TFMR Podcast - Friday, February 26

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The pullback that we've been expecting has begun in earnest but that doesn't mean its all bad and it certainly doesn't mean that we're now headed to new lows. So, come on in and let's discuss what will likely happen next.

We begin today with another updated look at the all-important USDJPY:

We then review these three charts of gold:

These two charts of silver:

And though it may not feel like it, the HUI was actually UP for the fifth week in a row:

Finally, we discuss the latest CoT: And these two charts which accompany it:

Have a great weekend!



Danforth Coxwell's picture



Marchas45's picture

Come On People

I'm Waiting. What The Hell 2nd Keep Stacking

I've been seriously thinking maybe just maybe I will be buying back Silver next week with my 10k fiat that I got for the silver I sold last weekend. I do believe God works in mysterious Ways. Give me a hat tip if you think I should buy at $14.00 - $14.30.

Voice from Poland's picture

different if you look at XAUEUR

The situation is completely different if you look at EURUSD which is down 0,74 % and XAUEUR which is up 0,04%. So the pullback is only result of USD rising.

Turd Ferguson's picture

I've added an extra line to


I've added an extra line to the daily chart and colored it purple. In order to maintain the 2016 UPtrend, we need to stay above it. Watch it closely.

heathbr's picture


another wild week!

Mr. Fix's picture



tyberious's picture

top ten!

top ten!

Turd Ferguson's picture

And the GLD rises again


Another 2.08 mts added to alleged "inventory". Now at 762.40 mts. Let's see what happens next week..

AIJ's picture

Always keep your eye on the ball...

Sunshine Minting Silver BarsSuns of Liberty Mint Silver BarsElemetal Silver Bars1 Kilo Gold Bar Pamp Suisse Cast .9999 Fine 24kt 32.15 Troy Ounces (w/ Assay)2016 1 oz American Gold Buffalo Brilliant Uncirculated .9999 Fine 24kt5 oz Gold Bar Pamp Suisse Fortuna .9999 Fine 24kt (in Case w/ Assay)Canadian Gold CoinsMexican Gold Libertads



braincramps's picture

Security vs. Freedom

Bollocks's picture

Plumbers? How about this...

(I was writing this and noticed this new thread so I've posted it here - in response to posts at the earlier "Wash, Rinse, Repeat." thread)


I rent an office in a high street in NW London. I've been there for 18 years. A couple of years ago we noticed some issues with the street-facing walls - damp was forming, which rapidly turned to mould. The office is above a bank and the building is owned by them - they are the landlord.

They sent out a surveyor. They found that the pointing on the external brickwork had failed and water was getting into the inner-wall plasterwork whenever it rained. Two large rooms and two smaller ones. They also identified general other issues that needed fixing.

The bank contract-out all their maintenance work to one no-bid contractor. They then sub-contracted the work to another company. That company sub-contracted to another, who then sub-contracted to yet another.

I was sent the schedule of works - which were to take place over 6 weeks and included the replacement of all the window frames in the four rooms. The work commenced last May. The contractor at the end of the chain were true cowboys, I quickly noticed the quality of the work was appalling and told them to leave, then informed the no-bid contractor at the top of the chain that I had thrown them out. The contracts manager from the banks' no-bid contractor came out and agreed that the work was dreadful and said they would get another team on the job.

The new "team" comprised of between one and three people. Most of the time there was only one person on the job. On many days nobody showed up. I found out that they were employed by the bank to respond to calls from the bank branches throughout London to do any maintenance that needed to be done at those branches. The work at our office, which was scheduled for 6 weeks, took 6 months to complete (mid-November last year).

Through all that time we were working in dreadful conditions. My e-mails and calls to the main contractor were ignored. I was eventually offered compensation last December which I took.

Now let's follow the money...

In the schedule of works was a cost for each part. I suspect they made a mistake in sending me the schedule with prices attached. When the cowboys (that I threw out) were on the job I was pointing out the appalling quality of the internal work. During a heated argument, the boss of the company shouted out that "when there's £25,000 for the job, most of it goes on the outside [the external re-pointing] and there's nothing left for the inside".

