A Turdville First: An Online Auction

Do you recall the meeting Santa held in NYC a few weeks back. Well, the highest bidder in this auction will receive a truly special memento.

Loyal Turdite "ilene" attended the show. In advance, she asked that I send her a "Turd Hat" in the hopes that she would be able to get Jim to sign it, too. As you can see by the picture below, he happily obliged.

So now it goes to the highest bidder with one caveat: The winner must send the winning dollar amount to my favorite charity http://www.foodforthepoor.org

Please use the comments section of this thread as your auction platform. As you can see, I've begun the bidding at $100. To avoid confusion, auction bids only here. Keep the metals discussions on the other, current threads. The auction will remain open for roughly 48 hours and I'll close it at 1:30 p.m. Friday (Comex closing time). Once Food For The Poor confirms your payment, Ilene will send you the hat.

Sound easy? It is. Good luck and have fun!

TF

p.s. Turdite "Richard" also attended and diligently took notes. They are copied below for your reading pleasure. Thanks, Richard!

Jim Sinclair Meeting Notes from meeting at NY Hilton March 20, 2013. The meeting was held in the Sutton Complex of rooms which was 200’ x 55’ in size and holds 650 people. The entire room was just about filled. The meeting was supposed to be from 2:00 pm till 5:00 pm. It was already in progress when I arrived at 1:20. It was a question and answer session where the audience asked any questions they wanted to. Jim answered all questions with the exception of those seeking direct recommendations for specific stocks. These notes are not embellished in any way they are simply what was said as best as I could jot it down.

1:20pm

Q: the question was about timing for the gold market.

A: There are three time periods one needs to be concerned with.

NOW

2015 – 2017

This is when the market/system will wring out the bad stuff (ie derivatives  and excesses brought about by QE). It will be the time to take the medicine.

2010-2021

This will be the time for a significant restructuring of the monetary system. This will be brought about by the BRIC’s (Brazil Russia India China) It will cause the end of the upwards run by gold as a new system will be instituted.

Q: After 2021 what things will be good investments.

A: Real Estate probably. But buyers will have problems with financing.

Q: Are gold ETF’s OK?

A: As long as the Comex continues to settle trades.

Q: How about mining stocks?

A: They are OK as long as they have adequate financing and plenty of economic gold in the ground backed up by a 43-101 (Canadian mineral resource classification scheme used for the public disclosure of information).

Q: Please discuss Cyprus the IMF and Russia episode of this week.

A: Cyprus was a major mistake by the IMF. The banks in Cyprus are Russian banks with Russian money (from the KGB, plutocrats and Russian mob.) Cyprus, New Zealand, and Spain are all in the same condition. The IMF should have picked a different country to start with. The IMF wanted to shift the onus of the bailouts from the IMF to the depositors (take/steal from the depositors). The amount of money in Cyprus was huge. Cypriot politicians were told by the Russians to vote NO. Russia faced down the IMF. The IMF backed down therefore QE is alive and well. This was a HUGE mistake by the IMF. If the IMF had been successful this would have been the beginning of a brand new era in the bailouts. It would have been the beginning of the “bail ins”, meaning transferring the burden to the depositors. But Cyprus and the back down by the IMF brought media scrutiny to this idea of “bail ins”.

Q: Talk about IRA’s. What are the risks?

A: If and when QE ends what is the next biggest pool of assets that are available (for the Feds to get their hands on)? Timing for IRA’s (to get out of harms way) 2 yrs to plan and 1 more (max) year to get out.

Q: How about stocks (securities registration)?

A: Take ‘em out of the system.

Q: About Jim’s company Tanzanian Royalty Exploration symbol TRX.

A: Now is the time to be bringing gold mines into production, before 2015. TRX has 5 deposits that are just about ready to go. Jim mentioned Kigosi. He did not mention the other deposits by name. Said the first ones are shallow easily produced deposits and will provide the cash for the much bigger Buckreef deposit.

He then went on to say that everyone must have an exit strategy for all of their investments.

Q: At what price will gold balance the Federal balance sheet?

A: Don’t do the math now as too many things are changing. If you do it now you will arrive at too high a number ($17M / oz). Wait till 2015-2017 and the number will be more accurate.

Q: What do you think about confiscation of gold?

A: “I don’t think it is probable. I do not fear it”.

