Speechless Turd

We knew that this week's CoT was going to be interesting but I didn't expect it to leave me speechless.

Look, I know I've been banging this drum for months and all the metals have done is go down. Got it. I read you loud and clear. But we're talking big picture, positioning stuff here. I am 100% firm in my belief that QE∞ caught the bullion banks with their pants down. All of the price action since 9/13/12 has been designed to alleviate the gigantic financial risk and potential liability of being short paper metal. By smashing price, against the fundamentals, from $1800 to $1350 and from $35 to $22, The Cartel Banks have accomplished two things:

  • They've been able to transfer the vast majority of their potential liability from themselves to the speculator sector (hedge funds, managed money, small investors).
  • And now, instead of being trapped short, they are a in position to profit from the inevitable explosion in price.

Even though it's blatantly criminal, you almost have to give them credit. That they've been able to pull this off in broad daylight is simply astounding. On the level of Oceans 11.

Once again and with meaning: On 9/11/12, two days before the announcement of QE∞ and with gold already at $1800, The Gold Cartel was net short 237,091 Comex contracts. That's 23,709,100 paper troy ounces or about 737 metric tonnes of gold. As of last Tuesday, they are now net short just 59,221 contracts or about 184 metric tonnes. A reduction of just over 75%! Oh, and did I mention that, over the same time period, the GLD has been raided for 277 metric tonnes? Just thought I'd throw that in, too. Simply magnificent! The Crime of The Century! Ah, screw that. That's The Crime of The 20th Century, too!! Amazing.

So, here are your numbers. Keep in mind that, for the reporting week, gold was up $1.30 while total open interest fell ahead of June13 expiration by 35,086 contracts. Also keep on mind that for Wednesday and Thursday of this week, total OI fell another 25,110 contracts. One can only imagine how much more long-term bullish these levels are as of this weekend.

GOLD

For the week, the Large Specs dumped 16,836 longs and added 6,544 new shorts (quite a few of which got squeezed yesterday and put back on today). This brings the Large Spec net long total down to just 56,879 contracts. Do you think that's a lot? Hmmm. What if I told you that, back on 9/11/12, the Large Specs were net long 182,016? From a different perspective, back on 9/11/12, the Large Spec net long ratio was 6.62:1. As of last  Tuesday, it was down to1.49:1. And here's a little more perspective for you: At the price lows on 12/27/2011, the Large Specs were net long 130,788 with a ratio of 4.57:1 and at the price lows of last August they were net long 114,304 with a ratio of 3.43:1. Again, as of last Tuesday, the Large Specs were net long just 56,879 contracts and had a net long ratio of 1.49:1. 

The Small Specs also reduced their net long position by a little over 1500 contracts and they are now net long just 2,342 total contracts. Again, by contrast, back on 9/11/12 the Small Specs were net long 55,075. That's a reduction of nearly 96%!

And The Gold Cartel. What did they accomplish this week? Not much...No, they just reduced their net short exposure by nearly 25,000 contracts! Again and as stated above, The Gold Cartel is now net short just 59,221 contracts or 184 metric tonnes of paper gold. Back on 9/11/12, they were net short 237,091 contracts or 737 metric tonnes of paper gold. The new Cartel net short ratio is just 1.34:1. This means that they are now long 3 contracts for every four that they are short. Incredible!

Once again for perspective, at the most recent price bottoms near $1525 in Dec of 2011 and August of 2012, The Gold Cartel was still net short 163,932 and 143,940, respectively. Their net short ratios on those occasions were 2.01:1 and 1.98:1. Again, as of last Tuesday, the numbers are 59,221 and 1.34:1.

SILVER

While interesting, the silver CoT isn't nearly as wild as gold. It's still crazy, though, as you'll see. For the reporting week, silver was down about 25¢ and its OI fell by about 3,300.

The Silver Large Specs dumped another 1,474 contracts this week while adding another 2,750 longs. That net long reduction leaves them net long just a little over 4,500 contracts and drops their net long ratio down to an almost inconceivable 1.16:1. Again, consider these levels and dates for perspective:

  • On 9/11/12, they were net long 31,482 contracts and had a net long ratio of 4.18:1.
  • At the 12/27/11 price bottom, they were net long 6,855 with a ratio of 1.40:1
  • At the 8/14/12 price bottom, they were net long 15,407 with a ratio of 1.93:1.

