The Wisdom of Uncle Ted

As many of you know or suspect, I am a subscriber to Ted Butler's newsletter service. Simply put, "Uncle Ted" has forgotten more than I'll likely ever know about the silver market and I find his perspective to be quite valuable. He usually puts out two newsletters per week and, last Monday, after reading his "Weekly Review" of 2/25/12, I asked him for his permission to re-print it here, in its entirety. It's nothing unusual, earth-shattering or out-of-the-ordinary. It is, however, a discussion of many of the issues we commonly mention here and it serves as a fine example of the value of his service.

Before we get to it, I feel compelled to give you a chart update. Gold is looking much better from both a technical and an OI standpoint. Technically, you can see below that it appears to be bottoming. As importantly, the 3-day drop in total OI last week was astounding. For the period Wednesday-Friday, paper gold price fell by $78 or 4.36%. Over the same period, total gold OI fell by 33,000 contracts or 6.89%. Talk about shaking some gold leaves from the tree. Wow! Total gold OI has now retraced back to where it was on 2/17/12 when gold was trading around $1725. How's that for a round trip? Gold was in strong hands at that level three weeks ago and it is in increasingly strong hands again now. Watch first for a break UP above the diagonal pink line on the hourly chart. A decisive move back above 1725 will signal that the bottom for this constructed "event" is in.

paper_3-5pmgoldh.jpgpaper_3-5pmgold8.jpg

Silver (which I still contend was the true object of the raid in the metals) does not yet look to have bottomed but it is very close, too. It begins picking up real strong support below 33.80 and it gets stronger as you move toward 33.50. Below 33.50 is like pressing down on a spring. Anyone looking to take a stab at a paper trade should watch these levels very closely. The silver OI picture is quite interesting, too. While silver declined Wed-Fri by $2.66 or 7.15%, total silver OI only declined by 3250 contracts or 2.81% and is back to where it was on 2/22/12 when price was around $34.25. I should also point out that silver lease rates are reversing sharply and heading higher. This is good news but it does not signal that we've reached a bottom...yet. During the September and December "events", lease rates bottomed about a week before price. Taken in tandem, these signs clearly point to us being very close to a tradable bottom.

paper_3-5pmsilvh.jpgpaper_3-5pmsilv8.jpg

OK, back to Uncle Ted. (By the way, in case you're wondering, he's not my uncle. I just like calling him that. Makes me think of Ted Nugent.) Reprinted below is the Weekly Review from 2/25/12. Please take time to ponder it, especially in light of the events which followed it last week.

February 25, 2012 - Weekly Review
posted: 2/25/2012

                                                       Weekly Review
 
After chopping in price for the past several weeks, gold and silver advanced strongly in the past week. Gold surged $50 (2.9%) for the week, while silver jumped $2.15 (6.5%). The gains put gold and silver at multi-month price highs. As a result of silver’s outperformance, the gold/silver ratio tightened in to almost 50 to 1, a drop of an impressive 2 points in the ratio for the week. The ratio also closed at a multi-month extreme favoring silver. Since the end of the year, gold is up $210 (13.4%), while silver is up $7.50 (27%).
 
As a reminder, gold ended up outperforming silver last year, despite silver having had largely outperformed during much of the year. Therefore, you don’t want to read too much into week-to-week or even yearly price changes. Since this is a weekly review, I try to report the week’s events as objectively as possible. Please look at these reports as a type of mile marker on a long and, hopefully, profitable journey. It’s no secret that I favor silver over gold for a wide variety of reasons, but one reason is not the recent price performance of each. I try to guard against getting too bullish as prices rise and too bearish as prices fall because that can lead to trouble. If anything, that’s a premise behind the Commitment of Traders Report (COT).
 
I’ll discuss the COT for this week momentarily, but first I would note that the multi-month price highs in gold and silver coincide with multi-month extremes in the COT readings of each. But coincidental is not the same as accidental. This is more causal than anything else. This is not a question of which came first, as in the chicken or the egg. This is a case that prices went higher in gold and silver primarily because of changes in the market structure on the COMEX as recorded in the COT reports. The speculators bought and the commercials (in reality, merely other speculators) sold. On a short to intermediate term basis, it is usual for this to be the case. Prices of these two world commodities (and others) are set largely due to the trading of paper contracts. It is when the commercials rig prices to induce the speculators to buy or sell that we cross into manipulation. We cross into manipulation most of the time.
 
