Zero

For this month's version of hilarity, CNBS chose to bring back Wyatt Earp. The guy is seriously bad luck for the status quo Keynesians. The last time we saw him, back in December, the BLSBS came in surprising low. We discussed it then on the old blog:

http://tfmetalsreport.blogspot.com/2010/12/bls-bs.html

Today, Wyatt brings with him not just a surprisingly bad BLSBS, he manages to spread his bad luck back into last month's report, too. And it's not just a lousy payroll number of +5000 or +25000, it's ZERO. ZILCH. NADA. Somehow I think ZERO is even worse.

All of the talking heads (with the possible exception of David Byrne) will be spouting the BLSBS number today in their reports. But instead of the same old nonsense that has numbed virtually everyone who happens to be listening, today the only word people will hear is ZERO. Not "the economy gained 22,000 jobs" or "in August, the economy shed 5,000 jobs". No, today the sheep will hear ZERO. "The U.S. economy added ZERO jobs in August." Ouch. Neither The Shill nor The Coug could spin that one positively. The LIESman Shiny Head Index only hovered in the 3-4 range as even The Great LIESman was unable to find anything happy to say.

In the end, this should only serve to reinforce the prevailing opinion here. Namely, QE to infinity. There is no way out. Tax revenues will never, ever catch back up to the funding needs of government on any level be it federal, state or local. Printing and debasing is the only option. Protect yourself and warn others while there is still time.

Onto the charts. For personal reasons, Mister Hyde finds himself sitting mostly in cash. (His "status" will officially change next Friday so I would highly encourage all single lady turdites to send him a private message of congratulations.) Hyde asked me this morning if it was too late to buy. Two things to know:

1) It is never "too late" to buy the precious metals. Prices will be higher next month. They'll be higher by Thanksgiving. They'll be higher still in 2012. Well...you get the picture.

2) By virtue of today's price action, both charts looks extremely bullish. IF gold can close above 1880 or so and silver can close above 42.50, both metals looks poised to have exhilarating weeks next week. Keep in mind that most everyone will be back from "holiday" then, too, and we will see a significant increase in volume and open interest. With OI already so low in both metals, you can safely assume which side of the OI will expand.

paper_9-2amgold.jpgpaper_9-2amsilv.jpg

Lastly, I mentioned above the idea of "private messaging". I promised you last month that we would add this feature as well as an "ignore user" function. In case you haven't noticed, both options are now available. The Turd listens and acts! Thanks to the Tech Team for implementing these additions and thanks to all who supported last month's Turdathon to raise the necessary funds to help cover the costs. We are still taking improvement suggestions and I hope to have more projects and Turdathons soon. I'll keep you posted.

I have lasts of 1879 and 42.88 so we definitely have a rooting interest in today's action. Have a great day. Have a fun day. Smile and be happy. TF

1188 Comments

showtime's picture

First

First!

Vincent's picture

№1

Thanks TF!!!

bigmark99's picture

thank you

thank you for the information. buying more silver.

Golden Turtle's picture

Great call!

I swear, if TF gets taken out by the powers that be, I am going to be a very upset trader. 

In a land of blatant manipulation, where the big players no what the price of silver and gold will be days and weeks in advance, there was one man who broke from the dark side and joined the rebellion. 

His name was: Turd Ferguson.

schmederling's picture

Nice!!!!

and the music play on....... but I smell a DIP coming....

taoJones's picture

re: the shenanigans surrounding SVM

...looks like a page out of the Muddy-Waters-vs-Sino-Forest book...

Tesla's picture

Good Morning Turd!

Thanks Man!

FFF's picture

We can only HOPE that SVM is buying

WE can only HOPE that SVM is buying every one of these shares being "sold" this morning.  Silver and gold (the metal) up huge and SVM tanks????

No manipulation there!!!

flaunt's picture

Turd, did I read that

Turd, did I read that correctly?  You're mostly in CASH?? 

I love seeing the general stock market plummet while the gold and silver stocks are surging along with the metals.  I'm still a little worried about the dollar breaking out of that wedge to the upside though.  What effect do you think that will have on the metals, if any?

Dr G's picture

Holy S, Turd. Your posts just

Holy S, Turd. Your posts just keep getting better. The actual metals/economic content aside (which is fantastic content!), your writing is just hilarious. I needed a good laugh this morning. Just a million hat-tips to you, sir.

Eric Original's picture

My favorite picture of gold and silver shorts

dolphindude's picture

Just loaded up on Sprott

Now that gold and silver are making a move. Thanks Turd for showing when to pull the trigger.

