Friday Open Thread

289
Fri, Nov 16, 2012 - 9:08am

I'm going to be out and unavailable for most of the day. Here's an open thread for you but, as usual, please try to keep the conversation civil and productive.

Just a couple of things...

In case you missed it, here's a reprint of the "update" I posted to the previous thread. Nothing earth-shattering and certainly not meant to scare you, just a heads up:

5:00 pm EST 11/15/12 UPDATE:

The metals have continued to slowly improve this afternoon from the savage beating they took this morning. This is quite positive for us Good Guys. However, I feel obligated to draw your attention to something that has me concerned.

Did you see this ZH article earlier today? https://www.zerohedge.com/news/2012-11-15/gold-tumbles-same-dedicated-seller-reemerges. This "dedicated seller" thing set off some alarm bells for me as it reminded me of the period back in late September and early October when we were all similarly flummoxed by a Cartel "Iron Dome" near $1780 in gold and $35 in silver. I wrote about in several posts but summarized the problem on this post from Thursday, October 4: https://www.tfmetalsreport.com/blog/4239/deja-vuall-over-again.

Here's the problem...That week of desperate, regular Cartel capping culminated with things breaking down on October 5 and the metals have been under consistent pressure ever since. Of course, past isn't always prologue and history doesn't always repeat, but I'm the one who is paid to recognize patterns and this is clearly one we must keep watching. The main level on which to concentrate would seem to be $1705 in gold. A break there and it will become likely that gold sees at least a re-test of the lows of 11/5, near $1670-1680.

This is no reason to be scared, just cautious. Let's see what happens tomorrow.

And you have missed this, too. I certainly did. The Comex has decided to lower initial gold and silver margins again, effective at the close next Tuesday. It's a pretty significant drop, too, with the gold initial margin declining from $9,113 to $7,425 or 18.5%. The silver initial margin was reset to $12,100 from $16,875 for a drop of over 28%. Very interesting move given the recent volatility and high open interest, especially in silver. Here are the rest of the details: https://www.reuters.com/article/2012/11/15/cme-margins-idUSL3E8MF6LY20121115

OK, that's all the time I have for now. I'll type up and post a full weekly recap tomorrow morning so please be sure to check back over the weekend. As for today, hang in there, keep the faith and buy some physical.

TF

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  289 Comments

Green Lantern
Nov 16, 2012 - 9:14am

Out of Business

Reposting on New thread. American Icon.

This is what Unions Can Do -18,500 who wanted a raise. Now got NOTHING. Know when to accept losses.

https://www.sfgate.com/business/bloomberg/article/Twinkie-Maker-Hostess-Brands-to-Shut-Down-After-4043470.php

Nov. 16 (Bloomberg) -- Hostess Brands Inc., the maker of Wonder bread and Twinkies, said it will shut down and liquidate after a strike by members of its bakery workers’ union “crippled” the company’s operations

Read more: https://www.sfgate.com/business/bloomberg/article/Twinkie-Maker-Hostess-Brands-to-Shut-Down-After-4043470.php#ixzz2COX8q6NO

treefrog
Nov 16, 2012 - 9:14am

one-st

1st! :)

Nana
Nov 16, 2012 - 9:14am

Good Morning

Everyone.

porkydawky
Nov 16, 2012 - 9:16am

Comex - Margins

Of course they dropped it! So DA BANKSTER SHYSTER BOYSZA can get LONG!

CBDooper
Nov 16, 2012 - 9:16am

Margins

It looks like they needed to lower silver margins to lure in weaker hands since they've been so unsuccessful in getting the current longs to capitulate. Preliminary open interest figures are showing silver open interest at another ytd high.

Nana
Nov 16, 2012 - 9:19am

FED UP: Wal-Mart workers plan Black Friday walkout

https://sgtreport.com/2012/11/wal-mart-workers-plan-black-friday-walkout/

FED UP: Wal-Mart workers plan Black Friday walkout

A group of Wal-Mart workers are planning to stage a walkout next week on Black Friday, arguably the biggest holiday shopping day for the world’s largest retail store.

The walkout builds on an October strike that started at a Wal-Mart in Los Angeles and spread to stores in 12 other cities. More than 100 workers joined in the October actions.

One of the workers who plans to join next week’s walkout is William Fletcher, who works at a Wal-Mart in Duarte, Calif.

Fletcher, who also participated in the October strikes, claims Wal-Mart cut his hours after he asked to move from the receiving department to another division because of a knee injury. He has since switched departments.

“I kept asking myself, ‘when is the retaliation for speaking our mind and acting on our rights going to stop?’ ” he said.

Shnozberries
Nov 16, 2012 - 9:20am

Open thread?

OK, someone with knowledge on the subject please answer me.

Is my natural gas going to work in a power outage? Or, if I should find myself in a pound-me-in-the-ass shit storm without electricity for weeks on end, would a generator connected to my gas line get me through?

The Doc
Nov 16, 2012 - 9:20am

For all our friends in

For all our friends in Turdville who are interested and have known this has been in the works for many months, we are excited to finally announce the launch of SDBullion.com!

