Doubling Down

Mon, Nov 7, 2011 - 9:22pm

I've got some good stuff for you tonight. Let's get started.

First of all, my firsthand experience with MFing Global today. My puny, little account has been transferred to a firm called R.J. O'Brien in Chicago. My current positions transferred over intact but the cash did not. Now, it's not like it's make-or break money. It was only $3,100. However, where did it go? The nice people at R.J. O'Brien don't seem to know nor do they have any idea as to whether or not I'll ever "get it back". So, all the press regarding MFing Global co-mingling and plundering their client's funds is apparently true. My $3M as well as everyone else's cash has been, for lack of a better term, stolen. Not cool.

So who are the thieves? Well, obviously MFing Global executed the theft, that much we know. But who received it? And why do they get my money instead of me? And isn't it a crime to receive stolen property? Unfortunately, I'm sure it'll be quite some time before we get any answers. I'll keep you updated regarding this ongoing saga as we go through this month but, for now, that's all I know.

OK onto the charts and, boy-oh-boy, do I have so good stuff for you tonight. First of all, do you recall this post from two weeks ago tonight? I encourage you to take a moment and reacquaint yourself with it:

The "money shot" of the post was a prediction of a 10% rally in gold over the next 5 weeks or so. Well, we're almost there. At $1795 in the Dec11, I just need another $15. (I sure hope I get it. I don't want those loser delta-bravos over on the Kitco boards to start whining about me again.) The chart sure looks like $1810+ is in the cards so I'm feeling pretty good right now. In fact, take a look at the chart below. Note that gold is once again breaking UP through the 3-year, QE-world channel. IF it can hold this position through the week, a move back to the old, all-time highs of 1920 would seem a near certainty. And quick, too. Probably before Thanksgiving.


Wow! $1900+ by Thanksgiving would be great, wouldn't it? Yes, it would but what's really got me worked up tonight is silver. First of all, back to the post from two weeks ago. The gold chart below is lifted and reprinted from that post:


As I wrote in that post, note that gold had finally broken through the downtrend line from the September highs. Resistance then became support and gold rode the trendline back down before breaking away and moving higher. This chart was the basis for the whole "10% rally in November" stuff. Look at it very closely.

Now, take a moment and look at the chart below. See any similarities?


I think the chart pretty well speaks for itself. If silver now follows gold it, too, should rally at least 10%. Let's see...$35 + 10% = $38.50. Hmmm. $38.50, huh? Why does that sound familiar? Oh, yah...I've been saying $37-$39 silver for the past two weeks, too! Here's another perspective, this time on a daily chart:


In fact, I'll raise even raise the bar a little higher. Go back up to the 12-hour chart above. Though $37 will provide resistance and $39 will provide even more, I think silver could trade all the way to the new "target" of $41 before stalling. By when, you ask? Let's shoot for December 1.

So, to sum up...Gold looks great. It's a near certainty that it will soon trade to my $1810 target but I don't think it's done there. By closing this Friday above the 1790-1800 area, gold will be primed for a very quick catapult back toward the old all-time highs above 1900. Silver looks to be almost exactly where gold was two weeks ago. If it continues to follow the same pattern as gold, it will trade to $39 before Thanksgiving and perhaps even into the low 40s by 12/1/11. Do not expect a smooth upward ride. Volatility is only going to continue to increase but, until these patterns break down, the smart move would be to buy the dips.

Trader Dan has given us a great HUI update:

And "Tabberto" turned some of us onto this earlier today. Coming soon!

Four Horsemen - Official Trailer I

OK, that's it for today. Let's see if we can break $1800 overnight before the London boys take over. More in the morning. TF

About the Author

turd [at] tfmetalsreport [dot] com ()


DeltaCharlie · Nov 7, 2011 - 9:29pm


Good stuff, Turd!

redwood · Nov 7, 2011 - 9:35pm

Great Turd.  Glad you didn't

Great Turd. Glad you didn't lose too much money. Thanks for all you do.

question · Nov 7, 2011 - 9:35pm

Thanks Turd for the Upbeat Update

From your mouth to the markets. They go up, they go down; about time for some up me thinks.

FleetFeet · Nov 7, 2011 - 9:35pm

Exciting day

What a great day to watch the miners move along with the metals.

AlienEyes · Nov 7, 2011 - 9:42pm


When I got to Norm Chump-sky, I knew I had been had.

