Open Thread

Mon, Nov 14, 2011 - 9:41am

Whew! I've spent the last 60+ hours with Hyde and Sweetness in Vegas. Very fun and great to get away and decompress for a few days. I'm headed home now and will have a full post sometime later today. Until then, consider this an open thread to discuss the topics of the day.

About the Author

turd [at] tfmetalsreport [dot] com ()


Nov 14, 2011 - 9:44am
Ferd Torgerson
Nov 14, 2011 - 9:44am

Insider Trading by Members of Congress

Disgusting details being published and aired on television.

The OWS crowds really picked the wrong place to protest.

Nov 14, 2011 - 9:50am

Mixed Stuff

Probably been posted before, but this one is funny:

Video unavailable

We should be looking at the shares outperforming gold over the next six months or so. It's way over due and the ratio recently bottomed at extreme levels not seen since the beginning of 2009 when gold was way below $1000. Since the companies are making enormous profits at current gold prices, they're a hell of a lot better buys today. The financial risk of not being able to produce gold at a profit has in many cases disappeared completely. Though frustrated at times, I have never felt more certain that I have put my savings in the right sector.

Nov 14, 2011 - 10:03am

remember, options expiration has the minimum pain point for a lot of the miners much lower than today's price. Expect a beatdown sometime before Friday to minimize the pain.

Example, max pain for GG Nov is $50.

Nov 14, 2011 - 10:10am

Can the Silver Bull be back!?

Take a look at the weekly silver chart. If you cut the crazy manipulation heavy months of March through October out and paste the chart back together we are right back into the strong and steady bull run of the early year. I am going to be VERY excited to see any breaks above the 35.25 range as that will signify a bust out of this 3 week range. The white metal is looking pretty strong actually... if you have the eyes to see it. Call it a hunch but I'm going to be buying a BIG mountain of phys today. Wish me luck!



~Premo Handmade Bullion~

Nov 14, 2011 - 10:11am

What happens in Vegas....

....makes it's way to TFville maybe? Didn't think so.

Thanks for the open thread opportunity. Get some sleep.

Nov 14, 2011 - 10:15am


Jon Stewart is using Ron Paul as a spoiler, divide & conquer. Ron Paul has no chance to win. Hell I voted for that old fart & recently donated to him but he promptly lost me with his stance against killing American Al Qaida members in foreign lands.

So Herman Cain put his foot in his mouth by calling Nancy Pelosi a Princess? And HC is anti women because of this statement & the "controversy" currently in the media? Cain was being nice no doubt, I'm sure the phrase "crony capitalist whore" danced along the tip of his tongue without being uttered. wait, did I say that?

Stewart is pandering to his audience.

Nov 14, 2011 - 10:24am

Gerald Celente gets Ripped Off!

Just read on ZH that Gerald Celente had his account with Lind-Waldock, the same as Turd did and that his GLD holdings are gone! He just kept rolling his profits over in this account for more GLD!

I thought he was smarter than that. Paper is paper is paper. Can't alter that. Phyzz iz phyzz! Play safe.

Eric Original
Nov 14, 2011 - 10:27am

Fractional Gold?

Had a nice chat via private message with a fellow Turdite a few nights ago, about all kinds of stacking issues. One portion of it that I think hasn't been discussed as much as some others was the question of Fractional Gold. Was it better to get the most bang for your buck with full ounce coins? Or is there some rationale for some fractionals as well. Here was my answer, that I felt might be worth sharing:


Don't know if there's a right answer on it. I'd encourage you to try to think ahead and envision what sorts of liquidation scenarios might lay ahead. It might be you selling someday if hard times hit. It might be your kids further down the line, for the same reasons, or just to liquidate the lot. Some of those scenarios might involve just wanting to sell just a little bit here or there. There could come a time when just one ounce of gold is a hefty amount of money. Maybe because you might want to just cash in a certain amount for the moment and no more. Maybe because of unknowable future reporting or tax considerations where perhaps smaller amounts might carry some advantage? Maybe easier to barter? There might be some advantages here or there to having at least a few fractionals. I've read stories about the Weimar Hyperinflation where people would literally sell off gold chains one link at a time to buy a sack of potatoes or a bag of flour.

On the other hand, I've always kind of felt that the ultimate in fractional gold is...Silver! Always has been the go to choice for smaller transactions. People have seldom in history (the Weimar exception above notwithstanding) gone to buy groceries with gold. It's too expensive. So, if you have an allocation to silver maybe you have the fractional side of things covered already.

One other different tack to think about in this regard. I happen to have quite a few fractionals. But not mostly because of the issues above. It's just that as an ongoing thing, it's easier to come up with 300-400 bucks at a crack to pick up a fractional when you find something you like, than it is to always have to come up with a full ounce worth or more. A lot of people are thinking "Well I've only got $400 right now. I can't afford gold. I'll buy silver instead." Let's think ahead on that one, along the lines that we've been talking about. I'm mostly geared toward gold. I'll happily pay a 3% premium for a full ounce coin, but avoid fractionals because I don't want to pay maybe 9%. So I buy silver instead with my $400. But I think that someday I'll likely be swapping that silver for gold anyway, and eating a premium differential on the swap. So have I really saved anything by going first to silver, and then to gold, rather than just paying a little more premium for a nice quarter ounce in the first place?

