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Fri, Aug 17, 2012 - 10:43am

Perhaps we have a new acronym on our hands? The SSSS. Yesterday, quite by chance, I noticed that several of the best mining stocks are making 6-month highs. Is this another signal that higher metals prices are right around the corner?

Yesterday afternoon, I opened an app on my phone that is programmed to follow the major indices as well as 15-20 miners. I only opened it to see how the overall stock market was faring (which is something I rarely do) and then I scrolled down to look at a few miners (which is something I do even less). A couple of them caught my eye. I saw GOLD (Rangold) first and noticed that it was pushing 100. Then I noticed AEM (AgNico Eagle) and thought it looked noticeably higher, too. I pulled up charts and saw that they are both at 6-month highs. Wait a minute here. Hold on just a second. Isn't it curious that two, top miners would be moving to new 6-month highs while the metals are still stuck in a trading range?

The last time GOLD was near 100 was last March when gold was near 1700. The last time AEM was $46 was last November, when gold was close to 1750. What does this mean? Beats the crap out of me! But seriously...this could be phenomena specific to these companies...OR...it could be just another sign of the impending resurgence and rally in the price of the metals.

The next question should be: Do any of the other miners look like this? Well, not really. I did find two of our old favorites that are perking up a bit following recent earnings "disappointments" and need to be watched.

And the HUI itself is looking better. I can't give an ALL CLEAR yet but...if the HUI can keep rolling higher and post a few closes over 460...there may finally be reason for optimism in the mining sector.

And, of course, any mention if the term "HUI" here in Turdland comes with the obligatory posting of the SMOKING HOT Carrie Underwood singing about it. (Neo-turdites should know that, to my partially-deaf left ear, "undo it" sounds like "the hui".) (And I'll never understand what she sees in that meathead hockey player.)

Carrie Underwood - Undo It (Official Music Video)

OK, after I wipe off the cold sweat in which I suddenly find myself drenched, it's back to business. In an absolutely stunning development, the metals surged this morning at the open, only to be CAPPED ONCE AGAIN near 1620 and 28.25. Though I know many of you are getting sick of this crap and are dying to see the metals break out, you must remain patient. Fundamentally, gold and silver are extremely strong and, even when left to their own devices, are poised to eventually break out. ( https://stream.marketwatch.com/story/markets/SS-4-4/SS-4-9338/) But, screw that. I don't want to wait much longer so maybe we can begin forcing the issue next week. Until then, here are graphic representations of our current predicament.

And I'm not sure which of these two stories make me feel more nauseous. You'll likely read the NYT story before heading off to barf and then return to watch the video before getting sick again. First up, all of the conniving, criminal thieves at MFingGlobal are apparently set to walk free. Hmmm, I've got an idea. What do you say you and I start an investment firm where we take client money and use it to place huge, extremely risky trades. Then, when it all breaks down and the clients lose their money (which they were told was "safe" and "segregated"), we simply laugh it off as "porous risk controls" and walk away. How do you think that might work out for us? Maybe just a bit differently than it has for the criminal Corzine and his merry band of politically-connected, reprehensible outlaws? https://dealbook.nytimes.com/2012/08/15/no-criminal-case-is-likely-in-loss-at-mf-global/?hp And don't forget that just last week, your Seventh Circuit Court of Appeals established as precedent that the theft of client funds is now completely legal. God Bless the U.S.A.!

https://www.businessweek.com/news/2012-08-09/bank-of-new-york-mellon-wins-appeal-on-312-million-lien

https://www.reuters.com/article/2012/08/10/us-sentinel-appeals-decision-idUSBRE87900T20120810

And then there's this. I found this video on ZH last night. It is a time-lapse progression of the ownership makeup of the U.S. treasury market. Note that, in 2003, the Fed had a nearly even ownership across the curve. Watch then how this progresses. Now, the Fed is nearly out of short-term treasuries but they have come to completely dominate everything with a maturity of 3 years to 30 years where they own as much as 70% of the market! Simply amazing. And disgusting! This is America, land of the free and home of the brave where capitalism and free markets create productivity by equitably deciding who wins and who loses. NOT!!!