Conditions in the silver wholesale physical market continue to appear tight. I keep waiting for the frantic turnover or movement of metal into and out from the COMEX-approved silver warehouses to abate, but it hasn’t happened. This turnover pattern, which started about a year ago, is still confined to silver and is not present in any of the other metals traded on the NYMEX/COMEX. I also have not been able to uncover a more plausible explanation for the high turnover than silver is in a tight, hand-to-mouth physical circumstance.
 
Likewise, heavy physical turnover came this past week to the big silver ETF, SLV. Into the beginning of week, around 4 million ounces of metal were withdrawn from the Trust. As I reported last week, it appeared that the withdrawal was not due to plain vanilla investor liquidation, as price and volume data did not support that at all. Instead, it looked like the silver was removed because it was needed more urgently somewhere else. This is also supportive of the tight physical conditions suggested by COMEX movement.
 
Now, over the past two days, almost 4 million ounces has been deposited into the Trust. This does look very much like plain vanilla investment demand, as silver prices were strong and volume in SLV was heavy. This does not detract from the tight physical premise. This recent inflow of metal into the Trust has come quicker than has usually been the case in the past. I can’t help but think that this is also supportive of my hope that BlackRock, the Trust’s sponsor, has pressured the manipulative short sellers of SLV shares. This will not be reflected in the about to be released short position report, as that report will cover the short position as of Feb 15 and won’t include the trading activity from this past week. I don’t want to get my hopes up too much, but it will be very encouraging if BlackRock has done what we petitioned them to do, as it will remove a manipulative tool from the crooks’ toolbox.
 
On the retail front, physical demand looks as weak as I had feared over the past few weeks. Sales of Silver Eagles from the US Mint are slow. Ironically, I have read several recent commentaries that suggest Silver Eagle sales are soaring. Go figure. It is important to remember that retail demand for silver is important to the price on a long term and cumulative basis, not in the short term. We need look no further than the recent strong price action versus weak retail demand for confirmation of that premise. If silver prices do remain strong, however, I would expect retail demand to improve. In any event, sales of Silver Eagles are still beating the stuffing out of sales of Gold Eagles, although I would much prefer that both were strong.
 
The changes in this week’s COT report for gold and silver were expected, in that the total net commercial short position rose in each, largely due to buying on Tuesday, the cut-off day. Gold prices surged $32 and silver jumped $1.20 that day, as volume also surged and speculators bought and the commercials (dark speculators) sold. While there was an increase in the total net commercial short position in both gold and silver, I had a somewhat different take away in each. First, I’ll cover gold.
 
The total commercial net short position in COMEX gold futures increased by 19,900 contracts, to 229,300 contracts. This is the highest level of commercial shorts since Sep 13. All three commercial categories appeared to participate proportionately in the short selling this week, as speculators bought. It appeared to be a cohesive and coordinated commercial arrangement, with it being hard not to use the term collusive. The big 4 sold an additional almost 8,000 contracts, with the big 5 thru 8 adding 3000 contracts short. The gold raptors added almost 9,000 contracts to their short position. All for one, one for all.
 
Since the price lows of late December, we have added $250 to the price of gold on a 65,000 contract increase in the net speculative long/commercial short position on the COMEX. This is the equivalent of 6.5 million oz of gold. While these are paper ounces, from a quantity perspective it dwarfs any verifiable change in ownership in physical ounces, such as in ETFs. Simply put – we went up $250 in gold because speculators bought and commercials sold 65,000 net contracts on the COMEX and the speculators were more aggressive.  Where does that leave us and where do we go from here?
 
Back in December, it was easy to call for higher prices in gold and silver because of the very bullish COT set up and I hoped I had conveyed that at the time. There was little additional speculative selling that the commercials could rig at that time. Now, it is different. There is enough potential speculative selling in place that the commercials could arrange for prices to decline enough to trigger off that selling. Does that mean that the commercials will definitely rig prices lower now? No, not necessarily. But they could. The commercials could also be forced to buy back shorts in gold, as happened to them this past August amid soaring prices. My point is that it is different now than it was in late December, when it looked like a sure trip north in price. We may be headed much higher from here; it’s just that I can’t say that with certainty. I wish I could, but I can’t. I can tell you if we go down big in the relative near term, it will be because of the dirty rotten commercials rigging prices lower. But they may not be able to pull that off, so we have to be prepared for that as well. I wish I could uncover way of being in and out of the market at the same time, but don’t hold your breath. Let’s go on to silver.
 
