Step One Completed

264
Wed, Oct 31, 2012 - 11:51am

The first step in confirming a bottom is finding one. We found one last week and the action today looks to confirm it.

In the previous post, I asked you to watch for a break out and UP today and we've gotten it. First things first, however. Remember, any gains made while the metals are closed or on holiday are almost always clawed back once trading resumes. Almost always. And we saw this again today. The good news is that, once again, the old adage is holding...namely, "what was resistance becomes support and vice versa".

So, now what? Again, I must caution you against expecting too much, too soon. Though we have been base-building for over a week, we still need to overcome some additional resistance before the bottom is clear to everyone and the shorts begin to aggressively cover. Silver is still slightly ahead in this process and should continued to be watched for clues. For now, as you can see below, silver has clearly broken through the downtrend lines on both the 4-hour and 12-hour charts. This is undeniable and an obvious sign of the bottom to this correction/pullback. Closing above $32.25 is our first goal, followed by a close above $32.60 or so. Once that happens, the mealy-mouth, panty-waste spec shorts will begin to cover and price will extend toward the area around $33.35, where they will make their next defense.

The gold chart also shows a clear base and breakout on the 4-hour chart. It shows this on the 12-hour chart, too, but a case could still be made gold needs to clear $1720 first. OK, that's fine. $1720 is our pivotal level, anyway, so watch that area closely. A close above there and gold will jump toward $1730. The area between $1730 and $1740 might present some challenges but, ultimately, besting $1755 will become our next main goal.

I only wish to discuss one "news" item today and it's something that I don't think is getting enough press. Our old pal, KosherDakota made a speech yesterday that is being overlooked.

I began to ridicule this knucklehead a few years ago as it seemed he was trotted out to give the "hawkish" or "dovish" monetary policy view every time a little additional MOPE and SPIN seemed necessary. Here are a couple of samples. First, from August of 2010, three months before the announcement of QE2: https://www.minneapolisfed.org/news_events/pres/speech_display.cfm?id=4525. Before you know it, ole KosherDakota was all in favor of "bond buying" by The Fed: https://blogs.wsj.com/economics/2010/11/30/feds-kocherlakota-wants-inflation-expectations-increase/

But then, by the end of QE2, he was trotted out to assure the markets that QE could be bad and was perhaps gone for good. There might even be a rate hike just around the corner, maybe as soon as late 2011: https://www.minnpost.com/business/2011/05/fed-president-sees-possible-rate-hike-2011-economy-slowly-improves. And here we was in late June of 2011, dissenting at the FOMC and calling "stronger easing measures" the "wrong approach": https://wtbx.com/news/articles/2011/jun/27/tax-code-hurts-stability-feds-kocherlakota/

So, what happened yesterday? Chuklehead The Clown was back in the news! He was speaking in Duluth and he openly stated that:

"The U.S. economy is recovering from the largest adverse shock in 80 years–and a historically unprecedented shock should lead to a historically unprecedented monetary-policy response".

He went on to add that:

“Given how high unemployment is expected to remain over the next few years, these inflation forecasts suggest that monetary policy is, if anything, too tight, not too easy".

You can read all about it here: https://blogs.wsj.com/economics/2012/10/30/feds-kocherlakota-fed-may-not-be-providing-enough-stimulus/.

Even the left-leaning and progressive (Keynesian) website Slate has an article about it today: https://www.slate.com/blogs/moneybox/2012/10/31/narayana_kocherlakota_s_duluth_speech_a_masterpiece_of_intellectual_rigor.html

Intellectual rigor my ass. This guy just flips and twists in the wind. For now, he is simply being trotted out yet again to foreshadow the next direction of Fed policy. We should now fully expect a formalized increase in the projected 2013 QE∞ plan when the FOMC next meets in December, regardless of the SPIN and MOPE that comes out on BLSBS day or from O'Bomney.

