Greetings From FreedomFest

As part of my "vacation", I've spent the last two days at "FreedomFest" in Vegas. It has been terrific.

FreedomFest is a 3-day conference revolving around libertarianism and Austrian economics. Yep...right up my alley. And it was in Vegas! Also, right up my alley.

In the past two days, I've met with Ranting Andy and Mike Krieger. I've been interviewed by Kerry Lutz of the Financial Survival Network  and I've made the acquaintance of Rick Rule of Sprott and Pat Heller of Liberty Coin Service. All of this was very cool.

However, the main thrill was yesterday. I attended a small luncheon where Steve Forbes introduced The Judge. Judge Napolitano went on to speak to the group for about 30 minutes and then field questions. I got my picture taken with him and he also gave me his business card. I hope to finally schedule that podcast that I've been dreaming about! Again, very cool. The Judge then gave a 45 minute speech to the entire convention. He's just awesome. Great stuff.

Great stuff in the metals today, too. The Big Bad Wolves huffed and puffed again yesterday but once again failed to bring the house down. Santa was right in two fronts: One, they attacked and two, they failed. By no means are we out of the woods yet but nothing too scary, either. Gold remains firmly within it's 10-week basing and bottoming range of 1535-1635. Silver, too, is still in its 27-29 range. The good part of these ranges is this: Once we break out and UP...and we will...it will be clear to absolutely everyone with half a brain that the metals have bottomed. The shorts will either get frightened or squeezed and prices will move up rather quickly. Just be ready.

Two interesting news items I found while surfing with my phone this morning. First, this link to ZH. You should check it out. http://www.zerohedge.com/news/cme-gold-collateral-and-its-unsurprising-london-based-custodian

And then, while at ZH, I saw that Swiss 2-year note is now yielding negative .43%. NEGATIVE POINT FOUR THREE PERCENT! The Germans are also getting in the act as their 2-year is now -0.05%. This is truly incredible. On a hypothetical new issue, for a 1,000,000 franc, Swiss 2-year note, you would have to pay the Swiss government about 10,000 francs for the privilege. Are you freaking kidding me? You've heard me mention ad nauseam how negative, real rates are extraordinarily bullish for gold. How about just plain, old negative rates?? Holy Toledo! http://www.zerohedge.com/news/swiss-2y-rates-plunge-43bps-all-trust-lost

Lastly, as we continue on our trip down Memory Lane, perhaps today would be a good day to review this idea of negative real interest rates. I wrote this piece back on 2/1/12 and today is as good a time as any to go back and review it. http://www.tfmetalsreport.com/blog/3325/case-you-missed-it

OK, that's all. I have to head to the airport soon so I better wrap this up. Please check back later today though as I plan to update this thread with thoughts on the CoT, once it's out. I probably won't be able to do it until this evening, however. It should be an interesting report. For the reporting week, gold was down $42 while total OI rose by 2000 or so. Silver was down $1.40 and saw its total OI climb by 1400. 

Have a great weekend!

TF

Comments

Libero's picture

Tmosley-Wake up

Your words "Typical sheep, with a side of loudmouthed indignation at the ideas of others." is an indignation of others.  This libertarianism might have worked when there were about a dozen people on earth but then didn't Cain kill Abel?  Laws are necessary, less of them doesn't bring bad, more of them doesn't bring good, but they are certainly needed.  Not all laws are good (like Hitler's laws to kill Jews).  You live in a utopic dream state if the idea of something is more important to you than the practical reality of the world. Same goes for any idealism, constitutionalists, conservatives, liberals.  Ideals are nice talking points for armchair discussion.

What the world faces is that millions of jobs have been eliminated by Productivity.  Productivity is the evil of our time.  There are not enough jobs for everybody, there should be.  Don't you think???

Patriot Family's picture

Libertad Kilo Coin - Glad you liked it!

Admiral Akgbar - thanks for taking one of these off my hands and I am very sorry to hear about your kayak mishap!

I'm now going to put in a shameless plug.  If anyone else here is interested in a 2011 Kilo Libertad (just over 32 troy ozs of .999 silver), I have two more available.  Still sealed in the air-tite holders and in mint brilliant uncirculated condition.  These can be a little difficult to find from time to time as only 1700 or so were minted and all were apparently sent to Europe and had to migrate back to the US via other channels.    Get in touch with me if you are interested.  You'll find my price to be extremely reasonable with only a tiny premium attached for collector's value.  Otherwise, up they go on Ebay.  Only selling to  continue to fund our new family business.  Thanks!

