Your Weekly Podcast

Fri, Aug 3, 2012 - 1:27pm

A little something different this week. As a change of pace, I'm the one getting interviewed. I spoke yesterday with Alasdair Macleod of GoldMoney and I think you'll enjoy listening in.

The link to the interview is right here:

But it's also available on Youtube:

Turd Ferguson and Alasdair Macleod on the end of the Great Keynesian Experiment

As mentioned above, the NFP numbers this morning threw nearly everyone for a loop, at least initially. Then, once folks were able to "look under the hood", they discovered that things aren't quite so rosy. ZeroHedge opened the door ( and then Jim Quinn kicked it down (

Crude oil is really cooking today and must be watched closely next week. I've got the October crude pushing $92 as we head into the close. A move above the highs from late July near $93 and we'll see crude sets its sights upon $100. Obviously, $100 crude would have an impact on the metals.

This week's CoT is going to be very interesting. Once I see the numbers this afternoon, I'll add some thoughts in the comments section of this thread, so please look for that sometime after 3:30 EDT.

Lastly, "Turd's Army" just completed another stellar month under General Maguire's leadership. We know that it can sometimes be a logistical challenge to perfectly mimic Andy's trades and we're working on that. In the meantime, some folks have chosen instead to simply trade in larger size. I found a thread at where the service is being discussed. Please check it out. (If you're interested, August would be a fine time to consider a trial membership.)

And here's the link to the service:

Lastly, I promised you a wild week this week and it certainly was. Not surprisingly, it turned out almost exactly as we expected. Next week, however, promises to be very exciting as well. I urge you to take the weekend to relax and rest. The summer is getting hotter by the day and you need to be ready for whatever lies ahead.


About the Author

turd [at] tfmetalsreport [dot] com ()


Aug 3, 2012 - 1:30pm
Aug 3, 2012 - 1:31pm

screwed somebody

Takes care of that first crap for now. Oil was nice to be in today.

Aug 3, 2012 - 1:35pm

Turd weekend



1 Never trust a politician

2 Never believe a politician

3 Never have any confidence is a politician

Larry L
Aug 3, 2012 - 1:45pm

You Are Still

buying Silver Aren't You?!

Aug 3, 2012 - 1:48pm


High 5, more dead than alive!

Aug 3, 2012 - 1:48pm

"screwed somebody"

So, you are what? politician banker porn star?

Aug 3, 2012 - 1:55pm

Top Ten!

Nice end to the week!!

Aug 3, 2012 - 1:57pm

pining, re: your earlier post

(repost from prev. thread)

that looked like a spot silver close comfortably above the 50 day moving avg. did we close over the 50 dma on the comex paper price?

I Run Bartertown
Aug 3, 2012 - 2:02pm

Olympic Witch Trials Continue

German rower Nadja Drygalla is to leave the Olympic village in London, the country's Olympic committee said on Friday, after press reports that her boyfriend was a member of a far-right group.

"Today the management of the German Olympic committee received information about the private associates of the rower Nadja Drygalla," the head of the delegation Michael Vesper said in a statement.

Rowing officials spoke to the athlete, who affirmed her commitment to the "Olympic ideals" but at the same time revealed that she "planned to quit the Olympic village so as not to be a burden on the team", Vesper added.

and one more time, Voula Papachristou:

Aug 3, 2012 - 2:15pm


Congratulations Turd! Great podcast.

Turdville has become world wide famous.

I take great pride in taking a small part, along with my fellow 'Turdites' in the success of the site.

The resolution is approaching. It is not years away. Now a matter of months. IMHO.

Short Stack
Aug 3, 2012 - 2:19pm

Locksmith's daughter locks self out of own bedroom !

Unrelated subject matter, I know. But funny.

My daughter, who lives with her husband in Ill. called me to ask if I knew of any fellow associates in Illinois.

When I inquired why, she explained that she and my son-in-law locked themselves out of their bedroom.

I went online and found a few phone numbers for her, then it hit me -

"You guys rent right, call your landlord."

She said that they had got permission to put a new (better) lock on the bedroom door to keep potential thieves out from their safe. Problem was they had locked the house and car keys in the bedroom along with the spare key for the landlord !

Doing my best not to crack up laughing I replied with my best imitation of Rosan Rosanna Dana, "Oh, (slight pause) - never mind !"

Aug 3, 2012 - 2:30pm

Pretty good laugh hearing

Pretty good laugh hearing Turd Ferguson and Turdville rattled off in a proper British accent

Gonna be a good 27 minutes.

Aug 3, 2012 - 2:31pm

Put Down the Guns and Do Something Useful / By Jeff Berwick / August 2, 2012

The tsunami of emails and death threats to Jim Karger and my comments on the likelihood of gun confiscation or a non-revolutionary event continues!

To close out the week, let’s look at a few of the comments we’ve received.


Many of the responses point out that the US Army hasn’t exactly shown an expertise in controlling populations in occupied territories around the world. “Look, if they can’t win in Afghanistan,” they say, “how can they win here?”

We have to point out that the typical inhabitant of a country will consider invaders from another country to be just that: invaders. The US tax cows would likely respond with guerrilla violence if, say, China or Canada invaded.