To that end, I've received several emails wondering what I expect from the metals if Romney is elected. The answer is simple: MORE OF THE SAME. Those that fear a downturn in price because of a Romney-imposed austerity or firing of The Bernank are delusional. Let me state this very clearly as a reminder for all eternity:

QUANTITATIVE EASING CANNOT END. NOT THIS YEAR. NOT NEXT YEAR. NOT EVER. IN 2013, THE FED WILL PURCHASE OVER $1T OF NEWLY ISSUED AND REFUNDED U.S. GOVERNMENT DEBT. WITHOUT THE FED PURCHASING MBS FROM THE PRIMARY DEALERS, AUCTIONS WOULD FAIL AND INTEREST RATES WOULD RISE DRAMATICALLY. THIS WOULD RAPIDLY ACCELERATE THE DEMISE OF THE GREAT PONZI AND THIS CANNOT BE ALLOWED. THEREFORE, IT MATTERS NOT WHOM WILL BE THE NEXT PRESIDENT. QE WILL CONTINUE UNABATED, REGARDLESS. ALL OF THE TALK ABOUT THE BERNANK AND SPENDING CUTS IS SIMPLE POLITICAL SPIN TO GET VOTES, SIMILAR TO THE PHRASE "BORROW FROM THE CHINESE".

Lastly, I leave you with another great article from Jeff Nielson at BullionBullsCanada. https://www.bullionbullscanada.com/gold-commentary/26018-the-great-gold-scam

Have a great day!

TF

About the Author

Founder
turd [at] tfmetalsreport [dot] com ()

  264 Comments


Oct 31, 2012 - 6:05pm

Re There's your problem

A problem I would like to be having.

The Watchman
Oct 31, 2012 - 6:07pm

Ecuador WANTS their GOLD

From Bloomberg:

Ecuador’s government wants the nation’s banks to repatriate about one third of their foreign holdings to support national growth, the head of the country’s tax agency said.

Carlos Carrasco, director of the tax agency known as the SRI, said today that Ecuador’s lenders could repatriate about $1.7 billion and still fulfill obligations to international clients. Carrasco spoke at a congressional hearing in Quito on a government proposal to raise taxes on banks to finance cash subsidies to the South American nation’s poor.

So yesterday: Germany... today: Ecuador... tomorrow: the World?

Because while Ecuador, with its 26.3 tonnes of gold, may be small in the grand scheme of gold things, all it takes is for more and more banks to join the bandwagon and demand delivery in kind from official repositories (i.e., New York and London), and the myth that is the overcollateralization of hard money by central banks will promptly come to an abrupt, bitter and, likely, quite violent end.

Biochar
Oct 31, 2012 - 6:14pm

re: Jim Willie's latest

Without mentioning ETs ( sometimes I discuss the possibility to stir up the pot around here ) Jim seems to agree with me ( see my post over at the Sandy thread: https://www.tfmetalsreport.com/comment/577658#comment-577658 )...

"The LIBOR scandal began the process of investigation, discovery, and action, if not prosecution. Word repeats from key sources that the biggest banker criminals will never see justice. They will just vanish."

PS ~ hey benque, laugh now, cry later... JW is the shit

Hammer
Oct 31, 2012 - 6:15pm

Come on guys and gals, it

Come on guys and gals, it doesn't matter about being super cool and hitting an exact bottom. So what if it even drops 80 bucks from here. Now is in a good buy zone. That's all. And this is yet another reason why.

Portugal's parliament has backed an austerity budget that includes huge tax rises in a bid to reduce the deficit.

The bill, which faces a final vote on 27 November, proposes a new tax on financial transactions and massive rises in property and income taxes.

https://www.bbc.co.uk/news/world-europe-20150726

Coming to a place where you live soon. Tax not only on what you make but what you have already made and when you move it.

Bollocks
Oct 31, 2012 - 6:16pm

"Nail someone to a cross, and a bunny brings you chocolate."

You wouldn't BELIEVE how many times I've tried that.

Alas NO bunnies and NO chocolate.

Am I doing something wrong? .

Any tips? Is there an instructional video available?

I WANT BUNNIES AND CHOCOLATE!!!

dudestacker
Oct 31, 2012 - 6:16pm

@ southerncrosThey're all in my IRA (still waiting for delivery)

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treefrog
Oct 31, 2012 - 6:18pm

when we start taking things too seriously...

