Gold and Silver in Dullsville

So much for the expected volatility. After all the wailing and grinding of teeth over Greece, the market impact was negligible. U.S. stocks and bonds have been in a quiet, tight range all day. Yawn. However, the lack of buying enthusiasm allowed The Cartels to press their advantage in the PMs and down they went.

Really, it seemed that the only things moving today were crude, gold and silver. I guess I can kind of see a scenario where one might sell both crude and gold but silver, too?? It just wreaks of the continued, repressive and nasty manipulation scheme we are all sick of. If gold and silver were simply left to trade freely, today might have held the same boring, flat trading that we saw in stocks. Instead, when crude sold off, The Cartels attacked and tried to shove both metals down and away from the resistance levels against which they were beginning to press up. Fortunately for us, both metals eventually found some significant buying support and now those levels should serve to contain further Cartel advances later tonight.


With today behind us, the question becomes: What will the rest of the week hold? Well, keep in mind how rarely the metals trade in the same direction all week. If Monday and Tuesday are UP days, Wed-Fri usually feel some pressure and vice versa. Last week was your latest example. Today, the metals we pressed lower BUT they both found solid buying support. This should make the remainder of the week set up favorably. I'm still highly confident that the lows for this "manufactured correction" are in at 1680 and 32.80 but, clearly, in this post-Greece environment, anything remains possible so we must remain on guard.



Only one news item for you and it is linked below. Again, all the talk about resumption of overt QE is just simply nonsense. QE is ongoing and infinite as the U.S. government ran a $232B deficit in February alone!

That's it for now. Today was so boring that I simply don't have the enthusiasm to continue. More later if conditions warrant but I'll most likely file another update in the morning.   TF


indosil's picture

Shameless Rejoicing

Seems like the  market is rejoicing Greek Default!!!!SHAMELESS & ABSURD.The entire global market is up oblivious to the financial peril we are in...base metals are up..everything is up..except Gold & Silver.Continuosly being hammered.LBMA open has dragged it down futher...

Basil's picture

So true, 47, so true

I agree with you sentiments entirely.  Just wish I could get the message thru to my teenage kids !!

Most people nowadays, especially kids, would be positively embarrassed to own , say, a 2nd hand laptop or cellphone.  I think the advertisers and marketeers have a lot to answer for here, and over the years  they have subtly managed to suggest to society that the latest models are somehow "status symbols" and "designer must-haves" rather than declare the simple truth that these items are purely functional pieces of equipment. Nowadays it seems that "image" is everything.

Take any TV advert for a car as an example.  Extraordinarly,  the  advert will almost certainly tell you NOTHING about the car itself.  Much more likely it will depict attractive , youthful, successful, content people driving the car, possibly some humour, and errr .. thats it.  The advertisers are actually selling a DREAM rather than a car.  And the sad thing is, this advertising really works. People fall for it every day.  They actually believe, albeit partly subconsciously, that simply by shelling out a lot of cash to buy one of these vehicles that they will somehow be magically transformed into the sort of individuals depicted in the advert along with the associated lifestyle.

Surely real quality of life is to be found thru meaningful relationships, rather than possessing the latest gadget.  Strangely enough I haven't seen too many adverts suggesting that recently ....

Number 47's picture

I thought I was finished venting but...

This is a subject close to my heart, I feel I have to say this.

I ended up homeless at 15, this was due to abuse of many forms. It began with my Father and step-mother, physical abuse, physical torture, mental torture and isolation. I was 'saved' from this and placed into a childrens home where i was subjected to a different type of abuse. By the age of fifteen I was a wreck. The 'home' I was living in was damaging me in so many ways that I saw a place to hide and i took it. I shoplifted my food at the beginning and I slept on a bench behind a railway station. I never begged, I could barely look people in the eye. I was broken, battered and life on the street was easier for me than trying to communicate with the other humans around me.

People talk about charity. Sure, I saw some of that, now and again, people would give me food or money and it was gratefully received. The other side of the coin was being kicked, punched, chased away and 3 times I was pissed on while sleeping. The only other charity was a soup kitchen where I could get some bread and stew every evening, this was run by the church. It was a great recruiting ground for them, one I never subscribed to but i took their 'charity'. None of this charity helped solve the issue, the clue is in the name. HOMEless.

It was socialism that came to my rescue, just before I turned 17, I got myself on a social housing list and was given an apartment, it was paid for and i was given some money each week to live on. I had no furniture and no possessions but it was safe. Within 3 months I had found a job. I never looked back. I left my social housing, for the next person and I joined the economy, paid my taxes and worked until I got where I am today. That little helping hand, paid for by society brought me a family of my own, security, happiness and allows me to give something back, without it I have no illusions, I would be dead now.