But Americans love their military. They’re absolutely crazy about their armed forces. They nod smilingly when airlines let the military board first.


Just A Regular Guy
Aug 3, 2012 - 2:44pm

@ Byzantium

(from other thread)

Yea. It's more indicative of USD decline. The only (big) problem with strong AUD is that exporting manufactured goods, and other goods, becomes a f**ken nightmare. Consequently a lot of people are "hurting" (less business). So you couple the higher AUD with international slowdown and you get an idea (that being said we do have it good here compared to say Spain, or Ireland and much of the developed world), but if our housing market tanks, well.... all bets are off.

Previous to the shenanigans of late on the market (i.e. before yr.2002ish) the AUD used to sit @ 0.65 to 0.80 tops, for a long time. Whereas over the last 10 years it has been up-up and away (apart from the "risk-off"/flight to safety of the US in the 2008 Lehman et. al. blow-up).

Also oil up 4.75% today geeeeezus. I'm guessing repo-money went into oil!??!!?!

Igiveup2 Mr.Grey
Aug 3, 2012 - 2:46pm

@ Mr. Grey

Must elaborate and tell me difference.

Aug 3, 2012 - 2:52pm

A question for someone more experienced than me...

What are we to read in to the huge rise in the DOW as well as PMs today?

Aug 3, 2012 - 2:52pm

@ Igiveup2

I'm sorry I was so glib, just thought it was very childish to take a favorite crayon from someone and then gloat! Hope you have a very serious and responsible weekend!

Aug 3, 2012 - 3:05pm

Just a Reminder

Apr 01, 2011

How and Why The Elite Destroyed 3 Tons of Silver Last Week

I think it is extremely interesting to know that each Tomahawk has more than a monster box (500 oz.) of silver inside of each missile. Pure silver has the highest electrical and thermal conductivity of all metals. When there is a $1.5 million dollar missile is being produced to secure more oil for the Empire, the Elite will use only the best materials to ensure the best performing results.

So far the US has thrown 3 tons of silver at Libya just with the Tomahawk missiles. That silver is gone forever as it is blown to a million pieces. (Never mind the poor bastards at the at the other end of missile’s target.) If we added the 191 Tomahawks from this “Kinetic Military Action” to the 288 from Gulf War 1, the 325 used in Sebia and Iraq in 98, and the 725 launched in Gulf War 2 that is just over 800,000 ounces of silver or 25 tons of silver gone forever.

Cononish1314 Missiondweller
Aug 3, 2012 - 3:09pm

Whit's a "Brittish"

Whit's a "Brittish" accent?

Some of us in the north of the island would pronounce it as "Mr Turrrrd, there's been a murrrrder". [Obviously a case for Taggart.]

But, to return to our Chief of Staff, would it be correct to say that this week hasn't been such an orgasmic roller-coaster as predicted? I'll bow to your technicality [would it be a good idea to post a glossary about CoT scenarios and the like on the menu bar for us simple fundamentalist souls] but still wonder if the major post-Olympic action might still be 4-6 weeks away.

Aug 3, 2012 - 3:15pm

Market Trends – Fri 3 Aug, 2012

Market Trends – Fri 3 Aug, 2012



Good Stuff!

Cononish1314 Nana
Aug 3, 2012 - 3:16pm


"Why The Elite Destroyed 3 Tons of Silver Last Week"

Firing it there must be like trading silver for gold according to some conspiracy theorists.

Aug 3, 2012 - 3:42pm

Aug 3, 2012 - 3:49pm

CoT sucks

But keep in mind that the data is from Tuesday, one day before the scheduled beatdown on the FOMC headlines.

The Cartels took the reporting week to lead the specs into going long, which they did...+13087 net long in gold and +4900 net long in silver. Those longs were most assuredly fleeced between Tuesday afternoon and Thursday afternoon as gold fell from 1625 to 1585 and silver fell from 28.25 to 27.

Next week's CoT will reflect this and be much more positive.

Aug 3, 2012 - 3:56pm


Dow pumped by PPT. Check

FB and JPM pumped with monopoly $$. Check

PSLV allowed to rise but not as much as SLV, cutting the premium. Check

Silver allowed to rise to suck in spec longs to be fleeced next week. Perception created that silver and Dow rise in tandem. Check.

Mission accomplished!

Aug 3, 2012 - 4:30pm

Just for Friday Fun ..

Thanks Turd.. RNN is back with another silly newscast from downtown Turdville. Today, we touch on the BLS craziness, Turd's prognostications of the past week, and our ace field reporter, Bridgette Black, has a sit down with Charlie Munger, where he spews more rubbish about Gold.

BLS Numbers | Gold & Silver React | Turd's Predictions | Neanderthal Gold Bugs
Aug 3, 2012 - 4:38pm

Treasury non audit of Feds gold

Dear Friend of GATA and Gold:

The Los Angeles Times reported yesterday that the U.S. Treasury Department is "auditing" the gold vaulted at the Federal Reserve Bank of New York, most of which is held in custody for other countries, but only to the extent of confirming the gold content of the bars kept there, and not touching on issues of ownership impairment, like swapping and leasing, the issues raised by GATA and others aggrieved by manipulation of the gold market.