The prices on the schedule totalled approx £100,000. (that's $160,000).

Where did £75,000 go? That's three times what was being paid to the contractor at the bottom of the chain.

Clearly, each sub-contractor took a slice, who simply signed a piece of paper as each one of them sub-contracted down.

Here's an example of some of the prices in that schedule:

To re-attach a plastic water pipe that had come loose: £120 (ie - screw it back up).

To replace a very basic humidity extractor fan in the toilet: £580. I checked the manufacturer and model no. on e-bay. It costs £25. About 30 mins work to fit it.

To remove an old TV ariel that was on the roof. Scaffolding was already up - it just needed unscrewing and removing: £1200.

Re-paint each interior outer-facing wall with emulsion in the smaller two rooms: £1500 (something I could do in about an hour).

I could list the prices for the major works, but don't know what they should cost so I can't comment, however my point is that approx £75,000 was skimmed-off by each contractor via outrageously inflated costs.

You'd think the bank would want to know about this. They have shown no interest. They have not even contacted me to ask if the work was completed to a satisfactory standard.

They are all in on this scam. All are making huge profits. The bank pays, but as we know they create the money from nothing. The individuals involved get a huge paycheck.

Yes, I received compensation, but it was minimal for the amount of hassle over six months and I couldn't be arsed to pursue this through the courts. I just don't have the time or energy.

Through it all, those involved have lined their pockets. And this is just one office - the bank rent out thousands across London.

As the contractor who actually did the work said to me after a long meeting, after many of my complaints, - in a moment of honesty - : "you wouldn't believe what goes on in the building industry".

Why would the bank allow their sub-contractors to get away with this? Because the individuals involved all profit from it, as do the head-managers of the works at the bank.

I've had this office for 18 years. Works have needed to be done over that time. I've never known such an appalling disregard for the tenant until this most recent experience.

Theft is the name of the game. That seems to be all it is about now.


47 Protons's picture

47 Ag

Ooh!!!  I want some of those "rounds"!!!

Markedtofuture's picture

CME Group Hiking Margins For Gold, Platinum Futures

Did the Cabal need some help to get things rolling?

CME Group Hiking Margins For Gold, Platinum Futures

By Kitco News
Friday February 26, 2016 08:18

(Kitco News) - CME Group is raising margins on gold futures for the second time this month, and this time the margin on platinum is rising as well.

The changes will go into effect as of the end of business on Friday, CME Group said in a notice late Thursday. The gold margin was also hiked two weeks ago.

The “initial” margin for speculators in the main 100-ounce gold contracts on the Comex division of the New York Mercantile Exchange will rise to $4,950 from $4,675. The “maintenance” margin for existing accounts, as well as all hedge accounts, will increase to $4,500 from $4,250. The margin will also change for smaller-sized gold contracts.

The initial margin for speculators in the main Nymex platinum futures contract will rise to $2,310 from $2,090. The maintenance margin for existing accounts, plus all hedge accounts, will rise to $2,100 from $1,900.

Margins act as collateral for holders of positions in futures market, with traders putting up only a small percentage of the total value of a contract. In a notice late Thursday, CME Group said the increases were “per the normal review of market volatility to ensure adequate collateral coverage.”

A link to the full notice for the gold and platinum margins, as well as margin changes in a number of other markets, can be seen right here.

argentus maximus's picture

@Markedtofuture: I copied


I copied your post to the Setup thread. Thanks for the heads up about the margins.

I would like to remind folks that several markets will restrict ability of clients to place stop loss orders quite soon.

Libero's picture

Bollocks- call this free market waste

Enjoyed your report from London.  Watched Repub. debate about all the government waste, but no mention of all the private corporate waste going on.  And who pays for all this corporate free market waste?  You and I, the screwed over consumer because "operating" costs are built into unit price.

Markedtofuture's picture

Allied Nevada aka Hycroft Mining Crusher Update and More

Allied Nevada aka Hycroft Mining message board post, with a crusher update and  a whole lot more!

Number 7 is quite a doozy. Can anyone imagine why shareholders would not file an appeal? 

jacksass • 21 hours ago 

Some little known Hycroft facts.

