Cure For Boredom

391
Fri, Oct 26, 2012 - 10:00am

Not only is a "Storm Of The Century" ready to form and hit the U.S. east coast early next week, the "Storm Of The Century" is suddenly building again in Greece. Yikes!

Here are your salient links. First, the meteorological phenomenon. Hurricane Sandy is set to merge/combine with energy typical of a "Nor-easter" this weekend. The storm is then set to turn left and head toward the Jersey coast sometime on Monday or early Tuesday. See this:

https://www.bloomberg.com/news/2012-10-25/u-s-east-from-washington-to-nyc-at-risk-from-hurricane-sandy.html, this: https://www.weather.com/news/weather-hurricanes/tropics-scenarios-us-threat-20121022 and this: https://www.nhc.noaa.gov/storm_graphics/AT18/refresh/AL1812W5_NL+gif/204249W5_NL_sm.gif and this: https://www2.ucar.edu/atmosnews/opinion/8192/more-perfect-storm

Now, lest you think I've suddenly changed my name to "Turd Cantore", there's also a monetary phenomenon to worry about in Greece. This was supposed to have been papered over for a while...certainly until after the U.S. elections. Oops. See this:

https://online.wsj.com/article/SB10001424052970203937004578079070389572866.html, this: https://economictimes.indiatimes.com/news/international-business/greece-debt-extension-could-cost-up-to-30-bn-euros-source/articleshow/16966773.cms and this: https://www.zerohedge.com/news/2012-10-26/greek-deadline-sunday-evening

All of this means that we are likely entering into a period of significant volatility in the metals markets. The good news, for us, is that the metals are entering this phase after having already been pushed back to support levels that indicate an end to this current "correction". Of course, anything can happen and I may end up looking like a complete idiot (again), but all indications are that we have reached a bottom and have completed this mirror-image pullback to the QE2-rally pause of January 2011.

Let's start with silver where the technical picture is slightly more clear than gold. Look, first, at this 2-hour chart. You can plainly see the obvious support at $31.60 - $31.70. Four attempts have now been made this week to breach this level and each wave has been repulsed. Now, once silver trades back above $32.25 and then $32.50, the pressure on the recent shorts will begin to increase. Some will begin to cover, the rally will strengthen and, soon, the bottom will be clear to nearly everyone.

And you can clearly see the bottom forming on these next two charts. The 6-hour chart reveals the downtrend line from the highs on 10/4 and the daily chart shows that we have completed an almost perfect and "textbook" example of a 50% retracement.

The gold charts look pretty good, too, though not quite as clear as gold seems to be trading about 24-48 hours behind silver. This is a little odd in that gold usually leads the trade. Whatever. The gold chart also shows that a bottom is forming/has formed and a move higher next week will confirm the lows.

So, relax. Keep the faith, be happy and buy a little more physical today. If you live on the U.S. east coast, head out to Lowe's and Costco and prepare to hunker down. If you live in Greece, buy yourself a stock of gyros and ouzo and consider taking the next week off.

I'll be updating things throughout the day, including thoughts on the CoT when it's released, so please check back later and review all of the comments. Have a great day!

TF

About the Author

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turd [at] tfmetalsreport [dot] com ()

  391 Comments

rl999
Oct 28, 2012 - 12:56pm

Chain of command above Gen. Ham

President of the United States / POTUS / CINC • Commander in chief of the United States Armed Forces

Secretary of Defense / SecDef
• Principal defense policy adviser to the president
• Appointed by the president and confirmed by the Senate
• Military action taken by the president is passed through the secretary of defense

National Security Council / NSC
• Consists of the president, vice-president, secretary of state and secretary of defense
• Serves as the principal forum for considering national security issues requiring presidential decisions
• The chairman of the joint chiefs of staff serves as military adviser to the Council; the CIA is the intelligence adviser
• The secretary of the treasury, the U.S. representative to the United Nations, the assistant to the president for national security affairs, the assistant to the president for economic policy and the president's chief of staff are invited to all meetings.
• The attorney general and the director of the office of national drug control policy attend meetings pertaining to their jurisdiction. If appropriate, other officials are invited.

Secretaries of the Military Departments
• The secretary assigns all forces to combatant commands except those assigned to recruit, organize, supply, equip, train, service, mobilize, administer and maintain their respective forces.
• Secretaries are appointed by the president and confirmed by the Senate.

