Odds. Ends. Out.

Thu, Feb 16, 2012 - 5:08pm

Just a few items as we wrap up Thursday and prepare for Friday.

First, I must chuckle and fart in the general direction of the Bullion Bank Cartel. As they arrived this morning, they thought they were going to put the hammer down today. The POSX was rallying and it was game on. As documented in the previous thread, from the opening bell The Cartel attacked...and attacked...and attacked. They soon ran into two, fundamental problems.

  1. The Pig suddenly reversed. (Do you see what I mean about Forex ripping you to shreds if you let it?)
  2. Over a thirty minute period, four stabs below 1710 were all met with plentiful buy orders.

Oh how The Forces of Darkness must be angry and confused this evening. This is not supposed to be how it works! Everything was set for a raid today. Gold would finally be taken back under 1705 and silver would be pushed below $33. OOOOoooops. As Coach Corso would say: "Not so fast, my friend". As quick as you can say "Sergey Aleynikov", the WOPRs flipped over to BUY from SELL and the metals charged back higher.

This all sets up a rather interesting day tomorrow. As you know, silver has painted red candles on the last two entries to the weekly charts and gold was red last week. Will they do so again this week? Silver needs to beat $33.58 tomorrow and gold's level is just $1723.

Adding to the intrigue is a big jump in OI yesterday. On a day where gold traded higher by about $10, total OI jumped by 7010 contracts, with 6,000 being added to the front-month April12. At 438,174, that's the highest total OI since 1/20/12, three days before the FOMC minutes that sparked gold over $60. Silver also saw it OI jump by almost 2000 contracts on a day where price rose just 6 cents. At 106,621, the total OI is now the highest it's been all year. Hmmmm. The silver picture is particularly interesting given that 1-month lease rates are again approaching -0.40% tonight. Caution is definitely still warranted.

Just for fun, here's a POSX chart that has lines drawn all over it like I'm some kind of actual, fancy-schmancy technician. It's probably useless but it's worth looking at, anyway.

Here are a few items I've picked up along the way today:

A solid chart summary from Trader Dan.


As if you needed more evidence that infinite QE is necessary and coming:


Gonzalo has written a timely, new piece:


You absolutely MUST READ this:


This is pretty solid from Denver Dave:


And this is certainly interesting, too:


That's it. Have a great overnight! TF

About the Author

turd [at] tfmetalsreport [dot] com ()


Feb 16, 2012 - 5:11pm
Feb 16, 2012 - 5:12pm

Really First?

Back to lurking duties.

Silver Monkey
Feb 16, 2012 - 5:14pm

Bix Weir out with an interesting note

Just a quick note on something I noticed while glancing at the latest Bank Participation Report from the CFTC. As of February 7, 2012 there are now 4 US Banks that hold the silver short hot potato! https://www.cftc.gov/dea/bank/deaFeb12f.htm That's right. The number 4 now sits in front of the US Bank silver position. Previously there was no number as Ted Butler's brilliant research forced JP Morgan to demand that the CFTC change the reporting rules and remove the number if it was less than four banks. For for the past 3 years the number of banks on the Participation Report has been left blank until the latest report. The net short is now down to 20,840 contracts or 104M ounces but JP Morgan and friends have now spread out the manipulation between friends. Interestingly, if you divide this number by four you arrive in the vicinity of where the new position limits rule kicks in! Does this mean that we are on the threshold of the CFTC finally announcing that they have defined the word "SWAP" and we can start the 60 day window for the Implementation of Position Limits? I think so. Watch for an announcement coming from the CFTC after the March contract is closed out at the end of the month... and March is a silver delivery month :-) Exciting stuff these days in the silver world! May the Road you choose be the Right Road. Bix Weir www.RoadtoRoota.com

Feb 16, 2012 - 5:14pm

Guess who they are grooming

Guess who they are grooming for the world bank!( geithner is listed too)The next World Bank president: Bill Clinton? https://www.guardian.co.uk/world/richard-adams-blog/2012/feb/15/world-ba...

Feb 16, 2012 - 5:16pm

I give up...

Even the laws of nature are "not so" randomly rewarding the 1%

Same person wins the lottery....... again! WTF is wrong with reality!


Santa's Elf
Feb 16, 2012 - 5:16pm

2012 Gold

2012 Gold and Silver predictions compiled by RealMoneyTracker:

Expert/Institution Silver Gold Comment Source
Barclays 2000 During second quarter Watch
Ben Davies 50 1800 Silver: ”higher highs”. Gold: +15%(?) Listen
Bill Murphy 75 Listen
Chris Marchese 62,5 2435 Silver: 60-65. Gold: 2250-2600 Private conversation
Commerzbank 1900 Read (in Swedish)
David Morgan 60 2500 Gold: 2400-2600 Watch, Listen
Duet Commodities Fund 2500 Read
Egon von Greyerz 60 4000 Gold: 3000-5000 Read, Read
Eric Sprott 50 2000 Silver: Above 50. Gold: ”north of 2000” Read
Goldman Sachs 1940 Read
James Dines 1900 Gold: ”New highs” Listen
James Turk 70 2500 Gold: 2000-3000 Read, Watch, Listen
Jim Rickards 1900 For 2013-2014: 3000-5000 Read
Jim Sinclair 2000 ”1900-2100 or more” Read, Listen
John Embry 56 2500 Silver: +100%. Gold: +60% Read, Read, Read
John Hathaway 48 1900 ”New highs” Read
Keith Barron 50 2250 ”Gold: 2000-2500” Read
Michael Pento 2200 Watch
Morgan Stanley 2175 ”By 2013” Read
Nick Barisheff 2250 Listen
Peter Grandich 1900 “New highs” Read, Listen, Watch
Peter Schiff 2500 ”Above 2500” Read
Rick Rule 2200 Read
Rob McEwen 50 2000 ”Above 50 and 2000” Read
Stepen Leeb 80 2750 Silver: 60-100. Gold 2500-3000 Read, Read, Read, Read
UBS 2050 Gold: ”will average at 2050” Read
Average: 59,29 2242
Average gain in %: 112,36% 43,09%
2012-01-02 prices: 27,92 1566,8
Dr G
Feb 16, 2012 - 5:18pm

I just want to openly admit

I just want to openly admit that I might have a man-crush on the Turd. I can't remember ever reading anything financial related with a big Cheshire grin on my face. Yet, here I am, smiling as wide as I can.

Love the Pig chart with "lines drawn all over it".

Feb 16, 2012 - 5:21pm

Turd seems highly optimistic.

Turd seems highly optimistic. He shouldn't be. The market is controlled. It begins and ends where THEY want it, and it will continue to be that way until the industrial users realize there is no silver (or until the whistle is blown and someone actually listens).

Think what you want, though. So long as you stack the phyzz.

Feb 16, 2012 - 5:28pm

In the general direction of...

... the Bullion Bank Cartel.

I Fart In Your General Direction!

Thanks for the new thread and links.

garrylindsay tmosley
Feb 16, 2012 - 5:29pm

Or until mining->minting an oz worldwide average cost exceeds...

...the paper price! At which point its purely a commodity that would cease production as its no longer cost efficient!

I would love to actually have somebody calculate the average worldwide mining->minting cost for all the PM's

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