Mon, Nov 26, 2012 - 11:08am

After the fireworks and short squeeze of Friday, the churning trade of today shouldn't surprise anyone. It's a safe bet to expect more of the same tomorrow, too. Maybe even the rest of this week. We'll see. The start of December, however, should certainly bring more excitement.

Until then, we wait. Yes, it was fun to see the pop back on Friday. I was able to use the rally to finally lighten some of my December option positions and I will use any pullback this week to roll into March silver. But, as the opening paragraph states, I'm not expecting much of a sustainable move, one way or the other, this week. The Dec12 gold options and the Dec12 silver options all expire at the Comex close tomorrow. Until then, expect the HFTs and The Cartels to jam price back and forth in an attempt to shear as much fleece from the sheep as possible. Then, on Friday, we have First Notice Day for both contracts. (Remember that FND is the "put up or shut up" day for futures contract holders. By the close Friday, you either have to sell your Dec contract or express your intent to take delivery by placing 100% margin into your account.) Always fearing a delivery crisis, The Gold and Silver Cartels will likely instigate some price weakness in order to discourage anyone considering delivery from actually doing it. Think The Godfather and the horse head in the bed.

Video unavailable

So we're left with a rangebound trade for now. Gold rallied Friday right up to the final resistance line of $1755. We identified that area a few weeks ago as the final stopping point before the next test of the Cartel Maginot Line at $1800. We may not close through $1755 until next week. We may close through there tomorrow. Heck, I don't know. What I do know is this: Gold WILL close through there soon and then it will make another move toward $1800. In December, $1800 will fail and, in early 2013, the stage will be set for a move back to the old alltime highs. There you can expect serious Cartel resistance as their only hope will be to attempt to paint a double top.

Silver is will likely be contained below $35 this week with the option expiration and FND. Next week should be a different story, however, and it will also trade higher in December. I expect the cap/ceiling of $35.50-36.00 to fail this time and The Forces of Darkness will be forced to fall back to the $37-38 area. Sometime in December, they'll fail to hold that area, too, and we'll begin our ascent toward $44.

Dr. Dave Janda kindly invited me onto his radio program yesterday. It was an honor to speak with him and we covered many of the topics near and dear to the hearts of Turdville. Below is a link to the audio. If you don't have time for the entire thing, you should at least be sure to FF to the 16:00 minute mark where Dave plays some audio from Thunderlips that was recorded over two years ago. You'd swear it was recorded last week, instead. What a massive con and charade the CFTC is promulgating. Yuck.

And, finally, today is Cyber Monday!! Please don't forget to visit the TurdMart for all of your holiday shopping needs. Who on your list wouldn't love a TFMR t-shirt?? Seriously...a true gift of distinction! All genuine and authentic Turd merchandise can be found by clicking here: Please remember that the site benefits if you are directed to Amazon, too. Any purchase you make at Amazon after arriving there via links from TFMR generates a small commission for little ole Turd.

So, anyway, that's all for today. Go and be happy. Be confident, too. December is going to be a very exciting month and 2013 will truly be historic. Have a great day!


About the Author

turd [at] tfmetalsreport [dot] com ()


Fr. Bill
Nov 26, 2012 - 11:09am


When the market shows high volatility Turd's traders must have great agility. So, Furst, Secund, or Thurd (By all Turdites preferred) Will confer trading profitability.

Nov 26, 2012 - 11:11am


Thanks to TF for all he does here! Been following since the old blogspot days & a happy subscriber to TTM. I for one am really happy to see the slow, steady silver price gains rather than a steep, parabolic move.

Am I the only one who finds it strange that TF only gets 25 - 35 hat tips for his daily blog posts when there are often 200+ comments?

My first (and last) first, back to lurking for me.

Urban Roman
Nov 26, 2012 - 11:13am

Woo Hoo, Furth!

... now where did I put that link to the Rick Astley video ...

Big Buffalo
Nov 26, 2012 - 11:16am

Three - Third - Turd

Dispensing and taking trading advice in and from the comments are like . . . .

(This includes me.)

Fr. Bill
Nov 26, 2012 - 11:25am

Netdania Question

Fom the tail-end of the previous thread (not trying to spam; just trying to get a little information ...)

Does anyone know what the unit of measurement is at Netdania for the volumes in the gold and silver charts?