...waiting for a silver revival,

it's time to bring on ray stevens

Ray Stevens - The Mississippi Squirrel Revival
murphy
Oct 31, 2012 - 6:23pm

Xty

here ya go

Day of the Dead in Mexico or Dia de los Muertos - YouTube
Bollocks
Oct 31, 2012 - 6:27pm

Ned Naylor-Leyland ... No Chance of Getting Out With Any Metal!

Ned Naylor-Leyland: Gold Reserves at the BOE or NY Fed? No Chance of Getting Out With Any Metal!
Byzantium
Oct 31, 2012 - 6:40pm

Jim willie

He appears to have some good sources, and more importantly, the ability to take a broad view, and then connect the relevant dots. We can't criticise him for timing, because all the bulls get that one wrong. If you want kudos for timing, then be a short and say 'major smack-down within 30 days.' Hard to go wrong with that one.

About connecting dots; proclivity to connect dots for most pundits, typically results in junk theories about the world, it is true. But I think that Jim does a fantastic job on that. Also, I personally find that the topics at question are so epic, that his fiery style is actually appropriate.

One concrete example why I give him credit; most of the world was surprised when the yen started relentlessly appreciating, even after Fukushima, but he had already called it, explained it, and insisted it would happen and that it could not be stopped, in advance of the event.

Another major theme at the moment, that I only heard from Jim, is the Swiss allocated gold scandal, and why it is not reported on elsewhere. It might not be true, but I reckon he has nailed it. When that dam breaks, then watch out below (or should that read, watch out above?).

ThinkTime
Oct 31, 2012 - 6:44pm

Even Ecuador gets it!

It Begins: Ecuador Demands Repatriation Of One Third Of Its Gold Holdings

https://www.zerohedge.com/news/2012-10-31/it-begins-ecuador-demands-repa...

Just wondering when actions like the above story will begin to REALLY move the market... How many more countries before Turd throws a Au $2k+ party? Just sayin'

Bugzy
Oct 31, 2012 - 6:45pm

Respect

Ecuador again shows the world what true sovereignty looks like.

Small country but fearless giants.

Asking for 1/3 is a cute move too.

Bugzy

rxman rl999
Oct 31, 2012 - 6:47pm

@rl999

take the price per oz of gold and multiply times 5.

Example gold $2000/oz x 5 equal $10,000/oz silver

O yeah baby.

Bollocks
Oct 31, 2012 - 6:52pm

From ZH...

It Begins: Ecuador Demands Repatriation Of One Third Of Its Gold Holdings

Submitted by Tyler Durden on 10/31/2012 17:25 -0400

Ecuador’s government wants the nation’s banks to repatriate about one third of their foreign holdings to support national growth, the head of the country’s tax agency said.

Carlos Carrasco, director of the tax agency known as the SRI, said today that Ecuador’s lenders could repatriate about $1.7 billion and still fulfill obligations to international clients. Carrasco spoke at a congressional hearing in Quito on a government proposal to raise taxes on banks to finance cash subsidies to the South American nation’s poor.

https://www.zerohedge.com/news/2012-10-31/it-begins-ecuador-demands-repa...

----------

edit - ThinkTime and Watchman beat me to it :).

My glasses are rubbish m'lud.

JackPutter
Oct 31, 2012 - 7:04pm

Advisory to News Pundits - Re; Jim Willie

To news pundits whomever you might be. When Jim Willie or another analyst says of a country's gold not being there in the Feds vaults; this doesn't mean that gold is not in the vaults. What is meant is that the ownership of the gold that is present may not be verifiable due to shenanigans/skullduggery/chicanery or some other noun.

I would advise the German authorities to repatriate 100% of their gold so that they can count/analyse/weigh etc. the gold in a separate space from all other claims against the gold in the vaults. Taking possession is the only action short of auditing the Fed's books to guarantee against multiple entries of ownership.

Hah! As if anyone would give a crap about what I have to say. Happy and safe activities folks!

ballyale
Oct 31, 2012 - 7:12pm

Maybe this is why the PM went up today. Sorry if allready posted

Wall Street scrambles to raise cash after Sandy By Richard Leong | Reuters – 4 hours ago

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NEW YORK (Reuters) - Wall Street firms and U.S. banks scrambled to raise cash on Wednesday, as U.S. financial markets resumed normal trading after a devastating storm pummeled the U.S. East Coast and closed major markets for two days.

