Driving Mama Ferg

Mon, May 7, 2012 - 9:31am

Just a quick note this morning as I will be leaving soon. Mama and Papa Ferg were visiting over the weekend and it falls to The Turd to drive them home today. I'll be checking things and checking in via iphone as we go through the day. Let's just hope that things don't get too crazy.

All that really matters today is that the Frenchy-French have decided to double-down on Keynesian socialism. Good for them. Might as well go down swinging printing. "But, Turd", you say, "how can zee French print zee money?" Good point. Just be patient.

In my humble opinion (and keep in mind that I do have a couple of decent contacts nowadays), here's what is going to happen (and keep in mind, I don't mean tomorrow or even next week).

  • France will be leaving the euro and will resume printing francs.
  • Spain, Portugal, Italy and Greece will also be leaving. Perhaps uniting under a common currency, perhaps not.
  • Germany, The Netherlands, Finland et al will be keeping the euro as a common (and quite competitive) currency.

This is long-term very dollar negative. With the current euro in peril, The Pig continues to find support as the currency of last resort. Remove the peril and add some stability and responsibility and you're left with a new euro that becomes the preferred unit of exchange for for international settlements (like the sale of crude oil). In the meantime, the uncertainty of the situation will continue to drive nervous central banks, sovereign funds and HNW investors into the safety of barbarous relics.

Some rather remarkable action in the futures overnight. After trading off as many as 20 points overnight, S&P futures have rallied back and now stand down just three points as the NYSE prepares to open. Remarkable. Crude also fell overnight to a low of $95.34 but has since recovered $2.30. Yep, sell crude here. Absolutely. As far as I can tell, there's 0% chance of war/strife/disaster in the Middle East. Peace and Nirvana rule to infinity.

Anyway, the metals held up well all through the overnight. Could this have anything to do with London being closed today? Of course, I'm sure it's just coincidence that gold finally rolled over at 7:00 am EDT and has been under pressure ever since. Regardless, the area between 1625 and 1635 has been solid support for some time now and I do not expect that area to give way.

Silver continues to catch a bid near $30, too. Look, I know it's tough and the last two months have been brutal but you've got to hang in there. I don't know how long it will take but this will pass and silver is going much, much higher. Of that I am 100% certain. (Again, keep in mind that I have a couple of decent contacts nowadays.) Patience. Keep stacking and buying the dips.

OK, that's it. I gotta go. As mentioned above, I'll be keeping an eye on things all day and will add thoughts to the comments section if necessary. Have a fun day. I'll update with a new post this evening. TF

About the Author

turd [at] tfmetalsreport [dot] com ()


May 7, 2012 - 9:33am

Removed comment

Removed comment.

May 7, 2012 - 9:35am


Since some people mentioned the Ignore and Troll lists, I have to admit I have composed a list of my own. However, my list is neither Troll nor Ignore (I don’t believe in Trolls and I don’t have anyone on my Ignore list).

It’s rather a list of individuals I have hard time refraining from reading their posts for variety of reasons. This is probably because that through their styles and choice of words, they somehow embody some human quality I find compelling. Since the list is rather long, below is just a random short sample list. I hope that the individuals mentioned will not be offended or embarrassed by me mentioning them. Also, please forgive my spelling of your logins as I work from my memory. Not in any particular order:

bobbejaan – seems like a genuinely nice guy. No politics, no hidden agenda. Truly interested in the subject and not in self-righteous ego trips. Does not run under bed and cry every time someone disagrees with him.

Patriot Family – this guy seems like he’s actually done some trading and investing (unlike many others here) and can relate to what it means to get burned on the market. Not pretentious because of that though. No BS either.

BlackHawk – This Great Chief cuts through BS straight to the point, which reveals an acute intellect (I wish I had more of that). I witnessed her fend off no less than three rabid Troll exorcists with ease and eloquence. Courage - one of a few people here who can see through the whole Troll BS and is not afraid to speak up.

Turd – looks like a funny and down to earth fellow. Informative too! The kind of guy I wish I could have a beer and bbq with and chat about PMs.

Moderator Jane – There was a huge outcry from the lynch-mob to hang some suspected Trolls (not unlike a witch hunt), and tangible fear for life of those accused of being one, and this lady comes in, writes something, and all of a sudden all negative energy dissipates from the site. I still don’t know where all this bad energy went.

Katie Rose – This down-to-earth person goes to work on a farm for a month, only to come back to nothing short of total dissipation on this site (likely caused by Turd’s exasperation with the “Trolls”). She gives us all some good old-fashion trashing.

The guy who called me Abrax-ass (for some reason I still can’t think of this without a chuckle)

The guy who was confused between selling his silver and his liver

The guy who yells “Nurse! Nurse!”

Xty – Loyalty goes a long way. This member of a militant group bent on defending Turd’s feelings, will go to any length to detect and eliminate the Trolls. She relentlessly followed me around pointing her finger at me and making sure everyone understood I was a Troll. She cut portions of what I said and then exposed for everyone to see this absolute proof that I was indeed a Troll. Hell, she even went to Wikipedia for further proof. She said that banning was too good for me, which I found amusing and disturbing at the same time. Besides loyalty, I had to give her a few hat-tips for enthusiasm and persistence. I sense that under that cut-throat facade there might be hidden a gentle soul.

Schneidr (or something) – When you are so delusional on a sanity scale, you can reach a point when it becomes cool again. While trying to discredit BlackHawk, this character actually claimed that there is some kind of school for creating an army of Trolls, who are then sent to infiltrate the Turd’s site as their Level 1 stage of training. Wow! One couldn’t make this stuff up even if one wanted to.

