Sing It Like Maureen

A nighttime raid and a new day dawns.

Just a few items today as MrsF has designs on my time. An entire day of Christmas shopping awaits and I plan to take the excursion without my phone and the ability to check the "markets".

Last night's devious attempt to run the sell stops below 1705 succeeded in tilting the charts bearishly this morning. Whatever. I couldn't care less. I do continue, though, to find it amusing that every time we get an unexpected raid for $20 in gold, the same old trolls and naysayers show up. I'm not sure what they're trying to accomplish. First of all, why would I or any of you feel foolish for being bullish in the face of the fundamentals? Additionally, by blasting me as a "cult leader" etc, they seem to think they can discourage me and get me to shut this site down. Uhhhhhhh....let me make this perfectly clear: I ain't going anywhere. The Cartel can raid and manipulate. Their disinfo agents can plant seeds of doubt. Their dupes and shills can lie and deceive. Whatever. It doesn't matter. The facts are what they are and the fundamentals do not lie. Please utilize this time and these distorted, low prices to add to your stack. Physical metal is your only protection against the ongoing destruction of paper money.

Maybe these trolls are frustrated paper traders who get angry when the free chart analysis I offer doesn't work out as planned? Look, I do my best. I not only try to give you an explanation for what has happened but I also try to predict the future. Sometimes it works, sometimes it doesn't but everyone needs to keep these two things in mind:

  1. Not even Nostradamus could have warned you that at precisely 7:55 EST last evening, some weasel on a trading desk would institute a naked sell order with the intention of blowing out the sell stops.
  2. I don't even trade anymore. Yes, I have a small handful of long-term options but I have practically begged all of the traders that frequent this site to use Andy Maguire's trading service. Given the unprecedented desperation of the manipulation, you are absolutely crazy if you are attempting to trade the metals without his guidance.

OK, back to the business at hand. Since there is such a dogged determination to keep the metals down, we'd best be aware of the support levels and where price could head if those levels are broken. For now, the lows of last week are holding and that is certainly a good sign. However, as seen last night, The Evil Ones can emerge from the shadows at any time, day or night, to blindly raid price. Please use the charts below as guidelines for dip buying.

Finally I leave you today with the reprint below. I wrote this on Saturday, November 3rd, after the metals had been savagely beaten the day before. Gold was at $1675 and silver was under $31. Like today, many were fearful and the AGAs and trolls were everywhere. The message is simple: Any fight worth winning is going to be challenging and we don't take on this endeavor because it is easy, we take it on because our destiny requires it. Setbacks and frustration come with the territory but we must persevere. Keep the faith. Be strong. Vindication and victory will soon be ours.

TF

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https://www.tfmetalsreport.com/blog/4296/defiance

Well, you can either give up or carry on with renewed determination. I choose the latter.

These are the times that try men's souls...

Let's see, what do we know for certain?

Quantitative Easing is now a permanent fixture of the financial markets for, without it, the U.S. bond market would collapse and interest rates would reset multiples higher.

  • The U.S. federal deficit will continue to be greater than $1T/year, regardless of the outcome of the election.
  • Later this month and into December, a "lame duck" session of Congress must come to terms with the looming fiscal cliff and well as an imminent breach of the debt ceiling.
  • Further downgrades of the credit rating of the U.S. are likely.
  • The European Union, already tattered at the edges, remains on the brink of crisis and dissolution.
  • Dollar creditor nations, led by China, are rapidly accumulating gold and silver as they exchange their devaluing fiat reserves for hard assets.
  • Dollar hegemony and reserve currency status will, one day in not-too-distant future, come to an end.

I could continue but I think you get the idea. Regardless of the paper machinations of the Comex, physical precious metal remains your best defense against the tumultuous times ahead.

The summer soldier and sunshine patriot will, in this crisis, shrink from the service of Turdville...

I think you know where I stand but where do you stand? Will you now become bitter? Will you be easily swayed by the uninformed and the disinformation agents? Do you have the courage of your convictions to not only find your way but guide others through the darkness?

Yesterday was tough and, worse, unexpected. But don't think for a minute that it was a selloff directed specifically at the precious metals. So understand that there may be more going on here than you think. The situation in Europe is tenuous, at best, and things on the ground in the U.S. aren't much better. For now, the precious metal "baby" is being thrown out with the proverbial "bath water". You should seize this opportunity to add to your stack.

