Fri, Sep 2, 2011 - 9:36am

For this month's version of hilarity, CNBS chose to bring back Wyatt Earp. The guy is seriously bad luck for the status quo Keynesians. The last time we saw him, back in December, the BLSBS came in surprising low. We discussed it then on the old blog:

Today, Wyatt brings with him not just a surprisingly bad BLSBS, he manages to spread his bad luck back into last month's report, too. And it's not just a lousy payroll number of +5000 or +25000, it's ZERO. ZILCH. NADA. Somehow I think ZERO is even worse.

All of the talking heads (with the possible exception of David Byrne) will be spouting the BLSBS number today in their reports. But instead of the same old nonsense that has numbed virtually everyone who happens to be listening, today the only word people will hear is ZERO. Not "the economy gained 22,000 jobs" or "in August, the economy shed 5,000 jobs". No, today the sheep will hear ZERO. "The U.S. economy added ZERO jobs in August." Ouch. Neither The Shill nor The Coug could spin that one positively. The LIESman Shiny Head Index only hovered in the 3-4 range as even The Great LIESman was unable to find anything happy to say.

In the end, this should only serve to reinforce the prevailing opinion here. Namely, QE to infinity. There is no way out. Tax revenues will never, ever catch back up to the funding needs of government on any level be it federal, state or local. Printing and debasing is the only option. Protect yourself and warn others while there is still time.

Onto the charts. For personal reasons, Mister Hyde finds himself sitting mostly in cash. (His "status" will officially change next Friday so I would highly encourage all single lady turdites to send him a private message of congratulations.) Hyde asked me this morning if it was too late to buy. Two things to know:

1) It is never "too late" to buy the precious metals. Prices will be higher next month. They'll be higher by Thanksgiving. They'll be higher still in 2012. get the picture.

2) By virtue of today's price action, both charts looks extremely bullish. IF gold can close above 1880 or so and silver can close above 42.50, both metals looks poised to have exhilarating weeks next week. Keep in mind that most everyone will be back from "holiday" then, too, and we will see a significant increase in volume and open interest. With OI already so low in both metals, you can safely assume which side of the OI will expand.

Lastly, I mentioned above the idea of "private messaging". I promised you last month that we would add this feature as well as an "ignore user" function. In case you haven't noticed, both options are now available. The Turd listens and acts! Thanks to the Tech Team for implementing these additions and thanks to all who supported last month's Turdathon to raise the necessary funds to help cover the costs. We are still taking improvement suggestions and I hope to have more projects and Turdathons soon. I'll keep you posted.

I have lasts of 1879 and 42.88 so we definitely have a rooting interest in today's action. Have a great day. Have a fun day. Smile and be happy. TF

About the Author

turd [at] tfmetalsreport [dot] com ()


Sep 7, 2011 - 12:40am

So ends…

…the longest, most varied & divisive thread to date on this blog. Loved the music videos - hope it happens again next three day weekend.

Eric Original
Sep 5, 2011 - 12:57pm

New thread guys.

New thread guys.

Eric Original
Sep 5, 2011 - 12:56pm


I too have bought a quite a bit of old sterling flatware. Mostly spoons and forks so as to avoid issues with weighted knife handles, etc. To protect from fakes I always shy away from anything that looks too nice, too new, too shiny, too perfect. The older, grungier, tarnished, bent, and worn it is, the more I like it. With those two caveats, and of course always insisting on a STERLING or 925 mark, I've never had a problem. I've sold some here and there as well and never had them toss out a bad one.

BobbejaanDoctor J
Sep 5, 2011 - 12:42pm

@Dr Jerome (& readers of) ... PM shopping on a holiday

A good article ... but I hope you don't mind if I expand/clarify a couple of your points as there are a few traps for the unwary in your article if taken at FACE value

I don't stock-trade so I can't offer much help to those who do, but I HAVE carved myself out a quite sweet little niche as a bottom-feeding stacker of "non-numismatic silver trinkets & objet d'art" over the last decade or two, so I definitely feel I can perhaps add some value to this topic :-

Silver jewelry needs to be marked “Sterling” or “925” This means it is 92.5 % pure, blended with copper for strength. Rings, braclets, earrings, some necklaces. If it is not marked, I’d stay away. You want it to be easily re-saleable.