For example, during the smackdown at around 0915 this morning, during a five minute period (I usually load the 5-minute chart), price dropped about seven cents and the volume in that five-minute period was 4305.

Otay. So 4305 whats?

Just A Regular Guy
Nov 26, 2012 - 11:28am
Nov 26, 2012 - 11:29am

2012-S Proof Silver Eagles

The 2012 Proof Silver Eagles are sold out on the US Mint's website, but the 2012-S Proof Silver Eagle is still available, in a special set that also includes a $5 bill, called the 'Making American History Coin & Currency Set.'

My question to Turdville this morning is this: How many proof 2012-S Silver Eagles were minted?



Nov 26, 2012 - 11:44am

Options expiry tomorrow

Could someone tell me at what time of day tomorrow (EST) do the Gold and Silver options expire ?

Many thanks

Nov 26, 2012 - 11:45am
Nov 26, 2012 - 11:54am



This may not provide the answer to the 2012-S Proof figures, but at least we can see how many Silver Eagle Proofs are being sold over the past few years:

Nov 26, 2012 - 11:54am

What can we in the UK expect?

He can expect lots of dinner parties with his GS chums parachuted all over Europe and fine dining with the City banksters in the fraud hub of the world, but what can we expect?

Canadian central bank chief Mark Carney named as new Bank of England Governor

Mark Carney, the Governor of the Bank of Canada, has been named as the new Governor of the Bank of England, taking on one of the most powerful jobs in the country at a time of sluggish growth.

Mark Carney, the Governor of the Bank of Canada, is well respected internationally.

Nov 26, 2012 - 11:55am
Nov 26, 2012 - 12:05pm

CFTC Swaps update

Nov 26, 2012 | Comments (0)

The U.S. Commodity Futures Trading Commission (CFTC) will meet this Thursday to decide which swaps will require clearing at clearinghouses owned by CME Group Inc. and ICE.

Fat Willie
Nov 26, 2012 - 12:14pm

Not again

Looks like good old Clive Maund has decided to go back to the long side. He says straight up from here. Guess we'll be in the teens by Christmas if his track record is any indicator. Fatter ( full of turkey ) Willie

Nov 26, 2012 - 12:23pm


Just wanted to post this touching story about Miko Peled who wrote a book called the General's Son about his father a general in the Israeli army. Miko lost his niece to a suicide bomber in Palestine. Again I am not anti-Jewish, I have many Jewish friends. I am simply for PEACE and against the wrong types of war and for the TRUTH being exposed. It seems very relevant with all the war rumors and activity in the Mediterranean. Please skip if this doesn't appeal to you.

Miko Peled Seattle. Oct. 1, 2012

Blessings All


murphy GoldMania3000
Nov 26, 2012 - 12:25pm

G Mania

What a bunch of crap does that guy spew. He likes to invest in miners in order to discover gold. He states that no matter if the price if $800 per ounce they will still make money? But if it costs $1300 an ounce to get it out of the ground who's buying it?

On the other hand her dress is quite nice.

PS- He also states no inflation. He needs to have his eye sight checked. It's almost as obvious as the nose in front of his face.

Nov 26, 2012 - 12:27pm


Paul Van Eeden: Another Worthless Analyst

For kicks and giggles, I just watched the interview of Paul Van Eeden by Kitco posted by Goldmania3000. All I can say is... its a COMPLETE WASTE OF TIME.

I read back in 2008 Van Eeden stated that the FAIR PRICE of GOLD was $750. This was at a time when gold was trading in a range of $830-$900. So, today he believes the fair value for gold is now $800-900. He isn't buying gold at $1,750 as it is nearly double of what he believes is fair value.

Here again, we get more WORTHLESS ANALYSIS from another brain-dead anal-ist. According to the article that I posted in the previous thread, ALL IN COSTS FOR GOLD are now at $1,300. So, I gather the gold miners now need to lose between $400-$500 an ounce so we can arrive at Van Eedens ridiculous value.

Let me tell you, I have just done an ANALYSIS of the top 5 Gold Miners revenues, net income and gold production. I will not reproduce the figures here as I will be writing another article on the subject. However, I will say, it does confirm the $1,300 BREAK EVEN COST to mine gold.

Paul Van Eeden is just another version of Ned Schmidt. These guys look at precious metals in a vacuum. I would imagine anyone who listened to Van Eeden since 2008 lost a great deal of profits by not buying gold.