  • With all of the selling in gold and silver yesterday, just whom do you think was taking the other side of that trade? Let give you a clue...it wasn't the specs.
  • Backwardation, as measured by the difference between the futures "offer" and the spot "bid", has reached a level of such extreme that it makes further significant declines highly unlikely.
  • Our friend, Andrew, reports that demand in London yesterday remained "exceptional" and "unprecedented". Though the effects of this physical demand can often by muted on an intraday basis, it nonetheless precludes the bullion banks from exacerbating the moves to the downside.

But he that stands by it now, deserves the love and thanks of man and woman...

I personally promised you a "hot, explosive and historic" summer. It, obviously, did not come to pass and, so far, it has not materialized this autumn. Do not be dismayed. I personally know of several extraordinarily brave and courageous people who are actively working to bring about an end to the blatant manipulation of precious metal price by the Bullion Bank Cartel. With firm reliance upon the protection of Divine providence, I am extremely confident that they will be successful. When they are, not only will the manipulation end but, perhaps, the plundering of Western reserves will slow, as well.

Tyranny, like hell, is not easily conquered; yet we have this consolation with us, that the harder the conflict, the more glorious the triumph...

So, again, I implore you: Do not lose faith and do not suffer from doubt. The end of The Great Keynesian Experiment is indeed upon us and you must continue to prepare accordingly. Do not be swayed by the day-to-day trading of the Comex nor the incessant noise and disinformation supplied by the financial media. Think for yourself. Study the past and the present, then consider the future. Trust your instincts. Believe in yourself and your ability to lead and inspire. Your family needs you. Your friends need you and Turdville needs you. The future demands leadership at every level and we all have a role to play. I will continue to do my part. Will you?
 

406 Comments

old tradesman's picture

whats peter say

daveyboy's picture

Okay, as far as being a

Okay, as far as being a permabull....it's this unshakeable notion that once on a ride up, silver can't fall. How times has silver fallen by 30%? and yet each time, no, I won't sell, it will never fall again. That is blind and it is delusional and as for seeing this as a time to acquire more, okay, that's your choice but since some people cling to this notion of this investment being so wonderful, then why not use those very obvious opportunities to sell, increase liquidity and holdings.

Another example of permabull......I have seen youtube videos which suggest to not sell silver even at $300 per ounce, so even if silver rises another 900% don't sell, unless the financial system is what is "demanded".  This kind of madness....I can't even begin to compute and again I ask.....for those that will flame, was it a good investment to buy silver at $49.50 when the price had gone parabolic? HELL NO, and yet there were permabulls aplenty saying buy buy buy. Those that bought at $49.50 have lost massive buying opportunity and lost in monetary terms too.

I am sorry....but the fundamentals have been here for years and years, heck back in uni in 2003 I said to my economics teacher that the entire uk model was unsustainable and would crash and burn in the coming years, I predicted 5-6 years. Not because I was particularly smart and I only took a few economic modules but it was very clear. Yet here we are in a completely new time, with open ended money printing forever and silver has not gone to the moon.

QE3 was going to see silver run quickly North of $35 then to $36 and then off to the $40's, remember that? Yet here we are languishing below $33, silver demand has not rocketed as anticipated and any major slow down in China or India and silver could well test those low $20's.

Of course any move up above $34 and it's silver to the moon rubbish again. I know people don't like sobriety but to clarify when I describe as being cult like, it's like some people don't want to see any of this from a bearish perspective. Any bull that knows what they are doing and is honest, is also a bear, this stack them high forever nonsense is entirely dishonest.

robov's picture

Sure would be nice

to come home just once and see green on the metals chart.

jolidacrown's picture

The only clarifications that

The only clarifications that are making sense to me on this day are these two views one by Jim Sinclair who writes:

"The Fed via Goldman has capped gold in the paper market for months. They were so obvious between $1775 and $1800 that Petunia can call the strategy.

Goldman is, in all practical senses, the Exchange Stabilization Fund because ESF is only a brokerage account. There is no fund in terms of what one thinks a fund’s office should look like. Read the law.

The President or US Secretary of the Treasury may appoint ANY person or entity to act on their behalf as the manager of the Exchange Stabilization Fund. The Exchange Stabilization Fund has a broad mandate that allows it to trade many things including GOLD. The USA is not the center of the Gold price in the full valuation move into 1980.”

