An Encouraging Thursday

Thu, Sep 8, 2011 - 5:10pm

It what can only be construed as encouraging action, gold flew back higher today, nearly to the level it was before the blatant manipulation of Wednesday. I'll be very interested in the OI numbers tomorrow to see if today was primarily due to continued short covering by The Cartel.

I'll find it quite amusing if it was. To think that the SNB deliberately tried to manipulate gold lower only to be thwarted by the greedy, frightened, short-covering Cartel is wonderful to consider. Sort of like having your two worst enemies declare war upon each other. I'll stay happily on the sidelines while I giggle at my good fortune. At the end of days, survival instinct kicks in and everyone turns on each other. Perhaps that's what we're seeing here.

Regardless, The Turd is quite pleased with where we stand at this moment. Absent margin hikes or further intervention, the PMs look certain to trade higher this evening and into the overnight. (President O'bottom discussing the idea spending more money that we don't have should help provide the bids.) IF they can survive the usual 3:00 am LBMA beatdown, they will be poised for a stellar day tomorrow. Perhaps they will even finish with a green candle on the chart.

And if you haven't read this yet, I suggest you do it now. There's no sense in me commenting on it as I would imagine you can easily envision what I would say. (Something like "duh" or "ya think?" comes to mind.)

Have a great evening! TF

About the Author

turd [at] tfmetalsreport [dot] com ()


Sep 8, 2011 - 8:57pm

@ DPH here's the link...Hilarious

[Was just going to post this, and you beat me to the punch]

Obama's Speech: Ali G Style

Mr. speaka, mr. vice president, members hof congress, an' fellow americans: tonight we meet hat an urgent bells fe our turf. we continue to face an economic crisis dat has westside side millions hof our neighbors jobless, an' da political crisis dat has made tings worse. this past week, reporters as bin askin “what iz gonna dis speech mean fe da president? wot iz gonna hit mean fe congress? how iz gonna hit affect dare polls, an' da next elecshun?” but da millions hof americans who iz watchin east side now: dey don’t care about politics...

dps SuperManny
Sep 8, 2011 - 8:58pm

not so Hilarious

Just sad. ... dps

Sep 8, 2011 - 9:03pm


Terror attack on the power grid? Hey, you never know.

Sep 8, 2011 - 9:11pm
Sep 8, 2011 - 9:20pm

“historical” realignment akin to “tectonic plates shifting,”

El-Erian: U.S. Faces Challenges Fed Can’t Solve

Q By Vivien Lou Chen - Sep 8, 2011 5:09 PM ETThu Sep 08 21:09:57 GMT 2011

Pacific Investment Management Co.’s Mohamed El-Erian said the U.S. faces “serious” economic challenges, including lagging housing and labor markets, that will prove resistant to Federal Reserve stimulus efforts.

“You simply can’t overcome these impediments,” said El-Erian, chief executive and co-chief investment officer atNewport Beach, California-based Pimco, manager of the world’s biggest bond fund. “These are structural issues and require structural solutions.”

Responses to financial crises in the U.S. and other countries “have been too cyclical and too dependent on central banks,” he said today at a symposium on Asian banking and finance held at the Federal Reserve Bank of San Francisco. El-Erian’s remarks followed a speech today by Fed Chairman Ben S. Bernanke, who said policy makers stand ready to take action as needed to boost the recovery.

“We’re rather surprised at how cyclical the responses have been,” whether in the U.S. or Europe, El-Erian told bankers, regulators and economists gathered at the conference.

The world is undergoing a “historical” realignment akin to “tectonic plates shifting,” which is focused on balance sheets, growth dynamics among different countries, and policies or politics, he said.

“The key issue any risk manager faces today is that too many parameters have become variables,” El-Erian said. “A cyclical mindset is not sufficient given the world we live in,”he said. “ You need to think structurally.”

Sep 8, 2011 - 9:24pm

What a Day

My internet down all day, bored so I watched speech (sad, embarrassing, expected) he's already running for next year and to hell with probs.

NBC had noise about the "threat" before and after the "pass it now" speech and then briskly announced "we now go to what's really important....FOOTBALL"

If this is what we deserve from our overlords-I mean protectors-then look out kiddies.

Oh well, I guess that's why we stack and stock

Sep 8, 2011 - 9:25pm

Confessions of an Econmomic Hitman

Interesting perspective revealing some of what happens behind the scenes with the hired "economic hitmen"

warning: static noise in first one second of video - turn down your speakers.

TalkingStickTV - John Perkins - Confessions of an Economic Hit Man - Part I
Sep 8, 2011 - 9:35pm
Sep 8, 2011 - 9:38pm

9:34p China producer-price

  1. 9:34p

    China producer-price inflation hits 7.3% in August

  2. 9:33p


    China consumer inflation cools to 6.2% in August

Sep 8, 2011 - 9:48pm


via Zero Hedge (of course)

Jobs, Puppy Dog Eyes, Buffett, China And Operation Twist

Submitted by Tyler Durden on 09/08/2011 20:36 -0400

Jobs, Puppy Dog Eyes, Buffett, China and Operation Twist:

Well, if you were wondering how the President planned to get the Republicans on board, it was by making the speech as much of a tear-jerker as possible.

