Friday Afternoon Link Dump

Fri, Apr 20, 2012 - 5:49pm

The Turd humbly submits a short reading list for the weekend.

First of all, we should discuss the latest CoT. I was all excited to see the numbers and, instead, it's mostly a non-event with no clear signals either way. Gold, as discussed here repeatedly, has seen its total OI fall under 400,000 which is down about 20% from the OI highs of late February. This past reporting week alone, total OI fell over 1% but the internals are kind of strange. Spec longs and Cartel longs both cut about 2,300 contracts while The Cartel short position increased by about 2,700. Interestingly, long and short small specs both fell by nearly 2,000. What the heck is going on here? Beat's the living daylights out of me! Here's the weirdest part: Large spec shorts declined by 7,648 or roughly 22%. It's only one indicator but, on balance, this report does not indicate that gold is ready to explode higher. Maybe sometime soon but likely not yet.

In silver, the picture is equally confusing. In stark contrast to gold, the large specs did virtually nothing. The small specs though, who were busily dumping long and short positions in gold, were busily adding long and short positions in silver. Huh? Very strange. On top of this, the EE added long and short positions, too, though the longs addition was about twice the short addition in percentage terms, bringing the net short ratio down to 1.59:1. Again, in contrast to gold, total OI surged over 6% to 121,448, all while price for the period was essentially flat. Very, very strange.

I mean, it's just weird. Total OI is the highest it has been all year but price is down $6 from its high. And, a month ago, silver OI was just 107,000 while price was roughly $32, right where it is today. So, why the tug-of-war? A 13% rise in OI while price is flat. Gonna have to think about this one for a while but something odd is going on. Just can't put my finger on it yet.

Perhaps it has something to do with this? The changing tides of registered and eligible silver are getting a lot of attention these days. Andrew Maguire told me earlier this week that he didn't think it was that big of a deal as he was once in a vault where registered vs eligible is simply delineated by a big, blue line on the floor and silver is routinely moved by forklift each way and back. Maybe that's the case but it seems that Jesse doesn't think so.

More on the silver story comes from Goldcore. (Maybe they should rename it Gold&Silvercore?)

And if you haven't watched this yet, you probably should:

Video unavailable

ZeroHedge posted this interesting compilation a few hours ago. They address the negative press that gold has gotten this week. I enjoyed reading it because I had no idea that these articles cited were even out there. The one that addresses gold OI I found to be particularly negligent as it paints a picture of declining Comex demand as an indicator of declining investment demand. What a joke! As a source, it uses a London-based analyst with Credit Suisse. The source, Cilline Bain, four years removed from university, is either hopelessly inexperienced, deliberately misleading or just plain stupid. (

Here's another fun piece on gold manipulation, this time from Patrick Heller at Liberty Coin.

And, finally, when looking for the CoT numbers at goldseek, I found this piece of TA. It's reasonably well-written and likely worth a few minutes of your time.

Alright, that's it. It's late Friday afternoon and I need a beer (or 6). It's officially springtime so I think I'll crack open either a Shiner Blonde or a Sam Adams Summer Ale. Tough choice, huh? Hang in there and keep the faith. Try to get some R&R this weekend as next week promises to be pretty volatile with the French elections, the continuing deterioration in Spain and the FOMC meeting.

See you Monday unless the beer helps to clarify the weird CoT and OI changes in silver, in which case I'll add an update to this post.


About the Author

turd [at] tfmetalsreport [dot] com ()


Silver Meddler
Apr 20, 2012 - 5:53pm

It must be the end of the week...

...because I need a break from this stuff!

Apr 20, 2012 - 5:54pm

first? ever?

love these! and I love bacon

about the zerohedge other side of the coin post... I think SRSrocco wrote a pretty nice rebuttal for it!

Apr 20, 2012 - 5:54pm



@Ferd- As Costanga says, " I'm back baby"!

Apr 20, 2012 - 5:54pm

Today's COTs are the cure for insomnia

A complete non-event. Makes me think that perhaps those are being gamed just like the price of paper metals.

Apr 20, 2012 - 5:57pm


0WASHINGTON (AP) — For computer users, a few mouse clicks could mean the difference between staying online and losing Internet connections this summer.

