Happy or Terrible?

Tuesday, July 17, 2012 at 3:42 am

Let's hope for a "Happy Tuesday".

Just a few items for you to review. First, this great article from Alisdair Macleod which covers some of the same territory that Trader Dan plowed over the weekend. http://alasdairmacleod.blogspot.com/2012/07/managed-money-positions-on-us-futures.html

Speaking of Trader Dan, he was talking about the grains today: http://www.traderdannorcini.blogspot.com/2012/07/grain-index-approaching-2008-peak.html. And so was ZeroHedge: http://www.zerohedge.com/news/putting-corn-harvest-drought-and-flood-context

Santa's pal Eric has written an interesting piece where he discusses several of the CoT trends that we've been covering ad nauseam here. http://edegrootinsights.blogspot.ca/2012/07/this-major-fed-move-is-about-to-create.html

And the LIEbor scandal continues to grow. HEEHEEHAHA! Just for fun, here are two articles which mention two of the primary forces behind The Evil Empire, JPM and HBSC.

Lastly, one final bit of fun from FreedomFest. While I was strolling the floor on Thursday, I ran into Kerry Lutz of the Financial Survival Network. He asked if I could spare a few minutes and I gladly obliged. Here's the link to the 5-6 minute interview. http://financialsurvivalnetwork.com/2012/07/turd-ferguson-everyone-should-be-buying-precious-metals/

That's it for now. Regardless of paper price shenanigans, I hope you personally have a Happy Tuesday!

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Comments

4 hour silver chart shows up trend

Submitted by bluefish on July 17, 2012 - 8:17am.

I have been keeping an eye on the 4 hour silver chart because since the first pivot established on June 24 the up trend has been more or less intact despite several violations at this time it remains intact. I am watching to see how this up trend plays out.

The first of Many

Submitted by SIlverbee on July 17, 2012 - 8:19am.

Safe banks? Choose one that has recently been set up and therefore has no outstanding liabilities or are balanced with deposits. In the UK there is Metro bank. Or try a credit Union since they are local there is nowhere to run.

$1600.30

Submitted by waxybilldupp on July 17, 2012 - 8:22am.

BAM! Gold rejected at the rim!

I'm thinking only a Bernank Tuesday Surprise (BTS) will nudge gold back over $1600 today. Till then, keep on keepin' on.

wax off

up last night with a big spike at 4am then all down hill

Submitted by Groaner on July 17, 2012 - 8:23am.

yup, the naked shorts are piling on.. it must be gold positive news coming out today????

I look at the action, and its so laughable..

Submitted by Groaner on July 17, 2012 - 8:25am.

what a joke the markets are. Psychopaths in charge! What should you expect?

Ivars / Silverbee

Submitted by murphy on July 17, 2012 - 8:35am.

Right on cue, enter stage right. A new bank willing to lend to wealthy people.

Goldman Builds Private Bank

Shift Into Lower-Margin Lending Reflects Harsh Climate Facing Wall Street

By LIZ RAPPAPORT

Goldman Sachs Group Inc. GS +0.26% is building an in-house bank to lend money to wealthy people and companies, in a significant shift that underlines the harsh business climate facing Wall Street since the financial crisis.

The New York securities firm, known for its aggressive trading and big corporate deal-making, is ramping up its activities to become a private bank to serve wealthy customers around the world. The new unit will also lend more directly to corporations, some of whom already make investments and do business with Goldman. Executives have set a goal of $100 billion in loans, up from $12 billion at the end of March

http://online.wsj.com/article/SB1000142405270230364400457752524130327830...

My crystal ball

Submitted by Big Buffalo on July 17, 2012 - 8:35am.

basically the same as before: smackdown, support at 1550 range, then fubm

Silver will probably have a slightly better day than gold

Ah, the "good old days"...about 3 months ago:)

Submitted by ClinkinKY on July 17, 2012 - 8:37am.

there was a time when gold rose as Bernanke spoke

re rim shot

Submitted by Xty on July 17, 2012 - 8:37am.

Hey waxy - good to see you. Been waiting to say high (oops, Freudian or what). I could use a good waxing, frankly, and here you are!

I agree - 1600 is like the bait they keep in front of us.

What To Do With $'s In The Bank

Submitted by blue bird on July 17, 2012 - 8:47am.

Thanks TF for all of your efforts. You do an admirable job of presenting a balanced view point. Question for all of your knowledgeable followers...We have to keep some 'dry powder' ($'s, cash) available. What percentage is enough? Do you keep it in or out of the banks? If out where do you store it? Know these questions have likely been answered many times. Ref. to a previous thread is great.

Thanks Again!!!!

Oil

Submitted by Big Buffalo on July 17, 2012 - 8:48am.

WTI Crude just shy of $89. Can you say "seasonal"?

excellant article from Grant Williams

Submitted by murphy on July 17, 2012 - 8:49am.

