Another Parallel

Tue, Oct 23, 2012 - 10:40am

Continuing with the current theme, here's another reprint for you. Party like it's 2011!!

Just six, short days after calling "Turd's Bottom" and issuing a guarantee, ( all looked lost. It was January 27, 2011. Prices had peaked three weeks earlier in the post-QE2 euphoria and now nearly every "maven" was dumbfounded by the continuing weakness. Sound familiar?

So, for today, I invite everyone to go back to "The Watchtower" and review this post:

You'll find all sorts of parallels to today...even references to the sudden appearance of a shadowy "insider" who had begun posting cryptic messages on the Yahoo Finance boards.

Anyway, keep the faith and hang in there. This, too, shall pass.


About the Author

turd [at] tfmetalsreport [dot] com ()


Oct 23, 2012 - 1:29pm

More Shenanigans At Citibank

More Shenanigans At Citibank

Do you know why most people in our country distrust financial institutions in general and banks in particular. It’s because often they have good reason to. This past week saw the changing of the guard at Citibank, with Vikram Pandit unceremoniously sacked as CEO. COO, John Havens was given the axe concurrently…..who cares really. Two overpaid executives long receiving entrepreneurial pay for managerial behavior.

On Monday October 16, Citibank announced their third quarter earnings. The numbers were quite good and the stock reacted favorably. All the right things were said….the mortgage portfolio was under control and rumors swirled that Federal Reserve permission was not far off for dividends and share buybacks. On Friday, four days after earnings were announced, Bloomberg reported that Citibank was “carving out” various hedge funds from their Citi Capital Advisors (CCA) division. Citi has $5 billion of its own funds in this division. “Citi has begun transitioning certain CCA businesses from being wholly Citi-owned to being owned primarily by management,” announced spokeswoman Danielle Romero-Apsilos. Presumably the reason for this divestiture is to comply with upcoming Volker Rule restrictions on proprietary trading.
Large institutional shareholders need to demand answers to all of these questions. I am also curious to know if Vikram and Havens have any stake in these new arrangements. I hope not because it would constitute a horrible conflict of interest and a breach of fiduciary duty to the company and its shareholders. As an aside why did Vikram and Havens get their heads chopped off? Just a specualtion, but did CCA play any part in the decision?

It is probably a wise course for Citibank to divest hedge fund assets from bank balance sheets. Under Basel III risk weighted asset rules, one must assume that hedge fund assets carry the highest (most onerous) capital requirements of just about anything a bank might hold on its balance sheet. Therefore owning hedge fund assets may detract from Citi’s ability to repurchase shares and pay dividends. That said, shareholders deserve a fair shake here: maximize the value of these assets. Crony capitalism has damaged this company and our country enough already, don’t you think?

Dr G
Oct 23, 2012 - 1:30pm

SRS, my family started and

SRS, my family started and owned a company for many years that makes top-notch mining equipment. It still is the #1 mining equipment manufacturer in the US. Everything from giant sleuce boxes to trommels to jigs to diamond drill bits for gold miners to enormous wash plants for full scale recovery. Stuff for guys to use on their private claims and stuff that was purchased by the biggest mining companies in the world. Equipment that processes minimal dirt to stuff that can process 1000+ cubic yards/hour.

Our equipment is being used in 32 countries and on 6 continents.

Send me your questions and I'll attempt to get some answers from those at the top of the food chain.

Here are photos of some of the equipment we made:

Oct 23, 2012 - 1:36pm

Nice ring to it ...

Nice ring to it ... petrogold.

Colonel Angus
Oct 23, 2012 - 1:40pm

What happens if IOER gets cuts???

All that money that went to the banks no longer is frozen because the arb of making more than it costs to borrow is done. So, the banks start lending. And then achmachat is right...hyperinflation!

Oct 23, 2012 - 1:41pm

Turn me loose

All these other PM forums, web cites, posting, debate, debate, yeah yeah, yeah,

BUT TURDVILLE got the greatest tunes!!! JUST TURN ME LOOSE!!!!

Doc G, I got a bus plan, can turn 5m$ into 3B$, say 5 years, interested??? PM me. O.O

Oct 23, 2012 - 1:41pm

A golden scale model - ruined

For those who like matching patterns, February 2009 - April 2010 (14 months) is an astonishing miniature replica of March 2008 to date (53 months), with at least six or seven salient features and miniature shapes. Even April 2010 itself bears similarities to the last month or so. Candle charts are best to see this.

One should not be tempted to peek ahead at what the smaller model does in case it continues to replicate on the larger scale, since doing so - as I just have - always magically cause it to stop. Which means that we are not about to go to $2k in short order, as the scale model would seem to indicate.

Oct 23, 2012 - 1:45pm

how many times has the metals dropped right before the

Bernank speaks? I would say everytime. So what else is new.

Oct 23, 2012 - 1:50pm
Bongo Jim
Oct 23, 2012 - 1:52pm

The SS business plan...

Watch out DocG if SS tells you his plan starts out with a chessboard and Laguna beach.

Big Buffalo
Oct 23, 2012 - 1:53pm

Halo 3

The only thing wrong with Halo 3, is that it's not Halo 2.

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1/28 8:30 ET Durable Goods
1/28 10:00 ET Consumer Confidence
1/29 10:00 ET Pending Home Sales
1/29 2:00 pm ET FOMC Fedlines
1/29 2:30 pm ET Powell presser
1/30 8:30 ET Q4 GDP first guess
1/31 8:30 ET Pers Inc and Spending
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2/2 10:00 pm ET Chiefs win SB LIV

Key Economic Events Week of 1/13

1/14 8:30 ET CPI
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Key Economic Events Week of 1/6

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1/7 10:00 ET Factory Orders
1/8 8:15 ET ADP employment
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Key Economic Events Week of 12/16

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12/11 8:30 ET CPI
12/11 2:00 pm ET FOMC fedlines
12/11 2:30 pm ET CGP presser
12/12 8:30 ET PPI
12/13 8:30 ET Retail Sales
12/13 10:00 ET Business Inventories
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Key Economic Events Week of 12/2

12/2 9:45 ET Markit Manu PMI
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12/2 10:00 ET Construction Spending
12/4 9:45 ET Markit Services PMI
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11/27 10:00 ET Core inflation
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11/4 10:00 ET Factory Orders
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