DrkPurpleHaze's picture

Saturday a.m. and feeling like a....

One person can make a difference. Be that difference whenever you can.

NancyDrew's picture

Judge Napolitano

is someone I admire greatly. I had a front row seat to see him speak at a rally about 1 1/2 years ago. He obviously takes his oath seriously. It's hard to believe he is from NJ & was once a Superior Court Judge here! We need more like him.

NancyDrew's picture

I Found 2 Silver Dimes

I actually found 2 silver Roosevelt dimes (1964 & 1952) in the register at work this week. I find wheat pennies almost every day, but the dimes were a bonus. The customers look at me like I'm crazy. One even thought all dimes are silver. LOL

I Run Bartertown's picture

opticsguy

Of course you are. And it's selfish. And we should all immediately ascribe the worst of motives to your choice.

The flip side to the 'oddity' of you doing your own work, is another oddity. In the worst parts of my city, you'll find large gatherings on the corners. They're there all the time...'suffering the indignities of unemployment' and contributing to the economy by sipping on taxpayer supplied 40s. Often, you will see a hardworking immigrant worker delicately working his way around them (because they wouldn't dream of moving the fk out of the way - and god help him if he 'disses' them) to get the trimming done at the commercial property where they loiter and harass passers-by.

It's a vile system that enables this. And as much as it sucks to pay for it, the people truly destroyed by it are it's 'beneficiaries'. Sad...

DrkPurpleHaze's picture

Nancy Drew

yes  Excellent!  It's like treasure hunting and finding a small nugget.

Surprising_Facts_About_Nancy_Drew_Books_

Patriot Family's picture

Craigslist Deals

In response to IRunBartertown and Col Angus:  I like Craigslist too, but the premiums charged there are horrendous at times as there are a lot of dealers trying to pass themselves off as private sellers.  I had rolls of 90% I tried to sell off on CL at very reasonable prices a couple of months ago, and couldn't get one qualified response.  I did get a couple from questionable people, but they didn't respond when I said I wouldn't meet in a Walmart parking lot at 11 p.m....  Anyway, I have bought and sold a little silver on CL in the distant past and I always had a slim fit t-shirt on that allows them to see the bulge on my right hip.  We are allowed to open carry here in Georgia but I don't like to freak people out.

Try your local auction houses.  Plenty of them sell 90% silver, and I've landed it at or below spot on several occasions, especially on common date coins.  Just be careful to include the auction premium in your calculations, and make sure you know your state sales tax regulations regarding the sale of US currency so you don't get charged sales tax by the newbie cashier.  I've found it's worthwhile to drive to the auction houses out in the boonies since fewer "country folk" are interested in buying silver instead of farm equipment and collectible John Deere salt and pepper shakers.

Patrancus's picture

and on Santa's motion and change

and on Santa's motion and change, it will advance it's QE' s as long as it continues to control the most powerful military industrial complex ever constructed. keep stacking

Xty's picture

IRB and Colonel Angus

Glad to see you too.  It was just one of those turns in life that required a great deal of emotion, and the family just pulled into its shell and sorted things out.  But emerging into the sunlight.

And speaking of picking fruit, I didn't realize (I am strangely naive) that Canada also imported migrants to pick fruit.  My son has a friend who has a farm, and they house Mexicans during picking season.  Turns out they have terrible pot with them.  Reminds me of the 70's.

Yes, Colonel Angus!   And good old marijuana should be legal - I can (and have) received remarkable narcotics from my doctors (no need for details - but let me just say entrapped nerve) - but to apply for a marijuana licence from the government requires filling in multiple forms with all sorts of information, and is essentially an invitation to get busted.  Name one other prescription that the government has to know you are getting.  It is absurd.  However, a weed I can grow in my backyard does not enrich insurance companies nor large pharmaceutical companies, so I am meant to pop a Nucynta, rather than smoke a joint that will be far more effective and much easier to control the dosing.  Not that this is anything I care about or anything - just speaking hypothetically.

Eric Original's picture

It's the ANGER that I reject

Keeping all the anger in your heart only hurts you.  You and those around you.  It does nothing against the bad guys.  Let it go.

Personally, I realized 5-6 years ago that political talk radio only existed to make me angry every day.  Even the station that I agreed with.  Their only business model was to feed my anger, and make me keep coming back for more.  I let it go.  The anger itself was dragging me down.  Same thing with most cable news channels.  Dead to me now, both the blue and the red.

