Friday Afternoon Link Dump

221
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.

https://news.goldseek.com/COT/1334950407.php

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.

https://jessescrossroadscafe.blogspot.com/2012/04/comex-silver-inventory-watch-heading.html

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

https://www.goldcore.com/goldcore_blog/silver-seen-over-40oz-2012-%E2%80%93-store-value-remains-undervalued-0

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. (https://uk.linkedin.com/in/cillinebain)

https://www.zerohedge.com/news/other-side-gold-and-silver-coin

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

https://www.coinweek.com/commentary/opinion/major-gold-and-silver-price-suppression-now-a-weekly-occurrence-so-what/

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.

https://news.goldseek.com/GoldSeek/1334944357.php

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.

TF

About the Author

Founder
turd [at] tfmetalsreport [dot] com ()

  221 Comments

Silver Meddler
Apr 20, 2012 - 5:53pm

It must be the end of the week...

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

achmachat
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!

murphy
Apr 20, 2012 - 5:54pm

thurd

thurd

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

SilverIsKing
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.

Magpie
Apr 20, 2012 - 5:57pm

Repost

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, https://www.dcwg.org , 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: https://www.stamfordadvocate.com/news/article/Hundreds-of-thousands-may-lose-Internet-in-July-3497916.php#ixzz1scUPRsST
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

Ingredients

Directions

Special equipment: Kitchen twine

... https://www.foodnetwork.com/recipes/tyler-florence/the-ultimate-barbecue...
¤
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

COT

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.

Key Economic Events Week of 10/14

10/15 8:30 ET Empire State Fed MI
10/16 8:30 ET Retail Sales
10/16 10:00 ET Business Inventories
10/17 8:30 ET Housing Starts and Bldg Perms
10/17 8:30 ET Philly Fed MI
10/17 9:15 ET Cap Ute and Ind Prod
10/18 10:00 ET LEIII
10/18 Speeches from Goons Kaplan, George and Chlamydia

Subscribe or login to read all comments.

Contribute

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 10/14

10/15 8:30 ET Empire State Fed MI
10/16 8:30 ET Retail Sales
10/16 10:00 ET Business Inventories
10/17 8:30 ET Housing Starts and Bldg Perms
10/17 8:30 ET Philly Fed MI
10/17 9:15 ET Cap Ute and Ind Prod
10/18 10:00 ET LEIII
10/18 Speeches from Goons Kaplan, George and Chlamydia

Key Economic Events Week of 10/7

10/8 8:30 ET Producer Price Index
10/9 10:00 ET Job Openings
10/9 10:00 ET Wholesale Inventories
10/9 2:00 ET September FOMC minutes
10/10 8:30 ET Consumer Price Index
10/11 10:00 ET Consumer Sentiment

Key Economic Events Week of 9/30

9/30 9:45 ET Chicago PMI
10/1 9:45 ET Markit Manu PMI
10/1 10:00 ET ISM Manu PMI
10/1 10:00 ET Construction Spending
10/2 China Golden Week Begins
10/2 8:15 ET ADP jobs report
10/3 9:45 ET Markit Service PMI
10/3 10:00 ET ISM Service PMI
10/3 10:00 ET Factory Orders
10/4 8:30 ET BLSBS
10/4 8:30 ET US Trade Deficit

Key Economic Events Week of 9/23

9/23 9:45 ET Markit flash PMIs
9/24 10:00 ET Consumer Confidence
9/26 8:30 ET Q2 GDP third guess
9/27 8:30 ET Durable Goods
9/27 8:30 ET Pers Inc and Cons Spend
9/27 8:30 ET Core Inflation

Key Economic Events Week of 9/16

9/17 9:15 ET Cap Ute & Ind Prod
9/18 8:30 ET Housing Starts & Bldg Perm.
9/18 2:00 ET Fedlines
9/18 2:30 ET CGP presser
9/19 8:30 ET Philly Fed
9/19 10:00 ET Existing Home Sales

Key Economic Events Week of 9/9

9/10 10:00 ET Job openings
9/11 8:30 ET PPI
9/11 10:00 ET Wholesale Inv.
9/12 8:30 ET CPI
9/13 8:30 ET Retail Sales
9/13 10:00 ET Consumer Sentiment
9/13 10:00 ET Business Inv.

Key Economic Events Week of 9/3

9/3 9:45 ET Markit Manu PMI
9/3 10:00 ET ISM Manu PMI
9/3 10:00 ET Construction Spending
9/4 8:30 ET Foreign Trade Deficit
9/5 9:45 ET Markit Svc PMI
9/5 10:00 ET ISM Svc PMI
9/5 10:00 ET Factory Orders
9/6 8:30 ET BLSBS

Key Economic Events Week of 8/26

8/26 8:30 ET Durable Goods
8/27 9:00 ET Case-Shiller Home Price Idx
8/27 10:00 ET Consumer Confidence
8/29 8:30 ET Q2 GDP 2nd guess
8/29 8:30 ET Advance Trade in Goods
8/30 8:30 ET Pers. Inc. and Cons. Spend.
8/30 8:30 ET Core Inflation
8/30 9:45 ET Chicago PMI

Key Economic Events Week of 8/19

8/21 10:00 ET Existing home sales
8/21 2:00 ET July FOMC minutes
8/22 9:45 ET Markit Manu and Svc PMIs
8/22 Jackson Holedown begins
8/23 10:00 ET Chief Goon Powell speaks

Key Economic Events Week of 8/12

8/13 8:30 ET Consumer Price Index
8/14 8:30 ET Retail Sales
8/14 8:30 ET Productivity & Labor Costs
8/14 8:30 ET Philly Fed
8/14 9:15 ET Ind Prod and Cap Ute
8/14 10:00 ET Business Inventories
8/15 8:30 ET Housing Starts & Bldg Permits

Recent Comments

Forum Discussion

by Green Lantern, Oct 16, 2019 - 9:53pm
by zman, Oct 16, 2019 - 8:51pm
by NW VIEW, Oct 16, 2019 - 7:31pm
by ancientmoney, Oct 16, 2019 - 5:23pm