FUSS

Monday, May 21, 2012 at 11:00 am

Looks like it's time to add a new acronym.

As discussed here ad nauseam for the past several weeks, our current battle is against the spec shorts, both large and small. These momentum-following, bandwagon-jumping leeches were the primary culprits in driving price all the way down to $1528 and $27. After the initial squeeze on Thursday, the heat was turned up even higher on Friday. Overnight and earlier today, these HFTers tried to push things back down but have since been stymied on the Comex. Let's hope this continues but don't expect them to give up easily.

Over the weekend, Trader Dan pointed out that gold had moved back above its 10-day moving average. This is step one in alleviating the pressure and flipping the WOPRs to "buy" from "sell". Step two will be getting above the 20-day near 1615. He's right about this. Remember, many WOPRs are programmed to run off of technical signals so moving back above key moving averages will help to halt the barrage of sell orders generated by the downside momentum. http://www.traderdannorcini.blogspot.com/2012/05/gold-continues-its-bounce.html

I'm seeing chart resistance in that general area, too. Gold held support quite nicely earlier today near $1585 and has since rebounded nearly $10. I suspect that we'll continue to drift around here between 1585 and 1600 for a while, maybe into tomorrow or even Wednesday. I suspect, though, that another surge is coming that will drive price through resistance of 1600-1605 and take it up near the 20-day that Dan mentioned, near 1615. Chart resistance will enter again near 1625.

In silver, price has clearly broken out of the nasty and brutal downtrend channel that had contained it for days. Now, it just needs a spark to begin spooking the weak-handed shorts. It may simply be that gold strength will spill over into silver and drag it higher. Regardless, I firmly believe that the recovery process has begun and I expect silver to begin basing between 29 and 30 very soon. From that "staging area", silver will eventually mount a breakout move toward Battle Royale II.

That's it for now as it's almost 11:00 am EDT. You need a new thread and I've got a bunch of other stuff to do. We are about a week away from launching the new, subscription podcast site. I'm really excited about how it is turning out and I can't wait to offer it to you. Besides near-daily podcasts from yours truly, the site will also offer webinars and conference calls with some of the biggest names in metals. There will be plenty of in-depth interviews, too, where members will be able to submit questions. (That should be fun ) Anyway, I'll have more details as we get closer to launch and I hope you'll consider supporting the site. Revenues generated there will allow me to keep TFMR completely as is (FREE) and they will also help fund a possible "Turdapalooza".

Have a great day!! TF

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Comments

Today's

Submitted by Punk-Assets on May 21, 2012 - 2:54pm.

Today's goodies:

http://www.providentmetals.com/2012-lunar-year-of-the-dragon-1-oz-9999-f...

http://www.providentmetals.com/2012-10-oz-dragon-silver-bar-999-fine.html

If you're here, you're either a PM BULL or a PM BULLSHITTER.

mudshark

Submitted by Tyler on May 21, 2012 - 2:54pm.

i'm not sure that theory fits either. if you watch the video, you can only view the object with filters. it's not that there are multiple bright spots showing up in the sky as in your picture - you actually have to filter out the sun's light to see what is next to it.

wopr

Submitted by murphy on May 21, 2012 - 2:56pm.

see turdisms in tool bar

WOPR: The fictional military supercomputer in the movie "WarGames". WOPR nearly starts a nuclear war because it thinks the US is under attack. We use this term to describe the high-frequency trading (HFT) which dominates today's markets.

optics

Submitted by achmachat on May 21, 2012 - 2:57pm.

what could be is that the guy's camera just can't cope with the brightness of the sun compared to the moon and thus over-bleeds the sun and makes it appear much larger.

edit: no expert, just wild-guessing

Dog Pile on Jamie

Submitted by realitybiter on May 21, 2012 - 2:57pm.

1) Last week, the declaration of $2 b loss, just hours after Blythe said, "its wrong and we don't speculate" was interesting. Why admit it? (when my kids admit their f ups, the truth is MUCH worse)....Seems like this is playing out as now it is $5b and the stock is not cheap enough to keep buying....(last week some were proposing that the genius Dimon would make money off this as the $2b loss would be quickly fixed and the stock buybacks would exceed this loss......ooops. $10B? $20B?

Kind of funny that Biden said Corzine was the smartest guy he knew and BO says Dimon is the brightest banker......God help us if some politician praises TF.

2) Last Friday JPM coughed up $168 million to the MF Global financial rape victims. "Excess collateral" that we just found was the statement.....hmmmm.....MSM somehow has missed this story. I will suggest that this is an admission of fraud. Only in the case of fraud would they have to give the money back. I'll speculate that they knew their's is provable fraud and they hope that by pre-emptively returning it (at counsels request) they hope to avoid fraud....otherwise they would have told MF to suck on it.

