Turd for Nobel Prize in 2013

283
Fri, Oct 12, 2012 - 11:31am

I mean, why not? Plus, I could use the cash!

First, Al Freaking Gore wins the Peace Prize for...what exactly? And then O'Bottom wins it...why again did he win it? And now, the sanctimonious Nobel Committee awards the Peace Prize to...The European Union? WTF?!? Don't you have to be an individual to win? Is this what Alfred Nobel intended? "Let's just reward and congratulate ourselves on being such wonderful and peaceful bureaucrats!". Seriously? Seriously. Oh well, the EU does need the cash. So, the campaign starts today. Screw the presidency, I want The Prize!

TURD FOR NOBEL PRIZE IN 2013

https://online.wsj.com/article/SB10000872396390444799904578051960191363312.html

One group definitely NOT deserving of any prize is The Evil Empire and their willing accomplices at the Comex. We've now had to endure Comex-opening beatdowns on 8 of the last 10 days. This is unbelievable and unprecedented. I don't think I've ever printed so many 1-minute charts and, frankly, I'm sick of it. Here are just a few:

And here are the "bloody gloves" from today's crime scene:

If I sound frustrated, it's because I am. These Comex games are enough to drive you to drink. We here know that physical metal is your only financial protection and investors worldwide are fast coming to the same conclusion. Regardless, the phony-baloney Comex paper price is still manipulated for the benefit of a select few. Whatever. Screw 'em. They'll get their comeuppance soon enough.

In the bigger picture on the longer-term charts, you can clearly see that they are making very little, actual progress. In fact, the shorts appear to be playing a losing game here. EVERY attempt to jab price lower is being met with stiff demand, not further selling. EVENTUALLY (soon), longs will be emboldened and, once some resistance levels are breached, the recent shorts will be forced to cover.

For now, keep your eye on $33.60 silver as this level has been attacked repeatedly this week and has held each time. Should a rally develop later today or early next week, our target remains $34.35. As, above there, shorts will begin to get squeezed and face capitulation.

And gold is looking to put in a "bowl" or "cup" shaped bottom on these charts. I'm always fascinated by these patterns when they come together as, when they work out, they almost seem predesigned and predestined.

Just two bits of reading today. First, Detlev Schlichter has penned another beauty: https://detlevschlichter.com/2012/10/we-are-on-the-road-to-serfdom

And our pal, Paul Mylchreest, has written up another lengthy report. Great stuff, as usual, and he was even kind enough to include a reference to some of our work here.

TRR28

OK, that's all for now. Please check back later as I will try to post some thoughts on the CoT when it's released. It should be somewhat interesting as OI declined over the survey week and we'll get some idea of just who was selling/covering.

Have a great day!

TF

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turd [at] tfmetalsreport [dot] com ()

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Oct 14, 2012 - 10:22am

Bernanke defends QE from international criticism

Oct. 14, 2012, 12:20 a.m. EDT

Bernanke defends QE from international criticism

By sgoldstein[at]marketwatch[dot]com (Steve Goldstein), MarketWatch

WASHINGTON (MarketWatch) — Federal Reserve Chairman Ben Bernanke defended his central bank’s extraordinary efforts to revive the U.S. economy from international criticism, saying the Fed isn’t responsible for artificially boosting rival currencies — and that other nations should let market forces determine exchange rates anyway.

Speaking before the International Monetary Fund meeting in Tokyo, Bernanke on Sunday refuted criticism that the Fed’s asset purchases and low interest rates are mainly driving capital flows to emerging market economies. The Fed last month embarked on its third major bond-purchase program, this time buying $40 billion of mortgage-backed securities every month until unspecified improvement in the economy.

Bernanke said he was “sympathetic” to the problems associated with overly hot flows, namely undesirable currency appreciation, asset bubbles or inflation or economic disruptions when hot money goes back out.

His response was two-fold — one, that basically, the Fed isn’t driving capital inflows to emerging-market nations; and two, that emerging-market economies should accept currency appreciation.

“To be sure, highly accommodative monetary policies in the United States, as well as in other advanced economies, shift interest rate differentials in favor of emerging markets and thus probably contribute to private capital flows to these markets,” Bernanke said, according to a transcript of his remarks. “I would argue, though, that it is not at all clear that accommodative policies in advanced economies impose net costs on emerging market economies.”

Bernanke cited IMF and other research showing that differences in...

https://www.marketwatch.com/story/bernanke-defends-qe-from-international...

ag1969
Oct 14, 2012 - 10:05am

Doc Jerome

I am in the process of installing a wood stove. I completely restored a 30 year old wood stove and am building a beautiful river rock firewall. Anyway, I want someone who knows chimneys to install the chimney (just a metalbestos chimney, not masonry) and I had to call seven different people just to find someone even interested in doing it. And we are not talking about a week long job where you might open a can of worms underground. This is one hole in the wall and four hours max.

I am amazed at the number of companies I call for work that don;t even return their phone calls, never mind take the job. These are definitely weird times, but when you think of how much money a business spends to generate a phone call these days, you would think they would follow up on one when they get one.

Keg
Oct 14, 2012 - 10:04am

How bad is it

In my area it is so bad that a huge percentage of contractors went out of business. Reduced capacity means most of the remaining ones are busy. Occasionally I have found an exception to this but usually with a one or two man operation that may not be willing to take on larger jobs. I used to buy tires from a locally owned tire store. Most of his customers were contractors as he did their truck, trailer, and equipment tires. Two years ago he sold his building and closed up as most of his customers were out of business.