Major banks and investment houses rely on the money markets - a key cash source for financial markets - to finance trading positions and loans they make. Companies sell commercial paper and other short-term debt to money market funds and other investors to fund their inventories and payrolls.

The massive storm, Sandy, disrupted these markets, thinned trading and drove up borrowing costs on Monday and Tuesday, although analysts expect money market rates to return to normal levels by early next week.

"It showed a bit of stress that everyone was trying to fund themselves," said Mike Lin, director of U.S. funding with TD Securities in New York.

Some companies were heard withdrawing heavily from their accounts with money market funds last Thursday and Friday in preparation for possible market disruptions this week, analysts said, although the latest data available showed money fund assets had risen through Oct 24.

If banks were to struggle to obtain short-term funding, they could turn to the U.S. Federal Reserve, but there were no signs any banks needed to borrow emergency cash via the central bank's "discount window," analysts and traders said.

The Fed currently charges 0.75 percent at its discount window on loans to creditworthy banks.

A spokesman with the New York Fed, which oversees open market operations for the central bank, declined to comment.

MONTH-END COMPLICATION

But overnight borrowing costs in funding markets have since receded from levels seen on Monday and Tuesday, which were levels not seen since the height of the global credit crunch in late 2008.

"It was about the market being illiquid. People tried to close their books before the storm," Alex Roever, short-term interest rate strategist at J.P. Morgan Securities who is based in New York, said about the trading on Monday and Tuesday.

Investors charged a borrower 0.35 to 0.40 percent for an overnight loan in the repurchase agreement (repo) market on Wednesday. This was double what they charged last week, analysts and traders said.

However, this was sharply lower than the 1.25 percent heard quoted late on Monday before Sandy made landfall in the U.S. Northeast. The storm knocked out power for about 8 million people and flooded the New York subways.

Money market funds and other large investors also commanded slightly higher compensation to buy commercial paper (CP).

The trading volume of these short-term corporate IOUs was a quarter of their average daily volume, traders said.

"The challenge was on the investor side. They were trying to figure what their month-end outflows were," J.P. Morgan's Roever said.

Interest rates on commercial paper that matures in a week on average was quoted at 0.25 percent, fractionally higher than last Friday. CP activity was non-existent on Monday and Tuesday, according to market participants.

The timing of the interruption also complicated the jobs for money market traders who typically seek cash to settle trades and exit positions on the last trading day of the month.

Traders at banks and other institutions rushed to raise money Monday and Tuesday to insure their trades were funded at least through Wednesday, when they had expected the stock and bond markets to reopen.

"It's not as bad as it could have been, but people are still operating with skeletal staffs," TD's Lin said.

The staffing at banks and Wall Street firms should improve as the city's subway system resumes limited service on Thursday.

On Friday, the overnight repo rate ended at 0.20 percent.

In the $1.8 trillion tri-party repo market, a borrower obtains cash from investors by pledging Treasuries and other securities as collateral.

Longer-term repo rates were lower on expectations of trading returning to normal soon, analysts said.

"By next week, we should be back to normal ranges," said Dave Sylvester, head of money markets with Wells Capital Management in Minneapolis.

Well Capital operates a dozen money market funds with combined assets of $130 billion.

One-week repo rates, for example, was last quoted at 0.20-0.25 percent, while one-week commercial paper rates were quoted in a similar range.

(Additional reporting by Jonathan Spicer; Editing by Bernadette Baum, Bernard Orr)

ballyale
Oct 31, 2012 - 7:12pm

Maybe this is why the PM went up today. Sorry if allready posted

Wall Street scrambles to raise cash after Sandy By Richard Leong | Reuters – 4 hours ago

Related Content

  • View Photo

    Mayor Michael Bloomberg rings the opening bell at the New York Stock Exchange in …

  • View Photo

    Mayor Michael Bloomberg rings the opening bell at the New York Stock Exchange in …

  • View Photo

    Mayor Michael Bloomberg rings the opening bell at the New York Stock Exchange in …

NEW YORK (Reuters) - Wall Street firms and U.S. banks scrambled to raise cash on Wednesday, as U.S. financial markets resumed normal trading after a devastating storm pummeled the U.S. East Coast and closed major markets for two days.

