Happy Birthday, TFMR!!

98
Thu, Nov 11, 2021 - 10:30am

Yes, it was eleven years ago today that I had that fateful lunch with MrsF where she encouraged me to start my own blog. Eleven freaking years that only feels like twice that long! But, anyway, congratulations to everyone for sticking it out and staying on this crazy journey with me.

And what a strange trip it has been. It was never my intention to start a blog or a website. However, after an eventful 2010 that included the announcement of QE2, fellow users of Zerohedge asked me to start a site so that they could easily find my current thoughts on The Banks, gold and the manipulation. I emailed Tyler, shared this information and asked if I could be granted "contributor" status so that I could post things to the top of the ZH homepage. They said "no". And thus began this 11-year journey. Here's post #1 from 11/11/10:

Again many, many thanks to all of you...regardless of how long you've been a part of the ride. I highly doubt I can do this for another eleven years but I'm good for a little while longer. No sense stopping now with The End of The Great Keynesian Experiment seemingly drawing closer by the day.

And what a day we're having again today. Remember, all US .gov offices, banks and treasury markets are closed today. Without their influence, Comex gold and silver are left trading to their own devices...and both are back UP today, along with nearly every other "commodity":

With CDG back up over $1860, this presents a VERY interesting end of the week. Even though there's about a 95% certainty that The Banks will come and try to hit us hard sometime over the next 24 hours, IF CDG can somehow eek out a weekly close above $1860 or so, another pretty significant breakout will be painted onto the weekly chart. See below:

And why should we expect a Bank Smash sometime soon? Because those Fking Criminals added another 24,000 contracts to the open interest pile yesterday. That brings the 5-day total to over 88,000 new contracts or about a 17% dilution. Since almost all of these are Bullion Bank new shorts versus new Spec longs, this is the creation and obligation to deliver 8.8MM ounces of pretend gold or roughly 274 METRIC TONNES of gold that THEY DO NOT HAVE.

Additionally, since price has risen from $1780 to $1860 over the same 5-day time period, The Banks' average cost basis on these brand new 88,000 contracts is around $1820 or so. With price at $1860, that's a $40/ounce paper loss for a total of $352,000,000! So do you think They have incentive to put even more dirty cash into the pot, create and dump more contracts on any news tomorrow and hope for a waterfall of selling Specs? Of course they do!

So we'll wait to see how tomorrow goes before getting too excited over any breakouts. If the 10:00 am data isn't enough to spur things, then be sure to watch out for most-detested Goon Williams at 12:10 ET. I'm not sure what "heterogeneity in macroeconomics" has to do with anything but I wouldn't put it past that friggin douchebag to say something about a possible rate hikes in 2022.

OK, what else? Oh here, this is fun. I found this in Willem Middelkoop's twitter feed. Watch this buffoonish central bank stooge try to mumble his way through an answer to a question about how "money" is created:

My favorite part in the film Oeconomia: Peter Praet, Chief Economist at the ECB, trying to explain how central bank money gets created. pic.twitter.com/XO9oLYzb19

— d11n 🍯🦡⚡️🕗🔗 (@_d11n_) November 10, 2021

And here's something that is definitely NOT fun. As if the whole natgas/Russia/Ukraine thing isn't worrisome enough for the months ahead, no we have a Belarusian refugee crisis to worry about. This is something to keep a close eye on, especially with winter closing in: https://www.zerohedge.com/geopolitical/baltic-states-warn-military-clash...

Speaking of war in Europe, today is also Armistice Day. Why do we still celebrate the end of WW1 even though it was 103 years ago? Because even though ALL wars are terrible, WW1 was especially horrific. If you've never seen "They Shall Not Grow Old" from famed director Peter Jackson, maybe you should watch it today. Jackson was granted access to special UK archives and then digitally-colorized the films. The result brings the human tragedy to life in ways you've never seen before. Watch this movie and then thank your Creator that you didn't have to fight in that war. Fighting The Bankers every day may be painful but it's nothing like this:

OK, it's now 10:30 ET so I might as well just wrap this up and get it posted. As I close, I see we're still hanging in there with CDS just a few pennies off its HOD. The GDX is up another 2% today, too! So have a great day and enjoy your peace and freedom...then check back later for your full daily podcast review.

TF

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Key Economic Events Week of 12/6

12/7 8:30 ET US Trade Deficit
12/7 8:30 ET Productivity
12/7 8:30 ET Unit Labor Costs
12/8 10:00 ET JOLTS job openings
12/10 8:30 ET CPI
12/10 10:00 ET UMich consumer sentiment
12/10 10:00 ET Five-year inflation expectation

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