ебать! 他妈的 !! באַרען !!!
I'll always remember where I was when silver was crushed for $6 on the Sunday night back in April. I'm sure that I'll never forget the past two days, either. These are amazing times to be alive. Historic.
The main thing that surprises me about all of this is the fact that it is so surprising. I would never have expected a two-day, 25% drop in silver when the open interest on Wednesday was only 111,500 contracts. Similarly, how can gold fall over $200 when the open interest before the fall was under 500,000. The question we need to answer is: Who/what is selling? We'll have to wait to see the Open Interest numbers this afternoon to see where we stood after yesterday and we'll have to wait until Monday for today's numbers. To hear the pundits talk, the PM "bubble" has finally burst as "investors flee for the exits". If that's truly the case, then the OI numbers we get on Monday should show total silver OI of around 80,000 contracts. Gold should drop to something under 450,000. If the OI numbers come in flat to only slightly down, then we've not simply seen a bubble pop. We will have witnessed, over the past 48 hours, a massive manipulative short-selling spree the likes of which we've never seen before. I'll leave it at that for now because it would be useless to speculate further before we see the actual numbers on Monday.
At any rate, the pre-close drop we discussed on the earlier thread did, in fact, materialize earlier as gold briefly touched 1632 about 90 minutes ago. With that behind us, the worst may be over. May be over. The gap on the daily chart from 8/7 has finally been filled and all of this certainly appears overdone. However, do not be surprised by some follow-through selling Sunday night and into Monday. There will be a sharp rebound next week, of that you can be certain, but I would thoroughly discourage you from trying to catch it. In the immortal words of the 70s icons, Paper Lace: Billy, don't be a hero!
The beating that silver has taken is simply preposterous. I'm not even going to try to explain it other than to state again: When the regulators don't care and the market is dominated by JPMs tenuous short position, periods like these are going to continue to happen. Does that mean your physical silver is a stupid investment? Hell no! But if you're going to base your happiness, sanity and willingness to protect yourself financially upon the whims of an unfairly manipulated, 100:1 leveraged paper silver futures market, maybe you should just give up and head back over to Y! Finance and Mad Money. If you truly believe as I do that we are in the death throes of the Keynesian Experiment, you'll use this opportunity to stack even more physical and laugh at the absurd irrationality of the last two days.
That's all for today. Please be sure to check the site tomorrow morning as I will be publishing another TF Metals Report podcast for your enjoyment. It's about an hour long and well worth the listen. Have a great Friday evening and be sure to keep it all in perspective. TF
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Comments
1st
1st
sorry could not resist
sorry could not resist
Thanks Thanks Thanks TF
Thanks TF!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
I'm laughing,...but it still
I'm laughing,...but it still hurts.
Possible central bank raid
Preparation for QE3 which may very well be needed to save the stock market.
It's called Bizarro World
It's called Bizarro World Turd.
China has got to be laughing
China has got to be laughing at our stupidity in driving PM prices lower for their purchases for their future preparation of PM backed currency.
TF! Turd!
Turd I buy gold and silver now ________ much, it is a lot of!!!
Exactly!
100% correct
@sheeple (and all) - Rockets-Nuke
Here's the part of the layout I told you about
Celente
...is buying silver.
http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2011/9/23_KW...
Hey Turd are you going to
Hey Turd are you going to have a section for your archived interviews? Please do. It would be handy to have a place that links to them all. Thanks in advance!
I can't f'in believe this crap
Our finance guy at my company (very huge computer company) just walked by my cube at work (don't really know him, just of him), but he said "BUT ALL THE FUNDAMENTALS ARE STILL THERE". I just grinned. I can't even look any more today.
Stay the course
Buy the dip. I wanna get physical, physical, let me hear your body talk. The public body. For any of your friends waiting to buy soon is a great time.
Don't despair
Keep on stacking and don't despair, easy money will end soon
Random Quotes
"The crisis takes a much longer time coming than you think, and then it happens much faster than you would have thought."
