And, in a stunning development...

Fri, Oct 5, 2012 - 11:13am

We don't call it the BLSBS for nothing.

Magically, less than a month before the election, the U.S. unemployment rate falls an enormous 0.3% to come in at 7.8% and the lowest level of O'bottom's presidency. All you can do is laugh. Seriously. What a complete joke.

ZeroHedge has already deconstructed this entire fairytale and if you'd like to see some honest reporting, I suggest you click the following link:

And since there are no coincidences, check the math on this one and ponder the likelihood:

So, whatever. They can say whatever they want. Just buy some more physical today. Hope for the best but prepare for the worst.

Of course the metals were savagely beaten on the "data". Take a look at the 1-minute charts below. A couple of things:

  1. This makes 4 days out of 5 this week that prices were raided in order to keep them below critical resistance levels above which deep fields of buy-stops lay.
  2. Gold initially fell right at 8:30 but then the real hammer fell at 8:43. This attempt at a cascade was repelled though with a low of 1774.50. Why is this important? We've been watching the 1775 level all week as there are apparently significant physical bids at that level in London. So, is it a coincidence that gold stopped and reversed right at 1775? Of course not.
  3. Notice the resilience in silver during the 8:43 raid. While gold fell $12 in 3 minutes, silver "only" fell 20c.

The real story today is the continued weakness in the POSX. You'd think that after such a glorious employment report, The Pig would rally. Nope. Hmmmm....maybe those super-smart Forex guys can see through the BS after all? Look at this textbook example of a head-and-shoulders top. It's almost symmetrical in time period, too. (Obviously I printed this chart about 90 minutes ago and it is since stale in that The Pig has already broken down.)

At any rate, given the steep drop in The Pig, it's no wonder that the metals have recovered. Unfortunately, there continues to be stiff Cartel resistance selling that is capping this market. I had hoped that a buying surge on a "disappointing" BLSBS would overrun their positions but it wasn't meant to be. So, for now, we just have to be patient and hope that the metals can hold on today without further damage. Quite a few weak longs got flushed this morning on the drop from 1798 to 1775. As price rebuilds next week, much of that money will come back in and, when faced with the inexorable physical demand, 35 and 1800 will finally fail.

To that end, I am still supremely confident of an impending explosive and historic move. Delays, which I should have anticipated, have pushed back the timeline. However, the fundamental reasons for my confidence are still in place and unwavering. Vindication will soon be ours. Just keep utilizing this time to prepare.

I'll have some comments later regarding what should be an interesting CoT. For the week (9/26 - 10/2), gold rose by about $9 but total OI actually fell by 8600 contracts. Clearly there was short covering but by whom? And silver rose 73c on an open interest increase of 6000. Clearly there was buying of fresh, unbacked paper but who was buying and who was providing the paper? We'll have some answers by 3:30 so please check back later. I'll likely have a fresh, Saturday post, too.

Have a great day!


About the Author

turd [at] tfmetalsreport [dot] com ()


Oct 5, 2012 - 11:15am


wow 7.8

The Green Manalishi
Oct 5, 2012 - 11:15am

Jim Comiskey Metals "Unemployment Cooking Class"

Jim Comiskey Metals "Unemployment Cooking Class"
Video unavailable
The Green Manalishi
Oct 5, 2012 - 11:16am
Mr. Fix
Oct 5, 2012 - 11:17am

Ok, I'll be SECOND today.

Unlike some days,

Today I've got something on my mind.......

