Back From Break

Fri, Dec 14, 2012 - 10:09am

You may have noticed that I was gone all day yesterday. Eleven, full hours with no phone and no internet and it WAS GREAT! So, what did I miss? Silver is all the way back to....where it was a month ago. Oh, no! The sky is falling!!

Seriously. I haven't even bothered to look over the comments to the previous thread as I'm sure they're full of despondent traders and gleeful trolls. Whatever. As I said yesterday, no one is going to stop me from doing what I do because I know, in the long term, that I am correct. Global central banks are going to print and print in their efforts to manage their way out of this debt crisis. They will fail and, with them, fiat currency will fail, too. In the end, a new international trade settlement system will emerge with a gold-backed unit of exchange at its heart. The only protection that I have against this wealth destruction is my stash of physical metal, which currently resides in a heavily-guarded vault at the bottom of the Marianas Trench.

So what do you do today? You buy the freaking dip, that's what you do. If The Bullion Bank Cartel is going to insist upon giving us all more time to accumulate metal at deeply-discounted prices, I strongly urge you to take them up on it. Lord knows the Chinese, the Russians, the Indians and the Turks are doing so. You should be doing the same. Namely, convert your rapidly-devaluing dollar reserves into hard assets, primarily gold and silver. Forget the goons in the media and the water-carrying shills for The Cartel, gold and silver are NOT in bubbles. That is complete nonsense! Since when does an asset that is currently owned by just 1% of global investors considered a "bubble"? Since The Cartel shills in the media declared it so, that's when. Ridiculous.

And while, we're at it...How come no one besides ole Turd can dare say that QE is all about funding the federal deficit? The "dots" are all there yet no one seems to want be able to make the connection. Countless articles have been written about The Fed essentially owning the entire Treasury issuance past 7 years. The fiscal 2013 deficit is already tracking 20% ahead of 2012 and on pace for $1.7T and suddenly the Fed announces that they're supplying $85B/month ($1T+/yr) in new money...yet no one can see that this is direct monetization of the deficit and debt? It's surreal. It's the real life equivalent of the old fable about the emperor having no clothes. I look around and its as if no one else can see what I see. Bizarre.

Oh, well, I for one choose NOT to bury my head in the sand and hope for the best. I will use my God-given observation and reasoning skills and think for myself, instead. This leads me to the financial protection of gold and silver and nothing The Cartels does can shake me from my positions.

To that end, yesterday was a classic. The lack of follow-through buying on the latest QE announcement emboldened The Bad Guys to raid price early Wednesday evening. Once they tripped some stops by moving price below 1705, it was on. The raid was particularly grotesque in silver where the OI remains dangerously high for JPM. In fact, on Wednesday, the total silver OI surged once again to 144,066. This long-standing and growing open interest undoubtedly frightens The Big Shorts and they knew a raid must be initiated. Thus, the pounding in gold wasn't nearly as substantial as the pounding silver took yesterday. I wait with great interest for yesterday's OI totals. They should be released, as usual, by about 2:00 EST today. In Harvey parlance, how many silver leaves were shaken from the tree yesterday? I can't wait to find out.

Along with the OI numbers, we'll also get another CoT later today. It won't be nearly as dramatic as last week simply because the reporting period saw very small changes in both OI and price. Nonetheless, you never know how the internals may change from week-to-week so be sure to check back later today. I'll have another podcast to release and we'll surely be discussing this latest CoT.

And, finally, just a few more words about price as we head into the final days of 2012. Let's summarize a few things:

  1. Though the inaction behind-the-scenes is infuriating, I still expect vindication for all of us in 2013.
  2. I had thought that gold and silver would finish the year at or near the top of their 2012 ranges with gold near 1800 and silver near 35. This is certainly looking less likely but I would remind all of the trolls that there are still quite a few trading days left in the year.
  3. And as recently as a week ago I laid out why I felt December would be a solid month. Namely, given the overriding fundamentals, there is no reason to think that the metals would close 2012 by trending downward toward the bottom of the ranges. This makes no sense. If you look at 2012 as a year of price consolidation during a time of little unsterilized Fed action, price should be trending higher into 2013, a year which is quite obviously going to see substantial unsterilized Fed action.