3) Check out RGLD. somebody thinks higher gold is coming.....soon.

no subject

Submitted by Lumpy on May 21, 2012 - 2:59pm.

Kidding. Jeez

Coin Sales

Submitted by Vermilion on May 21, 2012 - 3:00pm.

TMosley - when the price changes dramatically the Coin Dealers struggle to keep up. Also, coins represent less than 10% of demand. The major industrial buyers were buying at exactly spot (or future) - NO premium.

Don't confuse the prices you pay at your LCS with the true physical price - all sorts of additional expenses have to be factored in, plus commission, especially during a period of high volatility.

Well put CA lawyer

Submitted by croc987 on May 21, 2012 - 3:08pm.

I am also an attorney. While many disparage our profession, with some justification, we are trained in critical thinking. Perhaps this helps us see through the barrage of MOPE and spin, to the obvious conclusion that it is essential to buy gold, silver and other tangible assets to provide protection against the current fiat implosion.

PM fraud can clearly be proved, not only more probably than not (civil standard), but also beyond a reasonable doubt (criminal standard). The civil cases against the morgue seem to be dragging on forever, or maybe they have been settled. If only there were a crusading federal prosecutor willing to take on the banksters!

Quoted in Hat Trick Letter:

"My investing model is ABCD: Anything Bernanke Cannot Destroy such as flashlight batteries, canned beans, bottled water, Gold, and a cabin in the mountains." ~ David Stockman (former budget director in Reagan Admin)

Vermillion

Submitted by tmosley on May 21, 2012 - 3:10pm.

Not really. Everyone was out of silver. Sure, those who stood for delivery got their silver. Then MF Global happened. Those people stood for delivery, and got smashed. Now, only the ignorant, insane, and those with pre-existing huge stockpiles of silver in private vaults would dare to stand for delivery.

@Tmos

Submitted by S Roche on May 21, 2012 - 3:14pm.

I am sorry you are having to field calls from panicked friends and relatives.

Thanks for sharing with us the truth as you see it. I expect now you have pointed out that it is hard to balance the needs of a new blog post each day with a big picture focus the scales will fall from Turd's eyes.

Croc

Submitted by Vermilion on May 21, 2012 - 3:16pm.

PM fraud cannot clearly be proved! As a lawyer, I assume you believe that the accused is innocent until proven guilty? If JPM is found guilty I will make abeyance, and even eat one of Turd's hats - but let's wait for the results of the court case.

Else I'm with you. I'm a farmer, and I stack gold & silver. I also buy PM ETFs - much to the annoyance of some here.

Will History Repeat?

Submitted by OutLookingIn on May 21, 2012 - 3:24pm.

Morally responsible corporate leadership:

Henry Wells and William Fargo became partners in 1845. Efficiency was the keynote of their expanding operations; they managed to get the job done faster and cheaper than their competitors. They turned a profit delivering letters at six cents each when the US Post Office was charging 25 cents.

The Post Office ordered Wells to stop undercutting its rates. He replied with a bold counterproposal: his company would contract to deliver all US mail, anywhere in the nation, for six or even five cents a letter. The Assistant Postmaster General hastily declined the offer, reportedly exclaiming, "Zounds, sir, it would throw 16,000 postmasters out of office!" But Henry Wells had made his point. The Post Office soon dropped its rates in the East all the way down to three cents a letter.

Corporations today are led by people of no moral responsibility for the common good. Today corporations and big government are one and the same. The paradigm shift that is on the horizon will change this fact, as the change of paper currency to one of gold and silver, will change the medium of exchange.

Will history repeat? Time will tell.

Cheer up Turd!

Submitted by peckerwood on May 21, 2012 - 3:27pm.

You have many more fans than haters. You also are doing so much good, while expecting

so little in return. I think I will send you an ASE next time I feed. Would you prefer

29 dollars, or closer to 50?

Delivery

Submitted by Vermilion on May 21, 2012 - 3:28pm.

TMosley - can you name anyone who has been refused delivery? That would be a default, and would be headline news. It's never happened!

What do you mean 'Everyone was out of silver.'? Coin dealers? Sure - but they all they need to do is pick up the phone and order some more from the mint. And yes, sometimes the mint is short, because demand has taken them by surprise - but all they have to do is order some silver from Comex - who ALWAYS deliver.

Come on - give me something that demonstrates a disconnect.

Sky watchers might like this

Submitted by DrkPurpleHaze on May 21, 2012 - 3:28pm.

