Well...

228
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???

https://www.zerohedge.com/news/citi-predicts-gold-3400-next-two-years

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...

https://www.reuters.com/article/2011/12/14/us-mfglobal-cftc-idUSTRE7BD20L20111214

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:

https://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2011/12/14_Jim_Sinclair_-_Why_Gold_Was_Smashed_Today_%26_Whats_Next.html

https://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2011/12/14_Von_Greyerz_-_Currency_Collapse,_Hyperinflation_%26_Social_Unrest.html

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.

https://www.bullionbullscanada.com/index.php?option=com_content&view=article&id=23385:the-bankers-new-gold&catid=48:gold-commentary&Itemid=131

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.

TF

About the Author

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

  228 Comments

  Refresh
I Run Bartertown
Dec 15, 2011 - 4:06pm

@Shill

"Let them hear your voice loud and clear this is not acceptable and there will be repercussions down the road."

Why warn the fuckers?

Drop half of them and the other half will figure it out all by themselves.

AlienEyes
Dec 15, 2011 - 4:03pm

@ California Lawyer

My sincere thanks for all you do here!

Your translations from legalese to English are greatly appreciated.

As for me, if I was the attorney in the case you commented on, I would be much more concerned about having a very serious and personal "accident" than I would about having my law firm's clock cleaned.

Shill
Dec 15, 2011 - 3:56pm
Shill
Dec 15, 2011 - 3:54pm

And IBM sells off, as I noted

And IBM sells off, as I noted folks IBM turn at the plate.

Yooper Rick
Dec 15, 2011 - 3:45pm

Lindsey Graham is now speaking.

...and he is a globalist whore.

kliguy38
Dec 15, 2011 - 3:45pm

Diane Feinstein

I am not an ideologue and will not paint any pol with a broad brush, but if Feinstein is involved in this then its is suspect. I hope she is sincere BUT I doubt it. She has been out front on most of our interventions for her masters so any move in this area to support individual freedoms is suspect. Of course the usual scumbags are easily identifiable.......Lindsey Gayman , Mc War, Lieberworm, etc......

Lumpy
Dec 15, 2011 - 3:38pm
Chris P. Bacon
Dec 15, 2011 - 3:35pm

@Treefrog tylerlim - Browser Wars

I'll go you one step better with IRON.

It is a 'de-horned' version of Chrome that doesn't report your every move back to Google.

Been using it over a year and love it.

Yooper Rick
Dec 15, 2011 - 3:33pm

Gillibrand is a co-sponsor of

Gillibrand is a co-sponsor of Feinstein's anti internment bill. BTW a list of co-sponsors is non-partison.

Shill
Dec 15, 2011 - 3:22pm

you of all people should know

you of all people should know (and i know u do) that the administration is merely a soldier for the true power that divines all. I am a little surprised that you actually believed there was a snowballs chance in hell this would not pass. They know whats coming. This was a given to occur. I'm sure you have even predicted it. gl

Guilty as charged, again you are correct in your comment and your perception of me Kilguy spot on. I am not surprised I am uptight, pissed off and a little skirmish, but yes I knew this would pass and I know what is coming as well.

Maybe its the thought of whats coming that has me a little skirmish today, not so much for myself but for my family.

Me I do not put myself up front or on a pedestal as anything of value to anyone or anything, I am a protector of the ones I love.

One thing is very very clear Turd Town, enjoy these days as interesting times await us.

Subscribe or login to read all comments.

Contribute

Donate Shop

Get Your Subscriber Benefits

Private iTunes feed for all TF Metals Report podcasts, and access to Vault member forum discussions!

