Defiance

Well, you can either give up or carry on with renewed determination. I choose the latter.

These are the times that try men's souls...

Let's see, what do we know for certain?

  • Quantitative Easing is now a permanent fixture of the financial markets for, without it, the U.S. bond market would collapse and interest rates would reset multiples higher.
  • The U.S. federal deficit will continue to be greater than $1T/year, regardless of the outcome of the election.
  • Later this month and into December, a "lame duck" session of Congress must come to terms with the looming fiscal cliff and well as an imminent breach of the debt ceiling.
  • Further downgrades of the credit rating of the U.S. are likely.
  • The European Union, already tattered at the edges, remains on the brink of crisis and dissolution.
  • Dollar creditor nations, led by China, are rapidly accumulating gold and silver as they exchange their devaluing fiat reserves for hard assets.
  • Dollar hegemony and reserve currency status will, one day in not-too-distant future, come to an end.

I could continue but I think you get the idea. Regardless of the paper machinations of the Comex, physical precious metal remains your best defense against the tumultuous times ahead.

The summer soldier and sunshine patriot will, in this crisis, shrink from the service of Turdville...

I think you know where I stand but where do you stand? Will you now become bitter? Will you be easily swayed by the uninformed and the disinformation agents? Do you have the courage of your convictions to not only find your way but guide others through the darkness?

Yesterday was tough and, worse, unexpected. But don't think for a minute that it was a selloff directed specifically at the precious metals. Look at the Dow and crude:

Look at the grains:

In fact, about the only things catching a bid yesterday were bonds and the dollar:

So understand that there may be more going on here than you think. The situation in Europe is tenuous, at best, and things on the ground in the U.S. aren't much better. For now, the precious metal "baby" is being thrown out with the proverbial "bath water". You should seize this opportunity to add to your stack.

  • With all of the selling in gold and silver yesterday, just whom do you think was taking the other side of that trade? Let give you a clue...it wasn't the specs.
  • Backwardation, as measured by the difference between the futures "offer" and the spot "bid", has reached a level of such extreme that it makes further significant declines highly unlikely.
  • Our friend, Andrew, reports that demand in London yesterday remained "exceptional" and "unprecedented". Though the effects of this physical demand can often by muted on an intraday basis, it nonetheless precludes the bullion banks from exacerbating the moves to the downside.

But he that stands by it now, deserves the love and thanks of man and woman...

I personally promised you a "hot, explosive and historic" summer. It, obviously, did not come to pass and, so far, it has not materialized this autumn. Do not be dismayed. I personally know of several extraordinarily brave and courageous people who are actively working to bring about an end to the blatant manipulation of precious metal price by the Bullion Bank Cartel. With firm reliance upon the protection of Divine providence, I am extremely confident that they will be successful. When they are, not only will the manipulation end but, perhaps, the plundering of Western reserves will slow, as well.

Tyranny, like hell, is not easily conquered; yet we have this consolation with us, that the harder the conflict, the more glorious the triumph...

So, again, I implore you: Do not lose faith and do not suffer from doubt. The end of The Great Keynesian Experiment is indeed upon us and you must continue to prepare accordingly. Do not be swayed by the day-to-day trading of the Comex nor the incessant noise and disinformation supplied by the financial media. Think for yourself. Study the past and the present, then consider the future. Trust your instincts. Believe in yourself and your ability to lead and inspire. Your family needs you. Your friends need you and Turdville needs you. The future demands leadership at every level and we all have a role to play. I will continue to do my part. Will you?

TF

325 Comments

Fade2Black's picture

First ?

First ?

MrGuboci's picture

2nd

Read the whole thing before noticed nobody else commented :)

SilverFocker's picture

Bitter?

Hell NO................Metals on sale and I am a Buyer.

I could care less what the buffoons do, one day it will be that they can non longer.

We only have a few more days until the election is over, this is my focus when I come in from hunting............The Rut is on and metals are on sale......It's a Redneck stackers dream.

treefrog's picture

defiance

defiance, encore defiance, toujours defiance, and FOURTH, defiance.

meegoreng1's picture

Before you go out to vote....

...and think it can make a difference...

Turd Ferguson's picture

I know it's almost election time..

MODERATOR

...and thank God because the incessant political nonsense is killing me.

Though there are just 72 hours to go, please try to keep this site on-topic. If you feel compelled to attempt to persuade or dissuade, please take it somewhere else. I think most of us here are sick of it.