Now, maybe I'm pretty thick in the head, but I've finally realized that much of the internet does exactly the same thing.  Feed the anger.  I'm as much of a gold bug as anybody, but I finally realized that the precious metals blogosphere in particular lives mainly to stoke the fear and anger in people, and in recent weeks I've been culling my bookmarks of some of the worst offenders, and letting many of the rest start to collect dust.  TFMR is one of the few survivors at this point, but I know in my heart that it's days are numbered for me.

I'm happiest around here when we are talking stacking, investing, and prepping for hard times a'coming, with some good humour (spelled it your way, Xty) and comaraderie tossed in.  But always in a proactive, hoping for the best on the home front sort of way.  When we get into the angry, fearmongering, political blame game and name calling, I tune out.  From now through the election, at least, I anticipate more of the bad stuff, and less of the good, and therefore will be spending more and more time away.

Good Luck to you all.

Eric O

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TomMack's picture

xty

good to see you back posting  i hope all is well.  main street topics seem to be a little more off metals/economy lately.  hat tip for you!  you need to get back on the list!! 

I Run Bartertown's picture

Xty

"Turns out they have terrible pot with them"

I remember when I lived in Phoenix. Sooo cheap, and some good. But  a lot of nastiness too that I guess just gets 'filtered' out of the supply chain before it makes it too far north. 

Short Stack's picture

Thanks to two and a correction to one.

First,  my thanks to Dagney and ClinkinKy for backing me up on that "Jesus is a Muslim" thing.   I posted that last night and promptly went to bed early and did not see the response from you guys nor the one from Treefrog till this morning.

And to you Treefrog, I don't know where you get such absurd info but my dictionary states:

Muslim:  n.  A follower of Islam.   (not, as you imply, a servant of God).

Islam is the religion created by one Mohammed,  a charismatic leader who was well learned in many religions of the Mid East region, including Judaism, Christianity, and several pagan religions.   To bind his followers together, he created a make-believe religion which unfortunately still exists today.

The name Allah comes from the pagan worship of the "moon-god" which is now  non-existent because those people who worshipped the moon were wiped out by Arabic tribes many centuries ago.

But that's okay.   Just keep ranting.   We could all use a good laugh now and then.

bam's picture

RE Libero's post

This point is particularly important to acknowledge:

>"What the world faces is that millions of jobs have been eliminated by Productivity.  Productivity is the evil of our time.  There are not enough jobs for everybody, there should be.  

Everyone who wants to eliminate welfare completely would find out real quick the meaning of societal destruction.  The fact is, in the world we live in, we don't have enough jobs for everyone, even if we were somehow able to eliminate all illegal immigrants.  

So, taking into account human nature, you have to allow for people to try and survive (the strongest instinct of all).    If there were no (or not enough) food/shelter available to them, and no way for them to procure money (jobs) to get these things, then you'd have to allow for them to take forcibly from others.   You would get this outcome.

Technology is creating some very interesting conundrums regarding productivity and the structure of society.   What happens when a few very rich individuals control armies of robots that can do, make, or create anything?     Where does that leave the average person?   There aren't any easy clean answers for this. 

I Run Bartertown's picture

EricO

"but I know in my heart that it's days are numbered for me."

What I'll really miss is how you periodically issue vague insults to the community (semi-conflict averse or just passive aggressive?) as a whole. Especially when you bring it out of forums to 'walk in' and remind everyone how many people you have on your ignore list. I'll also miss the endearing way in which those who agree with you are assets to the community, but anyone who agrees with something you don't believe, clearly came here together as part of a secret plot. Because surely they have no right to find and communicate with like-minded folk in a public forum.

It's not anger, but I'll be damned if you're not right! Letting your thoughts go DOES feel good!smiley

I don't dislike you, but that characteristic is unfortunate. Would you walk into a party and announce "this party is full of dicks and I'm going to ignore most of you", and then proceed to where your friends are to chat? or just go and chat with your friends?

NancyDrew's picture

@Indigo

LOVE the picture! smiley

bam's picture

@EO

Well, hopefully you keep your Miners thread running along!    

Lurker there.  :D

DrkPurpleHaze's picture

EO

I hear you on the anger thing.

I learned long ago from a family situation that some people need the anger as fuel to not only keep themselves running but to start fires away from them and then sit back and watch in order to feel better about themselves.

It's a messed up thing on a couple levels but if you can see it for what it is then it's easier not to get burned by the flame throwers in life where ever they might be in the MSM or in private life and on the internet for sure.  My  motto for awhile has been "smile first' and let the angry one's singe their own fingers and burn their own bridges and to let them hold their own feet to their own fire (anger) and own that part of it that's their's.  Some can't.

