Another Step Higher?

According to plan, the metals are extending higher this morning. While this is fun to see, The Big Show begins tomorrow.

But tomorrow is tomorrow and today is today. Events this morning have been influenced by a couple of headlines, both summarized in these articles from ZH. First, a report from the Congressional Budget Office that the fiscal year 2012 budget deficit has reached $1.165T...and there are still two months to go!! http://www.zerohedge.com/news/us-august-budget-deficit-soars-192-billion-117-trillion-fiscal-2012. Again, I ask the question, from where is this money coming? The U.S. government, from November of last year through last month, has spent 1,165,000,000,000 more dollars than it brought in. Did, as politicians like to suggest, the U.S. borrow it fwom da wascawwy Chinese? Uh...nope. In fact, new Chinese purchases of U.S. treasury debt have nearly stopped. The slack has been picked up by the Japanese but, net-net, the "contribution" from these two countries is flat. http://www.zerohedge.com/news/presenting-shocking-source-us-treasury-demand-past-year

Then there's this. Moody's warned this morning that congressional failure to reach some level of "budget cooperation" will lead to a downgrade of the U.S. credit rating. (As if that shouldn't have happened months and/or years ago.) http://www.zerohedge.com/news/moodys-warns-1-notch-downgrade-if-bitterly-divided-congress-does-not-begin-cooperate & http://www.forexlive.com/blog/2012/09/11/moodys-text-to-downgrade-us-if-no-deal-to-cut-debtgdp-ratio/. This seemed to really spook the headline-chasing algos and The Pig almost immediately showed a 79.** print. Those same WOPRs then bid up gold and silver and here we are.

As I type, I've got $1737 and $33.80. Not exactly a Happy Tuesday...yet...but still far better than the levels seen yesterday afternoon during another inglorious, Globex pilferage. If the metals don't break higher soon and, in the process, trip some more buy-stops, we'll likely remain in the current range as we await the events of tomorrow. As stated yesterday, beware anyone who claims they can accurately predict the judgments of the German Constitutional Court AND the global market reaction. This is a double wildcard event and we are all simply along for the ride. (Be sure you keep your hands and feet in the car at all times. Riders with high blood pressure or pre-existing back pain should exit the ride now, along with all expectant mothers.)

Next, I need to pass along a big group of thank yous. If you've ever clicked the "Feed The Turd" button, you've seen that there is a snail mail option available. Our developer, Ron Shimshock, graciously collects items that are sent in and then, every few months, bundles everything together and ships it off to me. All honoraria is greatly appreciated and my family and I particularly enjoy the personal notes and cards. Thanks to all listed below for making the effort. Again, it is very, very much appreciated!!

Mike Mc, Glen S, Mark & Hui H, Paul J, AgAu121, Anne I, Brandon S, Joe Z, Jon F, Tom & Kathy D, Mark & Cindy W, Nancy D, Tom C, Larry F, Al K, Prof M, James R, MagicBus, Don S, Alan B, David W, James J, Phil M, Will N, Chris C, Dennis O, El G, Frank P, John Mc, Kevin R, Robert L, Norm C, Christine E, L J, D D, Richard B.

Lastly, today is a very important and very sad anniversary and I hereby make a simple request. You may think you know what happened that day. You may think you know of who was responsible and why things transpired the way they did. However, the only thing we know with certainty is that nearly 3,000 people died that day. Please honor the loss of life by taking time today to reflect upon your personal blessings and pray that a similar tragedy is never visited upon you or your family.

TF

328 Comments

Haole Guy's picture

Mobs Storm the US Embassy in Cairo...

and tear down the US flag.  What do you think this will do to the metals? Wow

http://content.usatoday.com/communities/ondeadline/post/2012/09/11/cairo-us-embassy-protesters-prophet-mohammad/70000126/1#.UE-s5rKPXeJ

It probably won't do anything because the headline is misleading.  It makes it sound like Muslim extremists stormed the embassy but it is really just protestors climbing the wall and taking the US flag.