(NOT intended for meegorngi's post above. Just a general observation.)

Teach's picture

Still in for

the long haul.  Where else can you put your $?  My little stack of "insurance" is one of the key components of my sense of security these days. I sure don't get the same from my pension plan or my government.  Take a look around...it's a global sh*t storm in every direction.  Try and find a developmental trajectory that gives one a sense of optimism.  Politics? Not.  Economy? Not.  Environment? Not. Internationalism? Not. Social net? Not.  Damned hard to do from where I sit.  Not that anybody ever told me there is such a thing as a 100% guarantee....but I'll stick to the plan.  Long precious metals and gardening...and going to stay that way.  Thanks Turd, for the site and the guts to stay the course and call the truth as you see it.

meegoreng1's picture

More on your voting...

SaratogaPrepper's picture

3 days until

the election. Like that is important. It's the day after that really counts. I get to find out what my wife ordered from Provident Machine Bearings. Well, I couldn't hold off any longer. Worked a boatload of overtime due to Sandy, so Upstate NY is pretty much back on (you're welcome). Placed my 24th order of the last 11 months with them. Seems they were having a HUUUGGGE sale. The wife will be proud of me. Anyways, Lake Champlain will be frozen over soon and I needed something to sit on while ice fishing. Just hope Champ doesn't steal this shipment.

Monedas's picture

Orange ?

If you're still out there .... please reprint your post from the end of the last thread .... about the 1 kilo silver futures in India .... 66% of open interest contracts DELIVERED !         Monedas     1929        Comedy Jihad Rare Public Service Announcement World Tour    devil

MilleniumJane's picture

Hey, Turd!

I've been lurking at the Watchtower and here at your new site for a long time after I found you on ZH.  Don't forget:

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Indulge me with a Captain Obvious moment:  They are dumping the price with the full consent of our elected leaders.  Whose to say that the leaders themselves aren't giving them some assistance?

Keep up the Faith.  Right will overcome Might in the end.

TomMack's picture

easy voting results instructions

if romney wins stack

if obama wins stack

edit:  was just trying for the top 10.

ps   does turd's comment count?????

Zoltan's picture

@Turd Everything Old is New Again

"Yesterday was tough and, worse, unexpected."

Well for those of us that have been around for a long time the BLSBS beat down was SOP for so many months that it was weird when it didn't happen for a few.

Don't lose faith Turd.  You are a source of hope and stability in a crazy world.  Some day the EE suppression schemes will fail (some of us have been waiting for years already) and we will have some true price discovery in the PM market.  The true value of the PM will amaze even the most bullish of the stackers.  Until then patience is a virtue.

Z

Groaner's picture

Was Fridays slam in just about everything a vote?

A Vote of no confidence in Obummer? It seems to me letting the stock market go into the trash just before the elections said volumes.

At any rate, I think things will turn around right after the elections. The fire sale going on in the metals will be eaten up very quickly.

El Gordo's picture

TomMack

I would add to that:

If it's undecided or a tie, stack.  If there is litigation, stack.  If New York decides to extend the election, stack.  If martial law is declared, stack.  You get the idea.

pforth's picture

Nice post...

Thanks for helping to keep our flagging spirits up Turd.  Your efforts are appreciated tremendously and help to make days like Friday more bearable.

For my part what would be nice to see is some sort of sign in the price action of silver that the cartel's ability to do dumps like yesterday is not without end.  Some clue that their strength is flagging.  We all know the fundamentals are against them, but the fundamentals have been against them for years and we've still been their punching bag since May 2011.  We all hear that there is strong physical demand...but we can't SEE that for ourselves.  We can't chart it, we can't contextualize it, we don't know the exact volumes or the changes over time.  Our only evidence is hearsay. I had thought that with the advent of QE3 that we would never see prices this low again.  I am amazed and somewhat despairing that their ability to smash the price remains as strong as ever.

TomMack's picture

El Gordo

x2  i get it.... they want sheeple in the yard.  no free range nothing   pay for our keep and we be sheep

Lxan's picture

Yep

 Just bought 20 phillys on the dip, now..if I can only get over buying only 2 rolls of dimes at 16.20 an ounce years ago..jeez

Missiondweller's picture

Thanks for the update Turd..

If it has something to do with the CFTC finally taking action it maybe makes sense that it would take place after the election.

Two Gun Tobin's picture

Local Coin Store

Morning Fellow Stackers,  Yesterday I went to my LCS and bought some 10oz bars for $1.50 over spot! What a deal!  I'll keep an eye out for other times to BTFD.  

