Happy Anniversary

Mon, Aug 15, 2011 - 10:31am

In case you missed it, today is the 40th anniversary of the decision by the great republocrat criminal, R. Milhous Nixon, to remove the U.S. from the "gold standard". The Turd was only five when it happened so I cannot be held responsible for my inaction.

Nixon Ends Bretton Woods International Monetary System

I wrote about this some time ago. For your enjoyment, here's a link:


OK, enough of that. All of the commodities are up this morning but gold is down. That is about to change so let's get started. We have a few things to cover.

First up, gold. In January, near the bottom of a nasty correction and with gold near 1340, I gave you "1600 by 6/10/10". When the call came up either $22 short or six weeks early, depending on how you look at it, I took a rash of sh*t from people who, apparently, expect perfection. Several weeks ago, when gold broke through 1600, I gave you "1800 by Halloween". That seemed to work out pretty well. Hmmmm. Lots of crickets out there. Now, I'm on the line with "$44 silver by Labor Day". Lord help me if silver only makes it to 43.92. Anyway, back to gold. As you can see on the chart below, it is clearly forming a short-term bottom. It has twice tested and held key support between 1725 and 1730 and has since gone flat. This won't last long. Your first clue that gold is heading back to 1800 will be a breach of 1750. Watch that level closely.

Silver faces a moment of truth later today. It is getting ever-so-tightly wedged into a pennant. All signs point to silver breaking UP and out of the pennant. The fundos are extraordinarily strong and on a short-term basis, all of the other "commodities" are up today. Watch the 39.50 level for clues.

Lastly, I found this earlier today on ZeroHedge. As you know, I have a penchant for historical trends and patterns. As Shakespeare said, "what is past is prologue". In the case, the author has found some startling similarities between the current day U.S. and the late stages of the French monarchy. Before getting started, I suggest a stout cup of coffee or some other mental stimulant. Though the information is well-researched, I found the manner in which it is presented to be somewhat challenging. But, what do I know? I'm just a turd.


At any rate, here's the paragraph the bast relates to what we do here. If you're still living in some dream world where you follow the "stock market" in the hopes of growing your "retirement account", the passage below should help raise you from your slumber:

"Painted in oscillating shades of red and green on our dealing screens, we can also see the full, epileptic frenzy of our broken financial markets, no longer evidence of the rational allocation of hard-spared capital to the enriching process of patient and diligent entrepreneurship, but a wild, computer-driven video arena where countless billions swarm into and out of the sea of tickers from one micro-second to the next, with each successive ebb and flow of this leveraged flood further reducing the informational content of the associated prices and so defeating the very purpose of the capital market itself."

I have lasts of 1745 and 39.51. It's going to be a very interesting day. More later. TF

About the Author

tfmetalsreport [at] gmail [dot] com ()


Debbie Downer
Aug 15, 2011 - 10:09pm

Another website with the Celebrity Hams

ok, it's the same ham, not quite at the wallgreen price. I'm also not sure of their shipping price.


Disclaimer, I've never bought from this site before.... there's 69 left...

Aug 15, 2011 - 10:05pm

Storing food for the apocalypse

@Margaritatime. Funny Story! Now, from my male perspective, I'd say that that you couldn't go wrong with "Dude, I'm storing up food for the apocalypse!" It's either straight up funny or it's interesting and sexy to a man. I have the opposite problem. Recently single, and I think that I scare off women with talk of hyperinflation and societal collapse. They think that I'm a survival nut, when in reality, I've never owned a gun before this year......Ah, nobody said life would be easy? Ciao

Eric Original
Aug 15, 2011 - 10:02pm

Irene re: Hams

When I'm talking Polish vs Danish hams I'm strictly within the confines of those Celebrity canned hams! When you are in a real nice deli, with those good Polish hams all in front of you, that is super hard to beat! But oh so much fun doing the research!!

Aug 15, 2011 - 10:02pm

Led Zeppelin Said It Best ....

in Over The Hills and Far Away ... Many Dreams Come True and Some Have Silver Linings. I live For My Dreams and A Pocket Full Of Gold.

I vote this TF's theme song!

TheGoodDoctorEric Original
Aug 15, 2011 - 10:01pm

@Eric Original What about

@Eric Original What about precious metals bars? 5, 10, 100, 1000 etc.

Aug 15, 2011 - 10:01pm

The only photo from the summer sail that fits this blog.

We had many photos of beautiful sunsets, large fish, clear water and palm lined island shores, but this one is the only one fit for this blog. A full can of bacon crisping up on the stove in the cockpit!

Aug 15, 2011 - 9:59pm

@Irene Short term capital

@Irene Short term capital gains is your income tax rate for coins. Should be the same for bars.

I was trying to do a little more research on this. It seems coins are definitely classified as collectibles and are taxed at 28%. You can put them in an IRA. Not sure on the definition of what else can be put in an IRA. Not sure if you can put them in a Roth IRA but that would be ideal.

This link helps answer some questions:


Now bars I am having a difficult time finding an answer. By the definition I see is that it is at your income tax rate if you have made the purchase as an investment.


Make sure you keep those receipts! If you do not you will have to pay the income tax rate without subtracting your base cost!

This would make for a great sticky in the forums!

PS From Nick Elway's link above:

Long-Term Capital Gains

  • Long-term capital gains taxes apply if you bought and held your silver bullion for more than one year. If your regular income tax bracket is 28, 33 or 35 percent, your capital gains tax rate for the sale of silver bullion is 28 percent. If your regular income tax bracket is 0, 10, 15 or 25 percent, the long-term capital gains tax rate is the same as your regular income tax rate. The 28 percent capital gains tax rate does not apply to those in lower income tax brackets.

Aug 15, 2011 - 9:59pm

So much for the Swiss Franc as a save haven...

Bullish for gold??? Thoughts?

Swiss Ponder Battle Over Runaway Franc:

Switzerland, the nation that hasn’t gone to war with a foreign power since Napoleon, is reluctantly debating a generational taboo: ceding monetary independence to win a battle over its runaway currency.


Nick Elway
Aug 15, 2011 - 9:59pm
Aug 15, 2011 - 9:58pm

Thanks Good Doc and Nick

Thanks to both of you for all the info. I haven't really looked into this because everything I have is long term - coins and bullion - and have no plans on liquidating anytime soon. I'll write my senators to have repealed the tax by then and I'm sure they'll listen. Not. /sarc off

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