Quick Update

Thu, Dec 22, 2011 - 4:35pm

Just wanted to add a few things before the end of the day.

First of all, things are really beginning to quiet down in NY ahead of the Christmas holiday. Trading is light and price continues in it's new range of 1600-1645. The OI of the Feb12 gold contract continues to shrink as it fell another 3700 contracts yesterday to 243,246. Today's Comex gold volume was not even 100,000. Interestingly, the Jan12 contract continues to be bought. The OI rose another 100 contracts yesterday to 1212. We'll have to watch how these numbers change in the next couple of weeks.

I'm going to start watching the Mar12 silver OI, too. Here's the trend from this week:

  • At last Friday's close, it was 55,356.
  • Monday's close was 56,532
  • Tuesday, the day of a $0.66 rally in silver, saw the OI fall back to 55,641. (JPM short covering?)
  • The OI at yesterday's close was 55,736.

All in all, quite a stable OI picture, especially when compared to gold. Volume, however, is pathetic. Today, the total silver Comex volume was estimated to be just 21,000 contracts. As mentioned in the previous post, back in April silver would trade 20,000 contracts in about 30 minutes. The dropoff is staggering.

Lastly, our good buddy Ned Naylor-Leyland made an appearance on CNBC Europe yesterday. Though it appears that CNBC attempted to wipe the interview from their site, Ned was able to capture it and post it to the Cheviot site. A link is provided below. Though there are many priceless moments in the skit, my favorite lies at about the 1:25 mark. There, a talking head mentions something about being told that "Chinese demand for physical was falling". The look on Ned's face will make you laugh.


OK, that's all for now. Have a great evening. TF

About the Author

turd [at] tfmetalsreport [dot] com ()


Dec 22, 2011 - 4:37pm



Fr. Bill
Dec 22, 2011 - 4:46pm



Dec 22, 2011 - 4:51pm
Dec 22, 2011 - 5:00pm

All I have to say is :

MF Global and the CME brought me gold and silver. Not like Eric Sprott but working on it!

All I have to say is : PALLADIUM FOR THE WIN... you can't hold a good man down. If they were really that good at controlling the markets... gold would still be at $250 :) FUCK YOU JAIMIE DIMON!

Eric Original
Dec 22, 2011 - 5:03pm

History buffs will like this piece from Doug Casey

More to it than just the usual "get out while you still can" sort of discussion.


Santa's Elf
Dec 22, 2011 - 5:32pm

@ Eric

I'm not sure I do like that piece, Eric. Talk about a disturbing portrayal of the possible future here in the U.S. In any case, it's certainly a compelling read. Problem is, unless you're a bachelor with no children and the ability to work from abroad, Casey's suggestions are hardly practical. I'm none of those things, hence my focus is on strengthening my own community and personally preparing the best I can. I'm resigned to the fact that I can't prepare for every possible ill that may befall me and my family, but it won't be for lack of trying on my part.

Dec 22, 2011 - 5:52pm

Just stepping in for a quick

Just stepping in for a quick moment on my Idope while my wife is in the candle store, can't stand the smell of Christmas cinnamon candles, they smell too, well happy for me :) Anyhow...That precious Paper sure is safe sure is safe...right? If you must sell, than you do...But least we follow the propagandist agenda, as this is exactly the goal here.

Less of us buying is a lot more for " Them " on the cheap.....consider that.

Be well

Think your IRA is safe think again.


Dec 22, 2011 - 5:54pm

Afternoon Humor

So, just for kicks I posted the following ad on the local Craigslist:


Affordable Silver Coins

Here is a good deal for you!

I have $8.10 face value in pre-1964 silver coins. This valuable lot contains all of your favorites - there are worn-smooth Barber Halves, Barber Dimes with the dates rubbed off, 'smoothie,’ dateless Standing Liberty Quarters, and a couple of Walking Liberty Halves from the teens. (At least I think these are from the teens, but these are missing their dates as well.) And then there is a mint 1904 Morgan dollar - it has a hole in it but at least the date is nice and clear! Note: This lot of coins is unsearched for possible MS-70’s!

Price is firm at $267.30, which is 33 x face value, and these classic coins are definitely worth this price (even though I bought them for next to nothing from a very trusting little old lady at my church).

Better hurry and buy these now – remember...Silver ALWAYS goes up!


Believe it or not, a number or people responded with lowball offers, while one conscientious fellow rightly called me a @#%&* for taking advantage of a trusting soul. If anybody picked up that this was a joke, they kept it to themselves.

What – is everyone too frazzled this time of year to have a sense of humor? Lighten up and happy holidays!


Eric Original
Dec 22, 2011 - 5:56pm

I hear ya there, Santa's Elf

Most of the things that Casey has been talking about for years are not really practical for most of us. He's always an interesting read though.

In the meantime, us little people just hunker down where we are and do what we can.

EDIT: BTW, Casey has been singing the same song for 30 years. I guess it's up to each of us to decide when to panic.

Dec 22, 2011 - 5:56pm

good stuff EricO

I also liked the historical context, and the speculation about when the peak of the American empire was. For me, I'd say the height was the dot com boom, roughly 200 years in, but thats just my best guess. Getting out of the US does sounds like a prudent consideration compared to the hunker down approach. I wonder if it will be possible to leave the country if they lock it down as he mentions in the article though.

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