Grand Opening Sale is 1oz Silver Buffaloes 89 cents over spot any quantity through 11/23. :)

-Doc

The Doc
Nov 16, 2012 - 9:22am

TF, thanks for the info

TF, thanks for the info yesterday from Andy regarding the 25,000 contract gold dump. Simply is amazing how strongly the bullion banks are defending $1730 and $32.50-60. Everything's coming together for G2k (gold $2,000) by the end of the year with the fiscal cliff approaching.

Nana
Nov 16, 2012 - 9:26am

Target and Sam's Too

https://www.dailymail.co.uk/news/article-2232606/Black-Friday-2012-Targe...

Target employees join wave of protests over retail holiday shifts as 'Black Thanksgiving' store hours spread

  • Target and Walmart employees are taking stances against the Thanksgiving and Black Friday shifts imposed on their schedules, which have grown from last year.
  • A California Target employee set up an online petition asking the retail giant not to open on Thanksgiving.
  • Walmart workers are getting ready for a national Black Friday walkout

That petition on Change.org, titled ‘Target: Take the high road and save Thanksgiving’, now has over 198,000 supporters, up from 100,000 earlier in the day.

‘I have worked at Target for six years and I really enjoy my job,’ writes the petitioner, ‘C. Renee’ of Corona, California. ‘Thanksgiving, though, is one of the three days us retail workers get off a year: a day most all of us spend with family we only get to see on that day.’

In a more aggressive move, Walmart and Sam’s Club workers are getting ready for a national Black Friday walkout.

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Key Economic Events Week of 9/9

9/10 10:00 ET Job openings
9/11 8:30 ET PPI
9/11 10:00 ET Wholesale Inv.
9/12 8:30 ET CPI
9/13 8:30 ET Retail Sales
9/13 10:00 ET Consumer Sentiment
9/13 10:00 ET Business Inv.

Key Economic Events Week of 9/3

9/3 9:45 ET Markit Manu PMI
9/3 10:00 ET ISM Manu PMI
9/3 10:00 ET Construction Spending
9/4 8:30 ET Foreign Trade Deficit
9/5 9:45 ET Markit Svc PMI
9/5 10:00 ET ISM Svc PMI
9/5 10:00 ET Factory Orders
9/6 8:30 ET BLSBS

Key Economic Events Week of 8/26

8/26 8:30 ET Durable Goods
8/27 9:00 ET Case-Shiller Home Price Idx
8/27 10:00 ET Consumer Confidence
8/29 8:30 ET Q2 GDP 2nd guess
8/29 8:30 ET Advance Trade in Goods
8/30 8:30 ET Pers. Inc. and Cons. Spend.
8/30 8:30 ET Core Inflation
8/30 9:45 ET Chicago PMI

Key Economic Events Week of 8/19

8/21 10:00 ET Existing home sales
8/21 2:00 ET July FOMC minutes
8/22 9:45 ET Markit Manu and Svc PMIs
8/22 Jackson Holedown begins
8/23 10:00 ET Chief Goon Powell speaks

Key Economic Events Week of 8/12

8/13 8:30 ET Consumer Price Index
8/14 8:30 ET Retail Sales
8/14 8:30 ET Productivity & Labor Costs
8/14 8:30 ET Philly Fed
8/14 9:15 ET Ind Prod and Cap Ute
8/14 10:00 ET Business Inventories
8/15 8:30 ET Housing Starts & Bldg Permits

Key Economic Events Week of 8/5

8/5 9:45 ET Markit services PMI
8/5 10:00 ET ISM services PMI
8/6 10:00 ET Job Openings
8/8 10:00 ET Wholesale Inventories
8/9 8:30 ET Producer Price Index

Key Economic Events Week of 7/29

7/30 8:30 ET Personal Inc/Spending & Core Inflation
7/30 10:00 ET Consumer Confidence
7/31 8:15 ET ADP employment
7/31 2:00 pm ET FOMC Fedlines
7/31 2:30 pm ET CGP presser
8/1 9:45 ET Markit Manu PMI
8/1 10:00 ET ISM Manu PMI
8/2 8:30 ET BLSBS
8/2 10:00 ET Factory Orders

Key Economic Events Week of 7/22

7/23 10:00 ET Existing home sales
7/23 10:00 ET Richmond Fed Manu Idx
7/24 9:45 ET flash Markit PMIs
7/25 8:00 ET Count Draghi/ECB policy meeting
7/25 8:30 ET Durable Goods
7/25 8:30 ET Wholesale Inventories
7/26 8:30 ET Q2 GDP first guess

Key Economic Events Week of 7/15

7/15 8:30 ET Empire State Fed Index
7/16 8:30 ET Retail Sales and Import Price Index
7/16 9:15 ET Cap Ute and Ind Prod
7/16 10:00 ET Business Inventories
7/17 8:30 ET Housing Starts and Building Permits
7/18 8:30 ET Philly Fed
7/19 10:00 ET Consumer Sentiment

Key Economic Events Week of 7/8

7/9 8:45 ET Fed Stress Conference, three Goon speeches
7/10 8:30 ET CGP Hump-Hawk prepared remarks
7/10 10:00 ET CGP Hump-Hawk House
7/10 10:00 ET Wholesale Inventories
7/10 2:00 ET June FOMC minutes
7/11 8:30 ET CPI
7/11 10:00 ET CGP Hump-Hawk Senate
7/11 12:30 ET Goon Williams
7/12 8:30 ET PPI

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