Quick Update

Thursday, May 3, 2012 at 10:28 am

Here comes a stream of consciousness. Probably not a good idea but here goes.

I think this is all a big setup. However, this time, it's an opposite setup to what we're used to.

The action this week seems to be a coordinated effort to suck in and trap as many spec shorts as possible ahead of tomorrow.

Every headline this week that could possibly be used to raid the gold market has been utilized.

Today is the latest example but note that the dollar was declining and silver was flat.

The decline after the claims number was released was on less than 2000 contracts. The Cartel pulled their bids and allowed the WOPRs to quickly drop price through some sell stops at 1640. This process has continued to this moment as gold has now made a low near 1635.

This final drop was worked in around the London PM fix and now gold will likely trade sideways to higher the rest of the day as WOPR positions are squared before the close.

The stage is now set for a massive short squeeze tomorrow. Look, I have no idea what the BLSBS will be. How could I know? Maybe we'll get 7.9%, 250,000 jobs and $100 down in gold. I have no idea. What I do know, however, is this: Today reeks of a final suck-in of shorts ahead of the number. Does The Cartel know what the number will be? Maybe. I can tell you this: The likelihood of them knowing ahead of time is infinitely higher than the likelihood of me knowing.

With so many weak handed longs stopped out this week, there are really none left. And now, all of the weak hands are on the short side. They look ripe to be squeezed.

A spike tomorrow, post the BLSBS, looks likely. Just as how The EE allowed the final silver spec longs to be drawn in on Feb 28 ahead of The Leap Day Beatdown, The Gold Cartel has allowed the final gold spec shorts to be drawn in today.

A spike tomorrow will cause extreme pressure on the gold shorts. A move back toward 1660 and beyond will cause them to cover. London is closed on Monday. This may cause additional shorts to cover. Would you want to be short over the weekend if NFP comes in at under 100,000?

Our pal Andy just sent me an email informing me that Shanghai silver traded with a premium to futures of $1.26 overnight! $1.26!. There is serious to extreme physical demand near $30 for silver. The paper market for silver is a joke and is being made obsolete. Anyone short silver is playing with fire.

Andy also told me of huge sovereign and central bank orders for physical at 1635 and 1625, though we were both surprised at the willingness to fill the orders at 1645. Every time The Cartel takes paper gold down, they lose more physical metal out the back door. This cannot continue much longer. It simply cannot.

Uncle Ted kicks ass. Here's an excerpt from his latest:

"In silver, the price action has been so poor that every day the phrase “the beatings will continue until morale improves” plays in my mind. Taken with everything discussed above, I’m left with the impression that the commercials are deliberately making silver look so bad in order to extract every last drop of blood from the speculative selling stone. At least the beatings are keeping the price below the moving averages, so this week’s reports should indicate a further reduction in the total net commercial short position in silver. Given the motive behind the poor silver price action, my guess is that JPM has reduced its concentrated short position by a bunch.

I’m sensing that JPMorgan is now down to 14,000 contracts net short in COMEX silver futures. That’s down from the 16,000 contracts at the last COT cut-off and down a whopping 5,000 contracts from the 19,000 contracts JPM was short in the last Bank Participation Report, as of April 3. There has been a noticeable determination on JPMorgan’s part to get its silver short position down. Clearly, if there is intent behind the rotten price action, it is for JPMorgan to buy back as many of its silver shorts as possible. I’d rather the whole thing blow up in their crooked faces, but the next best thing is for them to cover as they have done."

God bless Uncle Ted.

I still can't post charts. Everybody else can but not me. Seriously. But The Tech Team is working on it so I hope to be able to post them again later today.

I know you're sick of hearing me say this but the key word is "PATIENCE". Silver isn't going to $20. It's not going to $25, either. The domination and manipulation of silver by The Evil Empire is ending, whether they want to admit it or not.

That said, only experienced traders with money to lose should be playing in the actual casino. The manipulation can surely outlast your trading account and, absent a clear trend higher, traders will be whipsawed to death. Join the central banks, large institutions and wealthy individuals worldwide. Buy physical metal and take delivery. Hold it in your own vault or safe. To paraphrase WOPR: "A strange game. The only winning move is to take delivery."

Keep the faith. TF

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Comments

Siverwealth

Submitted by Xty on May 3, 2012 - 8:27pm.

If they are going to come and take all our stuff, it doesn't matter if it is potatoes or gold. Where are you moving too?

CA

Submitted by DrkPurpleHaze on May 3, 2012 - 8:35pm.

Hi CA...Long overdue and not a huge layout of $$$.

If I talk the talk, I have to walk the walk.

I hope it stays down for awhile to be honest. I know lots of us would feel real good if it shot up so our stacks felt a bit heavier but I want it to stay down for as long as possible.