The Small Specs in silver had little change and are of little consequence right now.

The silver commercials continue to astound. Though the everybody-but-JPM crowd sold 1,326 longs last week, they're still gross long an amazing 66,428 contracts. All of this commercial and spec selling allowed JPM and The Forces of Darkness to cover 4,918 shorts, leaving them gross short just 74,762. This commercial net short reduction of nearly 3,600 contracts leaves them net short just 8,334 contracts and an incredibly, nearly-impossibly low net short ratio of just 1.13:1. Again, for perspective:

  • Caught with their pants down on 9/11/12, The Forces of Evil were net short 47,272 contracts or 236,360,00 troy ounces of paper silver or about 7,350 metric tonnes. They also had a net short ratio of 2.47:1.
  • As of last Tuesday, The Evil Ones were net short 8,334 contracts or 41,670,000 ounces. That's 1,297 metric tonnes or a reduction of over 83%!
  • At the $26 price low of 12/27/11, they were net short 14,312 contracts with a net short ratio of 1.34:1
  • And at the price low of 8/14/12, they were net short 23,402 with a ratio of 1.49:1
  • Again, as of last Tuesday, they are net short just 8,334 contracts with a ratio of 1.13:1

Look, I could probably keep typing for hours about the significance of all of this but I think I'll stop here. All you need to know is this: The Bullion Banks have now reduced their net liability in gold by over 75% and, in silver, by over 83%...all since the game-changing announcement of QE∞ last September. Rather than once again trying to cover into rising prices with disastrous results (see April of 2011 in silver and August of 2011 in gold), an evil, insidious and outright criminal plan was made and executed to crush the paper price of both metals. By flawlessly executing this plan, The Bullion Banks have so reduced their potential liability that there can be no doubt that prices will soon be allowed to rise again. When? That's impossible to say, of course. Maybe not until The BBs are net long both gold and silver. Who's to say for certain? But I do know that we are very, very close to a price bottom here when you take this CoT situation and the physical market demand into consideration. Plain and simple.

Finally, we'll have to see how things go once trading resumes Sunday evening. The action today certainly brings my Wednesday post back into play...the one where I speculated that one more washout could come before "a surprisingly disappointing NFP number" on Friday. I guessed that another test of $1350 was possible with a stop-running drop in silver to $21.50 or even a double bottom at $21. Again, given today's action and the $10 or so taken out of gold on the Globex this afternoon, that scenario certainly seems possible, if not likely. Here are two charts that I printed this morning, before this afternoon's decline.

So, anyway, keep the faith. Next week promises to be volatile but fun nonetheless. Enjoy your weekend and try to relax a little. Then come back on Monday with your game face on.

TF

284 Comments

Dimeboy's picture

Still need help with the original Silver Keiser

Time is running out on the ebay auction and I would really like to have one of these but I don't know the rarity / value.  Can anybody provide feedback?  Here is my plea from the previous thread.  Thanks!

That 1 oz "medallion" is currently bidding for $99 and I can't find another one anywhere on the whole Internet.  Anywhere.  Seriously, what's with that?  Did Max and Stacey buy up all there were made and hand them out?  This is not the current ethical round or the one from China with a bad unauthorized picture. The listing says the actual quantity delivered into the market is unknown. I know I never got mine but some old threads I found mentioned people getting delivery in spring of 2011, and some were 5 ozs in size, as well as 1 ozs. Who has these things? What are they worth?  There are lots of bullion collectors and dealers like me out there. I can find rare Liberty dollars and SBSS rounds that sold for $150 or more but no Keisers. Was there legal or copyright problems as well as delivery issues?  Is that why the seller is in Canada? Are they available on Silk Road? Were all but a few melted back down by NWT mint to recover the metal when the thieves that marketed the things took the money from buyers and never paid the mint?

Does anyone know anything about how rare these are (before the auction ends?)

Mad5Hatter's picture

Mad

max got it as well.

Mad Max, please take a look see.