Q: What are the best ways to invest/accumulate gold?

A: 1 oz widely recognized gold coins. But, you will need to have a bid (market) for them when you go to sell them. So, brand X gold rounds may not be the best idea. It is not economic to counterfeit 1 oz coins.

Q: How about options?

A: Not a good idea. Options are pieces of paper designed to separate you from your money.

Q: With the seemingly limited amount of silver above ground isn’t it possible for someone to try to corner the silver market?

A: No, as long as the paper market exists supply is infinite. You can not corner a paper market.

Q: What price will silver get to?

A: The high expectations for silver price will not be fulfilled. $50 /oz = OK, $200 /oz = probably not.

Q: Should we store our gold overseas?

A: Sinclair said he wanted maximum exposure to gold, fully paid for and with no margin. This is why he began TRX. He said do not put your self in jeopardy with the IRS with regard to not reporting gold held overseas. Don’t get too clever. As for use of a gold storage company, he said don’t do it. There is too much temptation to steal. The storage of gold creates too much risk. He also wants to have some gold in the US too.

Q: Is Sprott PSLV (silver trust) as safe as my safety deposit box?

A: No, yet Sprott is an honest outfit. Sinclair owns some Sprott funds as well.

Q: Discuss the silver gold ratio.

A: He is more of a believer in Au than Ag. Above $50/oz for Ag he tends to get nervous. It is hard to set a ratio for Au:Ag in advance. Silver simply does not have the monetary characteristic that gold does.

Q: Which countries are safest for mining shares?

A: No direct answer. Situation is constantly changing.

Q: Isn’t the current financial system a big Ponzi schemes?

A: It is like Sodom & Gomorrah, but S & G was more fun. (many laughs)

A: There is a possibility that there will be a change in the system. We must protect ourselves from it. This will not go on forever. It will change after a bust by the OTC derivatives. OTC derivatives are the problem now.

Q: Will silver hit triple digits?

A: Yes, but it will probably not hold it. Once gold price solidifies silver will take off. Don’t be greedy.

Q: Are the miners a good buy?

A: the major miners are so cheap they are the best value around. US Gold MUX owned 25% by McEwan is really good and he is very driven to succeed. Needs to get more diversified out of South America though.

Q: QE & FDIC safety of deposits

A: Bernanke believes that QE (1, 2, 3, 4 etc) will work and will lead to a huge business revival which ultimately negate the need for QE to infinity. But, QE can go on indefinitely. If there is a big banking problem the FDIC will pay off by issuing special Treasuries, not cash.

Q: How do we get rid of the crooked banks?

A: Glass Stegal will not work. You have to remove their profits. They are a Mafia of a different kind. The country (US) will survive in a different form. Protect yourself. Do not wait for the govt. to do it for you.

Q: I am in a physical (gold) IRA. Should I get out?

A: Yes, and get the real stuff.

Q: How close are we to a tipping point?

A: We have already tipped. We will work through it. We will do well in the future.

Q: What is wrong with the major miners? There seems to be a big headwind.

A: Management is the problem. Mgnt is working for Mgnt and not the stockholders. They are making good money and need to pay a good dividend to the stockholders. When they do the miners will take off. If they don’t act in your intrest go to the meeting, or call and complain. Get your lawyer to call. They will act.

Q: Why have we been in this big drop in the price of gold?

A: The Fed put out the word (at $1785) to the hedge funds that they were going to do “bail ins”. In other words that the bull market in gold was about to be over. They did this to control price. So all the hedge funds went short the PM’s and mining stocks. Now with the Cyprus debacle they are all caught short.

Q: Regarding Martin Armstrong and cycles.

A: Cycles can not be used to predict future success.

Q: What will it take to get gold to move?

A:  Right now a (solid, weekly) close above $1620 and gold is on its way to $3500.

Q: How will we know when we are at the end of this bull market in gold?

A: It almost happened with Cyprus. They goofed, Cyprus is now seen as the will of the people. They should have tried it with New Zealand or Spain.

When we get a revamped monetary system gold will be the only thing available that can be used to value the dollar. Fiat money will be with us in the future. Half of the world has marked gold (reserves) to market, not $42 /oz.  US will be the last to mark to market.

Q: What would end the gold market?