Mr. Trud, you just keep doing what you are doing, and I feel positive that all your hard work will be rewarded.  See you all in the gold fields!

Gramp's picture

Good Post By The Turd!

Very good post sir, let not your course by swayed.  Our compass has been set, even the correct path does not ensure safe or easy passage. In fact as you mentioned  the greater the Battle, the greater the Glory.

We sail forth in turbulent tides,  ladening our Holds with the  Ballast provided by that of what many have  yet to  see...

Xty's picture

Saratoga Prepper

It is your 25th anniversary right?

25th Anniversary Traditional Gift:

Silver.

25th Anniversary Contemporary/Modern Gift:

Silver.

25th Anniversary Gemstone -- Silver:

Silver is the metal most noted for the twenty-fifth anniversary due to its radiance and brilliance.

Some alternatives: Tsavorite, Green Garnet.

25th Anniversary Color -- Silver:

Silver or metallic shiny is the color most often associated with the twenty-fifth anniversary.

25th Anniversary Flower -- Iris:

 

I sure hope she didn't get you an Iris!

rl999's picture

redeem mutilated coins

  • Mutilated Coins: United States Coins no longer fit for circulation are classified as "uncurrent" or mutilated.
  • Uncurrent coins are coins that are worn yet recognizable as to genuineness and denomination, and are machine countable. Uncurrent coins are redeemed by the Federal Reserve Banks, then forwarded to the Mint for disposition.
  • Mutilated coins are coins that are chipped, fused and not machine countable. Mutilated coins are only redeemable through the United States Philadelphia Mint facility.

All uncurrent or mutilated coins received by the Mint are melted and reused in the manufacture of coinage strips.

@Ancinet Money

[If I were to take my crap Merc dimes in would I get them redeemed for the new dimes that contain no silver? Is this a legit method to get into a fed reserve branch so that I can then attempt to exchange private debt frn for public debt notes?]

http://www.usmint.gov/about_the_mint/?action=coin_specifications

corysea's picture

Silver raid

Dear friends,

I find it very interesting that, according to Silver Doctors, 192 Million ounces of paper silver was dumped on the market Friday morning, followed by a further dumping of an undisclosed number of paper ounces later in the day.  The same article (you can see it here: ) http://www.silverdoctors.com/192-million-ounces-of-paper-silver-dumped-on-market-in-10-minutes-on-nfp-release/ says that this amount of silver represents nearly a quarter of annual world silver production.

In comparison, the September 23 smashdown to $33.50 required just 16.5 million paper ounces to have a significant effect. You can read this in this article: http://www.silverdoctors.com/silver-smashed-to-33-50-on-asian-open/.

I would welcome members' thoughts on this, but it seems to me that the cartel is being forced to use greater and greater amounts of paper silver to smash the price. Isn't it reasonable to believe that they must be getting more and more desperate, and less and less effective, or powerful, in their manipulation?  

Thanks for any responses,

corysea

SE's picture

Long-term...

Yesterday was NOT tough and unexpected.  I told you, it's not the end of the year yet.  It's election time!  They'll do anything to get the metals down during this time.  However, it is a time to stack some more.

This was not supposed to be a hot, historic, and explosive summer.  It rarely ever is, ceteris paribus.  Look at a 34-year chart to see that late-summer~early-fall is the traditionally weak time of the year for gold (as well as the summer), and the strongest time is November-January.

"Your family needs you. Your friends need you and Turdville needs you. The future demands leadership at every level and we all have a role to play. I will continue to do my part. Will you?"

Yes, I have done what I can, and now, I must protect myself by getting everything paid off quickly.

"I personally know of several extraordinarily brave and courageous people who are actively working to bring about an end to the blatant manipulation of precious metal price by the Bullion Bank Cartel."

Are these people militia members ready to take down these criminals?  I would be surprised if anything else would work, other than coin shops and refineries.

SRSrocco's picture

PRECIOUS METALS INVESTORS HAVE BEEN HOODWINKED...

CASH COSTS ARE COMPLETELY BOGUS... They Have Misled The Precious Metal Investor

I have been spending a great deal of time going over the balance sheets of mining companies to get a better TRUE COST of SILVER PRODUCTION.   I have put out a request for anyone in the accounting profession to assist me in this matter.  After the initial interest, it seems as if these folks have backed off... for whatever reason.