Saturday, June 1, 2013 12:34 PM
From:

Add sender to Contacts

To:
keiserreport@rttv.ru
Max Keiser
Keiser Report
keiserreport@rttv.ru

Sir,

Any help? Will you forward to AM and confirm.


====================================

@Turd, Any help? Will you forward and confirm? Its the right thing to do.

http://www.tfmetalsreport.com/blog/4750/speechless-turd?page=3

======

Greetings, Mr Powell, Mr Murphy

Its time to let Andrew Mcguire know that he is the cross hairs, he can come peaceably or not, and be a world class hero, or get arrested, respectively, his call of course. 

So, I want to send him a heads up. Its the honorable thing to do.

Do you have a tweet or an email address where he can be reached?

Of course, I wont trouble him now at all, but he is entitled to have some notice.

Check it out. Updated for marketing VC hunt.

http://totalcontrol.blogtownhall.com/2013/05/29/freedom_v_tbtf_tbtj_greedsters.thtml

Yours Truly, Derrick

Dagney Taggart's picture

@IRB

Sorry. I meant kicking that Brits out of Canada once you figure out they have retaken America without firing a shot. Purging them from the continent this time.

I'm with you on decentralization.

Cry Me A River's picture

FROM HARVEY TODAY

http://harveyorgan.blogspot.com/2013/06/european-unemployment-rise-againdealer.html

"It seems that  85% of all Friday's we witness a gold/silver raid. Friday is such a good day for the bankers to whack due all the physical players leave London early for their weekend retreat.  They did not disappoint us again today with their stupid raid."

Let's review the data and see how the chart looks:

YEP---Looks Like Friday's Are Pretty Good Days To Buy. Tuesday's Too

Dagney Taggart's picture

Silver to 13.60!!

Check out this technical toolshed: http://www.avidchartist.com/2013/06/silver-in-clear-down-trend-channel-on.html

13.60!! Yes, he actually says 13.60.

Gold Dog's picture

Two Things

RX- You flatter me, thanks for your kind comments.

BACON!!!!

Has anyone figured out which is the best canned bacon?

Next on my prep list is a number of cases of just bacon,(even in an emergency, this will be just for me so it's key to get the best), if nobody has it nailed yet I will order single cans from as many places as I can find and do the taste test.

Thanks in advance for you input,

Dog

Dagney Taggart's picture

@Gold Dog

Make sure you budget for a few stints, angioplasties, and the heart specialist you'll need.

ag1969's picture

Dog

I hear tell Yoders is the best, and I don't think you will find that many different cans to sample.

http://www.amazon.com/Yoders-Canned-Bacon/dp/B004XZI9AG

However, since you are the "Gold Dog", you might want to sample these:

Mad5Hatter's picture

Adding

courage to your convictions, of course, starts with a conviction otherwise you cant add anything to it. And it never ceases to amaze me, knowing US History, generally, that nearly all today, start off solving any problem, with "I cant". There used to be an American "CAN DO" attitude pervasive and a work ethic to "GET IT DONE", doing "WHAT EVER IT TAKES" to get the job done, but it seems that those went out of vogue in 1960s, when the US government turned on the people big time, making them all, Americans tax mules and dependents, willing slaves, in the greatest MOPE this country has ever seen, as most people say, you cant do anything about it, you cant fight city hall.

I say BS to that loser mentality.

Turd Ferguson's picture

I may be a little thick

MODERATOR

I may be a little thick because I have absolutely no idea what you are talking about.

Response to: Mad
RaRaRasputin's picture

Observations from Santa's London Q&A

Evening folks

Just back from Santa's London Q&A session where I took plenty of notes but before I type them all out just thought I would start with my observations from the meeting.

There was approx 300 people there, though the room looked like it was set out for 400 +.  The thing that I was most struck by was how far people had travelled to hear him speak.  The guy sat to the left of me had flown in from Holland, the lady to the right, a Canadian, had flown in from Italy, behind me a guy from France, and two gentleman who looked very monied who had flown in from Monaco and Switzerland.  In front of me 3 guys who had flown in from Belgium and Slovenia.  There were questions asked from people from Germany, Sweden, Australia, Ireland, Canada, the US and many more countries.

