Santa Week

Mon, Dec 19, 2011 - 10:20am

And this time I'm talking about the real thing, not General Jim in Connecticut. Let's get the week started on the right foot by sending a little cheer to our Canadian turdites.

Bob and Doug McKenzie - 12 Days of (Canadian) Christmas

Just a quick update this morning as not much has changed since Friday. In gold, it's quite clear that The Forces of Darkness and Evil would like to see gold stay under $1600 for a while longer. The CoT survey is tomorrow and it covers the period that begins with the beatdown day of last Wednesday. Though we clearly saw some bank short-covering late last week, something tells me that they'll want to cover more of their tracks before the close tomorrow. Therefore, let's see if they hold gold down for most of the day today before relenting. Tomorrow could/should be a "Happy Tuesday" as the EE covers and new spec buyers join the fray.

Silver seems to be fighting a different battle. It seems to me that margins are now so high that a great deal of spec long buying has been removed from the market. Well, maybe not "removed". Let's just say that with margins so high, you can get a much bigger bang for your buck by playing in other sandboxes. This lack of spec buyers is affecting momentum and is making it very difficult for silver to sustain a rally. Uncle Ted is almost screaming about how bullish the CoT picture is in silver and I'm sure he's right. He's studied the silver market a lot longer than I have. However, without buyers, silver isn't going to be heading anywhere very quickly. I fear that silver is simply going to churn along with a negative bias for a while as JPM attempts to extricate themselves from their short position that, sooner or later, the CFTC might actually force them to lessen. I still like the idea that silver found a pretty good bottom last week but, at the end of the day, that doesn't mean much. Silver must be watched closely for further weakness. Hopefully, it holds the 28.60-80 area today and then finally rebounds through $30 tomorrow or later this week.

ZH has a couple of stories that merit your attention. First, this article has some interesting technical information:

Next, you should probably read this but I have to admit, I saw the title and thought: Well, duh. What's next, a TungstenmanSachs research report verifying that the iphone has killed the Blackberry? How about a lengthy missive on whether or not asparagus makes your piss stink?

And lastly, a moment of silence for one of the world's last, remaining Stalinist dictators. Nah, screw that. The little dwarf tyrant is dead and the world is better off without him. There will be, however, some geo-political repercussions, summarized here by the media arm of The Mossad:

By the way, debka also reported over the weekend that Turkish leader, Erdogan, is suffering from colorectal cancer. Not sure how that might affect the MENA calculus but, if true, it's certainly an interesting development.

OK, that's all for now. I'll have more for you later today. TF

About the Author

turd [at] tfmetalsreport [dot] com ()


Dec 19, 2011 - 10:56am

I think it's quite clear that

I think it's quite clear that 1600 is being vigorously defended.

Dec 19, 2011 - 10:58am

(No subject)

Dec 19, 2011 - 10:58am

Christmas List?

Thanks TF!!

Well, I have asked for canning supplies for Christmas so I won't have to borrow my friends anymore. Just wondering if anyone else is crazy like me and asking for prepping items? : )

Dr. Jerome, that's a beauty. My kiddo's getting silver in his stocking and I'm hoping to get him hooked on a little junk silver.

Bullets Beans Bullion
Dec 19, 2011 - 11:02am

The Silver Rush at MF

The Silver Rush at MF Global

It’s one thing for $1.2 billion to vanish into thin air through a series of complex trades, the well-publicized phenomenon at bankrupt MF Global. It’s something else for a bar of silver stashed in a vault to instantly shrink in size by more than 25%.

That, in essence, is what’s happening to investors whose bars of silver and gold were held through accounts with MF Global.

The trustee overseeing the liquidation of the failed brokerage has proposed dumping all remaining customer assets—gold, silver, cash, options, futures and commodities—into a single pool that would pay customers only 72% of the value of their holdings. In other words, while traders already may have paid the full price for delivery of specific bars of gold or silver—and hold “warehouse receipts” to prove it—they’ll have to forfeit 28% of the value.
Dec 19, 2011 - 11:06am

@maryann careful giving junk silver to kids

While my sister and her husband were on vacation, my 12 yo nephew bought he and his friend $690 big macs with junk silver. You are safer giving generic rounds to kids.

Dec 19, 2011 - 11:07am

Senator Harry Reid Moves To

Senator Harry Reid Moves To Approve PROTECT IP And Begin Censoring The Internet | Techdirt


Dec 19, 2011 - 11:10am


We just passed through thanksgiving last month. It is our favorite American holiday. We have our yearly feast with all the goodies and the twelve, (My 12 gifts of Christmas), of us ate , played games, watched games and spoke of our thankfulness. So now we have Mr. T.F. twelve days of Christmas , a time for many of gifts and giving. The majority of the nations of this world will not celebrate the bounty that we have received. The so-called "Arab Spring" nations have neither turkey nor gifts under the tree and have missed the real meaning of both.

We have reflected on the O.T. story of the Passover long ago in Egypt. Those who gathered behind closed doors on that day were also fearful of the soon coming events that could not be altered. This board has listed many good ways to be prepared and let us remember to also be "covered" so these horrible days that are coming will pass over us.

Dec 19, 2011 - 11:32am

Looks like no news is bad

Looks like no news is bad news now. Draghi is droning on in Brussels, sounding like a losing team's coach at half time.