Seeing how an eclipse just happened I coincidentally came across this show last night on The Science Channel. I had a post yesterday at the Speakeasy about the planets stability and how a slight deviation of the 'normal' rotation or tilt is critical in many ways as it involves our path around the Sun. The moon and it's placement are just as critical.

The 39:00 minute mark approx. and onwards is what caught my attention last night but the whole documentary was good to watch.

Anybody else watching this??

Submitted by eyeswideopen on May 21, 2012 - 3:32pm.

JPM sub 33. Down from the recent high of 46. And the bad news keeps coming. More brushfires.

Remember "Screaming buy at 36" by the MSM?

I believe, and have said before, that 36 (AG or JPM) level means a great deal. Whether its' collateralized bets with JPM stock, or something else we can't even fathom. We may be about to find out.

My recent call was for the AG bounce, then an ugly downturn (24.87 I believe) for the June 14 sweepstakes.

There is no bottom here folks. Lots of overhead resistance. The noise level continues to rise.

There's something incredibly large and potentially destructive looming inside these organizations. All bets are off.

I'm not a bear, but this is not about techs or fundamentals. It's about psychology and survival for some of the criminals.

Nothing should suprise us anymore. Expect more criminality. It's obvious nobody is going to stop them.

http://finance.yahoo.com/echarts?s=JPM+Interactive#symbol=jpm;range=1d;compare=bac+c+^gspc;indicator=volume;charttype=area;crosshair=on;ohlcvalues=0;logscale=off;source=undefined;

@Vermillion

Submitted by S Roche on May 21, 2012 - 3:33pm.

What is your schtick? You demand that proof be provided to you that metals are manipulated and when nobody bothers to reply you figure there is no proof? wtf? Do your own research and come back here and tell us what you found, with links, and then others, including myself, might respond with more than this:

JP Morgan Pays $20m: http://www.ft.com/intl/cms/s/0/507305fc-7e60-11e1-b20a-00144feab49a.html#axzz1vXAIFHDs

JP Morgan Pays $88m: http://www.bizjournals.com/cincinnati/news/2011/08/26/jpmorgan-chase-to-pay-88m-fine-for.html

JP Morgan Pays $153.6m: http://online.wsj.com/article/SB10001424052702303936704576399801103678040.html

JP Morgan Pays $125m: http://www.nytimes.com/2002/04/02/business/final-lawsuit-is-settled-in-copper-loss.html?ref=yasuohamanaka

But, with the metals, we don't do that...that would be wrong.

@Vermillion

Submitted by S Roche on May 21, 2012 - 3:36pm.

silver from Comex - who ALWAYS deliver.

January 20, 1980. Are you really that ignorant?

Gold/Silver Investor Cycle Low is in

Submitted by Poly on May 21, 2012 - 3:37pm.

For anybody tracking or interested in Investing with the Cycles, (The Hurst/Bressert variety, not the "funny Lunar" types) I'm very confident that we found a major weekly low last week. This particular cycle is extremely consistent and runs for 18-22 weeks, it's the one cycle which offers the best opportunity to profit from. I've waited patiently for this Cycle to bottom and all of the technical oscillators, sentiment and COT are confirming the cycle low. Basically, this bull has done a wonderful job in depressing sentiment amongst even the most loyal of PM investors, like all good bull markets will do before a major run.

I've opened up the past weekend member report to free public access if anybody is interested in reading. I do apologize in advance if publicizing other sites here is against policy or etiquette, I could not find any mention against it within the "Community Guidelines" section.

Report, "A Cycle Has Clocked"

http://thefinancialtap.com/?p=1864

Gold Weekly Cycle runs 18-22 weeks, the low and reversal last week showed classic Cycle Low characteristics.

A Complaint

Submitted by S Roche on May 21, 2012 - 3:52pm.

Turd, I am very disappointed in the quality of trolls attracted to your site lately. If you were really the Turd, you would fix this somehow, and now.

While we are bickering, does anyone notice how the price action today has completely changed? Swiss Stairs, bitchez!

Some interesting facts about the HK futures exchange

Submitted by Titus Andronicus on May 21, 2012 - 4:06pm.

