The End Is Near

Wednesday, May 16, 2012 at 10:35 am

Actually, just looking for an excuse to post this photo again. This sad-sack dude looks about like how I feel these days.

Alas, though, the end IS near. I believe gold saw the final capitulative low late yesterday into the overnight as the June12 contract touched $1526.70 and is now $22 off its lows. Marking this event seems to be the rumored, and apparently true, margin liquidation of a large (JPM client?) position in gold. This mainly transpired after the NY close yesterday on the thinly-traded Globex. Note how it occurred after the close and the weekly CoT survey. If there was an "event", the timing allowed for skillful covering of their tracks.

So, we'll see. IF we've reached The Bottom of this 11-week torture session, step one was placed early this morning with a low at important chart support, near 1525. After a brief rally, which has already begun, we'll inevitably see a pullback to near the lows. From there, having double-bottomed, the next rally then extends to a higher high and The Bottom is officially in.

I finally had some time to check and respond to some emails this morning. Lots of good stuff in the inbox. Here are links that you really need to consider.

First, this article from Matt Taiibi at Rolling Stone. If you're unfamiliar with Matt, you should know that, even though he works for Rolling Stone, he truly is one the primary "investigators" on the case of Wall Street shenanigans and fraud. This blog post is very, very important, especially when you consider the naked shorting we all see in the PM markets.

http://www.rollingstone.com/politics/blogs/taibblog/accidentally-released-and-incredibly-embarrassing-documents-show-how-goldman-et-al-engaged-in-naked-short-selling-20120515

To that end, read this. From one of your fellow Turdites:

http://thekwanbox.blogspot.com/2012/05/gold-silver-market-explained.html

Has anyone heard about this yet? Looks like there's some "competition" for PHYS coming soon. All this does is create more demand for real, allocated gold.

http://www.hardassetsinvestor.com/features/3705-merk-gold-etf-to-be-redeemable-in-bullion.html

Lastly, I'm posting this "sight unseen" as I have not had the time to watch it myself. However, I find teh premise interesting and the guy who sent it to me sure was excited. If you have the time, give it a whirl.

http://topdocumentaryfilms.com/catastroika/

OK, that's it for now. For a little Turdville history, here's a link to the previous post that included the same image of "the end is near". Be sure to read the comments and follow some of the links posted. You'll see some of the very same bearish arguments being made today were being made back then. Interesting...

http://tfmetalsreport.blogspot.com/2011/01/end-is-near.html

Have a great day and be sure to feed Calvin. Here kitty, kitty, kitty! TF

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Comments

@Pining

Submitted by Bobbejaan on May 16, 2012 - 5:49pm.

Quote:

and (the gigantic TSA she-beast notwithstanding) I suspect you are, here is my answer:

<SNIP>

And BTW, though I am a tenured university professor, I'm proud to be considered a stacking main street hillbilly.

ABSOLUTELY BRILLIANT POST, you cheeky little Norwegian Blue, you ... Hat-Tip x 100

Also BTW ... I was once shown my Official South African Police File, and I found I had been given the Official designation of "Rooinek Kaffir", a title which I too have proudly worn ever since.

Re: NO!

Submitted by Urban Roman on May 16, 2012 - 6:45pm.

I still stand by what I said ... those east-coast refineries probably needed more in maintenance than the oilcos figured they would ever recover from them. They've been doing the winter blend / spring blend thing for a long time, and it isn't that big of a deal. Ethanol is a boondoggle to benefit the farm states, of course -- dictated by the EPA, but big agribiz did the lobbying for it, so they like it. Ethanol is actually pretty crappy as motor fuel, and the requirement for oxygenated fuel went out a couple decades ago with oxygen sensors and engine computers. Lots of variables in there.

Of course, the 'evil speculators' thing is a catch-phrase from the left, and is every bit as nonsensical, although someone could probably put together some charts that would argue for it.

And as I said, SRSrocco posted a nice piece from The Oil Drum, explaining how the EIA is like the BLSBS, but for the oil industry. If you watch what they say over time, you will eventually conclude that it doesn't make sense.

Saved this until...

Submitted by DrkPurpleHaze on May 16, 2012 - 6:51pm.

...The End.

Last post? I don't think so...

tyberious,

Submitted by Mr.Grey on May 16, 2012 - 7:54pm.

"When silver is trading near the $1,000 per ounce range, if not higher, people will regret fretting about an $8 swing in the silver market at the mid $20 level."

When silver trades at 1,000.00 per oz. Bread may very well be 80.00 per loaf and I doubt many will find the swing in price to be the thought for the day.

Don't worry

Submitted by printmemoney on May 16, 2012 - 8:10pm.

I just saw that gold spiked 3.70 in after hours, so I sent an order into my broker to short 10,000 contracts on the globex........don't want these bargain prices to get away from us

"When silver trades at

Submitted by Patriot Family on May 16, 2012 - 9:23pm.

"When silver trades at 1,000.00 per oz. Bread may very well be 80.00 per loaf and I doubt many will find the swing in price to be the thought for the day."

Ever thought of stocking super pails? My wife makes incredibly good bread. We've got about a year's worth of wheat :). Pennies a loaf. I'll gladly take $1,000 silver .

@ cali lawyer

Submitted by SilverFocker on May 16, 2012 - 11:12pm.

I live about 125 miles from Buds gun shop, I have made several purchases from them........If there is a problem with your Mosin, you should give them a call.........with all the cosmoline on these, it is hard to tell how the gun will really look after cleaning........these things come in creates that have been sitting around for a long time.

Still a great gun for the price........just sucks it almost cost you double and more hassle cuz where you live. Here I walk in, pick out any weapon I fancy other than full auto, throw down the fiat and CCW, repeat the form for the hundreth time and out the door in 10 minutes.