Lastly, I believe investors who subscribe to Paul Van Eeden's analysis will miss out on the biggest transfer of wealth in history.

He is another CLOWN added to my list.

The Watchman
Nov 26, 2012 - 12:29pm
ancientmoney Slick
Nov 26, 2012 - 12:47pm

@Slick the big question of JPM manipulations--can it stop?

From the Butler article which link you posted:

"Seeing how there is little likelihood of a transfer of the concentrated short position, the question becomes – can JPMorgan maintain and increase its COMEX silver short position indefinitely? I say not a chance.

While I can’t pinpoint the timing, there is no way that JPMorgan can continue to manipulate silver forever. I’m assuming that the CFTC will not start to deliberately misreport the data in the COT and Bank Participation Reports because they never have done so in the past; but even that would only postpone JPMorgan abandoning its silver price manipulation. I know that many believe that JPMorgan is invincible, fortified by protection from the US Government, but some things transcend even the most powerful of large organizations. Forces of nature and basic laws of physics and supply and demand will always overwhelm human attempts to subvert those forces; the only question is when. In any market, an artificial price level caused by an intentional manipulation distorts the law of supply and demand and must end violently at some point.

Silver’s price level is and has been artificially depressed due to JPMorgan’s concentrated short position. In addition to the negative publicity that has been attached to JPM, this concentrated paper short position has impacted the underlying host physical market in a manner that can’t be sustained. By artificially depressing the price, JPMorgan has set in motion a more powerful counter-force of stronger physical silver demand and weaker physical supply than there would have been otherwise. The artificial low price makes it a certainty that physical demand must overwhelm real silver supply and at that point, additional paper short sales by JPMorgan will not matter. If the market is demanding physical silver and that metal isn’t available, paper silver will not be accepted as a substitute. The minute that occurs, there will be a radically different price structure in silver; quite literally almost overnight. That hasn’t occurred yet, despite the long term climb in the price, but the signs are growing that we are drawing close, mainly in the form of unusually frantic movements in the big silver depositories. The important thing to remember is that regardless of how many years and decades that the silver manipulation has been in place, when it ends, it will end in a virtual instant. That’s why it’s better to be positioned early in silver, rather than late."


I agree with Ted Butler. Physical will call out the CFTC, JPM, and all other commercial silver manipulateors via a price explosion. Only question left, which we are all dying to know is re: timing.

The Watchman
Nov 26, 2012 - 12:57pm

US Mint Proof Set Sales

US 2012 Proof Sets Top 600,000 in Six Months

by Mike Unser on November 7, 2012 · 0 comments

Sales of the 2012 Proof Set topped 600,000 in 6 months

2012 Proof Sets hurdled 600,000 in sales through the first six months of their release, new figures from the United States Mint show.

It marks a milestone most world mints would be thrilled about for any numismatic product, yet this year’s core set remains on track to log ending sales that are weaker than past issues.

2012 proof sets launched on May 7, 2012 and include 14 coins for a price of $31.95 — the same number of coins and at the same price as sets released annually since 2010. Adding in the latest weekly increase of 13,156, sales are 604,170 as of November 5, 2012.

Last year’s set during the six-month point had sales of nearly 775,000. Still available and placed on sale January 11, 2011, it has current sales of 1,089,180.

Despite getting released more than six months earlier than the prior year and available for longer, it also appears that the 2011 Proof Set will not reach 2010 Proof Set sales of 1,103,950. Recent data has shown weekly gains of much less than 1,000, with the latest at 262. The set is expected to go off sale by the end of December.

The following table offers the ending and current sales figures for annual proof sets released between 2007 and 2012.

Sales Figures for 2007-2012 Proof Sets

Coins Issue
Current Sales
2012 Proof Set $31.95 14 May 7, 2012

Still on Sale


2011 Proof Set $31.95 14 January 11, 2011

Still on Sale


2010 Proof Set $31.95 14 July 22,
2009 Proof Set $29.95 18 June 1,
2008 Proof Set $26.95 14 June 24,
2007 Proof Set $26.95 14 July 19,

This year’s set includes 14 San Francisco minted proof coins each bearing the ‘S’ mint mark. They are collector versions of all the coins intended for circulation, including the 2012 America the Beautiful Quarters depicting:

  • El Yunque National Forest in Puerto Rico
  • Chaco Culture National Historical Park in New Mexico
  • Acadia National Park in Maine
  • Hawaii Volcanoes National Park in Hawaii
  • Denali National Park in Alaska

It also features the 2012 Native American dollar and the four 2012 Presidential $1 Coins depicting Chester A. Arthur, Grover Cleveland (first term), Benjamin Harrison, and Grover Cleveland (second term).

