The Criminal Element, Part Deux

Look, I know that the stock market was down 400 points today. Maybe this can be written off as simple coincidence. As you know, though, I don't believe in coincidences when it comes to the PMs.

Last night, I wrote in some detail again about the outright manipulation seen on the afterhours Globex. The pantywaste, sissy Cartel likes to attack when no one is around. In the past, I've compared them to the movie bad guy who shoots our hero in the back as soon as he turns and walks away. That's still a pretty good analogy. During regular Comex hours, gold held in quite well. It had been repelled at 1800 but it was still hovering around 1790. Not too shabby considering the rally in the dollar and drop in stocks. Then, just 20 minutes after the Comex closed, the cowardly Cartel attacks on the Globex, where volume is about 10% of what it was during regular hours. The result, a steep drop in price. Most brazenly, The Forces of Darkness had the audacity to attack at the exact same time as yesterday. Here, see for yourself:

paper_11-9pmgold1.jpg

Oh well, screw 'em. Whaddayagonnado. Their job is to manipulate and manage the inevitable, grinding ascent of gold. They will continue to win small battles here and there but they will lose the war. Their days are numbered. Until then, I'll just keep on stacking and fart in their general direction.

(Hey, Blythe. Your mother was a hamster and your father smelt of elderberries!)

On the bright side, the support levels I gave you earlier have held up beautifully...so far. Gold is finding support near 1770 and silver looks stout at 34. See the previous thread for the charts.

Back to MFing Global for a minute. If you haven't read this yet, please do so now:

http://www.forbes.com/sites/francinemckenna/2011/11/09/mf-global-assets-have-left-the-building-how-when-where/

Now that you're thoroughly pissed off, read this, too:

http://www.advisorone.com/2011/11/09/finra-gave-corzine-waiver-to-run-mf-global?t=practice-management

For good measure, let me give you this one:

http://www.businessinsider.com/two-mf-global-clients-share-their-stories-2011-11

And, just for fun:

http://www.forbes.com/sites/halahtouryalai/2011/11/08/bankruptcy-bonuses-mf-global-rewards-staff-just-before-bankruptcy/

These corrupt MFers deserve every bit of punishment that is coming to them. Sadly, I doubt they'll receive any. Corzine it way too well connected to be indicted. The proverbial shitball will simply roll downhill until some lowly clerk gets buried in it. That person will be perp-walked and the media will move onto the next big story. Cynical, I suppose. Likely, yes.

I'll be out most of the day again tomorrow so this will probably be your open thread throughout the day. I'll be posting comments from time to time so check those pages if you're looking for my current thoughts on what promises to be another crazy day.   TF

273 Comments

TruthPreeminent's picture

Where is Everyone?

Hi Turd!  Go Nebraska.

Stormdancer's picture

Boardwalk

rofl!  you gotta give it a shot...but nothing is without risk :)

MisesFan's picture

Cheers to you...

Turd!  Enjoy your day tomorrow.

AngryCitizen's picture

I'm Getting Angry!

This is redickulus! I can't believe that we are so corrupt in this country as to let the guys walk after ripping so many people off!

Where are all the hungry lawyers, if there are no prosecutors willing to investigate? It seems impossible that these guys could buy off everyone's lawyers and not attract attention from the financial world.

There have to be some honest people left in the financial community that will call for heads to roll, here.

Or, have they cleaned out their own accounts, and bought physical, instead?

TitanAe's picture

Read This I think this is the starting of things to come !!!

http://www.bloomberg.com/news/2011-11-09/alabama-s-jefferson-county-files-for-u-s-s-biggest-municipal-bankruptcy.html

If this cathches there is no stopping what may happen !!! There always has to be a first and last !!!

Goodluck!!!

TruthPreeminent's picture

Silver Thoughts

As a quick word of encouragement I was playing around last night with the silver charts and looking at a weekly I noticed a couple of things.  First, there is a giant doji the last week of April when silver peaked, and thus the doji did correctly portend the reversal of silver pricing.  In addition, there was another doji the week of Sept. 25 when silver bottomed out at 26, and so far that doji "predicted" the reversal as well.  Let's hope the doji on the bottom really does hold, and perhaps since it is on a weekly chart, it will, more than likely.  Secondly, the correction way back in Jan. took silver back down to 26.37, and the most recent crash took it (as I just mentioned) to 26.05.  This looks like a double bottom on a weekly chart.  Let's hope so.  I'd like to think I was wrong when I predicted a few weeks ago that we would see 26 again before we would we hit 40.  But this Italy thing looks like it might become an epidemic.  Silver and gold held in there well today even though the market tanked, but silver and gold always hang in there the first day, and then they start to tank along with everything else on the second day of a major correction.  If they can hang in there for a few more days even if the market tanks then maybe we'll be in business.  We'll see what tomorrow brings.  In short, on a longer term perspective and disregarding the daily noise, when one just looks at the weekly chart and nothing else, I think there is some reason for hope.  But really, we need to get past the Max-Q  (of 35 and change) before I get too optimistic.  Take care everyone.

