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 4, 2012 - 12:06am

Corn & Beans

Whole state of Minnesota getting wet tonight. Nice!

My tomatoes, squash, beans, peppers, basil, onions,eggplant, apples and pears are happy. Me too!

Keep stacking, Turdites. Going to the LCS (Local Coin Show) Sunday. I'm excited. Report to follow.

wax off

Aug 4, 2012 - 12:25am

todays jobs report

has anybody seen any regular media report where anything besides the headline number was discussed: ie discussing shadow stats analysis, Mish's comments and and ZH review of actually losing jobs due to birth death and seasonal adj as well as household survey?

If not, then one hell of a con has been foisted on this Republic.

Aug 4, 2012 - 12:39am



why do you keep interviewing the uber bulls, who lets face it have been completely and consistently wrong for the past 12 months ? It would be much more fun to get a gold bear to come on one of your podcasts.

Aug 4, 2012 - 12:52am

Mickey, with all due respect.

In today's climate of fraud. How would you base any report from the MSM as information and use the Republic in the same sentance? This is NOT a retorical question. Do you understand what a republic is? It's about the respect for the rule of law (seen any of that lately?)

God Bless,


PS This battle has been fought before, and may never end ... But the idea ... won't go away, and the bastards that refuse to respect it get HUNG from time to time.

Aug 4, 2012 - 1:03am

Hotel Molycorp

old article from madhedgefundtraer on ZH.

"The bet here is that Molycorp will complete its $781 million Mountain Pass project on time, producing 19,000 metric tonnes of rare earths per year by the end of 2012. An investment of several shots of Jack Daniels with a local Caterpillar operator revealed that work was proceeding at full speed ahead, with crews working nights and Sundays.

On the way out he gave me a bone crushing shake with a hand that was heavily calloused, sunburned, and with grease under the fingernails. There are not a lot of hedge fund managers in this part of the world. Once outside, I immediately called an associate in China who informed me that the rare earth sell off in the Middle Kingdom was indeed done, and that prices were headed back up."

Pretty rare eh?

Hotel GDX

Video unavailable
Nick ElwayPuck Smith
Aug 4, 2012 - 1:16am

silver-zinc batteries


Silver zinc,high energy density, low weight, long life. could be. Call me a believer.

At your link I found support for silver-zinc in missiles, so now the question is weight.

A BGM-109 Tomahawk
Type Long-range, all-weather, subsonic cruise missile
Place of origin United States
Service history
In service 1983-present
Used by United States Navy

Royal Navy

Production history
Manufacturer General Dynamics (initially)
Raytheon/McDonnell Douglas
Unit cost US$569,000 (1999)[1]AGM-109H/L version to $1.45 million Tactic version (2011)[2]
Weight 2,900 lb (1,300 kg), 3,500 lb (1,600 kg) with booster
Length Without booster: 18 ft 3 in (5.56 m)

With booster: 20 ft 6 in (6.25 m)

Diameter 20.4 in (0.52 m)

Thermal batteries for missiles

With more than 50 years of experience in military power, EaglePicher has supplied batteries for hundreds of defense programs including JDAM, TOW, Tomahawk, Patriot, Hellfire, THAAD, Standard Missile, GBI/EKV, Trident and Harpoon.

Thermal batteries are used in military and aerospace applications that require a long, maintenance-free shelf life in a full range of temperatures, climates, and dynamic environments. Features include:

  • High volume production capacity
  • Cost effective
  • Automated production
  • 20+ year storage life, maintenance free

Silver-zinc batteries provide power for missile guidance control, telemetry, tracking, flight termination and actuator systems. Features include:

  • High energy density
  • Flexible configurations
  • Numerous qualified designs
  • Long active life
Aug 4, 2012 - 1:17am


lol--I was being sarcastic in the use of Republic because more and more with the control of media etc, we are looking more like say 1930's Germany.

Here we have a bogus report given out--and no media challenges it. Only on the internet.

Thats why I asked the question.

Aug 4, 2012 - 1:30am

Here are the opening comments from Shadow Stats today

Opening Comments and Executive Summary. The July employment and unemployment numbers published today, August 3rd, were worthless and likely misleading. What has been done in the last couple of decades to the reporting methodologies for monthly labor data, compounded by distortions introduced into the system from the economic collapse of the last five years, has left the heavily-followed employment and unemployment series seriously impaired as to significance, and potentially subject to direct political manipulation.

if you do not receive shadow stats now-you should as Jim Sinclair says get it.

Williams gets more "testy" in what follows and goes into detail. Most of us here are on the same pages as to what is going on.

what transpired today was a bogus jobs report and the market went absolutely nuts --silver did ok--miners did ok till a late day selloff and Gold was green but tepid. Nobody from traditional media even questioned the report. Either they are on the take, or part of problems or incredibly ignorant.

But this blatant fraud is telling that they think they can get away with it--and are succeeding. In our face, so to speak. ISM was terrible in many respects and so was their employment portion. Retail sales down. (yes-inventories are building but that can only go on for so long). Richmond, Dallas and Philadelphia fed activity reports were bad.

And none of the news media questioned it??

They are all idiots and a threat-From Fox to MSNBC to CNN to CNBC.

we all better keep adding to our stacks.

Its going to hit the fan.

Aug 4, 2012 - 1:41am

Duly appreciate it, and

Duly appreciate it, and thank's for you recoginition to honesty.

I'm finding it is not as rare as once thought when things get real. And they have been getting real for some time now.

Ha, and thanks,


Aug 4, 2012 - 1:47am

Shadow stats

When I read shadow stats this evening it really made me stop and think that we as a country have jumped the shark.

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Key Economic Events Week of 10/21

10/22 10:00 ET Existing home sales
10/24 8:30 ET Durable Goods
10/24 9:45 ET Markit flash PMIs
10/24 10:00 ET New home sales
10/25 10:00 ET Consumer Sentiment

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

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