoo

2009-01-23

Interesting gold:oil:dollar chart

Chart shows Oil denominated in Gold, Oil denominated to USD index, and below - USD and Gold.
Interesting thing is that from the high, oil fell in similar percentage in both gold and usd (from 0.16 to 0.05 oz or $147-$35). At the same time gold falling ($960-$850 - todays raise not shown) and usd raising ($70-$88).

Dow / Gold ratio

Dow / Gold ratio = 8.98
at the time I wrote US Stock Market Gold Cycles 1850-2013 was ~15.

Gold breaks out :)

Gold just hit *near* all time high in EURO (see $GOLD:$XEU in stockcharts), also hit all time high in GBP.

Second one I can not confirm because I do not know stockcharts.com code for GBP.

Also the triangle is broken now :-) , we may expect now gold to test in (~$880) and then eventual raise to 1040 is on the way.

Gold charts

Daily:

We are at the orange dot now. Shall the triangle be broken now?

Weekly:

Weekly chart show lower highs and lower lows. However trend of 2006 is still in tact.

BNN interviews Mark Bailey

BNN interviews Mark Bailey, President and CEO, Minefinders for more on their Dolores project in Mexico...
http://watch.bnn.ca/#clip132186

2009-01-22

Misc

I finally clear most of the things from the beginning of the year, I hope I will write some more here...

Readings

Russia and crysis
In Bulgarian
http://ikonomika.org/?p=1910
Original in English
http://www.economist.com/world/europe/displaystory.cfm?story_id=12856506

BOJ Considers Buying Corporate Bonds
from Calculated Risk by CalculatedRisk
http://feedproxy.google.com/~r/CalculatedRisk/~3/75XpD99X5NE/boj-considers-buying-corporate-bonds.html

Jim Rogers: "The UK is finished"
from Reality Lenses by pej
http://feeds.feedburner.com/~r/RealityLenses/~3/518095904/jim-rogers-uk-is-finished.html

Pound Sinks As Britain Teeters On Edge Of Bankruptcy
from Mish's Global Economic Trend Analysis by Michael Shedlock
http://feeds.feedburner.com/~r/MishsGlobalEconomicTrendAnalysis/~3/519197501/pound-sinks-as-britain-teeters-on-edge.html

Momentous Day
from Red-Hot Resources by Sean Brodrick
http://redhotresources.blogspot.com/2009/01/momentous-day.html
Misc news from yesterday

Gold Making Lower Highs and Lower Lows
from The Martin Market Report by Martin
http://martinmarketreport.blogspot.com/2009/01/gold-making-lower-highs-and-lower-lows.html

Yellow Gold vs Crude Black Gold, Who's Ready to Rally
by Chris Vermeulen
http://www.safehaven.com/article-12380.htm

Gold/Silver/USD Market Update
by Clive Maund
http://www.safehaven.com/article-12379.htm
...and...
http://www.safehaven.com/article-12378.htm
H&S bottom in Gold, but H&S top in Silver

2009-01-20

Uncle Jay Explains... Momentus and the Obamania

Bonne Chance Amerika

Bonne Chance Amerika!!!

Penn West Interview

Open:
http://www.zapatageorge.com/zapatag/web_radio

Go to "January 10, 2009".
Click on "First Segment".
Click on "Streaming Audio" - a dhtml player will open (a black rectangle).
Mouse over the player (the black rectangle). Click Play (triangle button).

2009-01-16

Weekend song - The last unicorn

America (band): The last unicorn

Auto Bailout

US Airways Plane Crashes Into Hudson River (video)

Airplane crash-lands into Hudson River

all aboard reported safe...
http://edition.cnn.com/2009/US/01/15/new.york.plane.crash/index.html

2009-01-15

Steve Jobs Can't Be Trusted

http://finance.yahoo.com/tech-ticker/article/158829/Steve-Jobs-Can't-Be-Trusted-But-'Real-Crime'-by-Board-Nocera-Says?tickers=AAPL,QQQQ,XLK,SPY,%5EDJI,%5EIXIC,MSFT

Readings

Bankruptcy Tsunami Predicted for ‘09
from Lawinfo Weblog by Lindsey
http://feeds.feedburner.com/~r/LawinfoWeblog/~3/511840797/
Note this is not a trading blog, but legal one.

Dubai freezes salaries, boosts spending 42%
by peterjcooper
http://arabianmoney.net/2009/01/11/dubai-freezes-salaries-boosts-spending-42/

Dubai property crash serious but not terminal
by peterjcooper
http://arabianmoney.net/2009/01/04/dubai-property-crash-serious-but-not-terminal/

New GCC single currency agreed, will it include gold?
by peterjcooper
http://arabianmoney.net/2008/12/31/new-gcc-single-currency-agreed-will-it-include-gold/
Gulf Cooperation Council leaders yesterday concluded their 29th annual summit meeting in Muscat, Oman with a final approval for the creation of a single currency for the six-nation economic bloc...