Fishdog's picture

I just saw my MF'ing balance

RuNuts's picture

MF Global's fall may pale in comparison

MF Global's fall may pale in comparison to what's to come if/when Goldman Sachs and Morgan Stanley fall off the cliff from Italian debt exposure.

tankerfirstofficer's picture

I'm so angry, I could spit bullets...

They stole the METAL that I took delivery of SPECIFICALLY to avoid bullshit like this.

There isn't a single paper account that is safe. THIS INCIDENT proves that clearly.

Thanks for reading. I don't vent often.

daveyboy's picture

Sorry, but as I have

Sorry, but as I have illustrated in my own thread, you are making the swings in price far too simplistic, frankly the notion a cartel wants to simply only supress the price of silver is to me absolutely ridiculous. The mechanisms they have in place are to manipulate the price, supress and allow it to rise. They pile into the shorts, they pile into the longs, the market is massively distorted by people taking one position in the 5 minute market, another position in the hour market and so on. Then of course we have the hedge funds who don't care, have NO bias in this market they will move the price based on their trading position and when the markets panic, they are so leveraged they sell.

The reality that silver is being traded as a commodity, at this time, the reality is it may never be seen as money.

justin99975's picture

amid all of the crazy things

amid all of the crazy things going on, thanks for the report Turd. 

i'm still going to keep stacking physical silver little by little as the funds allow.

good day to all

Turd Ferguson's picture

At first I thought. "what the

MODERATOR

At first I thought. "what the fuck is he talking about. I barely mentioned silver".

Then I noticed that I wrote "15-minute Dec silver" on a 15-minute gold chart.

Duly noted and fixed.

SteveW's picture

@TitanAe: Jefferson County Sewer Bankruptcy

Well the machinations of the TBTF banks first resulted in the blowup bankruptcies in the housing sector. Now their fancy interest rate swaps are starting to blow up in the hinterlands (outside Wall street/Washington). 

Look for Matt Taibbi to add a piece to the ongoing saga.

http://www.rollingstone.com/politics/news/looting-main-street-20100331

http://www.rollingstone.com/politics/blogs/taibblog/the-continual-screwing-of-jefferson-county-alabama-20110531

¤'s picture

Thanks Big T

Thanks for your efforts and insight as usual. I just lost a good post that I spent more then a couple minutes on  (ugghhh!).

Bottom line is that I agree with your assessment and it's pissing me off also what's going on and what they are getting away with. I had a comment I may repost here or elsewhere about what I think might happen if the EU splits apart in a very ugly way.

The concept of a  non-redeemable gold backed SDR from the IMF is what I'm starting to think given the amount of gold that Italy and Germany has, among others, and the need for a currency that is believable and convertible in the BIS sense.

Like I said, I just lost a lengthy post on that subject and how the success of the GLD fund and the FRN/SDR of any IMF GLD SDR scenario could happen. The GLD experiment has been widely successful and was a test run imo that's proven the concept to be doable and believable.

Excellent Monty Python!

They probably could have had that running last week in the background at the G20 at Cannes on a continuous loop with Sakozian Bonaparte's face spliced in there somewhere.

Swift Boat Vet's picture

Stormdancer and Eric ----GSR Swap

Thanks guys !!! I deeply appreciate your opinions on this. Appreciated so much that I just got off the phone accepting the swap. You are two here who I value input on questions like this. Thanks again.

Swifty

This is a duplicate from the last thread, but wanted to make sure you guys got it.  Eric ..... I almost swapped some silver for gold as we approached 30 to 1 when I recall you swapped some.  Wish I would have pulled the trigger in a few ounces then. 

LaMachinna's picture

Thanks Turd!!!So guys, now that its coming more to the forefront

How do you think the SDR will play out for us the average turd?

beinki's picture

I'm really starting to get ticked off at the banksters

Save_America1st's picture

Harvey's latest...

http://harveyorgan.blogspot.com/2011/11/italy-in-bond-freefall-bond-yield.html

says the PM's will hit 1800 and 35 again tomorrow and then watch the EE fight start all over again like today...