Demographic wise it was a really wide group with people as young as early twenties and as old as late seventies.  It was probably 80% men and 20% women, with people from China, India, white, black, those representing the corporate world in their suits and ties and those like me in my converse, jeans and TurdMart 'Prepare Accordingly' t-shirt ;)

Egon von Greyerz from Matterhorn Asset Management was also in the audience.

He spoke for pretty much 5 1/2 hrs with a few short breaks and did not want to wrap up until every last person had asked the questions that they had.  He was polite, gracious, erudite and a bit of a charmer really.  It was the best $50 and 5 1/2  hours I have spent in a long time.

The comment made that resonated with me the most was a gentleman who said that it was reassuring to sit in the room with a group of people who thought the same way as him as he spent much of his time otherwise trying to work out if he was going mad or the world was going mad :)

The funniest was a posh gentleman who got up and asked the same question twice as he didn't get it.  He said that he had bought gold as Santa had recommended it but he didn't know what to do with it!  He then presented the same question again at the end saying that he didn't understand what he was supposed to do and how would he know when to sell it and how would he sell it?!  It created much laughter in the audience .....

My friend was also listening to an interesting speaker today - Nassim Taleb at the Hay Literary Festival and we both took notes so that we could share and swap.  I'm off to get some dinner now and will come back and share what he said (unless another UK Turdite beats me to it!) and when my friend lets me have her notes from Taleb I will also post those up.

RaRa

Mad5Hatter's picture

AM

I wanted to send AM a simple notice of my intent, as the attack plan is completed and solid, and as soon as someone steps up with funding, its implementation is off the races, and AM will be sought.

Its the honorable thing to do, giving simple notice to a pal in the bullion space, so AM is not possibly blind sided.

And since you appear to be guarded, just figured Max Keiser could relay the notice, and hence the email to max.

Simple as that, and no more.

I hope this helps. Sincerely Yours.

Gold Dog's picture

Thanks for your concern Dagney....

....if I don't want to be killed in my sleep it's my guess that I will have to share.

Let me poke around a bit. Almost anything that I have ever had that had "smoke flavor" added was not to my liking.

YF,

D

Here is a Yoder's review- http://www.avclub.com/articles/taste-test-yoders-canned-bacon-and-oscar-mayer-ful,2481/

Ribs in a can!!- http://gizmodo.com/5540643

Chicken- http://gizmodo.com/5234444/oh-god-its-a-whole-chicken-in-a-can

To be continued......

This guy is a little easier on Yoders, he's selling it-  

(Does anyone know where I can get a nice pig in a pinch?)

Last one. Dagney, this is the guy you were thinking of! 50 or 60 pieces hanging around all the time!

I will buy a can and report back on whether or not this stuff is edible.

boomer sooner's picture

  Guess The Vehicle?  How

lt-aZLQcJWKtR0nz2UNVSwQ47lo22Bx_MynR38GB  Guess The Vehicle?
yIXPyUn-5nOUQ39nOwxDFqy0L7odVXuQb5oCYKFW How about a lawn tractor------both halves!!!
WIQIitKETIJvpYroblPffwJFPJ3NR7W1o2-WYYPS Motorhome anyone?
vpoc430NHmDPmsIk5bnZBAzOBVarPam3jweNe7ZG A stick the size of your index finger through 16 gauge barn steel.
rmZkFD7z2hWe5z2JIClb1MQu3ZcWUgl5GdW-XOGU The backside of the stick.  Notice no denting or dirt gone from area.
xpw3fvoOW5NQ-8O7tNDOcxNONYPTxti3uJilCahy  Motorhome was parked inside horse arena.  It is laying on top of a tractor and a Buick Enclave.  This building was 100' x 150'.
 
These pics were taken last Saturday at a friend's horse farm on S149th st between May & Penn in Oklahoma City.
 
Spent most of the day there.  We pulled out of the arena 2 pickups (white one left of the motorhome & a nearly new King Ranch F350, have video of pulling out but cannot get to load).
 
