Terrible Tuesdays
In a stunning development, gold and silver sold off today...just like last Tuesday, and the Tuesday before that, and the Tuesday before that, and the Tuesday before that. In all, that's five consecutive Tuesdays where price has fallen. Hmmmm. Why would that be?
Of course, regular readers and longtime Turdites know why. Tuesday is the day of the Commitment of Traders survey and, as we all know, great care must be taken to "paint" the CoT.
In the past, when The Cartel were active sellers, we referred to these days as "Happy Tuesday". After selling short all week, The Cartel would buy on Tuesday to "cover their tracks" ahead of the CoT survey. This resulted in UP days. Now, however, things have reversed. As I've mentioned here repeatedly, The Cartel is now actively covering shorts (buying) all week. Therefore, the attempt to "cover tracks" for the CoT survey now involves selling, not buying, and now Tuesdays are not so happy.
Regardless, in the grand scheme, this really doesn't mean much. In the end, both Cartels are still at work transferring risk from themselves to the specs (mgd money, hedge funds, etc). The Cartels are not quite net long but their net short positions have been dramatically curtailed. Expect this to continue (if they know what's good for them). In his latest newsletter, Uncle Ted estimated that JPM's net short position in silver is now down to near 10,000 contracts. This is a 75% drop from its peak. Many expect JPM to simply add shorts back on when price reverses. This time, I don't think they will. I've done a lot of homework and talked to a lot of people and this is what I believe. We'll just have to wait and see what happens.
In the short term, today's beatdown was insignificant. Gold shed almost $20 in the final 20 minutes of trading, losing $9 right before the bell. Ho-hum. We've seen it all before. Silver, of course, sold off in sympathy. Whatever. Let's see what happens tomorrow.


Here are some interesting items that I picked up along the way today. First up, some good news for the "Re-Elect The Great Leader" campaign. Remember, anyone that falls off of employment "insurance" is no longer even counted by the BLS. That person just disappears and is no longer part of the workforce. Therefore, less people "collecting unemployment" means that the unemployment rate will go down! Hooray! All our problems are solved! Vote to re-elect The Dear Leader! ( http://finance.yahoo.com/news/u-winds-down-longer-benefits-152809517.html)
But don't look now, the MENA is about to get more unsettled, if this Debka article is to be believed. Russia backing away from Syria would likely allow overt support of the "rebels" to begin. Remember, Syria is pals with Iran, Hezbollah and the like and any moves against them will inflame the entire region. Uh-oh. ( http://www.debka.com/article/22038/Russian-arms-ship-turned-away-from-Syria-President-Putin’s-first-misstep-)
And then you must read this. Not one of our usual sources but maybe it should be. Making gold a "Tier 1 Asset" would be a very good idea and a really big deal. Please read ( http://www.sharpspixley.com/comment/ross-norman-the-next-big-thing-in-gold-possible-purchase-of-1700-tonnes-gold/122544)
OK, that's all for now. Let's see if gold can hold and gain overnight and establish a third, consecutive higher low within the range. More on Wednesday. TF
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Comments
CPN
Precisely what kind of "Gubment" official would satisfy you to think the inverse?
Cipher
RE: Good brief article
What the author of this article expounds, perhaps not intentionally, is inline with my desire for our country to once again (was there ever really a first time?) operate as a federated republic. As a citizen of the United States I should not have to be considering moving to another country in order to live the type of lifestyle under the style of government I want with like-minded people. It should be as simple as choosing from one of the 50 states in the union that best fits with my beliefs under a set of laws I find acceptable and tolerable and moving there. We should have 50 mini-countries more-or-less operating under a national umbrella of defense and trade agreements. Okay, that's enough dreaming for now :-)
Thank you tmosley
There is a good Popular Mechanics article from awhile back that thoroughly debunks many of the imbecile notions of the Truthers. Unfortunately, as they say, if you arrive at your position through non rational means, you cannot be shaken from this redoubt with rational argument.
There are plenty of reasons not to trust our government but there are no reasons to think they have literally blown up portions of their own cities and murdered thousands of their own citizens. Screwed them economically? Yes. Murdered them? No.
