Turd Tips His Hat

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135
Wed, Aug 24, 2011 - 2:10pm

As you know, we moved from blogspot to this dedicated site for many reasons. The primary reason, however, was to capitalize on the collective knowledge and wisdom of Turdtown. I, The Turd, can only take you so far. I knew we needed a platform through which we could more efficiently share information. To see the effectiveness, all you have to do is look below.

Let me just state this clearly and for the record. If you are coming this site only to read what The Great and Powerful Turd has to say, you are doing yourself a tremendous disservice. The information copied and pasted below proves the point. These three comments were all posted to the "So, What's Next?" column from Monday night, when gold was still between $1890 and $1910. If you'd taken the time to read through the comments, you'd have found this. Perhaps you would have taken action. Note the time stamp:

Shanghai Gold Exchange Raises Gold Trading Margin To 12%

Submitted by DogStar76 on August 22, 2011 - 8:59pm.

SHANGHAI, Aug 23 (Reuters) - The Shanghai Gold Exchange (SGE) will raise trading margins on three of its gold spot deferred contracts to 12 percent from 11 percent starting from Aug. 26 to limit trading risk, it said in a statement on Tuesday.

The next morning, another Turdite even provided a translation of the text:

Yes, here is the link - https://gold.hexun.com/2011-08-23/1327314

Submitted by Thefreeman on August 23, 2011 - 7:48am.

从8月25日(星期四)日终清算时起,上海黄金交易所将调整黄金Au(T+D)、Au(T+N1)和Au(T+N2)合约的保证金比例至12%;

下一交易日起黄金Au(T+D)、Au(T+N1)和Au(T+N2)合约涨跌停幅度调整为9%。

It syas that Sahnghai Exchange will increase the margin for 3 type of paper gold contract (Au(T+D)、Au(T+N1)和Au(T+N2)to 12%. and will stop the gain and loss to 9% during the same day trading.

The Exchange also warns the investors to be prepared for the vulnerability of international Gold and silver market. Some investors had huge loss last time when silver price dropped 25% within a week.

This event is now being heralded by some as the seminal cause of this latest $150 correction in gold. The links and translation were posted here well before ZH or any other PM site.

Another warning of the impending disaster was provided by a different Turdite:

re: Gold smackdown coming...

Submitted by silver foil hat on August 23, 2011 - 5:43am.

look at the options activity on GLD...

$4,040,919 puts at 175 bought yesterday

$1,019,046 puts at 170 bought yesterday

$1,221,472 puts at 165 bought yesterday

Even a trend down to any of these numbers, for those unfamiliar, will likely make these options double, triple, or more. GLD doesn't have to get to 165 to make the trade at 165 worth the purchase.

Can the EE make money shorting "Gold" on the crimex? Don't forget, in bringing down Gold, Silver will follow, along with its options, as well as miners (and, of course, their options). So once you knock over the first domino, the rest will fall.

They may take a loss on shorting Gold this time, as the physical demand will be overwhelming on the way down AND back up (they won't cover all their Gold contracts at a gain... it will likely be a net loss) BUT they will more than make up any possible losses with covering the miner stocks sold short while they are down, closing the put positions, etc.

There is still a gap in the 1500 - 1600 range, isn't there? (Seems like last week... but LOOOOOONNNNNGGGGG ago price wise). I don't know if that gap will be filled.... (It may be a 'flash crash' that only WOPR can fill orders for the EE in that range.. taking out trader stops only).

Here's the relevant data (https://finance.yahoo.com/q/op?s=GLD&m=2011-09)

Again, my point is not to rub salt in the wound. My point is simple and clear:IF YOU'RE NOT TAKING THE TIME TO UTILIZE THIS ENTIRE SITE, YOU ARE SERIOUSLY MISSING OUT AND IT IS COSTING YOU MONEY. The Turd tips his hat to "Dogstar76", "The Freeman" and "silver foil hat". Very nice job. Thank you for your help.

OK, back to the disaster at hand. Everyone wants to blame today's collapse on the Chinese margins. OK. The volatility makes C/C/C margin hikes a fait accompli so everyone and their brother is rushing for the exits. In the end, I suspect that the actual margin hikes can be used as a "sell the rumor, buy the news" event. We'll see. Lets' just hope the volatility settles down next week, thereby denying the criminals the justification to raise 3 more times like they did in silver. Again, we'll see.

