Ahhhh....

265
Wed, Nov 2, 2011 - 9:34am

OK, after the madness of yesterday, isn't it nice to have some relative peace and quiet this morning? It's guaranteed NOT to last as we have another fun and exciting FOMC statement and Bernank news conference this afternoon. Oh well, for now, enjoy the quiet.

Our precious precious metals have rebounded nicely from support and are poised to move higher. The question, of course, is will they? I suspect that The Bernank will have a say in the matter later today.

paper_11-2amgold.jpgpaper_11-2amsilv.jpg

That's all for now as I am rushing to an important meeting. More later, after the FOMC silliness. TF

About the Author

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

  265 Comments

ericplatham
Nov 2, 2011 - 9:36am

Crawling through $34?

$34 was just taken... and pretty hard.

ggnewmex
Nov 2, 2011 - 9:37am

GOod MORNING

Just listened to your Jim Comisky audio last night. Was out of the country... very good

appreciate it. Not much to said other than keep up the good work...

sorry your a Husker fan, LOL

Greg

Silverman
Nov 2, 2011 - 9:37am

Ahhhh. 

Ahhhh. 

GoldMania3000
Nov 2, 2011 - 9:38am

Will they or will they not...

QE3 or will they set the stage for QE3. Predictions anyone.

I think they set the stage....

fats
Nov 2, 2011 - 9:41am

qe3 or not?

Half of what I've been reading this morning is leaning towards Ben announcing qe3 today and the other half is saying that he'll just talk about announcing it in the future. Either way, sounds like qe3 is officially on the table. I kind of hope that the latter is true, so that it gives us more time to stack physical before the official easing starts.

exiledbear
Nov 2, 2011 - 9:42am
Shill
Nov 2, 2011 - 9:42am

Thanks TF, and I would like

Thanks TF, and I would like to take this opportunity to mention the great job numbers this morning. Big shout out to the Great American Employers of this country.


Note: Masters and Bachelors degrees required, others NEED NOT APPLY

Tyler
Nov 2, 2011 - 9:46am

QE3

they have already been paving the way, so i don't see why today would be any different. no announcements except keeping it on the table

redwood
Nov 2, 2011 - 9:47am

Oh Jesus,  tears are

Oh Jesus, tears are streaming down my face again... you're in prime form again Shill.

LaMachinna
Nov 2, 2011 - 9:49am

Good morning

Thanks Turd for the update. Turd, you just rock man. We aren't worthy.....we aren't worthy....laugh

Just did my morning perusal @ Zero Hedge, catching up on some mornin' news....

You know you are in the matrix after reading this "shtuff" and then you see the market up, up and away. The crazier it gets, the less crazier I know I am. For that, I am very thankful. 

Peace to you today brothers and sisters.

Out-LaMachinnacool

Bezalel
Nov 2, 2011 - 9:53am

Morgue Wins First Round Against Madoff Trustee

Irving Picard has done an amazing job as trustee for the Madoff investors, recovering at least half of the money so far.

However, a trial court judge has held he has no standing to go after JPM. Picard says that he will take it to the appellate court.

https://www.huffingtonpost.com/2011/11/02/madoff-victims-lawsuit-jp-morg...

redwood
Nov 2, 2011 - 9:56am

Nov 2, 2011 - 9:58am

Please tread carefully

Seeds being sown for a ho-hum Bernanke speech today:

https://beta.finance.yahoo.com/news/fed-pause-sow-seeds-more-172440388.html

And yet the markets are in melt-up mode- Gold, Silver, SPY, Oil all gaining nicely - and all the while the Greek 'referendum' on austerity is threatening to topple Italy, of all places:

https://www.telegraph.co.uk/finance/financialcrisis/8863677/Greek-vote-sets-off-pandemonium-engulfs-Italy.html

Please be cautious for the next few days: remember the aftermath of the last time Bernanke spoke (Sept 21) and there was pre-speech expectation of some form, or a promise of, future QE. Instead, Bernanke announced a mild vanilla 'twist', and gold went from 1800 to 1600 in the next three trading days, while silver went from 40 to 27 in the same time period. The guy really hates 'tradition'.

All the cool kids are sitting on dry powder... just sayin'.

ewc58
Nov 2, 2011 - 9:59am

Morning Turd & Town

yeah they're tamping down the panic ahead of FOMC & Bernank... Listening to Faux Biz this morning you'd think yesterday never happened.... the talking points are that there will be no new QE today because, you see, the economy is showing strong signs of improvement and heck we just don't need it.