In 2012, Gold has traded in a range roughly bounded by 1550 at the bottom and 1800 at the top. The median line for this range is 1675. Note that the recent selloff has not broken price down below this level and I do not expect any further selling to breach this level, either. Instead, I expect gold to rally over the remainder of the year. Will me make it to 1780-1800? Who knows? Does it matter? Really? With all that's set to happen in 2013, a year-end close of 1730 vs 1780 matters very little.

The same could be said for silver. For 2012, it has also been rangebound in a trade between 26 and 36, with a median line of 31. Again, given the fiat currency situation for 2013, the continuance of extremely tight physical supplies...and...other factors..., why would we expect silver to break down through $31 and head toward the low end of the range? Exactly. There is no reason to expect this and, therefore, I don't. Silver should/will continue to consolidate here and finish the year somewhere between 33 and 35.'s on. 2013 is going to be a doozy.

So, relax or, better yet, do what the LTs say to do: Chillax. This is a combination of "chill" and "relax". Take some time away like I did yesterday. Enjoy the season and search for joy in things unrelated to money and finance. Be at peace knowing that you are doing the right thing.

As I mentioned above, please check back later today or tomorrow for another exciting TFMR podcast as well as some commentary on the CoT.

Have a great day and a great weekend!


About the Author

turd [at] tfmetalsreport [dot] com ()


BagOfGold FunkyMonkeyBoy · Dec 14, 2012 - 3:59pm


Move along troll...take your aliases with you...&...

STFU Button

Bag Of Gold

babaganoush2307 · Dec 14, 2012 - 4:00pm

I saw Turds stack once... is a picture wink

JimmyTheHand · Dec 14, 2012 - 4:03pm

A sad day for a lot of families

A sad day for a lot of folks that is certain. I'm with all of you guys, my heart goes out to those folks that have lost love one at that school.

Turd - I've noticed folks harrassing you about the HEH event and all I can offer is the advice I got from Santa, "Sit tight and be right." We all know how this ends, it is obvious to many of us just as it is obvious to you. Please keep posting your hand written charts and letting us know what us know what you are kicking around in your head. We appreciate it and that's why we come to this site every day.

ancientmoney Byzantium · Dec 14, 2012 - 4:03pm


Yes. The Fed MUST provide whatever demand is necessary to keep new bond issues extremely low yield, or the bond market turns bear. That is why the govy spoke of negative-yield issues. They are running out of bullets, and they know it.

That is also why the level of brazenness in manipulations, lack of regulation, etc. is so wild. The endgame is approaching, and all there is left is theft.

Bollocks · Dec 14, 2012 - 4:04pm


Uses a pic of the great Bill Hicks as his avatar.

Two absolute opposites.

Troll x 1000.

Silver Passion · Dec 14, 2012 - 4:05pm

Altercation today about our NRA sticker

Some idiot came up to my front door and wanted to argue about the NRA sticker on our pick up truck. Says all those kids were killed today because of your guns. I just told him I believe in gun ownership.

Devastating tragedy, but it's not because of guns, it's the screwed up world we live in. 

TomMack · Dec 14, 2012 - 4:07pm

turd good

evil empire bad. the premise here at turdville and the US in particular, and i am in agreement, is that fiat will not last. as to when it collapses is a matter of debate. one thing i am pretty sure is that the politicians and the evil empire will absolutely try squeeze everything of value out of the regular people, we stackers are included. we will hold out longer and do a little better as we are forced to sell bits and pieces of our stacks to hold onto what i call comforts of home. maybe some of us will be able to relocate to escape the squeezing clutches of the corrupt but many of us won't. anyway this is what keeps me awake at night, stack is too small anchor too deep.

· Dec 14, 2012 - 4:10pm

re:NRA sticker

Guns are basically outlawed in China, yet around the same time that the CT. shootings happened, the samething happened in a China school. Weird? Seems they are experiencing an increase of violence too. Coincidink? Ok, it was a knife.,0,55...