For (recogniseable as) VINTAGE jewellery, that is true enough .... BUT for MODERN stuff, be VERY wary even of "925" marked/stamped items as there has been a MASSIVE amount of fake and/or plated JUNK been coming out of the far east for decades (you can even buy your own ".925" metal-stamper from ebay for a couple of $/£) .... I would recommend buying one the cheap (sub 5$/£) Silver acid-kits for checking anything "modern" or anything without full UK(Lion)/Euro(Scales) hallmarks.

TIP :- It's not always practical to acid-test an item at the point of purchase (especially if said item APPEARS to be a "steal"), so in such cases, use the eyeloupe to CLOSELY examine any moving parts (catches/hinges/slides/etc) as they are the most likely places to show signs of "plating wear-through".

When street-browsing, I ALSO tend to carry/wear a "magic ring" consisting of a small bit of wet-&-dry paper glued to the face of a cheap signet-ring so I can quietly give the item a "light rub" in an inconspicous spot to check it's solid silver & not plated.

I would also avoid the temptation of candlesticks.
TRUE! ... I would also recommend adding Desktop-Cig/Jewel-boxes as these are usually wood-lined AND generally have a heavy-steel baseplate (IF you really WANT to buy these ... A rule-of-thumb guide for the silver-weight is around 15-20% of the gross-weight.)

Other items to be wary of are :- Statues/Ornaments and thicker-body stuff like inkwells, ashtrays, 3-d models & miniatures, brush/nail/grooming sets, etc. ... as these are usually/often Resin/Plaster Filled (but not always), and generally contain VERY LITTLE actual silver for their gross weight.

Most pros weight items in grams. This adds a step to determining value, converting grams to ounces. I have not memorized the math yet and prefer to keep things simple.
You've actually got that a tad "arse about face" there .... Grams IS Grams, BUT Ounces OFTEN AIN'T Ounces.

A "Gram" is a FIXED & CONSTANT quantity of unit throughout the entire world ... BUT an "Ounce" varies HUGELY as a unit of measurement throughout the world both today AND historically.

For just ONE example ... Precious metals SHOULD be weighed in "TROY" ounces of 31.1 grams/oz, but MANY sellers (go check out ebay) weigh & LIST their items using "AVDP/KITCHEN" ounces which are only 28.3 grams/oz .... WHY???

... Because when the sucker-buyer reads "10-oz item" they mentally-translate that into "10 x SPOT-Silver$-per-TROY-ounce" which = 310.1 grams of silver, but when the item arrives it only actually weighs 280.3 grams (= 10 x kitchen ounces) .... The "sucker buyer has just LEGALLY been diddled out of TEN PERCENT of the silver they THOUGHT they were buying, and the Seller has made an instant 10% BONUS/FREE profit/premium.

This is VERY common & prevalent by both ebay-sellers AND "sharkish-dealers" ... THAT'S why the pros use Grams, AND SO SHOULD YOU .... The math is dead easy (divide the current Spot-Price by 31.1, and there is your TRUSTWORTHY per-gram price).

I may have some more to add later, but I've got to go out now.

Cheers, Bob

Sep 5, 2011 - 12:31pm

I agree DPH, unfortunately it

I agree DPH, unfortunately it is inevitable. The only question is how it will happen. They've been planting the seeds for the past few months now, subliminally conditioning the masses to the idea.


August 20th, 2011 - - the first shipment of Iranian crude oil has been sold on Iran's international oil bourse on the Persian Gulf island of Kish, an Iranian official says. The Iranian oil bourse is intended as an oil exchange for petroleum, petrochemicals and gas in various currencies other than the U.S. dollar, primarily the euro and Iranian rial and a basket of other major (non-U.S.) currencies. Western analysts said that at a time when the U.S. dollar is as vulnerable as it has ever been, Iran is piling on the pressure with their oil exchange. The thing that will kill the U.S. dollar as the world’s reserve currency faster than the U.S. debt default is if oil producers and consumers trade oil in other currencies.

KumanariI Am The Unknown Comic
Sep 5, 2011 - 12:13pm

HEALTH SITE is an excellent health site much like this site as it utilizes the community comments for knowledge/experience focusing on natural remedies. check out apple cider vinegar for it's many benefits. You can search any ailment or cure which are rated by the boards experienced each. Fat Flush plan by Louise Gittlemen is also very good life change program. physilium husk flax seed and bentonite smoothie is great for blood pressure and overall internal cleansing.

The Vetginger
Sep 5, 2011 - 12:04pm

ginger - on Violin for kids...

Both my kids started Suzuki method violin at around age 4 and continued for years. My son gave it up in high school (not cool with his group at the time) and switched to guitar (more cool). 15 years later he can still pick up any stringed instrument and produce a decent tune.