I suspect that the story below didn't help matters, either. Anyone with a brain and chimpanzee-level logic can deduce that the report is absolute nonsense. However, that matters little when the WOPRs are busy trying to front-run each other out the door.

https://www.zerohedge.com/news/cbo-cuts-forecast-cumulative-2012-2021-deficit-50-admits-it-probably-dead-wrong

I could print some new charts for you but they wouldn't look much different from the ones I posted this morning so I'm giving you some re-prints. Gold now looks certain to test the 1725-1740 area. This would represent a nearly exact 10% correction so, anyone such as I that is interested in" catching the knife" might take a stab there. No pun intended. Silver is the same. I just betcha you get a look at 38.50-75 pretty soon. If you're going to nibble, that'd be the place to do it.

That's all for now. I hope you're hanging in there OK. If not, step away from your computer for a while and take a few deep breaths. Maybe go for a relaxing walk. None of this changes the fact the fiat money is headed down the drain and that the end of the Great Keynesian Experiment is upon us. Gold and silver will be higher again soon. You are doing the right thing by protecting yourself and your family. TF

5:45 EDT UPDATE:

​In a stunning development that has caught everyone by surprise, the criminal C/C/C (CME/Comex/Cartel) just raised margins on gold by about 27%. In case you missed it, it's a development that was predicted here two days ago:

https://www.tfmetalsreport.com/blog/2155/so-whats-next

My mistake was that I thought that gold was going to be allowed higher in order to create the disorder that the C/C/C needed to justify their actions. I thought that they would want to suck in a few more latecomers before they put the hammer down. (But, as Ted Buter correctly points out, the last $300 or so of the gold rally was almost entirely all Cartel short-covering, so, there were no latecoming specs to add to the fold. If I'd remembered this on Monday night, the crash on Tuesday would have been more predictable.) In the end, it didn't really matter as the PMs were crushed on Tuesday before any of you could try to attempt to cash in on the last remaining upticks.

We need to dissect this, though, because there is a lot to be learned...and remembered...for next time. The primary rationale for raising margins (containing price) is volatility. However, by Monday night, gold was just $90 above the level where the C/C/C had raised margins on 8/11. Yes, it had rallied from a hike-induced bottom of 1725 but it had done so in an orderly manner and not in a way that made another margin hike necessary. But the CME desperately wanted to raise margins in an attempt to rescue their evil Cartel buddies who were trapped short in a market that looked to be headed to $2000 very soon. Hmmmm. What to do?

You start by letting word out to some select friends that margin hikes are on the horizon. You then catch a break as the Shanghai exchange raises margins, too. At about noon yesterday, just when it looked like the metals were recovering, you confirm to some EE and hedgie friends that a margin hike is coming. By the end of the day, gold is already down almost 5% and you're building a case for "volatility-managing" hikes. Uh-oh. Gold recovers overnight. It actually makes it back up to 1860 or so. Therefore, before the Comex open today, you sprinkle word around that margins are definitely being raised after the close. The selling begins at 8:30 and is relentless all the way through the session. Gold falls another 6% and...prestowhammo...you've got yourself all the volatility and justification needed to hike margins.

Next up, The Bernank will "disappoint" over the weekend which may further add to the selling pressure in the PMs. I'm not sure how much worse it can get as gold is already down almost 10% since Monday and 10% or so is the typical decline post a margin hike. As stated in the comments of this thread, I'm looking for a bottom in gold somewhere between 1700 and 1725. At this rate, though, I wouldn't be surprised if gold traded all the way down to fill the gap on the chart from two weeks ago when the U.S. downgrade announcement was made. A move that low would take gold all the way back to 1650 or so. The globex session finished at 1754 and we'll likely see some carryover selling in Asia and in Europe. Tomorrow will be interesting.

Lastly, don't forget that gold margin hikes are an indirect positive for silver. The C/C/C is unwittingly "leveling the leverage playing field" in the PMs. Much of the disparity in the relative performance of gold vs silver these past few weeks has been due to silver's much higher margin requirements. Higher gold margins flatten out this difference and make silver look more attractive than it did earlier this week. Combine this with the extraordinarily strong OI and CoT numbers for silver and you can clearly see where $50 silver is still a target before the end of the year.