Chairman of the Joint Chiefs of Staff / CJCS
• The chairman is the principal military adviser to the president, secretary of defense and National Security Council.
• In carrying out these duties the chairman will consult and seek advice from the other service chiefs and combatant commanders as necessary.
• The chairman is appointed by the president and confirmed by the Senate for a four-year term

The Joint Chiefs of Staff / JCS
• Comprised of representatives of the Army, Navy, Marine Corps and Air Force.
• They have no executive authority to command combatant forces.
• Each of the chiefs is appointed by the president and confirmed by the Senate.

Unified and Specified Operations / Africom
• "Unified Commands" consist of elements from two or more services placed under a single commander who exercises operational control over the forces assigned to him.
• Service forces may be organized under subordinate joint commands.
• Specified commands have a broad continuing mission and are normally composed of forces primarily from one service. Within these unified and specified organizations, each military department (Army, Navy and Air Force) retains responsibility for administration and logistical support of its assigned forces under the directive authority of the CINC.

~~It had to be someone detailed here, unless there are things we aren't privy to. That is a short list, and since the CINC was awake and aware he gets the final say, regardless of the other's opinion. (I do not think the secretaries get a vote however.)

Read more: https://www.foxnews.com/story/0,2933,74696,00.html#ixzz2Ac15Dpid

ETA: The JCS is excluded from command. Another thing - all enlisted (above E-6 and above for the USMC, and I believe E-7 and above for the other branches) are actually promoted by an act of congress, in that our promotion warrants supposedly have to be approved there. It is something I was always told in the military, but am unsure about the technicalities. This should apply to all officers of all branches from O-1 through O-10.

Note that someone at Gen. Ham's level was approved for a command of that level (Africom) which should mean that the prez needs approval to 'demote' him. Demote in the sense that he will be transferred to an area of lesser responsibility, which is usually a career killer.

It may be difficult to locate Gen. Ham's next unit quickly (unless that info is leaked) because they could place him on a temporary duty status or some other shenanigans to bury him for awhile. I actually expect for this administration to try and spin this the other way, say that yeah, we may have known some stuff, and we were going to launch a reaction, but since Gen. Ham disobeyed orders it screwed up the whole things, and that's why it went down that way.

¤
Oct 28, 2012 - 1:02pm

Give us your sovereignty or no bond purchases: Bond Blackmail

Draghi Backs Schaeuble Plan for Euro-Region Budget Chief

By Gabi Thesing - Oct 28, 2012 6:58 AM ET

European Central Bank PresidentMario Draghi endorsed a proposal by German Finance MinisterWolfgang Schaeuble for a commissioner who has power over the budgets of nations in the euro region.

“I am fully in favor of it,” Draghi said in an interview with Germany’s Der Spiegel, according to a transcript published today by the Frankfurt based-ECB. “Governments would be wise to seriously consider it” as “in order to restore confidence in the euro area, countries need to transfer part of their sovereignty to the European level.”

Finland and the Netherlands backed Germany at an Oct. 18-19 summit of European leaders in maneuvering that will climax at a Dec. 13-14 meeting to set deadlines -- possibly as long as a decade -- for a more united economy with more disciplined budget management and central oversight.

Draghi also sought to alleviate German concerns about the ECB’s bond-purchasing program by pledging that it would not engage in “uncontrolled”market interventions.

The ECB president has come under fire in Europe’s largest economy for the new plan, the details of which were announced in September, after Spanish and Italian borrowing costs had surged.

“Unlimited does not mean uncontrolled,” Draghi said. “We will only buy bonds from those countries that accept strict conditions,and we will check very carefully whether those conditions are adhered to.”..........(cont.)

https://www.bloomberg.com/news/2012-10-28/draghi-says-unlimited-bond-buy...

ClinkinKY
Oct 28, 2012 - 1:09pm

Democratic pollster no less...

...what more evidence do you need that the MSM is part of the EE that everyone here rails against? In the words of Samuel L. Jackson..."Wake the f*ck up".

Pat Caddell Says: Media Have Become an "Enemy of the American people"

He has worked for Democratic presidential candidates George McGovern in 1972, Jimmy Carter in 1976 and 1980, Gary Hart in 1984, Joe Biden in 1988, and Jerry Brown in 1992. He also worked for Colorado Senate candidate Andrew Romanoff in 2010.[1]

--------------------------------------------------

If you need a shorter clip of more evidence that the MSM is dangerous/"in the pocket" of the current administration, click this link:

https://www.therightscoop.com/emotional-pat-caddell-on-the-msm-ignoring-benghazi-these-people-have-no-honor/

Rui
Oct 28, 2012 - 1:23pm

SLW chart concerns me

FWIW, both RSI and Chaikin Money Flow are picturing a distribution picture to me on the SLW chart. I saw similar patterns on AG, PAAS, CDE as well. Giving that the miners are somewhat a leading indicator on the metals I'm keeping my caution level high here. Chances are there's one more round of quick raid and then this thing resumes its surge.