Ag holding 34 for now:

Some very nice results from ATAC released today:

November 02, 2011 - ATAC Resources Ltd. (TSX-V:ATC) is pleased to announce assay results for 18 diamond drill holes from the Osiris Zone and the newly discovered Isis East Zone, located within the Nadaleen Trend of the Company’s wholly-owned 1,600 sq/km Rackla Gold Project in central Yukon. 

Osiris Zone The drill holes at the Osiris Zone have tested two distinct settings for Carlin-type gold mineralization, the steeply dipping Osiris Shear structure and near surface stratabound mineralization. Significant assays from the Osiris Zone drilling are tabulated below:

OSIRIS ZONE ASSAY RESULTS

Hole ID

From (m)

To (m)

Interval (m)

Au (g/t)

Comments*

OS-11-039

73.46

91.95

18.49

3.49

Osiris Shear/Oxidized

including

85.65

91.95

6.30

7.64

and

152.70

155.75

3.05

4.76

Osiris Shear

OS-11-047

91.50

97.23

5.73

3.46

Osiris Shear

OS-11-049

1.87

28.60

26.73

1.83

Stratabound/Oxidized

OS-11-052

106.07

121.31

15.24

3.40

Osiris Shear/Oxidized

OS-11-053

0.41

31.39

30.98

3.09

Stratabound/Oxidized

including

7.60

28.15

20.55

4.09

OS-11-055

1.42

27.54

26.12

6.08

Stratabound/Oxidized

OS-11-057

1.75

23.77

22.02

4.14

Stratabound/Oxidized

including

3.96

14.63

10.67

7.18

and

179.22

183.79

4.57

3.73

Osiris Shear

and

226.70

233.05

6.35

3.85

Osiris Shear

OS-11-061

3.96

26.82

22.86

2.77

Stratabound/Oxidized

including

3.96

13.11

9.15

3.78

and

390.98

395.63

4.65

4.59

Fr. Bill GoldMania3000
Nov 2, 2011 - 10:03am

When is QE3 QE3? Or not?

QE3 or will they set the stage for QE3. Predictions anyone.

​Ootaaaay, a newbie here in Turdtown, I have a question about the above-referenced question.

Over at Zero Hedge there's a story with this headline

US Plans To Issue $846 Billion In Treasurys In The Next 6 Months, 35% More Than Previous Year

Why does this not amount to QE3? Yes, I know that QEx means that the Fed creates FRNs to purchase Treasury debt, but does anyone have any reasonable expectation that the Fed is NOT going to be overwhelmingly the purchaser of this $845 Billion in treasuries? 

Asked another way -- is it QEx only when it's the Fed that purchases Treasuries? 

Getting this sorted out would help me read/digest the financial news, both here and in othe rplaces.

For whatever answers are forthcoming, thanks till sparrows weigh a ton.


Nov 2, 2011 - 10:05am

re:QE3

Not happening today. too soon. the sheeple still don't see all that's wrong.

Shill

There is still alot of entrepreneurial spirit in this country and good independent contractor opportunities where one doesn't have to work for corporate america. Two year trade diploma required

Tom L
Nov 2, 2011 - 10:07am

Israel to strike Iran?

https://www.zerohedge.com/news/sky-news-reports-israel-preparing-preempt...

With apologies to the re-post in the new thread, but this may be worth it.

Gold is never up in the face of a speech by the Chairistan.

Ta,

Shill
Nov 2, 2011 - 10:08am
Aram
Nov 2, 2011 - 10:09am

Small and microcap pure gold plays have best performed

"Gold mining stocks: going sideways with small and microcaps doing well

An analysis of the performance of gold mining stocks vs the gold price shows that those which look to have performed best in the year to date are small and microcap pure gold plays.
---
To conclude, we have focused on the relative pure plays in gold mining stocks as a way of highlighting those stocks that would best benefit from the continued upward movement in gold prices. Whether you accept the gold price argument at the beginning of this article or think, like others, that gold prices are at the bottom of a "V" price pattern with their next probable move being up, it would behoove an investor to look at the small and micro-cap stocks for their potential pure play benefits."

https://www.mineweb.com/mineweb/view/mineweb/en/page103855?oid=138654&sn...

Shill
Nov 2, 2011 - 10:11am

• Recent polls by the To Vima

• Recent polls by the To Vima newspaper have shown that 59% of respondents do not agree with the deal struck on Thursday the 27th at the same time as a large majority (73%) want Greece to remain a part of the Eurozone.
• Thus it is possible that the ruling party will link the two issues in an attempt to force the outcome.