Have a fun evening. TF

About the Author

Founder
turd [at] tfmetalsreport [dot] com ()

  313 Comments

Old Major Simon
Aug 24, 2011 - 6:30pm

use stop loss orders when you're in AGQ

Simon... you gotta use stop loss orders when you're in AGQ or a leaveraged ETF and keep them tight when we're up big in short time. It doesn't cost anything and will protect you on days like these. I mostly buy physical, but I trade in and out of AGQ too. This recent attack on gold & silver will take it down a little more from here. If gold goes to 1650 and silver stays at it's current ratio, we're looking at 37.50 silver.

Take profits on those ETF's when you're up.... buy some physical with it.

Justin
Aug 24, 2011 - 6:33pm

$50 Dollar Bills

I've been on the sideline ever since Interactive Brokers raised their margin requirements on gold last week, putting me in a state of anticipation while waiting for the inevitable CME hike. Even if gold/silver seem to find their bottom tomorrow after the hike is priced in I'd still be wary of hopping back into the game until after Jackson Hole. If Benny announces or hints toward further monetary easing it is sure to rally the Dow and other indices while causing another sell-off in the metals. I honestly don't think he will announce further easing after pledging to keep interest rates near 0 until 2013, but I quit trying to predict that schmucks moves a long time ago. Word on the street is that Data stumbled into Ben Bernanke's basement recently. Supposedly this is what he found:

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bikerspade
Aug 24, 2011 - 6:41pm

Ivars prediction

I've found Ivar's chart predictions (via saposjoint.net) to be very accurate so far (although the rise and crash were both a month early). Here's his gold prediction from May 4th:


Here's his silver predictions from March 13:

50Jim
Aug 24, 2011 - 6:44pm

STOP PLAYING THEIR GAME

THE GAME CHANGER IS BUYING PHYSICAL SILVER AND JUST SITTING ON IT. IF YOU GUYS WHO KEEP BUYING FUTURES, ETC. WOULD JUST STOP AND SEE THAT IF YOU PLAY THEIR GAME THEY WIN. THE GAME IS FIXED.

I LEARNED MY LESSON IN 2007 WITH MONEX. I PUT DOWN $50K AND WENT ON MARGIN OF RATIO OF 10 TO 1. THE YEAR WAS GREAT WITH GAINS. AT THE END OF THE YEAR MY $50K HAD MADE ME A TOTAL OF $455.00 THEN THEY SENT TO THE IRS THAT I HAD MADE $196K. I SHOULD HAVE BUT WITH ALL THE FEES AND SELLING AND BUYING THAT WAS RECOMMENDED, I MADE $455.00

SO, AT THAT POINT I WENT TO BUYING SILVER AND GOLD. I HAVE NEVER REGRETTED THAT DECISION.

TAKING THE PHYSICAL SILVER WILL CRIPPLE THE COMEX. REMEMBER WHAT THE "BEARS SAID" CHINA IS NOT PURCHASING FROM THE COMEX BUT GOING DIRECTLY TO THE MINES. WHEN THIS CATCHES UP TO THE COMEX IT WILL BE THE DEAL CHANGER.

SO STOP PLAYING THEIR GAMES. BUY PHYSICAL AND SIT TIGHT AND WATCH THE FIREWORKS HAPPEN.

raulv
Aug 24, 2011 - 6:45pm

Inverse H & S developing possibly?

@ the 8hr chart in Silver Spot, anyone?

Jasper Puddlemaker
Aug 24, 2011 - 6:46pm

Not by me

That's where I think its going. When you consider that this entire episode is designed to ease the short squeeze of The Cartel and that the pain really increased at the gap open on 8/7, it's logical to deduce that the bottom will be in after the gap is filled.

Watcher
Aug 24, 2011 - 6:48pm

None of this paper crap changes anything

None of this paper crap changes anything. The European nations and banks are ready to go TU. The USA is in default and its big banks are bankrupt. US states and municipalities are broke and deep in debt. Who cares if they raise margin rates? That has nothing to do for those who want the physical metal.

The COMEX is in default and can't be trusted to deliver so who cares about margin requirements? Santa said they'll take it all the way to 'cash only' before it's over. I can hear their fingernails scraping the edge of the cliff.

TruBlu11
Aug 24, 2011 - 6:49pm

Don't look now but someone is

Don't look now but someone is really digging the newly reduced silver prices and gold isn't doing too bad either.....

