Killing Time

Today's post is simply a compilation of things to read and consider while we wait for tomorrow.

First, how about some charts? Today's action can be written off simply as algos trolling for stops to exploit in a weak volume environment. Gold's 100-day MA is near 1706 and this should act as support. Silver's 50-day MA is 33.05 and the action today was gamed around it. I fully expect the current, short-term ranges to hold on both metals to hold until Noon tomorrow when the Fedlines are released.

Speaking of the Fedlines...I have no idea what the Fed will announce tomorrow. Though, ultimately, they'll need to replace all of the Twist funds (and then some), no one can say for sure how much they'll announce tomorrow. And you can bet your ass that if the total comes out even a billion less than $85B, the immediate reaction will be to try to hammer the metals down. Regardless of the fact the $70B/month is still $840B/year of unsterilized QE. The Cartels will sell and attempt to set off an HFT waterfall. And don't believe anyone who tries to say that The Fed will announce a continuation of Twist and sterilized QE. Do you recall the video below. We first posted it back in August and it clearly shows the changing nature of the Fed's balance sheet over time. They are out of short-term paper to sell/exchange for long-term. Done. Gone. Finished. More QE is the only bullet left to fire.

And just in case you have been misled into believing that the economy is improving and, thus, additional QE is unnecessary, please read this from Goldman. (And hopefully, by now, you realize that QE isn't about "the economy" anyway.) http://www.zerohedge.com/news/2012-12-11/goldman-q4-gdp-forecast-10-following-trade-data

Here's a very helpful new article from JS Kim. Please take the time to read it. http://www.zerohedge.com/contributed/2012-12-11/essential-newbie-guide-buying-gold-silver

And here's a good piece from Jeff Nielson: http://www.bullionbullscanada.com/gold-commentary/26030-when-prices-have-no-meaning

If you haven't yet, you definitely need to read this piece from Alasdair Macleod. It made the rounds yesterday but I'm relinking it here because I feel it is so important: http://www.goldmoney.com/gold-research/alasdair-macleod/gold-futures-market-heading-for-crisis.html?gmrefcode=dollarc

That's all. I'm so bored that I'm headed out to get a haircut and do some Xmas shopping. Hang in there and try to have a great day.

TF

316 Comments

agNau's picture

So....

Gold & Silver are finally considered money, and will now trade in parity with the dollar....the third sister.
:O
Bizarre! Smacks of final shakeout attempt.

Istack's picture

All I want for Christmas is some money printing

     Save the dollar !!!!

pbreed's picture

Thurd

Thurd.. wow!

beardeus's picture

But wait...

There has to be hundreds of trillions of dollars out there already! They could realistically print 20 trillion dollars per year with let's say 10 percent inflation.

I think we should focus more on the debt ceiling increases. That seems to be a better indicator than QE.

Nana's picture

We Kill Time

While TPTB kill metals......along with everything else.....

Be Prepared's picture

Early Santa News...

Nick Elway's picture

The bad part about killing time

The bad part about killing time is that it stays dead.

A good day for some prepping.  Maybe pick up some  prussian blue to go with the potassium iodide.

Road_Scholar's picture

TF- thanks for both podcasts!

Jim Willie & Chris Duane (and Turd of course) were entertaining interviews!  Different sides of the same silver coin so to speak...Trivium One Ounce Silver Medallion

 

sengfarmer's picture

top ten :)

Here I am again:)

beinki's picture

while we wait

My partner's son plays the drums.

¤'s picture

No Time

Be Prepared's picture

Deck the Halls spoofed using Economic Terms....

I am not sure if this has posted before... but it's quite funny.  Deck the Halls with Macro Follies, produced and directed by John Papola of “Fear the Boom and Bust” fame.

Sneed Hearn's picture

Seriously Now

Why would ANYONE expect the manipulation to stop short of a cataclysmic crash of the entire nation? Does anyone really think the "regulators" are not on board with it? Or that the Fed/Treasury are not behind it? Or that there is not an infinite supply of dollars waiting to pay everyone off in the paper market? Or that the rules would not be changed - once again - if not changing them would lead to an enhanced crisis?

Seems to me this manipulation will continue until the VERY end but who knows anything these days.

Orange's picture

Australian Turdites

Re-posting this so this so our Australian Turdites don't miss this essential listen to video. I think it's about 4 a.m. in Sydney now, so they should start checking Turdville soon.

I will re post the link.

http://www.youtube.com/watch?feature=player_embedded&v=umVj5XQYAi8

​Every Australian Turdite should view this video.