Goldcorp...
by Gary from biiwii.com
http://biiwii.blogspot.com/2009/01/goldcorp.html

Gold using GLD as a proxy
by Gary from biiwii.com
http://feeds.feedburner.com/~r/BiiwiicomNotes/~3/509901248/gold-using-gld-as-proxy.html
(same picture as GG)

HUI - at resistance again
by Gary from biiwii.com
http://feeds.feedburner.com/~r/BiiwiicomNotes/~3/498595697/hui-at-resistance-again.html
30.DEC

Stimulate the Economy?
by Jim in San Marcos
http://greatdepression2006.blogspot.com/2008/12/stimulate-economy.html
Joke... or may be not ;)

Why Oil Should Go Lower
by Sean Brodrick
http://redhotresources.blogspot.com/2009/01/why-oil-should-go-lower.html
strange he is bearish
(reprinted)

Is Gold Poised for a Pullback?
by Sean Brodrick
http://redhotresources.blogspot.com/2009/01/is-gold-poised-for-pullback.html
strange he is bearish

Check out current salaries for different jobs, but payday loans can help you between jobs

Two off topic links

Police set to step up hacking of home PCs
http://www.timesonline.co.uk/tol/news/politics/article5439604.ece

The Real Price of Gold
National Geographic
http://ngm.nationalgeographic.com/2009/01/gold/larmer-text

2008 in Review from Uncle Jay

Oil readings

At 1000 Barrels of Oil Per Second
http://oildepletiondebate.blogspot.com/2008/02/at-1000-barrels-of-oil-per-second.html

A (interactive) Map of the Oil World
http://www.nytimes.com/interactive/2007/11/06/business/20071107_WINNERSLOSERS_GRAPHIC.html Good job, even includes Bulgaria.
However I did not know Germany have oil.

Oil Service HOLDRS Trust (AMEX: OIH) Reverses Bullish Pattern
By Dr. Joe Duarte
http://www.joe-duarte.com/saved_newsletters/2009_01/090113PR.html

Why Oil Should Go Lower
by Sean Brodrick
http://redhotresources.blogspot.com/2009/01/why-oil-should-go-lower.html

2009-01-14

Bulgarian readings

In Bulgarian:

Латвия: 25% намаление на заплатите
from Блогът за икономика by Георги Ангелов
http://ikonomika.org/?p=1899

Жените да си стоят вкъщи?
from Блогът за икономика by Георги Ангелов
http://ikonomika.org/?p=1872

Колко хубаво, че Стависки влиза в затвора (уроците на демокрацията)
from .:: ju ::. by ju
http://blog.ju-lian.info/%d0%ba%d0%be%d0%bb%d0%ba%d0%be-%d1%85%d1%83%d0%b1%d0%b0%d0%b2%d0%be-%d1%87%d0%b5-%d1%81%d1%82%d0%b0%d0%b2%d0%b8%d1%81%d0%ba%d0%b8-%d0%b2%d0%bb%d0%b8%d0%b7%d0%b0-%d0%b2-%d0%b7%d0%b0%d1%82%d0%b2%d0%be/

Алеко Константинов: Честита Нова година!
from e-vestnik.bg by e-vestnik.bg
http://e-vestnik.bg/5308

Бойко Борисов и протестите - 2
from Бойко Борисов by Bashtata na balgarskata demokracia
http://boikob.blogspot.com/2009/01/2.html
(Малко е реакционно, ама айде... :-) )

Dow / Gold ratio update

Dow / Gold ratio = 10.07
at the time I wrote US Stock Market Gold Cycles 1850-2013 was ~15.

Financing, Warrants and Naked Shorts

This is very interesting post, it is "almost" legal to do Naked Short.
It is *not* Minefinders related.
http://agoracom.com/ir/Minefinders/forums/discussion/topics/299761-some-thoughts-on-recent-price-action/messages/1035077#message

2009-01-08

BNN interviews

BNN interviews Paul van Eeden
http://watch.bnn.ca/clip124228

Oil Sands Development
http://watch.bnn.ca/clip127884

2009-01-07

New Bulgarian article

My new article for Russian-Ukraine gas crisis in Europe:
Голямата газова игра на Големия брат

Platinum again over $1000

Platinum again over $1000 on speculations of supply destruction.
Raise is not thaaaat much ($100 for 3 days), but if you see 1 mo chart performance is very good - 20% for 1 mo ;-)