Grecian Formula

Do you have the feeling that gold and silver were going to get pounded, regardless of how the Greek elections came out? Me, too. And after all the finagling, dealing and double-crossing, did you actually think that the European central bankers and politicians were going to leave anything up to chance? Me, neither.

So, after all the hand-wringing and angst, the Greek people "voted" for austerity. Rrrright. I'm sure they did. It hardly matters, anyway. We've got much bigger fish (and frogs) to fry. The negligible rally in the euro tonight bears this out.

In an absolutely stunning development, gold opened at 1630 and silver opened at 29 before being mercilessly attacked by The Flying Monkeys. Fortunately, buyers once again emerged at the levels where they have been materializing for the past week or so, namely 1610 and 28.30. Let's hope this continues overnight and into Monday.

Attention now turns to the FOMC meeting on Tuesday and Wednesday. ( http://www.futuresmag.com/2012/06/15/fomc-feeling-pressure-for-more-easing). God only knows what those bastards have in store for us this time. The way The Cartels have been using any Fed statement or non-statement to jam the metals lower means that it might take a formal announcement of $20T in new QE to make gold uptick at 12:30 on Wednesday. We'll see.

I'm going to be out for most of the day tomorrow as I am playing in a charity golf event. I'll probably have another new thread by about 4:00 EDT. Until then, hang in there and keep the faith. I am still of the ardent belief that this summer (June 21 to Sept 21) is going to see some explosive moves in the metals, particularly silver. Keep the faith and BTFD.

TF

216 Comments

QE to infinity's picture

1st?

1st?

I must have caught the "first" bug surpriselaugh

philly's picture

Been a while...

FIRST of all, I'm still stacking...and waiting for SHTF...

philly's picture

...but not that long

SECOND of all, when will this crap finally end?

firstsilver's picture

Heads they win, tails we lose

Gold (and silver) get pounded no matter what happens in Greece ...... exactly.

That's the current MO. And the coming week has more opportunities for the handlers to pound away under the cover of "news" being made by the Fed or G-20.

Time to stay tough mentally and endure in anticipation of the day when fundamentals once again rule. 

PuraVida's picture

44

Love me some Grecian formula 44.

¤'s picture

Thanks

Try not to mow anyone over with your golf cart.
I'll spare everyone a Caddyshack vid ;-)

Maryann's picture

Thanks TF...

Hope you had a wonderful Father's Day and have a fun time tomorrow!smiley

rocoach's picture

How Much Does a Grecian Earn?

 When old age shall this generation waste, 

            Thou shalt remain, in midst of other woe 

Than ours, a friend to man, to whom thou say'st, 

      "Beauty is truth, truth beauty"---that is all 

            Ye know on earth, and all ye need to know.

Missiondweller's picture

Don't blame me...

I bought another ounce of gold this weekend, removing the backing of 100 ounces of gold derivatives.

Planters's picture

Turdy says "I am still of the

Turdy says

"I am still of the ardent belief that this summer (June 21 to Sept 21) is going to see some explosive moves in the metals, particularly silver. Keep the faith and BTFD."

Well, with all the JPM and CCC action it will take QE3 to move the needle to the up, nothing else is going to overcome the "synthetic gravity " that the PMs have.

Nothing Else...and I think we all know that it isn't coming if at all til after NOV......I see a major beatdown coming in PMs this week ,we are going to test the lows.... just my pessimistic 2 cents.

murphy's picture

Thanks TF

Keep 'em in the fairway!

Edit: Unrelated. At the Father's Day dinner tonight someone recalled a story of one of the nephews when they were about ten years old. It went something like this. One of his friends was making fun of him.

He said the friend was chewing on a life savor and began to choke. That would have been funny enough, but he went on to say it was poetic justice.

Planters's picture

On a side note... you know

On a side note... you know what department store i just cant stand nowadays.... KOHLs, I went in there to buy some boxers and socks and t shirts.  Ok start with the boxers a three pack for 35$ but wait that is the MSRP on the bag. Since when do underpants have an MSRP, so i check the lil digital "sale-o-meter" and it says 25$. Wow. Ok moving do you know the MSRP on 4-jockey crew neck white t's are 45$... Really no joke a shit mix of polyester and cotton and it is 45$ I couldnt stomach to buy anything and had to walk away... I am really just disgusted with almost everything I see these days.

sixdollarsilver's picture

komoidia and tragoidia

ho hum

thanks turd

bam's picture

I'm a dog guy....

....but in just this one instance....

Could we fry up some Mississippi Leg Hound as well?

Zoltan's picture

This Week

If the Bernanke fails to mention QE3 (which I believe will occur) then prepare yourself for a merciless beat down of the PM.

Wish it wasn't the case but the flying monkeys seem to be in charge and they will determine the price of the PM until the whole system blows up in their faces.

If I'm wrong and the Bernanke fires up the helicopter, then it will be a happy week for all of us who believe in the PM.