¤
Oct 28, 2012 - 1:43pm

Feeding Each Other To The Lions: Themselves

Greek Journalist Held Over List of Swiss-Account Holders

By Tom Stoukas - Oct 28, 2012 9:04 AM ET

Police in Greece arrested a Greek journalist who published the names of 2,000 Greeks with deposits in Swiss bank accounts.

Kostas Vaxevanis, editor of the Greek magazine Hot Doc, was arrested in Athens today, according to a message posted on his Twitter account at 11 a.m. local time. An arrest warrant was issued yesterday after the magazine published what’s been dubbed the “Lagarde list,” an electronic file given to Greece in 2010 by then-French Finance Minister Christine Lagarde of about 2,000 Greeks with Swiss accounts.

Vaxevanis was arrested for publishing citizens’ private information, a breach of Greek privacy law, a police spokesman said by telephone today. Private television station Mega TV reported that he was released and will appear in court tomorrow.

In a video message posted on the news website Pandora’s Box today, Vaxevanis said he published the list because of government inaction in following up on the names of potential tax evaders even as it prepares new austerity measures.

Former Finance Minister Evangelos Venizelos said on Oct. 2 that he had received the list in August 2011 from Finance Ministry officials and deemed it couldn’t be legally used. He said he has since handed it over to the government, which passed it on to the country’s financial-crimes squad, SDOE.

https://www.bloomberg.com/news/2012-10-28/greek-journalist-sought-by-pol...

Lady Gaugau
Oct 28, 2012 - 1:51pm

How to kill 11 million people

This may have been posted here previously, and if so, I don't think we can watch it enough so I am posting it again. This is poignant ... mind blowing. https://www.youtube.com/watch?v=EH_Izul6J5M&feature=player_embedded#!

yangster
Oct 28, 2012 - 2:09pm

How Cuba coped with economic collapse.

The future economy?

The Power of Community. How Cuba Survived Peak Oil (sub español)
Icarus rl999
Oct 28, 2012 - 2:36pm

Chain of Command

rl999,

The chain of command is very simple. The President is in charge. Next in line is the Secretary of Defense. The Component commanders (or unified commanders if you will) then report DIRECTLY to the Secretary of Defense. General Ham reported directly to the SECDEF, who reports directly to POTUS. Simple.

If he were fired, it was by Pinetta. And no, Pinetta or the President does not need congressional approval to fire someone. He just needs congressional approval to appoint someone.

Goldwater-Nichols gives the SECDEF the authority to insert the Chairman of the Joint Chiefs of staff between the Combatant Commanders (Gen Ham) and the SECDEF. This is normally only done for logistics or procedural reasons during high security incidents, and not for issuing orders, establishing strategy, or controlling forces. In other words the 'unimportant stuff' can legally be delegated to the Chairman of the Joint Chiefs. (The Chairman also sits on the national security council, which advises the SECDEF on how to respond to an incident or threat. The national security council is not in the chain of command, they cannot make decisions.)

In this case Ham would get his instructions DIRECTLY from the SECDEF, PERIOD. If he needed more ammo to comply with the instructions from the SECDEF he might go to the Chairman to source that ammo.

This insures that civilians have DIRECT control of the actual combat troops placed with the Unified commanders and keeps the leaders of the individual military branches out of any decision making authority concerning use of force.

Regards,

Icarus

PS All officer promotions technically must be approved by Congress. That includes noncommissioned officers E-5 and above. It is normally a rubber stamp for all grades below O-6. O-6 is the grade where congress actually gets involved in approvals and can gum up the works with inaction, indecision, and political posturing, thus holding up promotion lists for months.

¤
Oct 28, 2012 - 2:45pm
Maryann
Oct 28, 2012 - 2:51pm

Xty.....Hillsdale

I just had to log in and tell you that I really encourage you to watch Hillsdale's free online Constitution courses. I have completed Constitution 101 and it was just excellent. The courses combine a lecture, readings, and an online quiz. What I like most is the emphasis on primary source documents. The readings are documents written by our founders and as you go through the course you begin to understand the personalities, viewpoints, and character of these great men. There is a beautiful rhyme and reason to the Declaration of Independence and the Constitution that this course lays out thoughtfully and in a manner readily understandable.

