Fri, Nov 11, 2011 - 10:21am

Just a short update this morning as The Turd has a big weekend planned and it all gets underway in a couple of hours.

First of all, your charts. We seem to have survived the quick, 48-hour selloff/correction/setback...whatever you want to call it. Though I had hoped gold would hold 1750, it did find support between 1740 and 1750 and, with the benefit of hindsight, you can clearly see that support should have come in there. As to where we go from here, we finished last week at 1756 so anything above there would be terrific. From the looks of the charts this morning, I imagine we'll finish the day somewhere around 1775 or 1780.

Silver held in quite well this week and simply needs a close above $34.08 to close the books with another UP week. Always remember, "what had been resistance becomes support and vice versa". $33 is a magic level for silver. After the September correction, it took silver 5 weeks to crawl back above that level. It has now used 33 as support for the two weeks since. Look for this to continue. In fact, support for silver is from 33 down to 32 so only a dip and close below 32 would signal a trend change and cause me to rethink my $39-41 target.

You might enjoy this next item. Back on Tuesday, I had the honor of being a guest for one of Chris Martenson's podcasts. I was a little worried about how it would turn out as I has strained my back on Sunday and I was into the muscle relaxers pretty good. I'm happy to report that it seems to have come off OK. I hope you agree.

Turd Ferguson: The Inexorable March Higher For Precious Metals

TF out.

About the Author

turd [at] tfmetalsreport [dot] com ()


Nov 11, 2011 - 11:33am

Nice words

Well worth a Turd Feed...sorry it's low-calorie at this time

ScottJ Eric Original
Nov 11, 2011 - 11:36am

Turds Bottom Was Good...

Turd's passion to help others is better ;)

His calls are not as good as the genuine care he has for others.

P.S. -- Sorry about the mix-up of dates Turd Ferg! I tend to get lost in my own thoughts sometimes.

Looking forward to the next year!

Nov 11, 2011 - 11:44am

Eric O- yup, Turds Bottom is legendary

I will never, for the rest of my life, forget Turd's 26.50 silver bottom call- truly epic. Trading that via AGQ for the next three months was a truly religious experience. 120 to 360 in about 90 days. Unbelievable.

That was also around the time I think I gave you the idea for your name- you were going by Eric #1 and I told you that when I saw your posts I always thought of you in my head as "The Original Eric". Good times, good folks.

edit- You are right ScottJ88, the man may be aces as a chartist, but he is an even better human being. Dang, seems like a decade has been crammed into the last 12 months... internet time just go faster than regular time.

Ferd Torgerson Swift Boat Vet
Nov 11, 2011 - 11:47am

@ Swift Boat Vet

Thanks for posting that. If you are old enough to be a Swift Boat Vet, you're probably old enough to remember the TV series of the 1950's "Navy Log". That show often opened or signed off with the "Navy Hymn". It was especially meaningful to my family as my older brother was in the Navy at that time and we watched each week, out of a sense of loyalty to him.

I had thought I'd serve in the Navy when I got older as well, but, as it turned out, it was Army for me. No regrets. I salute all my fellow service brothers and sisters today, past and present, along with their loved ones.

May God bless you and keep you safe until you return to us.

Be Prepared
Nov 11, 2011 - 11:49am
Eric Original
Nov 11, 2011 - 11:50am

Turd's Bottom

At that time I was plunging in with my first miners position in almost 10 years. Put a big pile into SLW and made some serious coin. Been working with the proceeds from that ever since. It's been some tough sledding in the miners since April, but I have a sneaky feeling the good times are getting ready to roll again!

Nov 11, 2011 - 11:54am
Nov 11, 2011 - 11:55am

Thank You!

Men like You TF, are rare and invaluable. Your selflessness and moral compass, Your hard work and efforts, to promote others to achieve an awareness of right and wrong, does great service to Your Country and fellow Man. You, have earned Our respect. I find it very fitting that Your efforts should be recognized on this, the same day that We honor the brave Men and Women who made the ultimate sacrifice to protect the values of Freedom and Liberty. Peace be to all interned in the hallowed ground of Truth and Valour, God grant respite to Our lost Sons and Daughters. Amen

Nov 11, 2011 - 11:56am

What is MONEY ?

It's gotta be the "Mother of all Acronyms" ! To wit: Means Of Negotiating Easily Yearround ! Monedas 2011 Comedy Jihad Coining Phrases

even steven
Nov 11, 2011 - 11:57am

More MF Global... clawback effect?

From Karl Denninger:

"Now let's talk about the ugly: The potential for clawbacks. This possibility entirely eviscerates SIPC protection and renders it worthless, and it's real.

Let's assume you detected the problem at MF Global by your own analysis and moved your money somewhere else. If fraud is later discovered -- that is, you were right -- it is possible for the bankruptcy trustee to file a clawback action and attempt to force your money back into the firm to pay the creditors of the estate!...

