Monday Night Discussion

Mon, Apr 23, 2012 - 6:33pm

Hot on the heals of the Sunday Night Discussion, here comes the Monday version. If you have a few minutes, I'd really appreciate your feedback on the following items.

First, a quick update on the open interest changes for Friday. Recall, first, that it was a relatively flat day with gold up $1.50 and silver down 13 cents. The gold OI was quite curious in that the front-month June dropped by a scant 24 contracts and the next delivery month of August dropped by only 1. One! Now, with total volume for Friday coming in at 137,937, do you find it more than a little strange that the two most active months only saw a drop of 25 contracts, combined? Just another sign that almost all of the Comex volume these days is HFT WOPRs that open and close positions intraday. (It could also be another sign that the CME-supplied data is simply bogus.) In silver, the total OI rose to a new 2012 high of 121,702 with most of the gains coming in the OI of the Sep12 contract. I will be very interested to see the OI numbers tomorrow (basis today) after today's EE beatdown. I would suspect that the total OI will show another rise to new 2012 highs as brand new shorts were added today.

Next, an interesting note for Mike Krieger's new site. Lots of folks seem to incorrectly misinterpret the abundance of "WE BUY GOLD" stores as a sign of a gold bubble when, in fact, it's the opposite signal. Additionally, the willingness of regular people to unload their gold in exchange for much-needed fiat speaks volumes to the true state of the economy. Now comes this story about pawn shops seeing a dramatic dropoff in the amount of gold exchanges. Is this "supply" of gold from weak hands nearly exhausted? Maybe.

In world news, I thought this next piece neatly summarized the deteriorating situation in Europe where things are going from bad to worse to awful to crisis very quickly.’-weekly-market-forecast-here-comes-spain-edition

Lastly, please take five minutes and read this excellent new piece from Jim Quinn. As preparation for the FOMC nonsense this week and the BLSBS next, this article will strengthen your fortitude against the SPIN, MOPE and outright propaganda that is sure to come.

OK, off you go then. See you tomorrow. TF

About the Author

turd [at] tfmetalsreport [dot] com ()


Apr 23, 2012 - 9:29pm


take it elsewhere. MDB on Zerohedge, maybe

R man J
Apr 23, 2012 - 9:31pm

Quote of the day: "....the

Quote of the day:

"....the second oldest profession is currency debasement."


Apr 23, 2012 - 9:31pm

And, don't ask who. One thing

And, don't ask who. One thing I will tell you is, if you threaten their lives...they lay down like a whore with one last chance.

Apr 23, 2012 - 9:36pm


Haha...that was pretty funny and good entertainment right there.

Enlighten us somemore.

Apr 23, 2012 - 9:44pm


Early episode..."Where No Man Has Gone Before"

Video unavailable
Apr 23, 2012 - 9:47pm

hey Exbroker........

are you telling me that the Wall St boys don't bitch and squeal like little school girls when the trade goes bad?......yeah, that's what i thought.... ......have a little patience, you should know better than most..

Apr 23, 2012 - 9:48pm


I was saving this for tomorrow morning.

The question you need to ask is: If true, what will the Iranians do with the gold they receive in exchange for oil? They'll most likely convert it into some type of currency which they can then exchange for gasoline, food, etc. Which currency would they convert it to? Dollars? No. Euro? Doubtful. Pounds. Not a chance. Yen? Be serious. Maybe they trade the gold to Russia in exchange for wheat, fuel and weapons?

I dunno. Maybe this story has it all wrong and they don't take gold at all? Why not just take renminbi for your crude and begin building reserves in it instead of dollars? Much easier than shipping gold around and an account at the PBoC is a lot safer than storing your gold at home. Ask Gaddafi or Saddam about that one.

Apr 23, 2012 - 9:51pm

joe biden quote of the day

"I never had an interest in being a mayor, 'cause that's a real job. You have to produce.

That's why I was able to be a senator for 36 years."

Apr 23, 2012 - 9:55pm

Excuse me Mr. Hussein...i have one question before....

you you regret trying to trade oil in non-US dollars?......hmm? (poor sucka)
Hold over
Apr 23, 2012 - 10:02pm

Russia Will Not Reopen: "The

Russia Will Not Reopen: "The Situation Has Been Recognized As An Emergency"

Billions wiped off Europe’s biggest companies as political rebellion rocks eurozone

More than £122.3bn was wiped off the value of Europe’s biggest companies on Monday amid fears that the eurozone’s commitment to austerity was being swept away by political rebellion – just as its debts hit record levels.

Stockmarkets plunged as traders panicked that Angela Merkel could lose her key allies in France and the Netherlands and that the debt crisis rescue plans could unravel.

The Dutch prime minister Mark Rutte, who is one of the eurozone’s “hardliners” on fiscal discipline, dramatically quit in the wake of his coalition’s refusal to accept Europe’s debt pact. Snap elections could be called as early as June.

Traders were also rattled by Francois Hollande’s victory over Nicolas Sarkozy in the first round of the French presidential election. The socialist Mr Hollande has vowed to renegotiate the fiscal pact that including a 3pc of GDP deficit limit.