My daughter took to it much more readily and as a result ended up as a qualified teacher of Suzuki method piano and violin at an early age. She gave lessons to younger kids for many years which completely financed her own way through medical school. She still plays in casual orchestras, string quartets, writes music, plays and books and has a occasional music student even though she has is a full time medical professional.

Suzuki music is far less formal and not as structured for young kids and gets them playing simple tunes and performing in groups within weeks. It is a completely memory based system in the early years and gives great memory training, public performance and stage presence. This carries on as a huge benefit in later life. Both my kids are successful and comfortable speaking and chairing professional conferences and the like. Neither are music professionals but the early musical experience was given them skills that they use in their unrelated professions.

Enabling and encouraging my kids with the Suzuki music education was one of the best investments I ever made.

PS. I can't play a single note of music.

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Sep 5, 2011 - 11:31am

A 400 Euro increase in the

A 400 Euro increase in the gold price from 1. juli to 1. october ca 124 billion Euro's will offset most of the 128 billion Securities Monetization Program's debt monetization on the balance sheet of the ECB.

Sep 5, 2011 - 11:24am

Iran is inevitable

The hate and mistrust of Iran is still pretty deep after the late 70's hostage situation. I don't think it would take much MSM to sway the minds of those viewers that"... engaging Iran is in the regions best interests and that the energy security of the U.S. from oil is too important blah, blah... "

It's not like we really have a choice as a citizen if there is some plan to engage Iran at some point for whatever pretext. That sucks to write and acknowledge, but it's true.

Weakening Iran severely would serve a lot of purposes and have a huge ramification on MENA obviously. Most of those countries fear/detest Iran so it's not inconceivable (again) that they turn their head while we absolutely pummel Iran into the ground. (we will)

I'm not advocating for this at all. I just see the inevitable happening and the war drums have been beating since the late 70's. It does seem to be lining up that way.

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Key Economic Events Week of 5/25

5/26 8:30 ET Chicago Fed
5/26 10:00 ET Consumer Confidence
5/27 2:00 ET Fed Beige Book
5/28 8:30 ET Q2 GDP 2nd guess
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5/29 8:30 ET Pers Inc and Cons Spend
5/29 8:30 ET Core Inflation
5/29 9:45 ET Chicago PMI

Key Economic Events Week of 5/18

5/18 2:00 ET Goon Bostic speech
5/19 8:30 ET Housing starts
5/19 10:00 ET CGP and Mnuchin US Senate
5/20 10:00 ET Goon Bullard speech
5/20 2:00 ET April FOMC minutes
5/21 8:30 ET Philly Fed
5/21 9:45 ET Markit flash PMIs for May
5/21 10:00 ET Goon Williams speech
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5/21 2:30 ET Chief Goon Powell speech

Key Economic Events Week of 5/11

5/11 12:00 ET Goon Bostic speech
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5/12 8:30 ET CPI
5/12 9:00 ET Goon Kashnkari speech
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5/12 5:00 ET Goon Mester speech
5/13 8:30 ET PPI
5/13 9:00 ET Chief Goon Powell speech
5/14 8:30 ET Initial jobless claims and import prices
5/14 1:00 ET Another Goon Kashnkari speech
5/14 6:00 ET Goon Kaplan speech
5/15 8:30 ET Retail Sales and Empire State index
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Key Economic Events Week of 5/4

5/4 10:00 ET Factory Orders
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5/5 9:45 ET Markit Service PMI
5/5 10:00 ET ISM Sevrice PMI
5/6 8:15 ET ADP jobs report
5/7 8:30 ET Productivity
5/8 8:30 ET BLSBS
5/8 10:00 ET Wholesale Inventories

Key Economic Events Week of 4/27

4/28 8:30 ET Advance trade in goods
4/28 9:00 ET Case-Shiller home prices
4/29 8:30 ET Q1 GDP first guess
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Key Economic Events Week of 4/20

4/20 8:30 ET Chicago Fed
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Key Economic Events Week of 4/6

4/8 2:00 ET March FOMC minutes
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Key Economic Events Week of 3/30

3/31 9:45 ET Chicago PMI
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Key Economic Events Week of 3/23

3/24 9:45 ET Markit flash PMIs
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Key Economic Events Week of 3/9

(as if these actually matter)
3/11 8:30 ET CPI
3/12 8:30 ET weekly jobless claims
3/12 8:30 ET PPI
3/13 8:30 ET Import Price Index

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