CarolD · Nov 7, 2011 - 9:44pm

Former Clients for MF Global

Wow Turd, you are certainly calmer than I would be.... If someone came into your house and stole $3100 (or a couple of your gold eagles), I can't see where this is a whole lot different. What about the folks that had $30,000 or $300,000 in their accounts.... but hey, maybe I'm a drama queen!

Darth Smoker · Nov 7, 2011 - 9:47pm
tmosley · Nov 7, 2011 - 9:48pm

Wait, wait, wait.  Did they

Wait, wait, wait. Did they steal $3100 or $3.1M from you?

single6 · Nov 7, 2011 - 9:49pm

Sit tight and be right

Nothing in the past few years has been fixed.....nothing.

BASEBALL 13 · Nov 7, 2011 - 9:53pm

MFing Global & Your Cash

Don't you know they need that money to pay the attorneys and the bankruptcy trustee, and JP Morgan which got a first lien on all MF Global assets within 8 hours of their declaring bankruptcy. It's just like the BOA settlement just announced - the plaintiffs will get a few pennies, literally (and they're not the copper ones), while the class action attorneys will get the big check.

redwood · Nov 7, 2011 - 9:54pm

I think Turd may have meant

I think Turd may have meant 3K. 3M is a whopping amount of money, even to people like Soros and Buffet.

ewc58 · Nov 7, 2011 - 9:56pm

You like Silver, I like Silver, Jeff Nielson likes Silver....

Silver: The People’s Money

Articles & Blogs - Silver Commentary

In my writing a couple of themes occur with regularity: how “fractional-reserve banking” (with purely fiat currencies) is nothing less than serial stealing from the general population; and how gold and silver can protect people from this cycle of theft.

With respect to fractional-reserve banking, the theft is obvious. The bankers print up vast quantities of their paper currencies ‘out of thin air’, at no cost to themselves – but with the full benefit of that money. Thus their own “wealth” increases exponentially, and without the bankers earning a single penny of it. However, by diluting our currencies in this reckless manner they drive down the value of our money – reflected in higher prices (i.e. reduced purchasing power). We get poorer and poorer; they get richer and richer.

Given that we have a corporate propaganda machine which has spent more than forty years trying to disguise this serial stealing, it is no surprise that it often takes a long time for this reality to sink into peoples’ minds. Sadly, even once people understand the stealing which is taking place, they often aren’t able to piece together how precious metals are the “cure” for this chronic condition.

Boondock · Nov 7, 2011 - 9:59pm


It is common to abbreviate 1000 with 1M (mostly in the states). They then abbreviate one million with 1MM.

Turdle GG · Nov 7, 2011 - 10:03pm

You'll get your $3,100 from ......... us!


If gold and silver do rise to those levels and in those time-frames, I think wealthy Turdites "feeding the Turd" might be enough for you to get your $3100 back....

Bay of Pigs · Nov 7, 2011 - 10:07pm

London PM fix

came in @ $1782 today. Gold has not really spent much time above $1800 (Aug 18-Sept 21). The thing that is different from back in Sept is that silver was trading at $40-43 then, and not $34-35 like right now. 

For comparison, back on April 28th gold was @ $1535 when silver was $48.70

Looks like silver has some catching up to do.

CYM · Nov 7, 2011 - 10:16pm

My guess is that your cash is

My guess is that your cash is in the hands of MFG's 1st secured creditor who seized it. No idea who that is though. Thanks for the update.

Jasper16 · Nov 7, 2011 - 10:16pm

If China/India comsume 85% supply? WTF

JPMorgan commodities analyst Michael Jansen said retail bullion demand from China and India together amounted to 2,000 tonnes a year, about 85 per cent of the world's annual mined supply.

So just how the hell are central banks, GLD, Comex and private investors all getting only 15% at these prices. Can you say paper gold fraud, hmm hmm?

cpnscarlet · Nov 7, 2011 - 10:33pm

SONY an acronym?

OK, I know I won't get anything for this but being accused of being brainwashed by the powers that be, but going all the way back to the 1970s, I was told that the word "SONY" was an attempt by the corporation (whose original Japanese name escapes me) to come up with a catchy name to put on products shipped to the US. The advertising firm that created the name said that it sounded bright and happy like "Sunny Boy" and perhaps to Japanese corporate execs, it sounded close enough. It is not some stretched-out-of-shape Japanese word or an acronym. How do I know this? When my dad was a stock transfer agent for Chase back then, I think it was the initial offering for SONY/American shares (or holdings - not sure) that he was involved with and had that whole "SONY" corporate story neatly told to everyone at Chase. 