The political concerns were compounded by data that showed eurozone debt has hit 87.2pc of GDP - the highest level since the launch of the single currency in 1999. Eurostat said that the 17 eurozone members had reduced their deficits from 6.2pc of GDP in 2010 to 4.1pc in 2011 – but overall debt levels had risen by 1.9pc.

Spain, meanwhile, officially sank back into recession as the economy shrank 0.4pc in the first quarter of the year, and German manufacturing shrank at its fastest rate for three years in March. The French composite PMI also fell, according to Markit.

Apr 23, 2012 - 10:03pm


I was thinking about this earlier and didn't make it to the renminbi part of your theory.

I'll agree with and adopt what you just said. The gold never leaves China and they've established gold backed credit based on trust/desperation/ not to mention that gold is the basis anyway for international settlement. Makes sense.

I would think the BIS is going to become more visible as we move forward just like the IMF has been doing except the BIS carries more weight I believe. That's my sense of it.

Apr 23, 2012 - 10:05pm

@Exbroker - Please

@Exbroker - Please don't forget that some of us have been investing/trading/speculating for "many years". What many of us complain about here is not a bad trade here and there or a day's move. WE are ranting against a corrupt and manipulated marketplace the likes of which have never been seen before on this scale.

So please, don't pontificate so profusely about patience and maturity when the issues are much larger than just being able to wait long enough to let the crops grow.

Apr 23, 2012 - 10:13pm

A little energy...

Hi-Def vid

Led Zeppelin Rock And Roll and Black Dog Live
Wallace Hartley
Apr 23, 2012 - 10:22pm

China and Iran

As far as currency wars go, wouldn't delaying an invasion of Iran benefit the western nations now that China is using gold to "trade" oil with Iran? Remember, Bernanke stated publicly that gold is not's held in CB reserves because it's tradition. If gold is not a currency, then the US has no basis on which to forbid China from "paying" for Iranian oil with gold...they are merely trading one commodity for another. As far as the Iranian invasion delay goes, why not wait for the Chinese gold to build up in Iranian banks and then invade. It would be a nice little supply of gold to continue the ponzi scheme for a while longer. I can see it now, "We didn't find any WMDs, but we found a shitload of gold!!!".

Hold over
Apr 23, 2012 - 10:23pm

The Czech Republic's

There's some big stuff happening in Europe today !

The Czech Republic's center-right coalition government teetered on the verge of collapse over the weekend, as it sought to scrape together a parliamentary majority in the face of massive anti-austerity protests.

The Czech Republic's prime minister announced on Sunday that his center-right coalition had agreed to dissolve itself, after the smallest party in the coalition government split into two factions.,,15903891,00.html

The Dutch government, one of the most vocal critics of European countries failing to rein in their budgets, quit Monday after failing to agree on a plan to bring its own deficit in line with EU rules.

Queen Beatrix‘s office said she had accepted the resignation of Prime Minister Mark Rutte and his Cabinet after Rutte informed her talks on a new austerity package collapsed over the weekend.

Stockmarkets plunged as traders panicked that Angela Merkel could lose her key allies in France and the Netherlands and that the debt crisis rescue plans could unravel.

The Dutch prime minister Mark Rutte, who is one of the eurozone's "hardliners" on fiscal discipline, dramatically quit in the wake of his coalition's refusal to accept Europe's debt pact. Snap elections could be called as early as June.

Traders were also rattled by Francois Hollande's victory over Nicolas Sarkozy in the first round of the French presidential election. The socialist Mr Hollande has vowed to renegotiate the fiscal pact that including a 3pc of GDP deficit limit.

Apr 23, 2012 - 10:25pm


Sitting watching TV with my daughter and surfing on my laptop.

You just had to post this. I cranked it up and my daughter asked me to turn it down. LOL!!!!!!!!!!!

That's a first.

Edit: If it's too loud, you're too old.

Apr 23, 2012 - 10:27pm

India is buying oil from Iran

India is buying oil from Iran with Gold or its currency too

Apr 23, 2012 - 10:28pm

Attention all whiners about the NWO

Read the following from Ann Barnhardt. She is absolutely brilliant. No, I do not subscribe to cable TV in the USA, and in fact I don't watch TV at all, except web broadcasts of Lauren Lyster and Max Keiser from Russia Today.

Ann wrote: "If you are paying for cable or satellite television, you are fully complicit in and guilty of treason against the United States and civilization in general. You are financially subsidizing Marxist agitprop and pornography which is pumped not just into your home, but subsidizing the pumping of that evil into the homes of your neighbors and your neighbors' children. If you are so weak, and so dumbed-down that you can't even pop the Marxist teat out of your mouth and live without TV, then YOU DESERVE WHATEVER HELL RAINS DOWN ON YOU. As Breitbart said, the MEDIA is enemy number one. You people piss and moan and talk a good game, but if you are still financially supporting the media, which is indeed enemy number one, then you are a pathetic, fake, weak, sorry excuse for an American. This nation could END the satanic-Marxist media tomorrow by canceling cable feeds en masse. But will it ever happen? Nope. Because the populace is too far gone to even turn off the bread and circuses. Pathetic. No, it's beyond pathetic. It is WRETCHED."

