Nobody is telling the truth these days. From Wall Street to Washington to the clowns in Europe, the truth is nowhere to be found. That means… it’s time for gold.
Why don’t people tell the truth anymore? It seems like every day, we’re hearing some BS story of how the blame should be put on someone else’s shoulders.
We see this in politics all the time, but we’ve come to expect lies and manipulation from Washington.
What are getting more prolific are the lies coming from Wall Street.
Of course, we know these characters weren’t choirboys to begin with, but we’ve turned a blind eye to the lies that the Corporate Elite tell. They’re the moneymakers, right? The job creators? Well, now, some of them are lying to customers’ faces.
For example:
“Their plight weighs on my mind every day — every hour. I simply do not know where the money is, or why the accounts have not been reconciled to date.”
This quote is from Jon Corzine, former CEO of MF Global (and former U.S. senator), in his first statement since MF Global went bankrupt on Oct. 31 and lost hundreds of millions of dollars of customers’ money.
It is ridiculous… an absolute sham.
And to say these insincere words is a huge injustice to the people he swindled.
Swindled isn’t too harsh a word, either. The Chicago Mercantile Exchange is accusing Corzine and MF Global of using customer funds for company trades. And we all know how poorly those trades went.
If Corzine means he doesn’t know what the folks on the other side of his company’s trades did with the profits they made from MF Global’s bad trades, then he’s telling the truth…
He doesn’t know where that money is.
But come on, folks… This former senator knows what to say, how to act. It’s just that our ears have become highly sensitized to baloney.
“Every hour”… really? It doesn’t make anyone feel good to be patronized — especially after you’ve taken them to the cleaners.
So Corzine can go on telling congressional committees that he’s not an accountant, and that he was “stunned” to find out that customers’ money was missing. We got more important things to do… like make smart investment decisions.
All the more so when someone like Corzine can be at the helm of a brokerage.
One of the most important things we’ve been trying to hammer home is to have a solid investment plan, with specific entry and exit strategies to help you stay focused. It’s also important to choose your help wisely.
For Jared A. Levy, editor of Option Strategies Weekly, this philosophy has helped him take down winner after winner for his readers:
OSW continues to find winners over and over again in this extremely difficult market. I say this not to gloat, but to perhaps remind you just how confusing this climate is and how important it is to have guidance…
Over the past several weeks, [none of the “experts”] are comfortable picking a direction for the stock market or the outcome of Europe’s complex problems.
This is encouraging in my eyes because it seems everyone wants to stay in cash, and yet we continue to reap serious rewards. Last week’s winners, which included the FXE puts with a 45% gain, both CMG positions at about 30% and our CNQR puts at a small gain, really made the Thanksgiving holiday all the better.
That’s particularly true of the situation in Europe. Its future is getting increasingly unstable and folks, including Jared, are expecting some kind of collapse.
And by the way, the news recently that France is willing to sign a new EU treaty with only 17 members instead of 27 shouldn’t be considered a victory. There will be a lot of pain with that move, and who knows if it would actually work to stabilize the region and the currency.
It doesn’t help that the U.S. is practically giving away dollars to help “shore up” EU loans.
This is making all kinds of havoc for dollar-denominated assets and currency trading. It’s like a race to the bottom for both the dollar and the euro.
That’s why we’ve seen gold trade like this:
Up and down over the past four months. But we’re starting to see these wild swings get tighter and tighter, like a spring.
This is a symmetrical triangle pattern. I’ve marked the lines in purple, and it can break out of these lines both to the upside and to the downside. That’s the tricky part… And that’s why this currency manipulation can be such a thorn in the side of traders and investors.
Gold is approaching a breakout point. It can’t coil much longer — it’s already deep in the triangle. Gold is going to break out.
With all the uncertainty around the EU and our ongoing economic problems here in the U.S., our bet is gold will move higher from here. My concern, though, is how quickly and smoothly that move will be.
The problem with triangle patterns is they set up many points of resistance. All those times gold touched that top trend line and fell back? Those points could make it harder for gold to move higher.
The currency manipulation will continue, and that will also make the road a little rough. Traders should choose their strategies wisely.
Option Strategies Weekly members have Jared to guide them, and I recommend you check out his service that just issued a trade on gold.
In choppy times, the strategy and the guidance are what help you lower risk and increase your potential for gains.
P.S. On Dec. 20, 2011, we’ll be making a special announcement to readers. To learn all the details on what it involves and how it can save you as much as $133,000, put your name on our list of advanced registered recipients of the announcement. Go right here. We’ll send you details.