The total commercial net short position in silver did increase, but perhaps not as much as I feared this week. The commercial position did increase by 1900 contracts to 39,200 contracts (196 million oz), the highest level of commercial shorts since Sep 20. What set silver apart from gold was in the composition of which commercials sold by category. The big 4 (read JPMorgan) did all the selling, accounting for 1800 of the 1900 contracts sold, with the big 5 thru 8 and the raptors basically doing nothing. Unlike in gold, there appeared to be no cohesion, coordination or collusion among the silver commercials; it was all the big 4 and deeper than that, I would say it was all JPMorgan. If it wasn’t JPMorgan doing all the short selling this week (as I contend) and some other entities in the big 4 conspired and colluded with JPM in the selling, so what? Instead of one silver manipulator, we have two or three. That’s a difference without a distinction.
 
What the data suggest in this week’s silver COT is that there was likely one seller, or at the most two or three. I ask you a simple question – what would have happened to the price of silver if that one seller hadn’t sold? The answer must be that the price would have been higher, although no one can ascertain the exact amount higher. If that one seller, who I label as JPMorgan, hadn’t sold, then other sellers would have had to come to market, as there must be a seller for every buyer.  Those other sellers, were they to replace JPMorgan, would have clearly had demanded a higher price; otherwise they would have already sold instead of JPMorgan.
 
While I contend that JPMorgan has been instrumental in the silver manipulation for the past four years, I am now presenting specific evidence, by way of this week’s COT, that JPMorgan had manipulated the price during the reporting week. Let me fine-tune that – JPMorgan manipulated the price of silver on Tuesday, Feb 21 (in addition to JPM manipulating silver all along). When one market participant controls the price, at any time or all the time, that market is manipulated. That the CFTC refuses to see or act against this is disgraceful.
 
Since the price lows of late December, silver has climbed $9 on a 25,000 contract net change in the COMEX market structure. That’s the equivalent of 125 million ounces changing hands in two months; equal to the entire world mine production in that time. This is not trading volume, which is much larger and includes all the phony HFT trading that a computer can spit out. The 125 million ounces represent a genuine change in ownership. These are paper ounces, to be sure, but the scale of the change in ownership boggles the mind. The equivalent of every single ounce of silver taken from the earth’s crust every day for the past two months changed ownership on the COMEX. I would guess that the world’s real miners had little to do, maybe nothing, with the change of ownership of that silver on the COMEX. This was strictly one group of speculators changing ownership with another group of speculators (called commercials). This is not true price discovery as intended by commodity law.
 
Of the 125 million paper ounces of silver that changed hands and caused the price to climb more than $9, the data indicate that the 4 big shorts on the COMEX were responsible for approximately 53.5 million oz or 42% of the sell side. JPMorgan, alone, accounted for 45 million oz of that (9,000 contracts) according to my calculations. Let me ask you the same question I asked above, with a different numbers set. If JPMorgan had not sold 9,000 contracts or 45 million ounces of silver over the past 2 two months, or 36% of all the commercial silver sold during that time, what would a reasonable person conclude would have been the effect on price? The answer must be that prices would have been higher as the market searched out alternative sellers.
 
Not only does JPMorgan hold a disproportionate and manipulative share of the market (a concentrated position), it has now resorted to being the dominant, if not exclusive seller on any big up days. It’s hard to imagine a more manipulative set of circumstances. It’s equally hard to imagine how the regulators can’t see it or react to it. More on that in a moment.
 
So where does that leave us in silver from a price expectation perspective? As in gold, we are nowhere near the favorable COT set up that existed in late December. We could go down, we could go up. Both price possibilities have occurred in the past from similar COT readings. If we go down, it will be solely due to commercial rigging, same as always. But there are some very compelling factors pointing to higher silver prices, including the previously mentioned tight physical situation. In fact, the obvious and outrageous short position of JPMorgan has become so extreme that it could serve as the catalyst for a price explosion.
 
I received a thoughtful email from a long-term subscriber this week that I thought I would publish here and respond to publicly, as I suspect it mirrors the thoughts of many. Normally, I would edit out the complimentary comments as my personality profile is not given to praise (probably due to DNA and upbringing) and I would never think of publishing testimonials. But sometimes you lose the true flavor of others’ thoughts if you tinker with their words.
 
