Precious Pyramid

So glad we've almost made it
So sad they had to fade it
Everybody wants to rule the world
--Tears for Fears

Consistent w/ the plan outlined last weekend, I initiated positions in both GLD and SLV and began 'pyramiding' into higher prices.

Both metals trade great right now. Short term pullbacks are being bought as prices stair step higher. This kind of action makes me thing that a strong trend may be forthcoming.

Perhaps it is becoming increasingly obvious to market participants that governments around the world will keep kicking the can down the road till the system breaks. As much as I would hope that the federal government will get off the spending/debt addiction, chance does not favor it. Plus this week the comments of EU officials suggests that they're all in in terms of keeping the union together (even Germany).

This means one thing: escalation of money printing.

Have also stepped up physical gold buying as my cash balances are looking less valuable by the day...

positions in GLD, SLV, UUP