Maybe it had something to do with Steve Jobs just resigning as CEO of Apple and people taking bets on the direction of the general equity markets being sharply down tomorrow. Dunno. But interesting PM action right now nonetheless.

lostinspace 50Jim
Aug 24, 2011 - 6:50pm

@50 Jim

LOUD NOISES!

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Strongsidejedi
Aug 24, 2011 - 7:01pm

AAPL and SLV

I'd like to publicly thank Steve Jobs for the incredible work he did at Apple. He's shaped our entire last 20 years of popular culture and built the interconnected features of the internet experience. In fact, TF himself is using a MacBook. Thank you to Steve Jobs and the entire team at Apple Computers, Inc. for 35 years of incredible innovation.

Steve- If you are reading this, best wishes and I hope your physical strength continues to build.

And, to Mr. Bernanke, OT2 is a lock. If you don't say something positive about liquidity, you can tank every state-funded pension plan in the nation. With AAPL going down tonight and tomorrow, you can say goodbye to the NASDAQ's tech indicators.

With the major hedge funds running for the hills, does anyone have the SLV OI numbers tonight?

FogHorn LegHorn giant catfish
Aug 24, 2011 - 7:01pm

Welcome giantcatfish

Thankyou; for Your well thought out post. Investing in what you know and understand is wise. The leverage traders who last, play with only what they can afford to lose. Some, Myself included, have gotten a little carried away and suffered heavy losses due to leverage. I am" thick "and fall prey to thinking I am a better trader, than I really Am. Hard lessons, teach Me otherwise. The trick is to learn, if You learn something then the loss is just paying dues. Learn the easy way, read all You can, listen to the big dogs they know what their talking about, get comfortable with Your own opinions and trust your instincts. Dabble when your comfortable no rush. Most importantly "develope your core position" and never use it to play the leverage game. SVM is part of My core and I am accummulating at these levels, I will again dabble in calls as an upward trend developes.Long GG, KGC , SLW, AEM, AUX, SVM ANV , UXG, GPL, BRD ,FNV , SSL. Etc.

Monedas
Aug 24, 2011 - 7:05pm

$150 slam isn't enough !

Hang on to your physical ! If you sold some Krugs at the very top and are now buying them back......you will probably be lucky to break even ! It isn't worth it ! Hoarders have more fun than blondes ! Monedas 2011 If the whole world could be me for a day......sigh !

CaptainOverkill
Aug 24, 2011 - 7:05pm

Platinum

I think it's worth noting at his point that of the "big three," platinum is the only one that hasn't suffered a margin hike yet. I am thinking that now that gold and silver have had its day, you might see platinum catch fire next (now, if I could just get our esteemed blog host to post his thoughts on platinum...)

As for the big price drops, I wouldn't get too dispirited guys. When silver collapsed in early May, it only took two and a half months to make up most of what it had lost. Given that we have been through this whole song and dance before, we may see the half life of this margin hike series be even shorter than the May hikes. I am going to look on the bright side of things and, as SGS often says, "Keep stacking that phyzz."

bikerspade bikerspade
Aug 24, 2011 - 7:06pm
bikerspade
Aug 24, 2011 - 7:10pm

Margin hikes cut both ways

It now requires more capital to establish a short position too, and more capital to maintain that short position while prices rise.

Turdle GG
Aug 24, 2011 - 7:12pm

Today will be momentous (for me)

Thanks to whoever helped to bring gold down 10%, today is the day I finally buy physical gold!

I've got silver bars and I am always long gold in the spot market, but this will be my first purchase of gold bullion. Looking forward to it!

Iowegian
Aug 24, 2011 - 7:13pm

Silver is Currency

The trading of Silver over the past week or so clearly demonstrates that is does not trade with Oil... nor does it trade with other commodity indices.

It trades likes currency... like Gold.

Gold continues as a primarily store of wealth for countries or the wealthy while Silver continues as a store of wealth for individuals.

Turd is right about the margin field being leveled with Gold and Silver on a percentage basis. Since Silver was being repressed more on a relative basis to Gold, it will spike more on a percentage basis going forward.