Dr G's picture

@flaunt

Mister Hyde is in cash, not the Turd.

From the "Turdisms" link above: Mr. Hyde: My friend who is a regular Dr. Jekyll 99% of the time but 1% of the time, particularly when he is drinking and/or gambling, morphs into Mister Hyde.

[EDIT: Dammit, those stupid ETFs. Of course the metals go rocket and then they dip right as the market opens so I'm not getting any action on SLV]

Eric Original's picture

HUI quotes seem glitchy again

HUI quotes seem glitchy again today.  Here's one that works.

http://www.bloomberg.com/apps/quote?ticker=HUI:IND

ScottJ's picture

Thanks Turd - Keep up the good work

Your thesis proved its merit, while my warnings came out unjustified.  For the sake of my portfolio and my bullishness for metals, I am glad you were right :)

My warnings of a beatdown for NFP turned out to be nothing more than a the wind blowing in the air....

Times are definitely different!  The trend is bucking.

I feel like this person right now.... :)

-
Cheers,

Scott J

Turd Ferguson's picture

NONONO

MODERATOR

Not me...Hyde. Hyde is in cash.

My only frustration is that I was hoping to buy more Oct gold calls yesterday at 1810 and I never got filled. angry

Tom L's picture

SVM $8.50

and rising. The volume is not slowing up.  It looks like 618-9 is the first resistance test for the HUI>  KGC is flirting with the interim high around $17.65.  MFN won't push above $17.37.

The level to watch closely is $8.00 on HL.  Huge OI on the short side in Sept HL puts.  If that busts, HL will run quickly, especially if Silver can stay above the $42.40 level.

Ta,

Tecumseh's picture

Miners?

Turd:  GDX, GDXJ, SLW. . .   any thoughts on where the miners are going in coming days, weeks, months?

Turd Ferguson's picture

Since no one has picked up on this yet

MODERATOR

Figured I'd add it myself. This was a big sound for The Turd back in 1984. Ole Dave's haircut even reminds me of the style a college-age Turd had, too. Wow, that was a long time ago. Great song, though. Great concert movie, too.

Turd Ferguson's picture

UP

MODERATOR

UP

Response to: Miners?
Tom L's picture

@Tecumseh

If the HUI closes above 610 and the XAU above 221 that would be a techincal breakout on the weekly chart out of a massive formation.  Embry's call of a double on the HUI then comes into focus.

This is an enormous moment in time.

Ta,

flaunt's picture

Oh sorry man.  Damn it, I

Oh sorry man.  Damn it, I seem to be missing things today while reading people's posts.  I think I need to just STFU for awhile.  :)

Anyway, any thoughts about the POSX?  It seems to be confirming yesterday's upside breakout.

FFF's picture

HUI gapped up to 618.72

WOWSERS!!

And poor SVM is down .11...come on buyback program, time to smoke some short bacon!!

Turd Ferguson's picture

Confirmation

MODERATOR

For confirmation of the opinion stated above, please check out the headline on The Drudge Report:

http://www.drudgereport.com/

Tom L's picture

@scottJ

Hey, you called it like you saw it and everyone here appreciates your work.  Whoever called the oil beatdown on NFP was a good one.  But, $85.50 isn't much of a worry, really.  Below $83 and I get worried for my PGH Oct calls.

Ta,

OC15's picture

FFF

What site are you using to follow HUI?  Yahoo shows it at 603 and MSN has it at 598

duckwomanloulou's picture

Talking Heads

Big talking heads fan here - also from college days.

This one seems kind of apt:

Lou

Strongsidejedi's picture

Long Weekend for the USA

Any sense from the board on whether to hold long over the weekend or to go long(er) later today?

Elijah Craig 18's picture

Santelli rant on governement $ printing

CNBS turns my stomach, but every once in a while there's a gem.  QE to infinity anyone? Not Santelli ;-)

Rick Santelli video rant from this morning: http://video.cnbc.com/gallery/?video=3000043439

ReachWest's picture

SVM Oddities

Wow - the SVM oddities continue getting thicker - now an anonymous letter to the Ontario Securities Commission and SVM responds with posting of their bank statements (from BMO) etc to prove that they have the cash on hand that they claim.

Hope this is a smear job - I don't like this kind of drama with any stock I'm holding (I opened a small position yesterday).

http://silvercorpmetals.com/news/2011/index.php?&content_id=304

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