You have two so called governments, one registered as a company in Washington. That is where your gst and customs duties goes to plus many other questions as to whether your gov. representative actually work for you the people or the Gov./Company registered in Washington DC.

I would further ask, why Washington DC? Is there a link somehow to further corruption with the US? Is there a link to the privately held Fed? By the way, is it legal that the Fed can fix interest rates? How is all this crap interlinked internationally? If they do it in Australia where else is it done. They wouldn't have just done it in Australia.

Thanks for the post withoutwax.

VAT Man is Robbing's picture

Dear HMRC

I'm not sure I have big enough spuds to go through with sending the following letter, but the act of writing it sure made me feel a whole lot better.

Dear HMRC

Enclosed is a cheque for the sum of £683.85.  Please accept this as payment in full of my final contribution to the protection racket – cum - ponzi scheme, otherwise known as National Insurance.

I forgive your clumsy, desperate (and way premature!) attempts to involve a debt collection agency in this matter.  I can see your actions for what they are; a symptom of a dying debt-based monetary system that I wish to play no further part in supporting.

The outstanding contribution relates to a period of self employment as a bathroom installer, which came to an end in July of this year, when I was fortunate enough to establish an alternative tax free income with which to support my family.

Henceforth, I have just two priorities in life:

  1.  Protect and provide for my family
  2.  Do everything legally within in my power to starve the illegitimate and corrupt government of the United Kingdom of as much tax revenue as possible.  I am prepared to dedicate the rest of my working life (or as long as it takes) to exposing the folly of this debt based system of bondage, and to assisting others in breaking free from their debt slavery.

In keeping with my new found vocation, I would like to start by explaining to the reader of this letter why I feel so strongly that National Insurance is a scam, in the hope that you too may seek out an alternative vocation before it’s too late.

I am in my mid 30s and have another 30 years (at least) until I would be hypothetically entitled to draw a state pension.  It is my sincere expectation that any such pension will at best be virtually worthless, and most surely insufficient to provide for my old age.  In all likelihood, the ponzi scheme will in fact collapse long before I am in a position to draw a state pension.

Of course a great many people have already acknowledged the “pension gap” in this country.  This is a good start.  Sadly however, many people bravely assume that they can supplement or replace their state pension with additional contributions to private or corporate pension schemes.

A far smaller minority are beginning to realise that this is a dangerous assumption to make.  The danger lies in the fact that all pension funds are heavily invested in paper assets, which are denominated in whatever the local currency may be.  The “dirty little secret” is that all modern currencies are backed by nothing more than the good faith of the people.  This is truly a confidence trick of epic proportions.

It is therefore crucial for all who wish to secure a prosperous future, to do so by first acknowledging the dangers of investment in paper assets and associated counterparty risk.  Once we see these paper assets for what they are, we can take steps to move away from them.  To this end, you may be interested in visiting my blog, http://www.vatmanisrobbing.co.uk.  It’s a little rough around the edges – a work in progress – but I hope it should at least be thought provoking for those with an open mind.  I hope that the sub-page entitled “Inflation=Taxation=Theft” will be of particular interest.

Please accept the enclosed payment as my parting gift to HMRC.  I hope you will understand why I have vowed not to engage in any further activity that would cause me to be liable to pay either Income Tax or National Insurance.   This personal pledge will remain in force, until such time as I see a realistic possibility that any such schemes could provide a net benefit to either their contributors, or to the people of this nation as a whole.

Yours sincerely

Hmmm, maybe I'll at least sleep on it before sending.

Pining 4 the Fjords's picture

No you're not, Turd

"I'm so bored that I'm headed out to get a haircut and do some Xmas shopping."

Nope.   You're going to the bunker for some alone time with your bad self.  And a few of your closest friends.

babaganoush2307's picture

Sometimes...

...I think it would be better to just stop looking at charts period and just keep stacking.  You will know when it is time to cash in without a chart there to instruct you.  That's how I see it at least, but regardless of how depressing it is at times I still like to watch the show wink

Bollocks's picture

Incredible

@withoutwax posted this up as a link some pages back. I'm posting the actual documentary here because it's just incredible.

All Turdites - please set aside an hour and watch this. The US / UK banking mafia are running governments everywhere and are using lies, extortion and ignoring laws. Ok, we kind-of know that, but do watch this vid. What this guy does and exposes is amazing.

Australian Customs isn't a government department, it's a private company registered in the USA, in Washington DC.

Mr "VAT Man is Robbing" - just ask them "who are you?". See the vid to see what I mean.