With a focus on veterans and teachers and children it is clear that how he is going to paint the opposition. It will be difficult to avoid being painted into a corner as a vote against the job plan will be portrayed as a vote against veterans and children. Probably smart politics.

I cannot imagine China enjoyed the speech much. If they are even a tiny bit paranoid, they have to feel a bit picked on. It started with asking why we can't build new airports, etc., like they can and ended on why they aren't buying our cars. Maybe it is safe to antagonize China, but I'm not sure we should be irritating our biggest lender.

Am I the only one who is getting uncomfortable with the role Warren Buffett plays? Will his memoirs be added as an amendment to the constitution? It is great that he wants to pay more taxes than his secretary, but his unique status does concern me. It seemed a bit strange that he had a conversation with the President before he made an "investment" in BAC. It does seem a bit strange, that 17 banks got sued, but Warren's WFC, which owns Wachovia, wasn't sued twice (once for each), because it was already "in settlement negotiations".

So, will this jobs bill do much? I don't see how. Employers get a tax break, but that will likely be used to increase profits, because they remain uncertain of what happens when the breaks end. No new jobs, and limited new spending. For the employees - he said an average of $1,500 next year extra in their pocket. Interesting but when he talks about cutting medicare and social security in the same speech, how much of that will be spent? I think a lot of that will go into savings to offset future needs. People making 50k a year aren't so dumb to just take this money and spend it, when they see future benefits getting stripped away. The $4,000 tax credit for hiring new employees covers about 14 weeks at minimum wage (the sort of job this economy has been able to generate). Maybe we will see a spike in layoffs ahead of that since it might be a good time to get rid of employees on the fringe, when you can get a free look at his replacement, courtesy of the government.

More here...

Dr Durden
Sep 8, 2011 - 10:02pm

Oh noes, them baddy bads are back!

Hide yo kids, hide yo wife!!

You know what's scary to them robberbarron bankster larcenists? $50 silver on Halloween. Book it, yo!

Sep 8, 2011 - 10:11pm

Rick Santelli

I just saw the latest Rick Santelli Q and A with Tom Friedman.


Sep 8, 2011 - 10:16pm

on the Jobs Bill

Like America1st illustrated from the ZH post, I ran the numbers and came to a similar conclusion;

The tax break would cover the average worker for 10 weeks, the incentive is to get rid of an existing employee, and replace them with a new hire for the incentive. Either way, it would likely do little in FY2011, or for that matter even qtr4. If the bill were to pass, it would make gains on employment numbers going in to the holiday season, but would likely lag in the first qtr of 2012. These numbers are already inflated in favor of pollsters because usually there is a spike in employment and spending during this time frame.

The bill is at aimed at construction, education, and vets. Not that these are not great avenues but it leaves out a large sector, and much of the private sector. Extending unemployment for a year is ridiculous. Between that and cutting additional spending [paid for], I would expect this to have a severe negative impact by the end of the 3rd Quarter of 2012.

It looks to me like this is a setup for good numbers going in to 2012. If they delay passing this bill (which they likely will for a bit) I would expect to see glaring employment reports being hyped - which will almost carry them to the next election. If I were betting, this is one of many tactics in the arsenal to paint the USD up, and other indexes down. Long term this does absolutely nothing positive.

Basically what I thought it would be.

Sep 8, 2011 - 10:21pm

I know this has gone Viral,

I know this has gone Viral, but if I were Paul I would have said " Look Asshole, lets get something strait, get your dirty meat hooks off of me right now "

Does Paul have Body Guards? If not where can I volunteer.

Sep 8, 2011 - 10:29pm

The Light Inside the Dark Times

From the forever insightful ~ Michael Meade:

The Light Inside Dark Times : Excerpt 1
Sep 8, 2011 - 10:32pm

What if Ron Paul...

...totally arm blocked Perry and then grabbed his finger and bent it backwards until Perry had to kneel and squeal.

All the while Paul was making some crazy primal noise like "Yaaahhhh!"

Pretty sure the MSM would've covered Paul a bit more closely afterward and

declared him the winner

Hard Rain
Sep 8, 2011 - 10:34pm


You are correct. This is to paint a picture, not just the USD, of a rosier scenario, than actually exist.

Net/net: This is pure politics and campaigning.

But, then again, NOTHING, from EITHER party, is about the long term good of the country. It's only about being elected, and then getting re-elected.


Sep 8, 2011 - 10:38pm

And that is how I veiw this

And that is how I veiw this speech as well, Politics, nothing more.

Ospenda was campaigning and more of the same, flag wrapping, and I feel your pain noise.

Evening to you all, till morning.

Sep 8, 2011 - 10:39pm

Get a ticket to the show

A bit dated but appropriate. Just insert a Perry head somewhere.