All those “Troll” posts – I see myself as a non-conformist and as such, I like reading things that are off of a beaten path.

...and the list goes on...

I also have a short list of people I wish they put ME on their IGNORE lists, but don’t want to reveal it for I fear that they will then refuse to do so.

P.S. I wish I was paid for this

May 7, 2012 - 9:38am


You've compiled quite a list in 4 days and 20 hours.

I'm glad that you're a part of the site but let's try to keep the "troll" stuff to a minimum today. Too much stuff that is far more important to discuss.


May 7, 2012 - 9:39am


It is certainly true that the Frenchies still put the price of everything in Euros and FFrancs on receipts at every shop in the country, a full 10 years after demise of the FFranc....

.....but I don't think they will be leaving Euro any time soon Mr.Turd. IMO that is :)

May 7, 2012 - 9:39am

Be safe on the road Turd

Well safe driving out there Turd!

I am going to be very happily driving over to make my monthly purchase of bullion today. I think I will go all silver this time. I have a boating trip planned this weekend...

May 7, 2012 - 9:40am

Of course you could be right

Maybe they won't be leaving the euro anytime soon.

Maybe the process of their exit has already begun.

I'll guess we'll just have to let it all play out.

May 7, 2012 - 9:40am

The Banksturds won't let Real Money Realize


Love of money is the root of all evil, we have heard since we were young. But is this an accurate statement? Is money the root of all evil? Can modern man even know what he is talking about in this regard or does his lack of experience with real money weigh too heavy on the way he sees the world? Mark Twain said that the lack of money is the root of all evil, and the more I’ve pondered this, the more I’ve wondered: is it the lack of money in modern civilization that is the root of all evil?

First of all, we must get our definition for money sorted out. Money is a circulating medium of exchange in any given society. Today, the nations of the world use fiat currency as their official medium of exchange. But, is fiat currency truly money?

The argument against fiat currency as money is simple. Its compulsory nature does not make it a good candidate for the medium of circulation in a harmonious society. We as individuals are required to use it by law (force), as decreed by behemoths of officialdom. This is an unnatural state of money, as mediums of exchange are most effective when they are voluntary. To be forced into a way of life does not constitute money, but, instead control. It is perhaps more accurate to call the U.S. Dollar, for example, a medium of control than a medium of exchange.

Money is the lifeblood of a civilization, and this civilization’s lifeblood is deplete of nutrition and circulates weakly. There is no strong heartbeat here. Just like the human body must through its blood circulate nutrition, so too must civilization through money circulate the needed goods and services which give rise to its functional character, but this civilization has been hooked on empty preservatives for millennia and so its character is lethargic and prone to outbursts of angers resulting in, as you know, genocidal episodes. The psychopathy of civilization is the result of a terrible monetary diet which is the impetus of misery at all strata of society. We are undoubtedly enslaved through the medium which is supposed to help us be free.

There is a pronounced difference between money and fiat money. Whereas money comes into existence through trial-and-error and remains because of its practicality, fiat money can come into existence only via government force. There is no other way by which fiat money could come into use in a culture. It is simply too impractical. Who wants to be forced into anything? Take away the indoctrination which starts young – it must start young so that it can truly take in an individual throughout his or her life – and nobody would want much to do with fiat currency. We just have to have it in order to pay indulgences to the state or receive a good or service from a rigid corporation whose decision-makers probably have the day off. State-forbid one of us decide to introduce our own sort of money into our communities, as then we might become the victim of one of those aforementioned “anger outbursts.”

In a sane culture, the onus would be on us to choose what sort of money to use. In a free society, many competing currencies would be available on the marketplace, and any individual or company would have the freedom to begin circulating their own money. The next question is, ‘what’s the demand for this new money which has been introduced onto the marketplace?’

Through trial-and-error, the individual would learn which type of money available best suits the lifestyle they wish to embark upon. As a young child, one might be determined to use, I don’t know, say, beanie babies as their money of choice. (Remember the craze which sent grown adults to McDonalds for their investment in a free beanie baby toy?)

Now, what the child will have to learn is that there is no demand for beanie babies as there is no practical reason to use them as money. After a good sobering up after the sheer disappointment of having a preferred medium of exchange rejected by the humbug of commerce, the child will learn what he or she can use for money, and make an educated decision.

So, it dawned on me: A major problem of civilization – which is a problem on its own – is its lack of money. There is no such thing as money in the world today – only control. What we currently refer to as money – fiat currency- is not money at all, but, rather, a decreed condition of man. It is a medium of control and little more. Just because it smells like money, looks like money and tastes like money (not that the Federal Reserve Note resembles anything like this once the indoctrination is broken) does not mean it is money. Don’t be deceived, as Twain was right: in our civilization today, the lack of money –and the fiat deception marauding as such– is the root of all evil. I’d go as far to say that this lack of money is the fulcrum of control for the ruling class.


May 7, 2012 - 9:47am

Leaving the Euro

Will perhaps another, surprise country leave first? Perhaps someone in eastern Europe, who has been hammered with debt since 09 collapse.

May 7, 2012 - 9:48am

Buffet thinks we are idiots but we have the right idea


I heard his thesis this am. Didn't make any sense -also bill gates doesn't like gold. They didn't provide a coherent rationale behind why gold sucks. Obviously we are all pathetic and stupid and should dig a hole and bury ourselves alive

Hi-Ho Silver
May 7, 2012 - 9:52am

Turd Contacts


Today's commentary seems to come straight from the Lips of Jim Willie. wink-nod :

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

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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

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