Ladies and gentlemen, in place of The Twelve Gates of George Ripley – and using Greece and Spain as examples – I give you The Seven Fates of Grant Williams, a series of steps that are certain to take place one after another, in sequence, once the primary stage has been initiated:

http://www.zerohedge.com/news/things-make-you-go-hmmm-such-qe3-marking-s...

Xty- a little frisky for the early morning. Check mail.

Jim Richards

Submitted by Nuclear Rocketman on July 17, 2012 - 8:59am.

Murphy, In response to your comment that Jim Richards has been quiet the past couple of weeks, I found the following video:

http://finance.yahoo.com/blogs/daily-ticker/bernanke-ready-throw-towel-inflation-jim-rickards-153824686.html

Tomatos continued

Submitted by dudestacker on July 17, 2012 - 9:09am.

Drink your tomatoes. You need one of these, called a chinoise. Don't forget the vodka.

edit: I see I haven't mastered imgur yet.

Penalties of living abroad

Submitted by thurd aye on July 17, 2012 - 9:10am.

Penalties of living abroad include your bank failing you. I have an account in London with HSBC.They made it dormant a while back because I hadn't used it,circa $1000,but still important.I have needed to use it twice since. Then I was informed (on here) that the Cam bank ,in Spain ,has gone under and was sold for E1.Great ,another $1000 goes flying. Now my RSA bank is ABSA,which is owned by none other than ...Barclays.I think I am being quite tolerant here,but things could change. Simply, I do not trust any bank anymore.

Whoever said 'a pox on their houses',I would go a bit further,but still.What light in yonder window breaks? At least I have love in my heart.

Go well, T.Aye.

crystal ball or experience

Submitted by Dr Jerome on July 17, 2012 - 9:18am.

I agree Big buffalo. Down as he speaks to 1550-something, then support and back up. It is so predictable--Hey! that gives me a day-trading idea...

As I watch these metals charts, I can see, especially with gold, that they do not want to drop in price. they have to be pushed down. they they creep right back up. Just the right news story gets them climbing quickly so the EE must act fast and cap it. I suppose algos do all the work.

Gold testosterone. The markets are surging with it and it must be contained through spin, MOPE, capping and manipulation.

Gambling problem

Submitted by Big Buffalo on July 17, 2012 - 9:19am.

I really do have a gambling problem.

Bought DZZ at $5.05, lets see if we get gold down to $1550ish, sell

Then buy some DGP, thinking $45.25 - $45.50

Seriously doubt gold goes

Submitted by Hawk on July 17, 2012 - 9:21am.

Seriously doubt gold goes anywhere near $1550 today. Id be looking at support between $1575-$1580 to hold bids in size

HAWK

Bernank

Submitted by ggnewmex on July 17, 2012 - 9:22am.

I agreement with all my fellow stackers, here is a thought..

I know that the Bernank HAS to print, the $ appears to strong for exports etc, and not enough people buying our garbage paper.

My question is simple. Why does the Bernank HAVE to say he is printing? Can he not just lie, say he is not, and just do it behind the scenes? As we know, they are all crooks in it together. When they get caught, they all do the Homer Simpson, say DOPE, sorry, and move on. No one will call them on it. He gets the best of both worlds.

Or am I just a nut for thinking that our politicians would lie to us?

Jim Richards....LOL.Pay

Submitted by thurd aye on July 17, 2012 - 9:22am.

Jim Richards....LOL.Pay attention at the back,you boy,see me after class.

Also I favor down before he

Submitted by Hawk on July 17, 2012 - 9:23am.

Also I favor down before he speaks and supportive when he speaks. low in the $1570s around PM fix ?

HAWK

Double post

Submitted by Hawk on July 17, 2012 - 9:23am.

Double post

House Financial Services Committee

Submitted by Harald on July 17, 2012 - 9:24am.

