Wed, Dec 14, 2011 - 9:37pm

...that was interesting, wasn't it? A long and crazy day but I do have a few things to add.

First of all, I thought I should re-post this in case you missed it earlier. Thank you to "Pining" for the fantastic piece of Photoshop art:

My two favorite parts are Atlee giving everyone the finger and the hot chick jumping off the bow.

In case you missed the updated charts I posted at about 4:00, here they are again. I can re-use them because prices haven't changed much in the time since. However, I have a feeling that that's about to change.

You may have seen this earlier at ZH. Its a new technical summary from Citi. In it, they claim that gold should bottom at around 1550 but still trade to around 2300 next year. Gee...where have I heard that before???


ZH also posted the stock market section of the same Citi report. It included this vehwy scawey chawt. Yikes!

Next....Never fear, the CFTC is here! What a Cartoon Corral these morons are...


Ole Eric King was hard at work during the downdraft today. First, he interviewed Santa and then he tracked down Egon von Greyerz. Both will be required listening when they are finally posted in their entirety. Until then, here are links to partial transcripts:



Jeff Nielson has chimed in with a terrific column that discusses negative lease rates and Libyan gold. I find all of the attention today to negative lease rates rather interesting as I'm pretty sure TFMR was this first place to notice them and warn of impending doom last week. Not that that's any great honor. It's kind of like being the first White Star lookout to have seen the iceberg.


Lastly, just a word or two about today's open interest numbers. (Remember, the numbers we got today reflect the changes from yesterday.) Two very important items.

  • The Feb11 OI only fell by about 500 contracts. When added to the 1500 contract decline of Monday, Feb11 OI is only down 2000 contracts while Feb11 gold is down about $53. I would have expected a much greater drop in OI. What this confirms for me is that there are very few human holders of Feb11 contracts. Almost all of the Feb11 contract holders are WOPR on one side and the sub-human EE on the other. If this is true, the likelihood of finding a bottom near 1550-1560 just increased quite a bit. What I'm driving at is: I feared that the MFGRAP would permanently scare away buyers of paper Comex contracts. However, if the spec long position is almost entirely WOPRs, they'll simply flip back over to "buy mode" as soon as the technical picture improves. IF gold bottoms as I hope, we should soon be able to buy paper with confidence and expect a handsome rally.
  • Dec11 gold continues to get new open interest. We added 137 brand new contracts yesterday...all in the face of a selloff? When added to Monday's gains, we've got almost 650 new contracts this week! That's amazing!! There is clearly an effort afoot to jump the queue and get some gold delivered this month and not wait for February. No, I don't think that the gold Comex will collapse from the weight of this. Not this month, at least. However, this potentially speaks volumes about the utter lack of bulk, physical gold available in the world. Very, very interesting and must be watched.

OK, that's all for now. Be on the lookout for some sharp volatility overnight and tomorrow as the metals search for a bottom. Let's see how today's lows hold up and keep our fingers crossed. Regardless, keep the faith and be happy. You have chosen to sock away savings in real, true money. Do not be discouraged by the blatant and shameful price manipulation tactics of The Cartel. The precious metals are going to have extraordinarily strong, fiat-relative performance in 2012. Soon, the pain of today will be long since forgotten.


About the Author

turd [at] tfmetalsreport [dot] com ()


exiledbear Colonel Angus
Dec 14, 2011 - 10:17pm


Just bought me a good amount of junk silver to support the prices around here.

​That's not why you buy it, you buy it because now you have something of value OUTSIDE THE BANKING SYSTEM. You think they're going to stop with MFG? Last I checked Corzine is still a free man and the money is still missing.

The financial circus aside, take what happened in Argentina as a template for what's likely to happen here - over ONE weekend, all accounts were devalued by 30% and there was very little you could withdraw per day. All the grocery stores got cleaned out and everyone (except for a few assholes) got reduced to a subsistence living standard Are you prepared to live the white trash lifestyle? It's coming soon.

No matter what you do - what coming is going to suck. Hard. But which scenario would you rather be in? One in which you don't have the guns and the gold, or one in which you do? At least in the latter scenario you have a fighting chance. In the former, you don't. Even so, not everyone here is going to make it. I might not make it. Only a sliver will live to see 2020.

Video unavailable
Dec 14, 2011 - 10:17pm

dammit man

I want my 1550! I had to pull the truck off to the side and cut it off. Rolled the windows down. Going to catch a nap. Wake me up when it's time to BACK THAT THING UP!

Dec 14, 2011 - 10:22pm


I'm wondering at what level Eric is going to step in with his 1.5 Billion. I'm actually surprised that JPM have allowed the price to get this low as they must realize the minefield they are walking into. I'm seriously thinking about going out and purchasing everything I can get my hands on this weekend at $29, I'd imagine that if we hit $25 we'd see some truly huge movement into silver including potentially Eric.

Dec 14, 2011 - 10:22pm

My Day ends with ...

A delivery of ASEs from Gainesville - bought a few days too early. And my purchase of 2 Au MLs was a day "too early". I'm sure most of you will agree that getting the metal is the important thing. The day was hard to be sure, but as many have said, we've seen it before and for those of us who have been stacking for decades, the profits are very secure. Now if I could find a job, everything would be jake.

Love the boat pic, but I guess I missed it. (So what am I, chopped liver???) Not even a pennant with my avatar? I don't even see Sasha on board.

Bay of Pigs
Dec 14, 2011 - 10:26pm

I like Shill

pointing the gun over Turd's shoulder who is smiling and raising his glass in a toast. LOL...priceless.

TF, you deserve a lot of credit for sounding the alarm before this all went down. Nicely done. I recall you were criticized quite harshly when you didn't see the last smash down coming. I eagerly await for Turd's Second Bottom call, whenever that may be.

Vernon Wormer
Dec 14, 2011 - 10:29pm


Nice piece of work. Thanks for including me. I haven't felt this honored since I received by big yellow hat in the mail.

Turd, thanks for all you do. This is hands down the best site on the web. See you at camp!

York Rite
Dec 14, 2011 - 10:33pm

Obama to approve indefinite detention and torture of Americans

Published: 15 December, 2011, 02:28

Less than a month after he threatened to veto terrifying legislation that would cease constitutional rights as we know it, Obama has revoked his warning and plans to authorize a bill allowing indefinite detention and torture of Americans.

More: https://rt.com/usa/news/obama-detention-veto-defense-853/

Dec 14, 2011 - 10:33pm

JPMorgue ordered Corzine and MFing Global to steal customer $$$

This is a series of 4 videos with Max Keiser. His wall street source at MFing told him of JPMorgue ordering Corzine to steal the MFing customer funds to pay for MFing's derivative losses or he would sleep with the fishes.


Its game on! Gangsta Bankstas vs Shadow Gangsta Bankstas.

You breaka da daisy chain, I breaka your face! Kapeesh?

Dec 14, 2011 - 10:33pm




And you BOP emptying the Gold into the sea...Priceless

Dec 14, 2011 - 10:40pm

I'm so stealining thos videos for my blog!

Thanks for all the info Turd and the laughs

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