Obama's Grand Illusion
Number 47 Awake
Sep 8, 2011 - 10:41pm

Zerohedge headline

Goldman's Take On Obama's Jobs Proposal: "Larger Than Expected"

Real headline.

WTF lads? We knew it was a whopper but Obama has just taken lying transcendental

Create more jobs = devaluing the dollar further.

Thought you were going to buy a car soon? Fuck you, here's a nice 4 slice toaster. Hows dat float yer boat?

Really? The taxpayer is going to singlehandedly employ the marginal few? Those marginal few appear to be legions. How deep are your pockets America?

Sep 8, 2011 - 10:46pm

Latest from Stefan Molyneux

If you don't know him, he will exercise your brain.

Video unavailable
Sep 8, 2011 - 10:49pm
Sep 8, 2011 - 10:54pm

Chase Burning Painting SOLD

On ebay for $25,200.00. There were 70 bids. So it seems the artist did better in gold standard money than Van Gogh did for his one sale. Brava for him!

Thanks SGS for originally bringing this to my/our attention (on your blogspot). I have a good friend who is an artist, who has been playing around with political art that has a similar message. I've encouraged him to DO IT. I hope many fine and other artists pick up on this theme. Maybe we'll see Cafe Press t-shirts with Chase Burning across the chest.

PS: Weird - I'm pretty sure I have bid against the winner e***eon ebay before, but that's impossible - the bidder has 0 transactions previously. This bidder obviously set up a new account with no track record. Can't blame him/her for that.

Fred C Dobbs
Sep 8, 2011 - 10:56pm


how about Turdradamus, or Turdus Maximus.

Sep 8, 2011 - 10:58pm

Are you the eggman?

I Am The Walrus- The Beatles WITH LYRICS
emmetrope atarangi
Sep 8, 2011 - 11:02pm mean...

I think you mean


cpnscarlet Dr Durden
Sep 8, 2011 - 11:03pm

@Dr Durden - Book It? How

@Dr Durden - Book It? How about a friendly bet? 2 Silver Rounds?

Sep 8, 2011 - 11:04pm

Think we all need to stock up on some more canned hams...

...and silver...and gold...and...well, you all know the drill

Senate Attempt To Block Debt Ceiling Increase Fails: Debt Target Is Now $15.2 Trillion, Or Over 100% Of GDP

CreditCrumbs Awake
Sep 8, 2011 - 11:08pm

@Awake, Re: Confessions of an economic hit man

I remember reading John Perkins' book two years ago and was awed by how revealing the book was. Then, I also realized that the debt-pushing tricks they (banksters) did to developing countries are the same one that they did to the US to push the housing bubble. No difference except that this time they applied it domestically as if we were a third world country.

The video is much better structured than the book. I'd recommend everyone here to forward that video to all people you know so they understand what is going on behind the screen, too.

Connect the dots between what John Perkin said and Mishkin's Iceland report. Remember when Mishkin was hired to paint a rosy budget picture? He admitted that he was hired to do that. He was a corrupt person and was probably paid very well to do that report. This pattern is repeated again and again. It makes me wonder how Geithner and Bernanke were hired. What is the recruiting process?

Tom L Shill
Sep 8, 2011 - 11:08pm

@Shill: Trader Dan

And this is why he's Trader Dan and I'm just a schleb that follows along.

I saw today's gap as a worrying sign that the HUI might be getting ahead of itself and he says, nope.... the shorts are in trouble, essentially a 'gap and go' on top of a completed 'gap and go.'

I expect the HUI to follow Gold tomorrow and I expect gold to be up going into tomorrow's Globex close. Where it's up from is anyone's guess. But I don't think there will be another major hit job tonight. They shot their wad on the Swissie news cycle. O-Bomb-Ya's bullshit Keynesian Hole-Digging is not going to create the political cover they need to MOPE another $60-80 hit on Gold.

Here's to a re-test of $1920 tomorrow guys. Cheers.


Subscribe or login to read all comments.


Donate Shop

Get Your Subscriber Benefits

Exclusive discount for silver purchases, and a private iTunes feed for TF Metals Report podcasts!

Key Economic Events Week of 6/17

6/18 8:30 ET Housing Starts and Building Permits
6/19 2:00 ET FOMC Fedlines
6/19 2:30 ET CGP presser
6/20 8:30 ET Philly Fed
6/21 9:45 ET Markit flash June PMIs

Key Economic Events Week of 6/10

6/11 8:30 ET Producer Price Index
6/12 8:30 ET Consumer Price Index
6/13 8:30 ET Import Price Index
6/14 8:30 ET Retail Sales
6/14 9:15 ET Cap Ute and Ind Prod
6/14 10:00 ET Business Inventories

Key Economic Events Week of 6/3

6/4 All day Fed conference in Chicago
6/4 10:00 ET Factory Order
6/5 9:45 ET Markit Services PMI
6/5 10:00 ET ISM Services PMI
6/6 8:30 ET US Trace Deficit
6/7 8:30 ET BLSBS
6/7 10:00 ET Wholesale Inventories