Just imagine having to decide someday if $50 (or more) is a good price to get in or should you wait and see if it comes back down to $40? We'll look back on this current frustrating sideways action and wish we could buy silver at $30.

Silver getting smacked down a little bit today was like it going on sale :-)

don't make yourself a target

Submitted by Grigeo on May 3, 2012 - 8:36pm.

All positions and trades are potential targets, whether one posts about them or not. As you are aware, the Borg is all-seeing. True story, an extremely wealthy and intelligent person (formerly of a Texas firm of some notoriety) had his account at JP. He subsequently transferred his account out of JP and went through the lengths of setting up his own broker-dealer (took over a year) so that he could trade directly on the exchange. Said JP was spying on his accounts.

$15,684,790,233,212.04 National Debt as of 5/3/2012

Submitted by Lumpy on May 3, 2012 - 8:39pm.

09/30/2010	13,561,623,030,891.79
09/30/2009	11,909,829,003,511.75
09/30/2008	10,024,724,896,912.49
09/30/2007	9,007,653,372,262.48
09/30/2006	8,506,973,899,215.23
09/30/2005	7,932,709,661,723.50
09/30/2004	7,379,052,696,330.32
09/30/2003	6,783,231,062,743.62
09/30/2002	6,228,235,965,597.16
09/30/2001	5,807,463,412,200.06
09/30/2000	5,674,178,209,886.86

If I were the head of the Dept. of Bullshit (DOB), A.K.A. the SYSTEM/FED. You can bet your butt that I am going to LIE MY ASS OFF every day! I am going to Manipulate ANYTHING that could wake people up to the fact that we are screwed. I WILL DEMAND that the fine people around me do the same.

Problem? What problem?

Manipulation? Where????

Relax people.....We have it all under control. Always have.

You're damn right they're going to manipulate Silver/Gold/POSX/Hillary's Hairdo.......ANYTHING! to keep the illusion alive.

Come On Turd

Submitted by Wizard on May 3, 2012 - 8:41pm.

Please do not discourage "the pussy-footed, doubt-filled nonsense" from posting here. It is some of the Funniest Shit in the World to me. Frickin Comic Relief to the Constant bad news out there in the world. LOL

These are the exact target that The Powers That Be are targeting to cave in and trade in their metals for fiat. Hell if they want to sell at the lows it might be a good idea to put up a Buy and Sell section in the forum. So that at least the metal can be kept in the family instead of ending up in cartel hands. Who you know sure as Hell are not going to part with the physical once they get it in their hands.

Buy Silver at 30, is like a Banana Split on a 100 degree day REFRESHING and SATISFYING

@IndigoStar7 - Walking Liberty

Submitted by Big Buffalo on May 3, 2012 - 8:43pm.

Did you go for the XF roll or the AU roll?

I really want these and I'm willing to pay the prem.

potatoes

Submitted by Grigeo on May 3, 2012 - 8:45pm.

it doesn't matter if it is potatoes or gold. Where are you moving too?

Exactly and exactly. If this country falls to the marxists, good luck to the wealthy that have moved to South America and other corners of the world in hopes to escape the storm. And if they think they will be safe because they are members of the club, well they may find out that club is a lot smaller than they thought.

Big Buffalo

Submitted by DrkPurpleHaze on May 3, 2012 - 8:48pm.

Here's the link.

If possible, try to link to Apmex from this website through an ad. I believe the site gets paid for it.

http://www.apmex.com/Product/43925/10_Walking_Liberty_Halves___90_Silver...

walking libs

Submitted by Tube on May 3, 2012 - 8:49pm.

they look like the XF to me...in fact, I think I'm gonna grab me a roll or two.

from the front page clock

Submitted by Xty on May 3, 2012 - 8:50pm.

even worse

16,003,417,798,750

but what's half a trillion dollars amongst friends?

@ XTY

Submitted by Lumpy on May 3, 2012 - 8:52pm.

See what I mean???? ANYTHING!

http://www.brillig.com/debt_clock/

Franklin's

Submitted by DrkPurpleHaze on May 3, 2012 - 8:59pm.

I was going to buy some more Franklin's but decided to switch it up a bit.

I bought 4 rolls a few months ago and that was my last silver order besides 97 silver dimes I stumbled upon in-between then. What I really want to do is buy some more gold but I'm holding off for now.

I need some fractional stuff.

The Shanghai Futures Exchange (SHFE)

Submitted by kn33bar on May 3, 2012 - 8:59pm.

BEIJING (Commodity Online): The Shanghai Futures Exchange (SHFE) is all set to launch silver futures trading on May 10, 2012. China is one of the biggest producers and consumers of silver in the world.

This will be the second precious metals futures contract on offer by the SHFE following gold and will be aimed a proving an efficient hedging tool for producers and consumers in China.

