Greetings From FreedomFest

Fri, Jul 13, 2012 - 12:57pm

As part of my "vacation", I've spent the last two days at "FreedomFest" in Vegas. It has been terrific.

FreedomFest is a 3-day conference revolving around libertarianism and Austrian economics. Yep...right up my alley. And it was in Vegas! Also, right up my alley.

In the past two days, I've met with Ranting Andy and Mike Krieger. I've been interviewed by Kerry Lutz of the Financial Survival Network and I've made the acquaintance of Rick Rule of Sprott and Pat Heller of Liberty Coin Service. All of this was very cool.

However, the main thrill was yesterday. I attended a small luncheon where Steve Forbes introduced The Judge. Judge Napolitano went on to speak to the group for about 30 minutes and then field questions. I got my picture taken with him and he also gave me his business card. I hope to finally schedule that podcast that I've been dreaming about! Again, very cool. The Judge then gave a 45 minute speech to the entire convention. He's just awesome. Great stuff.

Great stuff in the metals today, too. The Big Bad Wolves huffed and puffed again yesterday but once again failed to bring the house down. Santa was right in two fronts: One, they attacked and two, they failed. By no means are we out of the woods yet but nothing too scary, either. Gold remains firmly within it's 10-week basing and bottoming range of 1535-1635. Silver, too, is still in its 27-29 range. The good part of these ranges is this: Once we break out and UP...and we will be clear to absolutely everyone with half a brain that the metals have bottomed. The shorts will either get frightened or squeezed and prices will move up rather quickly. Just be ready.

Two interesting news items I found while surfing with my phone this morning. First, this link to ZH. You should check it out.

And then, while at ZH, I saw that Swiss 2-year note is now yielding negative .43%. NEGATIVE POINT FOUR THREE PERCENT! The Germans are also getting in the act as their 2-year is now -0.05%. This is truly incredible. On a hypothetical new issue, for a 1,000,000 franc, Swiss 2-year note, you would have to pay the Swiss government about 10,000 francs for the privilege. Are you freaking kidding me? You've heard me mention ad nauseam how negative, real rates are extraordinarily bullish for gold. How about just plain, old negative rates?? Holy Toledo!

Lastly, as we continue on our trip down Memory Lane, perhaps today would be a good day to review this idea of negative real interest rates. I wrote this piece back on 2/1/12 and today is as good a time as any to go back and review it.

OK, that's all. I have to head to the airport soon so I better wrap this up. Please check back later today though as I plan to update this thread with thoughts on the CoT, once it's out. I probably won't be able to do it until this evening, however. It should be an interesting report. For the reporting week, gold was down $42 while total OI rose by 2000 or so. Silver was down $1.40 and saw its total OI climb by 1400.

Have a great weekend!


About the Author

turd [at] tfmetalsreport [dot] com ()


QE to infinity
Jul 13, 2012 - 7:18pm


Looking at her half mad gaze and having viewed some of her ravings on Youtube, I'm pretty sure that's an option for Ann.

​You might have something there :) but she is giving people poor advice. Especially those who actually contacted her looking for advice but got ravings in return. As a result they might just take no action, instead of transferring their accounts to safer brokerages & firms, reducing (rather than eliminating) their exposure to the financial system, buying hard assets and keeping them outside financial system as far as possible (rather than in a cave, guarded with pink rifles), diversifying across jurisdictions and asset classes, seeking to get out of dodge in whatever way is possible for them, etc.

waxybillduppQE to infinity
Jul 13, 2012 - 7:23pm


I think Ann is an interesting character who has far more experience in commodity trading than most of us can imagine. I also believe she is principled. The pink AR is obviously a gimmick. OTOH, judging by the look in her eyes, if she was guarding the door to the cave, I think she would be capable of using it correctly.

With that said, I am not hearing any suggestions to start "living in a cave with a rifle and a hoard of PMs". Based on her experience and knowledge of the commodity trading business, her mantra is clear to me. " Get the hell out because you can no longer trust ANY of the MF'ers." Based on the latest empirical evidence, I'd say that's sage advice. The latest scam is probably not the last.

Maybe it's just me, but I'd pass some time in a cave with her. Perhaps she likes wine or champagne while she's not practicing speed loading clips. Ever see a picture of our other poster girl, Blythe, with a gun? You won't.

wax off

Jul 13, 2012 - 7:31pm

Judge Napolitano ~ Freedom fest

Only vid I could find so far, topics include:

Con Con, EO's, Obamatax, gary johnson, romney, imminent domain - keystone pipeline.

Video unavailable
Dagney Taggart
Jul 13, 2012 - 7:48pm


Yes, Hooters. Got that, prude zombies?

The Hooters - All You Zombies
Dagney Taggart
Jul 13, 2012 - 7:49pm


I'd rather have extreme libertarianism than extreme collectivism as would anybody with value-adding skills who are sick of useless parasites sucking off us to survive. On that note, I know no extreme libertarians and plenty extreme collectivists.

Jul 13, 2012 - 7:51pm


As the home page of this sight states, "the end of the Great Keynesian Experiment', tell me where you think you can put your fiat and have it protected from the coming financial meltdown?

Also, I have been reading her site for about a year and she is very articulate expressing her opinion about our current economic problems. Her 'Galt Letter' last year inspired me to leave my financial planning practice of 31 years. I struggled for 3 years (since the 2008 meltdown) on how to continue offering competent advice to my clients. Her letter was my epiphany. There is no where safe to hold fiat! I have no reservations on my decision and I thank her for expressing her views.

Jul 13, 2012 - 7:57pm


Last year in August: $15.29. Today: $29.46.

Official CPI for food: 2.8


Chris P. Bacon
Jul 13, 2012 - 8:00pm

Waxy, check out Ann's Butt

stock: Molon Labe "come and get them". I think she'd have your back.

Jul 13, 2012 - 8:27pm

The Judge / Diamonds and Dust

Cool stuff TF

Meeting the Judge must've been almost surreal. I'm looking forward to hearing that podcast someday when it happens. The trip and hand grip with the people you met will bear fruit.

Thanks for the update from Sin City...

Sin City - AC/DC ( Lyrics )
Jul 13, 2012 - 8:34pm

Discussion of free market economics

includes complicated topics of freedom, society, and human nature. Ayn Rand was considered a hypocrite by many, and Capitalism too often denies the value of humanity; others believe high-tax Scandinavian states function better and are more equitable in the long term. Jesus was a marxist by nature, and Che and Gandhi were great freedom fighters. Starts to get tricky for this turdite. It's obvious that the "false self" as buddhism describes makes it challenging for freedom to manifest; difficult enough for the individual, lots-of-luck for government and business run by sociopaths.

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