I Run Bartertown's picture

The Next Wave of Leftist Corrosion

http://gawker.com/5941037/born-this-way-sympathy-and-science-for-those-who--want-to-have-sex-with-children

"Imagine a world in which admitting your attraction to busty women or tall men​ led to alienation, jail time, or your murder. Older gay men can probably remember such an era, but nowadays most sexual appetites have been mainstreamed to the point of banality. Pedophiles, for obvious reasons, don't enjoy the same kind of tolerance, and thus it seems as if they may be locked forever in a sexual prison from the moment they're born.

Currently, there is no significant longitudinal evidence that pedophiles can be made to not be attracted to children, and thus it can be defined as their orientation. And if pedophilia is a sexual orientation, that also means it's futile to send pedophiles to prison in an effort to alter their attractions. Doing so is akin to sending a homosexual child off to a religious-based institution that claims it can "pray the gay away."

  The old adage is that the true mark of a society is how it treats the weakest in its ranks. Blacks, women, Latinos, gays and lesbians, and others are still in no way on wholly equal footing in America. But they're also not nearly as lowly and cursed as men attracted to children. One imagines that if Jesus ever came to Earth, he'd embrace the poor, the blind, the lepers, and, yes, the pedophiles. As a self-professed "progressive," when I think of the world I'd like to live in, I like to imagine that one day I'd be OK with a man like Terry moving next door to me and my children."

Incurable?

The cure for the subject is the same as the cure for the eminently tolerant author:

stihl_chainsaw.jpg

Can we get this SHTF show on the road, please?

Some us us don't really give a damn about the money, but creatures such as this author don't fare well in chaos. Bring the chaos.

Oh, and have a nice day. smiley.

Zoltan's picture

The CFTC is a sad joke (repost)

So after delaying this already since January 2011 (when Dodd Frank was supposed to be in place) they now cancel their meeting tomorrow (for no stated reason) and add another month onto the charade (now Oct. 12, 2012). The previous post of the video had "the Mullet" stating that reporting would be in place by today. The deadline is to register (or starts another two month process by which they have to be registered?) so who knows when we will actually get a report on their positions. And position limits? Well who is to say if they will ever be enforced.

No, this won't end until silver users wake up to the whole scam and someone panics. Then they will shutter the exchanges and pay out some fresh Benny Bucks to the players who got burned (that is if they don't steal all their money, again). Remember, he who panics first is the only one who makes it to the fire exit with any of the shiny (maybe, if they get lucky).

I have been following this market for over a decade and am consistently surprised by how they can extend and pretend. When they started using SLV shares to settle futures contracts I thought the game was up (as when they just plain old flat out refused to deliver any metals) but the games go on.

Anyone want to take up the mental exercise of how much floor space the SLV would require if they stored any real PM at all? At what cost? Is so much easier for them to deal in paper promises and electrons.

Z

PS sorry for the repost but put this in the old thread by mistake.

PSS How is the four year silver investigation going?  Don't have the balls to come out and say "we couldn't find anything"?

Bollocks's picture

Pinched from ZH

September 11 – Eleven Years Later (Selected Statistics)

Tyler Durden's picture

By Mark McHugh from Across the Street

September 11 – Eleven Years Later (Selected Statistics)

On the anniversary of the most emotional day in our collective memory, I present the following statistics, prepared to the best of my ability, in the interest of truth, justice and the American way:

september-11-2012.png

DBean's picture

GL -

Thanks for taking time to tell that story.

gdog's picture

My condolences...

My sincere condolences go out to all those impacted by the events of 9/11.  You'll be in my prayers tonight.  

I've seen a few in the community looking to put the events of 9/11 into perspective.  In light of those interested, I just ran across this article written by "Silver Shield".  I'll give this a read tonight but thought others may also be interested.  http://dont-tread-on.me/?p=6321

Be well... -G

BagOfGold's picture

The Next Wave of Leftist corrosion???...

 

Born This Way: Sympathy and Science for Those Who Want to Have Sex with Children
 
Count me in I Run Bartertown!...Nooooooooooobody touches my babies!...I have something which will do a better job than a chainsaw...& too gruesome to display!!!...
 