The other by Paul Craig Roberts who believes that: System failure will originate from abroad - once US dollar is rejected as an asset by either China-Japan-Saudi Arabia - this will be known as Collapse of exchange value.

Any other readings seem to be fruitless noise at this stage.

old tradesman's picture

just taking todays stack out to the wishing well

did you see it fall over

old tradesman's picture

@The only clarifications that

watch Saudi Arabia very close Thats the key

Mr. Fix's picture

California lawyer,

Although learning Mandarin might be useful, it probably will not be useful in your capacity as a lawyer. 

Is  it useful to wonder if even being a lawyer in a lawless society can still be profitable?

If the Chinese were to take over the United States, a process that I believe is already underway,

not only would they not hire a California lawyer, I do not believe they are worried about litigating any laws at all, since in a dictatorship, those that are in charge  of such a laws,  prefer those that are not, either abide by it or are killed. Their legal system really is that simple, and, if it's not already there, it will be soon.

It would be interesting to think about how a complete systemic collapse, (yes an economic Armageddon)  would effect the legal profession, and that's not even talking about the discussion on how to save a society from collapse.

okay, saving our society is a mute point anyway, I think the joke goes, in order to save our society first you would have to kill all the lawyers.

At least you are fortunate nobody is even contemplating how to save our society.wink

Sorry about the  incoherent rant,

nothing personal, just feeling a little bit more pessimistic than usual these days.angry

S Roche's picture

@Daveyboy...

you are sounding very Weimar, circa 1921....

S Roche's picture

the boon of US energy independence...

w/fracking, natgas etc...what happens to the Petrodollar? Hmmm...no need to hold USD as reserves? Game on!

tmosley's picture

Davey, Why would you sell

Davey,

Why would you sell after a 30% fall when those happen all the time, and are generally followed by a 50+% move up?

Also, why do you insist on valuing silver in terms of dollars?  Have you even READ tfmetalsreport before?  The dollar will be toilet paper at some point.  Trading silver for dollars will be like going to live on the streets voluntarily, just another starving trillionaire.

daveyboy's picture

Oh come on now, this is the

Oh come on now, this is the world's reserve currency, enough with the hyperbole, it doesn't lose that status overnight, heck, it might not lose that status at all. Eventually the dollar may be the only currency left standing, or perhaps there will be a basket of currency's but the dollar is going to still be here in a few years time.

There are simply too many dollars in circulation to believe anything other than that. Okay, I am going to point to Mike Maloney, even he says there will come a time when you will need to sell your silver because it will hit a bubble and we all know what happens when a bubble goes pop.

old tradesman's picture

lets look at something else here

repatriation of gold reserves! Why?   Could it be since (looking at baltic dry index)  they dont need any collateral here to trade anymore. 

S Roche's picture

@old tradesman

Those boats are running a bar against the tide...hardly "at sea" as the video calls it and not big seas at all. Poor seamanship, meeting a deadline and one of the reason planing hulls are popular with high-value catch coastal fishermen.

Here is a story of real survival...Sartori, the Westsail 32 happily abandoned by its (inexperienced) crew and reluctantly abandoned the (experienced) skipper, I think the CG insisted. She had been rolled during the Perfect Storm, she survived and was recovered.

Edit: Just re-watched it and sure enough, the CG declared the voyage "Manifestly Unsafe" and forced the skipper off. The voice-over script says the sail-boat was foundering in heavy seas...foundering is the stage before an inevitable sinking. Not so. In all this there is no mention of traditional sea-anchors, today called sea-parachutes, (not drogues, different animal), which are an age-old way of safely surviving storms whilst hove-to...another lost art. Seems in all endeavors people are having to re-learn previous lessons.

¤'s picture

@ancientmoney

Thanks for the Brodsky/QBAMCO  piece earlieryes  

That had a bit of a  clarifying effect on me as I read it and it sounded about right.