Another crazy night yesterday.  1st time I have ever baled, but parents were here and family wanted to go to saferoom up at the school where my wife teaches.  Should have stayed home!!!
People are scared $hitless right now.  The highways were full leaving Norman last night from people trying the head south.  I think its better to stay home and ride it out than to get caught in a traffic jam.
As much as they want to say last week was the worst, it still does not come close to the destruction of May 3, 1999.
Awesome day here today.  Sunny and mid 70's.  Been most of day riding in the Jeep, top off, with dog in back seat.  Going up to the Brick (Bricktown Ballpark) to watch a movie on the BIG screen tonight.
 
Finished the first page.  Great work Turd!!! and Jake also.  Love those charts and commentary from both of you.
 
The Watchman's picture

Hoping

¤'s picture

re: @ I have some comments on this...

I agree.....I've posted about this previously and just recently also (link below) ....keep your eye's on Turkey if there's a serious conflict because I sense a potential US ally turncoat.

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

The odd's and over/under on....

( http://www.tfmetalsreport.com/comment/317225#comment-317225 )

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

We're in a funny spot right now even though we (the US) haven't publicly immersed ourselves in the conflict yet in a boots on ground/US carrier strike force way....not yet.

I hate writing this regarding US citizen war fatigue, but this is how it works....if we would've gone in there way earlier then Russia wouldn't have gotten a leg up and foothold that we allowed that is now problematic. Putin sensed an opening and went for it.

Indecision is weakness.....weakness is exploitable. Jungle law.

I say that not because I want or like that foreign policy or think we should uproot and make more chaos in the countries we've already done so (on purpose imho) but because if we don't someone else will....plain and simple.

Vacuums in power always get filled either by us (creating them and occupying then) or by someone else...in this case Russia and with Turkey (their close neighbor) teeter-tottering one way or another.

It bears watching especially when Israel gets involved. Turkey and Israel are not seeing eye top eye at all.

turkey-and-its-neighbours-map.jpg

If Egypt and more precisely, the Sinai,  get more active then I think this conflict is just a matter of time. Iran seems a bit too quiet ....for now.

Argent's picture

" Explosion in price "

The last think those in control want is an explosion in price because once the people want metal not paper thats when the games up for the banks and the Government.The Gold and Silver are long gone,they are buying time and everyday it gets more expensive to carry on the charade,the expense is not really purely financial its risk,the risk of having to control so many hazards that they have created which everyday become riskier and riskier because sooner or later will come the day when those risks collide and the control will be lost.Whatever they do they only make it worse,never,ever forget that Turd.

Lumpy's picture

About being prepared.

My brother and sister-in-law live in Norman Oklahoma.

They are just south of Oklahoma City.  A Few miles south of Moore, OK.

Last night, as most of you know, they experienced another round of tornadoes going thru their town.

My brother-in-law is a retired Senior Chief from the Navy, and he is also a prepper.

He thinks ahead and is one of the few that built an underground shelter on his property.

Last night there were 30 people in his shelter and 7 dogs.  They were all there for a few hours waiting for the storms to pass.

He had some food, water, shovels, and some buckets if anyone needed to go.

He planned for the worst and hoped for the best.

I promise you the people that he sheltered last night were glad he was prepared enough to help them.

You may be glad that you took the steps to help your family and others by stacking some day. 

Nobody wants to see the worst.    Everybody is thankful to be helped by someone who does plan for the worst.

Good Luck friends.

Gold Dog's picture

Last on Canned Bacon for Today

I ordered a can of Yoder's and a can of Tactical.

The results will be submitted in due course.

YF,

D

EDIT- L.A. Queens= Dead Girls! Go you Hawks!

Turd Ferguson's picture

Still too dumb to understand

MODERATOR

"Sought" by whom and "blindsided" by what??

Response to: AM
russwinter's picture

Comex And Commitment Of Traders In Gold Most Bullish In A Decade

Commitment of Traders data for Tuesday, May 28, was a real stunner. It shows positioning that's even more bullish than the extremes of the last couple of weeks. As open interest fell in the latest week, I thought speculators and managed money would've reduced short exposure. If the data through Tuesday is any indication, the opposite is true. However, commercial investors (aka. "smart money," dealers, bullion bankers, producers) reduced their shorts by 45,000 contracts -- bringing this to the lowest level since 2005, when gold began a rocket launch. It was the commercials that covered shorts in a big way, not the speculators! The commercials are now net short just 59,221 contracts. On Sept. 11 of last year, commercials were net short 237,091 contracts, and at the peak nearly 290,000. The following chart from GotGoldReport.com shows the extreme, once-in-a-decade bullishness of commercial positioning.

more:

http://winteractionables.com/?p=3119

Turd Ferguson's picture

I'm sorry. Share my pain.