 
 
Bag Of Gold
 
 
 
 
Mr.Grey's picture

@ IRB

For some reason everyone wants labels. Some labels are politically correct, some characterize behaviors, others indicate a psychological abnormality.  The problem with labels is that they don't mean anything, they don't change anything but they occasionally give permission to not change.  "All" behavior is justified before it is performed so if a change of behavior is desired, then first one must understand how the behavior was justified.  The idea that "Oh I was born that way" is just plain bullshit!  But then the individual does not have to accept any responsibility for the behavior.

agNau's picture

@Tyberious

Thanx for the cheepies!

foggyroad's picture

Bart?

Big B, in his Joe Dirt Phase.

Grade 12 Yearbook?

view

Green Lantern's picture

re: follow up

Officer John Reilly, 58 years old, 18 years with the elite mounted.

California Lawyer's picture

I Vote for Chaos, IRB

I have some scores to settle for sure.  When TSHTF, I am taking action no question about it.  I will tell no one, ever.  I will just do what I need to do.  And that will be that.

I have a feeling I am NOT alone in that plan of action.

SE's picture

I think we can all agree they

I think we can all agree they have hit us with a lot of crazy schemes that we never thought they could make stick. But they pulled it off. They have demonstrated what they're capable of and we should respect those capabilities and never allow ourselves to forget it and become arrogant. Never underestimate them.

------------------------

In other words, the only solution is to arm up and get after them.  Who wants to go first?

Turd Ferguson's picture

Green Lantern

MODERATOR

Thank you.

Much appreciated.

foggyroad's picture

Sad Day

Prayers to all the innocents and their families.

God bless Them.

Rest in Peace.

Amen.

GL that was a very touching story!

IMHO,  the majority of people really are good honesthearted people.

The few bad apples spoil it for everyone.

The 'Them and US', I have discovered is really a whole bunch of 'US', and a very few 'Them'.

Thanks GL

PhyzEd's picture

104 million to blow a whistle?

This has got to be the highest paid government tax payer funded job to date! And you don't even need any skills!

http://money.msn.com/business-news/article.aspx?feed=AP&date=20120911&id=15545097

And they tell me to get a college education if I want to get ahead in life... pfffffft. Anyone else feel like taking the day off tomorrow too?

Mr.Grey's picture

Like I said

"All" behavior can be justified, including murder!  And once you justify it in your mind, why then you can take the high road knowing God is on your side.  Hypocracy comes in many forms this is but one.

I Run Bartertown's picture

My Crazy Friends

Bag of Gold - “I have something which will do a better job than a chainsaw...& too gruesome to display!!!...”

I’m intrigued! Do you have a patent?

I was chased out of a house by an angry husband with a chain saw when I was 15. Formative years, those. Plus, anytime I’ve had to use a chainsaw, it’s been on a rickety ladder on un-level ground with a half-assed chainsaw that only works if you hold it a certain way. These things have made the chainsaw, for me, the most intimidating instrument conceived by man.

Mr. Grey – “The problem with labels is that they don't mean anything,”

I think I agree with your sentiment, but my concern is that they do. What goes unsaid eventually goes unthought. They use language to redefine us…to remake poison as virtue and goodness as intolerance.

CA Lawyer – “And that will be that.”

Wow, that hit me for a second like a ‘man bites dog’ story. It never occurred to me that lawyers might want vengeance on other people. I always hear it the other way around. wink.

SE – “Who wants to go first?”

Don’t know. I’m more curious if we’ll follow.

------------------------------------------------------------------

Random assorted left-wingers - step up and defend the premise of your ideology. Explain how backward and regressive it is to oppose this next evolution of the Prog.

foggyroad's picture

Irb

IRB said...

" These things have made the chainsaw, for me, the most intimidating instrument conceived by man."

Funny I always thought this..

Mr.Grey's picture

@IRB

They can redefine us all they want, they can make rules, laws and communities for the bizarre!  It does not change what is right and what is wrong!

chinaussiedoll's picture

Occupy Wall Street Movement

Yesterday the last protestors in the world were removed from underneath the HSBC headquarters in Hong Kong. They lasted 360 days.

The missing Mainland Chinese VP has now been said to have injured his back  in a "swimming incident" according to local radio in Hong Kong. ( Rthk3)

foggyroad's picture

SaratogaPrepper

SP posted this, 'off main' I thought it a good idea.

Thanks SP. 