I use the Chinese restaurant index to gage construction activity in my area. There is a Chinese restaurant near my office that I eat lunch at about once a week. 5 years ago the place was packed with painters, landscapers, etc. every day at lunch. 3 years ago you rarely saw any construction guys. Now I there is usually 2 or 3 crews there but nothing like 5 years ago.

ag1969
Oct 14, 2012 - 9:49am

Silver Alert

Thank you for clearing that up, I really wanted to hang around a little longer and see if Silver Stacker quits smoking. Just think of the PM's he could remove from the market if he doesn't have to buy those cigarettes. I only say this because right now he is so small time, that he orders ASE's by the pallet and buys 1000 AGE's at a time. Now he can be a real stacker.

TDDoctor J
Oct 14, 2012 - 9:47am

Contracting

Dr, Jerome, I can't respond directly to your situation, I'm not a plumber, nor have I seen your project, but I am a builder and perhaps I can give you a little insight from "the other side of the fence". For the record, I do admire your boldness and initiative in undertaking the project yourself. There is a tremendous reward potential in any do it yourself project.

I've had my share of projects (perhaps more than my share) where my client viewed paying me for my services as an option. So, I have to adjust my charges not only to cover overhead and profit, but the inevitable deadbeat. I wish I could tell who will pay and who will not, but is amazing how many folks feel fully justified in not paying for services rendered.

There is now less work out there in construction, but there is also less people doing it. A lot have given up and retired, or changed professions, or moved back to Mexico.

The plumber I use won't touch repair work because there is enough new clean work to keep him busy. I imagine if he were to consider doing repair work, with all it's potential problems, he'd likely bid it up to make it worth his while. Underground estimating is a guessing game, you don't know what you will find... bid high and the worse case situation you won't lose money... bid low and you might work for weeks and end up losing money (in other words you would have been much better off just sitting on your ass and doing nothing).

The overhead costs in construction is intense. I know of a few guys who started in the business as the result of doing something like what you have done... taken on a project and seen the potential for making a good living at repeating it for others. But once they get into it and start experiencing all the headaches, overhead, and deadbeats... well, they retire, or change careers, or move back to Mexico. lol

TD

Silver Alert
Oct 14, 2012 - 9:17am

@ag1969 blog season

Last week's 8 ranking was in gold blogs wasn't it? This week's 11 is silver. That gives a PM blog average of 9.5 so I guess you can stay a little longer.

What is more concerning is Turd's obvious bias against Ag. Silver bugs are going to have to reconsider things and perhaps seek redress.

Oct 14, 2012 - 8:32am

How bad is it out there?

My wife and I own a 12 unit Mobile home park. It is time for the water system to be re-plumbed, with aging steel pipes springing leaks --usually on a Saturday night or some other inconvenient time. My usual plumber did not want the job. I called a friend to see if he wanted a side job. He looked it over and suggested using his employer who had the digging equipment we needed. His company gave me a bid for 25K. My jaw dropped. I called two other plumbers. Neither wanted the work. so I decided to do it myself. I used to do lots of contracting so the job is not daunting. Project time: two weeks--landscaping and everything. No inspections required in the county jurisdiction. I have to rent digging equipment and buy numerous hand tools. I don't get a contractor's price on parts. I am insured, hiring labor through a contract service. I am buying the guys lunch every day and gave them a weekly bonus on Friday because they are working so hard. But I am paying a bit more for everything, plus we did not work efficiently the first few days. Everything that can go wrong has: 6 damaged sewer lines. Yesterday we broke an unmarked gas line. Really, as far as construction goes, its fairly normal. I think we are past the midpoint--all downhill from here. My total cost will come in at 6-7K. That leaves a fairly nice profit range above actual costs--especially for a smooth running shop with experienced people. I guess I am just surprised that some contractor didn't want to take the job for a reasonable price--lets say 12-15K.

I thought things were tough out here in the midwest. Actually I know they are. I am so confused. Are there too many people on the hand-out wagon who prefer to stay home?

With all this digging the past few days, you would think we should have found a little bit of gold!

TomMack
Oct 14, 2012 - 8:29am

gold from bacteria?

So Bacteria produce pure Gold! .... only problem is they produce it from gold chloride! Where does gold chloride come? from pure gold !

Gold(III) chloride is most often prepared by passing chlorine gas over gold powder at 180 °C:[1]

2 Au + 3 Cl2 → 2 AuCl3 (WIKIPEDIA)
rl999
Oct 14, 2012 - 8:23am

Real reason for QE3?

Is the fiscal cliff and the expiration of the payroll tax the real reason for the QE3 announcement? Was QE3 just a hedge against the more likely (in)action of congress to resolve this issue? Did the Bernank make the right call since QE3 was already 'priced in', did he get a freebie by flirting with the market about the QE for so long, and can he get away with announcing it but not buying anything for a few months (post election)?

GOLDMAN: A Significant Tax Hike Is Coming, And Neither Party Is Even Talking About Stopping It

"We are surprised that neither party has seriously challenged the case for near-term fiscal retrenchment. In particular, the expiration of the $126bn payroll tax cut (1% of disposable income) is almost universally accepted. This expiration alone is likely to shave 0.6 percentage point from 2012 growth on a Q4/Q4 basis—the same order of magnitude as the estimated boost from QE3—at a time when investors are lining up to finance US government expenditure at a real 10-year yield of -0.8%. Read more:

An article on ZH in the last coupe days pointed out that the fed balance sheet didn't reflect the 45bn increase, but that it could take a few months since it was rmbs.

Gregory Mannarino says he predicted QE3, and that QE4 will be launched soon.

TomMack
Oct 14, 2012 - 8:03am

10% approval

Congress has about a 10% approval rating yet over 90% get reelected!!! WTF!! think WHEN you do vote! start locallywhere 50 votes do make a difference.

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