TFMR Podcast #44 - Jackass on the Barbie

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Provident Metals

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For a holiday treat, Jim Willie stops by for an informative and enlightening podcast.

Jim and I cover three main topics today:

  1. The recent takedown in gold and silver and the incredible physical demand which followed.
  2. News and behind-the-scenes events related to the recent G20 meeting in Turkey.
  3. The Fed's ongoing ZIRP and QE∞ and their total inability to exit the treasury market. Ever.

So there you have it. Nearly 45 minutes of uninterrupted Jackassian wisdom. Enjoy.

Have a great weekend!

TF


319 Comments

Turd Ferguson's picture

Riff Raffle Closing at 6:00 pm EDT

MODERATOR

Remember that the Riff-Raffle closes at 6:00 New York time today. To keep it fair, all orders for tickets received after that time will be rejected and refunded.

I'm still trying to figure out the best format for broadcasting the results. We'll do it "live" if we can OR we'll record it as it's conducted and then immediately post the video to YouTube. I'll keep you posted. 

Kcap's picture

Nice....

Grilled jackass...

Kcap

ps. Could this be "the" weekend?

Lightning's picture

Memorial Day

Have a great weekend all and let's not forget those who have fought for the freedoms we have. 

Peoples Front of Judea's picture

NICE WEEKEND EVERYONE

C

atadheavy's picture

3rd?

No, 4th. But Second Top ten in as many days! My luck is on fire. The (partially consumed) Hat is as good as mine!

silver66's picture

Just reading this months golden jackass

and I get to listen to him, awesome

Silver66

dgstage's picture

Awesome, Awesome

Allways great to have JW.

Thanks

Igiveup2's picture

7th

From the chiro table. He doesn't understand.

CaribSurfKing's picture

CNBC calls for the end of the Gold bull market

http://finance.yahoo.com/blogs/talking-numbers/next-move-gold-125335326.html?vp=1

Not until interest rates hit 15%

I guess the never lived in the mid 70's

dropout's picture

Where Are We?

Irrational exuberance still abounds in the stock markets, compliments of the Fed force feeding liquidity.

Tapering?

Fugettaboutit!

All other fundamentals are terrible. With not one improvement, save more pessimism by so-called "professional" traders with regard to gold and silver.

Total speculative gross short positions in gold are at a record high. The non-commercials (funds) cut their net long positions back to the lowest level since late 2008.

Precious metals bull or bear?

The EE loudly proclaims bear, backed up by their parrots in the MSM 'parroting' the same line.

It is much more likely that we are in a cyclical decline in a secular bull market.

http://www.goldsilverworlds.com/investing/rick-rule-10-questions-for-precious-metals-investors/

RationalMind's picture

Trolls vs Canaries

Two different creatures. One deserving of my time, the other, my IU button.

Here's how I set my radar filters for all the news items. The caveat is that my physical stack remains firmly in my possession. So, one filter is to keep out any postings that suggest otherwise with physical. I have invested too much blood, sweat and tears in the physical, that they are now 'family'. Even if they lie in their watery resting grounds.

Canaries are delightful creatures. Their bright colors and their chirps can alert us if we pay attention. Thus, Turd's posting on Spain's rout (and within that article, the Fed's loans of $1T to foreign banks, $700B to US banks) is one of those canaries. There will be many more of these winged friends in the days to come. Let’s spot as many as possible.

Exponents of TA (Technical Analysis of price charts) leverage said for trading and entry/exit points. I am not one of those that trade PM (entering/exiting) to optimize my physical stacks. However, for some of us, this is a viable strategy to accumulate fiat to stack. Good luck to fellow Turds pursuing this. A caveat – have yet to play the GSR ratio (in physical or unallocated). I have learnt not to put my unallocated in bullion banks (so, friends, no need to alert me to the dangers of unallocated).

I appreciate everyone’s efforts in interpreting COT/CCI. However, I liken this to be more like divining smoke signals than spotting a canary. Obviously, where there’s smoke, there’s a fire. And as good ‘fire fighters’, we need to be watchful. Fires will trigger the beginnings of TEOTGKE. Canaries signal the beginnings of TEOTGKE.

When the event comes to pass, our emotions may potential overwhelm us, especially for those who have anticipated this since the early 1990s/2000s. There will be a very narrow window of opportunity, nay, a sliver of time, after the event. Being super clear on how I can optimize my last preparations, and having the right materials (at hand) to influence and guide relatives/friends on the critical steps, is something I would like to have NOW. This would be a better use of my time, then battling Trolls.

¤'s picture

Podcast

Thanks! yes

Nick Elway's picture

@JW Is Shiite Chiíta in Spanish?

From Google Translate

Quote:
chiíta
shiite  in Spanish
Sandiaman's picture

Barrick Halted?

Wheaton too? Any News?

Chile halts Barrick Gold's Pascua mine

Bugzy's picture

Books

From previous thread.