Key Economic Events Week of 5/25

5/26 8:30 ET Chicago Fed
5/26 10:00 ET Consumer Confidence
5/27 2:00 ET Fed Beige Book
5/28 8:30 ET Q2 GDP 2nd guess
5/28 8:30 ET Durable Goods
5/29 8:30 ET Pers Inc and Cons Spend
5/29 8:30 ET Core Inflation
5/29 9:45 ET Chicago PMI

Key Economic Events Week of 5/18

5/18 2:00 ET Goon Bostic speech
5/19 8:30 ET Housing starts
5/19 10:00 ET CGP and Mnuchin US Senate
5/20 10:00 ET Goon Bullard speech
5/20 2:00 ET April FOMC minutes
5/21 8:30 ET Philly Fed
5/21 9:45 ET Markit flash PMIs for May
5/21 10:00 ET Goon Williams speech
5/21 1:00 ET Goon Chlamydia speech
5/21 2:30 ET Chief Goon Powell speech

Key Economic Events Week of 5/11

5/11 12:00 ET Goon Bostic speech
5/11 12:30 ET Goon Evans speech
5/12 8:30 ET CPI
5/12 9:00 ET Goon Kashnkari speech
5/12 10:00 ET Goon Quarles speech
5/12 10:00 ET Goon Harker speech
5/12 5:00 ET Goon Mester speech
5/13 8:30 ET PPI
5/13 9:00 ET Chief Goon Powell speech
5/14 8:30 ET Initial jobless claims and import prices
5/14 1:00 ET Another Goon Kashnkari speech
5/14 6:00 ET Goon Kaplan speech
5/15 8:30 ET Retail Sales and Empire State index
5/15 9:15 ET Cap Ute and Ind Prod
5/15 10:00 ET Business Inventories

Key Economic Events Week of 5/4

5/4 10:00 ET Factory Orders
5/5 8:30 ET US Trade Deficit
5/5 9:45 ET Markit Service PMI
5/5 10:00 ET ISM Sevrice PMI
5/6 8:15 ET ADP jobs report
5/7 8:30 ET Productivity
5/8 8:30 ET BLSBS
5/8 10:00 ET Wholesale Inventories

Key Economic Events Week of 4/27

4/28 8:30 ET Advance trade in goods
4/28 9:00 ET Case-Shiller home prices
4/29 8:30 ET Q1 GDP first guess
4/29 2:00 ET FOMC Fedlines
4/29 2:30 ET CGP presser
4/30 8:30 ET Pers Inc and Cons Spend
4/30 9:45 ET Chicago PMI
5/1 9:45 ET Markit Manu PMI
5/1 10:00 ET ISM Manu PMI

Key Economic Events Week of 4/20

4/20 8:30 ET Chicago Fed
4/21 10:00 ET Existing home sales
4/23 8:30 ET Weekly jobless claims
4/23 9:45 ET Markit flash PMIs
4/24 8:30 ET Durable Goods

Key Economic Events Week of 4/6

4/8 2:00 ET March FOMC minutes
4/9 8:30 ET Producer Price Index
4/10 8:30 ET Consumer Price Index

Key Economic Events Week of 3/30

3/31 9:45 ET Chicago PMI
4/1 8:15 ET ADP Employment
4/1 9:45 ET Markit manu PMI
4/1 10:00 ET ISM manu PMI
4/2 10:00 ET Factory Orders
4/3 8:30 ET BLSBS
4/3 9:45 ET Market service PMI
4/3 10:00 ET ISM service PMI

Key Economic Events Week of 3/23

3/24 9:45 ET Markit flash PMIs
3/25 8:30 ET Durable Goods
3/26 8:30 ET Weekly jobless claims
3/27 8:30 ET Personal Inc and Spending

Key Economic Events Week of 3/9

(as if these actually matter)
3/11 8:30 ET CPI
3/12 8:30 ET weekly jobless claims
3/12 8:30 ET PPI
3/13 8:30 ET Import Price Index

Recent Comments

by scoremore, 12 min 56 sec ago
by lakedweller2, 15 min 30 sec ago
by robobrewer, 18 min 20 sec ago
by lakedweller2, 22 min 8 sec ago
randomness