I didn't know this. It sure sounds familiar. From Wikipedia:

Hong Kong Futures Exchange

History

The HKFE went bankrupt in 1987 during the October 1987 global stock market crash when Sino Group chairman Robert Ng, who had been speculating in futures through two Panamanian-registered companies, suffered paper losses of HK$1 billion, but then refused to pay, claiming to be protected by the limited liability of the companies through which he had traded.^[1] Trading was also halted on the Hong Kong Stock Exchange for four days.^[2] An investigation by the Commercial Crime Bureau of the Royal Hong Kong Police revealed that Ng had avoided required margin calls through collusion with one of his brokers.^[1] However, in the end, no charges were laid against Ng because the colonial government of Hong Kong felt that prosecuting him would pose a risk to overall market stability.^[3] Instead, a deal was worked out which saw Ng repay HK$500 million, with Hong Kong taxpayers providing the rest of the funds needed by the Exchange through a government bailout.^[2]

On 6 March 2000, the HKFE merged with the Stock Exchange of Hong Kong, and together with Hong Kong Securities Clearing Company formed Hong Kong Exchanges and Clearing Limited.

JPM

Submitted by Vermilion on May 21, 2012 - 4:07pm.

Roche - re. your JPM links - again, time-poor today so only opened one - it was about mortgage fraud! Nothing to do with PMs!! Why did you provide this link?? I assume you are being disingenuous, because I have repeatedly asked for evidence of PM manipulation and you try to slip in a mortgage red herring (does that phrase translate into American? It means purposefully putting someone off the scent with an irrelevance).

I am not an apologist for JPM, and believe them to be more crooked than most on Wall St (& Throgmorton St). I can fully believe that they have committed mortgage fraud, and myriad other crimes.

Re. Hunt Bros silver farrago - I'm not au fait with the details. Did Comex refuse to deliver to customers standing for delivery? If so, my bad, and my apologies. May I edit my previous posts to change the word 'ALWAYS' for 'since 1980'. My point, however, still stands.

@ vermilion--I respect your viewpoint but

Submitted by croc987 on May 21, 2012 - 4:09pm.

I beg to differ. As CA lawyer states, there is always room for denial of a legal argument. For instance, I am not sure I believe that China exists. Sure, I have seen pictures and read books and articles about it. But, I have never actually seen it. So I can plausibly deny its existence based on personal experience. However, we would all agree that China exists beyond a reasonable doubt.

Short of a confession by Blythe Masters, it would be difficult to establish a stronger case that silver is openly manipulated. Many acknowledged silver experts (Ted Butler, Harvey Organ, Eric Sprott, John Embry, Jim Sinclair, etc.) have established that silver is openly manipulated by JP Morgan. The fact that no one has been able to do so (as of yet) in a court of law perhaps says more about our judicial system and the ability of well funded litigants to prolong and obfuscate litigation, than it does for the merits of a plaintiff's cause.

In the end, I doubt if the manipulation will matter much. We may reach a point where USD price is irrelevant because the USD and other digital assets will be worthless through hyperinflation. Then we will think only in terms of how much silver will it take to buy the tangible items we need.

Croc

Submitted by Vermilion on May 21, 2012 - 4:22pm.

Thanks for your measured and polite reply. I'm afraid I was just born peculiarly sceptical!

Else I agree with all you write. Whether there is manipulaton or not is sort of a moot point - an irrelevance. What matters is that we (i.e. the vast majority who follow Turd's outpourings) are correct in beleiving that PMs are only going North in the long term due to appalling currency debasement, huge levels of debt etc. etc.

Roche - if you are referring to me in your post 'A complaint' - you want Turd to fix it so those whose opinion differs from yours be silenced? Riiiight - your post needs no comment from me. But sad that a very few here have yet to learn tolerance.

Very well said...

Submitted by LaMachinna on May 21, 2012 - 4:23pm.

IndigoStar7. <applause> SPOT ON

Carry on good comrade

manipulation, high frequency trading, carpet bombing, and art

Submitted by historiography on May 21, 2012 - 4:31pm.

watch the Guernica clip:

http://maxkeiser.com/2012/05/19/kr290-keiser-report-guernica-of-financia...

Max and Stacy talk about the financial carpet bombing of a people who can not defend themselves; great metaphors of JP Morgan and Nazi blitzkriegs, and the art of Alex Schaefer, about burning Chase http://alexanderschaefer.blogspot.com/

INTERNAL DESTRUCTION??

Submitted by NW VIEW on May 21, 2012 - 4:32pm.

Many things are destroyed from within. America has been warned from the beginning of the destruction coming from within and not from foreign shores. Likewise, even a large TFMETALS site must be maintained by guarding it from within. So-called trolls and/or just people presenting their opposite view points is not always destruction.

I knew a man long ago who was drug before a group of powerful men because they thought he was evil. They had many unkind things to say about him and he did not open his mouth to justify his position. He took his verbal beatings and left the meeting clean. I was a witness to that meeting and learned that that man was unique and was not filled with "self" as the others.