Germany refuses to rethink Greek bailout - European debt crisis live | Business | guardian.co.uk

¤
Nov 2, 2011 - 10:16am

34.50

It served as some pretty strong resistance on Monday and just held that line for the most part. We're getting close it and it should get interesting right there. Just a observation.

Santa's Elf
Nov 2, 2011 - 10:18am

QE3???

Chalk my vote up to echo the sentiments of Green Lantern. There simply hasn't been enough pain in the markets to justify QE3 at this point, IMO. My guess is the more likely announcement of QE3 will come at the Dec 13 meeting--Merry Christmas Inflation Lovers!

Fr. Bill
Nov 2, 2011 - 10:20am

Re: When is QE3 QE3? Or not?

It is exactly the same thing as printing FRN's and putting injections into the economy. However, this injection goes directly to the federal goverment. It's plain and simple inflation and debasement of the currency. Even with QE3, it won't fall uniformly through the economy. They will simply inject into area's that will benefit the goverment and corporations that require stimulus to support goverment's plans. A good stimulus will make people feel like they just got an injection of demerol. It will provide a temporary euphoria followed by a shocking reality and panic.

The rule book doesn't say that have to use a QE3 to continue inflating. They could just continue these covert tactics ad infinitum. 

MollyRatchet
Nov 2, 2011 - 10:21am

@DPH

DPH,

Sorry I did not respond to your posting last night regarding the Wings ... the bed sheets called me before I had a chance to read it ..

They started the season out great .. however are currently in a 5 game slump ... not sure why. Hopefully they can get their act together before this becomes the normalcy.

But hey .. the Tigers did well this year, almost made the World Series ... and the Lions, wow quite the surprise here in Motown. Maybe get to the playoffs but not a Super Bowl contender .. who knows.

Take care ..MR

Tom L
Nov 2, 2011 - 10:25am

HUI

is approaching the all-important 580 level. If you are expecting the Chairistan to say things that are bad for gold, this may be a small selling opportunity. Again, there is the overhead gap that'll take the HUI back to 606 in a heartbeat but it has to get through 580 to get there. I'm not seeing any desire to take this market higher right now.

https://stockcharts.com/h-sc/ui?s=$HUI&p=D&yr=0&mn=5&dy=0&id=p23576504257

Ta,

Cleburne61
Nov 2, 2011 - 10:26am

Guys, it's getting very real

Guys, it's getting very real now.

The counter-party risk and chances of contagion and systemic collapse in the banking/financial system is beyond epic. A Hollywood movie couldn't fully capture what is going on here. Which bank will be next? Will your stocks be affected? Should you take delivery of your stock certificates? I don't know about y'all, but my gosh, these are all questions that weren't even in my consciousness 5 years ago.

Yet here we are. And guys, I'll be honest with you, last night I sat down with my parents...and had a long talk about how to strategize financially over the coming months. They know what's going on, but it sure helps to have a plan: when to order your phyzz, how much to order, do they ship in less than a month's time, etc. Hell, we even went over having a supply of freeze dried food handy(they already had it, I was so proud of them). If you haven't had "the talk" with your parents or grandparents, it's well past time you did so. I know it could be awkward, but if the tables were turned, wouldn't you hope they'd love you enough to be honest with you before things fell apart? Having the talk is an act of love.

Beyond that though...if what folks like Bix Weir, Turk, and Ed Steer are saying is true though, the planet will be doing tremendously well if we make it to Christmas without our whole system being a smoldering ruin. What will the Greek vote today do to this situation? Folks, this referendum is a forgone conclusion. Unless the pollsters can concoct a stroke of Diebold genius, the people aren't going to approve another bank bail-out.

We all know that. How long will that give Italy? Seriously, reading Krugman this morning was beyond unbelievable: massive Italian bank run, a return to the Lira!? I couldn't believe that he'd actually admit something that was true...maybe he's that scared. And if the paid disinformants are screaming the sky is falling...how much worse is the damage that we can't see?

All I can say is...I'm trusting God, and trading paper rectangles and electronic 1's and 0's.....for money.

To give us some perspective, underneath is a picture from Ed Steer of some newly discovered buried treasure that some anonymous English nobleman buried to protect, probably during a time of war. Unfortunately he was never able to come back to reclaim it....but, the point is....hundreds of years later, kingdoms have risen and fallen...but ya know what? 

That stash is still there. 

Keep yours handy and be safe my friends.

 

Aram
Nov 2, 2011 - 10:28am

Parliament Starts Deliberation on Controversial Mining Law

"Australia's controversial 30 per cent minerals resource rent tax (MRRT) law gets introduced to Parliament on Wednesday amid political grandstanding and divided sentiment of voters.