Let me know if you take the course as I would love to chat with others who have taken it! It would also be fun to get a Canadian's perspective. I am looking forward to taking the two new courses they are offering. Just have to find a little time!

Eric Original
Oct 28, 2012 - 2:56pm

Just saw a Bald Eagle from our living room window.

Just saw a Bald Eagle from our living room window. Had enough time to get the binoculars on him for a bit. Way Cool.

Xeno
Oct 28, 2012 - 3:00pm

Taking Another Nap

Thanks CaliforniaLawyer, using the phrase "banksters" in a lawsuit is kind of a giveaway that it's not very seriously prepared.

Oh well, wake me up at $3500 POG or when the pumps fail.

Louie ClinkinKY
Oct 28, 2012 - 3:12pm

Intrade & Credit Cards

Intrade does not make money off of the way people bet, they are the "house" that allows others to bet. They do not accept US credit cards because of US anti-gambling laws and money laundering laws.

BTW- GREAT fiat to be made not only by picking the winner of the US election, but also by betting on the electoral college. 15% return offered for 9 days investment by betting that President Obama will not receive 320 electoral college votes. President Obama may be re-elected, but I don't believe he will receive 320 votes in the electoral college.

Fr. Bill George Clooney
Oct 28, 2012 - 3:19pm

Re: 3D camera for brain surgery

Xty,

My third daughter died from an inoperable brainstem tumor 15 years ago last April. Her 25th birthday was yesterday.

This device would not have helped her situation, unfortunately. But, as I was guiding her through a 16 month trek to heaven's gate, we met many who would have greatly benefited from what you're reporting on here. I'm so glad that engineer not only thought "There's gotta be a better ay," but was also able to forge a means toward that better way!

This is very encouraging news.

Prize Fighter
Oct 28, 2012 - 3:27pm

CA Lawyer, thanks for your

CA Lawyer, thanks for your response. I was looking to get your opinion on any specifics I may have raised but your opinion of the whole idea is just as informative. I noticed it was tinged with emotion as you said even if you had the time you would not go off "half cocked." A curious descriptor from another "conspiracy" metalbug when asking for an opinion on something which is really at the heart of the matter. Is this about silver or usurpers? Neither of us admittedly understand I guess or is it rather, want to understand?

"The way to fight and win is to become independent, self-reliant. Remove one's reliance upon the system, and suddenly TPTB lose relevance, no?" That's what I was trying to find here. How are we ever to gain true independence if the optional use of FRNs isn't optional? To believe silver and gold alone while singing as the trains pass will unyoke the burdens of optional private debt usage and their associated fees, is to believe Bix Weir.

I've seen missives on this site devoted to lesser items of importance IMO but I get it, thanks. I'm singing too.

JackPutter Lady Gaugau
Oct 28, 2012 - 3:31pm

Not just a pretty bunch of words.

"sic gorgiamus allos subjectatos nunc".

"We gladley feast on those who would subdue us." The Addams Family motto.


Oct 28, 2012 - 3:34pm

Because it mentions sheep and mediaeval coins:

Updated: 12:53 p.m. Sunday, Oct. 28, 2012 | Posted: 12:50 p.m. Sunday, Oct. 28, 2012

2,000 sheep led through streets of Spain's capital

Spanish shepherds led a flock of more than 2,000 sheep through central Madrid on Sunday in defense of ancient grazing, migration and droving rights threatened by urban sprawl and modern agricultural practices....

Every year, a handful of shepherds defend the right and, following an age-old tradition, on Sunday paid 25 maravedis — coins first minted in the 11th century — to city hall to use the crossing....

https://www.ajc.com/ap/ap/top-news/2000-sheep-led-through-streets-of-spa...

Cononish1314 George Clooney
Oct 28, 2012 - 3:36pm

Old Spanish Customs

When do they let the bulls loose in Pamplona?


Oct 28, 2012 - 3:39pm

Fr Bill

That is terribly sad. What a tough anniversary to get through.

I have been very lucky in my life, and have a 17 year old wonder-kid who weighed 1 lb 12 oz at birth. My eldest is in the process of applying to med school, as we have been deeply affected by the medical world, and almost always in a positive way. I was also struck by the engineer, and felt a poor person by comparison. What a response to hardship.