My advise to Mr. T.F. is to learn this lesson in life while he is still young. There will always be those who will sling mud but we do not have to jump into their methods. We still have two cheeks and if one gets slapped to hard, turn to the second one. This is the only real road to victory. jmo

@Vermillion

Submitted by S Roche on May 21, 2012 - 4:33pm.

But, with the metals, we don't do that...that would be wrong.

I'm sorry, that may have been too subtle as there is quite a lot you are not au fait with. I'm (partially) quoting Blythe Masters above.

If you search this site you will find ample arguments to support the contention that metals are manipulated. The genuine point I am making above is that JPM is an all-areas offender...why would metals be exempt?

I am going to leave you here. If you research some of the arguments and find them wanting then I may chime in where I feel I can assist, but for you to come in late to the discussion, display your ignorance and then challenge all comers to educate you...and when they do, you propose to edit your silly post and ignore the information provided...you must understand that I would find your whole approach to this discussion disingenuous and you leave me with no choice but to opt out.

Tyler

Submitted by Katie Rose on May 21, 2012 - 4:40pm.

Man, you sure picked a bad day for me to respond to the video!

I've got a goat stall to clean and alfalfa to purchase and haul in our open pick-up, as I am completely out. All this in the pouring rain. Not a fun afternoon ahead of me at all.

I just came in to eat some lunch and catch up on the website.

I believe the video is showing a photo of our sun's binary brown dwarf star. I believe it's magnetic field has been causing havoc with the earth's magnetic field. I believe it is the cause of the increase in large earthquakes the earth has been experiencing. I believe it is the reason for the US Government's building of so many underground bases.

I didn't used to give any credence to the information/misinformation on the web about Planet X. I thought it was all a big bunch of hooey. That was until a few months ago when I went outside to milk at the same time I always go outside, sundown. The trouble is, the sun was setting in the wrong place! I called the family outside and we all stood dumbfounded at what we were witnessing. That was the week of the huge snow storms in Europe, where some villages were buried under 14 feet of snow.

Then last month I went outside again at sunset and the sun was brighter than bright and way too high in the sky. It set an hour late that evening.

And so I began my quest to find out what the heck was happening in the sky above me. It is an ongoing quest.

Living on a farm with no houses in site, no buildings to block my view, no telephone wires, etc. has given this born and raised city girl a whole new perspective on life. And I can say with all truthfulness that something "weird" is happening in the skies above us, if we can just open our eyes to see....

Take an example from Youtube

Submitted by Driven81 on May 21, 2012 - 4:45pm.

There is no "dictator." Youtube's community is generally self moderating. It allows postive gestures and negative gestures, thumbs up and thumbs down. Short of infractions like copyright infringements and posting extremely negative videos, pretty much all opinions and statements are welcome.

I also see a LOT of negative, highly inflammatory posts on ZH, but Mr. Durden's face rarely appears in the comments section.

I prefer communities that have these kinds of qualities because I don't necessarily feel obligated to be of any sort of disposition. And...nobody really cares anyway. The posts just keep appearing day in and day out and people give their thoughts and opinions freely.

In this way, the true moderators of these websites distance themselves quite a bit from the general community, and rightfully so due to the varying opinions. They protect themselves in such a manner. The true worth of the website is determined by the remnants of the community. Does it grow in popularity or does it shrink?

Perhaps, when you launch your subscription based membership, that can become the avenue by which you become personable with your members. After all, if they really didn't believe in you, they wouldn't pay for it. Then you can feel free to limit your in depth communication with non paying members.

One website I used to frequent was SGTreport, and though I do review it once or twice a week now, I rarely post because its not exactly a community that accepts differing opinions either. I've stated some opinions that the moderator did not agree with and, BAM, there he was right there...responding to it, or else plastering posts on the wall to bury it. That demonstrates a tremendous weakness in one's habits of belief if you ask me. If what is stated has any worth, it will eventually silence the haters. Greater confidence ought to be displayed.

At the end of the day Turd, I'm afraid there isn't any way out of the cross hairs of criticism. Even if you have a great sense of humor and are a very nice person. Celebrities have the same problem. However, that is the price one has to pay for the status.

I still review your website Turd, because I still think you are a lot smarter than me. However, I still think SRSrocco can take it and SHOVE IT. I'm still laughing about that. I love proving haters wrong. I just love it. I still don't even know where that came from. Rocco was getting so many hat tips, I had no idea why he felt the need to respond to my post.

Anyways. One day you'll be able to gloat over your haters, just like that Turd. You are on the winning side and because you have a greater spot in the light, you'll recieve much more recognition for it than anyone placing comments to your website. Whenever a celebrity does something nice, its plastered all over the news. Does that happen when I do something nice? Nope.