Hope that made sense. Kind of lost my train of thought in the middle of it there myself!

All in all, there's no right answer. We don't know the future. We need to hedge a lot of scenarios. We don't want all gold. We don't want all silver. We don't want all full ounce coins. We don't want all fractionals. The right answer will probably end up being in the middle of all that somewhere. Have at least a little of everything. That's my take.

Nov 14, 2011 - 10:29am

Market action today

The S+P closed friday at the 1261 area,and was looking to settle into that triangle terminal we often see on's price action is pulling into the terminal at the 1250 area, a continuation of fridays price action. This wave action is not moving according to the days of the week, its moving according to wave structure, and in this case, Elliott wave is seeing it with some clear vision. Price action is coiling up here in the coming day or two.....get ready for it to break in some direction.

Which direction? Only the wizard knows.

Target up would be 1300 and higher and target down would be 1200 and lower.

High resistance abounds from 1300 to 1370 and low support is from 1220-to 1140....or 1100 .... or 1070 .... or 1040 ..... or 1010...... or July 2009 Pivot low.

Key Economic Events Week of 10/14

10/15 8:30 ET Empire State Fed MI
10/16 8:30 ET Retail Sales
10/16 10:00 ET Business Inventories
10/17 8:30 ET Housing Starts and Bldg Perms
10/17 8:30 ET Philly Fed MI
10/17 9:15 ET Cap Ute and Ind Prod
10/18 10:00 ET LEIII
10/18 Speeches from Goons Kaplan, George and Chlamydia

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Key Economic Events Week of 10/14

10/15 8:30 ET Empire State Fed MI
10/16 8:30 ET Retail Sales
10/16 10:00 ET Business Inventories
10/17 8:30 ET Housing Starts and Bldg Perms
10/17 8:30 ET Philly Fed MI
10/17 9:15 ET Cap Ute and Ind Prod
10/18 10:00 ET LEIII
10/18 Speeches from Goons Kaplan, George and Chlamydia

Key Economic Events Week of 10/7

10/8 8:30 ET Producer Price Index
10/9 10:00 ET Job Openings
10/9 10:00 ET Wholesale Inventories
10/9 2:00 ET September FOMC minutes
10/10 8:30 ET Consumer Price Index
10/11 10:00 ET Consumer Sentiment

Key Economic Events Week of 9/30

9/30 9:45 ET Chicago PMI
10/1 9:45 ET Markit Manu PMI
10/1 10:00 ET ISM Manu PMI
10/1 10:00 ET Construction Spending
10/2 China Golden Week Begins
10/2 8:15 ET ADP jobs report
10/3 9:45 ET Markit Service PMI
10/3 10:00 ET ISM Service PMI
10/3 10:00 ET Factory Orders
10/4 8:30 ET BLSBS
10/4 8:30 ET US Trade Deficit

Key Economic Events Week of 9/23

9/23 9:45 ET Markit flash PMIs
9/24 10:00 ET Consumer Confidence
9/26 8:30 ET Q2 GDP third guess
9/27 8:30 ET Durable Goods
9/27 8:30 ET Pers Inc and Cons Spend
9/27 8:30 ET Core Inflation

Key Economic Events Week of 9/16

9/17 9:15 ET Cap Ute & Ind Prod
9/18 8:30 ET Housing Starts & Bldg Perm.
9/18 2:00 ET Fedlines
9/18 2:30 ET CGP presser
9/19 8:30 ET Philly Fed
9/19 10:00 ET Existing Home Sales

Key Economic Events Week of 9/9

9/10 10:00 ET Job openings
9/11 8:30 ET PPI
9/11 10:00 ET Wholesale Inv.
9/12 8:30 ET CPI
9/13 8:30 ET Retail Sales
9/13 10:00 ET Consumer Sentiment
9/13 10:00 ET Business Inv.

Key Economic Events Week of 9/3

9/3 9:45 ET Markit Manu PMI
9/3 10:00 ET ISM Manu PMI
9/3 10:00 ET Construction Spending
9/4 8:30 ET Foreign Trade Deficit
9/5 9:45 ET Markit Svc PMI
9/5 10:00 ET ISM Svc PMI
9/5 10:00 ET Factory Orders
9/6 8:30 ET BLSBS

Key Economic Events Week of 8/26

8/26 8:30 ET Durable Goods
8/27 9:00 ET Case-Shiller Home Price Idx
8/27 10:00 ET Consumer Confidence
8/29 8:30 ET Q2 GDP 2nd guess
8/29 8:30 ET Advance Trade in Goods
8/30 8:30 ET Pers. Inc. and Cons. Spend.
8/30 8:30 ET Core Inflation
8/30 9:45 ET Chicago PMI

Key Economic Events Week of 8/19

8/21 10:00 ET Existing home sales
8/21 2:00 ET July FOMC minutes
8/22 9:45 ET Markit Manu and Svc PMIs
8/22 Jackson Holedown begins
8/23 10:00 ET Chief Goon Powell speaks

Key Economic Events Week of 8/12

8/13 8:30 ET Consumer Price Index
8/14 8:30 ET Retail Sales
8/14 8:30 ET Productivity & Labor Costs
8/14 8:30 ET Philly Fed
8/14 9:15 ET Ind Prod and Cap Ute
8/14 10:00 ET Business Inventories
8/15 8:30 ET Housing Starts & Bldg Permits

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