Spencer Bachus, AL, Chairman

Jeb Hensarling, TX, Vice Chairman

Peter T. King, NY

Edward R. Royce, CA

Frank D. Lucas, OK

Ron Paul, TX

Donald A. Manzullo, IL

Walter B. Jones, NC

Judy Biggert, IL

Gary G. Miller, CA

Shelley Moore Capito, WV

Scott Garrett, NJ

Randy Neugebauer, TX

Patrick T. McHenry, NC

John Campbell, CA

Michele Bachmann, MN

Kevin McCarthy,CA

Stevan Pearce, NM

Bill Posey, FL

Michael G. Fitzpatrick, PA

Lynn A. Westmoreland, GA

Blaine Luetkemeyer, MO

Bill Huizenga, MI

Sean P. Duffy, WI

Nan A. S. Hayworth, NY

James B. Renacci, OH

Robert Hurt, VA

Robert J. Dold, IL

David Schweikert, AZ

Michael G. Grimm, NY

Francisco "Quico" Canseco, TX

Steve Stivers, OH

Stephen Lee Fincher, TN

Vacancy

Barney Frank, MA, Ranking Member

Maxine Waters, CA

Carolyn B. Maloney, NY

Luis V. Gutierrez, IL

Nydia M. Velázquez, NY

Melvin L. Watt, NC

Gary L. Ackerman, NY

Brad Sherman, CA

Gregory W. Meeks, NY

Michael E. Capuano, MA

Rubén Hinojosa, TX

Wm. Lacy Clay, MO

Carolyn McCarthy, NY

Joe Baca, CA

Stephen F. Lynch, MA

Brad Miller, NC

David Scott, GA

Al Green, TX

Emanuel Cleaver, MO

Gwen Moore, WI

Keith Ellison, MN

Ed Perlmutter, CO

Joe Donnelly, IN

André Carson, IN

James A. Himes, CT

Gary C. Peters, MI

John C. Carney, Jr., DE

Especially notable, even amongst all this sleaze is Keith Ellison from Minn. I'd put him in the top five of my personal list of of the dumbest members of Congress...quite achievement considering the competition. When he first ran for the House in 2006, it was revealed that he had fifty unpaid traffic tickets and the IRS had a lien on his house because he was five years behind on his taxes. So of course, he's now on the House Financial Services Committee. Expect the Chairman's jaw to drop when he is questioned by Representative Ellison. At least Ron Paul gets a shot at the Chairman.

@ Ivars

Submitted by NancyDrew on July 17, 2012 - 9:27am.

I, too, am wondering about a safe bank. I don't feel comfortable with UBS holding money in CDs for me. I don't trust them. I keep threatening to get it all out.......... but then do what??? I am wondering about the safety of a local savings bank in town which has only 8 branches in existence (all local of course). I am off work this whole week, so a good time for me to catch up, do some thinking & perhaps make a decision.

Loved reading the prepping comments on the last thread! It's so great to be around like-minded folks who are awake. Most people I know think I'm nuts. I have a difficult time keeping my mouth shut about these times at work. Afterall, can't be scaring the customers.

dudestacker - here ya go

Submitted by Xty on July 17, 2012 - 9:28am.

(Did you use the little icon next to the smiley face? You need to copy the image url into the field that pops up.)

I loved the title - might need to register (free) to read it all

Submitted by Xty on July 17, 2012 - 9:34am.

No rectitude please, we’re freaking out:

Alan Kohler

Published 7:39 AM, 17 Jul 2012 Last update 7:39 AM, 17 Jul 2012

The only reason the IMF can forecast global growth of 3.9 per cent next year is that deleveraging hasn’t actually begun yet and, it hopes, won’t start soon.

It’s a little bit ironic that the IMF, scourge of deficits and public debt, is urging the world to go easy on the rectitude. “Conditionality”, as the IMF calls what it wants in return for emergency loans instead of collateral, has been reversed. The condition for global growth now is for everyone to NOT do what the IMF usually wants.

Not that anyone except Germany is arguing for conditionality these days, but the idea that American politicians would actually allow the deficit reduction laws they have already passed to come into effect at the end of this year, or that Spain, Italy, France, Japan, UK, Ireland et al would do something decisive about their own debt levels scares the pants off everyone, including the pursed lips at the IMF....

http://www.businessspectator.com.au/bs.nsf/Article/IMF-growth-forecast-deleveraging-debt-crisis-pd20120717-W9T5E?OpenDocument&WELCOME=REGISTERED%20OK

Ellison not the dumbest

Submitted by Keg on July 17, 2012 - 9:38am.

Ellison may be among the top 5 but Hank Johnson, D GA, is number 1. During a hearing of the House Armed Services Committee about Guam he said:

"My fear that the whole island will become so overly populated that it will tip over and capsize," the Georgia Democrat said, making a tipping motion with his hands.

Hank Johnson--how hard did the witness have to bite his lip?

Submitted by ClinkinKY on July 17, 2012 - 9:41am.

Payoff at 1:19 of video

I liked the Rickards

Submitted by Dr Jerome on July 17, 2012 - 9:44am.

I liked the Rickards interview linked by Rocketman above. He makes sense. The link has the 6 minute interview summarized in text if you don't have time to listen. Rickard's offers a long term larger perspective. US in the toilet--not next month, but by 2014. Europe has a chance if all the countries move to the German economic model. I for one will be just fine with this system lasting two more years, giving me more time to prep.

Listen for the term "Nominal GDP in today's comments by the Bernank

"Without nominal GDP growth you're never going to pay off the debt," Rickards says, suggesting the Fed would be willing to tolerate -- and even encourage -- higher inflation in order to give nominal GDP a boost. "The Fed in effect [will be] throwing in the towel on inflation."

Non-specific time table & quantity of treasury buying (QE with a different name) to increase the GDP. Except the term "nominal" is often used to mean "in name only." Thus I read it as the fed making it appear that the GDP is increasing against inflation in this relativity based fiat system. Reality is a hard landing though!