Rudiger Dornbusch, MIT Economist
Honestly, from my very
Honestly, from my very uneducated and meager place here. I believe it would be a very good idea to stop trying to use technical analysis to predict the movement of silver.
I only say this, because I believe it gives newbies a false impression that this market can succesfully be played. All focus should be on more of a macro level and less of a micro level in predicting the price action.
Just my thoughts. Not trying to be critical.
@BSD - If there's one thing
@BSD - If there's one thing I've always try to do, in the morning when I go to take a hot shower, I thank God for the shower, the water, and the fact that it's hot.
Sad though, a lesson of human history is that we go to God, get many blessings, we squander those blessings, turn from God, then wonder why the blessings stop. Then comes punishment and exile until we get our heads straight again.
mr gambini ferguson
Mr. Gambini, that is a lucid, intelligent, well-thought-out objection!
What happens to the f'ing
What happens to the f'ing 'solid floor' @1715 quoted in the KWN interview. Probably the so called 'trader' was just another bullion bank stooge.
"a few minutes with Peter Grandich" [recorded hours ago]
http://corporateinterviews.com/interviews/AFewMinutesWithPeter23Septembe...
@IpreferPHYSS
I had people do that to me all the time at my last two jobs over the past ten years. In 2006(?) when gold first hit $700 and promptly got hit back into the $500s I heard it all.... when it corrected from $1033 to $770 ... same thing. I jusr re-iterated the same things I'd been saying to them and when the correction was nesrly done, bought a little more. Do I care about this correction in silver? Yes in current needs terms... in terms of my return on investment? NO.
The last time I stacked physical silver was at $16.84/oz... the bottom of the correction off of the $23 high in late 2008. My money since then has gone into chickens, goats and a garden.
Ta,
Eff it
Did some paper shopping. Couldn't help it.
EXK, SLW, PSLV all too low to pass up.
It's just my 101K after all. Monopoly money.
weekend
dont want to be flat. picking up slv calls 30-31. Looking for that 3:40 bounce. Have a restfull weekend all.
CPN
You said it. Its a human curse. Literally. We get to live in the midst of one history's tragedies. Believe me, in 200 years people are going to look back and say, what in Gods name were those foolish people doing. Didn't they learn from all the empires before them. What a stupid, stupid people. They had everything and squandered it for "stuff". Its an extremely heavy and painful burden to live in the midst of. Makes me weepy every time I write about it, (the whole cognitive dissonance thing I am guessing). I am just a big panzy I guess. But not a disillusioned or unprepared panzy:)
BSD
China laughing
Maybe so.
It could also be a pre-arranged thing between our Govt.'s. that allows China to take advantage of the manipulation because they continue to buy and hold our paper Treasuries to this day. It's just a thought and it wouldn't suprise me if we are giving them the opportunity. China knows exactly what is going on in the Crimex and PM's.
Their Premiere came here back in Dec./Jan. and it was pretty cozy at that point I recall. Just before that Jan. PM takedown also. Something about this reeks like TF said and I think Ben did just allow the shorts to cover and pile on in the other direction. And I think our Govt./CB has no problem with that part (China/PM's) of the relationship...for now.
We shall see, won't we?
If that short covering did happen, we may become witness to one of the most dramatic market moves we've ever witnessed, and that's saying a lot at this point.
@tread_w_care
Me too budda! Just phosphorus digits in my online brokerage RRSP account. Pulled another 5K cash out of it also to pay for tangibles... ;)
Averaging some into PHS.U today.
If Korean bankers are jumping, people are freaking and Turd is cursing in a number of different languages then it can't be an altogether bad time to buy... ;)
Cover margin calls - APMEX Mid Day commentary
Sorry if this was already posted, seems plausible...
http://www.apmex.com/Commentaries/700/Mid-Day-Gold-Silver-Market-Report-9-23-2011.aspx
Hedge Funds Are Driving Down Gold Prices – Hedge funds are selling gold and this is the number one reason why gold prices are down. The big question: “Are they selling because they are no longer bullish on gold or are they selling because they need to raise cash quickly and gold is a highly liquid asset?” Hedge funds not only need to raise cash to cover margin calls, in turbulent times like these, redemption requests increase and this too takes cash. Michael Gayed, Chief Investment Strategist for Pension Partners comments, “The tendency for individual hedge funds or anybody is to sell winners before they sell losers. What’s been one of the few winners this year? It’s been gold.” Not all funds are selling and there are still some strategists who predict gold to reach $2,300. After all, even with the pullback, gold is up over 20% for the year.