The Watchman's picture

Killing Time

KILLING_time.jpg

Mickey's picture

Just to understand

a) the US has tax revenues of ~2.2 Trillion before the increases

b) The US is running a cashflow budget deficit of 1.2 Trillion (but debt increases by 1.4 Trillion)

c) the fed is printing at a rate of 1 tril a year (expanding its balance sheet)

d) John williams shadow stats is thinking the GAAP accounting loss is 6-7 Trillion.

and gold is foresaken by people in the US and the US Govt while China and other countries are buying with both fists?

California Lawyer's picture

Well, Since We are Killing Time . . .

Let me share this with you.

Obama won.  We know.  But what is critical about his next term?

From OUR perspective, the deficit, the debt, the raging kleptocracy, etc.  But, we are the 1% [those hardy and wise enough to own physical gold].  So, our perspectives matter not, one bit, and everyone here must accept that reality.

What is critical, in my thinking, is that Obama gets to appoint new US Supreme Court Justices, IF, any of the traditional conservatives [Scalia, Thomas, Kennedy, Alito, or that scoundrel, two-faced, big govt-loving Roberts] retire or die.

So, which one or ones, will retire or die?  That is where the focus needs to be.

If ONE of the traditional conservative justices above leaves the court for any reason, the SENATE, controlled by the democrats, WILL confirm Obama's pick.  This justice will be a stealth radical, for sure, just like Obummer.  I bet there is already that candidate waiting in the wings, who has already been picked, groomed, vetted, and is told to lay low, wait for the time, write nothing controversial, and otherwise stay off the radar.

Wait and see.

If a conservative leaves the bench, and is replaced by a progressive, USA will have finally, and firmly lurched beyond the point of no return.  Obama's legacy will then be assured.  

Think of the Christmas list that Obama wants for his next term?  He can have it all, and his legacy, if one of the judges leaves the bench.

So, here is what I do if I am Obama:  get all the progressive legislation I can think of all drawn up, like reparations for slavery, more powers for the feds, more power for the executive branch, restrictions on access to courts, restrictions on recovery of damages in court even if one is successful, restrictions upon the rights of individuals to escape from custody, confinement, etc., higher penalties for criminal infractions, debtor prisons, restrictions on discharging debt in bankruptcy, mandatory use of new currency debt cards in place of cash or coins, capital controls, immigration controls (ala East Germany - the wall is not to keep those out, but to keep us in), new govt agencies and powers (think former soviet union just before the collapse in 1992, the citizenry was incentivized to tattle on each other; for example, how about a fed "monitor" in the local schools, to observe and report?  Scary huh?).  The list is as long as your fears, and it is coming soon.

So, stacking is not only a good idea from a wealth preservation perspective, it is also a means to secure survival in the face of the coming massive govt intrusions.

I say this because it is already here.  Remember, when California defaults on its bonds, whether at the State, or local level, or the schools and their Capital Appreciation Bonds, the model is JUST LIKE GREECE.  That is, the nanny protectorate will come to the rescue, with some form of capital infusion, but WITH STRINGS ATTACHED.

The US Supreme Court already approved, on a Constitutional basis, the power of the fed govt to attach strings to any payments.  That is why the FEDS told the states in the Jimmy Carter era, that unless they reduced their highway speed limits to 55 mph, then the states would be cut off from highway funds.  This was challenged at the Court, and the states LOST.  Thus, the feds can attach strings to any payments.

So, when Cali comes crying to the feds, that's right, your beloved president Obummer and his crony kleptocrats and their minions in the senate (and house too, because Boehner is just a representative of the flip side of the same progressive, big govt coin), Obummer will announce some "strings" and the bailout cash will flow.  The strings will be as said above.

I should be in Texas by then, God willing.  Maybe not in Houston near Roark, but who knows?

Anyhow, there it is, something to think about.  

ancientmoney's picture

@Sneed

Yep, what we have here is a true "command economy."  ALGOs everywhere, controlled by JPM with complete complicity of SEC, CFTC, FDIC, HS, PRC, USDA, BoE, LBMA, CME, and on and on.

"Sir, what would you like with your S&P ramp today?  A side order of PM smash?  A dollop of dollar diddling?  Delightful!"

Mickey's picture

ca lawyer

proper thinking-only a couple of issues:

we go broke before all the stuff is implemented (you did say texas but thats still part of the US of A) .

we are close now, one trigger pull by a creditor country will set it off,

or something from the mid east

but that will not happen because  our President knows the other leaders like him and his ideas.