Nov 26, 2012 - 12:57pm


Remind me again how many years he has been reporting manipulation in the silver markets.

Nov 26, 2012 - 1:02pm


Watchman... thanks for the info on the Proof sets. However, they are not Silver Eagles. They are commemorative base metal clad coins.

ancientmoney binzer
Nov 26, 2012 - 1:03pm


For almost as many years as it has been manipulated. That doesn't make him wrong . . .

Nov 26, 2012 - 1:08pm

Just making a notation here.....

as I am now convinced that added to the numerous techniques of manipulating markets, AND world economies should be debt ratings (ie we know about the positive ones) i refer to the negative ones....all of them. Controlling the worlds economies downward will require ALL tools available. Note how we print. Note the effects seen globally. Not always dollar negative although we know otherwise. We realize there is reality and do not live in the matrix. The world struggles to correct the course of their respective nations.....right their listing ships. China is faced with slowing economy(BDI)and inability to inflate more due to potential workers revolt just as seen initially after us devaluation in ME. What i see is a race to the bottom whose winner will be the economy LEAST destroyed. To date that would be US. WAR so far the US provokes the ME confrontation(arms some)and looks now to step back and watch. Russia arms. GOLD it was manipulated down, it will be manipulated up. All things must be controlled. *I realize China prepares to become the worlds reserve currency.......I am not yet convinced to award them that crown. Refer to those countries that have given up their gold.....either willingly or through deception......I believe the list will be MUCH bigger than many realize before the dust settles.

Nov 26, 2012 - 1:09pm
The Watchman
Nov 26, 2012 - 1:12pm

@SRS-As of Aug 1st-526,806 2012 SILVER Proofs SOLD

US Coin Sales: 2012 Proof Silver Eagles Surge Atop 500,000

by Mike Unser on August 1, 2012 · 1 comment

2012-W Proof American Silver Eagles topped 500,000 in sales since their April 12, 2012 release

2012-W Proof Silver Eagles dominated an improved U.S. Mint weekly sales cycle. The collector proof Silver Eagles joined investment-grade bullion coins as top celebrities in the latest round of U.S. Mint sales.

Proof Silver Eagles surged 34,061 to hurdle over the 500,000 milestone. The coin’s recent suspension and $5 price cut attracted buyers, making them the Mint’s leading numismatic seller.

U.S. Mint Best Numismatic Product Sellers of the Week

  1. 2012 Proof Silver Eagles (+34,061 to 526,806)
2012 Limited Edition Silver Proof Set – Coins, Price and Release Date

by Mike Unser on November 20, 2012 · 37 comments

New details have emerged for the 2012 Limited Edition Silver Proof Set. The United States Mint on Monday published a product page that includes descriptions of the set’s eight coins, its mintage limits, initial ordering limits and an image of it, which is immediately below.

U.S. Mint image of the presentation case and coins for the 2012 United States Mint Limited Edition Silver Proof Set

The U.S. Mint also placed the proof set back on schedule with its original release date of November 27, 2012 and at the previously announced price of $149.95.

Silver Coins in Limited Edition Silver Proof Set

As first speculated about in this coin news article, the 2012 Limited Edition Silver Proof Set includes the following proof silver coins:

  • 2012-W Proof American Silver Eagle (1)
  • 2012-S Kennedy half-dollar (1)
  • 2012-S America the Beautiful Quarters (5)
  • 2012-S Roosevelt dime (1)

The proof American Silver Eagle is struck at the West Point Mint and composed of one-ounce of 99.9% fine silver. It is the same coin that went for $59.95 until last week when it sold out.

The smaller denominated coins are produced at the San Francisco Mint and are composed from 90% silver. These are the same seven silver coins that come with the 2012 Silver Proof Set, which also includes eight clad coins. The annual set is priced at $67.95.

Combined, the limited edition set includes 2.338 troy ounces of silver.