Art Cashin, Director of Floor Operations at UBS Financial Services, says there might be a Thursday –Monday scenario in play, that could cause a massive rally in the markets next week. Mr. Cashin explains that we might be about to experience this historical trading pattern. The Thursday-Monday pattern begins with a steep decline on Thursday with very high volume. Friday’s markets turn choppy (high volatility) and then weekend news sets the market up for a massive sell-off (capitulation) on Monday. The sell-off usually ends by Monday, but can extend into Tuesday. Shortly thereafter, capitulation is followed by a massive rally.
Trading account down prevents new funds
the new funds are stacking away!!!
GSR again
Interesting seeking alpha article from a while back but still relevant. The last para is a bit poignant though .....
http://seekingalpha.com/article/14922-is-the-old-gold-silver-ratio-of-16...
stackin stackin stackin
And I thought yesterday's buys were great, might be able to get even more for the fiat now. Gotta make lemonaide when they give you lemons.
word up Haole
also DCA'd down a bit on my PHYS and CEF.
If nothing else, oh the epic stories of Gloom, Despair and Agony on me I can tell at parties :). Rub my bankster friends' noses in it. So yeah, we got that going for us.
I wonder how many more times I'll fall for this before I figure out the joke is on me though . . .
Anybody know anything about Farm taxation? Thinking I'll take the hit, cash out, and go into farming.
Don't ya just love it.
This was posted at jsmineset facebook:
For Kicks - Help Me Mr. Congressman!
Called my US Rep's DC office (Martin Heinrich) and asked to talk to an aid that deals with SEC issues. Here's my response in a nut shell:
Me: Like to talk to an aid who deals with issues at the SEC; Receptionist: SEC?; Me: Yes. Securities and Excahnge Com.; R: About what?; M:The CFTC and actions in the gold and silver markets at the COMEX.; R: The what EX? The exchange run by the CME.; R: CME?; M: Yes, the Chicago Mercantile Exchange.; R: About what exactly?; M: About the moves in gold and silver prices over the last 48 hours....
And so it went. Never got to talk to an aid, and she was about to hang up on me without taking a phone number. This about sums up current governance at the Federal level. God Help Us All.
Turd, definitely interview Mike Krieger if you can
that's a podcast I'd love to hear. As far as silver: you said it, preposterous. 25% down in 2 days, I guess global electronics manufacturers have found a replacement. Who the hell needs silver anyway?
Just sell it to me.
Don't wait too long folks, this thing begins to turn next Tuesday PM. Some of the deals out there now are crazy, use the next 15 minutes wisely.
Good hunting
@ Turd
I strongly feel that TA does not apply on this momentous week. If it is, then it could actually be working against us since the TPTB knows full well that hedge funds and others would be using it. I can sense something real big brewing this weekend. Greece and Italy blowing up and Euro crumbling is a strong probability.
This could just be a temp smack of PMs that will end today. At least I hope so.
At the meantime, Keep stacking everyone. If no more powder left, hang on to your 'horses'!
Can anyone here shed some
Can anyone here shed some light on what Armstrong means by, PSXCO, OCO & IDPSX on page 15 of his latest gold computer report? Thanks in advance.
MARGIN CALLS
Current Apmex Silver Inventory
I will update you guys on Sunday, I suspect it may be a lot lower if not zero. That or maybe higher premiums... let's see!
155,000 x ~35 = $5,425,000.
Current APMEX 2011 Silver Count: (Looks like about a 4-5$ Premium on eagles, 3-4$ premium on maples).