Nigel Black's picture

@CA Lawyer

Please correct me if I am wrong, but isn't it Pres. Nixon who signed into law the 55 mph speed limit?

http://en.allexperts.com/q/Legislation-Presidential-Congressional-337/law-reducing-speed-limit.htm

There are also a few other articles on the web that state this.

opticsguy's picture

Hopefully, TX will find a governor that isn't going to suck up

to the Feds.  Perry had to play ball to be allowed into the Republican candidate field.  TX needs a governor that isn't going to use the office as a step to the US Senate or presidency.

SRSrocco's picture

SOME INTERESTING NEW TIDBITS.....

Silver sales set to outshine gold in India

Author: Shivom Seth
Posted: Tuesday , 11 Dec 2012
 

MUMBAI (Mineweb) -

Indian retailers are bullish on silver. With supplies tightening, deliveries are slowing down this week in the bullion market in Mumbai. What has also buoyed sentiment is that silver continues to lead precious metals, and sales have jumped over 24% this year.

"More and more people are realising the value of investing in silver coins and bullion bars in India," added Jayeshbhai Shah, a bullion retailer at Mumbai's Zaveri Bazaar. "The value of silver has increased rather steadily for the last few years. People who have never invested before are now investing in silver, because they know that buying silver is a great way to ensure that their money is there when they need it," he added.

Huge fall in South African gold output in October

Author: Lawrence Williams
Posted: Tuesday , 11 Dec 2012
 

LONDON (Mineweb) -

According to Statistics South Africa, the country’s gold output fell by 45.7 percent in volume in October while total overall mineral production was down 7.7 percent compared with the same month in 2012. Copper production fell by an even greater 56.4% year on year, but this is far less significant for the country’s economy.

القراع عصفور's picture

Ca lawyer

you said, "So, here is what I do if I am Obama: get all the progressive legislation I can think of all drawn up, like reparations for slavery, more powers for the feds, more power for the executive branch, restrictions on access to courts, restrictions on recovery of damages in court even if one is successful, restrictions upon the rights of individuals to escape from custody, confinement, etc., higher penalties for criminal infractions, debtor prisons, restrictions on discharging debt in bankruptcy, mandatory use of new currency debt cards in place of cash or coins, capital controls, immigration controls (ala East Germany - the wall is not to keep those out, but to keep us in), new govt agencies and powers (think former soviet union just before the collapse in 1992, the citizenry was incentivized to tattle on each other; for example, how about a fed "monitor" in the local schools, to observe and report? Scary huh?). The list is as long as your fears, and it is coming soon."

most of your list of "progressive" legislation is, and has been the agenda of all the recent presidents, republican or democratic.  since you do reside in California, i can totally understand why you may be especially upset with a democratic president, even more so, since the particular charlatan presently in charge wears the letter "D". 

yet, i invite you, and all readers to go through the list, and think about my point.  then ask yourself why didn't you vote for the best man for the job - Gary Johnson. 

and remember that politics is supposed to go to the forums, so if this thread gets hijacked, i won't mind if this gets moved.  though with todays predictable pre-FED action, i doubt anyone cares:-)

thanks for listening - remember, we are all (mostly) on the same side!

Mr. Fix's picture

Are we there yet?

wink

Nana's picture

After You're Done Watching: What The FUQ? -----Watch this

Lethal Injection

VAT Man is Robbing's picture

@ Bollocks re: Incredible

Thank you for reposting the vid, which I will attempt to make time for later this evening.

I suspect that I am already familiar with the general theme of the video, which is probably along the lines of "every government agency is a corporation.....your capitalised name is your corporation.......refuse to contract with said corporations by refusing to represent your corporation"  It probably also covers the difference between Admiralty Law and Common Law?

I have the utmost respect and admiration for anyone who stands up to these agencies/corporations by whatever means.  The problem I have with what I would call the "Freeman" concept is that it's very hard to pull off, without slipping up and accidentally contracting.  In practical terms I imagine it to be hard to follow without getting tied up in legalese.

I choose a different path.  I choose to make lifestyle changes to minimise contributions to a corrupt system.  Examples include:

earning no taxable income as far as possible,
buying 2nd hand wherever possible to avoid VAT,
avoiding CGT on investments (see my blog)
avoiding paying for receiving propaganda from the BBC via a TV License (still negotiating with family on axing this one!)

So I say each to their own.  But to me, the Freeman movement's achillies heal is it's complexity. 

Apologies if I'm way off the mark with the theme of the vid.

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