This year’s quarters depict El Yunque National Forest in Puerto Rico, Chaco Culture National Historical Park in New Mexico, Acadia National Park in Maine, Hawai’i Volcanoes National Park in Hawaii, and Denali National Park and Preserve in Alaska.

Ordering and Mintage Limits

A mintage limit of 50,000 units is in place for the proof set. Initial ordering limits are established at two per household.

Beginning at noon ET on November 27, 2012, the 2012 Limited Edition Silver Proof Set may be ordered through this online product page, or by calling 1-800-USA-MINT (872-6468).

[Update: The shipping time has been updated on the product page to show "late December."]

Monedas Slick
Nov 26, 2012 - 1:13pm

Is it butter yet ?

Slick, nice article by Ted Butler about the history of manipulation ! My only question is why aren't we getting this information from our great friend Harvey Organ .... who is monitoring the CFTC and Comex and looking out for us in general ? Monedas 1929 Drive-by Comedy Fatwas World Tour

Nov 26, 2012 - 1:26pm

I know

Brent cook just wrote up in his newsletter then all in costs range from 1100-1500 ("depending on who you talk to)-youtube vaneeden and you'll see his 2008 talk "gold is overvalued" this guy is living in some la la land. his company miranda will never find gold. i mean how can these people invite him to these things

Nov 26, 2012 - 1:32pm

Gold is dear—equities, eh,

Gold is dear—equities, eh, not so much

In our November 11 letter (see excerpt below) we discussed the dismal state of the junior mining sector. Today we will expand on this theme, looking at the state of the larger gold miners and the obstacles they face going forward. The objective is to lay out an investment thesis and suggest we may be entering a rather unique and potentially profitable period of time in the junior sector.

From EI Nov. 11:

Nevertheless, money for exploration will remain tight for anyone that cannot demonstrate a potentially significant success. A persistent theme from many of the companies at the various resource conferences I attend is: “When the markets pick up in January we will finance”.

I doubt it.

Conversations with a number of companies at the reasonably well attended San Francisco Hard Assets show reaffirm our previous observations--there will be a very long line of micro-cap juniors desperately seeking money early next year. I don’t think it will turn out well for most, and suspect that next year’s junior company exploration and wine cellar expenditures are going to be severely curtailed. A further observation from the San Francisco and New Orleans shows was that those companies with just enough cash to survive next year will be doing little more than making property payments while their geologists sit on their hands, “looking for an opportunity”.

Consider: it costs in the order of $100,000 just to cover the public company filing fees, pay for the financial audits, and share an office and phone line. If you have a secretary, president, and geologist on staff you’re looking at around $400,000 a year minimum. Add to that property payments, a few field trips, and samples and you’re nearing $800,000. Drilling and serious work using consultants or staff puts your junior company over the $1 million mark just to do a little work on a long shot exploration property. Based on data collected and published by John Kaiser, about 50% of the Venture-listed companies will fall into the category of being unable to cover basic costs, while another 20% can’t afford to explore. Welcome to the land of the walking dead.

Accordingly, grassroots exploration by the juniors will be virtually dead next year (tough to raise money on concepts and soil anomalies) and aggressive drilling will be seriously curtailed (tough to raise money if you miss). Frontier regions like the Yukon and Colombia will be empty compared to the previous three years, with much of the ground coming free (expensive to explore and keep up property payments). Worse, the industry’s only real hope for new large discoveries, deep and blind targets, are for the most part not going to be tested by the juniors because of the high cost and even higher risk (technically encouraging results are tough to sell).

This all bodes ill for the major gold miners who desperately need new large and economic deposits and have been increasingly relying on the juniors to supply them.

Here’s why

Since 2006, major gold equities have significantly underperformed gold bullion. The primary reason for the underperformance is that, despite the ~20% annualized increase in the gold price, major producers have only seen an 8% annualized margin growth since 2002 (Fig. 1 below). This equity underperformance has left many institutional investors who got the gold price investment thesis right sorely disappointed in the mining sector and recognizing it for what it is—a lousy business. They are unlikely to pile back into the miners, hence the high valuations for royalty companies whose exposure to cost pressure is less.

(Fig. 1: EBITA margins of six major producers compared to annualized gold price increase. From Nick Holland, CEO Gold Fields Ltd. Melbourne Mining Club; available here)

The reasons for the poor economic performances are many and, to some degree, company specific; overall, however, it comes down to mining costs (which have shown an annualized increase of 32%), and the declining quality of gold deposits.