That so many of these paranoid simpletons share my conclusions about PM's is cause for a little concern but the fundamentals are just too strong to let it bother me too much.
This isn't the place...
...for these discussions, so I won't take the bait, except to say its a low blow to compare 9/11 to moon landing hoaxers. There exists way more compelling evidence for doubting 9/11.
And there it is
Barely out of the gate and the labels "imbeciles", "simpletons", "liars", Are being tossed around. That's why Turd don't like these discussions on the main page, they're too uncivil.
Ain't it the truth.
Democide.
My first posting, I feel under qualified to comment on matters EE fiat and commodity machinations.
As for that fate full day I can point out to so called skeptics that in unison for both BLD1+2 47 steel columns collapsed through the path of most resistance, rapidly. The high tensile steel didn't radically distort into the path of least resistance. Each column didn't break at one point from metal fatigue, no every 94 fractured at multiple points all the way down. NIST offers no explanation for this it is clustered in the 'global collapse' moniker.
I can point our the fated soul Edna Cintron waving from cartoon cut out from the impact site in WTC1, a structure that is supposedly ablaze approaching 900c metric, just sends folks into more cognitive dissonance. The inference is too terrifying that history is replete with democide, murder by governance, that just bring even more, but but, I don't believe someone would have talked etc innuendo in the face of physics.
I find introducing folks to the fiat$ fiasco easier it's no so confronting as mass murder it's more like a mass slaughter, of wealth.
9/11 - my one statement
1700 architects and engineers have risked their reputations and careers by signing a petition to reexamine the events of 9/11 based on evidence of controlled demolition. In my opinion you have no business taking a position on this matter if you haven't looked at what they present.
http://ae911truth.org/
Take it to the forums
There are places on this site for discussions like this. Perhaps Turd would prefer it discussed there rather than on main street.
Just for the sake of peace in the current thread.
I tore the band aid off the Ginger/Mary Ann debate as a joke and almost had to apologize to Turd himself for a thread jacking.
Let us stick to the PM's here if we can.
Z
Mudsharkbytes
Just going by the number of hat tips you are getting the silent majority, like myself are on your side of this argument. I Personally would prefer smashing my skull into a brick wall than participate in any 911 discussion on a forum. I guess I am just a paranoid simpleton. Oh well...
Ginger & MaryAnne
Simple answer: aint no rule that says it has to be an either/or proposition, so I will take 'em BOTH. They would make a nice set of matched bookends. And neither would harp at me for collecting PM's!
Yes, please
There are forums to discuss any conspiracy theory you'd like. Please try to keep "Main Street" on topic. Thank you.
Basel III & Gold
Central Banks list "Gold & Gold Receivables" as assets so I would like to see the definition of "Gold" as a proposed Tier 1 Asset before I get excited.
@emaN - When I was challenged
@emaN - When I was challenged a year ago to look into the WTC7 issue, I was directed to that website. I contacted several engineer (civil) and architects in my state to ask them at length what their thoughts were and for research. MOST were ambivalent about the issues 10 years after the fact, and of those that were still convinced of the "inside job", not one could direct me to a paper that has been presented in an established journal run be organizations like the ASME, AIA, or ASTM. There only is "The Journal of 9/11 Truth" that I keep getting pointed to. This is hardly an unbiased forum.
So I have done my research and I have concluded that there is no proof that I would hang my hat on as a professional.
Terrible Tuesdays
Great observation Turd about the change of our fortunes on this fine day of the week. Glad I have this place to keep me oriented and aware of what is happening.
I think the reduction in the JPM short position down to a quarter of the previous could be a game changer. What if they go long (even for a short period) and then cover the rest of their shorts by making money on longs at a higher price. If they juiced it to the plus side (like in April of last year) they could probably shake a lot of leaves from the tree. This would even draw the physical out of hiding (say a run to 47-57 range) followed by another beat down to punish those who held out.
Just speculating.
Z
T - Mosley You can blow fairy
T - Mosley
You can blow fairy dust out of yer arse it doesn't change physics. NIST admitted freefall for 8 stories or more during the WTC7 collapse, which curiously was announced premature. For the nature of the collapses and explosives used, I'll refer you to AE911 truth, and Dr. Niels Harrit's peer reviewed work.