Unknown to most of them, their problem began when international hackers ran an online advertising scam to take control of infected computers around the world. In a highly unusual response, the FBI set up a safety net months ago using government computers to prevent Internet disruptions for those infected users. But that system is to be shut down.

The FBI is encouraging users to visit a website run by its security partner, , that will inform them whether they're infected and explain how to fix the problem. After July 9, infected users won't be able to connect to the Internet.

Read more:

Apr 20, 2012 - 6:10pm

Speaking of bacon

I was just looking at recipes for ribs on the web, when what should I find but a recipe for ribs that calls for bacon! And now I have an excuse to post it:

The Ultimate Barbecued Ribs



Special equipment: Kitchen twine

Apr 20, 2012 - 6:11pm

Apr 20, 2012 - 6:16pm

That is unfairly cute

and you would probably use him for bait.

Kevin C
Apr 20, 2012 - 6:16pm

Top Ten

I've never posted higher than about 30 before.

I wish I could get Shiner beer here in Oregon. A friend brought some Shiner Bach back from Texas once that was very good. As far as your choice goes, I think the best solution is 3 of each.

Big Rocks
Apr 20, 2012 - 6:25pm


The report isn't that surprising considering gold and silver both traded in very narrow ranges. The near equal changes in L/S positions could mean spreads were lifted in response to such low volatility. My thought is gold is being maintained within a tight trading range. Specs are deserting the paper market and that too decreases volatility and makes it easier for the BBs to control. Remember they can't let PM get too cheap or physical demand explodes. How many are waiting on one more big drop to add to their stacks? That includes everyone from CBers to little turds, myself included.

Kevin C
Apr 20, 2012 - 6:28pm
Apr 20, 2012 - 6:31pm

Cute frog

I would have to agree with that. Now you can see why the little Geico guy is so popular.

I hardly ever use live bait and use artificial lures mostly.

I Run Bartertown
Apr 20, 2012 - 6:31pm

Happy Friday

Eat a good meal. Have a drink.

Get out for a walk with the family or dog.

(keep him safe - did you know there are savages running loose - right here in 'America' - that EAT dog?...wonders never cease!)

Apr 20, 2012 - 6:33pm


That was the sound of me cracking open a beer with TF

Yep, that just happened!


Apr 20, 2012 - 6:40pm

The only problem with silver is...

... that it's not bacon! People often ask - should I be stacking more silver, or bacon? Well now you don't have to decide - may I present the sterling silver bacon ring:

Protect your purchasing power of real bacon in the future! The bacon premium alone on this ring will surely outperform any numismatic

Have a great weekend everyone!!

Eric Original
Apr 20, 2012 - 6:45pm

19th, bitchez...

19th, bitchez...

Gimme another one o' those brewski's.....

EDIT: actually, 17th! Must be these beer goggles!

Apr 20, 2012 - 6:45pm

Random thoughts

(Thought I'd repost this from the last thread, since it was nearly last. Seems like a better fit here on the weekend thread, since it's just random crap.)

Dreary news, as usual. SSDD. Nobody's fault; just the State of the Union. Given the sloooow European flush, a world economy that has little to offer most who seek productive employment, life in the USofA that becomes more micro-managed every day, the prospect of an upcoming election that will provide a choice between Dumb and Dumber, it's getting downright difficult to get out of bed every morning.

Then, when the hour seem darkest, my mind drifts to the possibility that somewhen in the not-to-distant future, we may be able to make a pilgrimage to a festive gathering of TURDITES! Oh, the joyous rapture!

This event, when it happens, needs to capture the hearts and minds of the unwashed (non-Turdites). How, you ask? First, a snappy name -- Turdapaloozaa, TurdFest'12 (or '13), The Million Turd March. (Help me out, here Turdites)

A newsletter could be published each day, highlighting events for that day. Of course, it would be named "The Daily Wipe".

Location is important. It has to be somewhere that would capture the attention of the CNBS'ers; desirable enough to get Michelle Caruso-Cabrerra to want to cover the event with stories and interviews. Some kind of civil disturbance going on in the background seems to draw her like a moth to a flame. Perhaps it could be scheduled to start on the first Friday of the month so the Coug could give her BLSBS commentary from our remote location as a special guest of TurdFest!

Just some random thoughts to distract me from the bugs on the windshield of life.