Ted,
After reading your post today I felt I needed to email you. In today's post you make momentary mention of those who, like me, believe the manipulation is a govt. run operation. With all respect I can manage, I honestly do not understand how you cannot come to the same conclusion.
Don't get me wrong, I first and foremost thank you to the heavens for bringing the manipulation to my attention and potentially saving my financial life by this opportunity. If I ever meet you I will probably have to hug you!
But after being in and studying the market intensely for 10 years and watching all that has happened and following your writings for the same period, I cannot escape the conclusion that the paper metals markets are not markets at all, but tools used by the Fed, Banking Cartel and Government to manipulate perception and the physical price of metals. It is a game as old as the Fed itself - a partnership between the government and the banks. The govt looks the other way from the criminal activity in exchange for the value given to them by the perpetrators - in this case, control of the price of precious metals. Without this control of the metals market the fiat money system begins to break down much more rapidly in the eyes of the populace. That is not in the best interest of the banking cartel or the federal government. I don't know if it was you who used the term "financial terrorism" to describe the violent price takedowns in silver. In any case, it was highly effective terrorism. It has effectively kept the big money out of the silver market.
While I continue to enjoy reading your posts, I have absolutely no faith that any amount of contact of elected representatives will accomplish anything. The manipulation will not end as long as the current financial system is still intact. I believe we are getting very close to the next major collapse. It will be bittersweet to see silver finally break free while everything is falling to pieces around us. I hope we all can survive it.
Thank you again so much for all you have done for me and so many others. I hope you feel a great sense of accomplishment that you have helped so many.
With gratitude,
Tim
 
First, I can understand why Tim feels the way he does, as it is logical and based upon a fair reading of the facts. Certainly, it would be ironic for me to argue with him about the possible involvement of the US Government in the silver manipulation. After all, ego aside, I think I have done more to expose the silver manipulation than any other person. I don’t want to position myself against a premise that may come to be true. I’ve further admitted that government involvement is a very plausible explanation for motivation.
 
The article that Tim was responding to was The Highest Level Possible, in which I tried to describe the high level of the silver manipulation debate. One thing I left out was that one reason for the high level of the silver manipulation discussion was that I’ve always tried to be as professional as possible in its presentation. I’ll speculate, of course, but I do try to stick to the verifiable facts as much as I can. Almost by definition, that means leaving aside theories of the crime and possible motivations as those can never be verified. Guessing motivation is like trying to read someone’s mind. I was always afraid of bringing discredit to the manipulation premise by introducing theories which I couldn’t prove beyond a doubt.
 
That all said, Tim’s letter (and many like it over the years) really got me to thinking. As a result, I can say that not only is the government-orchestrated motivation plausible, it is one of only two plausible motivations behind this running scheme that come to my mind. I’m still much more inclined to believe that this is a manipulation motivated originally by greed on the part of JPMorgan and other commercial speculators, because that is what the sum total of my experience in this life points to. But if it isn’t that, then I am stuck with the government-orchestrated version.
 
The most troubling aspect to the government-motivated version is that it would mean that the government is participating in activities that are not only illegal, but activities that knowingly cause many citizens to suffer and lose money to benefit other citizens or corporations. The deliberate and manipulative sell-offs of May and late-September come to mind. This silver manipulation is criminal and, as such, should conclude with people going to jail. Maybe I’m an idealist, but if someone does go to jail, I would much prefer it be some greedy silver traders finally uncovered and not high-ranking government officials. I’m just thinking about the greater good of the country and our institutions.
 
At the very least, the increase in concentrated short selling in silver is not only manipulative, but it also raises the risk of disorderly market conditions because a much larger concentrated short position needs to be resolved that much more. I hope it is incompetence or bureaucratic indecision that is preventing the CFTC from addressing the clear danger of an increased concentrated short position in silver and not willful intent.  In due course, this too shall be answered.
 
Ted Butler
February 25, 2012
Silver - $35.40
Gold - $1775

I encourage you to strongly consider subscribing to Ted's valuable service. A link to do so is posted below:

http://www.butlerresearch.com/subscribe.asp

Thank you, Ted, for allowing me the opportunity to share this newsletter with the Turdites!

TF

p.s. Just because I know that DPH will do it if I don't, here's a little of the original Uncle Ted for you:

160 Comments

printmemoney's picture

first

first

ReachWest's picture

Claiming the Spoils

Still no one taking first? Reloaded a couple of times and no one yet.. , so I'll timidly claim the spoils.

