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 ()


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
BobbejaanGeorge 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.

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