It makes sense and fits in with my thoughts lately on the debtor/debtee negotiations that would take place at some point and how that agreement would change the reserve currency status. Little did I know that those negotiations might've been taking place for quite some or maybe just recently. I wrote at one point on here what the December 2011 (?) of China's Hu JinTao visit to DC might've been about because of the pomp and circumstance and seemingly serious nature of the visit. If you go back and look how the visit was portrayed it came off as a moment of Chinese ascendency and a important US/China political moment. I quipped and joked  about the debt arrangement then about maybe that's what the visit and discussions were about. (makes me really wonder now)

Whatever the case might be I think they'll share the reserve currency role (or go to war over it) because to tear each other down would be self defeating and bad business. It's all about business and trillions in trade potentially and the skimming of some of that trillions that will find there  way somewhere it shouldn't be going.  (China seems to be rife with corruption and graft. Is the US  any different?)

In the end, China needs the US markets and the US needs China because of the cheap imports and their continued role they play in buying/recycling lots of UST's at this point among many other big business matters that they have mutual interest in all over the globe.

I've written in the past (2 years ago)  about a JPM/China nexus and JPM doing the bidding of China in an effort to play both sides of the fence  but I never really carried it further then that and didn't consider back then that JPM could be doing so as an agent of the U.S. and actually being 'the fence'.

I've maintained for quite awhile on here to let our imaginations run a little while and consider some of the things that seem repugnant and almost unbelievable because they might be closer to the truth then the morally and socially responsible sanitized version we hope still exists. I'm of the opinion that the truth on many things would utterly shock us but in the everyday reality of big player Govts./CB's it might just be business as usual. 

That's what my Stratego/RISK analogy was born of long ago.

0212-stratego1.jpg

In all honesty, I could handle (it's not like I have a choice) the scenario that Brodsky's  outlines as plausible and be perfectly comfortable with it if that's the deal. Whatever they end up doing and how they are going about is wayyy bigger then anyone of us and I could care less at this point how gold or silver reaches new highes as long as it does because it won't unless some CB's and their Govts. get involved and make it or let it happen. 

Whatever currency scenario any of us has in our imagination and how it eventually might unfold has to also realize that a backroom deal of sorts between the two biggest players might be all it takes to facilitate a new world currency order to a shared one between the US and China.

Whether they announce it in unison as a historic agreement or let the BIS blow the bugle about the news matters not because the two gorilla's in the room aren't going to rip each others arms off over the massive debtor/debtee negotiation that would need to take place at some point anyway.

It would simply be bad for business. 

Mr. Fix's picture

@ daveyboy

The writing is on the wall.

With an ever increasing  wave of sovereigns  entering into bilateral trade agreements,

we may quickly reach the point where there will be no “world reserve currency”.

as for the dollar, its days are numbered. And I do not think you can measure it in a mathematical calculation as a percentage of how much is floating around out there as compared to how much is Ben printing today.

the currency will collapse when confidence in it is lost.

That has actually already happened,    and this is why so many countries are now trading in their own currencies.

Middle Eastern oil is probably the only commodity that still requires US dollars,

and when that changes,  (and it will soon), the massive amount of unwanted dollars will cause its value to disintegrate in an exceptionally short timeframe.

The Watchman's picture

Great Sign

A funny sign

alan2102's picture

dollar doom

Davyboy:  "Oh come on now, this is the world's reserve currency, enough with the hyperbole, it doesn't lose that status overnight"

That is the big question.  You're probably right, but a lot of informed opinion suggests that it might be a rapid phenomenon, a kind of  "piling on", once a few of the bigger dominoes fall.  We'll see.  My personal guess is that you're right, and loss of reserve status and devaluation will be a process over years.

There's also the matter of referring too casually to the buck as  THE reserve currency of the world. Not true.  It is the major one (about 60%), but not the only one:   http://en.wikipedia.org/wiki/File:Reserve_currencies.svg

S Roche's picture

@Daveyboy re Oh come on now...

"There are simply too many dollars in circulation to believe anything other than that..."

And then you lecture us about bubbles. I like having you around, you make even me look good (well, imao at least).

opticsguy's picture

Ca Law

I didn't spend enough time in Japan to get conversational Japanese down, but I spent a lot of time learning kanji and the Japanese phonetic alphabets, and how to look it up in a dictionary.  It left me the opposite of illiterate, being able to read and not to speak.

When I would visit a Japanese factory, they assumed I couldn't read Japanese, so they would take me around showing me the shipping area (with labels on boxes showing the customer name) or let me stand in the hall and look at their quality/production bulletin board with all my competitor's monthly demand.  All because they assumed no American could learn the Chinese characters.  At dinner, when I could read the menu, some of them got worried.