Oh, just one more brain fart. There is discussion here about where to go, where to hide when the SHTF. I've noticed that many big name financial guys like Doug Casey, Bill Bonner and others, all seem to have property scattered about that they can run to. What if a big bunch of Turdites got together and bought Idaho or half of New Zealand or Cuba and said "adios". Wouldn't that be fun? Just day-dreaming.

Oh wait, just one more thing. Colonel Angus reminded me of a line from a James Bond flick.

James Bond: [On the phone, whilst being in bed with his Scandinavian language tutor] I always enjoyed learning a new tongue. Moneypenny: You always were a cunning linguist, James.

wax off

Apr 20, 2012 - 6:47pm

Go with the Shiner

Go with the Shiner Blonde. Sam Adams just ain't what it used to be before they got bought out, IMHO. Me, I'm having a couple Labatt's Blue in honor of my Canadian heritage. I deserve them. Did 15 miles on the bike ( new hip works great) and then mowed the lawn. Glorious day in Upstate NY. I better be careful, they may make me go back to work early. OUCH! I hurt. The pain, the pain.

And the Yankees beat the Red Sox! Life is good.

Apr 20, 2012 - 6:50pm

No Rain

Blind Melon - No Rain
Bobbejaan George Clooney
Apr 20, 2012 - 7:04pm

Ribs & Movies ... Something for the weekend?

Xty said :-

I was just looking at recipes for ribs on the web, when what should I find but a recipe for ribs that calls for bacon! And now I have an excuse to post it:

Which, in turn, gives me an excuse to post something mindless to watch over the weekend whilst relaxing with your ribs ..... PURELY as an educational tool to remind everyone of the Evil Ghouls that control the system we're fighting, of course.

Video unavailable

Don't forget your sunglasses, folks.

Apr 20, 2012 - 7:34pm

As long as we're dumping links - here is another

James Turk comments on this chart as "the most important and extrordinary chart of 2012":

For those of us gold miner investors, I agree with him.

Apr 20, 2012 - 8:04pm

At the airport in ATL...

Having my second Yeungling before my 14 hour air nap. Tomorrow night, Хортиця vodka until about 5 in the morning with Ukrainian friends in Dubai, then off for a tour of "Arab Spring" destinations... Stay thirsty my friends! ;)

Apr 20, 2012 - 8:06pm

@IS7 re: no rain...

Still love that song and a lot of others from'93-'94... Still pissed at him and Layne Staley for OD'ing!!!! ;)

Apr 20, 2012 - 8:06pm

Turd...if you want to go blonde...

You ought to do it Texas style....if you ever get a chance...pick up a can of Southern Star's Bombshell is a classic Texas crafted brew...mmmmm :)

Have a great weekend everyone! Back to lurking.



Apr 20, 2012 - 8:32pm

Hey Fort...

Nice to hear from you.

Yeah, there were a few interesting bands in that time period who had two, maybe 3 hits and then faded away.

Here's another obscure oldie from the 90's...

Peaches - The Presidents Of The United States with Lyrics
Apr 20, 2012 - 8:40pm

Indigo Star 7 ?

You hardly ever use live bait, you throw the fish you dip your fish hooks in Novocaine, too ? You are the consumate, compassionate politically correct fisherman ! Do you pack out your poo and tip toe through the wild flowers ? Monedas 1929 Comedy Jihad Nature Bully

Apr 20, 2012 - 8:48pm

Sidewalk worm rescue

Helping other creatures out of harms way or from a fishes jaws is good karma and brings many fish in return. I've released 100's upon 100's of fish in my life and gave some away to those that asked.

7's 7th karma rule...think twice before stepping on a bug or killing a spider for no other reason except that you can. Consider something much larger then yourself.

Indigo 7's Karma & Friendly Worm/Fish Relationship Tour 2012

Apr 20, 2012 - 8:52pm

Turd; May I Recommend...

The Sam Adams Cherry Wheat is in season. I am having one as I enjoy the comments and suggested readings.

Apr 20, 2012 - 9:02pm

Enjoy Your Beer


Enjoy the cold ones, you deserve them.

Thanks for the excellent community.


Apr 20, 2012 - 9:03pm

Any hockey fan's out there?

Flyer's vs. Penguins on right now.

And Predators /Red Wings also.

Great hockey this year so far.

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