A: When we go from bail outs (QE money printing) to bail ins (take/steal from the people). He does not believe that the gold price will crash at the end of the bull market. It will drop from say $4500 to $4000 or $3600 and rise back to about $4000.

Q: Will the dollar lose its reserve status?

A: The Dollar is slowly no longer being used as the sole settlement currency. BRIC nations are on the upswing and using their own currencies. This is a key factor for a long term dollar downtrend.

Q: What do you see as the high for gold?

A: The most logical price based upon the NOW time frame is $3100-$3300. But that does not mean that that is the top. After that in the 2015 – 2017 time frame, then $3500  & up comes into play. By 2020 - 2021 $4000 - $4500 will be the high, but the price will drop back to about $4000.

Q: What makes for a good mining stock?

A: To be a viable miner you must have a 43-101 so as to get financing, - or – have an angel (with deep pockets), or get a country to help you use the gold that is in the ground as collateral for financing.

Q: none

A: LEARN TO SELL (1/3 max) Sell the “rhino horn” (chart formation) and buy the fishing line (chart formation). You may be wrong about where the ultimate top is, but so what? You are out with a nice profit. Then WAIT… for the sell off and re-buy. There are gonna be some really good times ahead. This way you have cash during the otherwise stressful declines.

Q: Will the Petro Dollar continue to be used as a settlement currency?? Were Afghanistan & Iraq in preparation for an attach on Iran?

A: Yes it will continue to be used. Attacking Iran is attacking two other big nasty nations. Russia & China. Probably will not be done by the US.

Q: At what price will TRX properties be leased to the majors?

A: His 5 major properties will not be leased at all. He plans on hiring outside mining contractors from South Africa to do the actual work.

Q: What is the best surrogate for physical gold?

A: CEF (Central Fund of Canada)

Q: Will there be another reserve currency?

A: Probably not, there are too many downsides to a reserve currency. China & Russia do not want the downside.

Q: re: IRA’s

A: Stop contributing to IRA’s. Get out and take the (tax) hit. If your Company is still contributing then hold off till 2015 – 2016. If you are retired with no Co. contribution then get out.  Q: Why?

A: If the Fed can not continue QE then where is the only big amount of money sitting around? Don’t be a target!

Q: Should I plan to leave my gold to my kids?

A: No, Give them the ability to earn instead.

…. Back to the discussion about trading. “rhino horn & fish line”

Q: What do you see happening in 2015 – 2017?

A: Very dangerous to try to disarm the US population. If this was tried in say FL or GA it would not go well. It is getting to the point where the average guy is beginning to know he has been had. There are a lot of feisty blue collar guys out there. The Politicians know this and now have to walk a very fine line.

Q: Where are we in the general stock markets cycle?

A: We are approaching the end of the bull phase. BUT, normal market action is skewed by QE. You must get away from thinking of normal, classical style phases because of QE manipulation.

….. Said he would try to project & identify over valuation for gold. But, he said, what would happen if I announced the bull market was over? He said this was his final goal

He also said if you have questions please send him an e-mail and ask him.

See  http://www.jsmineset.com/contact-us/

Q: Should I put my money in silver?

A: It is better to put your money in gold as that is where the big boys will put their money. It is also easier to do because of the weight and value factor of the metals.

Q: Will the US retain supremacy?

A: It has lost financial supremacy but retains military supremacy. But this too is fading. Note that the Chinese recently surfaced two subs undetected in the middle of fleet war games in Asia. Red October is real.

5:00 pm I left to catch the train home as the questions were starting to repeat.

79 Comments

Turd Ferguson's picture

My bid

MODERATOR

I will start this process with a bid of one hundred, rapidly-devaluing, U.S. fiat dollars.

murphy's picture

turd  #2

turd  #2

make that #1 and #2

since I now know what the post is about I bid $125

Dolomite's picture

One hundred thurdy ponzi

One hundred thurdy ponzi coupons...

See what I did there?  

Igiveup2's picture

$150

Shoot, didn't know it was a new thread.  Read the thing first.  Big mistake, got me a "third".

luv2stak's picture

5

A new Record High for the Dow = 14,801 

Gold dropped $15.10 to $1569.90

Silver dropped 28cents to $27.70

Luv this site -- thank you SO MUCH for putting it all together for us all, Turd.

Hand-holding from a wide variety of intelligent awake people. I've referred many others here.