Indeed, the "audit" seems intended to dispel "conspiracy theories" without actually having to disclose anything about the U.S. government's gold market intervention policy, the issue at the heart of GATA's freedom-of-information lawsuit against the Fed in U.S. District Court for the District of Columbia, a lawsuit that was decided more or less in GATA's favor last year and revealed that the Fed has secret gold swap arrangements with foreign banks as well as many other gold-related records that are being kept secret:

Responding to the L.A. Times story, Zero Hedge quickly explained why the Treasury's "audit" of the New York Fed's gold is a fraud. "What the 'conspiracy theorists' allege," Zero Hedge notes, "is that claims existing in paper format on the physical gold held under Liberty 33 are orders of magnitude greater than the actual physical gold these claims supposedly have recourse to":

But the L.A. Times story does quote U.S. Rep. Ron Paul on that point and even mentions the movement in Germany to repatriate that nation's gold reserves from foreign vaults. And if the Treasury Department has felt compelled to commission exactly the wrong kind of audit to deflect rising concerns about gold issues, that's progress too.

The L.A. Times story is appended.

Aug 3, 2012 - 5:34pm
Aug 3, 2012 - 6:16pm
Silver Danny
Aug 3, 2012 - 6:16pm

Sprott Physical Silver Trust News

Sprott Physical Silver Trust offer underwriters take up additional units

Suggesting institutional confidence in the future of the silver price, the underwriters in the recent $200 million offering of new units in the Sprott Physical Silver Trust have taken up $20 million in additional units.

The recent fully subscribed $200 million offering of new units by the Sprott Physical Silver Trust has received an additional boost by the offer underwriters - Morgan Stanley and RBC Capital Markets - taking advantage of an option that enables them to buy additional units on their own accounts. The two underwriters have between them taken up1.8 million units, in addition to the 18.1 million units on offer at US$11.15 each, bringing the amount raised by the Trust to a little over $220 million. As previously noted here, Sprott plans to use the proceeds to purchase, and take delivery of physical silver to the value of the amount raised, which at current silver prices would amount to some 8 million plus ounces of physical metal. It should be recalled that when Sprott launched the Physical Silver Trust securing 15 million ounces for it took a full three months before delivery of the metal was received and, according to Sprott, some of the delivery had not even been mined when the order was put in. What impact the purchases of another 8 million ounces of physical metal will do to the market is a little difficult to estimate - but is should be supportive at the very least. Also the fact that two major banking institutions are willing to plough some $20 million into the trust has to suggest a certain confidence in the future of the metal, although perhaps not to the extent of Eric Sprott himself who sees huge things ahead for gold and an even better future for silver.
Aug 3, 2012 - 6:26pm

Yahoo opinion poll

FWIW Yahoo Finance is holding an opinion poll on its site today, and so far around 50,000 people have voted. The question was:

"More than $129 billion has been taken out of U.S. stock funds in the past year. What are you doing with your money these days?"

The answers were:

Hoarding cash 37%

Buying stocks/bonds 44%

Buying commodities 4%

Needless to say, the scumbags didn't include a category "Buying precious metals" as an option because in their view only the insane would buy gold or silver, so I am assuming that those of us investing in PM's make up a small part of the "Buying commodities" category, and that buying PM stocks is not a big thing with Yahoo fans.

So it appears that up to 81% of main stream investors love stocks and bonds, whilst something considerably less than 4% are stacking. Interesting. I interpret this as good news suggesting our bull still has a long, long way to go. Alternatively, on a bad day one might ask when will the PM bull ever take off whilst 81% of investors still believe the US dollar and Facebook stock are the places to be.


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Key Economic Events Week of 4/15

4/16 9:15 ET Cap Util and Ind Prod
4/17 8:30 ET Trade Deficit (Feb)
4/17 10:00 ET Wholesale Inventories
4/18 8:30 ET Retail Sales (March)
4/18 8:30 ET Philly Fed
4/18 10:00 ET Business Inventories (Feb)
4/19 8:30 ET Housing Starts and Building Permits

Key Economic Events Week of 4/1

4/1 8:30 ET Retail Sales (Feb)
4/1 9:45 ET Markit & ISM Manu PMIs
4/1 10:00 ET Construction Spending (Feb)
4/1 10:00 ET Business Inventories (Jan)
4/2 8:30 ET Durable Goods (Feb)
4/3 9:45 ET Markit & ISM Services PMIs
4/5 8:30 ET BLSBS

Key Economic Events Week of 3/25

3/26 8:30 ET Housing Starts (Feb)
3/27 8:30 ET Trade Deficit (Jan)
3/28 8:30 ET Q4 GDP final guess
3/28 10:00 ET Pending Home Sales (Feb)
3/29 8:30 ET Personal Income (Feb)
3/29 8:30 ET Consumer Spending and Core Infl. (Jan)
3/29 9:45 ET Chicago PMI
3/29 10:00 ET New Home Sales (Feb)

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