Here are some little known Hycroft facts you may enjoy.

1. The crusher circuit never successfully ran. It could operate but neither reliably or economically. 

A. There is a design flaw in the Raptor 1300 crushers. The center of gravity, unlike say an Norberg, is not within in the crusher but is a point that depending on RPM's and load conditions will change and is located above the head of the crusher. If the crusher can not maintain a choked or loaded condition then the head will reach maximum RPM's 250 (keep in mind the head weighs roughly 40,000 lbs counting the eccentric assembly) and when is suddenly loaded causes the head to shift and make sudden contact with the main shaft and collapse. 

This causes roughly $250,000 dollars in damage, not counting labor. The crushers had their heads rebuilt a total of six times between the two standards and the two tertiary's. This was due to normal wear, it was estimated a crusher a week would have to be rebuilt. On the other hand, each crusher has crashed and failed numerous times.There were contractors on site daily for four months while the crushers tried to run. Their job was to tear down and rebuild them as they failed daily. Sometimes in as little as ten minutes. Keep in mind this is one of the worlds largest crushing circuits. Every crusher had numerous bushing changes, two main shaft replacements and two head assemblies were completely ruined and to eccentrics failed and were destroyed. 

FLS had and answer for all of this though, to keep Hycroft in production they offered to convert the non functioning 1300's to proven 1100's ( they share a common mainframe. This would have cost Hycroft roughly 600 tons and hour of possible production ( wait and I will explain why production numbers don't add up). FlS would do this at their cost while the perfected the 1500's (they scrapped the 1300 model line) Hycroft management said "NO". In a four month run the circuit ran for 24 hours straight with no failures 1 time.

jacksass • 21 hours ago 

2. The Primary crusher was permitted for 7800 Tons per hour. The conveyors were only rated for 3,500 ( rated by the weakest conveyor in the circuit) 4,400 TPH were run once and it stretched the secondary stacker belt 22', put the counterweight in the dirt, destroyed a mid drive pulley and the head pulley bearings. Down time total-7 days.

3. To run 7,800 TPH you would need 24 trucks dumping per hour. Hycroft had 32 trucks. The pit was a minimum ten minutes away at it closest point. You couldn't run that tonnage because those 32 trucks had to run waste, take ore to the pad, load the crushers and load out at the secondary stacker. If you expect to put in X amount of tons in, well it comes out that same speed also, so if permitted crushing was to be achieved it would take 24 truck loads an hour load in and 24 truck loads an hour load out, impossible with 32 trucks.

4. There is a design flaw in the location of the reclaim tunnels in relation to the stacker belts that reduces available flow to the point that even if everything was to run perfect you could only run the all four secondaries for a limited time before they would rat hole out and only one standard and one tertiary could be run.

5. Go with me here, I will type slow and maybe you will grasp why the math behind the crusher plant was a lie. To keep the crushers running each standard needs 1500 TPH. Remember 3500 TPH is the max the conveyors can deliver. Of that 3500 TPH, 30-40% is screened off and never saw the standards. Meaning the Standards only saw 2100-2400 TPH for two crushers. That is if everything is ideal. The best Hycroft could ever expect to produce was not enough ore to keep the crushers in a loaded state which further led to the self distruction of the crushers. The CEO (The Buffinghole) was known to call the control room and demand that all four crushers be ran even if conditions would not permit them to run successfully.

jacksass • 20 hours ago

6. If the primary were to run full time it would have to rebuilt 4x's a year at a $1,000,000 a pop. In parts alone the Secondary crushers would cost $250,000 a week. That is $15,000,000 a year not counting $35,000 oil changes, or any other regular Maintenance associated.The crushers were said to increase recovery by 12%. The running Hycroft average was 400 oz au and 2500 oz ag a day (mid 2014- mid 2015) . At the Hycroft magical number of $1,500 an ounce that means $60,000 a day in AU. 12% increase would be $14,000. If the crushers were perfect they could run 12 shifts a week. or $84,000 a week. But it cost $250,000 a week to mainatin and rebuild the secondaries? 

