Low E

Fri, Jan 4, 2013 - 11:42am

As a middle-aged American male, I'm told by my television that I should be concerned about "Low T"...Big Pharma slang for low testosterone. So far, so good on that one (as MrsF will attest ). A much bigger problem right now is "Low E"...Turd slang for low enthusiasm.

Maybe tomorrow I'll write a post that discusses the MOPE and crap of yesterday. That The Fed can/will end QE as soon as later this year is so nonsensical that it doesn't deserve logical refutation.

Maybe tomorrow I'll write a post that discusses the latest BLSBS, replete with buried statistics and mentions of participation rates and seasonal adjustments.

Maybe tomorrow I'll write a post that includes a bunch of charts with lines drawn all over them, showing where price might stop and reverse.

For now, I only want to write about the one thing that bothered me the entire time I was on vacation...the CFTC.

You see, here's the problem: I'd like to have hope. I see things. I talk to people. I read a lot. And I think. All of this leads me to the conclusions I espouse here. Namely, that the end of The Great Keynesian Experiment is upon us and we all need to prepare accordingly. The politicians are all corrupt. The U.S., and the world for that matter, is ruled in favor of the very few, particularly the international bankers. The global economic system is about to collapse and morph into something completely different from what we've all known our entire lifetimes.

But, I'd like to have hope. Hope that I'm wrong. Hope that I simply have an overactive imagination. Hope that I am just channeling Russell Crowe playing John Nash, seeing clearly nothing but make-believe conspiracies and foolishly connecting the dots.

But the problem is...the CFTC. There the illusion and hope unravels.

You'll surely ask me how I know and I'll say "I don't". So, don't bother. I have no proof. Only faith and trust which could also be misplaced. But I am entirely confident that the CFTC has been given, all wrapped up in a neat little package, everything they need to prove, beyond a shadow of a doubt, that the metals markets are wholly and entirely manipulated for the gain of a few bullion banks. Instead of acting promptly, to restore order and confidence in "free and fair markets", they dawdle. They stall. They issue no statements. They conclude no investigations. And, most importantly, they allow the crime to continue as if nothing has changed. Only now they are accomplices, to the point of being co-conspirators.

And this is the problem. Hope is gone. Not that the CFTC was some hoped-for, last bastion of integrity. That's not it at all. They are, instead, the proverbial "straw that broke my back". Because now that I know that the CFTC is negligent and corrupt and only serving to protect and defend their TBTF overlords, my hope is gone. And, again, I'm not talking about hope for a resolution to the metals manipulation, I'm talking about hope that the entire western political and economic system really isn't as corrupt and narcissistic as it seems. For it's impossible not to reach the following conclusion:

  1. The CFTC is protecting a major TBTF, Fed primary dealer by refusing to acknowledge the manipulation.
  2. If this one, government bureaucracy is in the back-pocket of the banks, all of the rest likely are, too.
  3. And if all of the agencies are in the back-pocket of the banks, then the politicians are, too, because most of the bureaucrats are political appointees.
  4. And if all of the politicians are in the the back-pocket of the banks, then the entire political system is a sham. There are no elections. It's all just an illusion designed to mollify the masses.
  5. And if that's the case, what kind of world do we really live in?

So, you can see my problem here. I suffer from "Low E". Why bother to write about all of the day-to-day stuff? Why mark up all my silly charts? Once hope is gone, soldiering on can get pretty challenging. Perhaps I can draw renewed inspiration from the idea of "awakening the masses". Logic suggests that only by operating within the matrix can you reach those still contained therein. But I don't know. I really don't. Inevitably, the first question is: Why try at all?

Let me work on that for a while and I'll get back to you soon. Maybe tomorrow.


About the Author

turd [at] tfmetalsreport [dot] com ()


Jan 4, 2013 - 12:19pm

we need a reset

the cftc needs a reset

the banking/financial system needs a reset

the politicians need a reset

the government needs a reset

everyone needs a financial reset

It's pretty obvious that almost all the systems we utilize no longer work and need to be scraped and rebuilt.

When that reset happens you will want gold and silver, if your focusing on current price your missing the big picture.

twippers Fat Willie
Jan 4, 2013 - 12:19pm

Take it public to who?

The mainstream media? Time magazine? Nightline? Do you think anyone cares? The average person doesn't give a crap and that's mostly because he/she doesn't understand the markets. Most hand over their hard earned dollars to crooks to invest it in the whole ponzi.

You could hand them the whole picture of market manipulation in a beautiful frame and no one would care at all.

Jan 4, 2013 - 12:22pm

All Hope Is Gone

The state of the nation, violation! A broken promise is as good as a lie. The hell is humongous, the devil's among us And we will burn because we won't unite! We won't witness anymore freedom. Where is anybody? Do we need 'em?" I would rather fight, Than let another die. We're the problem, But we're also the solution. All hope is gone! https://www.youtube.com/watch?v=8aW-Lfk5ZmU

Jan 4, 2013 - 12:24pm

Why bother?

