Irresistible Force vs. Immovable Object

I decided we need a new thread to discuss the obvious and blatant capping in gold which is occurring in the face of confirmed fundamentals.

First up, the charts. They need no further commentary.

And why is 1730-1740 so important? One look at the daily chart and it all comes into focus.

In the face of this nonsense, we have the confirmed fundamentals. First, just yesterday, The Fed announced and re-iterated its plans for QE∞, none of which should come as a surprise here in Turdville as I have been telling you all of this since September (for example, see here: http://www.tfmetalsreport.com/blog/4202/brass-tacks). Here is a news article with details: http://wallstreetexaminer.com/2012/11/13/fed-announces-it-will-buy-35-billion-in-mbs-reinvestment-program-in-next-month/ and here is the link from The Fed, itself: http://www.newyorkfed.org/markets/ambs/ambs_schedule.html.  And, a little over an hour ago, we got the release of the FOMC minutes from late last month. No surprises here, either. Just a simple confirmation of everything we've been discussing. http://www.zerohedge.com/news/2012-11-14/fomc-minutes-show-fed-members-expect-more-unsterilized-monetization-after-twist-ends.

Of course, to The Cartel and their unwitting short-momo accomplices, none of this matters. All they see are threatened positions which must be defended at all costs. The eventuality of their destruction matters little so long as they can win just one more day and share one more evening of laughs at Cheetahs.

Anyway, fear not. Laugh at their pettiness and greed. They will, most assuredly, be overrun soon and each additional short they supply now will only add fuel to the squeezing fire that is about to consume them.

With all attendant scorn and ridicule: "You don't frighten us you New York Pig-Dogs. I blow my nose at your so-called Wicked Witch and I fart in your general direction. Your mothers were hamsters and your fathers smelt of Elderberries."

TF

p.s. Silver is showing great resilience and looks poised to make a run to and through $33 very soon. It's next, obvious resistance point is near $33.30 where it will encounter both horizontal resistance and its 50-DMA.

p.p.s. Fetchez la vache!

10:15 am EDT UPDATE:

If you're wondering what the hell just happened, it was this: I was texting with our friend, Andy, at the time and he noticed one, single dump of 25,000 gold contracts. That is the paper equivalent of 77 metric tonnes of gold, roughly the total amount of reported holdings of Australia or Kuwait! This is blatant manipulation as every honest market participant seeks to always receive the most efficient execution.

This wholesale dumping of 25,000 contracts is disgusting and deliberately manipulative. These criminals know no boundary and have an obvious contempt for law and regulation. My sincere hope is to one day soon expose them for the lying, thieving bastards they are. Until then, just buy the freaking dip.

280 Comments

RRJJ's picture

First first

First first. 

Here's to seeing silver above $33 by Friday at the latest. 

wildstylechef's picture

second!!!!!!!!!!!!!!!

And awayy we go !

When they $%$# are they going to actually do something that they promise to do?

Politicians a bunch of worthless tungston's

How about first off they start spending some of that promised QE3

vonburpenstein's picture

First

Just sitting here waiting to get paid at a closing, to pass some time I turn on the Turd and bOOM! First! Probably second by now, possibly third...lucky day

Marcus's picture

The pig

Turd, old buddy, please stop referring to the US dollar index as "the pig". It's an insult to all of us real pigs (just kidding you, I  love the attention!).

Expired_Elder_of_Zion's picture

A joke.. ENJOY

Here's a joke I got from a friend.. enjoy

Depressed

Over five thousand years ago, Moses said to the children of Israel ,
"Pick up your shovels, mount your asses and camels, and I will lead
you to the Promised Land."
 

Nearly 75 years ago, (when Welfare was introduced) Roosevelt said,
"Lay down your shovels, sit on your asses, and light up a Camel, this
is the Promised Land."

Today, Congress has stolen your shovel, taxed your asses, raised the
price of Camels and mortgaged the Promised Land!

I was so depressed last night thinking about Health Care Plans, the
economy, the wars, lost jobs, savings, Social Security, retirement
funds, etc .... I called a Suicide Hotline.

I had to press 1 for English.

I was connected to a call center in Pakistan . I told them I was suicidal.

They got excited and asked if I could drive a truck......

Groaner's picture

How many think with the slam on the metal stocks that

bullion is going to get butchered tomorrow??.. see what Harvey thinks. He sometimes calls it.

RaulP's picture

Miners stinking... will silver follow soon?

!!**@@

The Watchman's picture

Great Post Turd

Time will show YOU ARE RIGHT.