Condolences, and a cyber-hug.

Magpie
Oct 28, 2012 - 3:47pm

Some background on Gen. Ham

This may explain Ham's behavior:

https://www.cnn.com/2009/HEALTH/03/06/generals.ptsd/

Ham was the commander in Mosul when a suicide bomber blew up a mess tent. Twenty-two people died.

"The 21st of December, 2004, worst day of my life. Ever," Ham said. "To this day I still ask myself what should I have done differently, what could I have done as the commander responsible that would have perhaps saved the lives of those soldiers, sailors, civilians."

Both generals have been back from Iraq for years, but still deal with some of the symptoms of the stress they experienced.

"I felt like that what I was doing was not important because I had soldiers who were killed and a mission that had not yet been accomplished," Ham said. "It took a very amazingly supportive wife and in my case a great chaplain to kind of help me work my way through that."

Magpie
Oct 28, 2012 - 3:51pm

Makes sense

https://www.canadafreepress.com/index.php/article/50586

First, it is important to understand that Ambassador Stevens, Sean Smith, Glen Dougherty and Tyrone Woods were not killed at a consulate office in Benghazi—as there is not such office there. They died at one of the largest CIA operations centers in the Middle East, which was located in Benghazi and served as the logistics headquarters for arms and weapons being shipped out of the post-Qaddafi Libya.

Although the U.S. government insisted that Stevens was involved in securing and destroying the numerous caches of arms and weapons once under the control of Qaddafi, the operation was more complex than that.

snip

According to my source, Ambassador Stevens was in Benghazi on September 11, 2012 to meet with his Turkish counterpart, who reportedly warned Stevens that the operation was compromised. They met in person so that Stevens could be shown overhead satellite images, taken by the Russians, of nefarious activities taking place in Turkey. But just what were these nefarious activities?

snip

Although Russia figures prominently here, Iran now comes into focus as Russia is not likely to directly engage U.S. forces. They must, however, protect their interests. Much like we were using anti-Assad forces to advance our objectives in Syria, Russia was using Iranian-backed forces to protect theirs. It appears that the attacks were conducted or facilitated by Iranian assets—perhaps as many as three teams of assets in Benghazi.

Anonymous
Oct 28, 2012 - 3:55pm

Removed comment

Removed comment.

Anonymous
Oct 28, 2012 - 4:04pm

Removed comment

Removed comment.

Cononish1314
Oct 28, 2012 - 4:39pm

Oct 28, 2012 - 5:03pm

new thread

new thread - I guess I should say old thread, come to think of it.

Prize Fighter
Oct 28, 2012 - 5:08pm

CaL, fwiw I don't mean to

CaL, fwiw I don't mean to drag you into this. My opinion shouldn't be construed to be directed at you when you were nice enough to respond. Like many things these days, I'll just leave my thoughts on this to myself.

benque
Oct 28, 2012 - 5:33pm

Day of the algos

Wouldn't it be just tragic, if a little seawater in the servers resulted in the morgue comex algos becoming confused between up & down? What a terrible shame if something like that were to occur just days before options expiry. Being an international market, I would think it would take some delicacy to reverse all the trades they didn't like. On the other hand, Jamie could just throw up his hands, quote Doris Day ("que sera, sera"), and pony-up some 300 million ounces of silver. I'd be OK with that.

old tradesman
Oct 28, 2012 - 6:07pm

sandy dying out

time line

sandys dying out cnbc puts out, 43 trillion in lawsuits.. https://www.scribd.com/doc/111316579/Major-Banks-Governmental-Officials-...

family killed!

cnbc kills and erases story

sandy pickes up speed and major news

changes path into new york

stock market closed on monday?

scenario one. ( )

scenario two.( )

scenario three( )

I personally dont think this storm can take a left turn into cold weather. Any thought on filling in the blanks.

old tradesman
Oct 28, 2012 - 6:41pm

ok I'll start

scenario one.( black monday )

whos next

scenario two ( )

philipat
Oct 28, 2012 - 9:03pm

@Magpie/Education

Yes, I agree there are no incentives to reduce costs and tuition. That takes us full circle back to the original arguement that so long as more or less unlimited finance is provided by Government, costs will continue to increase whereas, in fact, they would be declining in a truly free market which was adapting and adopting technology. It's just another example of Government distorting markets and the Law of unintended consequences.

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