Fed vs. Private Sector Treasury Holdings

Listen up, you witch. Your days are numbered. We're onto you and soon you and all of your monkeys will be sent scurrying into exile. Perhaps you will be lucky and be allowed the fate of that goon, Corzine. Perhaps not. In the end, it matters little. All that does matter is that the game is ending and you are going to lose.

Drago: You Will Lose

TF

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Aug 18, 2012 - 12:02am

Rui / Food for thought and $55K Gold

I agree. $55K gold means the system is extremely flawed and that to admit that and to bid gold up to $55K that quickly would be admitting that everything up until that point was smoke and mirrors and manipulated down or steady, like right now at $1620.

$55K gold means that everything will be much higher in price across the board. Why wouldn't it? We've been witnessing higher prices from a weaker dollar while gold has risen steadily the past 10 years and the bang for your buck buys less and less product at the grocery store and elsewhere. That same dollar shrank away while gold rose and so did food prices and everything else at the same time.

They won't allow $55K to happen anytime too soon after having kept a lid on it for this long at these price levels. I don't see us waking up and hearing that gold was pegged at $55K overnight from the U.S.'s $44. If I were to get 1,000% on gold right now ($16K) I'd be pretty happy and I'd trade most of it in if I thought that it had peaked and IF that new monetary system seemed to be the fix for their debt ills of today. Lots of people were against the Federal Reserve when it first went into operation thinking it wouldn't work. Well, here we are almost 100 years later and it seems to on it's last legs, but is it really?

I think it's important to consider the alternatives and what might happen if they stay in control of the system by any and all means, which they usually do. And fractionalization of gold bars seems like something they might consider doing also via tungsten. This is just concept of mine and not a hard belief of mine. It is a belief what I think they're capable of at this time. Just look at the things were witnessing these days and what we hear from these London bullion dealers and what TF is reporting from there. Some serious hanky panky has been going on for decades and decades it sounds like in bullion already. I think it's possible to continue because it must from their viewpoint.

They like to fractionalize things is my basic premise about all of this and I've long maintained on here that GLD and SLV are like test vehicles of sorts for what they could pull off in their FRN monetary system when it came time to make the switch. I'd say they have it almost perfected except in the case of GLD and SLV and maybe some others (not sure) as it seems that those funds could get raided of their bullion unlike where a Sovereign Wealth Fund with lots of gold reserves will never allow themselves to be truly audited and especially not by anyone from another country for verification. I think all verification will come from the BIS and it'll be for everyone across the board, no questions asked (publicly).

I hope whatever it is they do, they do it well and get it over with and jack gold/silver up about 1,000% and move on from it. That's what they always do and will do again and we'll be forced or glad to use it if we believe in it and it seems to work. Same old, same old.

Going For The One - Yes (1977) HD Video ~MetalGuruMessiah~
Mr. FixBoswell
Aug 17, 2012 - 11:54pm

I'm having trouble

@Boswell,

Unfortunately, I don't seem to be computer savvy enough to know how to change that.

The fact of the matter is, if I want to do anything with a computer, I have to ask my teenage daughter how.

I can't type at all, and have never learned any computer skills at all.

I purchased a program for my MacBook called Dictate.

I can simply talk to my computer and it will type for me.

In most places I can type directly into the box on the screen,

but for some reasons that I couldn't possibly explain,

I have to dictate everything I want to say into a separate box that comes with the program, and then copy and paste it into the box on Turds site.

I don't know why the print comes out so tiny in translation.

I'm already wearing the strongest reading glasses I can find at the dollar store,

and I can barely read it myself.

It helps if I zoom in on the screen.

Has anyone else had this particular problem?

TF
Aug 17, 2012 - 11:51pm

@Turd: Farrikan

I can understand why you might feel this way. He has been absolutely pilloried by the mainstream media and organizations like the SPLC and the ADL. The same people call Ron Paul supporters dangerous extremists. I'm not going to defend everything about him or the Nation of Islam, but one of the main emphasis Farrakhan and the NOI have is on self-sufficiency rather than dependence upon government and there is nothing he talks about in this video or the next one (concerning the Arab Spring) on the playlist this one is part of is any different that you might hear on Infowars, the Daily Bell or any other "right wing" alternative news source.