7. It was a lie people, it was said by some that Gold paid the bills but the amount of dirt made would get the investors. just like hauling waste to the pad to show more ore placement was a lie. The crushers were only there to show that great big piles of dirt could be made so investors would give up money for the mills. By the way, the mills were purchased and delivered in 2014. Everything but the shells are sitting on a hill in a lay down yard above the crushers rotting. The pinions, bearings, bull gears... everything. Here's the kicker, it is all in its 90 day temporary shipping containers. They are all clearly labeled " Do not store outdoors". Here's the kicker, if the Mills are ever built, there will be no warrenty because of this. So they will play hell even finding someone to erect them. I will come back later to tell more stories, like how the Nephew of the one time Mine GM made $750,000 one month and over $1,000,000 another with only having 4 employees on site. ( and they were only welders) or how Hycroft was renting 1/2-13 bolts attached to flanges on pumps for over $1 each per month. or how Hycroft spent $300,000 Renting pipe that wasn't worth $100,000. or how a supervisor was demoted to sample taker for refusing to falsify documents to NDOW. I got a ton of em folks. Let me know.

bjsedco702 • 19 hours ago 

This is very worrying. Time will tell how this affects operations going forward. Indeed, if what you say is true, then my guess would be that the mine will never open, certainly not under this management - who would finance a mine with this knowledge?

altini1981 • 17 hours ago 

Can We constact and send those Updates you kindly gave to this board to our People on the Add Hoc Committee.We all should request Push and Fight for the Jailing as long as possible for Randy and his Cohorts on the ANV BOD.Life time should be one of the option for this blood sucker which all in all is trying to do all over again the rape done to the actual ANV SHareholders to the future Hycroft Shareholders when the Company and the thieves in posession go in public.I hope that our heroes in the Add Hoc Committee read your messages and conctact you so we can use your testimonials against those evil cockroaches and crocks when the Litigation will become posible in the future.Thanks Fellow for your courage. 

anvlawsuit123 • 7 minutes ago 

Great stuff. We are very suspicious massive fraud was/is going on. By all accounts the mine was grossly mismanaged- we knew about the crusher and mill parts (didn't know they were sitting outdoors) just didn't know the specifics. If they were half as incompetent with the embezzlement as they were running the mine into the ground there is for sure a paper trail. A billion dollars doesn't just disappear.

Fatso's picture

Stacking physical metal or food???

Love adding physical but may switch soon for food storage

Markedtofuture's picture

Gold's Largest Inflows Since June 2009

Gold's Largest Inflows Since June 2009 Unleash Bullish "Golden Cross" Pattern

Submitted by Tyler Durden on 02/26/2016 06:00 -0500

  • For the first time since Gold suffered a "death cross" in 2014, the largest 3-week inflows into gold funds since June 2009 have set up a so-called bullish "golden cross" pattern in the precious metal.

On the week, BofA's Michael Hartnett reports big precious metals inflows of $2.6bn as investors flee from stocks (equity outflows of $2.7bn).

This adds up to the largest 3-week inflows to gold ($5.8bn) since Jun’09 (Chart below) as inflows have coincided with Fed "talking-down" the US$ and rising investor fears of recession/Quantitative Failure.<br /> user3303/imageroot/2016/02/26/20160211_Gold_cross1.jpg

This has maintained price pressure and pushed the 50- day moving-average above the 200-day moving-average, creating the so-called "Golden Cross" bullish trend pattern.<br /> user3303/imageroot/2016/02/26/20160211_Gold_cross.jpg

While obviously not guaranteed (2012 saw an upward-sloping 50DMA cross a upward-sloping 200DMA without trend gains)the last time a "golden cross" occurred coupled with major fund inflows was Feb 2009, which marked the start of a dramatic trend higher in the precious metal.<br /> user3303/imageroot/2016/02/26/20160211_Gold_cross2.jpg

Charts: BofA, Bloomberg

benque's picture


You should have sub-contracted yourself (Mr B. Ollocks), to sub-contract yourself (Mr B. O. Llocks), to sub-contract yourself (Mr. B. O'llocks), to sub-contract yourself (Mr Boll Ocks), to sub-contract yourself (Mr Blolocks), to sub-contract yourself (etc.), to manage your compensation receipt process.  I'm sure the bank would have been comfortable with such a process, and wouldn't have batted an eyelash when complying.

gazzmann's picture


What an astounding tale! I would have loved to have seen the expression on the contractors face when he said, "you wouldn't believe what goes on in the building industry".