Bitter feelings and anger slowly kills your heart and it definitely kills the soul/spirit of a person and unfortunately sometimes those around them. A smile and the ability to step back from the heat of the flame is an extinguisher in itself.

And good for the heart and mind.

giterdun77's picture

First Post! Question on Silver's "base"

Greetings all!  Been reading this fine blog for many moons & finally registered 'cause the following puzzles me & not sure if it's been addressed:

*Could* the reason why silver stays above 26 involve fundamentals on physical silver?  Specifically, is the E.E. concerned that were silver's USD pricing to break 26, that foreign entities (in China, Russia, India, et al.) would take as much away from the West as possible?  Are there massive purchase limits down there already that the banks know of?

Are Blythe & Company constraining silver's drop just enough to shake out longs while not depleting physical (if so, they're cornering themselves....)?

I count six separate tests of something in the 26 range since January 2011...

Any informed response would be greatly appreciated.

Best,

Dan

Roark's picture

@Eric Original

I hear ya, Bro. I think the internet is best viewed like a very large bar where everyone thinks they are 10 feet tall, bulletproof, and invisible. And of course they are all drunk over how cool they are. 

The internet gives everyone a global voice. Its a shame how few have something constructive to say.

Roger Godberd's picture

Balz/Colonel Angus

Excellent discussion you two. Keep it up. Imho this is what makes TFMR a great site. Philosophical & educational discussion with a metals bent. Liking it very muchly.

"Convictions are more dangerous foes of truth than lies"

Fred Nietzsche

 
historiography's picture

@Eric O

I want to hear more about the web sources you are staying clear of and which ones you gravitate toward.

DrkPurpleHaze's picture

Infographic: Rare Earth Metals

Louie's picture

@ Roark- Travis Tritt fan?

TFT&BP

FleetFeet's picture

Re: the angry burps

Tip of the Hat to Eric O re:  his post about anger. 

I'd like to emphasize the fear component.  When fear reaches a high level, people convert fear-thoughts and fear-energy into anger.  They get angry because it is so uncomfortable to live in fear; downright torturous.  And the fear mongering from radio, TV, newsprint, and advertising is the Big Brother of our lives.  The goal seems to be All People Be Fearful of Something All the Time!  

Eric O -- as you shy away from the energy suckers, I hope you'll stay in touch with the miners.  I really appreciate what I've learned in that forum, although Claude is a fear-monger; making me shake in my boots!  

treefrog's picture

@short stack

"And to you Treefrog, I don't know where you get such absurd info but my dictionary states:

Muslim:  n.  A follower of Islam.   (not, as you imply, a servant of God)."

don't go to an english dictionary to find the meaning of an arabic word.  ask someone who speaks arabic, or google "muslim."  the first entry that comes up is wikipedia.  click on it.  first paragraph, last sentence:  "Muslim" is an Arabic word meaning "one who submits to God."

'muslim" and "islam" were arabic words before mohammed founded his religion.

"muslim" means "servant of god" or "one who submits to god's will."  it meant that before mohammed founded a religion.  it still means that.

"islam" means "submission to god's will."  it meant that before mohammed founded a religion.  it still means that.  - from wictionary:  From Arabic إسْلام (‘islām, submission (to the will of God)”).

ask anybody who speaks arabic.

El Gordo's picture

Landscapers?

I just saw a truck going down my street filled with grass and hedge clippings.  Spread out across the back of the filled truck bed was a Mexican, presumably in place to hold down all the clippings and prevent them from blowing out of the truck.  My neighbor looked as it passed and said "what a waste, somebody throwing away a perfectly good Mexican."  

QE to infinity's picture

@ opticsguy

(actually, I think Lenin would have had everyone that couldn't carry a shovel or a rifle shot)

​Not only would but did, or pretty close! Stalin continued the good work and had plenty of those with shovels or rifles shot or goulaged as well!

Lenin and Stalin would also gladly have shot all Western liberals, promoting welfare society, Lenin called them "rotten" and not true socialists/communists.

Actually, whatever the modern Western welfare society is, it is NOT socialism, at least not as practiced in the USSR and other socialist countries behind the iron curtain. The slogans of that socialism (not to confuse with communism, which never arrived) was "From everybody by their abilities, to everybody by their labour" and "Who doesn't work, doesn't eat".

The slogan of (aimed for, but never achieved) communism was supposed to be "From everyone by their abilities, to everyone by their needs". Again, nothing about doing nothing and receiving welfare.

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