As I said about Ann Barnhardt in another thread, I dismiss some of the more extreme positions she takes, but she it speaking truth about the financial markets and attacking her character does not diminish the content of her message. Farrakhan scares the bejezus out many white people, but I for one would rather deal with a hundred men like him than one Al Sharpton.

Your mileage may vary.

kingboo
Aug 17, 2012 - 11:46pm

The beauty of these 2-bit ponzi schemes.......

There is one benefit of the small time ponzi scheme going public...... it makes the sheep realize that if a small time guy can pull it off, then maybe they are doing the same at the top? It's always the petty drug dealer who gets pinched first.......only later do the "kingpin drug dealers" get popped. It's always later that everyone realizes this thing goes much higher than we realized....

Boswell
Aug 17, 2012 - 11:43pm

I'm having trouble

I'm having trouble reading your little tiny type!

Mr. Fix
Aug 17, 2012 - 11:40pm

I'd say that discretionary income has vaporized.

Up until just a couple of years ago,

I was putting additions on houses, if not building an entire house from scratch.

Custom kitchens and bathrooms were somewhat of a specialty.

Prior to that I was restoring classic cars, for rich people who wanted new toys to play with.

It was not all that unusual for me to make thousands of dollars in a day,

and hundreds of thousands in a year.

I couldn't even believe the things that people were pissing their money away on.

Many have retired with large pensions,

but they have moved away,

New York is a terrible place to retire.

Now I am simply helping my neighbors survive.

I get calls from little old ladies who are also trapped in houses that they cannot sell,

with leaking roofs, that they can't afford to replace,

burned-out appliances that they can't afford to replace,

backed up toilets,

shorted out wires,

cars that won't start anymore,

things like that.

I used to be too busy to take on more work, and would regularly give myself raises simply that so I could handle the workload.

I was in very high demand and charging top dollar at the same time.

I am still very high in demand,

but it has become a game of survival now.

I'm rigging cars that so they will run for at least another few days.

patching pipes that can't be replaced because they are too expensive

putting patches on roofs that need to be replaced.

People used to call because they wanted a new bathroom,

now they call because their toilet won't flush.

I still work hard every day, it's just getting really hard to earn a living doing it.

With all the talk about how the economy is completely unsustainable, I must admit I am beginning to feel that way about my own life.

Many of the people that I deal with on a daily basis, are in an equally unsustainable position.

Because so many businesses have had to lay off so many of their employees, I often get called in to do the jobs that no one else can handle. Ironically, I've done these big jobs for these businesses, who promptly went bankrupt without paying me.

At least that's how things are in upstate New York today.

The Watchman
Aug 17, 2012 - 11:38pm

Another Day Another Ponzi

Once again-IF YOU DON'T HOLD IT-YOU DON'T OWN IT!

A broker--previously disciplined by the CFTC and the National Futures Association in a 1993 commodities options scheme--is again facing charges for a Ponzi-scheme involving precious metals bullion investment.

RELATED STORIES

Author: Dorothy Kosich
Posted: Thursday , 16 Aug 2012

RENO (MINEWEB) -

Four men were scheduled to be arraigned Wednesday before a federal magistrate in Miami, Florida, on charges of conspiracy to commit mail and wire fraud in connection with a precious metals bullion investment scheme.

The indictment was brought by federal and state agencies including the U.S. Attorney for the Southern District of Florida, the FBI, the U.S. Postal Inspector Service and the State of Florida's Office of Financial Regulation.

Arthur John Schlecht, 53, of Boone, North Carolina, but formerly of Miami-Dade County, Bart Gomer, 66, of Sunrise, Florida, Ricardo Jorge Padron, 52, and Carlos Rodriguez, both of Miami, were accused of engaging in a long-term conspiracy to commit fraud through their operation of three corporations, Global Bullion Tracking Group, WJS Funding, d/b/a Capital Asset Management, and Certified Inc., d/b/a Certified Clearing.

These businesses claimed to be investment brokerage firms offering investors the opportunity to invest in gold, silver, platinum, and palladium bullion, which would be stored for the investors in depository vaults.

