Not Rested But Ready

Thu, Jul 5, 2012 - 2:55pm

After 48 hours of too many beers and not enough sleep, Turd is back in the saddle and ready for another wild and wacky, BLSBS Friday.

Let's keep this brief this afternoon. There are a few things we could cover but really, at this point, it's all about tomorrow. Today, a surprising ADP employment survey was the impetus to claw back the gains of Tuesday. Because of the significance of tomorrow, I had expected today and Tuesday to be about unchanged in total price. That's about how things worked out. We just got a little more volatility than I'd expected.

For the week so far, gold is up a grand total of $5.20. Silver is up a scant 6 cents. The action has always been planned for Friday, everything else has just been noise.

One interesting tidbit from the OI numbers, though. Back on Tuesday, when gold was up $24, the total OI surged by 9,200 contracts. As Ruprecht would say: That's a lot. At the same time, while silver was up 78c on the day, the silver total OI was down 500. So, we can safely assume that gold was surging on new buying while silver was climbing because of short covering. Hmmmm.

What's nice is that these numbers will be included in the CoT that is due out tomorrow so we'll get a chance to speculate a bit on just who was buying and/or covering. For the reporting week, gold was UP about $47 and the total OI was also up by over 14,000 contracts. For silver, though, the picture was different. Price rose by $1.19 but total OI fell by 3,400 contracts. The questions for the CoT are:

  • In gold, who was buying?
  • In silver, who was covering?

So, anyway, there's not much more to say at this point. It seems the entire world is "easing" today yet the metals were sold off because of the ADP. Rrrrright. The metals backed off because they were gamed all week ahead of the only data point that truly seems to matter anymore, the BLSBS. I'll be at my station tomorrow, watching The Shill, The Coug and LIESman discuss the data. Soon thereafter I'll report back to you with a new thread. Until then, I'm off to take a nap and prepare for what will surely be an interesting Friday.


About the Author

turd [at] tfmetalsreport [dot] com ()


Louis Winthorpe III
Jul 5, 2012 - 2:56pm



Jul 5, 2012 - 2:57pm



Jul 5, 2012 - 2:57pm

slide for home

Apparently Goldman is forcasting that a lot of people have simply given up on trying to find a job (NFP higher). A great excuse for silver's plunge by 70 cents in less than an hour before the NA markets opened. Fortunately, this wasn't the result of manipulation as who knows how far it might have descended.

Jul 5, 2012 - 3:01pm

more human

than the human. or more algo than the algo. 

If tomorrows number was going to cause the PMs to crater, wouldn't the masters of the universe set us up higher today?

I have no clue. The miners may, though.

Jul 5, 2012 - 3:01pm


Bloomberg admits Fukushima was manmade, Turdites! I am pissed off!

We made it through with bombs bursting in air!!! Tragedy hit San Diego - fireworks ruined, but no injuries.

don't forget your free silver @

Jul 5, 2012 - 3:15pm


Not only are the manipulators lowering the value of my PM's but now they are more than likely gonna make me loose a hat to! :P SOB

Dagney Taggart
Jul 5, 2012 - 3:16pm


I promised many people will be suicidally-horrified when all is revealed. The MOPE runs deeper than economics and people are still begging to be lied to. So many wasted lives....

7 is a beautiful number.

Jeanne d'Arc
Jul 5, 2012 - 3:17pm

Turd Talks Metals

Hey, Turd. We've found out who's behind your new project on Turd Talks Metals. Verrrrrry interesting. Why so coy about it? Why hide the link from your readers? Surely it would have been better to be upfront from the start..?


Jeanne d'Arc
Jul 5, 2012 - 3:34pm

Uh, Joan? You wanna 'splain dat?

"Hey, Turd. We've found out who's behind your new project on Turd Talks Metals. Verrrrrry interesting. Why so coy about it?"

