Marking Time

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 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 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.

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


2:30 pm EDT UPDATE:


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

turd [at] tfmetalsreport [dot] com ()


Oct 24, 2012 - 3:06pm

Will Zero & Co. steal the election?

North Carolina voters who went to vote for Mitt Romney complained electronic voting machines recorded votes for President Barack Obama instead.

VOTE FRAUD: Vir. Dem’s Field Director Conspires to Commit Voter Fraud, Forge Docs

BREAKING: Project Veritas Implicates Sitting Congressman In Voter Fraud Sting

As Benghazi news reports now pummel down upon the head of President Barack Obama, a longtime D.C. political operative who has spent the past three years attempting to correct the mistake that was the 2008 election, declares in this brief communication that the only way Obama can now be allowed a second term is if he steals the 2012 election.

Oct 24, 2012 - 3:06pm

Hey Doc

I'm not sure why I don't bother to shop around except that I'm comfortable with them and that they only charge me $10 for each order. I do look at other sites here and there but I'm drawn to Apmex like a moth for whatever reason.

I only bought 20 1/2 oz. sunshine rounds this time for a little over $400 so it wasn't a huge purchase and they were only $.99 above spot so I went with the old fashioned (ugly?) looking Sunshine's.

I figure if the millions of round blanks they supply to the Mint are good enough for them they're ok for me to resell or swap later (hopefully). They've been around for a long time. I'm not much of a collector (yet) and I'm just going for .999 right now more then anything else.

Mikeyk23 stingbee30
Oct 24, 2012 - 3:06pm


I agree on glen beck but he just showed actual memos coming into the situation room every hour while the benghazi incident was going on. Mr Obama clearly lyed in the campaign and in the debates that he had no knowledge of what was happening. he knew in real time and its been proven. also on Sep 11 Obamas closest foreign ally, the prime minister of turkey had dinner at the CIA safe house in the most dangerous city in the world on the same day of the incident... hmmmm

Oct 24, 2012 - 3:09pm

Removed comment

Removed comment.

Swift Boat Vet stingbee30
Oct 24, 2012 - 3:11pm

Stingbee, with all due respect....... are so clueless it HURTS!!!

Take a peek, even though this has been well known for quite some time now, the Mainstream goons finally open up.

Better to keep silent and be thought a fool, than to speak and remove all doubt.


EDIT -- OOPS, that last line was to be a quote

Oct 24, 2012 - 3:12pm

Turd's update!

Hat tip for the Prepper Rock, wish I could give you another for the upright bass....

Mr. Fix
Oct 24, 2012 - 3:12pm
4406PACK Mr. Fix
Oct 24, 2012 - 3:13pm



treefrog stingbee30
Oct 24, 2012 - 3:14pm



your race card is overdrawn, please contact customer service.

Oct 24, 2012 - 3:14pm

Kitco Silver Gone Mad

I was watching kitco silver from here in New Zealand at 16.44 NZDT (23.44 some time in the US) and it shot to 33.44 briefly. I have a screen shot, but don't know how to post it.

Oct 24, 2012 - 3:14pm

@ swifty


Henry Frap
Oct 24, 2012 - 3:17pm


I think you've taken this jest further than needed (or intended).

The text clearly indicates the lack of verifiable:

Birth (should have produced this document when first requested)

Ethnicity (see birth above)

Occupation (no business records, or college records for that matter)

Social Behavior (Too many contradictory sound bytes to play. He plays the chameleon, depending upon the crowd he's addressing.)

An administration of transparency? Right....

Oct 24, 2012 - 3:21pm

Stingbee Maybe you should follow your on advice

I think you wrote this yesterday, and it seems you are making it a political forum, anyway do you really believe this stuff you write. It makes me laugh!

Stingbees commentary on 10/23/12

The reality is that internationally, President Obama is favored and liked by many leaders. He is a diplomat by heart whether you like it or not. Romney on the other hand is not trusted and has the "Bush Dilemma'' to deal with: most countries haven't forgotten the lies and the bullshit that came out of the Bush regime. During the Bush regime, America's image hit a new low. It had had to be one of the worst in modern times in terms of diplomacy and trust.