The indictment claims that, instead of purchasing the physical bullion as promised, the defendants "merely established investment accounts for Capital Asset Management with a broker/dealer in London and used the account to purchase derivative contract investments in precious metals but never actually purchased any physical metal for the investors."

The defendants allegedly used investors' funds for their personal benefit. "In this way, certain defendants allegedly diverted millions of dollars of investors' funds to Arthur Schlecht, his family and third parties to pay for, among other things, maid services, personal tax obligations, salary, social security contributions, home and vacation home construction, landscaping, remodeling, interior furnishings, automobile purchase, restaurant dining, personal travel expenses, clothing and jewelry," said a news release filed by U.S. Attorney Wilfredo A. Ferrer, FBI Acting Special Agent in Charge Jeffrey C. Manzanec, Postal Inspector in Charge, Henry Gutierrez, and Linda B. Charity, interim commissioner, State of Florida's Office of Financial Regulation.

"Thereafter, in order to continue to operate and conceal the companies' insolvency, the defendants engaged in a Ponzi-scheme, through which they used new investors' money to pay off previous inventors and to cover operating expenses," the officials claimed.

When the alleged Ponzi-scheme collapsed, Global Bullion Trading Group, Capital Assessment Management, and Certified, Inc., all filed for bankruptcy.

Ironically, Commodity Futures Trading Commission records reveal Schlecht was the subject of a consent order entered in July 1996 by the U.S. District Court for the Southern District of Florida, which ordered a permanent injunction against Schlecht and his Concorde Trading Group. The CFTC claimed that Concorde reportedly committed fraud, in the course of soliciting customers through telemarketing to purchase options on commodities, specifically oil and gas.

Concorde and Schlecht were ordered by the court to pay $1.5 million in restitution to former Concorde customers.

A National Futures Association complaint filed on Aug. 18, 1993, alleged that Concorde traded over 2,800 customer accounts "and that over 90 percent of these customers lost all or substantially all of their money, while Concorde collected $12.8 million in commissions.

kingboo
Aug 17, 2012 - 11:36pm

I've always said.......

"there goes Louis Farrakhan..........that man is a beacon of light in this tunnel of darkness we call earth"......watch him go kids.......a true hero, with no agenda other than helping mankind.....

actually.......................um, no....i've never said that. Although if we grade him on a curve from 2007-present? bankers, ceo's and presidents included? yup, the man moves up quite a few notches. Lol

lamb2011
Aug 17, 2012 - 11:35pm

Warning to us Baby Boomers

From: Subject: FW: saying goodbye

Just saying good bye ... leaving town ...
To help save the economy, the Government will announce next month that the Immigration Department will start deporting seniors (instead of illegals) in order to lower Social Security and Medicare costs. Older people are easier to catch and will not remember how to get back home. I started to worry when I thought of you. Then it dawned on me ... oh, crap ..... I'll see you on the bus!
Mr. Fix
Aug 17, 2012 - 11:22pm

@ Magpie

I think the unemployment rate will go up everywhere in the foreseeable future.

Fortunately, there were many good years, and I was able to stock away some savings.

Almost exactly 4 years ago, I withdrew all of my savings from the bank, and put them in to American gold and silver eagle coins.

Despite their lackluster performance in the past year, I've done quite well with them.

I was hoping to accumulate considerably more before the fall,

but this has been a particularly rough summer.

There's been a lot of canaries in the coal mine,

and from where I sit, they're pretty much all dead.

Speaking of canaries,

it has been said many times that the price of gold is the canary in the coal mine regarding the health of currencies.

Through a massive manipulative effort on the part of the powers that be,

that Canary is also dead.

The price of gold no longer determines anything at all, except where the powers that be wish it to be on any particular day.

I know that turn has been forecasting an explosive move this summer,

from where I sit,

it will be mid to late fall.

I started stacking just in case the entire economy collapsed,

although I didn't really think it would happen,

so maybe I was just hedging against inflation.

As things have evolved over the last four years,

a complete collapse looks much more likely.

Hopefully I will still have my stash on the other side.

I recognize it may not be of much value in the meantime.

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Key Economic Events Week of 9/14

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Key Economic Events Week of 8/31

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