I don't want to overstate this case, because the risk of a clawback action (especially a successful one) is not very high. But it does exist, and those who claim it doesn't are wrong. It happened in the Madoff case and it can happen here. Remember that in the Madoff case people had statements claiming investments were bought that turned out to be frauds. You'd think the SIPC would cover this case, at least up to $500,000 in securities, since they were "missing" due to fraudulent activity. But the potential for a clawback action means you're wrong about this alleged "protection" -- there may in fact be NO protection at all in the event of fraud".


Nov 11, 2011 - 12:02pm

Perhaps it is time for the illuminati posts to move to the forum

Please could you post illumunati stuff to the conspiracy forum. I think it is fair to say that the information has been presented on the main page many times - and it doesn't change. If something new comes to light, please share. But I have seen the pyramid and I fail to tremble beneath it's mighty eye - I do not even dispute that there are powerful people who meet in secret. But attributing satanic powers to them belongs elsewhere - and there is a forum for it. Our mundane world has enough problems for us.

Nov 11, 2011 - 12:06pm

Thanks TF and Happy 1st

Thanks for the self sacrifice to Turd and TFMR and to all who served this country so willingly. I hope and pray for better days for all of us.

I hope your initial vision continues to flourish and that the scales would fall from the eyes of those who are sleeping.


Nov 11, 2011 - 12:07pm

Folks I'd Like to Thank

1. Turd - I told you once and will tell you again because it can't be said enough: you truly are a "Man for Others," as the Jesuits like to say, in the purest of ways.

2. Turdites - Aside from my clan of 5 (wife, 3 kiddos, me) and soon to be 6 (due date 11/18), I couldn't be more proud, honored and lucky to be a card-carrying member of your clan. Happy Anniversary.

3. Our Veterans - It matters not that I only became an American in 1996. I couldn't be more proud of and grateful to our brave men and women. Let us remember them. God bless them all.

Nov 11, 2011 - 12:10pm


Bankruptcy trustees can in fact file "preference" claims against certain payees of a bankrupt entity within 6 months in order to put the estate in the condition it "should" have been upon filing, to prevent a debtor from selectively paying vendors, etc. I'm not sure how that would apply to investors that simply withdrew money that belonged to them, rather than getting repaid money that was owed to them.

If the trustee is good in the MF Global case they will find out who made those last-ditch loans and made off with the customers' collateral that was lost (there is a good Forbes article online that explains what likely transpired). THOSE assets should be restored to the estate to return/pay out to investors.

I wonder if this is over the head of the ordinary Chapter 11 Trustee... I suppose they routinely engage consultants for complicated cases like this. Maybe in 5-6 years there will be some resolution (if investors are lucky).

Nov 11, 2011 - 12:14pm

After this last week this is

John Cougar Mellencamp - Crumblin' Down

After this last week this is what seems to be happening!

and congrats on 1 year

nobody can predict the future, but it sure is nice to have some incite on it.

Nov 11, 2011 - 12:15pm

Seems to me...

....that there's a nice little risk off rally going on, with the Pig dropping and the PMs going up accordingly. That's because Europe has toppled the Italian gvt and got them to pass an austerity budget.

So to recap, PM rally = recovery in Europe. Errr wait a second...

Nov 11, 2011 - 12:20pm

@ even steven

the only problem with Karl Denninger's writings is that in my opinion the sky is always falling over there

& it becomes difficult for me to track on the disaster du jour at the Market Ticker since so many many of them have fallen away quietly since I began watching that site during the infamous Bin Laden thread in Sept '07

a couple days ago, or yesterday, TF put out something of a warning about the potential for a systemic crash due to MF/EU etc, but he was careful not to get too chicken littleish about it; I prefer this approach personally

Nov 11, 2011 - 12:21pm

tpbeta Seems to me ...

Yes, I have the same problem. I have been assuming, and 'banking' on, gold appreciating as the euro falls. Now maybe that will also happen - maybe we are reaching that much talked of phase where gold just continues to rise no matter what - actually, I will stop there and stick to that hopeful feeling.

Nov 11, 2011 - 12:26pm

Lots of new posters

and names I don't recognize putting out some informative or pertinent posts lately like Subotai above

glad to see the level of community participation increasing

PS- good thing this place has spel chek or I'd look like a dumbass for sure

Nov 11, 2011 - 12:29pm

Looks like we'll have a decent close for the week

I guess we'll be testing 1800 again next week. And then we'll see what happens after the test.

The Chemical Brothers - The Test (2003 - Remaster)
Nov 11, 2011 - 12:41pm

veterans day

For most I feel more pitty than respect really. Rest in peace.

Nov 11, 2011 - 12:42pm

Time for 1st post

Having been a loyal follower of the old blog and now well and truly bloodied by buying stocks for reasons I can't even remember and muddied by burying the stash , I thought the anniversary would be good time to post my first comment.