“China’s miners, manufacturers, retailers and other enterprises, which rely on the precious metal, will undoubtedly welcome the start of domestic silver futures trading, which will allow them to hedge against fluctuating global silver prices”, the Global Times had quoted Li Ning of Shanghai Cifco Futures earlier.

The contract size is set at 15 Kg (500 troy ounces) with a minimum margin requirement of 7%. The daily price range has been fixed at 5%

Think backwards....

Submitted by El Gordo on May 3, 2012 - 9:00pm.

Sometimes we get concerned about how many fiat dollars our stack is worth. Actually, the only thing to be concerned with is the size of your stack. Right now, I can increase the size of my stack with fewer dollars than other recent times. If I thought that the dollar had any chance of retaining its purchasing power, I would not want to convert it to PM. However, I do not have any confidence in the dollar, either short term or long term; therefore, I must find a place willing to accept that paper money for something that I believe will retain its purchasing power over time. For me, that happens to be PM's. Short version - it's all about the dollar, not about the PM. Keep your eye on the donut and not on the hole.

Stabbing Westward

Submitted by DrkPurpleHaze on May 3, 2012 - 9:02pm.

yes, they are that few in number

Submitted by ag4me on May 3, 2012 - 9:12pm.

How many of the people you work with, or even in your own family also stack?

Sometimes I will find someone who agrees with what I say about the failing fiat system, but when it comes to parting with that fiat in exchange for some real money, they just can't bring themselves to do it. The proof is in the stack. Be right, sit tight.

one place not to invest

Submitted by historiography on May 3, 2012 - 9:18pm.

The rantman Andy: gov't is buying at least 60% 0f all bond issuances and stock volume is nothing, and high frequency trading numbers show goldman sachs 25% 0f buying, so it's all just the gov't creating a market... and the crash will be gov't created...

His quote on aapl is classic: the exception for live traders is Apple, but really, a $6 billion market cap for a gadget company...

Lumpy

Submitted by Xty on May 3, 2012 - 9:21pm.

beyond words - I wasn't correcting you - I just remembered someone else posting how quickly it went from 15 to 16 million, I mean gazillion, zimbabwean dollars. Paging Dr. Evil ...

@IndigoStar7

Submitted by Big Buffalo on May 3, 2012 - 9:23pm.

My wife is probably not going to be a big fan of yours, but I on the other hand . . .

ordered:

1 roll of $10 Walking Liberty Halves - 90% Silver 20-Coin Roll (XF)

and

1 roll of $10 Walking Liberty Half-Dollars - 90% Silver 20-Coin Roll (AU)

Couldn't make up my mind, so I got one of each. Will keep the AU's for myself, and gift out the XF's

Okay- I'm done, lots ordered in the last two weeks. I'm pooped.

It IS a Strange Phenomenon

Submitted by California Lawyer on May 3, 2012 - 9:25pm.

@Ag4me

I know exactly your point. I carry around a 2011 American Silver Eagle. It feels nice. It is shiny. It is tactile, and heavy. It is starting to get worn, and little nicked up. I like that. In a decade, it will be worn down a bit, from being in my pocket, and from me holding it, and from showing people.

Strange thing, though, is that every time I pull it out, and hand it to someone else to hold, they look at it, smile, and then hand it back. Only one person, out of hundreds, has correctly identified the coin as an ASE. The rest look at me like "Yeah, and . . .?"

I explain that it is one ounce of pure silver. It represents real money, unlike the paper FRN's which are only a promise, which promise is being broken every day by the FED printing new FRN's from thin air.

They then look at me strangely. With no clue, literally, as to what I am saying.

They ask how much it is worth. I ask "in exchange for what?" They again look at me like I am being a jerk or something. [Well, I am a lawyer, so, maybe that is not too far off . . .]

I tell them that they can exchange some paper in their pocket for some real money, and get their own coin, just like this silver coin, which represents labor and effort, and which will never lose value, and will always be one pure ounce of silver. It will hold value no matter how many paper FRN's they print out of thin air.

They then usually get around to asking me how much did it cost. I tell them "a lot less than it should have, thanks to Blythe Masters and the Morgue."

Right about then is when they walk away with a funny look on their face.

Maybe my approach is wrong?

Pinball Wizard

Submitted by DrkPurpleHaze on May 3, 2012 - 9:29pm.

@ Predictions

Submitted by The Body on May 3, 2012 - 9:31pm.

JD: “Ok BM, we need a breakdown of current price predictions, sentiment and stacking activities of the general public. What’cha got? Let’s start first with that guy, Turd, and his minions.”