The Green Manalishi's picture

$175

One Seven Five

x's picture

$500

And my employer will match!  This is an awesome idea, thanks Turd.

القراع عصفور's picture

501

or this is going to be a short thread.

ctob's picture

esclation

BourgeoisHuckster's picture

bank where?

Lucky to have a LCS with 90% silver and I'll bank there and hold, thank you, Turd, for this forum. 

ink's picture

Cliff...FUBM?

what will it be...

cpnscarlet's picture

It would be a better auction

if you give Santa a few more weeks on his prediction.

That way we can just decide to bid $0 or $QEI

NOT LOOKING TOO GOOD NOW!!!

Beastly Stack's picture

Battle Zone

Should be an interesting Close today, 40 minutes left for NY pits!

$555

billhilly's picture

X

Are you saying that your employer is going to match the highest/winning bid regardless of who submits it, or only if you are the winning bid?

¤'s picture

Beneficient

Great idea and kudos to all who are involved.

I'd love to blow everyone out of the water with a bigger bid then $501 (way to go DP!) but it's out of my league already. :-(

I bet the bidding would go up dramatically higher if 'someone' offered one first run Turd round included with the hat offer no matter how long it took to deliver that Turd round.

Easy for me to say. blush

edit: oop's...I see beastly stack has gone to $555. Competitive juices are starting to flow. Way to go Hulkster.

Great idea by ag1969! Headed to that site right now :-)

Did it! :-)))

ag1969's picture

Turd

My pockets are not deep enough to pay that much for a hat you should be paying me to wear (sarc).  But since I like what you are doing here I just donated $20 to foodforthepoor.com in your name.  (I guess technically I can't say it was "in your name" because that option was not offered, but I did put Turd Ferguson/tfmetalsreport.com in the comment section.  Best I could do.)  You are a good soldier.  Thanks for the site.

x's picture

Employer match

I mean my employer is on the charity's list of matchers, so any contribution I make will be matched.  Not any winning bid, that'd be a decision above my pay grade unfortunately.  From the Food for the Poor site, http://www.foodforthepoor.org/help/corporate-matching-gift/

I just wanted to point out the option to anyone bidding, the potential to double the help is there.  Personally I'm impressed with this charity's efficiency, and plan on contributing my $500 even though the bid has moved on.

AlexCojones's picture

Kudos to Richard, Questions for Santa

Santa said One oz gold coins were NOT economical to counterfeit? Quote: "It is not economic to counterfeit 1 oz coins."

What world is he living in? WE have counterfeit SILVER coins now, even with the suppressed price.

Also Jim Sinclair replied:

Q: What will it take to get gold to move?

A:  Right now a (solid, weekly) close above $1620 and gold is on its way to $3500.

Call me skeptical - ONE WEEK?- but this is blarney, IMHO.

We'll see gold jump when the Chinese say "Jump!" Not before. Might well happen overnight.

ballyale's picture

Curious as to why gold dropped so dramatically?

Here We Go: Cyprus To Sell €400 Million In Gold, About 75% Of Its Total Holdings, To Finance Part Of Its Bailout

Submitted by Tyler Durden on 04/10/2013 10:38 -0400

Central Banks
Eurozone
International Monetary Fund
Reuters

Curious why every bank and their grandmother, and most recently Goldman today, has been lining up to push the price of gold as low as possible? Here's why:
•CYPRUS TO SELL 400 MLN EUROS WORTH OF GOLD RESERVES TO FINANCE PART OF ITS BAILOUT - TROIKA DOCUMENTS - RTRS

Or about 10 tons of gold. But... the bailout was prefunded and there was no need to provide any additional cash? What happened: was the deposit outflow discovered to have been even greater than the worst case scenario and thus Cyprus needed even more cash? As for the buyers? We will venture a guess: central banks buying at the lows.

Finally: congratulations Cypriots. You are now handing over your gold for the one time, unbeatable opportunity to remain a vassal state to the Eurozone. But at least you have your €.