Why are YOU being so coy about it? If you have something important to say, just say it. Give your facts, connect your dots, and be up-front about it so people can judge for themselves. We're listening- so do you have substance or just innuendo?

p.s.- When you say "We've found out" who is the we? Do you have a team of crack researchers on the case? Is that the royal "we"? Just wondering...

Fat Willie
Jul 5, 2012 - 3:35pm


Jeanne- we found out who is behind screwtape. Except nobody cares. Maybe you should go back to your blog that nobody reads?

Jul 5, 2012 - 3:40pm

@Pining @Jeanne

Agreed. Either be upfront (ie not coy), or go the innuendo route and be coy as well (hypocrisy).

We don't need hypocrisy.

Jul 5, 2012 - 3:42pm
Jeanne d'Arc
Jul 5, 2012 - 3:49pm

No coyness on my part

Just giving Turd a chance to be upfront with his readers. It's the gentlemanly thing to do. Turd knows how to contact me privately if he wants confirmation that our information is genuine.

The 'we' is plural, not royal. And the 'we' is pretty crack, yes.

Jul 5, 2012 - 3:51pm


"many people will be suicidally-horrified when all is revealed"

 And that is what makes it all the worse. Is that a lot of people have friends and family that are trying to warn them and signs all around them and they still refuse to believe that anything can go wrong.

Just in the last few days I have tried using the example of the storms that JUST missed us and took out power to Millions across many states in the middle of a severe heat wave. Pointing out that if the people do not have power then the stores do not have power and their little plastic credit and debit cards don't do any good in those situations. And just to look around your house and ask yourself How well would you survive if the storm had moved another 30 miles North.

Day Six Now, Triple Digit Heat, No Power


ned braden Jeanne d'Arc
Jul 5, 2012 - 3:55pm


Things pretty slow at the Screws, eh? 

Or is that "Loose Screws" ?

Jul 5, 2012 - 3:57pm

Metals down tomorrow

If the jobs report is better than expected, the EE will give metals a push over the edge as the dollar moves higher. If it is worse than expectations, the EE will slam metals--just because...

Admiral Ag Bar
Jul 5, 2012 - 3:58pm
ink Jeanne d'Arc
Jul 5, 2012 - 3:58pm


Why hijack this thread for this. I'm not taking any side in your quarrels. The gentlemanly thing to do, as you call it, would be to sent the information to Turd by email and tell him you plan to share the information with the public. That would give him a chance to "tell upfront".

​Now you are just stirring the pot, not even on your own site but on Turd's site nonetheless.

I Run Bartertown
Jul 5, 2012 - 4:02pm


Yep. Ice/ Dry Ice, generators run out quick. Grocery stores DO close. Batteries die quickly.

I'd expect more delays in the future, too. Constellation bought BGE and laid off half of the maintenance crews a while back. So more trees threaten lines, and less people can deal with it afterward. I'm sure it happens elsewhere, too. Now they're suggesting legislation so that they can identify a tree and just demand that the homeowner cut it (well, pay their approved crew to do it, of course). Exemptions, of course, for people already receiving assistance...

But everybody can pull everything out of the freezer for a big BBQ before it goes to waste, and the catfish still bite.

Jul 5, 2012 - 4:04pm

What Is LIBOR?

Some Know. Many do not.

LIBOR = London Inter Bank Offered Rate.

The LIBOR is the interest rate guide at which banks lend to each other. Many other interest rates are calculated using the LIBOR, such as mortgage rates, forward rate agreements, futures contracts, interest rate swaps, floating rate notes, syndicated loans, currencies, (especially the US dollar) and over-the-counter derivatives.

Every day, the British Bankers Association (BBA) surveys a panel of internationally active banks, asking them to provide the rates at which they could borrow "reasonable amounts" in a particular currency and maturity at 11:00 GMT. The BBA then eliminates the highest and lowest quartiles of the distribution and averaging the remaining quotes, to arrive at the LIBOR fix rate.

