Tuesday, November 9, 2010

Mr. Toad's Wild Ride...

What a wild day in the markets. As I mentioned in the wee hours of the morning (see last post), "I will be stunned if the immediate response is not a gigantic spike in precious metals later today."

Silver soared to $29.25 from yesterday's close of $27.72, a huge spike, up almost $1.60.

Then there were two formal attempts to engineer a price sell off.

By the time the day was done, Silver settled at $26.80, down almost $1 from yesterday's close.

As I said on the weekend, the watchword for what lies ahead is volatility. We are going to see violent swings in all areas.

For the inflation vs deflation fans, yesterday Peter Schiff and Robert Prechter carried out a 15-20 minute debate on Schiff's radio show. While both agreed that the US is doomed, Schiff argued for inflation and Prechter argued for deflation. It was a very civil debate and far more in depth than anything you might hear on CNBC.


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  1. I enjoyed the debate between Schiff and Prector and it seems to come down to whether or not the money printing will continue. Schiff thinks the US will just keep monetizing, while Prector feels the government will not go that far. Both feel the US is going to collapse.
    My vote is on Schiff as we know the US has already inflated away most of the value of the US dollar since 1913 and ending QE is
    not politically expedient.

  2. You need a blog roll so you will get some reciprocation. More people will find you... and start to use this page as a jump point if you do. Financial Insights seems like a good start.


  3. I have given thought to a blog roll, thanks for the suggestion.

    Ben Rabidoux's blog 'Financial Insights' is a good site and worth checking out on a daily basis.

    Anon... glad you enjoyed the link to Schiff/Prechter.