But of course, what do I know? I was just born yesterday, brainwashed by TPTB, and not half as smart as most conspiracy theorists, especially ewc58.

If I could find a good groveling clip on YT, I'd insert it here.

redwood · Nov 7, 2011 - 10:35pm

JohnG, That is really brutal,


That is really brutal, I feel for you. I hope you got the best lawyers you could find. May help you sleep at night. If not, seek help from your doctor because this could go on for a while yet.

cpnscarlet · Nov 7, 2011 - 10:38pm

At least Wikipedia agrees

I guess we both have been brainwashed. Rinse cycle please.

AC_Doctor · Nov 7, 2011 - 10:39pm

Madoff ex-clients file $19 billion suit against JPMorgan


Madoff ex-clients file $19 billion suit against JPMorgan

NEW YORK | Mon Nov 7, 2011 7:27pm EST
NEW YORK (Reuters) - Former customers of Bernard Madoff's massive
Ponzi scheme filed a class action lawsuit on Monday seeking to recover
$19 billion from JPMorgan Chase & Co, claiming the bank willfully ignored
signs of fraud.
JPMorgan was Madoff's bank for two decades. The lawsuit, filed in federal
court in Manhattan, claims the bank was "thoroughly complicit" in
concealing Madoff's fraud.
The lawsuit comes less than a week after a federal judge threw out a similar
suit from Irving Picard, the trustee seeking money for Madoff's victims,
ruling that he did not have standing to seek money from the bank. Instead,
U.S. District Court Judge Colleen McMahon ruled, only victims of the
scheme can pursue such claims, leading to Monday's lawsuit.

 continued below-hahaha suck it Blythe!
Irene · Nov 7, 2011 - 10:39pm


You have my sincerest sympathy. Our business has to come up with $50,000 this week because some a**hole utility couldn't get our power up in 9 days. Nine days. Insurance won't cover the losses because it only kicks in if there's a direct hit by a downed tree to your property, not if power went out due to downed trees next door, as most business people in Connecticut were just rudely informed.

When regular folks who work their whole lives see their savings and capital disappear *snap* - like THAT - and our government officials and social elites do nothing to stop the carnage, that society is finished

redwood · Nov 7, 2011 - 10:42pm


Also read ACdoctor's post carefully.

JohnG cpnscarlet · Nov 7, 2011 - 10:42pm


Its founders Akio Morita and Masaru Ibuka derived the name from sonus, the Latin word for sound, and also from the English slang word "sonny", since they considered themselves to be "sonny boys", a loan word into Japanese which in the early 1950s connoted smart and presentable young men.

Little bit wired tonight. Too much coffee on too little sleep......

redwood · Nov 7, 2011 - 10:45pm

Try  some chamomille tea

Try some chamomille tea instead of coffee. It's a mild sedative.

Louie · Nov 7, 2011 - 10:47pm

Turd, JohnG & others

I really feel for the folks who are hung up in the MF Global mess. Hope that you get all of your money back, that you are not forced into losses by the transfers, and that we all see some justice done. Fraud is fraud and somebody needs to be punished. 

cpnscarlet Irene · Nov 7, 2011 - 10:54pm

@Irene - I am truly sorry for

@Irene - I am truly sorry for the hard times you're going through, but expecting government officials and elites to take car of the fall-out from mother nature being a bitch, keeps them on the phony pedestal that allows them to control us. It also should show us who is still in charge of everything and it ain't them. Even if your taxes/utility bills were twice as high, there still wouldn't have been enough on-alert crews to take care of this in a day or two.

I'm not trying to rub this in your face, but nature still operates on a scale that we only delude ourselves into thinking we understand and/or can control.

JohnG redwood · Nov 7, 2011 - 10:54pm


Yeah, sorry if I vented a bit.......

The lawyers are top notch, I try not to bug them too much, it's very expensive.

Hate drugs, a perimeter run with my dogs (about 3 miles) and a fair bit of scotch does it for me. Chase a husky for 3 miles and you'll know what I mean.


¤ · Nov 7, 2011 - 10:56pm

Thanks Big T

Now all we need is some life blown into the options market.

They've sucked the air right out of them Kicking Dirt

waxybilldupp · Nov 7, 2011 - 10:57pm

Keep on stackin'

Days like today, ... the last several, in fact, just confirm the true path of stackin'. Could anyone not believe that $1600 per ounce was a gift of free fiat from the EE. Thanks Blythe. All I can say is, ROCK ON!

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