Clinksky keeps posting pictures of Mr. Obama visiting other nations and making him look like he is weak. No, it is called being respectful, and being the ultimate diplomat. He had to fix many of the relationships that were severed and bruised during the Bush regime (it is called the game of Politics and diplomacy). The Republicans and the Right-wingers cannot accept the fact that President Obama is a very likeable character. On TV, he comes across as being "genuine" and someone who cares about the poor and underprivileged or real middle class. He is humble and down-to-earth. On the other hand, the Vulture Capitalist Romney comes across as being an "elitist" and some with an identity crises. The thing that I liked about Bush Jr. was atleast you knew what he stood for. don't what you are going to all depends on the occasion and the crowd.

So, there is no media bias towards Obama in the international front....The reality is that he is regarded with respect with majority of foreigners.

Oct 24, 2012 - 3:27pm

a little titty ditty.....

When the T.I.T.S. index is low

off to the coin store you go

step on the gas pedal

and go get your medal....

because one day its all gonna blow.....

Oct 24, 2012 - 3:28pm


i spelled metal wrong.......

Hi-Ho Silver
Oct 24, 2012 - 3:31pm

outright T bond purchases after they run out of short-term bonds

Status quo. MBS continues and they may add in outright T bond purchases after they run out of short-term bonds to sell to sanitize the process (Twist). A transition to outright monetization would be a transition to a more honest inflationary operation.

Gold bugs should keep this chart in mind because if the Fed does what it says it is going to do, there could be continued yield curve pressure for a while longer yet.

AGAU stingbee30
Oct 24, 2012 - 3:34pm

Why is this border line

Why is this border line racist? are you insinuating black people look like Bigfoot or apes? I hope not!

The one weapon that really hurts these poseur elites is ridicule and us plebs laughing at them -- keep it up whilst its still legal -- soon it won't be !!!!

Oct 24, 2012 - 3:35pm

typing /data entry into blogs like this

at other blogs people just "talk".

here we have, or shoudl have, a bunch of traders who are looking at monitors out of 1.5 eyes and typing with hte other .5 eye--hence-some of data entry is not up to snuff, I would think.

this rally from abut 40 minutes before nyse close is not being sustained.

would like to see strong close.

AGAU dgstage
Oct 24, 2012 - 3:38pm

O yeah?  how come he did not

O yeah? how come he did not even get an invite to the "royal wedding" with the other knob heads ha ha The "rest of the world" need a plastic president not one with balls who can get something done !!

Oct 24, 2012 - 3:39pm

which brings up the issue

of where does Turd get all his time and energy

Oct 24, 2012 - 3:46pm

Where does Turd get all his time and energy?

Let me hazard a guess about energy. From these:

Or perhaps he might find these tastier:

Oct 24, 2012 - 3:50pm

Markets are running out of juice.

Not sure if turd's prediction is going to hold here.. Unless something more ignites the buyers and scares the shorts.

what a drag.

Oct 24, 2012 - 3:51pm

Silver and gold held back since May 2011 . . .

Given all that has happened since April 2011, gold should be $2500 and silver $100 by now. Instead, prices are lower now than they were those 18 months ago. So, what's the backstory?

Prior to April 2011, Jim Willie (I think it was him) says that JPM had been instructed (by CFTC?) to stop the concentrated shorting in silver, likely as a result of CFTC hearings at which JPM manips were mapped out for the world to see. However, with silver just short of $50/oz. and threatening new all-time highs, which would have busted the markets wide open, suddenly, JPM was given permission to again pile into the short-side with abandon, which they did, in spades.

Since then, QE to eternity, ME spring, Libya, Syria, Iran, and other places have all bubbled up as warzones, or potential warzones. China has been buying gold as fast as possible. Other nations' CBs have as well. Some countries are having their gold sent back to their own shores. European Union is in the throes of financial calamity. The Federal debt is some $150 trillion when counting everything owed now and in future years, and is acknowledged as unpayable and unsustainable. Unemployment is some 23% when counted as it was before Clinton was prez. Half of Americans get a check from government. Home values are down another 10%.