The good news: Cyprus will have at least another 4 or so tons after selling the 10 demanded now, before the Troika kindly requests that Cypriot citizens sell a kidney or two to pay for the ongoing deposit outflow from its insolvent banks, and indirectly, the endless bailout of the Euro.

http://www.zerohedge.com/news/2013-04-10/here-we-go-cyprus-sell-%E2%82%AC400-million-gold-finance-part-its-bailout

AlexCojones's picture

Santa's Recent Comments -

“The Chinese have said publicly and chastised the West continually ....The Chinese see exactly what’s going on.  The Chinese know exactly where all of this is going to go, and they know the role of gold is going to increase significantly in the physical market.  They also know that gold will eventually have a connection to the new financial system.  What I am saying is the Chinese have the answer.

 "Every time we go through a significant reaction in gold, which is brought about by Western manipulation, we give a gift to the Chinese.  He who has the gold has the power.  And the West has basically, since Greenspan, taken everything that former Fed Chairman Volcker had won for the West, packaged it neatly and sent it to China. 

   "This is what the Chinese know.  This is what their plan is.  Their analysis is correct and the future is exactly as they expect it to be.  The US dollar will begin to significantly weaken primarily because of settlement utilization moving towards the Chinese and away from the West. "

Sinclair - Stunning Shift In US Government & Fed Gold Policy

Southern Cross's picture

Stay The Course

The beat downs we endure at fiat hands every week are small compared to the brutal killing world  paper savers will receive in the future.  Just stay the course.    You are on the lifeboat. 

ballyale's picture

Is this a blow off top in the DOW and S&P?

I sure don't know, but other than the PPT, remember them, the plunge protection team, there is nothing fundamental going on that would support this rise in equities.

There are so many black swans like vultures hovering above the markets, the markets have simply become an Alice in Wonderland place where up is down and down is up.

As for the leaked Fed notes by it's former "ethics" guy, that should tell anyone how this scam is being played out. Oh yeah! The Cyprus committee just suspended it's "investigation" as to whom liquidated their assets prior to the ongoing Bank Holiday. We can't have ourselves tattle telling on our own selves now, can we or our paymasters? Wouldn't be cricket eh? Might be rumors of foul play. Can't have that now!

Bally.

Dyna mo hum's picture

I want that damn hat!

The wealthy elite have boned me again. Downright manipulation I tell ya. Just another day in life for a peon like me!  But it is for a good cause!

Turd Ferguson's picture

Again, please try to keep this to BIDS ONLY

MODERATOR

Right now, it looks like Beastly Stack is ahead at $555.

ballyale's picture

Arizona passes law that allows for gold/silver legal for payment

http://www.dailymail.co.uk/news/article-2306590/Arizona-make-gold-silver-legal-tender-join-growing-number-states-distrust-government-money.html

Maybe, I should be investing in "scales" for the government workers and other types of devices that would verify that the gold or silver is really what it is, i.e. not counterfeit . Might be a growth industry. LOL.

What person in his/her right mind would ever attempt to pay in gold or silver at these remarkably depressed prices? Or let alone go through the hassle of verification? Well, I guess, a few ornery cusses might just be pissed off enough to add a few silver quarters or dollars just to make the town workers work a little harder.  

It's too funny.

Bally.

Bill of Rights's picture

From where I sit, it looks to

From where I sit, it looks to me like Goldman needs to cover it shorts

But that's me wink

http://www.youtube.com/watch?feature=player_embedded&v=04F4xlWSFh0

billhilly's picture

benevolence inspires benevolence

Turd,

You indeed are a kind and inspiring man. This auction is a fabulous idea (BIG hat tip to IRENE too) and shows again that you have a large and genuine heart. The idea to have the proceeds go for feeding the needy is as good as it gets in my book. Thank you for everything you do !!!!!

Food for the poor is my own personal favorite too. I do however like to do my contributing close to home. Therefore, since I have no desire or need for a "hat", and am so very inspired by your gesture, I will be matching the winning bid (up to, or around, 1000.00) and making a donation to the local Salvation Army Food Bank.

As I have stated before, this "community/family" you have formed here is truly an amazing one. I am most fortunate and grateful to have found you all.

Blessings one and all.

1ShotAK's picture

Inspired

ag1969 I just did the same thing $20. and put "Turd Ferguson/tfmetalsreport.com" in the comments.

Yep one hell of a great family we got here.

dropout's picture

Thank You

From those of us who could not go. Thank you very much for the Q&A notes.

I support 'The Mustard Seed' and 'The Bread Basket' to feed the poor, so no bid.

Thank you TF and good luck to all bidders.  

silver66's picture

Silver66 bids $600

smiley

Silver66

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