Today my mining stocks got THIS:

Ninja Monkey: He Will Kick You In The Head

Big Buffalo's picture

markets

dow going to shit.

looking to get out on bounces.

tired of this government crap.

fiscal cliff will happen.

debt limit will be hit.

it will be raised last minute, until then, everything is fubar.

my guess : dow will lose another 1000 points before the end of the year

Mammoth's picture

A Cure for Depression

Expired Elder mentioned depression.  When you get depressed, one way to cheer yourself up is by looking at all the beautiful ladies in your life.  First, open up your Silver stash to gaze on the beautiful Miss Walking Liberty. 

Then you look at the lovely woman on the Morgan Dollar.   If you are looking for some kinky cheer, then admire the lady with the wings on her head, pictured on the Mercury Dime.  Still feeling bummed out - perhaps because of all the wars & fighting going on?  Then it's time to pull out your Peace Dollars and admire the lady pictured on the obverse. 

But I would be remiss if I did not invite you to put your blues away, once and for all, by opening your Gold stash and smiling at the stunning beauty pictured on the American Eagles & St. Gaudens Double Eagles.

What - your PM investments are all paper?

Now - THAT is Depressing!

Silverbugs's picture

The shorts will be overrun.

The shorts will be overrun. They are setting a huge trap for themselves. This is going to blow up in there faces sooner or later. Until then I don't stress. I just take advantage of the discounted prices.

http://schiffblog.blogspot.ca/

aomegaa's picture

SRSrocco

Your analysis is right on, in hindsight. However, "They" could have stopped manipulating the metals at any time and moved to much higher ground whereas the shorts in the miners would have been caught by the shorthairs. They made a bet that G&S would be held flat and thus erode the miners income over time. I get that. But from here it looks increasingly like G&S are going to run and the miners WILL catch up.[At least I hope so.]

pforth's picture

Ouch...

Between the PSLV offering last week and the miner crush today my accounts really aren't feeling the love.  I think I was higher when silver was $1.5 lower.

ctiger2's picture

(No subject)

thecoloredsky's picture

Gold trending

Which one is the odd one out?

SRSrocco's picture

REPLY @ MINERS...

aomegaa... Yes your are correct.  The problem with the top gold miners BRAGGING about LOW CASH COSTS is they have convinced the foreign governments where their mines are located, to believe that they are making huge profits.  Thus, the foreign governments feel inclined to increase taxes or royalties on the miners revenues...  to get their part of the booty.

If the gold miners TOLD THE FRICKEN TRUTH about the collapse of margins due to higher costs, these governments would think twice about increasing either taxes or royalties.

It is quite disgusting to me if you think about all the profits the large banks (and bullion banks) are making skimming money off the top of MONETARY PRINTING as well as THE CREATION OF WORTHLESS DERIVATIVES.

This is what the gold and silver miners are up against.  However, once the global fiat monetary system disintegrates, then the miners will be the cash cows of the future.

The only two FLIES IN THE OINTMENT that may keep the miners from being the 10-100 BAGGERS that many of the precious metal analysts on KWN for example are forecasting:

1) PEAK OIL... this might stifle the miners ability to pull that metal out of the ground...

2) NATIONALIZATION... this is where foreign countries realize that after they have repatriated their gold from abroad... its time to nationalize the best two monetary metal mines on the planet... gold and silver

T's picture

Jim Sinclair says

dont worry. its just a few big hedge funds  doing  the short attacks and trying to scare us.  hang in there.

Technical analysis of the S+P and HUI and miners charts are showing this zone is the target bottom. we've arrived now  at the train station and   the bottom should be  around here.

hammerman's picture

regarding gold cap

turd...  dont forget WHEN not IF the big war breaks out the markets will all sell off hard as history shows... also putting downward pressure on the PM'S would/will be the collaspe of the Euro... ( both of these are short term negatives) so thats sum up most of the resistance the sheep hav about diving into the metals... only true goll bugs can figure out that these are cheap prices that everyone will beg for within 6 to 12 months...  so many of the sheep just standin outside milling around da bus... little do they know they got no chance of getting on unless they already on...   is this you bobbalou?

The Watchman's picture

@SRSrocco

Regarding "NATIONALIZATION" following that same logic-Why did they NOT  NATIONALIZE oil companies when the price of oil went to $150 bbl?

Patrancus's picture

newsworthy or not

Newsworthy or not, it is in the news. It all began as a voluntary compact between states, these volunteers have the propensity to grow weary of the heavy burden's laid upon them by a power usurping all controlling federal gooberment.