From Harvey's report:  "we gained another  11.5 tonnes of gold into the GLD.  My goodness, these guys are good at getting gold in quantity. The GLD inventory has increased for each of the last 3 days.  This gold i belongs to the Bank of England and the GLD obtains the gold through a swap.   The bank receives cash and the GLD receives the gold.  The problem is that this must be unwound at the whim of the B. o E.

What is more frightening as that this gold does not belong to the Bank of England but to investors who deposit their gold at the bank like you and I would deposit cash to our bank.  This no doubt will be a catastrophic event similar to the MF Global mess."

 
Anybody else got anything on this???  Wow...Turd???
Ferd Torgerson's picture

May I be the First to Observe . . .

. . . that after 30 minutes of watching the debate on CNBS, the candidates have collectively shoved a size 12 boot up the azzes of the morons asking the questions?

Turdle GG's picture

Irrelevant rant

I hate it when writers write "the yellow metal" instead of "gold".  Harvey did it today.

It's not yellow.  It's gold.  One word, not three.

That's all.  Carry on.

sAusAge's picture

@ Ferd Torgerson

Tru dat. I logged on to email a friend about the exact same thing and thought I'd stop by and visit the turd on my way through!

Save_America1st's picture

Turd...and how about this from Jesse's blog today...

MF Global's Customer Assets - STOLEN - And Nothing You Hold In This System Is Safe

http://jessescrossroadscafe.blogspot.com/2011/11/mf-globals-customer-assets-stolen.html

excerpt: "This is a scandal of the first order, and a severe test for the Obama Justice Department, the regulatory agencies, and the exchanges.  This is a great crime, undeniably premeditated, and possibly the tip of an iceberg that would shake the public confidence in a deeply corrupt financial system. 

If a registered broker can simply take Treasuries and receipts for physical assets like gold and silver from customer accounts and give them to a complicit crony lender, and then look at the public with a straight face and say the money is missing and they do not know where it is, then no one's accounts are safe, anywhere, at any bank or broker, in the US financial system. 

This has every appearance of a legally sanctioned theft, pure and simple."

LaMachinna's picture

But TURD!

Your fav man is asking questions for the debate tonight!  cool

Eric Original's picture

Yo Swifty

Yeah, when the gsr was 30 or 35 to 1 I was on the blog begging people to swap into gold and I don't think I got many takers.   Was feeling pretty lonely.  sad  

One thing I know for sure about the gsr:  It will fluctuate!

Urban Roman's picture

Yup, copper too.

They waited until 8:00 to hit it though ..

Finviz Copper Chart, 2011/11/09

ReachWest's picture

Piss-Off Ratio

I think we're starting to see an exponential rise in the piss-off ratio (POR). Calculated as the actual number of Turdville citizens that are supremely PO'd divided by the total number of Turdites.

The POR is inversely proportional to:

  • the price of Ag
  • the Price of Au
  • the number of Big Bank leaders that have been perp walked (but we can't divide by zilch).
  • the faith in elected officials to solve anything
  • (add your own)

The POR is directly proportional to:

  • the number of times the EE attack Gold and Silver (especially in the the thinly traded Globex);
  • the number of MFing Global clients that have had their accounts looted;
  • the amount of bonuses paid to Bailed out entities on Wall Street
  • the number of news articles on ZH per day
  • the number of USD that the Fed prints either electronically of physically
  • the number of trolls on tfmetalsreport.com
  • (add your own)
Urban Roman's picture

Gold at $26?

Where can I get summa that?

-- me want --

donnojackshit's picture

POR @ReachWest

My POR is directly proportional to the fact I can't find that picture of Ann Barnhardt in pink pumps with a pink M16 (From my sub prime memory) and have spent 2 fucking hours trying.

A L I E N's picture

LOL Rick Perry can't name the

LOL Rick Perry can't name the third department he'd eliminate, Ooops Hilarious!

Swift Boat Vet's picture

Eric My Man!

Yup ... I felt I might be making a mistake then, so that's why I asked .... then jumped today.   I am going to take 10% of phyzz, maybe even 20-25%  and try to play the GSR.  I feel much better about that kind of play than playing options, cashing out and back in etc.  This way I am ALWAYS in control of my stack and can never lose out in any major way.

What do you, and all here, think about starting a thread dedicated to playing the GSR?  

Swifty

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