@ spotgoldprice

Be sure you beat the crap out of Turd, too- he has been known to put up a new post then immediately log on and post "first!". Or you could just take a deep breath and scroll past. Either way.

Bay of Pigs
Dec 19, 2011 - 11:54am

Ted Butler

His latest...looks like the crooks are still at it. GLD is no better. Both are complete Bankster frauds, IMO.

SLV Short Position Update

Theodore Butler December 19, 2011 - 8:02am

The latest short position report for stocks was released earlier in the week for positions held as of Nov 30. This was the report that I had speculated would show a decline in the short position of SLV, the big silver Exchange Traded Fund (ETF). Contrary to my expectations, the short position for SLV increased by more than 2.2 million shares to 25.2 million shares. This represents almost 25 million ounces of silver.

Subscribe or login to read all comments.


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 2/24

2/25 9:00 ET Case-Shiller home prices
2/26 10:00 ET New home sales
2/27 8:30 ET Q4 GDP second guess
2/27 8:30 ET Durable Goods
2/27 11:30 ET Goon Evans speech
2/28 8:30 ET Pers Income and Spending
2/28 8:30 ET Core Inflation
2/28 9:45 ET Chicago PMI

Key Economic Events Week of 2/17

2/18 8:30 ET Empire St Manu Idx
2/19 8:30 ET Producer Price Idx
2/19 8:30 ET Housing Starts & Bldg Perms
2/19 2:00 ET January FOMC minutes
2/20 8:30 ET Philly Fed
2/21 Fed Goons all day at Chicago Conf.
2/21 9:45 ET Markit flash Feb PMIs

Key Economic Events Week of 2/10

2/11 10:00 ET Job Openings
2/11 10:00 ET CGP Hump-Hawk House
2/12 10:00 ET CGP Hump-Hawk Senate
2/13 8:30 ET CPI
2/14 8:30 ET Retail Sales
2/14 9:15 ET Cap Ute & Ind Prod
2/14 10:00 ET Business Inventories

Key Economic Events Week of 2/3

2/4 10:00 ET Factory Orders
2/5 8:15 ET ADP Employment
2/5 9:45 ET Markit Service PMI
2/5 10:00 ET ISM Service PMI
2/6 8:30 ET Productivity & Unit Labor Costs
2/7 8:30 ET BLSBS
2/7 10:00 ET Wholesale Inventories

Key Economic Events Week of 1/27

1/28 8:30 ET Durable Goods
1/28 10:00 ET Consumer Confidence
1/29 10:00 ET Pending Home Sales
1/29 2:00 pm ET FOMC Fedlines
1/29 2:30 pm ET Powell presser
1/30 8:30 ET Q4 GDP first guess
1/31 8:30 ET Pers Inc and Spending
1/31 9:45 ET Chicago PMI
2/2 10:00 pm ET Chiefs win SB LIV

Key Economic Events Week of 1/13

1/14 8:30 ET CPI
1/14 9:00 ET Goon Williams
1/15 8:30 ET PPI and Empire Fed
1/16 8:30 ET Retail Sales and Philly Fed
1/17 8:30 ET Housing Starts
1/17 9:15 Et Cap Ute and Ind Prod

Key Economic Events Week of 1/6

1/7 8:30 ET US trade deficit
1/7 10:00 ET ISM Services PMI
1/7 10:00 ET Factory Orders
1/8 8:15 ET ADP employment
1/9 8:00 ET Goon Chlamydia speech
1/9 1:20 ET Goon Evans 2:00 ET Goon Bullard
1/10 8:30 ET BLSBS
1/10 10:00 ET Wholesale Inventories

Key Economic Events Week of 12/16

12/16 8:30 ET Empire State Manu Idx
12/16 9:45 ET Markit flash PMIs Dec
12/17 8:30 ET Housing Starts and Bldg Perms
12/17 9:15 ET Cap Ute and Ind Prod
12/19 8:30 ET Philly Fed
12/20 8:30 ET Final guess Q3 GDP
12/20 10:00 ET Pers Inc and Spending
12/20 10:00 ET Core Inflation

Key Economic Events Week of 12/9

12/10 8:30 ET Productivity and Unit Labor Costs
12/11 8:30 ET CPI
12/11 2:00 pm ET FOMC fedlines
12/11 2:30 pm ET CGP presser
12/12 8:30 ET PPI
12/13 8:30 ET Retail Sales
12/13 10:00 ET Business Inventories
12/13 11:00 ET Goon Williams speech

Key Economic Events Week of 12/2

12/2 9:45 ET Markit Manu PMI
12/2 10:00 ET ISM Manu PMI
12/2 10:00 ET Construction Spending
12/4 9:45 ET Markit Services PMI
12/4 10:00 ET ISM Services PMI
12/5 8:30 ET Trade Deficit
12/5 10:00 ET Factory Orders
12/6 8:30 ET BLSBS
12/6 10:00 ET Wholesale Inventories

Recent Comments

by mavens, 4 min 45 sec ago
by Rushstyx, 24 min 33 sec ago
by PiCo, 37 min 20 sec ago
by RickshawETF, 51 min 8 sec ago

Forum Discussion

by waxybilldupp, 46 min 21 sec ago
by HappyNow, 1 hour 39 min ago
by Green Lantern, 2 hours 54 min ago
by ancientmoney, 5 hours 7 min ago
by Green Lantern, 8 hours 49 min ago