XTY: Yes, I also have these two books.

Hazlitt and Heyak: They are excellent.

Also Dying of money and this time is different (good despite recent publicized excel issues)

As for trolls - overlap seems to want to plant in our minds that we should not hold as much physical Gold as we do. This obviously suggests that he wants us to sell our stash and/or not buy any more. This comes at a time when there are very real physical shortages out there. It is not beyond rational thought that that which we know cannot be printed or which is dug out at a slow rate; will soon show them to have no clothes...as that would be game over. I really do think he is dangerous, a different kind of troll.

Once more unto the breach dear friends... we few, we happy few.

dgstage's picture

Hold on To Your Hat

Next week should be quite a ride

Europe Opens $80 Trillion Shadow Banking Pandora's Box: Will Seek To Collapse Repo "Collateral Chains

http://www.zerohedge.com/news/2013-05-24/europe-opens-80-trillion-shadow-banking-pandoras-box-will-seek-collapse-collateral-c

This also ties into some of JW thoughts.

Hagarth's picture

Halted trading

Chile blocks Pascua-Lama mine, fines Barrick for environmental violations

Chile’s environmental regulator has stopped construction and imposed sanctions on Barrick Gold Corp.’s $8.5-billion Pascua-Lama project, citing “serious violations” of its environmental permit.

The $16-million fine is the maximum allowable under Chilean law. It was applied Friday because the world’s largest gold mining company acknowledged that it failed to keep its promises to build systems for containing contaminated water.

http://www.theglobeandmail.com/report-on-business/industry-news/energy-and-resources/chile-blocks-pascua-lama-mine-fines-barrick-for-environmental-violations/article12129034/

Zoltan's picture

TV Night At Zoltans

@Turd.  I know the perfect format for the draw and it is already right here on the site.  Not only can people watch live but they can chat back and forth and congratulate the winners (or boo and hiss if they prefer) while the draw is going on.

We had over 80 people in the room and there were no glitches or technical problems (at least for the first hour and the second hour problem was due, I think, to the program wanting me to upgrade to a full version of the chat software and even then it only was the sound that was the problem).  This would be great fun IMHO.

Chat is the most under utilized part of the site.  With the exception of a few regulars (and you know who you are) the room is often empty.  We could have a Saturday night party to watch the draw, have a few drinks, and share some good cheer.

Maybe we'd start a tradition of getting together for drinks, even if only in cyberspace.

Z

JY896's picture

Why I come to TFMR

Well, the last few days are as good an example as any -- but in truth there are very few weeks that would not serve equally well.

I must give another shout out to our host, Turd for the fantastically varied, passionate, dedicated and insightful commentary -- and for his skill in always finding new angles to approach and gain further understanding.

From my part, if there is not enough discussion of the specific points, indicators or news brought up in the Main Street thread headliner post, it is because I have become convinced of the artificiality of the USD construct. Whether the mechanism will be Jim Willie's Black Hole Tower of Babel, or the possibility brought up most recently by DPH that the Fed simply 'falls on the grenade' and first buys, then cancels all UST debts, it matters little. 'They' are struggling to keep the canvas coverings of the stage set in place. While this can (and will) go on longer than any of us would like, the warnings about the direness of the scenario that follows the collapse are not hollow.

Partly because of the consequences of monetary chaos, partly (mainly) due to the steps the .gov apparatus will take to hold onto power, it will likely be a time of great peril for many of us, regardless of domicile. It remains to be seen whether the increased (and growing, albeit all-too-slowly growing) global awareness has enough legs to allow for the development of an alternative, a 'negotiated surrender' by TPTB... <--- yeah, right, like that's going to happen.

But even in the 'lumbering on under the current paradigm', PMs will (eventually) regain something approximating real value. Under a paradigm shift to a gold/commodity-based monetary system, obviously PMs will do well (remains to be seen which specific one will do better, but all will do well). In revolution/anarchy/WWIII/'shelter-in-place' domestic authoritarian crackdown, PMs will do best when buried, but may also spell the difference between survival and oblivion. I suppose this is also the place to remind everyone as to the need for a balanced metals portfolio that extends across a range of atomic numbers, not just in the 10th-11th column...

And the posts helping me consider the relative daily/weekly/monthly/yearly/decade-ly probabilities of each ARE indeed helpful. Even those of 'Turdites' who post with less-than-honest intentions. Though we may disagree with some or many (and with each other), I am very proud of the group assembled here under Turd's banner -- and honored to be among the ranks.

________________________________________________________________

Dammit, I was originally going to just give kudos to Dr. Jerome for an outstanding post on the previous thread. Now I've gone and tried to match it, and obviously don't have time to rightly do so.