JimmyTheHand · Dec 14, 2012 - 4:10pm


I help with security at a bank. NO ONE in their right mind should post videos of valuables that they have up to the internet. That is the stupidest thing that I have ever heard of anyone doing. It is often childs play for someone to figure out who you are and where you live. 

cris fast mover · Dec 14, 2012 - 4:11pm


The bankers robbed the American people, NOT the other way around

FunkyMonkeyBoy Bollocks · Dec 14, 2012 - 4:11pm


Bill Hicks sought the truth no matter how unsavory, i do the same. And this whole "PM movement" with various gold/silver celebrities daily pumping PMs, yet offering no proof that they do what they preach, absolutely wreaks. It's even done under the guise of being "on the side of the righteous" and the "David version goliath battle".

A critical mind can only deduce that they have an agenda, and that seems to be to sell PMs for the PM miners and retailers.

They literally have to make up stories (99% never come to bear fruit - ala, shouldn't The Comex be bust by now? Shouldn't JPM be bust by now)... whatever it takes to get the flock to buy, buy, buy.

Why do the PM miners happily sell their PMs at a COMEX set price year after year after year without complaint? Hmmmm...

Maradona · Dec 14, 2012 - 4:12pm

Mr Monkey Boy

why don't you just walk to hell, nobody here believers of the next system reset need your opinion. Now, in regard to the massacre this morning, I really feel sad and sick for what our society is going through and become. They need to do big changes at any cost as soon as possible before let the hammer fall on the masses. Get ready people! for what ever is coming, which I don't know what it is, only I know that we are for an ugly and rough ride.

Note: all my savings are in physical, just enough confetti for a couple of months, food and a lot of water...if I go down, I'll go down fighting for what I think is right....bring it on bitchess!

ancientmoney · Dec 14, 2012 - 4:13pm


funk·y2 (fŭng'kē)
, -i·er, -i·est.
    1. Having a moldy or musty smell: funky cheese; funky cellars.
    2. Having a strong, offensive, unwashed odor.

Read more:

Your handle is apropo.

balz · Dec 14, 2012 - 4:15pm

Silver Passion

IMO you don't kill 29 persons (22 children) with a spoon.


FunkyMonkeyBoy · Dec 14, 2012 - 4:15pm


Use your brain for gods sake. The Turd already posts videos of himself on the internet to pump PMs to the flock. If doing so was a big a problem as you say, someone could have already track down his location already got their hands on his valuables through one method or another.

What pathetic excuses, but as expected.

I was going to buy a tube of 1 oz silver antelopes this weekend, but reading the pathetic responses here and from the "Turd" himself as made me see big red danger signs, will give it a miss.

· Dec 14, 2012 - 4:16pm

Sorry but I can't help myself

"Why is the cork on the fork?"

Ruprecht in Dirty Rotten Scoundrels
Bollocks · Dec 14, 2012 - 4:21pm


"Why do the PM miners happily sell their PMs at a COMEX set price year after year after year without complaint?" (my bold).

I happen to know that isn't true.

Off you go. Bye Bye.

balz · Dec 14, 2012 - 4:21pm

To FunkyMonkeyBoy

If you don't like it here, just go away. You're annoying.

JimmyTheHand · Dec 14, 2012 - 4:22pm


I keep hackers out of our network on a daily basis Funky... Last year I stopped over 3 million attacks by implementing solid security policies. Our network has yet to be hacked. I have the mental capacity to take you on when I am asleep FMB. It's not that I am that smart, it's that YOU ARE THAT DUMB.

I will use small words so you can understand. Part of security is not letting bad people know what you have or where you have it stored at. That is the reason banks are targeted often... because the bad guys know there is something they want and they know where it is stored at.

The only thing I see around here that is pathetic FMB are you and the CFTC. We can't do much about the latter, but I sure hope Turd bans your worthless ass. You are a buffoon telling people to post videos of their valuables online. 

ancientmoney FunkyMonkeyBoy · Dec 14, 2012 - 4:23pm


"Why do the PM miners happily sell their PMs at a COMEX set price year after year after year without complaint? Hmmmm..."


