The Twelve Pains of Turdville
The Twelve Pains of Christmas could easily be The Twelve Pains of Turdville. Hmmm...there's an idea.
Let's give this a try...
On the 12th day in Turdville, I lost my sanity...
12 Broken Trendlines
11 Failed Supports
10 Dried-up Sharpies
9 Painful Headslaps
8 Flying Monkeys
7 Know-it-all Trolls
6 Shattered Rulers
5 Worthless CFTC Commissioners
4 Major Bullion Banks
3 Worthless Options
2 Daily Raids
and a Major TBTF Bank that holds a concentrated naked short position in silver that is roughly equivalent to 25% of the total annual mine production but our corrupt regulators refuse to do anything about it. Even when presented with documented and airtight evidence of the lies and deception, they dawdle and allow the theft and manipulation to continue.
Ahhhhhh.....<deep, cleansing breath>. That was somewhat cathartic. I feel much better now.
Oh look. The metals are down again today. I'm sorry if this offends you...but I really don't care. I know what I know and it's this: One day soon (maybe next year, maybe 2014, who knows?), the metals are going to reset at a value that is multiples higher. Multiples higher. Of this, I am 100% certain. So why would I worry about whether gold is at 1675 or 1625 or 1710? Why would I care if silver trades this week at 31 or 35? It doesn't matter.
And again...I am sick and tired of the paper traders who blame me for their losses. Someone who only occasionally swings by this site and thinks that their getting "trading info" is doomed to failure. If you want trading info, you should be visiting "Pailin's Corner" in the silver forum. That is where you find trading information on this site. And if you think you'll offend me by posting something to the effect that "Turd is only good if you fade him because he's wrong 99% of the time", you've got another thing coming, too. I gave up on making trading recommendations back in April but if you find value in fading what I post, good for you. Knock yourself out. I'm glad you find me good for something.
Once again, all that matters is this: The Western World is rapidly racing to devalue their currencies in a desperate attempt to keep their economies and governments afloat. The Creditor Nations are, just as rapidly, exchanging their quickly devaluing fiat currency reserves for hard assets. One day soon (again, maybe 2013, maybe 2014), The Creditor Nations will unveil a new asset-backed global trade settlement system. Fiat currencies will collapse and the conversion values of gold and silver will reset multiples higher. If you decide to blow yourself up in the interim by greedily trading paper, that's your problem, not mine. That said, I know that many of you will still try to beat The Con Men at their own game and for this purpose, I have personally set up for you the Andrew Maguire Trading Service. If you're trading and NOT using Andy's skills, wisdom and experience to guide you....well you know what they say about a fool and his money.
In the meantime, this current action in the metals is nothing but another wash, rinse and repeat cycle to which we've sadly all grown accustomed. The Cartels accumulated massive short positions in both metals ahead of the announcement of QE∞. They capped price in the days following and have been desperately trying to force long capitulation and the attendant HFT momo selling in the weeks since. All of this so that the banks can cover a bunch of their shorts before the next, big UPleg. They are finally being successful this week and, frankly, their success should come as no surprise to any of us.
None of this changes the long-term picture, however. The metals are still going to be charging higher in 2013 based upon the fundamentals and my long-awaited "historic" changes.
And I should probably, once again, remind you of the consequences of all this "fiscal cliff" nonsense. All outcomes are precious metal positive.
- Tax Hike and No Spending Cuts. Crushes U.S. economy. QE is increased due to less tax revenue and increased government debt.
- Tax Hike and Some Spending Cuts. Not significantly different from #1.
- Tax Hike, Some Spending Cuts and a $2T Hike in The Debt Ceiling. Again, how does anyone rationally construe this as "metal negative"? The U.S. fiscal 2013 debt is already on a run rate of $1.7T+. Do you actually think a "deal" of this nature will magically make this deficit smaller? Seriously?? Dude, if so, pass that pipe over here. You're obviously smoking some good shit.
Finally, a few words about my "trolls". It seems that lately, every time there's a sustained period of downticks, the trolls crawl out from under their bridges, replete with new riddles to solve. Just when I think I've seen and heard them all, they magically come up with a new one. Yesterday, despite 2+ years of evidence to the contrary, I was described as a mean, name-calling and shallow jerk. Once that card was played, it then descended into the standard "Turd's so stupid...and greedy...and disingenuous...and, well, you get the picture. Mister Hyde keeps telling me I should ban these people from the site simply because they're such a detriment to the mission and, frankly, they do get under my skin sometimes and cause me additional stress that I clearly don't need. My policy has always been to very rarely ban anyone, mainly because I don't have anything to hide and I don't want this place to simply be an echo chamber. That said, though, I see Hyde's point and I'm sure that many of you feel the same way. So, if some of your favorite trolls begin to "disappear" over the coming days, it's only because I've made the Stalin-esque decision to whack them for the greater, collective good. (Don't worry. They'll all be buried in a common grave on the edge of town and you'll be allowed to stop by from time to time and drop a few rose petals in remembrance if so inclined.)
Whatever. I've rambled on now for what seems like an eternity so I think I'll stop here. I'll update some charts soon if I think I see something interesting. For now, I'm looking to buy the dip in silver as long as paper price stays above the 30.80 lows of 11/2. IF silver were to break that level and close below for a day or two I'll probably hold off on any future purchases until the shakeout ends. In gold, I couldn't care less. Whether or not you and I pay $1700 or $1600 or $1800 will seem insignificant when price resets. Just buy more whenever you can.
Have a magnificent day.