Less known but perhaps more incriminating were the Israeli Nationals arrested on 9/11 for...
* EXPLODING a truck on King St. between 6th and 7th
* Attempting to drive a truck onto the GW bridge filled with EXPLOSIVES
* Documenting and Celebrating the attacks at the Doric Towers parking lot across the Hudson
Listen to the NYPD transmission, read the FBI doc 'Dancing Israelis', watch the reports about the GW bridge... or don't.
NYPD transmission "9/11 mural van"
FBI document on detained Israelis
http://mybigfatanti-zionistlife.blogspot.com/2011/08/official-2001-fbi-d...
I'm serious
THERE ARE FORUMS AND, FRANKLY, OTHER SITES FOR THIS STUFF. TAKE IT THERE.
ANY MORE OF THIS USELESS DRIVEL ABOUT 9/11/01 AND I'M GOING TO BEGIN DELETING THINGS.
JPM Unwinding IR Swaps
Harvey Organ seems to agree with the Jackass' thoughts regarding JP Morgan and their derivatives:Harvey believes that the panicked reactions of multiple federal regulatory agencies indicates that JP Morgan’s losses are likely much more critical and severe than the mere $8 billion lost in the IG9 tranche, and states the data indicates JP Morgan is unwinding a portion of its $50 Trillion in interest rate swaps.
Harvey fears that the losses on JP Morgan’s interest rate swaps could already be $100 billion, and ‘COULD BRING DOWN THE WHOLE FINANCIAL SYSTEM OF THE WORLD!‘
Harvey states ‘If JP Morgan’s involved it really is The Fed itself, and if The Fed’s blowing up that will just about be THE explosion heard throughout the world.‘
http://www.silverdoctors.com/harvey-organ-jpm-unwinding-irswaps-losses-could-bring-down-the-whole-financial-system/
Didn't Willie call this first here 2-3 weeks ago?
Come back from dinner & whoo-ee
Looks like things are heating up here, not surprising.
I'm with Turd on this one (except for the 'USELESS' bit). Much as I am passionate about this subject, nobody's going to change anybody's mind here, so might as well just give up on it.
On a different topic, looks like my plans on making completely lousy guesses on both the day Facebook and AG cross AND the price of silver on, I think it was the end of June, are going to pay off.
I NEVER gamble because as soon as I start making wagers, I lose everything. Without fail. So knowing I wouldn't win any contest anyway because of the lousy habit reality has of doing the opposite direction of whatever I predict, I made a stupidly low prediction of $19 something with silver and predicted FB wouldn't cross AG until next March 24. Looks like my plan is working as reality is definitely running 180° from my ridiculously unreasonable predictions. I wouldn't be surprised if FB crossed AG tomorrow.
You can thank me later.
The problem with current
The problem with current trading environment is that too much volume is in too few hands, AND those hands talk behind the scenes, directly, and now indirectly through their momo following computers with HFT as a subterfuge. Regular people just can't get on these super fast moves, yet the computers can blast away with some HFT as a signal to other computers....hey lets get ready to rape the public, and then boom momo run all in coordination, and without those pesky incriminating phone calls and emails or skypes.
G&M
Excellent out of the box thinking, well done. That is what the world needs more of! LOL
MORE FLIM FLAM....
YOU GOT TO LOVE THE TECHNICIANS AT A TIME LIKE THIS
The system is so beyond saving, its still funny reading and watching the TECHNICIANS explaining SUPPORT & RESISTANCE LEVELS. Again, this diatribe is not meant for the folks I admire... just the majority who still think we have FAIR MARKETS. The one good thing out off all this mess is the SILVER INVESTORS are starting to buy SILVER EAGLES again:
(in ounces / number of coins)
( oz. / #coins )
6,107,000
1,490,000
2,542,000
1,520,000
2,750,000
14,409,000
So far, MAY is the best month in 2012 besides JAN. I thought we might see 3 million, but probably only 2.8+
see how many hat tips my on-topic post gets
I like silver.