People talk about entitlements, looking down at others who were less fortunate. What about that feeling of entitlement those at the top feel? the entitlement to pass by, to look the other way, to judge those they see as vermin, scum etc? Just because they were lucky to grow up in a healthy environment.

I contribute to society now, allowing socialism to help people just like me. I go further too, I am running a marathon in October to raise money for homeless youths, I work for free in my community on weekends, gardening, picking litter, our council no longer does this as the tax take is so low. So we do it ourselves. the tax take is low because those at the top don't pay, not because those at the bottom require assistance. Yet they are quick to raid our pensions and cut our services to protect those that require no protection whatsoever.

It sickens me to hear the diatribe rolled out here on a daily basis, socialism is marxism, socialism is evil, socialism is responsible for all our ills.

When you don't eat for days, you're cold in a shop doorway and some drunken wanker in a suit is laughing while pissing on your head, then you can talk to me about socialism. then you know what it means to be in need, not giving up one holiday a year or buying a cheaper brand phone.

The system is not perfect granted, but if you allow society to be based on greed without compassion we will have to climb over the bodies of the dead every time we have to leave the gated communities we would have to live in.

Socialism in Europe was born of the carnage of WW2, where rich and poor alike stood hand in hand and gave their blood on the battlefield to defeat tyranny. This was recognised with the creation of the welfare state, 'we are in this together' is bandied around by the politicians and elite of the present day. how it makes my skin crawl to hear these words from the likes of Cameron, Milliband, Buffet and others. they make a mockery of the systems put in place by the collective consciousness of those who fought in a true struggle for our very way of life. How quickly we forget.

I am a product of socialism and I am proud of it.

GoldMania3000's picture

I'm convinced

CNBC are a bunch of stupid putzes.  Yes I know you know..but you have to listen to them and see that their stupidness is beyond stupidity 

GoldMania3000's picture

QE coming soon

I Run Bartertown's picture

Confusing cause with effect

But this guy approves of the message.

No doubt, this guy helped somebody. 

But he harmed many more in order to do so. 

We've lost a nation, but I'm glad you got an apartment.

Monedas's picture

Let me entertain you !

Kcap, there is something worse than AAPL entertaining's you boring people !      Stalin and Keynes were such geniuses at destroying Capitalism ?  They forgot to save Communism !     Number 47, the problem with Socialist hand outs is that they tend to create more Socialists !   There is a good Mexican phrase that covers our relationship to one another:  "Juntos, pero no revueltos !"...."Together, but not scrambled !"      Monedas   2012    FoxConn Lounge Act   devil

ClinkinKY's picture

Morning Toons

Number 47's picture


The problem with free market capitalism is that it creates fewer and fewer rich people.

Socialism comes in many forms, communism is one of them, thanks to lenin, kissinger, thatcher and reagan (among others who had agendas) it seems the differences have been extinguished.

ClinkinKY's picture

My contribution to earlier discussion

ClinkinKY's picture

And finally...

Strongsidejedi's picture

@#47 (Socialism)

Number 47 -

I really appreciate you sharing your experience. 

I am not a product of socialism.  In fact, when I was kicked to the dirt here in California, it was the California state government which kicked me there.  Socialist regulations backed by the unions have created such a difficult regulatory environment and such a corrupted enforcement process that I am personally aware of BILLIONS of dollars of damage in this municipal area alone.

In the case of tens of thousands of people in this area, it was neither socialism nor capitalism that destroyed equity.  The destruction of equity (homes, businesses, and lives) came from government bureaucrats who use their position to destroy the lives of others.  It is my sad view that fascism is happening in the United States.  This election for President is an example of it.  The huge sums of money being based through SuperPACs clearly shows the fingerprint of fascism.

I find it more than disturbing when individuals confuse morality with government action.  Some people believe that government's role is to shepherd the citizen.  Some people believe that governmental law should reflect prevailing senses of morality and therefore that such governmental action (i.e. socialist or capitalist in intent) should enforce this popular sense of morality.  Some also believe that the justification of a "social safety net" entitles the individual to such provision from government.

These views are dramatically stifling to individual freedoms.  People must learn to stand on their own just as you have.  Otherwise, society stifles volunteerism.  If all is left to government to organize, then the surviving programs/corporations have been selected to withdraw governmental money for their own favorite cause.  I can point to California hospitals and our bankrupted healthcare systems as an example.