Those margin hikes on Silver in the Spring is why Gold broke new all time highs this go around while Silver played second fiddle. Not anymore! The media told us that Silver was half commodity/half industrial uses and that is the reason why Silver was lagging in price. Guess what? That will not be the story line going forward as this weeks trading clearly demonstrates. Individuals want protection from economic malaise as well and that means more Silver demand.

Silver will shine once again and is already in strong hands due to earlier margin hikes on COMEX. $50 in baked in my mind in the very near future.

Jake
Aug 24, 2011 - 7:27pm

@50Jim

Although your All-Caps presentation reminds me of LOUD NOISES, you're right. I, as a pure stacker, who can not, for the life of me, understand anyone actually attempting to trade this madness in metals and expect to be profitable in the long run is beyond me. I'm sure most are net losers who won't admit this sad truth publicly.

But, to your point about "Buy only physical, or you are playing their game": This is a fair and correct statement, however, this forum/blog/chat wouldn't exist to cater solely to the coins and bar stackers and accumulators. The subject is too boring. "Traders" want action, leverage and predictions.

What do stackers and accumulators discuss? You can sum it up in a few short paragraphs. Buy, hold and realize you are preserving your purchasing power. The rest of the forum might include discussions on numismatics and comparisons between ASE buying vs. Rounds and junk silver. If you want more of that, I suggest you visit FOFOA.

The whole subject can be put into a few posts. Then what?...Well, you might discuss the rise in price and where it might go into the future.

Unfortunately, unless there are willing parties who would challenge these crooks making bets and calls in a forum such as this, no really interesting forum could maintain itself long enough.

So, without endorsing it, I applaud those who might think they can win against these bastards even though I know the eventual outcome.

Just quietly accumulate, post and comment on what you can, and consider yourself lucky to be alive long enough to see the biggest bon-fire in history stoked until it engulfs the world with smoke from paper printed with lots of zeros on it.


Aug 24, 2011 - 7:38pm

@ TurdleGG- congrats brother!

Very cool- a hearty congratulations, sir! Just be sure you leave enough of those Perth Mint bars for the rest of us! Will be looking for the bump in spot price overnight reflecting the tonnage removed from circulation. ;-)

¤
Aug 24, 2011 - 7:40pm

Turdle

Awesome! Good for you.

It's hard to describe it, but when you get it in your hand and feel the weight and texture, it's like some past instincts about it are set off in a subtle way. You feel wealthier or just more secure.

Hard to describe. It's like finally learning and feeling a basic understanding of what real wealth is and finally holding it.

You'll see. Congrats!

Justin
Aug 24, 2011 - 7:41pm

For you Mac owners/AAPL holders

Steve Jobs just resigned. Just rumors of his resignation in the past have dropped that stock like a bad habit, tomorrow should be fun to watch apples fall from trees.

https://www.marketwatch.com/story/apple-ceo-steve-jobs-resigns-2011-08-2...

SilverLeaf TF
Aug 24, 2011 - 7:45pm

Man, what a week

Missed the call on $46, missed on the downside support at $42.50ish. It's too hard to call markets as manipulated as these.

speconomist
Aug 24, 2011 - 7:56pm

Compression trade between JPM

Compression trade between JPM and silver anyone?

I remember discussing in a previous thread this idea of JPM shorting silver with its own stock as collateral with other users (Juan Moment and another user), and if financials collapse during this 2 next days and Monday don't want to think where silver could fall.


All of us mentioned that it was not sustainable for JPM, as they'd be hugely underwater, and they would take action, indeed, it happened, but it may not be over.

In addition to all of that silver has also lost >10% during this week, even a greater percentage than gold. Margin hike for silver is not expected as far as I know, and that would be a success for the Cartel, you all have been warned.

Thefreeman 50Jim
Aug 24, 2011 - 7:58pm

I completely agree with you! Don't play their game!

50Jim - you are right! We should not play their game, buy physical and sit on it! Don't let the paper distract you, every physical is a real bullet. Buying futures is playing their game, no matter how smart you are, you are always fixed by those C/C/C+C(Crooks).

Turdle GG
Aug 24, 2011 - 7:59pm

Pining & DPH

Thanks. Stand by for a gold bullion shortage at the Perth Mint!

Here's my menu:

https://www.perthmintbullion.com/au/Buy-Gold-Bars.aspx

Check out the 50oz cast!

CreditCrumbs
Aug 24, 2011 - 8:05pm

PM Beat Down

Hahaha... margin hikes don't scare me at all. In fact, let's eliminate margin altogether.