BM: “Well, JD, sentiment is pretty bad right now. The tits are wilting. The stackers can’t stand what we’ve done to the prices of their preciouses; I think they’re about to cave. Turd just said there is support at 31 and sees favorable prices in the nearterm if our manufactured paper price reaches 33. What’s the game plan, JD.”

JD: “Arm the WOPRs. Re-program the HFTs for maximum carnage. It’s time to drop that price below $30. Gun that mo-fo. Make those turdites cry rivers of little diarrhea pooplet tears!”

BM: “Brilliant. After we hand them their turdicles, they will all blame mighty Turd for leading them astray. Divide and conquer we must! We must make Turd the enemy at all costs.”

@XTY

Submitted by Lumpy on May 3, 2012 - 9:31pm.

@ C.L.

Submitted by NW VIEW on May 3, 2012 - 9:35pm.

It is not only the approach but you are talking in an unknown language. It will take time to educate them on fiat and P.M.s. The education that this site has given to us is far beyond a sheepskin from the university. The data given by Mr. T.F. , yourself and many others has taught us that "unknown language".

Dr. G's Questions and My Answers

Submitted by Fr. Bill on May 3, 2012 - 9:50pm.

1. When will you sell your gold and silver?

A. A portion when some local need requires me to spend fiat. In this sense, PMs are a sort of bank for me -- it's where I store my "wealth," such as it is.

B. See next question.

2. What will be the sign that you should sell?

Well, I really don't know. Should sell? I keep a portion of my wealth (around 10 percent) oscillating between fiat and metal as the nominal value of PMs rises and falls.

For example, with this latest knock down in silver, and with a rent check arriving on my doorstep this afternoon, I'm going to "deposit" that rent into a bit more than a kilo of silver tomorrow (via Bullion Vault). And, if Turd's rally materializes next week, I'll not try to wait for the top (never can do that anyway). Instead, when I get this "grab the money and run" feeling I'll cash out back into fiat, and sit on the sideline and wait for the EE to smash the market silly again, at which point I'll buy back in.

But, the 90 percent? I don't really know.

3. What will you purchase?

One thing I'll do with my PMs should they experience a parabolic rise is to liquidate what I need in order to pay off my children's education debts BEFORE a currency collapse occurs, after which such debts might be re-denominated in the next currency regime. Better to get them off the table.

4. Are you so one-sided in your beliefs that you may end up riding the bull to the top and all the way down to the bottom?

Don't know the answer to that one. I expect there will be a LOT of opinions here as the Great Ponzi unravels, and so I hope I can sort through it all for a prudent course of action when the time comes.

5. If gold and silver serve to protect your purchasing power but do NOT make you wealthy, will you feel like you have failed?

I've gotten into PMs to protect purchasing power, not to get rich. So, no. In this scenario, I will feel that I have succeeded.

To those storing metals in wife's pocketbooks..

Submitted by recaptureamerica on May 3, 2012 - 9:51pm.

Please inform your wife of your plan and give estimate of worth of coins.. Would make for an interesting tip to the nail person, cab, doorman, etc.. I wouldnt be a happy spouse.

Just say'n

Libertads rescued

Submitted by El Gordo on May 3, 2012 - 9:52pm.

My shipment of freshly minted libertards were on their way, but all but one of them went overboard crossing the Rio Grande. The one that safely made it all the way here sure is pretty though. I'm thinking of some of those mixed dates from Provident but can't decide just yet as I prefer the look of the newer ones. Maybe the older ones won't have such a difficult time getting across the border if I decide to order them.

Check this out:

Submitted by Salisbury House on May 3, 2012 - 9:57pm.

Reply to Shanghai Futures Exchange

Submitted by zpring on May 3, 2012 - 9:58pm.

This has been mentioned in Kings World News and also related to one of the initiatives of Andrew Maguire.

I am not sure what is the impact on the silver and gold market with the new exchange. What do you guys think?

By the way how is the Maguire anti cartel army doing?

You know, I usually don't

Submitted by wonderer on May 3, 2012 - 9:59pm.

You know, I usually don't comment much on the threads, because I don't know as much as any of the rest of folks posting here, but here is my take on it.

I am a new widow, with only a small savings account left by my self-employed husband. An angel on my shoulder told me to put most of our savings in gold and silver to protect the fiat from devaluation by QE.

I didn't expect to make a bundle every month, and am willing to wait until we see the end of this mad max circus in "pumping it up".

Unfortunately, it all fell down the city sewer drain after an unfortunate tumble off the local transit bus. Arthritis in my hands and feet make me so clumsy!

I still linger here to see how well I would have done, and actually enjoy watching the shenanigans. Some of you do not seem to know "when to hold them", and are too quick to "walk away from the table".

But, I am just an old granny, and know nothing but what my grandparents taught me after living through the last "great depression". You young'uns ought to be studying that timeline.