Chinese/Manderin is a bitch compared to Japanese WRT speaking it. Learn what the characters mean.  In Japanese and Chinese they are almost the same.

rl999's picture

Germans hoarding mountains of gold

Photo: DPA

Around 32 percent of the gold owned in Germany in the form of bars and coins was accumulated since the financial and economic crises began, the study concluded.

Commissioned by precious metal trading group Heraeus, the study also found that people with surplus cash are becoming gold-greedier. The number of Germans with a net monthly income over €4,000 who say they intend to invest in gold has doubled in the current year.

On average, every German owns around 117 grammes of gold, comprising 55 grammes of jewellery and 62 grammes of bars and coins, the study, which surveyed 2,000 people, found. Taken together with gold securities, the average German owns some €5,750 of gold.

Including the German federal bank's gold holdings, that means the Germans have gathered seven percent of the world's gold. 
 

Some 69 percent of Germans have invested in gold, and roughly half of these keep at least some the metal in their homes. Around 47 percent keep their gold in a private locker in a bank. Around nine percent, meanwhile, keep some of their precious metals with a specialized gold trader.
 

http://www.thelocal.de/national/20121212-46729.html#.UMjpDIbUL8Q

R man J's picture

daveyboy

Why talk about the time when it is time to sell your silver? Yes that time will come. The time to be out of the dollar will come long before that. Yet you talk about the endurance of the dollar and you talk about selling silver = a troll or just not informed.  

Mr. Smith's picture

Some Reflections

Gold Price on January 1, 2012          $1,565.00

Gold Price on November 30, 2012  $1,717.00

Percentage Gain for 11 months         10%

Silver Price on January 1, 2012          $27.78

Silver Price on November 30, 2012  $33.60

Percentage Gain for 11 months         21%

If we close up a bit from here at the end of the month, this beats cash, a Treasury Bond and the typical stock index.

old tradesman's picture

s roche

It was the first I found.  Yours was alot better.  But In my own experience.  Anchored down for the night went to sleep on my 22' woke up on the rocks,  Had to push it around and get back into the storm 50' waves low on gas.  two buddies green as can be .  spent the night not telling them we didnt have the gas (all on me) My fault but jumping fifty foot waves and catching the bottom and gasing it was one of the funnest things in my life (facing death) today I dont think my buddies know how much trouble we were in.  I faught it from 4:00 till the storm slowed down in the dark until 7:00  three hours heading into the caps . enough of that BTFD

¤'s picture

Up or down at 8:00?

I'm going with down and close to $32 tonight at some point.  Will you be buying?

Live 24 hours silver chart [ Kitco Inc. ]

Bollocks's picture

Ok, apologies for the HUGE image, but isn't this amazing art!

Silver Passion's picture

daveyboy

If nothing else, think of all the people who would be wrong about silver:  David Morgan, Mike Maloney, Peter Schiff, Jim Rogers, Sprott, on & on & on.   They would all be ruined, out of work & laughing stocks, if silver & gold plummeted and everything worked out fine.

Turdle GG's picture

someone's buying silver...

... which is good for morale around here!

that guy with the pencils sure had some spare time on his hands...

Mr. Fix's picture

DPH,

It's looking a lot like up to me,  before, somebody noticed that the movements today looks like a inverse, or mirror image of the movements yesterday. So, my daughter and I were looking at your chart had exactly 8 PM, and I told her about how the silver was moving the opposite of yesterday, and that if we refresh the page at eight o'clock we should see a spike upward. So when we just refresh the page, we saw an instant spike upward.

Now she wants to know how I did that. 

Interesting pattern isn't it?

Turdle GG's picture

@Mr Fix

she wants to know how you did that?  She knows you're Mr Fix, right?laugh

DollarMenu2's picture

Can anyone say this is/is not real?

http://www.rumormillnews.com/cgi-bin/forum.cgi?read=262891

"UNITED States of America - It can now be reported that on the direct orders of the IMF (International Monetary Fund), the U.S. Provost Marshal, European INTERPOL and the German Police, all Deutsche Bank derivative-riddled proprietary accounts were frozen today on 12-12-12."

True or just some Fulfordesque BS?

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