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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 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. ( 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? 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.!

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


About the Author

turd [at] tfmetalsreport [dot] com ()


Eric Original
Aug 18, 2012 - 10:18am

Good Morning, Xty!!

Great to see you up and about. Now, get busy on your entry for the Talk Like A Pirate Day Youtube Contest! Arggg!

Win the 2012 Video Contest for Talk Like a Pirate Day ITLAPDAY2012VIDEOCONTEST
Aug 18, 2012 - 10:20am

When Bart Chilton is done blow drying his hair....

Great line from Max that cracks Morgan up.

Now it has stopped raining I'll stop posting and hit a while ball around muddy grass.

ClinkinKY Doctor J
Aug 18, 2012 - 10:21am

No problem Dr J...

...I was promised a "chicken in every pot". Still waiting:)

Aug 18, 2012 - 10:22am

Farrakhan is a low grade moron !

He is, however, more than capable of leading his brain dead followers ! Obama is a mid-range moron ! Monedas is a blue blood, high grade, elite moron in comparison ! Monedas 1929 Comedy Jihad 'Taint Braggin' Ifin' It's True

Aug 18, 2012 - 10:29am

@benque re: hui weightings

Thanks--thats the january weightings and I was looking for a more current one. AMEX used to have it but thats become part of NYNET and it appears they charge for that info if they do indeed have it, which is probably why what you cut and paste is from January.

I use e signal and link to an excel spreadsheet data so I can see in an instant how miners are performing (and components of other indices also such as dow and my watch list-with ytd returns vs indices and qtr returns--that why I can spot outperformers faster, or even on a daily basis (ie whats dragging HUI or GDX today).

I just cannot find anything current on HUI now. XAU is updated daily as is gdx.

Anybody else have an idea where the current one is--I have a question in to the NYX Data group to see where it exists-someone has to have it otherwise how do they weigh the index-another black box like all the other bullcrap info we get from govt (like the seasonal adjustment for July retail sales overstating this last weeks report).

when the rank and file find out how much BS comes out of government and it all paints too good a picture--the equity and fixed income markets crap out and people will only trust precious metals--at least those smart enough.

Aug 18, 2012 - 10:34am

on the other hand.....

i'd like to set out a counterpoint to mr. farrakhan's words.

“The white man is our mortal enemy, and we cannot accept him. I will fight to see that vicious beast go down into the late of fire prepared for him from the beginning, that he never rise again to give any innocent black man, woman or child the hell that he has delighted in pouring on us for 400 years.”
– Louis Farrakhan, City College audience in New York

in particular, i'd like to address the "hell that he (the white man) has delighted in pouring on us for 400 years.”

a) as boatman pointed out above, it was blacks in africa themselves (not the white man) who enslaved the ancestors of today's american blacks.

b) blacks in africa continue to practice slavery to this day.

c) the decendants of those black slave traffickers continue to live in africa, under conditions not far removed from the stone age, while american blacks live in homes with electricity, central heat/a.c. and running water. (also paved streets, sewers, public education, ready to wear clothing, abundant food, low infant mortality, high life expectancy, etc... etc...)

i submit that it was blacks (not whites) who poured hell on the heads of blacks. yes, living in slavery was a hardship. just ask those whites who came here as indentured servants (temporary slaves).

all that was a looooong time ago. get over it. get a job. pay your own bills. raise your family. ...or would you rather live in a shack in liberia and dodge tse tse flies?

Aug 18, 2012 - 10:34am

Jay Leno was a poor Mafia choice !

Conan "Johnny Carson" Obrien should have got the gig ! Richter was the perfect "Ed McMahon" shill ! Monedas 1929 Comedy Jihad Conan Is Red Skelton's Bastard Grandson

Aug 18, 2012 - 10:35am

A segue from Farrakhan to Oil

I really did misinterpret the headline first read: Black press plans to refine black gold by The Canadian Press - Story: 79265
Aug 18, 2012 / 7:17 am Raw bitumen and diluted bitumen are displayed in jars as newspaper publisher David Black speaks about his proposal to build a refinery in Kitimat to refine oil from the proposed Enbridge Northern Gateway Pipeline, during a news conference in Vancouver, on Friday August 17, 2012 A British Columbia newspaper mogul has injected himself into the debate over the controversial Northern Gateway pipeline, revealing a proposal Friday for a $13-billion refinery to export processed fuels rather than oil-sands crude to Asia.