Exploration, development, and sustaining capital costs have gone through the roof, resulting in a number of gold deposits being put back on the “maybe someday” shelf and out of the economic reserve category. Recent examples include Barrick Gold’s decision to hold off on the development of 19 million ounces at Donlin Creek and 17 million ounces at Cerro Casale because they “do not meet investment criteria”. Just this month, Gold Fields also pulled plans for open pit development of its 7.5 million ounce Chucapaca deposit due to high capital costs. I suspect there are many more large scale projects to be pulled; companies want to avoid the dilemma Barrick faces at Pascua Llama--an initial $3.5 billon capex estimate is now over $8 billion, with no turning back.

Total industry cash production costs have increased since 2002, from about $200 to nearly $700 per ounce (Fig. 2 below), while all-in costs are between $1,100 and $1,500 (depending on your source). Over the same period, the average mined grade of deposits has fallen by about half, while the mine reserve grade is projected to be only about 1 gram per tonne this year: a 60% drop in 10 years.

(Fig. 2: Gold mining costs and grade, 2002 to 2011. Video link to Denver Gold Group presentation here)

The declining mined and mineable gold grade is a direct result of the industry’s inability to discover new high grade/high margin deposits. This lack of discovery has required companies to go after the lower grade/lower margin material around their current mines, using the increasing gold price to “find” the new ore. In fact, the Metals Economic Group estimates that the 99 significant discoveries (defined as greater than 2 mil oz) found between 1997 and 2011 could replace only 56% of the gold mined during that same period. Further, these discoveries only account for 18% of the reserves and resources in the current producing and development stage projects, again demonstrating the dearth of new deposits.

This can’t go on forever, and how the gap between current mine production of ~83 million ounces and the rapidly declining discovered economic ounces plays out is going to be really interesting and profitable to those of us in the discovery game (Fig. 3).

(Fig. 3: Gold discoveries, production, and the gold price 1990 to 2011. The “gap” represents a serious discovery deficit. [Extracted from my recent Hard Assets presentation] Source, Metals Economic Group)

Another interesting data point to ponder when considering the 83 million ounces of annual mine production, is how much it really costs the industry to maintain that production. Over the last six years, the major gold producers have spent 40% of their entire market capitalization building new mines (Fig. 4). In order to sustain that level of production going forward, published capex estimates project that the major miners will need to spend 60% of their market capitalization building the new mines, at a cost of $400 billion---and that figure doesn’t even account for the nearly universal capex blow-out we have witnessed over the past six years. Ouch!

(Fig. 4: Six major producers’ market cap and capex-- past six years and projected six years)

The bottom line

The major gold producers desperately need new, quality gold deposits yet can’t afford to build many of the large deposits they already have on the books. These companies are facing margin squeeze in the form of increasing production and capital costs, taxes, royalties, regulations, etc., and are responding by cutting exploration, firing geologists, and cancelling projects. That is a tough and illogical way to find new deposits.

As for the junior exploration sector, it is in the midst of one of the worst financing environments I have seen and, unless things change drastically over the next six months, faces mass extinctions. Without a new infusion of cash into the sector we will see much less work (exploration) of substance and far too many companies just covering expenses and business lunches.

These situations exacerbate the economic discovery deficit problem the gold industry faces. Therefore, and this is a not a revelation to long time readers of EI, the very few companies that have high quality gold deposits should be in more and more demand as this story plays out. Likewise, any exploration company with the property, competence, and cash to discover and define a quality deposit will be in even greater demand, due to the discovery leverage they offer. Conversely, a company with no cash and no property success means no more money and successively lower financings as they head off to the bone yard.

There are now many junior mining stocks that are, or at least appear, “cheap” scattered across the decimated Venture landscape. They could get much cheaper. How one measures cheap, however, had better be relevant to the real issues at hand: underlying value and quality as opposed to last year’s share price or the price one paid. Thus at this juncture it is critical to review your stock holdings in the light of what could prove to be a very difficult time in the resource sector, yet one that offers exceptional opportunity when value is eventually realized sometime down the road.

Nov 26, 2012 - 1:36pm


i thought they expire at the daily close.

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TWELVE Goon speeches through the week
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