MODERATOR

Good luck getting this out of your head.

TeaDrinker's picture

Badger Cull - England

Just to let the few UK readers here know, that for every cow slaughtered due to Bovine Tuberculosis - the owner/farmer is compensated to the tune of £900 per beast.

For the wilder world, the Main Stream Media News in the UK has been about mass protests regarding the culling of badgers that are being blamed for spreading this disease.

Forget Syria, Iraq, Iran, Afganistan ....................................................................................

T

RaRaRasputin's picture

Santa's London Q&A notes

OK here goes - this is going to be a long one so apologies.  Obviously these are my notes and  interpretations and therefore might not be 100% accurate.  Hopefully another Turdite who was there can point out any glaring misunderstandings on my part.  There was much discussion about TRX but not being mining share technically savvy didn't take many notes so they are a bit sketchy!

Santa started out by outlining where we are now and stated that the reason he was travelling and holding the sessions was that he wanted to get the word out to as many people as possible as we are now sitting on the front step of the end game.  Don’t speculate about the future – the future is here.

He said that this point had been crossed with Cyprus and the bringing into awareness of the ‘bail in’ legislation that existed in case law and had done so since 1850.  He had the White Paper between the FDIC & BofE with him citing that deposits are unsecured loans and public are lenders to banking institutions.  Lagarde and Schauble had let the cat out of the bag early when it was probably being saved for a bigger banking crisis which is why Monti and Bernanke are exiting stage left.

He said that the transition from paper gold to physical gold was underway and a reflection of this was the fact that a seat on the COMEX used to cost $500K and is now $100K which represented its declining power and usefulness as a price discovery mechanism.

He said that the CB’s could not print enough money to cover the OTC derivative market which between 1991 and 2008 grew to $1.44 Quadrillion.  The BIS had made adjustments to the way that they were recorded using special performance contracts allowing tax adjustments so that the figure was now only $700 trillion on the bottom line of bank balance sheets and that they had not timed out but been extended.  There has been no mark to market since 2009 and we are at the end of the can kicking down the road stage. Look at Zimbabwe equity market rally - that is all we are seeing in the FTSE/DJA - inflationary take off.   Either market pressure or restructure of the system is necessary and there will be massive losses.

It could have happened last Tuesday when the CTFC regulation about all OTC derivatives was due to pass.

There will be novation of contract like Hunt Bro’s.  Either the COMEX will go 100% margin or no physical delivery.  Within next 30-90 days the amount of physical will continue to decline the COMEX will panic and that will signal the COMEX expiry.  Physical COMEX platform exists but is not used. COT like LIBOR rates – not factual.

How can you have a physical bull market but a paper bear market?  Indicates transition and 30-90 days’ time change to future’s exchange will affect price discovery.  Rise in gold price will start again on Tuesday. Doubling of $1900 and $2500 outrageously low price.  $3600 will happen.

Presidential order passed allowing seizure of US pension funds in emergency.

2015-2017 will be very uncomfortable.  Collapse closer to 2015 than 2017.

2020 new system – virtual currency with a necklace of gold around it (voluntary relationship) based on basket of currencies.  Sees dollar turned into Euro.

Freegold premise is sound

His talk is about seeing us through the transition without being impacted by the systemic changes:

Pay down all debt

Best not to have any debt but if you do make sure you have enough cash outside of the system to pay all your bills, mortgage etc for 3-6 months.

If have allocated gold in storage facility i.e. Goldmoney/BV – ask to take delivery of small amount to check the soundness of the organisation. Sprott PSLV – Santa owns and trusts as Sprott good guy.

Pension – take out of system.  UK: transfer into SIPP and then can allocate to gold via Goldmoney/BV or mining shares.