David Black's plan prompted immediate skepticism from First Nations, politicians and observers. They noted the proposed refinery in Kitimat does nothing to solve the environmental concerns of the pipeline and pointed to Black's own admissions that he has no investors, no confirmed buyers and no commitment from Northern Gateway proponent Enbridge (TSX:ENB) to actually access the raw bitumen....

beeb treefrog
Aug 18, 2012 - 10:37am

Can't we take all this crap

Can't we take all this crap about race and politics off the main thread and put it in the forums AS REQUESTED BY TURD and keep at least one part of this site reserved for discussion of metals......

Aug 18, 2012 - 10:42am

Well, they would say this, wouldn't they:

Spain says there must be no limit set on ECB bond buying

MADRID | Sat Aug 18, 2012 8:45am EDT

(Reuters) - The European Central Bank must take forceful and unlimited steps to buy sovereign debt to help Spain reduce its refinancing costs and eliminate doubts over the euro zone's future, Spain's economy minister said in comments published on Saturday.

"There can be no limit set or at least (the ECB) can't say how much they will use or for how long," when it buys bonds in the secondary markets, Luis de Guindos told Spanish news agency EFE....

El Gordo beeb
Aug 18, 2012 - 10:46am

Careful there beeb

they told me that this is the way Turd wants it. Out with the old, in with the new.

El Gordo
Aug 18, 2012 - 10:49am


I am doing my level best to keep race, politics and assorted other crapola OFF of this main thread.

Aug 18, 2012 - 10:50am

This is likely disinformation

NO WAY the Israelis and the U.S. openly advertise to Iran that a strike is coming "in the spring".

Makes me very concerned that something really is coming in the next few weeks.

beeb TF
Aug 18, 2012 - 10:56am

Thanks Turd.....

Thanks Turd.....

ClinkinKY beeb
Aug 18, 2012 - 11:07am

@ beeb--Can't we take all this crap

Since the markets are closed on the weekends, it's always been pretty much "open topic" during that time period.

I guess we could discuss sports. Hey, how about them Reds?:)

Aug 18, 2012 - 11:07am

How many dead canaries does it take to kill the economy?

California Sales Tax Revenues Nosedive By 33.5%

The state has avoided default by temporarily borrowing from state trust funds, but those accounts will soon need their cash back to continue operating. Today California quickly began trying to sell $10 billion in municipal bonds to fund the record $28 billion they need to keep the lights on. With tax revenue plummeting and the state already the second lowest rated credit in the country, if the independent credit rating agencies downgrade the state to “junk bond”, California will be short up to $18 billion and default.

Aug 18, 2012 - 11:12am


calif tax revenues:

thats 33% down from budget--calif is down 40% from last July.

beeb ClinkinKY
Aug 18, 2012 - 11:15am

Here's a chart of 20 min SI -

Here's a chart of 20 min SI - wanna talk about that?

Aug 18, 2012 - 11:32am


From Jim Willie… News come from a Hat Trick Letter subscriber who works at BNParibas in London. He wrote in early August,
Meet the new sheriff in town!

"US authorities now going after RBS and Standard Chartered for money laundering. The crack between the Anglo-Saxon bankers is now apparent. Maybe bigger news will be coming out after Olympics are over. Just another observation. On my Bloomberg terminal, the bid/offer for Gold being quoted used to be dominated by Deutsche Bank and UBS. The waterfall declines were usually the handiwork of DBank. Over the last week or so, a new ticker has popped up making quotes which has started to set the price. It is ICBC (Industrial & Commercial Bank of China)."