First, thanks to all the Turdites whom I read first thing in morning. (I read and listen to the night owls as I eat my breakfast in England). The experience, humor and above all decency of Turd and his loyal band give support and hope in these challenging times.

Secondly a thought from my martial art training: The enemy is at their weakest when they attack. When they over extend, balance is lost and their defeat is close.

The blatant lies, fraud and thievery by the likes of MF Global, the EU commisars, JPM, GS , CME etc and all governments, is so in your face and arrogant. Arrogance leads to over extension. Their hubris is exposing them and will be their downfall. We need to be patient, then act decisively when the time is right.

Nov 11, 2011 - 12:50pm

Veterans day

Former Navy SEAL here (ST1 1996-2001), and wanted to thank those who served but also provide my current perspective. The current combat missions our forces are currently involved in are serving the interests of the global elite and not those of the USA. The wars being waged are simply strategic political ones. Frankly, I have lost hope in our country and while that may seem cynical I don't hesitate for a second to insist that it is realistic. I think the majority of Americans are lazy, apathetic, indifferent and deserve what they're going to get. I'm preparing for my family and my friends. I'm not holding any hands or preaching on deaf ears.

I have an adolescent son who I will encourage, persuade, and force if necessary to avoid military service. No F#!king way my kid is going to go in harms way for these sociopathic A$$holes.

I was 19, young, and disillusioned when I joined the Navy. It was a rather selfish endeavor, tough on the family I started, and I just wanted to be the best. And that's the rub, these young men are skilled, capable, intelligent, and deadly. When they go to combat you don't want to be on the receiving end. So when the inflection point occurs I hope and believe they'll see through the fog and be on the right side.

My best friends to this day are former SEALs and I can assure you that nearly all of them share my opinion and awareness.

Just a little vent. Thank a WW2 vet, not me those were some real men in some really horrible circumstances. Also, thank Turd for setting up this site and providing us with a wealth of common knowledge. ~

Ferd Torgerson
Nov 11, 2011 - 12:53pm

Something Funny Going On

Feel really badly for those who have potentially lost money thru the MFG problems. Hundreds of millions of dollars missing and, aside from questions about recovering funds, some are asking if there has actually been a crime committed or if anyone will ever serve time.

Reminds me of the lyrics of the closing theme from this old Al Pacino movie, "And Justice For All".

Al Pacino "And justice for all --- OST" - Something funny going on!!!!!
aurum argentum
Nov 11, 2011 - 12:56pm

Thank you

underwaterfrog for your service and your heartfelt opinions. Unfortunately, most here agree with them which would mean our servicemen and women are mostly pawns in harms way. It makes me sad. I think of Black Sabbath's "War Pigs"....

American Oligarch ScottJ
Nov 11, 2011 - 1:00pm

No Joke I swear.

When I checked the gold price at work today the price was..................

you guessed it.............. £1,111.11

que theme from the twighlight zone dooo dooo dooo doooo.

Nov 11, 2011 - 1:01pm


This is not directed at anyone in particular, merely information.

No one in the military takes an oath to support and defend the country. They take an oath to support and defend the constitution.

here is the Oath of Enlistment:
I, _______, do solemnly swear that I will support and defend the Constitution of the United States against all enemies, foreign and domestic; that I will bear true faith and allegiance to the same; and that I will obey the orders of the President of the United States and the orders of the officers appointed over me, according to regulations and the Uniform Code of Military Justice. So help me God.

Thank you to all that have served honorably.

Nov 11, 2011 - 1:02pm


I didn't expect to be following up on Italian bonds for awhile after that last post, but the strength of this "recovery" rip has me simply speechless.

I won't bore with the numbers, but anyone who bet on Italian, Spanish or French weakness two days ago has had their face ripped clean off.

A single example...Intesa Sanpaolo was up over 10% at the peak...still up over 8%.

I mention this only because the larger context in which my focus on Italian debt fits is "contagion watch" ...and contagion can easily come screaming out of the darkness through over leveraged hedge funds caught wrong footed.

This is the kind of market move that blows them up.

Freaking insane.......!

tpbeta George Clooney
Nov 11, 2011 - 1:03pm


Funny I'd expect the opposite. If Euro falls, then Pig goes up and PMs go down. If Euro collapses, liquidity panic, Pig goes up huge, PMs drop, then catch the QE rocket.

Nick Elway
Nov 11, 2011 - 1:04pm

Debt Pyramid found at my local coin club

Went to the local coin club for some mercury dimes, couldn't resist this beautiful token (Had to post the images after all the pyramid talk on the previous thread)

Flying Monkeys!


Please visit your local coin club, you too could find an alternative way to trade (and some like-minded people):


Congrats TF on your anniversary. Your site is my first stop on the Internet.


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