These are increasingly dangerous topics which is equally sad.  The discussion of government's role in society should not be threatening and should not cause anguish.  The first amendment gives us these protections although eroded by pop culture delivered by iPhone or Android.  The fact we have citizens afraid to post on blogs like this one is tantamount to infringement on those first amendment freedoms and causes me great consternation.  Worse, the absence of civic discussion in society causes erosion in the commitment to freedom and liberty.

I cherish the opportunity to have these discussions and do not find the topic threatening or negative.

One can not see the end of the Keynesian experiment without knowing the full negative effect of that failed economic theory.

Your difficult early life and your current ability to provide for yourself and your family are reflections of the Keynesian economy.

Lastly, we should take heed of your comments.  It will be individual action, like your philanthropy and like TF's sponsorship of this blog, that throws people the lifeline they need when they are kicked to the dirt by fascist governments which steal from them.

We can at least stand united against such fascism.  Those individuals who would seek to profit from those things are on the wrong side of history.

Number 47's picture

@i run bartertown

It wasn't MY apartment, it belonged to society. I was just allowed to use it at that time. I hope you never find yourself in that type of situation but it can happen to anyone at anytime and I doubt many would turn it down. I'm not sure what you are getting at in your reply, perhaps it is because I'm a straight talker? I don't know.

I Run Bartertown's picture


Powerful image.

With or without the obamao part...just the bloody hand/barbed wire/free stuff combo.

Anyone who doesn't see the connection should go to a FREE library and learn history.

You'll love it there, 100% taxpayer funded and they won't even kick out homeless at the computers. A no-discrimination paradise...

Monedas's picture

Free....Market....Capitalism ?

That's not REdundant..... that's THREEdundant !   Monedas   2012    FoxConn Staff Pimp  devil

Number 47's picture

@i run bartertown

'homeless  on children at the computers'? WTF!

I don't see any need to converse with you further.

Monedas's picture

Barterbuns !

Look at the positive side ! Let the bums squirt on the computer screens and leave the books alone !   Monedas  2012    County Library Book Hospital Technician  devil

Be Prepared's picture

Claiming the Credit

Be Prepared's picture

Energy of the Future

ivars's picture

Better have a look at metals charts


I Run Bartertown's picture



I'm not one to cry the blues for pity like you, but,

"It wasn't MY apartment, it belonged to society. I was just allowed to use it at that time. I hope you never find yourself in that type of situation"

MY apartment at 17 WAS MY apartment because I didn't go to a welfare office when I needed an apartment. I went to job interviews.  

If you're in the US, you are just a future enemy to me, so I don't care if you want to discuss anything or not until then. And, believe me, I can't wait.

If you're foreign, well, I really don't care how you run your country, so let's get along ;-)

Be Prepared's picture

What Right of Free Movement?

The Days of tolls on every road are going to be upon us sooner than you think....  it happened before and it will happen again.

Be Prepared's picture

The Proverbial Other Shoe

ClinkinKY's picture

Milton Friedman & Ted Kennedy on Socialism

If only we had people like Ted "The Swimmer" Kennedy to run it.  


Perhaps the most telling of Kennedy's approaches and fundamental believes can be understood from a hearing where Milton Friedman was testifying.  Friedman spoke of many times about amending the constitution to impose economic laws, specifically a balanced budget.  Kennedy opposed such a proposal, regrettably, considering our dire debt and deficit situation.  Kennedy's argument at the time was the inability to spend would compromise distributing wealth, goods and services.  Aghast at this claim, Friedman asked:

"Senator, socialism hasn't worked in 6,000 years of recorded history," explained Friedman. "Why won't you give up on it?"

To which the late Senator emphatically responded.

"It hasn't worked in 6,000 years of recorded history because it didn't have me to run it."

As is typical of socialists good intentions do not justify the ends.  Failure of socialism is the inability to correctly consider all individual needs and ill effects of a one-fit-all approach.  Kennedy may have created numerous incidents of people benefiting, but ignoring the broader consequences of such policies clouds judgment and loses sight of reality.  We must learn from mistakes of such broad legislation, ask questions and avoid being blinded by benevolence.

ClinkinKY's picture

Friedman Pwns Donahue re Socialism

ClinkinKY's picture

One more appropriate "toon"

Obama to appear on Cartoon Network

President Barack Obama is pictured. | AP Photo

Obama will deliver the opening message on a new bullying documentary. | AP Photo

You’re used to seeing President Barack Obama on the nightly news and cable networks but, on the Cartoon Network?

Read more:

Monedas's picture

Thanks for the 'toons....Beep and Clink !