I like Austrian Philharmonics.
I like Canadian Maple Leafs.
I like Franklin Halfs.
I really DONT LIKE typing on my new Galaxy Tab! This took 10 minutes!
Deleted - Turd seems mad
Deleted
The Morgue
Here is another speculative question. What happens if the Morgue blows itself up on interest rate swaps and can no longer suppress the PM's.
If they abandon the market and cover their shorts with higher priced longs into a price rise what would the price of silver rise to? It is only money after all. What if they just plain old fail and walk away from their shorts, bully for you if you are the counter party. Can anyone really deliver the metal to back all these positions (ummmm... opinion here but NO).
May you live in interesting times.
Z
PS Texas.. I tried to triple tip you but apparently that isn't allowed. Owe ya a couple.
Of course they would hit you
Of course they would hit you on Tuesdays at some point. They build up your confidence over a long period of time and then destroy it when it hurts you the most. They always let you have a little fun over a long period of time, and then they take all the profits you made in a very short period of time.
They do it in the long term, the medium term, and the short term. For example, pretty much all of the up-move from 2000 to 2008 was taken from you in a couple of months. An example for the medium term would be that pretty much all of the up-move from the breakout in fall of 2010 was taken from you in the Mayday massacre.
And since most traders are levered up, in the end they always lose more than they initially made.
Why anyone would still care about these markets and try to interpret them is beyond me. TA is a steaming pile of donkey shit, all it will do is ensure you lose all your money. And pattern recognition doesn't work either because they let you discover a pattern and have fun with it for a while, then when you're in your comfort zone they change the pattern to the exact opposite.
If anything, you can trade by the COT numbers. If you look at LCNS vs PM prices, lows in LCNS almost always mean lows in PM prices.
Have been telling you all for months and months, but no you were smarter ;)
- Markus / stoneeh
How to track ASE sold on APMEX
To track the amount of Silver eagles APMEX is selling
You need to use the Chrome browser.
Go here
http://www.apmex.com/Category/160/Silver_Eagles___Uncirculated_2012__Prior.aspx
Right click on the box where you would normally put how many you would want to buy.
When using the Chrome browser and you right click on the box another box on the bottom of the browser opens up Java code. Look for "max length=4" double click on the "4" and change it to a "6" then go back to the box and type in "99999" a box will pop up and say "there is only ....." and that is there inventory.
I have been doing it for about a week and a half this is what I'm getting
5/18 59328
5/19 58204 Saturday
5/20 55386
5/21 92587
5/22 86041
5/23 77046
5/24 73455
5/25 68971
5/26 68461 Saturday
5/27 68195
5/28 66159
5/29 80766
I don't know what I can learn from this but I'm going to track it for a while to see what I can learn.
Zoltan
While it sure looks like JPM could self destruct from interest rate swaps, seems both Harvey and Jim Willie believe that it is the lack of physical metal in London that will end the suppression, according to them the Morgue needs some phyzz to suppress, they cannot do it after the physical supply in London is exhausted. Jim Willie says
"The important element in the gutting process is the gold cartel cannot defend their naked short gold position without gold physical metal. They use leverage nowadays to defend it, and lately extreme leverage since their base is shrinking significantly. Without the base collateral for leverage, they are vulnerable to attack. Without the base physical gold collateral for defense, they are doubly vulnerable, if not helpless."
@Zoltan
Thanks for the effort! I love 7.62x39 too, but that veers off topic.
How JPM got turned over (mind
How JPM got turned over (mind you, I'd still keep following where that money that got "won" goes in case).
http://www.nytimes.com/2012/05/27/business/how-boaz-weinstein-and-hedge-...
a snippettillo
Such standoffs are not uncommon on Wall Street. An aggressive trader makes a wrongheaded bet, then doubles down to scare off competitors on the other side of the trade. Market rivals often get slapped down, unwilling to keep buying as the other side is selling, or vice versa. For traders with the backing of a major bank, like JPMorgan, the task is much easier.
But not always. Sometimes, the other side sits tight, then hits back in force. And it does so in numbers.
Facebook Parity.... may be days away...