Z

PS A foul mouthed cartoon bear told me on the internet not to worry about the fiat price of the shiny.  Just measure your wealth in terms of ounces and the manipulation becomes noise.

paperempire's picture

I know that feeling well

Quote:
planters said:

"I am really just disgusted with almost everything I see these days."

foggyroad's picture

TF Golf And Your Balls

May the Wind Be always at Your back (and across urin opponents), the Sun shine eternally upon Your Face (an right intha otherguyseyes), may the hills rise to your feet(anthe goferhole to thutherguy) and Your balls fly straight and true(ditches n traps tutherfella) but mostly have fun after all its for charity for *&^%sake!

worldend666's picture

(No subject)

Dream on

>>I see a major beatdown coming in PMs this week ,we are going to test the lows.... just my pessimistic 2 cents.

You have missed your chance to buy at those lows.

El Gordo's picture

Hope you pessimists are right

I'm hanging on to my fiat in hopes that you naysayers calling for a PM beatdown this week are right.  If I miss the boat because of listening to you, I'm gonna be pissed.

I've almost got enough now to consider voting for O so he can go ahead and finish us off - I should make out like a bandit once the currency collapses. 

Monedas's picture

Recipe For Grecian Formula KY Lubricant Extender !

In a small mixing bowl empty one tube of KY Jelly and an equal amount of virgin olive oil and petroleum jelly ! Mix well with a spatula ! Pretty easy, huh ? Not so fast....the hard part is getting it back into the tube !   You could spatula it into an empty mayonaise jar !  Do not refrigerate....the cold tickles !   Apply liberally with the fingers prior to penetration ! Enjoy !      Monedas      1929        Comedy Jihad Greek Island Hopping Tour       devil

Physical_only's picture

IT"S NOT THE PEOPLE WHO CAST THE VOTES........

BUT THE ONES WHO COUNT THEM............

JUST SUCKS as every country falls into this predicament.

And those were pro golfers playing in over here in S.F. this weekend??? .......  Sarc : )

It's a tough course I'll give them that, the fairways are hardly wide open & the greens are tight;

but seriously. I was more impressed with Beau "sp" the 17yr old.

Physical_only's picture

Try Costco Kirkland brand tees & I'm picky about my tees.

You'll be happy

Desert Fox's picture

I assume you'll be taking your cart

Enjoy your day and we'll watch the shop.  Keep your head down and hit em straight! cool

Boswell's picture

Costco "Tighty Whiteys"

Their T's may be O.K., but avoid the briefs.

The elastic burns out after a few months ;-(, JC Penny's keep on clingin'! :-).

jb's picture

Canned ham

EO is on vacation, so I think I need to post as a fellow cheesehead, that Walgreens has Celebrity hams at 2 for $5 (w/coupon).

steveo's picture

Did you ever notice that gold

Did you ever notice that gold looks like cheese whiz?

steveo's picture

O is going for a country

O is going for a country collapse, not just currency.

Chibster's picture

Silver theory - fights typical illness & common cold

Still love silver.  My spouse recently noted that the past couple years since I've been handling silver I don't get sick like I used to anymore.  I'm talking about the flu type illnesses and the common cold I typically get every winter.   I just don't get sick anymore.  And if I do feel a little sick, it doesn't last very long at all she noticed.

So I recently tested a theory (of silver fighting illness) on a co-worker that I see always wearing a thick sterling silver necklace with a silver cross pennant.  I casually asked him how often does he get sick.  He said he rarely gets sick at all.  He added that compared to his other friends, all through college etc., that he actually got sick the least and that if he got sick he got over any illness quite quickly for some odd reason.  I asked him later so how long have you been wearing that silver necklace?  He said he's been wearing it since high school.  I told him later that silver actually has antimicrobial qualities.  He then said he remembers a travel to Australia just one time without his silver necklace and he got unusually really, really sick in Australia.  He added that it wasn't the food because he ate very well.  I asked him is this the first time you've ever noticed a correlation between you not being sick and you wearing a sterling silver necklace?  He said he never thought about it until just then when I brought up the topic!

Has anyone else on this forum have a similar experience?

Vermilion's picture

Charities

I just had a call from a Charity asking me to donate some of my clothes to the starving people throughout the world.

I told them to piss off.

Anybody who fits into my clothes isn't starving.

Hammer's picture

Some light

Some light reading

http://www.levyinstitute.org/pubs/wp_698.pdf

The conclusion to this short paper on the 2007-2009 crisis reads accordingly

The Global Financial Crisis of 2007-2009 is remarkable for a number of reasons. On one hand, it represents the explosion of the idealistic vision of efficient financial markets in which financial innovation and deregulation had conquered the eternal bugbear of financial instability, and resulted in a golden age called the “Great Moderation.” On the other hand, it exposed the lengths to which central banks worldwide—the Fed being perhaps the best example—would act to save the existing financial order, helping to preserve especially the largest and most powerful institutions. We will never know what might have happened had there not been such a strong intervention. The best we can do is study the methods through which central banks prevented what surely would have been financial Armageddon. This short paper makes a first attempt at doing just that.

This is the first of what we intend to be a series of working papers on the Fed’s bailout. In this one, we have focused on an accounting of the funds spent, by facility. We have also tallied how much the largest institutions received. Finally, we have indicated where foreign institutions have received substantial help, including both foreign central banks as well as private banks. In subsequent papers we will provide more detail on some of the Fed’s actions, and will also discuss implications concerning such matters as risks to the Fed and Treasury of losses due to the Fed’s expenditures, as well as matters related to Congressional oversight and accountability of the Fed.

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