The only way the Fed can kill gold/silver bull run is to make USD more attractive than gold/silver, which means that real interest rate (nominal interest rate - inflation rate) must be positive. Bernokio has promised that real interest rate will remain negative until at least 2013.

CreditCrumbs
Aug 24, 2011 - 8:06pm

Debt game played by the financiers

Gotta admire the cunningness of financiers. First, they lure you to take on debts with low interest rates and purchasing power without work or savings. You continue to take more and more debt until you are addicted to it. Then the financiers come and downgrade your credit rating or jack up the interest rate for rolling over your debt or taking on new debt. Since you are already addicted to debt, either you collapse economically, or beg financiers to keep supplying you with debt. But this time financiers ask for collateral, good collateral that is true wealth. Then you pledge assets that have been handed down to you through generations of hard work and savings. Financiers give you access to low interests until they feel that all the collaterals they salivate over are pledged, then they jack up interest rates to force you into bankruptcy. You go bankrupt, debt is wiped out, but they get the collaterals, and then they come to you again to offer new debt if you still have valuable collaterals. If not, they just leave you for dead.

latcho
Aug 24, 2011 - 8:07pm

Common' Asia

4 hours ago I bought half a kilo physical GOLD for my Dad. Please don't let me feel like a dumbass for not waiting a bit longer. Because I now definitely feel like one /-8 Common Asia ! That gap between 1750 en 1600 is luring at me, aaaaaaaaaaaaaaaaaa !

Jake
Aug 24, 2011 - 8:13pm

Quote From Harvey's

Quote From Harvey's Today

https://harveyorgan.blogspot.com/2011/08/massive-criminal-raid-on-gold-a...

"I will remind everyone that you should not play at the comex. If you want gold or silver line up at the bank and get it. Do not play with paper gold or silver as these crooked bankers will fleece you time and time again. Please try not to use leverage as this is a big sin and again the bankers exploit your weaknesses.

Ladies and Gentlemen, the comex is now one big crooked casino and again I urge you to stay away."

And Thanks FREEMAN for this Statement: "...every physical is a real bullet."

Each of these "bullets" can be thought of as having the ability to shoot down 100 contacts, (as we have heard time and time again, that "metals trade at 100:1 ratios).

At some point the COMEX will be replaced by physical metals dealers and wholesalers. It might be run by banks that charge high premiums as well. But the physical market WILL prevail.

Eventually, (and I guess you can call this a "prediction"), There will be no COMEX . Silver and gold will be priced based on their true supply and demand dynamics. Liquidating your metals before this happens only serves to delay this inevitability and guarantees your selling price far below the level you deserve as a true stacker. Don't let that happen to you, it may be bad for your health.

Save_America1st
Aug 24, 2011 - 8:16pm

Today's FUTF, a new PM stacker, and lessons learned...

Walked into a LCS today during my lunch (not GVille Coins this time). This shop is just a tiny place where the guy has mostly older 90% junk silver coins and a lot of nice Morgans too. Not a lot of .999 silver and zero gold.

Well all I can say is the FUTF was in full force right at that time, and it gave me a pretty damn good opportunity at 39.25/oz to BTFD on a brand new roll of 2011 ASE's cheap! Plus 5 very nice cheap generic rounds for practically nothin' over spot.

As far as I'm concerned I BTFD at a good time (for today) when I had the chance. Tomorrow or the next couple days silver may continue down even more...fine by me. I'll average in more silver if the chance presents itself.

Now, on Monday I got it in my head that I just had to have this 1924 gold Double Eagle on ebay, and I got it for 1976 Bernankies. Some (after today's festivities in the PM's) may think that was dumb, especially any on here who are newer or worried about BTFD's and how to know when there is a dip to buy. Some may think I've lost some crappy fiat now due to the beat-down in gold today. I don't see it that way...

I will just say, that I don't care what the price of gold did today in the least...especially since it helped me gain more silver at a decent little discount (IMHO). I knew what was going on, and I know gold will continue to rise way way past what I gave for that Double Eagle. That coin is a freakin' beauty anyway and an awesome piece of history. So there are no worries since I'm in it to stack phyzz for the long haul to protect my ASSets plain and simple.