Yes folks, "The end of the Great Keynesian Experiment is upon us." Of this, there is certainly no doubt among us. I just got back from the post office, and picked up four more sleeves of Silver Eagles. They are looking very nice. Now I will go back to stocking ammo, and food. In the past few hours, several people here have posted links to articles that I have to say, I was in agreement with nearly 4 years ago. That is to say, I do not believe that there will be an election in November, or even if there is, its outcome is either rigged or will not matter. Obama is here to stay. I would agree wholeheartedly with Turd's assessment that a Romney victory would slow down the collapse of our system. In the past, Republican victories have always slowed our rate of descent. Those days are over. The only rational explanation for why Obama's performance at the debate was so amazingly dismal while simultaneously arrogant, is that he obviously has no intentions of honoring the outcome of any election. Therefore I would argue the opposite of Turd's position: If there were a hypothetical victory for Obama, he would have another four years to decimate our country, however any objective look at the situation, confirms that in actuality he does not have that long. Virtually every single market, and or measuring stick, is rigged to implode before the end of this year. It's not just money, Silver, or gold, it's food, energy, foreign relations, and national security. They are all being glued together with bubblegum and spit on until after the election. Anyone that believes that Romney can put this back together is delusional at best. The damage inflicted by our current administration is far too severe, and it is not accidental. This system is rigged to collapse, and probably within the next month, maybe two at the very outside. And don't forget, even if Romney wins, Obama is still president until January 20. Dues anybody really expect him to just play nice and walk away? It is not in his nature. (Here, I am being uncharacteristically polite) This is of course MainStreet, and Turd would like to keep it clean. For the past four years, I have treated this particular month, as my outer limit in the time that I would have to prepare. I am as ready as I will ever be. Of course, we will all be sitting here waiting for the explosion in the price of gold and silver. Mathematically, that is unavoidable. But just remember, that explosion will also mark the collapse of our system, And there will be some incredibly nasty consequences to that. For those that have said “this will not end well”, I belief that to be a massive understatement to say the least. I am incredibly grateful to Turd for a establishing this particular safe haven of thought and companionship. Many people with open minds have learned many important lessons here, including me. Turd will be responsible for saving many lives, and I am not simply speaking financially. Just my two cents worth, carry-on. Cordially, Mr. Fix.
Oct 5, 2012 - 11:18am


Wonderful Turd! Glad to here that the explosive move is still forthcoming! I am confident in the metals' fundamentals right now not even considering an explosive move so your confidence is the cherry on top. Thanks for all your hard work.


Oct 5, 2012 - 11:21am

Cartel Dumps 1.5 x US Annual Silver Production on Futures Market

Cartel Dumps 1.5 x US Annual Silver Production on Futures Market in 5 Minutes on NFP Release

In an attempt to flash-smash silver and prevent a weekly close above the critical $35 level, the cartel dumped an estimated 51 MILLION OUNCES of paper silver on the futures market in only 5 minutes on this morning’s non-farm payrolls release between 8:30 and 8:35 AM EST.

Net Dania’s spot silver chart, which is not a precise futures volume measure but approximates the volume, indicates nearly 10,500 contracts were dumped in a span of merely 5 minutes, and half of those were dumped in a span of 2 minutes between 8:30 and 8:32am EST......

Oct 5, 2012 - 11:24am

Historic moves

Feels like the cartel are hanging by their fingertips. Must . Not. Let. Silver. Rise..

Those metals really want to fly.

Oct 5, 2012 - 11:26am

Don't Forget Extra Shoes, Socks and Undergarments

Take care of your feet and your feet will take care of you.

Oct 5, 2012 - 11:26am

What - EVER!

Right on Turd! What ever indeed.

The department of BLSBS was surely using all their imagination on this phoney report!

So, heres a song for them on this BS Friday.

The Quotations - Imagination HD
Oct 5, 2012 - 11:32am



TORONTO ( – Analysts at a New York-based research firm believe that the Organisation of the Petroleum Exporting Countries’ (Opec’s) global oil reserve statements could be inflated by as much as 70%

Oil, gas and mining analyst Rick Nariani said Opec’s stated reserves skyrocketed from 878-billion barrels to 1.2-trillion barrels throughout the 1980s and 1990s, without any new significant discoveries being made. With cumulative oil production of 449-billion, the true reserves for Opec could be as low as 428.94-billion, which would result in global price shocks by 2020.


Of course, this news is not new. However, it reminds us how countries' governments can play with numbers to make something appear better than it really is.

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