Every fundamental screams higher PM prices, yet prices of gold and silver have languished.

Call it anything you want: preserving our way of life, maintaining the "strong dollar" policy, keeping the dollar as reserve currency, national security, etc. But the bankers and pols have no intention of allowing silver and gold to rise anywhere close to where they should be. They are in too deep for that. Their gamble failed, or more accurately, is failing. The fiat drug overcame them, to their detriment. Prices would rise to make a complete joke of the dollar and any other fiat currency, as there are way too many points of light.

So long as they can, the bankers and pols will use fiat to tether down gold and silver prices. As Jim Willie said, the system must first break down before gold and silver explode. Breaking down means that paper gold and silver no longer exist. There will then be only 1/100th of the current amount of gold and silver in the world. So, prices may rise 100-fold.

ETF shares will be equal to dollars, not ounces. All paper gold and silver will go "poof." It could happen anytime. We don't really know what the existing stocks are--only what the bankers choose to tell us are there. COMEX silver is being moved around to plug holes in LBMA, it appears. Unallocated gold is owned by ?? (choose a number up to 100) number of owners. Even allocated gold is owned by several people, as the bankers think they are above the law (and have been as it turns out).

I do not know what the world is going to be like after the breakdown, but I know that gold and silver have been money for thousands of years. I also know that food, water and protected shelter will be extremely valuable in a total breakdown. So, I plan accordingly. I do not know when the breakdown happens, but I do know we are closer today than we were yesterday. Another day to prepare . . .

Oct 24, 2012 - 3:56pm


I agree with you. I don't like the way the PM stocks, and markets in general are behaving into the close.

I think we will see sub $1700 gold between now and noon tomorrow, and SLW.TO may well bounce off it's 50 DMA ($36.34) before everything reverses upward.

I have a very little dry powder, and have a real stinky bid in for some SLW Nov. $44 calls.

Fingers crossed, but really, WHY should we see prolonged weakness here? Looking forward to an explosive Nov.

Oct 24, 2012 - 3:57pm

I'm in a good mood today

I'm in a good mood today and I just realized I'm hat tipping everybody. Except Stingbee.

Oct 24, 2012 - 4:06pm
Groaner benque
Oct 24, 2012 - 4:07pm

As the above poster stated

As the above poster stated the bullish argument for the metals we are fighting an evil force, so fundamentals are delayed, for how long?

I cant believe they were able to take the metals down this far without much of a fight it seems. I thought $1750 yeah, but noooo.

I think the hedge funds play the FED card, thats how they make the money they do.. they dont care about fundamentals. Up or down, is all.

I really believe this evil force will do what ever it takes and then some to keep us poor slobs from getting ahead.

They make it difficult to make any money in the markets, plus when we see the smart thing by stacking metals I think they will change laws at a whim and go after out stacks in the name of national security or label us holders as terrorists.. pay attention you flag wavers out there, smarten up..

ancientmoney Groaner
Oct 24, 2012 - 4:30pm


In many ways, I too see them as an evil force, as they have set up every market so that they benefit. And, when that happens, true and free markets are destroyed.

It is the fiat regime that is at the heart of the problem, and that has allowed the cheating, thieving bankers to bring us to this point.

On the other hand, when it breaks apart, it is going to be ugly. So, I do not look forward to the breakdown, but must prepare for it none-the-less.

I wish it were different. I wish that they had allowed markets to operate freely, bankers and other deserving souls to have gone bankrupt, to clear the system of trash and debt. I wish they had not been so greedy early-on, and stayed greedy, and even became greedier, right up to the bitter end.

But, they didn't allow markets to be cleansed, due to their tremendous greed. We are now past the point where gold and silver markets can be maintained in the future as they are, and still allow them to trade freely, as doing so would immediately bring on the breakdown.

This is a real-world Catch-22.

Oct 24, 2012 - 4:34pm
Oct 24, 2012 - 4:38pm


It appears to be the most intolerant people in our society are the ones that like to point the finger and make the call of "intolerant" ( homophobic, racist, bigot and the like) and can only see people as black and white. Maybe that is what gives them their special gift to identify intolerance. As where most of us who see people for who they are ... just gray.

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