Surely that moment was priceless?

gazzmann's picture


FWIW.  About 2 years ago I decided to stack a bit of food along with PM's. Then I was hit with some medical problems that have dragged on for quite a while. I was insured. Not government insurance, insurance I paid for. But the first 6 months only paid me 70% of my wage, so things were a bit tight. But I stocked up on food for any problems not foreseen, not some kind of collapse scenario.  During that 6 months of reduced wages, it was great to just open the pantry and have about 2 months worth of food.

Having that food bought and paid for meant the difference between fretting, and feeling in control. It was great to have that expense covered so that I could get 1 month ahead for rent, and not touch any savings. When something goes wrong, and you have previous "actions taken" to fall back on, it means everything.

donnojackshit's picture

BLACK & WHITE Rules in a GREY World...

So a young chap goes to Syria to help render humanitarian aid and gets his passport canceled by our brain dead Goobs.

Who the hell gives our Goobs the right to take someone's national identity from them? Not me. Not all the other peons!

His bonehead family of course trusted the Goobs - big mistake.

The Goobs are there for themselves, making self serving decisions in the most inhumane way.

If this chap broke a law (highly questionable) then when he comes home he should be able to answer his accusers - our Goobs have left him in another country, with no citizenship, so he is a prisoner unable to travel.

This is so unjust, so unfair, so inhumane I can't describe my distaste for these evil fuckers.

Reminds me of Tom Hanks in the movie The Terminal, where his character is stuck at New York Airport with no ability to move freely.

The head of the Airport and his evil adherence to Black and White rules showed no empathy towards Human beings (and the cross that they bear just trying to survive on a low level planet).

Even well meaning people are shown having to compromise themselves to conform to the evil constructs of the system.

What can good people expect when they trust psychopaths to run their live for them - explains my distaste for the dum arse placard holders!

Anyone remember the dum arses who trusted goobs, and handed in their 1933 Gold coins to Treasury, who immediately stole them.


Never, ever, ever, trust Goobs!

They do not come to help, they come to find someone responsible, so the system can punish them for coming under scrutiny.

Large Gooberment always results in tyranny because they construct BLACK & WHITE Rules in a GREY world.

Safety Dan's picture

The U.S. Congress is pushing

The U.S. Congress is pushing hard to pass the DARK Act that would outlaw all mandatory GMO labeling nationwide!

This act of outrageous food secrecy is being pushed by Monsanto and the evil biotech industry. It's the latest desperate attempt to keep consumers in the dark about all the poisonous GMOs and glyphosate they're eating!

The DARK Act is a malicious, nefarious law that is intentionally designed to blind consumers from the truth and make sure they keep buying and eating poisons that generate profits for Big Biotech.

CALL YOUR SENATORS NOW via the U.S. capitol switchboard: (202) 224- 3121

Tell them you oppose the DARK Act and demand GMO labeling!

Learn more at and

SS121's picture

Just keep adding zeroes, that's how all the big players do it

All the big investment funds make huge profits (even tho for every winner there is supposed to be a loser)

All the big banks

All the big international corporations (it doesn't matter if 99 departments out of 100 show a loss, so long as that one little office at the top keeps adding zeroes)

Remember All the States that were bankrupt and going broke in 2008?, remember the lists of which states were going broke first??? now "presto magic" they are all fine :-)  

add enough zeroes and the game continues, until it doesn't


Safety Dan's picture

Paradise Stolen - Why We Are

Paradise Stolen - Why We Are Poor Episode 5

This was a hard video to make because, like most people, learning about our tax system is repulsive and makes my mind shut down. But it’s essential to understanding why we are in the situation we are in. I had the idea for this video for months, but couldn’t figure out a way to make it understandable or believable to the average person. I have done the best I can to explain our servitude with clear and simple to understand examples. 

donnojackshit's picture


"When something goes wrong, and you have previous "actions taken" to fall back on, it means everything."