2011 Maple Leaves: 22,474
2011 American Silver Eagles: 130,933
(To do this you must have firefox or an internet browser with "inspect element,"aka right click in the box, and change max length from 4 to 6 (or whatever you want), and then type in 999999 until it gives you an error and their inventory!)
Celente buying silver?
I read the interview with Gerald Celente at King World News. If they quoted Celente correctly, he stated in the interview that he's now buying silver for the first time. However, I remember watching a video of Celente a while back in which he stated that he was invested in silver. Hmmm. I'm not trying to discredit Celente as he's know to be accurate in his forecasts, but I'm confused by this.
For those of us who are
For those of us who are understandably shaken, let's get one thing straight, right now: Silver and gold investing(but especially silver) is not a picnic....it's a war.
When I convince someone new of what's happening, and they buy gold or silver, the first thing I always impress upon them is that they've now taken a financial stake that is diametrically opposed to the stakes of the world's most rich, powerful, and malevolent parasites. If you think those parasites will give up this immense power to some nobody who went to a coin shop...without trying to turn them into splinters, think again.
Silver's a war. Period. The enemy just launched Operation Barbarossa, and they're DEEP within Russian territory. When the dust settles though, comrades...the last inch of ground they won will be all there is to their future. Whether it's $30, $28, $24, or $21....that's it, they'll never put it there again.
I so firmly believe this, that today I called up my broker, and sold alot of the paper assets I had(no, not miners), that haven't fallen as far. I have freed this capital up to buy more silver. By the eternal God, if they're going to pillage and plunder in broad daylight, with the government's help no less!, I'm going to take this tanker full of lemons and make enough lemonade to stock all the kiddie stands in front yards across America! But I haven't pulled the trigger yet...I'm waiting, waiting....gotta make this broadside count the most.
These people are sick and demented, but they're on the wrong side of the trade...and of history! Remember, when the dust settles....that's it. Onto Berlin.
Bought a little and traded a little...
My stack has grown and shrunk all at the same time. Earlier today I traded 1.07 ounces of gold for 52 SAE's. When the GSR reverts, and it will, I will trade the silver for the gold and grow the stack all the more. See, I don't trade like you guys, but I do learn how to trade!!! I also picked up some discounted Maples and Phillys. The coin dealer here is exchanging Maples and Phillys the same as generic rounds and generic bars!!!! Very low premiums--$2 over spot!!!! Needless to say, he doesn't have anymore
Patients is the name of the game. After driving old VW's for years, I have learned a lot about being patient, along with the rewards that come with it.
IMF in DC
Feels like a weekend at bernies. Dead fiat system passed around as living. I smell trouble in the fiat bubble. FDR extended bankstering holiday where all things revalued while electronically shut down globally. Synchronize watches. Kabooom!!
China laughing
I follow your thoughts on this one Haze.
China and the US...deathgrip or symbiosys?
Call Me Crazy!!!!!
Just bot SVM, EXK, PSLV.
Have a great and relaxing week end.
Hopefully people come to their senses next week.
RE: For Kicks - Help Me Mr. Congressman!
Don't feel alone. I tried this 2 years ago with mine. A complete waste of time. Useless dip-shits, all of them.
@tread_w_care
"I wonder how many more times I'll fall for this before I figure out the joke is on me though . . .
Anybody know anything about Farm taxation? Thinking I'll take the hit, cash out, and go into farming."
My sentiments exactly but hopefully we can prevail to a degree. All I can do is remain optimistic and buy when everyone is selling. I passed by my local dealer and they are literally awash in silver (Maples, 1 & 10 oz bars, etc.)
Interesting because that's exactly what I'm considering at this point also. Move into the middle of nowhere and just live... ;)
I am my own central bank
I don't care what other central banks do. I am my own central bank, and I have total confidence in what I do.
In fact, I had a meeting with myself today, and I approved some Quantitative Buying (QB) for next week.
Turd, you will like this
I love the comics. They put a smile on my face. Little things amuse little minds don't they ;)
BSD
AAAAHHHH
i took a bath on my calls but am stacking. at the end of the day silver will still be traded for food