My real good buddy just this past Saturday finally called me up after hearing me yap about silver for nearly the past year or so. He never once expressed any of the same concerns I've had over this collapsing economy (world-wide) or about preparing for when the SHTF. He'd been very indifferent about it all, and seemed to think everything was just fine...nothing to worry about...move along...

Then all of a sudden he calls me on Saturday asking me where the Gainesville Coins shop was located since he's local like me and doesn't live very far from the shop either. All of a sudden he's wanting to buy some silver.

At that time silver was 43/oz. I told him not to wait...if he had the dry powder to get some then don't wait until Monday because it might go up even further. It might also go down, but in the grand scheme of things what's a Bernanky or two up or down when it will definitely be doubling down the line at some point? Just get it now, take it home, enjoy it, and relax.

So he got a roll of brand new silver Buffs and since for once GVille had the coins on-site, he actually got to leave with some awesome shiny new gear in-hand to take home the same day! Very kick ass!

Now all of a sudden, my buddy, who didn't seem to listen to a thing I'd been saying all this time about silver (and preparing, etc.) is now watching the charts every minute of the day, reading the Turd and all us Turdites (finally) after all this time, and is now going through that "newbie" concern after experiencing his first EE beat-down today just a few days after finally scoring his first ever phyzz! LOL I'm sure his wife is giving him the evil eye a little bit tonight as well, but she doesn't know what we know just yet. LOL

Makes me laugh a little cuz I totally understand what he went through today as he was witnessing the PM's slide over Niagra Falls. I told him to relax. Told him that today's Turd posts and everyone's comments were absolutely perfect for him to read to get an understanding of what was really going on...showed him some long term charts and the trend we're in...re-iterated that on days like these when you get a FUTF that's your opportunity to BTFD because we're getting a nice little discount.

And to prove my point to him I walked into that little LCS today and scored some kick-ass new gear to add to my stash. I think he's getting the idear now!

Everyone's comments on here today (as usual) were spot on and just great...especially for us newbies. (I've been a loyal Turdite since January, but I'm still a green-horn for sure). So even though today didn't bug me at all (it's actually very entertaining for me now), it still helped me understand more of this craziness and realize there are many things I still need to take into consideration at certain times in order to make the right moves and to hopefully avoid any bad moves.

All week I wasn't really factoring in certain things like a margin hike coming, the Bernank deal coming up, expiration (since I buy phyzz only), and even holidays in England and here as well coming up and how all that could affect or cause/create the beat-down that occurred today. I'm learning more every day, and those are lessons learned now that I will always try to keep in mind.

But I've converted another friend to the PM and Turdite crew, and hopefully as he reads more from all of us on here he will eventually join and start to share his own info with the rest of us as well.

Thanks Turd and everyone as always for all the greatness you contribute on here! For all the growing number of "newbies" (such as myself) just keep reading, studying, learning, contributing, listening, and stacking that phyzz. You have found the best place there is to further your knowledge and further the preservation of your wealth as we go through the difficult and challenging times ahead of us.

Stick with everyone on here and I believe they/we will stick with you as well. Bring others into the fold here to help them learn and you will have done them a tremendous service!

Ok...sorry for the long-winded story...but I hope it helps someone new to site who's looking for answers.

Now it's time for me now to cook up some yummy and very cheap Tom Ramen for dinner...I'm flippin' broke after this weeks fiat investing frenzy!!! LOL

Keep stackin' that phyzz folks!!! And have a great night!

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Key Economic Events Week of 5/20

5/20 7:00 pm ET CGP speech
5/21 10:00 ET Existing Home Sales
5/22 2:00 ET FOMC minutes
5/23 9:45 ET Markit PMIs
5/24 8:30 ET Durable Goods

Key Economic Events Week of 5/13

TWELVE Goon speeches through the week
5/14 8:30 ET Import Price Index
5/15 8:30 ET Retail Sales and Empire State Manu. Idx.
5/15 9:15 ET Cap. Ute. and Ind. Prod.
5/15 10:00 ET Business Inventories
5/16 10:00 ET Housing Starts and Philly Fed
5/17 10:00 ET Consumer Sentiment

Key Economic Events Week of 5/6

5/9 8:30 ET US Trade Deficit
5/9 8:30 ET Producer Price Index (PPI)
5/9 10:00 ET Wholesale Inventories
5/10 8:30 ET Consumer Price Index (CPI)

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