Bill Murphy on the above:

Wow! The Chinese banks are entering the room to counter the corrupt London protectors of the free world whose stock & trade consists of naked short contracts from corrupted accounts and illicit leveraged strategies emanating from putrid office buildings bearing monikers from the gold cartel.


Aug 18, 2012 - 11:39am

BORON (B) BORON 10 for the weekend?

We may have a future shortage in silver and gold but have we missed a huge shortage on the element boron? With reactor accidents and in future home usage, we may have missed the value in this element. What stock out there produces boron-borax-kernite?? If a bit more radiation is detected in the U.S.A., many will trade their gold for my borax. (Or it may be that I am dreaming again).

Aug 18, 2012 - 11:40am

Here comes Italy - confirmation through denial once again:

UPDATE 1-ECB bond buying will help spreads short-term-UniCredit

(Adds detail)

Aug 17 (Reuters) - The purchase of sovereign bonds by the European Central Bank will be enough in the short term to help tighten spreads in the euro zone, the Chief Executive of Italy's biggest bank UniCredit said on Friday.

In an interview with La Repubblica daily, Federico Ghizzoni said that wide bond spreads in a single currency area are an anomaly.

"I think in the short term a plan by the ECB to buy sovereign bonds will be enough, while it is right that more structural measures be linked to requests for specific aid by states," Ghizzoni said.

The widening of spreads between German and Italian 10-year bonds has made it more costly for Italy to service its massive debt and has raised the cost of borrowing for Italian companies.

But Ghizzoni agreed with Treasury minister Vittorio Grilli that Italy did not need to ask Europe for help. He said in a recent visit to London he had been able to listen to what the bankers in the city said.

"Nobody is worried Italy risks defaulting or needs financial assistance. But everyone asked me what will happen to the country after (Prime Minister Mario) Monti," he said.

The mandate of Monti's technocrat government is due to expire in 2013.


He was "able to listen to what the bankers in the city said" - what more needs be said, indeed.

Aug 18, 2012 - 11:44am

Yeah, I guess Bill Maher Really Is That Stupid

Maher to Mark Cuban About Internet: 'You Should Send a Royalty Check to Al Gore Every F--king Day'

The ignorance and stupidity of Bill Maher know no bounds.

On HBO's Real Time Friday, in a discussion about who created the internet, Maher actually told billionaire businessman Mark Mogul, "You should send a royalty check to Al Gore every f—king day of your life" (video follows with transcribed highlights and commentary):

During the panel discussion segment, Maher asked Cuban, “You make quite a bit of money on the internet?”

“I’ve made a few bucks,” Cuban replied.

“Okay,” Maher continued, “How did we get the internet? I believe it was the government.”

“I wouldn’t go that far,” countered Cuban. “But they got the ball rolling.”

“What?” asked Maher. “You should send a royalty check to Al Gore every f—king day of your life.”

“Oh, please,” responded Cuban. “That is ridiculous. There are all kinds of companies that helped the internet get started.”

“It wouldn’t exist,” replied Maher.

“That’s ridiculous, Bill,” said Reihan Salam entering the discussion. “Absolutely ridiculous. The internet wouldn’t exist? You’re familiar with the idea of counter-factual? We don’t know what would have happened in the absence of…”

Realizing he was outnumbered on this one, Maher acquiesced saying, “You’re right. Eventually they would.”

Isn't it amazing how a man that used to call himself a libertarian has become so madly in love with government?

As the discussion ensued, Maher listed all the things he believes government and not private industry created.

I guess that's what happens when you give a million dollars to the most government-centric president since Franklin Delano Roosevelt

Read more:

Mr. Fix
Aug 18, 2012 - 11:45am
Aug 18, 2012 - 11:46am

Not sure what forum to go to?

Consider going here and keep the debate and idea's flowing. Its one click away.