EDIT: Missed it by t-h-a-t much. But - got second!

Be Prepared's picture

Thurd-i-ness....

Un

​Deux

​Thurd

Turd Ferguson's picture

First, Breitbart. Now this

MODERATOR

First, Breitbart. Now this guy:

http://stevebridges.com/

Who's next? 

Dead Canary's picture

The appointed time has come

The appointed time has come for me to reveal myself. I represent a group of former HSBC traders, unjustly fired, who have devised a scheme that will allow us to use our inside knowledge to retaliate against our former employer. I can't say any more at this time. All I can say is it involves silver, and you can profit from our little endeavor. More details will be revealed when the time is right.

Summer Benson Group

Turd Ferguson's picture

More Steve Bridges...

MODERATOR

Seriously, this guy was pretty good:

Both he and Breitbart were younger than me. 

Makes me want to go to Vegas....soon.

FleetFeet's picture

Yikes

"Summer Benson" is way too close to "Wynter Benton" or whatever, who made promises that were not kept.  

If you want credibility here, you best just tell what you are doing and what you hope to accomplish.  

Dead Canary's picture

Who is this "Wynter Benton"?

Who is this "Wynter Benton"? Is she prettier than me?

LaMachinna's picture

BOG...

wow, friend, that was spooooooooooooooky!!!!!!!!!!surprise

¤'s picture

Damn!

A preemptive strike by TF.  You know me too well!

Thanks for the huge post!yes   This could take awhile to digest.

Uncle Teddy playing at the Speak right now in a stealthy counter-move by myselfwink

sdstacker's picture

Oh Come On

Summer Benson?? Former HSBC traders? Right...

Gramp's picture

Bridges...

I still am shocked that i must refrain from posting certain thought or opinion... in America.

  A subtle, not so subtle way to silence opposition?

Nah... coincidence...

admin's picture

You may not agree with all of

You may not agree with all of Uncle Ted's philosophies of life, but you have to respect someone who is committed to resiliency, preparation, self-sufficiency, and believes we are responsible for both enjoying the earth's bounty and giving back even more in return...

...and he mentions "turd" and "wild boar bacon", so can't go wrong there either.  ;-)

waxybilldupp's picture

LCS Update

LCS (Local Coin Show) update:  Took my son-in-law on his first stacking adventure Sunday.  He came well prepared and after much consideration, went home with 60 ASE's at $37.25 each and 2 -  10 oz. Englehards at $380 each.  The ASE's were pre 2012. (My LCS guy wanted $38.55 each for 2012's.)  80 ounces total - a good start.  We decided to make this little outing a monthly event.

For myself, is added a roll of 2012 ASEs, just so I have a fresh one in the canoe and a 1/2 oz. AGE for $900.  There was fairly good supply of 90% at 28X face.  Only saw a handfull of common silver dollars, priced with too much premium for my taste.  Not many AGE's of any size and precious few ASE's (after we left).  My LCS guy was the only one there with any quantity and he was very reluctant to sell his 2012's.  He only did it because I'm a regular customer.  He had them hidden away.  Considering that there were about 20 dealers there, not a heck of a lot of bullion type stuff.  Only saw 2 silver maples and not a single gold maple.  Hmmmm?

wax off

Dead Canary's picture

You don't see because you are

You don't see because you are being deluded by the Beast. You see, on April 20th, 1993, I had a revelation. And that revelation told me to fight the beast from the inside. April 20th 1993 was the day after Waco. If you do the math, it makes sense:
April 20th 1993. April's what, the fourth month? 4 + 2 + 0, you get what? 6. Take the 93. Subtract 3 from 9 you get what? Your second 6. Take that 3, add it to the other 3, you get what? Your third 6. That's 666
You can go at it any way you want. April 20th 1993. 20. 1993. 2 + 0 + 1 + 9 + 9 + 3, and you get what? 24. Divide 24 by 8. 8 - that's the number of ranking Democrats in the House Judiciary Committee. And you get what? 3. Multiply 3 by 222 - James Earl Ray's hotel room number at the Excelsior, in Memphis, and you get what? 666. Again. You know what 666 means, don't you?
Take the 1 from 1600 Pennsylvania Avenue. Split it in half. Take the two halves. Now, attach them to the two zeros. What have you got?
666 Pennsylvania Avenue. Coincidence? I don't think so!

Summer Benton

¤'s picture

Foxhole...