Major banks and investment houses rely on the money markets - a key cash source for financial markets - to finance trading positions and loans they make. Companies sell commercial paper and other short-term debt to money market funds and other investors to fund their inventories and payrolls.

The massive storm, Sandy, disrupted these markets, thinned trading and drove up borrowing costs on Monday and Tuesday, although analysts expect money market rates to return to normal levels by early next week.

"It showed a bit of stress that everyone was trying to fund themselves," said Mike Lin, director of U.S. funding with TD Securities in New York.

Some companies were heard withdrawing heavily from their accounts with money market funds last Thursday and Friday in preparation for possible market disruptions this week, analysts said, although the latest data available showed money fund assets had risen through Oct 24.

If banks were to struggle to obtain short-term funding, they could turn to the U.S. Federal Reserve, but there were no signs any banks needed to borrow emergency cash via the central bank's "discount window," analysts and traders said.

The Fed currently charges 0.75 percent at its discount window on loans to creditworthy banks.

A spokesman with the New York Fed, which oversees open market operations for the central bank, declined to comment.

MONTH-END COMPLICATION

But overnight borrowing costs in funding markets have since receded from levels seen on Monday and Tuesday, which were levels not seen since the height of the global credit crunch in late 2008.

"It was about the market being illiquid. People tried to close their books before the storm," Alex Roever, short-term interest rate strategist at J.P. Morgan Securities who is based in New York, said about the trading on Monday and Tuesday.

Investors charged a borrower 0.35 to 0.40 percent for an overnight loan in the repurchase agreement (repo) market on Wednesday. This was double what they charged last week, analysts and traders said.

However, this was sharply lower than the 1.25 percent heard quoted late on Monday before Sandy made landfall in the U.S. Northeast. The storm knocked out power for about 8 million people and flooded the New York subways.

Money market funds and other large investors also commanded slightly higher compensation to buy commercial paper (CP).

The trading volume of these short-term corporate IOUs was a quarter of their average daily volume, traders said.

"The challenge was on the investor side. They were trying to figure what their month-end outflows were," J.P. Morgan's Roever said.

Interest rates on commercial paper that matures in a week on average was quoted at 0.25 percent, fractionally higher than last Friday. CP activity was non-existent on Monday and Tuesday, according to market participants.

The timing of the interruption also complicated the jobs for money market traders who typically seek cash to settle trades and exit positions on the last trading day of the month.

Traders at banks and other institutions rushed to raise money Monday and Tuesday to insure their trades were funded at least through Wednesday, when they had expected the stock and bond markets to reopen.

"It's not as bad as it could have been, but people are still operating with skeletal staffs," TD's Lin said.

The staffing at banks and Wall Street firms should improve as the city's subway system resumes limited service on Thursday.

On Friday, the overnight repo rate ended at 0.20 percent.

In the $1.8 trillion tri-party repo market, a borrower obtains cash from investors by pledging Treasuries and other securities as collateral.

Longer-term repo rates were lower on expectations of trading returning to normal soon, analysts said.

"By next week, we should be back to normal ranges," said Dave Sylvester, head of money markets with Wells Capital Management in Minneapolis.

Well Capital operates a dozen money market funds with combined assets of $130 billion.

One-week repo rates, for example, was last quoted at 0.20-0.25 percent, while one-week commercial paper rates were quoted in a similar range.

(Additional reporting by Jonathan Spicer; Editing by Bernadette Baum, Bernard Orr)

knavechild
Oct 31, 2012 - 7:18pm

Pricing Mechanism Collapse

I'm sure some of you Turdites are also followers of FOFOA. There is much discussion over there as of late about the pricing mechanism for Gold collapsing as the system breaks down, with the paper price for Gold possibly approaching zero, as physical revalues.

I'm big on diversification and think that it's prudent to hold metals in various forms. Has anyone made any considerations of have any insight on what may happen to one's holdings in institutions such as Goldmoney and Bullionvault that rely on the paper price?

