Here We Go Again

Mon, Oct 17, 2011 - 10:37am

Time to start another week. The charts suggest a quiet, rangebound week. Why is it I feel they're deceiving me?

As you can see on the updated charts below, gold and silver look to continue consolidating below key resistance this week. Gold looks to have the greater potential of breaking higher as it is already in its "MaxQ" area and reached a high of 1697 overnight. Silver is still being leaned upon by The Forces of Evil and, with margins so extraordinarily high, it will be challenging for it to muster enough speculative buying strength to drive it higher.


Of course, the scheduled CFTC meeting tomorrow might have a bit of an impact on these markets, too. I would encourage you to make one more attempt at influencing the decision on position limits. For you convenience, here are the email addresses of your friendly commissioners:






Maybe mention that "position limits are essential to free and fair price discovery" and that the imposition of the "position limits mandated by the Dodd-Frank Law" are a "good starting point". You might also remind the commissioners of the Mission Statement of the CFTC and how it applies in this case:

The CFTC's mission is to protect market users and the public from fraud, manipulation, abusive practices and systemic risk related to derivatives that are subject to the Commodity Exchange Act, and to foster open, competitive, and financially sound markets.

In the "news" today, it seems that Citi has taken a page out of the Fraud Perpetuation handbook recently authored by your friends at JPM. Will the BS ever cease?

Lastly, there has been a recent spate of defections from longtime friends of this site. Though I am, of course, sorry to see anyone leave, it comes with the territory. Regular users of this site will come and go. Some will just drift away while others will leave in a huff of righteous indignation. Either way, the only folks this site cannot live without are the Tech Team and the moderators. Without them, this entire operation is at risk. Please, for the greater good, I beg you to observe the guidelines of the site and respect your fellow members.

Have a great day. Prosper and be happy. TF

About the Author

turd [at] tfmetalsreport [dot] com ()


AlienEyes · Oct 17, 2011 - 10:39am



AlienEyes · Oct 17, 2011 - 10:41am



Tesla · Oct 17, 2011 - 10:41am

Sending out emails NOW!

Thanks turd - Your#1 - Have a good morning all... Happy (I Hope) Monday!!!

BASEBALL 13 · Oct 17, 2011 - 10:46am

The Week Ahead

Let's all be ready for a rough ride! The preparations for a EU meltdown continue to build. If you're out to make some money in the market, short term option plays may be the ticket.

Shill · Oct 17, 2011 - 10:47am

Thanks Boss, keep up the

Thanks Boss, keep up the great work.

To the Tech team and Moderators, I appreciate your efforts.

Shill · Oct 17, 2011 - 10:47am

Hussman on European banks

Hussman on European banks leverages ... and games played to make them look respectable.

Hussman Funds - Weekly Market Comment - Europe: Just Getting Warmed Up - October 17, 2011

· Oct 17, 2011 - 10:50am

get past the CFTC spam blocker

I would not send all 5 emails at once by putting all the email addresses in the "To" box. That might flag your email as spam.

Use a formal signature with your job title and contact information (I sugegest that you not remain anonymous on this kind of issue).

Anything we can do to make our emails look as credible as possible might help get past the spam blocker.

I also suggest putting your request in the subject line: "Please Implement position limits" or something like that. If they look at our emails at all, they may simply count up the "for or against" from the subject lines and not actually read...

Have a great day prepping and trading!

Fade2Black · Oct 17, 2011 - 10:51am

@ TF

You said it again

"the only folks this site cannot live without are the Tech Team and the moderators."

Again i say .. What is this site without Turdites ?? Without Turdites you have no need for moderators or even this website. Members ARE the most important part of this website. 

Just saying


JimmyTheHand · Oct 17, 2011 - 10:51am

Let's give a loud clap of applause to our MODS!

The MOD's on this site are awesome. Thank you all for everything that you do.

I just want to through out my two cents worth... I think there are a lot of bastards sitting on the sidelines until they hear official word of what the limits are going to be. I feel we will have some jump back in the water directly after that, but I don't think we will have a massive ramp up ($10+)until those laws actually go into place/effect.

The banks are getting their butts handed to them. And I have heard a few good theories (Jim Rickards), mainly that the government is putting in regulation after regulation so that the only thing that the banks can invest in is government war bonds/treasuries etc... If bank x or y decides they don't want to play along the government will let them fail and let the other guys absorb their assets. 

Being a student of history, I have gone back and read some of the things that Eisenhower wrote and openly spoke about. It seems that he hit the nail right on the head. 

If any of you are looking for a good book check out "Where the Wizards Stay Up Late". It is a good book that basically covers the history and creation of the internet from the earliest days. The first chapter or two cover Eisenhower. It's a darn good read.

pforth · Oct 17, 2011 - 10:55am

Weird morning action...

If there's one thing I've been able to count on over the last 6 months it's the 3am smash-down. Only during the biggest strongest up moves has silver (and gold) avoided it. Well we're certainly not in a strong up move but this morning there was a rally at 3am. Don't know exactly what it means but it is different and perhaps this week, a week where the CFTC meets and has the potential of actually enforcing some rules, perhaps different is a precursor to "good".

boatman · Oct 17, 2011 - 10:56am


our system,far from perfect, does need some adjustments.

overall, there is not a better system tho, it to me.

as you get older, u will learn it is about self preservation.

if everyone would just take care of THEMSELVES.........but dream on i tell myself.

i say let the anarchists leave the site.

Shill · Oct 17, 2011 - 10:57am

Ahh thee 11:00 V shaped 

Ahh thee 11:00 V shaped bounce, right on schedule.

Lets see if it has legs.

Gil · Oct 17, 2011 - 10:58am

Sent an email to each Commissioner

Thanks for the "talking points" and everything else.