...Uncle Ted is a person I'd want in mine. 

Foxhole.jpg

Claude's picture

No Miners Manipulation

I heard that the folks at Casey Research still claim that there's no manipulation against the miners... They actually still call this "conspiracy theory stuff"... They say that people are selling the miners because they don't believe that metal prices can hold those levels... Good grief

¤'s picture

Canary

Huh? 

canary-in-a-coal-mine.jpg

ClinkinKY's picture

The original Uncle Ted...

waxybilldupp's picture

Pondering the meaning of life

Since the Wednesday last silver (and gold) smackdown, I've been doing a lot of pondering.  When Blythe reaches in my pocket and walks off with about $8000 in hard won fiat equivalents, it kind of pisses me off.  That got me to wonder if I can make some sense out of this.

What I realized is that it's time for me to take this short term stuff a whole lot less seriously.  Here's why ...

I've been stacking, this time around, for at least 12 years.  I watched in amazement back in 2000 - 2001 as Central Banks (but not the U.S., of course) would have announced gold auctions, selling TONNAGE.  For at least 5 years, probably more, they were dumping 400 to 500 tons of gold per year.  The auctions were a joke.  In about Feb. of 2001, Gordon (Shit-for-brains) Brown, the financial wizard of England, managed to sell a bunch of gold for about $256 per, as I recall.  In these "auctions", gold was basically sold to the lowest bidder.  WTF?  Anyway, this went on for years in a not very transparent effort to get the price of gold as low as possible and keep it there.  It took a year for gold to get back over $300 and stay there.  It took almost another year (Dec. 2002) for gold to claw its way over $320 and hold it.  It was painful to watch, but watch I did.  Day after day.  But, in the end, THOUSANDS of TONS of gold ended up in stronger, smarter hands.

Since then, you've all watched gold (and silver), in fits and starts, see 10 years of continued gains.  So, what's my point?  My point is that the events of last week are just another line from the movie that has been playing for well over a decade.  Almost every day on this blog, I see one or more posts stating that "this is it!"  "This month, hang on to your butts because it's all going down! Gold and silver are going to rocket." 

Well, my conclusion, after days of pondering is that, "no it's not".  Why?  Mostly because The Powers That Be are truly The Powers That Be.  Think about that.  Think about who we are playing against.  You, and you and me.  We're nothing but gnats on a moose's ass.  TPTB has the Bernank, OBAMA!, the U.S. Attorney General and all of his minions, a monster banking cartel, the CFTC, and more,  in their pocket.  With the FED, they have virtually unlimited resources.  They can play this game a long, long time.  Gold and silver rise only because more and more of it is moving into strong hands and the PTBcan't stop that.  China, Russia, India to name a few.  Certainly there are some really big money players as well.  It serves those buyers no good purpose for PMs to rocket higher.  Just like us little guys, they aren't done stackin' yet either.  I fully expect, barring some really serious SHTF stuff that we might wake up to when we click on the TV some morning, this is what I expect to continue for quite a while to come.  PM's will continue to rise in a carefully orchestrated fashion.  Someday, probably, someone will break ranks and stand for a bunch.  Blythe will dump thousands of short contracts and someone will call her bluff.  When?  Dunno ... but not particularly soon.  I think the death of PAGE was an example of that.  Now our hopes are pinned on the unborn son of PAGE. Color me unconvinced.  Remember MFing Global? These folks are ruthless.  They don't play fair and they really don't give a shit what we think.  I'm trying to avoid being a sheeple and think that sunbeams are suddenly going to come out of the Bernank's ass and that all will be righteous in the world anytime soon.  These A-holes can outlast any of us.  My only hope - just keep stacking.  Take the 10-20% per year that is being "allowed" and don't expect the lottery win.

Others  seem to believe that the U.S. economy will soon go the way of Greece et al.  Are we in deep crap?  Decidedly so, but Greece we ain't.  Not Portugal, or Italy, Spain or France either. We have a printing press and we're not afraid to use it.  The Bernank has proven that.  TPTB will own the playground for a long time to come.

