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July 1st brings a strongly bullish signal on gold

My life, I realize suddenly, is July. Childhood is June, 
and old age is August, but here it is, July, and 
my life, this year, is July inside of July.
Rick Bass

Barry Ritholtz has decided to chirp in again on how gold has no bid. This has been an excellent contrarian signal all year, as the moment Ritholtz can't resist gloating on how badly gold's been doing is the day it ticks a bottom. 

Meanwhile, The World Complex brings you some real news on gold, the way China's stopping people from taking it out of the country. Truly interesting.

Chart of the day is... versus silver versus the S&P500, 2015 year to date (i.e. the first six months of the year):

Ain't that a thing? All the rah-rah love talk about the USA market, compared to all the trashtalk about owning precious metals, but give or take a lick and a spit they've performed exactly the same in the first two quarters of 2015.


Copa America 2015: The final

Home advantage is with Chile, they have decent players coming to form, but the cruel reality is that Argentina will beat Chile on Saturday and be the 2015 Copa America champions. 

This is not a difficult call.

Mo' chicken

On the back of yesterday's two Drachma's worth of thoughts on Greece, your humble scribe is sent a link by reader DK. The article is entitled 'Inherent Vice', it comes from Salient Partners, and it is must-read material, far and away the best thing I've read on the whole subject of Greek risk.

If you read one single thing on investment today, make it this. Thank you DK, most kind of you to give the headsup.

Silver miners versus silver in the first six months of 2015

The close later this afternoon marks the end of the first half of 2015 and as I rootled around this morning checking on things, it came to pass that I noticed how silver the metal hasn't done as badly as its recent negative publicity might suggest.

BUT...the mining companies producing silver suck. Here's a reasonably representative bunch of them and their NYSE tickers and as you can see, they're all down, the average fail is around at least 10% on the year to date. Some are a lot lower.


Abitibi Royalties (RZZ.v): Read the smallprint

My thanks to reader A who gave me the headsup on this stock's filing. Here's note 19 from the financials:

Cool huh? And you thought the self-serving Canadian Venture Exchange rip-off was dead, didn't you?


You will now recall the names of the newsletter writers that told you the sell-off a few days ago was a great buying opportunity. Examples include Louis Lobito Little Wolf James and Gwen Maven Preston.

Neither of whom have a single freaking clue about what they're messing with. Which is of course normal for the mining newsletter world.

IKN's two drachmas on Greece

A short segment from yesterday's intro to IKN320:

From the outside looking in (my viewpoint South of the Equator is as close to detached as they come in capitalist terms) I see Greece and Syriza playing a very big game of chicken with ECB/Troika/IMF. And Syriza is playing it well too, the snap call for a referendum is populist yes, it's cheap yes, it's a handing off of responsibility when the Euro exit hammer comes down yes, but it's also a reasonably astute chessmove that must have shaken its opposites hard. You have to wonder just how much Merkel, to name but one, is prepared to gamble (because it's now just that, it's very very high stakes gambling) on Greece today. And I repeat, the big gamble isn't whether Greece goes through a couple of tough years because that's a given whatever happens in the days ahead, austerity pill or Drachma pill. The big one is whether Greece follows the pattern of Argentina and Iceland and emerges economically robust and dynamic after a modest rough seas period. Whatever course be taken, Greece does not die tomorrow, nor next week. That's also true for the Euro tomorrow and next week. The acid test, the Euro and its potential to unravel, will be the economic progress of Greece if it's allowed to leave the Eurozone because the second any other Southern Eurozone member starts to feel jealous of Greece's lot, the game is over.