Shares – get DTC, have certificates out of system so that your shares cannot be rehypothecated.

Banking system – diversify outside of Western banking system.  He is moving Tanzanian accounts from Canada to Singapore (and then to China).

OTC derivatives written off will cause bankruptcies. Not loans going broke with underlying assets but financial products with no underlying asset base. Will unwind and leave massive losses. All banks will collapse together some will survive and some will not. Currency controls will be put in place around Western banking system. Complete shut down of system for a week.

Tanzanian Royalty Exploration: increase in activity in next 6 months.  Has worked with Tanzanian govt so they have nationalized themselves ahead of time.  Hopes that will reach share price of $44.00

Silver – monetary vs commercial/industrial function.  Will rise along with gold but not as high as people think.  But recognises that as price of gold accelerates out of many people’s reach will be poor man’s gold.

Gold = savings (1/3 of liquid net worth)

Silver = transactional

Confiscation in UK.   Paranoia.  Confiscation suggests punishment which may be levied through increase in CGT or windfall taxation but not confiscation.

To the man who didn’t understand why he has gold and when he should sell – need will overcome greed.

Caribbean banking system is next to go – particularly Caymen Islands (RaRa note: interesting - JPM??)

Bitcoin – important message that virtual currency is possible but reaction of govt showed their feelings about it if not controlled by them.

Deflation vs inflation false argument.  Deflation = failure of debt.  Inflation = increase in money outstanding.   Velocity will increase as confidence fails.  Short burst of deflation then inflation?

Tungsten – felt that too much was being made of this issue and not worthwhile for fraudsters in bars less than 400oz

Interest rates – bond market wobbles in Japan and US testing of the system.  Bernanke third strand of helicopter speech discussed pinning of UST bond yields 2-2.5%.  Thinks this will happen and that what is happening now is a test.  Bond vigilantes vs CB’s.  Sharks eating each other.  Bond market collapse then skyrocketing interest rates like the 1980’s

How can a busted sovereign be ‘bailed in’ or ‘bailed out’ = print fiat paper.  Then the system rolls over and we have the reset with universal applause from Asia. Ascension of China. Euro/Russia/China (Euro & BRICS).  Oz a safer bet than many countries due to closeness to China and will be first to benefit.

Martin Armstrong – created derivatives and picking on Jim now as Jim helped him and knows him.

Phew - off for a well earned glass of vino!

RaRa

Urban Roman's picture

Re: Guess The Vehicle?

Sooner, all those pictures are just broken links from here. It looks like they point to a site that requires users to log in before they can see the pics. 

Lady Gaugau's picture

The joy of paragraph breaks

@MCC99 ... 

Did you intend for no one to read your 1,095 word post that contains not one single paragraph break? 

Paragraph breaks are a courtesy from writer to reader.

I read the first line and learned that your sold your store of au and ag. A quick copy and past told me how many words you used to, I assume, tell your story and the reason for your decision.

Wish I knew why.

TeaDrinker's picture

EEC Agricultural Subsidy

Should you be be fortunate enough to have fallen out of the right bottom and be a landowner/farmer in the UK (similar rights apply throughout the EEC) then the average subsidy for being said farmer average out at £65,000 per annum and that is before you fire up the John Deere.

Heaven forbid Daisey gets a dose of TB.

T

Fortinbras's picture

@DPH re: Turkey Turncoat...

If there is to be a next caliphate, the seat must be in Turkey... them's the rulez.

daveyboy's picture

There will be novation of

There will be novation of contract like Hunt Bro’s.  Either the COMEX will go 100% margin or no physical delivery.  Within next 30-90 days the amount of physical will continue to decline the COMEX will panic and that will signal the COMEX expiry.  Physical COMEX platform exists but is not used. COT like LIBOR rates – not factual.

What does that mean......so in 90 days it will expire, 6 months it will expire? one year it will expire? 2 years? 5 years? 10 years?

Sorry, but Sinclair has been so far wrong on so many predictions and the Comex....come on now, how many times have we heard that one?

Fortinbras's picture

More They Might Be Giants... they are ALL nauseatingly catchy!

... and I love anything with what I will ignorantly call a "steel guitar" sound in it.

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