Why do we "allow" this to happen?  Because this is our way.  The Sheeple are so frickin' lazy and stupid, I expect nothing else.  Look how far we've come in only 10 short years.  Flying used to be easy. Buy a ticket and say goodby to wifey and kids at the gate.  Now, TSA goons fondle 6 year-old girls, strip search grandma and give you an MRI and a CAT scan before you even get near a plane.  And just to keep you on your toes, Bubba, we can haul your fat butt into another room and check your prostate.  Don't like it, then take a cab from Fargo to  Chicago.  Seen any protests about that stuff?  Just this year, 200+ years of Bill of Rights freedoms have been stripped away without so much as a whimper.  Protests anyone?  Anyone? Bueller?  Anyone?  Barring a genuine SHTF event, we are being nibbled to death by ducks.   This can, and will, go on for a very long time.

In conclusion, I'm shutting off my heart monitor, going to keep stacking bacon, canned hams, ammo, and PMs, expand the garden  and do a hell of a lot more fishing.  I'll keep my finger on the pulse here in Turdville but my goal is to really try to shut out the noise.  I know I'm kind of swimming against the current with this post, so I would really like some feedback from those Turdites who are perhaps more knowing than I.  There are many of you out there.  Help me understand why the next ten years are going to be significantly different than the last ten.

wax off

securi_D's picture

@Dead Canary

I know this sounds crazy, but right now it's 4:52 PM on 3/5/2012. If you take the 3 + 5 - 2 you get the first 6. Then you add all of the numbers in the time, divide by 2 and add the 3rd number in the year (4 + 5 + 1 = 10/2 = 5 plus 1 = 6). Then you take how many fingers you have (assuming you have all 10) and subtract 4, because that's how many arms and legs a human being has. 666!!!

mack's picture

dead canary smell test

John Cleese tried to sell a "norwegian Blue" parrot. It could not pass the test.

Dr G's picture

I'm only going to say this

I'm only going to say this once, so listen up:

I, Dr. G, have full faith and confidence in the Spring Bronson and Fall Britton group of ex-traders.

They know what they are doing.

mack's picture

wax -your moose

Has a gut full of plastic and will be down for the count,  like the giraffe in the news last week.  As a wee gnat I can wait awhile longer; and  no expectations, just perserverence.

Xeno's picture

Wax On

Good rant waxy. No doubt that long time readers and stackers share the same sentiment. Things are what they are and will remain so... until they're not, and a lot of people thought that things would've been changed quite a while ago. 

Maybe it's time to look for a new bull, possibly one in Jade? Seems the demand is growing anyway if more and more people decide to go get jaded.

Hand Carved Jade Bull

As an aside, if a canary is dead does it really have a voice? Much less a song to sing?

¤'s picture

Waxy

Venting in a serious, yet creative way, without going truly negative. Well doneyes

I like it when we loosen up a bit. The markets and everyday reality are hard enough.

Time for a small distraction.

Chocolate anyone?

chocolate3-2.jpg

admin's picture

ClinkinKY wrote:...recently

Yeah like I said Clinkin, you may not agree with all of his philosophies of life, but have to respect some of the basic things.  I believe he endorsed Palin last time around.

Same goes for Kid Rock, who I respect for choosing to live in Michigan and actively help make a difference in Detroit, yet decided to support Romney too.

http://articles.nydailynews.com/2012-02-28/news/31108798_1_mitt-romney-kid-rock-bob-ritchie

Just because I agree with someone's political views doesn't mean I like everything about him or her, and just because I disagree with someone's political views doesn't mean I dislike everything about him or her too.

Turdle GG's picture

@waxybilldup

Just ponder this: the powers that be are ON OUR SIDE.  Take a look at the 10 year price chart of gold.

The banksters are long, very long, physical gold.   Don't let the short COMEX position fool you.  That's just for fun and games (trading profits).  They want all the physical gold to themselves.  That's why they are ruthless and don't play fair.  Sure, they can't stop the Chinese getting some, but Chinese holdings are still small.

They shake out the weak with their occasional $100 price flushes.  As long as they don't get you to sell, you will win, with them.  Hang in there.  

¤'s picture

Position limits

As long as JPMorgan and some other banks have unlimited position limits available to them  they'll just keep abusing that corrupt grandfather clause as long as they're allowed to. By law.

At what point does the grandfather clause become obsolete and not the self serving tool it was intended to be and still is?

The year 2025, 2075, '2112' ?

Turd Ferguson's picture

"Help me understand why the

MODERATOR

"Help me understand why the next ten years are going to be significantly different than the last ten."

​OK, I'll give it a whirl.

U.S. Government debt: $15.6T and growing by 10% ($1.5T) per annum

U.S Total GDP: $15.2T and growing by 2% per annum.

The only solution: Fiat currency devaluation

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