Are you in this for your liberty, or just going along to get along?

http://www.dailypaul.com/262830/ron-paul-succession-an-important-constitutional-principle

tyberious's picture

G. Edward Griffin –

G. Edward Griffin – Inconsequential Elections Are The Rule

 

from FinancialSurvivalNet

fsn.pngGriffin,%20Ed%202002-05-12%20cropped.jpgG. Edward Griffin of Freedom Force International is a legend in the freedom movement. Since writing The Creature From Jekyll Island no one has ever looked at the Federal Reserve the same again. He says we’re now in a situation where the sociopaths who are running things are free to steal from us as never before. The financial collapse has unleashed this group and there’s limit to their pillaging. And while we need a revolution of sorts, it’s not a violent one, but rather one of education and ideas. Novel concepts such as the free market creates greater prosperty than any other system. Or that government is never the solution, but rather has created the problem in the first place. Once people start understanding what is really happening, then freedom will again take hold like never before.

wpaudio-play.pngClick Here to Listen to the Audio

xotemki's picture

@ Bag of Gold

I am responding to your comment towards T from the previous thread: http://www.tfmetalsreport.com/comment/235881#comment-235881 I appreciate your good sense of humor ("when you cry I buy & when you sell I yell":-)). I believe that your comment is in very good spirit but a little bit harsh on T im, because: 1) Your claim that you are grateful to T for "all the profits that I have made" seems to me a little bit over the top... Wouldn't you agree :-) 2) Do you not believe that the Miners as a group have been subjected to unprecedented levels of criminality and market manipulation exactly as described by T? Do you seriously believe that fundamentals still move markets or do you agree with Andy Hoffman's thesis that only manipulation moves markets?

SRSrocco's picture

REPLY @ THE WATCHMAN

The Watchman... for heavens sake, they sure did.

Nationalization of oil supplies

According to consulting firm PFC Energy, only 7% of the world's estimated oil and gas reserves are in countries that allow private international companies free rein. Fully 65% are in the hands of state-owned companies such as Saudi Aramco, with the rest in countries such as Russia and Venezuela, where access by Western companies is difficult. The PFC study implies political factors are limiting capacity increases in Mexico, Venezuela, Iran, Iraq, Kuwait and Russia. Saudi Arabia is also limiting capacity expansion, but because of a self-imposed cap, unlike the other countries.

--------------

In the Oil Market, it didn't take $150 a barrel oil for countries to realize how powerful it was to own their own energy resources. 

The reason why I believe foreign countries have not increasingly nationalized private gold and silver mines, is due to the fact that the world still runs by a US DOLLAR world reserve currency.  However, when this FACADE ends, then I believe foreign governments will behave quite differently.

tyberious's picture

Re: Miners

The need to form a CARTEL! They have finite resources and in the case of silver modern society can not do without. I guess monetarily that applies to gold also.

The Watchman's picture

Need a LAUGH?

Funny_Quotes_1.jpg

Turd Ferguson's picture

Regarding the miners

MODERATOR

A real washout today. Keep in mind that the stock market was down 200 points, too.

If I had any cash (which I don't) and if I owned any miners ( I don't own any) and if I was looking for a trading opportunity (which I'm not), I would be looking to buy tomorrow, probably right after the NYSE open at 9:30 EST.

Bongo Jim's picture

It's official...

My "thinking is dangerous" as told to the wiffer by her Dad's Financial Consultant. "Jim might talk you into selling everything and buying silver."  Glad I wasn't at that meeting. The FC also said that since Prop 30 was passed (in Calif.),  Municipal bonds are going to do well. Uh, o.k., REALLY glad I wasn't at that meeting.

Patrancus's picture

Never need washing

65079_Obv.jpg
Icarus's picture

Silver Wheaton

Any idea why Silver Wheaton down 4%+ today?

 

Has anyone any idea why Silver Wheaton down 4%+ today? Worries me in case it's a prelim to another smackdown!

Max,

In addition to all miners getting creamed today, along with the markets in general, there is more here.

I think it might have to do with Barrick announcing the shutdown of the prestripping activities at Pascua Lama.  It shuts down prestripping but not mine construction.  Many read 'shut down' and panicked. (Understandable because Pascua Lama has had LOTS of problems).  Silver Wheaton is scheduled to get 2 million ounces a year out  of that project down the road, and it would be a big hit to SLW's growth should the project be delayed or cancelled.  And yes I do know that Barrick must provide silver from other mines for a certain period of time should there be a delay.

The bottom line is that if Pascua Lama doesn't pan out,  SLW takes a long term hit on their growth plans.

Regards,

Icarus

Patrancus's picture

Obama Bucks

Obama Bucks invented by a card a carrying liberal from Minnesota, last seen around North Branch, Minnesota on the lam from his own parties wise guys, which of course everyone knows eat their own.

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