¤'s picture

Euro: A mistake initially / bitter pill to swallow now

Ok, so the same type or pool of deep thinkers who took 'decades' to conceive of and talk about a EU and a Euro and to study their plan and tweek it etc. so that they got it just right  totally blew it and it didn't take long for it to reach  a major stress point where it might start to fall apart depending on this German court ruling tomorrow.

If they took that long to create a Euro plan back then and couldn't foresee the situations that they can't seem to manage that they're now experiencing then I hold out no hope or confidence that they'll get this part of it right either as they seek a solution that has far ranging and short term consequences.

Did they honestly and intelligently believe back then that so many countries with varied cultural and economic differences (and old /fresh animosities in their memory banks)  could tolerate and treat each other as equals in business and that their old currencies could just get squashed together into one despite all the  imbalances that seemed to indicate that it wouldn't work? How short-sighted was that in retrospect?

Sure...the euro served a purpose in the utopian and misguided free trade blocks that permeated the 90's - 00's era thru to  today to some extent but it' all starting to crumble and in a naturally instinctual way we'll start to see protectionist reactions and it starts with the Euro busting up at some point sooner then later. 

Could it be that the Euro was created mostly ( but not entirely) not so much for the purpose it would serve in the free trade that has taken place globally  thus far but what purpose it might serve when they were to break if up eventually? If they had no exit plan and actually thought  the euro would last a really long time and they're now trying to actually keep it alive because they don't know how to apply the euthanasia to it, then this gets chaotic and ugly and gets to a nationalistic level. 

To think that the same type of arrogant and myopic bankster mindset is now at the helm and seems to have no clue what to do and that this is EU mess is somehow a surprising development means that the original drafters and implementers of the Euro were fools OR they knew the Euro/EU was ultimately untenable and that it's demise would serve a purpose at some point. (USD resuscitation at a critical time?)

You have to wonder...were they short sighted and foolish about a euro project or far sighted and ingenious and looking past the euro?

I'm going with foolish but hoping for ingenious because this is going to get ugly when it breaks apart. Tomorrow is huge.

I think it passes.

murphy's picture

GL

Hey, haven't had much time to "turd" but saw DPH's post regarding yours and checked it out. Very, very touching. Brought a tear to my eye.

I have a customer from NJ who lost his son in the office of Cantor Fitz. I always want to call him to give him my sympathy, but can't bring myself to do it.

Hope you enjoyed the solace of making music today.

Puck T. Smith's picture

Most intimidating thing

Dental instruments.  Hands down.

¤'s picture

Duh: 'Seventeen Countries Were Far Too Many'

European Luminaries Reflect on Euro

'Seventeen Countries Were Far Too Many'

European Luminaries Reflect on Euro: 'Seventeen Countries Were Far Too Many'
 

Former German Chancellor Helmut Schmidt and former French President Valéry Giscard d'Estaing are two of the leading architects of the European Union. In a SPIEGEL interview, the veteran statesmen discuss the causes of the euro crisis and the lack of vision among today's European politicians. more... [ Forum ]

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

Awaiting a Verdict: What's at Stake in the Euro Rescue Fund Ruling?

Awaiting a Verdict

What's at Stake in the Euro Rescue Fund Ruling?

Germany's highest court is expected to rule on the constitutionality of the permanent euro bailout fund on Wednesday. Opponents of the European Stability Mechanism are hoping justices will decide it can only go into operation if a national referendum is held and the constitution is changed. By David Böcking more... [ Forum ]

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

http://www.spiegel.de/international/

SE's picture

Dental instruments. Hands down.

Really?  I must be brave...

In 2006, I started dental treatment with a few fillings to be prepared for braces later that year.  I went into braces in Sept. 2006.  I had top-bottom jaw surgery in June of 2008 to correct my overbite, and braces came off in May of 2009.  I've had two crowns put in.

It's a bitch...

foggyroad's picture

ESM immunity

..maybe they won't read it..

¤'s picture

The Guitar Man ~ Bread

Dyna mo hum's picture

US offical killed in Libya

I guess we need to send more aid money to the mobs.   http://news.sky.com/story/983922/us-official-killed-in-libya-prophet-protest

Syndicate contentComments for "Another Step Higher?"