Marking Time

333
Wed, Oct 24, 2012 - 10:13am

While we await word from The Bernank and his Goons, here's some stuff to help you pass the time.

As you likely know, there's an FOMC Meeting going on. It wraps up later today and The Bernank will then issue his "Fedlines" at 2:15 EDT. What will they say? Will there be something contained therein that initiates a short-covering rally? We'll see...

In the meantime, here's some stuff to keep you amused. First, I was interviewed twice yesterday and both links are below. Though I'm still just a dope with a Macbook, there might be a few nuggets in here worth noting. The first interview was with Jason Burack of https://www.wallstformainst.com/. It's about a half hour in length.

Turd Ferguson of TF Metals Report- Gold & Silver Correction Almost Over Big Move Coming In 2013

Then, last evening, Rahul at https://www.altinvestors.com/ spoke with The Doc and I again.

Video unavailable

Lastly, I've posted a few links from "Trader Garrett" before and here's another. In this post, Garrett sees many of the same things we see here and projects some optimism for the days and weeks ahead.

https://marketpendulum.blogspot.com/

That's all for now. I'll be back with an update after the Fedlines.

TF

2:30 pm EDT UPDATE:

<yawn>

I could recap the Fed non-news but why bother? Instead, here's something fun. From my pal "Big Red" in Virginia, "Prepper Rock"!!

EXCLUSIVE 'Gettin' Down on the Mountain' by Corb Lund

About the Author

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turd [at] tfmetalsreport [dot] com ()

  333 Comments

abguy4
Oct 24, 2012 - 10:15am
ReachWest
Oct 24, 2012 - 10:21am

Thanks Turd.

Thanks Turd. Looking forward to whatever glorious bafflegab the Fed has for us this afternoon.

BM and her monkey boys are no doubt plotting how to fleece us all after the Fed announcement. Perhaps it's their turn to be fleeced?!

Oct 24, 2012 - 10:23am
Mr. Fix
Oct 24, 2012 - 10:23am

First Again!!!!!!!!!!!!!!!!!!!!!!!!!

Lucky me!

Just a thought, But with all of the talk about the price of gold and silver, There is something I am curious about. If the good folks trying to play the paper markets suddenly lose confidence in them, Wouldn't the price of silver and gold tank to the point of approaching zero? Seriously, what if nobody buys paper anymore? I'm thinking that it is inevitable that the price of gold and silver will crash massively. Of course, there will not be any for sale at that price, In fact it will probably simply be removed from the market. Therefore, if you don't buy it before the crash, you will never get any.
Ten_of_Swords
Oct 24, 2012 - 10:23am

If you don't hold it you don't own it.

Here are 500,000-600,000 reasons to take delivery of all of your metals purchases:

https://silverinvestingnews.com/14271/2nd-indictment-in-unfolding-multi-...

Not even a licensed broker? Who needs a license when you aren't trading? I believe that this is only the beginning of the paper unwind. More people need to see this to understand that the paper game is just that.

¤
Oct 24, 2012 - 10:25am

FOMC Today

I expect nothing bullish out of todays statement except for a reaffirmation that they'll continue to do what they're doing ($85 bln/month) and hold out the notion that they stand ready to do more dependent on economic/employment conditions as warranted. Same old, same old.

They just announced that MBS about a month ago so I don't see any major announcement of more stimulus or asset purchases 2 weeks before a Presidential election.

However, December is a whole different matter. I'm waiting to make a small silver purchase today and waited out Friday and Sunday nights push down's into the 31.50 area twice now. I'll be ready about 2:00 p.m. today with an order lined up. I think $31 is possible but not for very long.

Hopefully I'll have to refresh my waiting order to get the smackdown price right after the non-announcment sends a small shiver through silver/gold. I could be very, very wrong and Ben throws a ceremonial World Series hard, inside curve ball to the market and surprises everyone.

Election considerations looms large in this announcement today I think. There's always next month for some type of Fed action post election.

Oct 24, 2012 - 10:26am

Fedspeak today?

Must spank metals in the morning, wash out some longs before the Bernank sophistry-fest begins.

Mr. Fix
Oct 24, 2012 - 10:29am

Oops,Freaky double post.

Seriously folks, Has anybody given any thought as to what exactly will set the price of gold and silver, after a COMEX default? I am sure there will be a moonshot in their future, but wouldn't that be almost by necessity a black market? I'm still in the Jim Willie camp, that says, that we will not see our massive and explosive move upward until after a systemic collapse. And there is no doubt In my mind that that collapse is coming very soon.

malejandro
Oct 24, 2012 - 10:31am

Tired!

im sooo dam tired of this BS....freaking economy is falling apart, we have QE to infinity....and gold/silver on a downhill racer.?! BS!! BS!! BS!.

benny_bomb_boom
Oct 24, 2012 - 10:32am

so we take a look at the big 30 again

of course this thing dives pregame and benny has been providing the bombs to make the fiat price go boom. lets see if he holds true to form. watching here. even if i am working. provident gainesville and monarch are up just in case ;D

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