I don't plan on stopping before I can figure out a BETTER WAY to cost out gold and silver and not the pathetic industry standard of "CASH COSTS".  I have had some of SilverDoctors members reply to my previous post on Alexco Resources.  One member told me about another so-called extremely LOW COST SILVER PRODUCER named Dia Bras Exploration.

So, I took on the challenge and researched Dia Bras.  According to their Q2 2012 report, this is what they stated for their 1H 2012 SILVER CASH COST:

Isn't that amazing... a NEGATIVE $21.70 per ounce silver cash cost.  For Pete sakes, Dia Bras should be rolling in the DOUGH... correct?  I mean, they aren't mining silver at a ZERO CASH COST... they are mining it for $21 less than FREE...LOL.

If we look at their Consolidated Balance Sheet Q2 2012, we can see that on the bottom row, they had a NEGATIVE $6.7 million net income loss for the first half of 2012.  How in the living hell can a company state a negative $21 cash cost and lose money?

It's simple.... ACCOUNTING 101.

The member on SilverDoctors website thought that Dia Bras was an extremely low cost silver producer.... they are not.  They are still showing a negative net income.

Furthermore, you can see that Dia Bras has acquired $9.137 million in deferred taxes in just the first 6 months alone.  At some point in time they will have to pay these taxes won't they?  Hell, I stated in yesterday's post on Barrick that it had something like $4.3 billion in deferred taxes.

CASH COSTS ARE BOGUS

I have also posted this from Coeur de' Alene's Q2 2012 report on cash costs:

Cash costs exclude depreciation, depletion and amortization, accretion, corporate general and administrative expenses, exploration, interest, and pre-feasibility costs.

I am repeating myself to make an important point.  How can a mining company or the industry as a whole use CASH COST figures to show the investing public true costs of mining silver?  They do it to MISLEAD the public.

I would imagine there are a great deal of investors who really think Dia Bras Exploration is a VERY LOW COST SILVER PRODUCER.  However, I will show you from Dia Bras recent presentation their breakdown in metal revenue:

If they are getting 40% from their gold and silver revenue, I would imagine that we can safely state that they receive 10% of that 40% from gold.  That means they are taking 70% of their revenues and throwing it against their silver.  This is totally ridiculous.  I am surprised this is allowed in the industry. 

I AM RESEARCHING A BETTER METHOD FOR DETERMINING COST OF MINING SILVER

It is due to this very reason, I am researching and putting together a better method of determining the TRUE COST of mining silver (and soon... gold).  It is painstaking... but I will get there soon enough.

I am still trying to contact anyone in the MINING INDUSTRY who works as an ACCOUNTANT to assist me in this matter.   Please contact me at SRSrocco@gmail.com if you would like to contribute some information in this regard.

thanks,

steve

Orange's picture

Multi Commodity Excahange

The Silver 1000 monthly contract of Multi Commodity Exchange of India (MCX), launched on September 27, 2012, has witnessed record delivery of 1010 kg silver kilo bars. The first of its kind innovative deliverable 1 kg silver contract with New Delhi as the base delivery centre has been receiving tremendous response from market participants, especially small investors, located in North India.  

http://myiris.com/newsCentre/storyShow.php?fileR=20121103155931043&secID...

hammerman's picture

seriously

turd;   i get a lot of chit when i come in here and put up stuff doubting the next daily move is up... but i only do that cause i know your backround is as a trader...  sometimes you gotta go short?  but todays post was exactly spot on and you couldnt have spiked da football better...  da turdites gotta stick together now more then ever...  when the crimex blows big big pays days will be here....  but dont fall back into fiat too quick  buddys..... weeeeee

Prize Fighter's picture

"Uncurrent coins are redeemed

"Uncurrent coins are redeemed by the Federal Reserve Banks, then forwarded to the Mint for disposition."

How is this possible if the Federal Reserve is private credit and coins are US Mint public credits?  Why/how are they getting into the coin delivery business?  They don't handle Mint ASE or AGEs.  Nope, I don't like it one bit.  crying

Mr. Fix's picture

Thanks for the encouragement.

Still no power,

still no Mack Book,

At least the 3 hour gas lines are gone,

they are now out of gas.

The lights are on at the bottom of my mountain,

but they say they are out of poles.

Bummer.

I have not been sleeping well, and feel wiped out.

People are now calling, or worse, stopping by to try to "borrow" gas.

Desperation is setting in.

Not much else I can do.

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