Just something I've been pondering.

-Knavechild

Bollocks
Oct 31, 2012 - 7:23pm

@knavechild

As has been said many times here and elsewhere by those who know what's going on...

IF YOU DON'T HOLD IT, YOU DON'T OWN IT.

Demand delivery of the physical metal and keep your mouth shut that you have the stuff.

WineGuy
Oct 31, 2012 - 7:30pm

FOFOA's Latest - An American Horror Story ...

Dear Diary,

Today I awoke to the news that the dollar is no longer acceptable in settlement for the purchase of foreign goods from foreigners. This news was immediately disconcerting because I have hundreds of thousands of these dollars saved up over the past 30+ years, and I'm planning to retire soon.

The President was on all channels assuring us that this is not a big deal, and certainly meaningless unless we're planning to buy a foreign car or travel abroad. My dollars, he said, will still be "as good as gold" here in the United States. The US, he said, has the most important economy in the world, and the dollar is our currency. The government, he said, would not miss a beat. The government, he said, can never run out of money. Our dollars are safe.

The President said that this news today was only because of the international money speculators who, because they thrive on crises, help to create them. He said that these "speculators" have declared war on the American dollar. He said that this is extremely foolish because the American economy has the largest GDP and also because the American government can never run out of money.

So, in response, he has directed his people to halt all international payments except those deemed to be in the vital interest of the United States. And for those deemed vital, he said that any government agency can independently authorize payments of any size needed to keep the vital foreign goods flowing in. America won't be held hostage by either our own internal budgets or foreign currency exchanges, he said.

I'm not generally one to panic at anything, but even as reassuring as the President's words were, I started to panic. So after a little reflection I decided that I needed to call in sick to work and run out to stock up on a few last-minute necessities, just in case. What I found was deeply troubling.

Many stores were simply closed for the day, and the ones that were still open were overrun with people who, I guess, had the same idea as me. Most of the stuff on my list was already gone from the shelves. So I went back home to call my broker.

I've been talking about a dollar collapse and buying gold for weeks now. Ugh. And I've been reading about it for months, but I was so sure that this was just one of many possibilities. And even if it happened, all signs seemed to be pointing to 2014 or later, so I was goddam cocksure that I had plenty of time before making a big move. To my credit, I did at least have my broker sell all of my bonds and put the proceeds into cash and money markets, just so I could move quickly into gold on a good dip.

I called my broker to make sure it was still liquid, what with the news and all. He said it is, as long as I'm not planning an international transfer. Next I called the largest gold dealer in my state, the one that had been recommended to me. But he said that he is only buying today, not selling. He said he couldn't make any sales because his suppliers aren't quoting sell prices today to replace his inventory. He said I should try again tomorrow. I tried a couple more dealers and got the same run-around. WTF?

So here I sit, writing this pathetic entry. I'm not sure what comes next, and I am literally beside myself in confusion, dismay, dread, despair and regret. I cannot decide what to feel. I have this deeply foreboding sense that I really screwed up this time. I guess I'll just have to wait and see what tomorrow will bring. But I think I already know.

The dollar is crashing abroad and my government's response is going to compound the problem taking it to depths never before imagined in a global reserve currency. My retirement money is already as good as gone. It's not gone, but it is now trapped while being sapped of all real value. It is trapped because I waited one day too long, even though I knew what I wanted to do with it. This is the real world, and there is no reward for knowing, only for doing. I didn't do, and now I will have to face whatever reality delivers while knowing what I knew. What an absolute horror.

ballyale
Oct 31, 2012 - 7:58pm

Screw those Assholes Blythe Monkeys.

Hell, you should know that those monkeys' are either short or in the pay of the BM bowel movement Blythe Masters, who is uglier than crap anyway.

Their time is near and growing nearer as you have pointed out.

Just because it hasn't happened as quickly as you and others have predicted doesn't mean that it wont occur. It only means that it will take more and more naked paper shorts to try to suppress the actual demand in the physical market. I don't think that the miners will stand long for artificial suppressed pricing once they get their cash flows in order and can suppress their selling a bit and wait for higher prices.