Independent MP Tony Windsor had said he wants all coal seam gas (CSG) exploration suspended until definitive results are given by independent research of CSG's impact on the environment. 

"I'm not open to negotiation. I've made it plain that unless something is done then I won't be supporting the legislation," Windsor told ABC Television on Tuesday.

Last month, a poll participated by almost 2000 people conducted by the Australian National University showed 81 per cent supported a tax on quote "very profitable" mining companies, and 59 per cent believed mining companies should pay more tax.
...

Revenue from the MRRT is expected to fund a billion-dollar tax break for small business, a cut to the corporate tax rate, an increase in compulsory superannuation contributions and improve regional infrastructure.

Apart from the MRRT, debate on the Petroleum Resource Rent Tax Assessment Amendment also gets introduced to the Lower Parliament on Wednesday. The draft Petroleum Resource Rent Tax Assessment Amendment aims to extend the tax to all oil and gas projects. Nine other related bills are also being continuously debated on.

The entire package will be referred to the House of Representatives economics committee, after which committee submits a report to parliament by November 21.

Government is hoping the bills will pass the lower house by yearend."

https://m.ibtimes.com/parliament-starts-deliberation-controversial-minin...

Shill
Nov 2, 2011 - 10:28am

Agreed I see absolutely no

Agreed I see absolutely no reason for QE3 none. Remember someone out there took $700 million large worth of SPX 1200, 1205 and 1210 puts for December, keep a sharp eye..

iatrosgk
Nov 2, 2011 - 10:42am

Still trading stocks?

My teacher in stock trading is in a good mood these days. He bought at the bottom and is encouraging his students to trade with the rules he taught us. As for me, my money is all in gold and silver. I do not have the time to trade lik h does. My feeling is that they are playing on the beach while the tidal wave is approaching. I did feel somewhat unhappy when he made a remark that his 30kg silver slab is useless. OK let see who is right in the end.

ewc58
Nov 2, 2011 - 10:44am

TBAC: another piece of the puzzle

Tyler Durden's picture

The Supercommittee That Really Runs America - Presenting The November 1 TBAC Minutes

Submitted by Tyler Durden on 11/02/2011 - 09:26 Bank of New York Blackrock Borrowing Costs Debt Ceiling Department of the Treasury Federal Reserve Federal Reserve Bank Federal Reserve Bank of New York fixed Goldman Sachs goldman sachs Gross Domestic Product KIM Medicare Paul Tudor Jones Real estate recovery REITs Securities Industry and Financial Markets Association Supplemental Financing Program Tim Geithner Treasury Borrowing Advisory Committee

With Tim Geithner having proven repeatedly and beyond a reasonable doubt he has insurmountable intellectual challenges, many have wondered just who it is that makes the real decisions at the US Treasury? The answer is, The Treasury Borrowing Advisory Committee, or the TBAC in short, chaired by JP Morgan and Goldman Sachs, which meets every quarter, and in which the richest people in America (here is its composition) set the fate of the US for the next 3 months in the form of a very much irrelevant report to TurboTax (link). What is of huge importance, however, are the minutes, which unlike the FOMC, are released immediately following the meeting. Below are the full minutes from the latest TBAC meeting held yesterday, just released by the US Treasury (and yes, the issuance of FRN Treasurys, corporate cash hoarding as well as the resumption of the SFP program are both discussed - like we said: these guys run the world) as well as the critical associated powerpoint.

Become a gold member and subscribe to Turd's Vault

Contribute

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 1/21

1/22 10:00 ET Existing Home Sales
1/24 9:45 ET Markit Manu and Svc PMI
1/24 10:00 ET Leading Econ Indicators
1/25 8:30 ET Durable Goods
1/25 10:00 ET New Home Sales

Key Economic Events Week of 1/14

1/15 8:30 am ET Producer Price Index
1/15 8:30 am ET Empire State Mfg. Index
1/16 8:30 am ET Retail Sales
1/16 8:30 am ET Import Price Index
1/17 8:30 am ET Housing Starts
1/17 8:30 am ET Philly Fed
1/18 9:15 am ET Capacity Utilization and Ind. Prod.

Key Economic Events Week of 1/7

1/7 10:00 ET ISM Services Index
1/7 10:00 ET Factory Orders
1/9 2:00 ET December FOMC minutes 
1/10 Speeches from CGP, Goons Bullard and Evans
1/11 8:30 ET CPI

Recent Comments

by J Siefert, 52 sec ago
by Libero, 7 hours 26 min ago
by NW VIEW, Jan 23, 2019 - 11:55pm
by Turd Ferguson, Jan 23, 2019 - 11:10pm
randomness