As some of you know I started that forum the other day to address something entirely different. I've moved on from that and I believe the site has as well. My original intention was to use that thread as a topical clearinghouse for posts or topics on this main page to be able to go to if anyone was unsure what forum or thread to take it to. (There are almost too many threads to find the 'right' one quickly enough).

I'm headed over to that thread soon to start posting whatever it is I want to that doesn't seem topical to any of the threads I have going in the Frivolity Forum or elsewhere on here. I would ask anyone to consider going there with anything that seems like a 'hot button' and just continue it over there. It's one click away and can serve as a quick outlet to resume the passionate debate no matter what the subject is. Everything under the sun is fair game.

It might be easier to go there sometimes then a Mod or TF coming on and saying "Please move it to the forums". I have more to say about that thread over there. Please ignore the first post because it's no longer relevant and I'm looking to get that first page over with and onto page 2 to keep that thread on track to what I think it could become.

A place to discuss anything from here that you aren't sure where to bring it. Consider it a hallway off the main thread that you can step aside and into. It's what the site wants anyway as far as 'hot button or off topic comments. Remember, anything goes. Any subject whatsoever.

Hope to see you in... A White Room w/Black Curtains @ The Watchtower

daveyboy TF
Aug 18, 2012 - 11:47am

If a murderer tells you that

If a murderer tells you that that raping is abhorrent, does that mean that this statement is any less true because this man himself is abhorrent to you?

Who cares what you think or feel, or regard Farrakhan to be, specifically what is it which he said during the presentation did you find or deem to be a lie?

Aug 18, 2012 - 11:55am

Symbolism? Somehow I just don't trust the official explanation:

German airport removes Euro sculpture Friday, 17 August 2012 03:27

German workers dismantle a Euro sculpture in front of a terminal at the Frankfurt International Airport yesterday. The sculpture is an exact copy of the one standing in front of the European Central Bank (ECB) in downtown Frankfurt and was made after a design by German artist Ottmar Hoerl. The 15m high blue and yellow sculpture was standing in front of the terminal for 11 years but plastic parts were getting weak and an extension of the airport rail to another terminal needed the space.

Aug 18, 2012 - 11:57am

My last word on Farrakhan

Does anyone take the Bible literally? No! You take to good parts and leave the rest!

Aug 18, 2012 - 11:58am


While scanning the thread this AM I can't help but say somethings that seem overlooked.

The crash, transition, whatever - if it's close wouldn't the fiscal year end at the end of Sept. make sense?

Rui- what makes anyone think that holders of gold would be sellers at $55,000? I for one wouldn't be. I would likely get a loan against it and either start up or buy a productive business that would generate income and employ people. At that price only morons would sell all at once. I believe a majority of physical gold holders are not so short sighted as to sell or sell en mass.

Besides, a large chunk of that would balance the unfunded liabilities such as Soc. Sec., asst. federal mandates on states, etc. and only be bled out slowly over the next couple decades. No hyperinflation in sight.

Also, the Ben Davies comments on KWN about the metals launch this Mon. just cracked me up.

"There are rumors today that Spain, over the weekend, will ask for a bailout. So that’s going to be an interesting dynamic for the gold market on Monday." -Really??? 7-10mos. of this and all of a sudden it's a Big Deal???

"But yes, I think we’re threatening to make a move here (in gold but particularly silver) in the next few weeks if not sooner." -- But, but, but Monday is 2 days away and now you're talking weeks?!?!?!?!??

"So I think it’s status quo in terms of where the gold price is going and we just need to be patient." --- Patient until Monday or what?????

The end of the fiscal year at the end of Sept. makes much more sense than what Ben just said doesn't it?

ClinkinKY George Clooney
Aug 18, 2012 - 12:00pm

@ DT--My guess...

..."euro-structural" failure:)

Aug 18, 2012 - 12:03pm


How bout those Reds? I hope Dusty puts Phillips in the leadoff spot when Votto returns. I think Ludwig can handle batting behind Votto, plus he'll see even better pitches. Would want lineup to look like this...









Go Reds! Or did you really want to talk baseball?


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