Very well put. Awesome.

The essence of prepping. Putting in a store of energy for the time in the future when you may have an excess of energy demand, and have to draw on this saved energy of "previous actions taken".

Kinda ties in to the SRSrocco concept of gold and silver being energy stores, which become disproportionately more valuable in the future with declining EROEI.

Freeze dried food is using energy now in the freeze dried manufacturing process to extend the life of food, which when used way in the future, may mean this food is worth orders of magnitude more in a world where energy may not be as abundant.

Safety Dan's picture

Fluoride Is Bad In Your Food, But Not Bad In Bottled/Tap Water

The FDA just banned fluorine-based chemicals in food packaging because of their toxicity ... but won't ban fluoride in public water supplies

Fluorine chemicals

(NaturalNews) In response to a petition filed by the Natural Resources Defense Council (NRDC), the Environmental Working Group (EWG), and other environmental groups, the FDA has announced that it will ban a variety of toxic food packaging chemicals and cancer-causing food flavoring chemicals – chemicals they had previously approved.(1)

Specifically, the food packaging chemicals they're banning are all perfluorinated compounds (PFCs), which belong to a class of coating chemicals associated with causing cancers, neurological problems, hormone imbalances and other serious health problems. Items typically coated with PFCs include take-out food containers, non-stick cookware and pizza boxes.(1)

The organizations final ruling on the matter is stated as follows:

The Food and Drug Administration (FDA or we) is amending the food additive regulations to no longer provide for the use of three specific perfluoroalkyl ethyl containing food-contact substances (FCSs) as oil and water repellants for paper and paperboard for use in contact with aqueous and fatty foods because new data are available as to the toxicity of substances structurally similar to these compounds that demonstrate there is no longer a reasonable certainty of no harm from the food-contact use of these FCSs.(2)

So, why isn't the FDA banning fluoride in public water supplies?

While this is certainly good news, their move still begs the question: if fluorine-based chemicals, "... no longer [show] a reasonable certainty of no harm ..." then why isn't the FDA interested in banning fluoride in public water supplies?

Seriously, just because many people have it in their heads that fluoride builds healthy teeth (cavity prevention), and that it's not harmful (because the medical professionals say so, because ads say so, etc.), that doesn't make it true.

Health-conscious people like Natural News readers know this, but the point is that the FDA, which has regulatory oversight regarding tap water quality standards, isn't on board with the concept that fluoride is unhealthy. In fact, they downright embrace fluoride in the water system; their website states that, "... fluoride is voluntarily added to some drinking water systems as a public health measure to help reduce the incidence of cavities among the population."(3)

More here:


Best and Worst Bottled Water Brands - Health Articles

Jan 21, 2011 - All in all, 18 percent of bottled waters do not tell you where their water comes ... do not disclose anything about the treatment or the purity of the water. ...Another health hazard that can be found in both tap and bottled water is fluoride. ......absolutely no violations of any federal labeling laws and regulations.


Bottled Water Quality Investigation: 10 Major Brands, 38 Poll...

by O Naidenko - ‎Cited by 12 - ‎Related articles

Oct 15, 2008 - California exceeded legal limits for bottled water contaminants in that state. ... every year, the bottled water industry does not disclose the results of any ...chlorine disinfection byproducts, and for Giant water, even fluoride.

tyberious's picture

NASA ‘cut space station live

NASA ‘cut space station live feed’ after ‘bizarre donut UFO stalked ISS’

by Jon Austin, Express:

UFO investigators claim NASA switched off a live camera on the International Space Station (ISS) less than a minute after a bizarre “donut-shaped UFO” appeared on screen.

A video posted to YouTube shows the circular object, which appears to have a hole in the middle, appear on the camera in the distance and then apparently travel at a similar speed and orbit to the ISS.

But less than a minute in the camera goes to a completely blue screen, which is what conspiracists within the UFO community claim is done to try to belatedly hide evidence of UFOs from the public.

Read More

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