You want to be brave??? Fight the NWO by stopping your consumption of "stuff" and mainstream news.

Apr 23, 2012 - 10:40pm


Glad you liked it. That was a high quality vid as I've ever seen with that older footage.

Amazing what they can do with computer enhanced graphics or however they accomplish that.

More Zep' here....a whole movie in fact

El Gordo
Apr 23, 2012 - 10:46pm

Pain to brothers

Does anybody anywhere really believe that our CIC will take any action which would cause problems for his brothers in the Muslim world?

Apr 23, 2012 - 10:51pm

TPTB are spreading their Web wider to catch more flies

My apologies for the not-so-good German-to-Engrish translation :-

Jim Sinclair’s Commentary

The USA to legislate the entire world?

FACTA: US tax authorities want to access data in all banks in the world
German SMEs news | 15.04.12, 01:18

Reveal Schwarzgeldkonten US citizens around the world, the American tax authority wants to force all banks to disclose the data of customers from the United States. Should a foreign Institute is cooperating with the US authorities, it should pay whopping penalty tax.

The US tax authority wants to oblige all banks around the world to disclose the data of customers from the United States. So will the authority American citizens around the world locate black money and combat tax evasion. Would this law with a considerable burden for European banks. They fear not only a loss of business customers, they should invest money to set up the appropriate infrastructure.

Should financial institutions be unwilling to give out the data, they would be confronted with significant sanctions. A company is not willing to cooperation, a tax of 30 percent on all US income from financial assets, which recognised the Institute is threatened. This tax is due even if the bank pays the income for the customer’s account.

If the so-called foreign account tax compliance Act, or FACTA, enters into force must all banks either separate from their US customers or announce their data. Legally, this commitment is indeed controversial, but the United States have already signed an agreement with several European countries. In addition to Germany, also France, Spain, Italy and the United Kingdom have consented to implement FACTA. This means that the Europeans agree a far-reaching tax American hegemony.

Still, the design for the global tax treaties can be modified until the end of April.The European financial industry tries hard at during this period the agreement to defuse. Because in its current form it would be linked up to $500 billion cost.However, observers assume that the Europeans can make at most cosmetic changes.Essentially, it seems the train has departed. In the future, the Americans are everywhere around the world have access to the taxable income from U.S. businesses.

Apr 23, 2012 - 10:51pm

Jimi Hendrix~ Maui 1970 Raibow Bridge Concert

rare footage....full concert starts at approx. the 12 minute mark

Video unavailable

Hold over
Apr 23, 2012 - 10:56pm

Russia election protests:

Russia election protests: Putin plays down losses:

Russian Prime Minister Vladimir Putin has played down his party's losses at Sunday's parliamentary election as inevitable for a party in power.

Thousands of police and interior troops are on alert in Moscow, after one of the biggest opposition rallies in the city centre for years.

Police made 300 arrests as protesters chanted "Russia without Putin".

Among those held was Alexei Navalny, a top anti-corruption campaigner and fierce critic of Mr Putin.

Czechs stage massive anti-government protest About 100,000 demonstrators gather in capital Prague in protest against spending cuts, tax rises and corruption.

Fred Hayek
Apr 23, 2012 - 10:59pm

@Hold over

You know what all that information smells like?

Low volume dow melt up!!!

Hold over Fred Hayek
Apr 23, 2012 - 11:15pm

Probably right, but the stock

Probably right, but the stock market did take a shit today. Where else is the the money gonna go right? Gold? Bahhaaahaha . It looks like the dollar is going to be stronger against the Euro, which mean we could see even lower PM prices . Buy it when ya can man , it wont stay down forever.

Apr 23, 2012 - 11:16pm

Water Torture

Is it my imagination or has the EE been keeping G and S red on purpose as a form or psychological torture...?? Even if it's in the red $1 or ¢1 it's still psychologically debilitating.

Haole Guy
Apr 23, 2012 - 11:17pm

I found this one...

I found this one at the bank today and paid face value for it! I think I'm going to sell it and buy some oz of silver now that the price has dropped a little.

Apr 23, 2012 - 11:31pm

@Haole Guy - There's another

@Haole Guy -

There's another one! For me it was a 1950 $20 FRN last spring. It is a clear indication that there are many old bills coming out of cookie jars and the back of family Bibles as people desperately try to make ends meet. The bottom of the barrel is scraped cleaner everyday. Really TOO BAD that there are laws now saying the Fed DOES NOT have to redeem it for "lawful money". "God Bless America"? He won't as long as the government keeps stealing from the people.

And I do hope that means the scrap gold and silver is drying up as well.

rocoach Stratajema
Apr 23, 2012 - 11:36pm

Barnhardt is a nut

Look at the language she uses to make her argument: Treason, Marxist, pornography, evil, HELL, satanic.

She sounds like a fanatical witch-hunter from the Dark Ages.

Apr 23, 2012 - 11:39pm

Bear trap

I don't write often.

February 29 = bull trap.

April 23 = bear trap.

You will see.

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