RE: Lagarde -- well, either the absolute power corrupts absolutely, or for positions of absolute power, they need individuals of absolute corruption that can be yanked at will. It's certainly curious how abruptly the careers of IMF presidents seem to end lately... Are they running out of cutouts to install, is there a merger/hostile takeover about to be undertaken which needed such preps?

@DPH - re: UST cancellation by Fed -- that is the endgame. It's the Big Red Button. It would mean the open acknowledgement of unfettered, endless, immediate monetization of USG debt at will, and instantly turns the USD into an unbacked, pure fiat currency. Not that it isn't right now, but that act would instantly reveal incontrovertible evidence of such. It will be done, as THE LAST step before (or rather, as the first act of) hot war.

And by typing so damn long, I hope to have relinquished a top 10 spot, FURTHER irritating those who complain endlessly about the 1st, 2nd, 3rd, etc. posts cluttering the beginning of each comment section. ;-)

Hunt brother's picture

Chile is mining unfriendly....

Last year Chile pulled the permit on Goldcorp's El Morro project.

I am no fan of Barrick, but avoid Chile.

Willy's picture

Miners

Miners were holding up well today and then the Barrick news came out and then GDX hit an air pocket.  You'd think this would put a slight bid under the price of the metals though?  Nahhhhhhh that's "fundamentals".

wouldyoubelieve...'s picture

$80 trillion Pandora's box...

now we know why Ben ain't going to Jackhole, he just had a heart attack

PaPaSpeed's picture

Great Interview!

So often while watching the MSM interview their guest, the interviewer talks more than the guest. I think the interviewer enjoys expressing their thoughts much more that letting the guest speak. I thoroughly enjoyed hearing Mr. Willie's thoughts.

Great interview Turd. Keep up the good work.

tyberious's picture

Great Stuff

Thanks Turd and Jim!

Cottonbelt21's picture

Podcast ...

Turd, thx for sharing interview … re: the referenced Sunni / Shiite possible natgas business deal a net positive for Islam assuming a deal goes forward.

Back to listening to some Tom Petty on a slow Friday, patiently watching the historic gold & silver chess game unfold as the move away from the $USD likely key …

(go Penguins)

¤'s picture

SLW

Ok...something big is up.

I'm reading it's been halted for whatever reason. So I went to look at the chart and it shot up vertically at a little after 12:00 noon EST

http://www.marketwatch.com/investing/stock/SLW/options

I then went to the options chain and looked up my OTM calls for Jan. '14 at a $55 strike price and saw the bid/ask price as $.03 and $0.55

Wow...wtf!!!.......is going on. 

I have 29 of these babies at a DCA price of $0.25 or so.

 Funny stuff going on and I'm not laughing at this point about SLW....again.

I had similar funny things go on with it in 2011 when things weren't so funny prior to that May 2011 smash and I was basically locked out of trading it early in the early a.m. market sessions when I wanted to sell on a option/call spike.

This is looking and smelling very similar right now and it reeks of a shadow market hand or program angry

Ok...going out for the day and I might just let a primal scream rip out into the atmosphere.

Nick Elway's picture

@dgstage Lindsey said collapse of Derivatives was next domino?

My memory is that Lindsey's [western] elite's planned  trigger sequence was

blow up of derivatives->destruction of euro->destruction of dollar  (and in previous videos this was all to happen AFTER Syria was invaded)

with less than a couple of months to elapse after the derivatives blow.  The main question is when will they blow up the derivatives. 

From dgstage zerohedge link

Quote:
In other words, the last thing Europe needs is to force the aftereffect of a plunge in systemic confidence to be imposed upon the market participants! And yet, it is doing just that

  The confused Tyler that posted may have missed that the [western] elite's plan is not in Europe's best interest or in the US best interest, but in the [western] elite's best interest.

http://www.tfmetalsreport.com/comment/312846#comment-312846

I won't be listening for hours to verify.

This view doesn't seem to conflict with JW's

I added [western] in front of elite because in my opinion (and I believe in JW's) there likely are additional elite factions to consider.  I think Lindsey's surviving contact(s)  is(are) second and third tier players in the western elite.

argent rampant's picture

Silver miners?

The forum for this subject seems to be moribund. Understandable, considering how they've fared in this last year. So I'll throw out this question on MainStreet. Who thinks EXK, GPL and SVM are bargains at their current prices? Will they get a slingshot effect when silver price rallies (phyzz OR paper)?

Turd, these used to be among your holdings. Are they still? I have a few shares of each. They are in the red now, but I am considering the idea of loading up on them (within reason, of course) while we're at/near the bottom.

Anybody else thinking this way?

Mickey's picture

SLW

I think it has some sort of guarantee from ABX on what the deal would  provide-so looks like SLW gets that.

Willy's picture

Jackson Hole

Ben missing Jackson Hole is huge!  It should get more press.  A prior commitment?  Come on now.  The question is why?  Why would he announce so far in advance he won't be attending one of the biggest events of the year in August?  So what's the real reason for it?

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