Who says they do? They can sell their product for whatever price suits them, or not at all, especially those who mine silver as a by-product. The COMEX is a manipulated price. There are some miners who hold onto some of their product, as they know the price is too low to sell into right now.

FunkyMonkeyBoy Bollocks · Dec 14, 2012 - 4:23pm


"I happen to know that isn't true."

Really? Proof please...

... oh yes, the PM gold/silver celebrity sheep don't do "proof".

JimmyTheHand · Dec 14, 2012 - 4:24pm


Nor do you defend that many people with a spoon.


Nana · Dec 14, 2012 - 4:25pm

Nullifying Gun Free Zones is the Solution to Stop Mass Shootings

Nullifying Gun Free Zones is the Solution to Stop Mass Shootings. Not Gun Control.

Everywhere we see no guns allowed. No one is safe. Look at Chicago, New York and other major cities. The law abiding are forbidden to own a gun for self defense. The criminal whether it be a repeat offender or a politician. The innocent are more vulnerable than ever. It does not matter if it is school, the shopping mall or the movie theater. They are all gun free zones which is nothing more than an ambush site with a bunch of disarmed victims.

Congress passed the Gun Free School Zones Act of 1990 only created a pre-made ambush site. We can see the analogy of fish in a barrel. The shootings of Columbine High School, Virginia Tech, The movie Theater in Aurora Colorado, the temple in Wisconsin, the Mall in Oregon recently and now a school in Connecticut are all gun free school zones. No one, even the teachers are not armed. Everyone is a sitting duck.

Now since this shooting has gone on in Connecticut with many dead. The call is now for Gun Control and disarming the people using this unfortunate event. Barrack Obama made it clear. He is coming for our guns. This is the time not to shrink in fear. But come out on the offensive. First lets use”Never let a good crisis go to waste” as a weapon against the gun grabbers who seeks to disarm the American people. They want to make America one big Gun Free Zone where only the corrupt government has the guns and the people are at the mercy of Tyrants. We must turn ” never let a good crisis go to waste” into something that will be the authoritarian’s downfall.

The Soviet Union was a giant gun free zone. Cambodia was a gun free zone. Communist China was a gun free zone. and NAZI Germany was a gun free zone. Was anyone safe? No, they were not. Over 100 million were murdered by tyrannical rulers when the people were disarmed.....

Read rest of article via link.

JimmyTheHand · Dec 14, 2012 - 4:26pm



ancientmoney FunkyMonkeyBoy · Dec 14, 2012 - 4:27pm


So, please prove that every miner who comes up with silver sells every ounce at COMEX prices.

I'm waiting . . .

Katie Rose · Dec 14, 2012 - 4:28pm


Just use the ignore button. It makes navigating Turdland so much easier.

When an obvious jerk shows up, just "ignore" them.

Makes for a much calmer experience. smiley

If we all "ignore" them, they will go away.

FunkyMonkeyBoy · Dec 14, 2012 - 4:28pm


I'll speak slowly, playing around with routers all day has left you with an inability to think critically...

Turd already posts video of himself, therefore already revealing his location in the world (according to you Mr Security man).

Turd already has stated he has PMs (even though no proof has been provided).

Therefore any damage has already been done if someone wanted to get their hands on his "stash" (even if it's not sited at the same location, a few threats would soon lead to the location).

So, "Turd" posting a video of his stash (like thousands of others have done) should not be problem. Well, not a problem if the "stash" already exists that is.

FleetFeet · Dec 14, 2012 - 4:29pm


 Your hostility showed in your first post. If this were my blog, you would have never had a chance at a second post. Like the Connecticut shooter, you are willing to try to destroy this blog and other people and yourself just to get some attention. Sad.

You won't succeed. Not here.

Notice: If you do not see your new comment immediately, do not be alarmed. We are currently refreshing new comments approximately every 2 minutes to better manage performance while working on other issues. Thank you for your patience.

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