Anyway,

Turd. You don't know how much you have made away to thousands what has been going on in the PM Markets and how the whole JPM's and the like should by put into jail for 20 years or so.

Have you ever thought of running for Senator?

ballyale
Oct 31, 2012 - 7:58pm

Screw those Assholes Blythe Monkeys.

Hell, you should know that those monkeys' are either short or in the pay of the BM bowel movement Blythe Masters, who is uglier than crap anyway.

Their time is near and growing nearer as you have pointed out.

Just because it hasn't happened as quickly as you and others have predicted doesn't mean that it wont occur. It only means that it will take more and more naked paper shorts to try to suppress the actual demand in the physical market. I don't think that the miners will stand long for artificial suppressed pricing once they get their cash flows in order and can suppress their selling a bit and wait for higher prices.

Anyway,

Turd. You don't know how much you have made away to thousands what has been going on in the PM Markets and how the whole JPM's and the like should by put into jail for 20 years or so.

Have you ever thought of running for Senator?

Anonymous
Oct 31, 2012 - 8:06pm

Removed comment

Removed comment.

Chi-Town Deadhead
Oct 31, 2012 - 8:17pm

Is this you Be Prepared?

Didn't see it posted here but I may have missed it.

https://stlouis.cbslocal.com/2012/10/31/judge-orders-kan-newspaper-to-re...

If not, I would sue him for naming rights or defamation of character.

alphamorph
Oct 31, 2012 - 8:30pm

WAR

The latest report on naval asset positions continue to support the idea of a cooling of middle east tensions.

Peluliu and Iwa Jima Big Decks are in the Indian Ocean.
The Dwight D Eisenhower and John C Stennis Carrier groups are in the Persian Gulf and Indian Ocean region.

The Enterprise Carrier group, which had been in the Persian Gulf until recently, moved into the Mediterranean last week and is now in the Atlantic on its way (presumably) back to Norfolk.

murphy
Oct 31, 2012 - 8:55pm

Chi Town

I know Be Prep and that man is no Be Prep, I can assure you.

¤
Oct 31, 2012 - 8:56pm

Leap Frog

"Cold War-era cartoon aimed at convincing workers that increased productivity brings about greater purchasing power."

Public domain film from the Library of Congress Prelinger Archive

Video unavailable

B. Bernanke: "QE is necessary....the benefits outweigh the costs." Jackson Hole ~ 8/31/12
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
SpeakEasy,NewsTicker,iCandy-Vids https://www.tfmetalsreport.com/forums/frivolity-forum

Byzantium
Oct 31, 2012 - 9:07pm

@ S Roche

I am a Jim Willie fan, but I wouldn't myself want to be thought of as someone who would discourage challenges to his views.

I wasn't very impressed myself with his 'source' for the prediction that Morgan Stanley was going to implode. Sure, it might happen, but all the same....

El Gordo
Oct 31, 2012 - 9:08pm

I can't help it

I've seen discussion and questions as to what happens to the price of PM's based on the outcome of the Presidential elections next week. As has been pointed out by several others much more knowledgeable than me, we must continue to print no matter what which translates to inflation and reduction in the value of fiat. How slow or fast that happens is unknown, but it will happen. Now, if the more conservative of the two candidates is elected and is able to slow the burn rate, do something about taxes and the economy, and generally get this ship at least pointed in the right direction, our currency may show a little more strength than it otherwise would, but is will still be weakened over time.

Here's my point - if our elected officials had the testicular fortitude to do the right thing and turn this nation around, restore our strengths and our individual freedoms, and allow us once again to realize our full potential, and the price of PM's went into single digits, it would be a small price to pay. I would thrown in my meager stack and never look back if I thought that were a possibility. Unfortunately, I don't think it is, and I think PM's will continue to rise as the currency flounders regardless of who sits on the White House throne.

Byzantium
Oct 31, 2012 - 9:20pm

@El Gordo

philosophically, and morally, you are of course correct.

In a practical sense, we have all swapped a lot of money for a goddamn Ark, and if it doesn't rain, a lot, (Sandy doesn't cut it) then it has all sorts of ramifications. Noah syndrome I guess.

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