Edit @Dr. J: Thanks for the email tips, we're on the same page.

Edward G · Oct 17, 2011 - 10:58am


Enoyed quite in-depth interview w Jim Rickards on KWN, who is no doubt very informed... he seems to be saying that the US will 'force the banks to buy bonds', effectively nationalizing and neutering them......driving up inflation and keeping rates low....As i understand it this is is saying that the deflationary 'option' is not being seriously even considered, and that this amounts to a new TARP (?) ...and that after a lot of arm-twisting and defaults in EU and elsewhere, this will be the strategy from the politicians/CB's everywhere....devaluation to pay debts... ergo Gold&Silver is the way forward to protect savings for the savvy.....

I think I've understood that correctly.... if that is the case, I s'pose we may see the resolution of the deflation/inflation debate soon.....I wonder if it means TARP but not QE, i don't really know what i'm talking about, but hey i could have written 'First' or 'second'...

Let's have some imagination of a good result from Gensler and the gang 2moro, while we can, just don't bet the farm on it :)

Shill · Oct 17, 2011 - 11:02am

  Intesa, UniCredit, Popolare

Intesa, UniCredit, Popolare Milano Shares Halted in Mila.

Bay of Pigs · Oct 17, 2011 - 11:02am

Getting pretty old

Maybe I should take up painting and do some natural landscapes.

You know, like waterfalls.

backseatdriver · Oct 17, 2011 - 11:02am

TF Army

Reporting from outside CFTC HQ @ 1155 21st Street, NW, Washington D.C., there seems to be a minor disturbance, in what looks like,....could it be? There have been rumors, OMG it is, Turd Fergusons Yellow Sombrero Army of Patriots. 

Forward,...March. hup 2 3 4. hup 2 3 4. 

Positions: Ready, Aim, Fire(the emails)

LOL, couldn't resist.

Anyway Thank TF, I am determined to have a good week despite the noise.


Irene · Oct 17, 2011 - 11:02am


There are/were anarchists at this site? Say it ain't so!

cpnscarlet · Oct 17, 2011 - 11:02am

Thanks for the Info, Turd

Although it's getting to be like writing to my congressman - gets nothing done and no reply.

The extent of my take on the action this AM is - THE 1681 ANGEL IS ALIVE AND WELL.

And if I had anything more brilliant to say, I would, but I don't.

PS - Any Turdites out there do red and/or green chile? My wife just made a batch of green using a local farm's "Super Hot" chiles. I think a UN inspector is due by here soon to investigate reports of chemical munitions production. HOT!!!!!!

boatman · Oct 17, 2011 - 11:05am


we are nervous because MEK-KO-ZY is/are driving this train

metals are moving WITH the DOW....n we know where thats going ultimately.

sumpin tells me in a flight to liquidity the last best chance to load the truck is coming in the next 8 months.

gonna scare the H out of anyone joined this party in august tho.

then...its to the stratosphere.

TPaine Fade2Black · Oct 17, 2011 - 11:05am

"the only folks this

"the only folks this site cannot live without are the Tech Team and the moderators." 

That attitude will be the death of this community, mark my words.

Save_America1st · Oct 17, 2011 - 11:06am

via Zero Hedge (of course)...

Yuan Gold Trading In Hong Kong On 'Triple Demand' ?- China Positioning CNY As Reserve Currency Tyler Durden's picture

Submitted by Tyler Durden on 10/17/2011 07:25 -0400

· Oct 17, 2011 - 11:08am

short term options?

Mr Baseball13,

Turd and other experienced options traders here have been advising us to buy time. Why do you suggest short term? I see no difference if one is quick to liquidate when TSHF in Europe. And if the system lingers longer than we thought possible, the longer term options have a chance to rebound while short therm options get massacred in a waterfall attack.

I just want to understand your reasoning here. I agree about the rough ride.

cpnscarlet · Oct 17, 2011 - 11:09am

Bank Failure - NJ?

I don't want to read too much into this, but one of the weekend bank failures was in ... drum roll... New Jersey. This is the first time in a long time that I can remember an NJ bank going down. Just another sign of economic slow down, or creeping contagion? You Be The Jury.

· Oct 17, 2011 - 11:10am

@Beinke- you crack me up

Another excellent video- did you take your bug-out bag on this trip? Looks like it might have come in handy, what with all the dysentery in the jungle. Thanks for the smile, partner! Much appreciated.

P.S.- That video collection alone probably has you on some watch-list somewhere. Just sayin'

Shill · Oct 17, 2011 - 11:14am

Fed OKs 'living wills' rule

Fed OKs 'living wills' rule for big banks

WASHINGTON (MarketWatch) - The Federal Reserve on Monday approved rules requiring the largest global financial institutions to explain by July 2012 how they would divide up their assets if they fail. The so called "living wills" rule parallels a regulation approved by the Federal Deposit Insurance Corp. on Sept. 13.

beinki Pining 4 the Fjords · Oct 17, 2011 - 11:15am

now that you mention it

A couple of my military buddies want me to do a video with humor using their bugout bags. How can I say no.

Fremsley · Oct 17, 2011 - 11:15am

London Gold and Silver Investment Summit

Those UK-based Turdites may be interested in the London Gold and Silver Investment Summit on Monday 7th November. Registration is £12. Speakers of note include James Turk and Ned Naylor-Leyland (great interview btw Turd). Ned will be speaking about "The implications of the Pan Asia Gold Exchange" .. good stuff! 

Some of the small-cap miners including one of my faves, Great Panther Silver, will also be presenting.

Details here:

good luck to all this week

backseatdriver · Oct 17, 2011 - 11:16am


Did anyone get the Monday morning memo when this thing is going to blow up? I am with BOP. This sideways consolidation is some type of awful. Good, bad or ugly lets get on with it world.


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