I like the way Ramirez draws........but I'm not too keen on his Obama head ? It's too flattering to be funny !           If I could pick the poster children for Capitalism and Socialism in would be Milton Friedman and Teddy Kennedy.....respectively and disrespectively !    Monedas     2012     FoxConn Commissary Bowl Washer and Chop Stick Sterilizer  devil

Wizard's picture

California Lawyer Said

California Lawyer Said

In a million years I would never have guessed that the very same banks who would lose billions, which banks vote up or down on whether to trigger the CDS, somehow voted to trigger the CDS.

Something does not smell right with this.

You are absolutely right, it does smell to high heaven, remember last fall when BOA and others moved their CDS exposure to FDIC INSURED subsidiaries with customer accounts. Imagine that, A company being allowed to play roulette with customers accounts. Whoda Thunk it. Doesn't this action put the American People on the hook for the Massive Credit Default Swap payday if and when they are triggered? I am just a rookie here, Am Honestly looking for an informed answer to the question above.

The short form via Bloomberg:

Bank of America Corp. (BAC), hit by a credit downgrade last month, has moved derivatives from its Merrill Lynch unit to a subsidiary flush with insured deposits, according to people with direct knowledge of the situation…

Bank of America’s holding company — the parent of both the retail bank and the Merrill Lynch securities unit — held almost $75 trillion of derivatives at the end of June, according to data compiled by the OCC. About $53 trillion, or 71 percent, were within Bank of America NA, according to the data, which represent the notional values of the trades.

That compares with JPMorgan’s deposit-taking entity, JPMorgan Chase Bank NA, which contained 99 percent of the New York-based firm’s $79 trillion of notional derivatives, the OCC data show.

Number 47's picture


I have no illusions that I am not in a minority here. I thank you for your considered and well thought out response. I am aware of the difficulties of socialism, there will always be those who seek to turn it to their own advantage, politicians abuse it, as do individuals but should we discard a philosophy because it is abused? The same can be said of any system.

I think socialism has been forever denigrated by the misuse of the terminology stemming from the cold war. The USSR was not a representation of socialism, it was dictatorial communism gone mad, fuelled by war, distrust, greed and power. most systems fail under this type of regime as they are corrupted from the top.

I look to Finland, Denmark, Sweden and Germany as good examples of socialist states. They share a common denominator, they are well educated, hard working, happy societies.

I will tie this to my earlier comments on marketing as I believe they are inextricably linked. These countries have heavily regulated advertising industries, most have banned advertising to children, the people are therefore less consumerism minded and more attuned to the society around them as they are living the dream, not buying it.

This is the kind of socialism that rehabilitates those who commit crimes rather than punishing them, with remarkable results and the worlds lowest re-offending rates.  they treat, drug addicts instead of criminalising them, they see life very differently and unfortunately for those who despise the system, it seems to work. It is hard to ignore.

I'm completely convinced that the biggest problem faced by our societies is social injustice and the disparity of wealth distribution. I don't however believe the rich should fund the poor until equality exists but the income gap will have to be addressed at some point or we may well see the rise of the proletariat, I do not condone this but I see it as unavoidable if regulations are not introduced to bring it to some level of sanity.

History proves that the rich used to recognise this, gifting parks, libraries, schools and other social necessities to their work forces, from the industrial revolution to the 80s this seemed to take a back seat leading to where we are now. My last employer charged me for the privilege of parking in his car park.

I think it is all down to education, something that is being dumbed down actively in other nations. That and the lack of sensible debate are stifling our societies, it is easier to just yell communist! and go back to reading facebook than it is to study and accept that in some places these things work.

I agree with your ascertation that fascism is on the rise in America, I have been watching the rise of extremist views and the ignorance of them (the more dangerous IMO) It is sad to see a once great nation floundering so pathetically, with seemingly no answer to its problems. I personally view America with as much concern as I would have had if I had been alive in the 30s watching the rise of the German debacle. I'm afraid I have viewed America as a 'rogue state' for quite some time.

I feel for those sensible folks left there without a voice, stuck between the socialist policies that are misdirected and the greed of the few who just keep rising and rising. It is a no win situation.

I believe these issues will come to a head in the near future, once again we will polarise and take sides, leading to more extreme views and political stalemate. We will fight, again and again and again....

ClinkinKY's picture

@ Number 47--Perhaps IRB was referring to this...

Seattle Library Allows Porn on Computers Despite Complaints

A Seattle woman was visiting her local library with her children, when she noticed a man viewing pornography on the library computers. The Seattle mother didn’t ask the librarian to remove the man from the library or even have him kicked-off the computers. No, she simply asked if the man could be relocated to a more discreet location.

The librarian refused.

Seattle Public Library spokeswoman Andra Addison said,

“We’re a library, so we facilitate access to constitutionally protected information. We don’t tell people what they can view and check out.”

Read more:

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