Around $350 trillion of lending and derivatives is priced of LIBOR. If misconduct by banks caused LIBOR to increase by a mere one tenth of one basis point (0.001%), this amounts to $35 billion a year in extra interest.

Barkleys, RBS and the Bof E are just the tip of the iceberg. More revelations to come.

Watch the LIBOR over this next month as it is now under the global financial microscope, as rates will invariably rise, which is not good for the fragile global economy that is showing concrete signs of slowing down.

Bum in the library...
Jul 5, 2012 - 4:04pm


what is BLSBS?

Jul 5, 2012 - 4:05pm

i'm confused??

Hey, Turd. We've found out who's behind your new project on Turd Talks Metals. Verrrrrry interesting. Why so coy about it? Why hide the link from your readers? Surely it would have been better to be upfront from the start..?

I'm confused why does this matter anyway?

Moderator Jane
Jul 5, 2012 - 4:07pm

@jeanne - Gonzalo Lira

I don't think this is a secret. I am pretty sure Turd already mentioned this a while back...I just can't find the link. If I'm not mistaken, Max Keiser is also going to be doing a podcast with the network and many other big-name players. So it's nothing sinister. 

<edit> Max is not going to be involved. He's a little too busy. TF

Jul 5, 2012 - 4:07pm


Turd's acronym for the farce that is the BLS labor report due out tomorrow. The BS meaning what you think it means.

Gold Five
Jul 5, 2012 - 4:11pm

No conspiracy

It only took me five minutes of sleuthing to figure out what you're probably talking about, so it's not like he's trying to hide anything.

The site is copyright of Echo Chamber Media.

Echo Chamber Media has a web domain, but no site at

Here's the registration info for the domain:

Domain registered by Gonzalo Lira.

Jul 5, 2012 - 4:13pm

Sorry - repost

Sorry - repost

Jul 5, 2012 - 4:15pm

I' ve Had IT!

As Jim Willie say, every market is manipulated!

And now these shills for a lack of a better word, come on here to manipulate to our relationship or lack thereof, with Turd.

Really! Really!

When does it all end?

Jul 5, 2012 - 4:16pm


And why exactly does that matter Jeanne? I would expect Turd to work with other people that share similar interests as his own. Don't most people do that? Isn't that what this whole site is dedicated for? Like minded individuals sharing and helping each other out for the end of the great Keynesian experiment? 

Jeanne d'Arc
Jul 5, 2012 - 4:17pm

Gonzalo Lira

@Jane: Good start. I look forward to you publishing the link where Turd explains how his new project is run by Gonzalo Lira.

And now, the interesting bit: behind Gonzalo Lira is...

I Run Bartertown
Jul 5, 2012 - 4:18pm


The marketplace of ideas is the most manipulated market there is...

Become a gold member and subscribe to Turd's Vault


Donate  Shop

Get Your Subscriber Benefits

Exclusive discount for silver purchases, and a private iTunes feed for TF Metals Report podcasts!

Key Economic Events Week of 1/14

1/15 8:30 am ET Producer Price Index
1/15 8:30 am ET Empire State Mfg. Index
1/16 8:30 am ET Retail Sales
1/16 8:30 am ET Import Price Index
1/17 8:30 am ET Housing Starts
1/17 8:30 am ET Philly Fed
1/18 9:15 am ET Capacity Utilization and Ind. Prod.

Key Economic Events Week of 1/7

1/7 10:00 ET ISM Services Index
1/7 10:00 ET Factory Orders
1/9 2:00 ET December FOMC minutes 
1/10 Speeches from CGP, Goons Bullard and Evans
1/11 8:30 ET CPI

Key Economic Events Week of 12/31

1/2 9:45 am ET Markit Manu PMI
1/3 10:00 am ET ISM Manu Index
1/4 8:30 am ET BLSBS
1/4 9:45 am ET Markit Serv PMI