Turd, I believe you have kids. Look at them and think about their future.

There is your motivation.


Jan 4, 2013 - 12:25pm

Turd's Depression Is Our Depression

The old "winter of our discontent" stuff has us all. We wonder why we keep trying? Someone said that God doesn't expect us to fix everything in our lifetime. He just expects us to keep trying to fix things.

Some days it is just fine to say you have no idea and screw it. I know you'll take up the cause with renewed vigor by Monday.

Keep stacking people! It's on sale.

Jan 4, 2013 - 12:28pm

Silly charts?

Blasphemy, never want to hear those words out of your mouth again.

Jan 4, 2013 - 12:31pm

Turd, big picture

Whenever something isn't clear, take a step back. If it still isn't clear, take another step back. You can't see the forest through the trees.

I'm certainly not the smartest guy in the room but I called the dot-com bust. I also saw the real estate bust coming. I even shorted Merrill Lynch and made some money there after Bear Sterns (although I was debating shorting Lehman Brothers- duh!).

What do those events have in common with PMs and debt/deficit/currency debasing situation that we're currently in? Everything. EACH time I tried to tell people, I got strange looks and people thought I was "out there". We all know how that feels! Then we doubt ourselves, but we NEED TO STICK TO OUR GUNS!

Well each time, I was right I later reminded the people that I care about "I told you so". Not to be a dick but to try and wake them up; now a few listen. I've got a few to buy and hold PMs. You have gotten MANY people to wake up! This is the same pattern of leveraged BS based on unsound fundamentals. Only this time it's much larger and will be even BIGGER.

I for one, will never want to live with the regrets that I knew what was going on and let the people I care for suffer. Like the great Metallica song Damage Incorporated, "F*ck it all, F*cking no regrets!"

Jan 4, 2013 - 12:33pm

Turd are you Marvin?

The American Dream Film-Full Length
Jan 4, 2013 - 12:38pm

Turd - you have made a difference!

Just recall a year or two ago when silver was attacked and it took months to regain the losses. Don't worry about the CFTC it is you, Turdville among others such as Sprott, Butler, GATA, etc. that will and are bringing the market to true price discovery.

Yes, I say your are one catalyst in destroying the EE.

Don't give up now, but please enlist guest posts when things become too much.

Check out the impact you have. Silver goes down, open interest increases. You have educated more people than you know. The word it out, take delivery.

Open Interest Gains during the Silver Attack

Let the party begin!


Silver is hammered far worse with its trade now down $1.22 at $29.55 after reaching $29.24 right at the London open. Funny thing about all this is the Open Interest in Silver. Yesterday, the OI was at 141,000+, as of right now, the OI has gained and is trading at 143,002 …. The buyers that have been hanging on are not leaving no matter what the bank clowns do, they can’t shake loose the open interest which tells me we ain’t seen nothing yet. If they can’t shake out these deep pocket buyers then the rally (when they finally give up this dollar support) will be spectacular!!

Jan 4, 2013 - 12:38pm

Taking down TFMR

I agree with Revelation.

As much as I look to your blog each morning when I wake up, as much as I appreciate what you do, you have to think about yourself first. You have to enjoy doing it. If you feel like you "must" write something, if you feel like readers are waiting for something, if you feel like it takes more energy than it gives you, than you must shut it off now.

Of course, I would be sad if it happened, but you have to think about yourself first.

Maybe your best option is a one week break away from the computer, away from your blog, away, away, away.

If it works, fine. If it doesn't, then look for more radical options.

You won't help anyone if you burn out.

Keep the spirit!

Nuff said.

Mr. Fix
Jan 4, 2013 - 12:45pm

It has brought me tremendous inspiration over the years,

I may be one of the few true Billy Joel fans here,

but the words to this song hold a special meaning for me, especially in times like these.

Try not to view this as one of those goofy music video posts, and ignore it,

but instead click on it, take the 3 min. out of your life and read the words.

Sometimes it is simply what is required:https://www.youtube.com/watch?v=8BGbeDb5VIk

ballzdeepnsilver Horst
Jan 4, 2013 - 12:48pm

It's your Broker


I had a similar problem last month with my broker. They stopped taking orders on certain exchanges.

Jan 4, 2013 - 12:48pm

Why bother?

Why bother? Simple. The current system is unsustainable. It's a fabrication. It's corrupt to the core. And history shows us that such systems always collapse. It will likely take hunger and tragedy before the illusion the masses live under will be dispelled, but having real hard assets are the best bet we have to not be as deeply mired in the hunger and tragedy as others. When that time comes, it'll be ugly.

I read the site often, though rarely post, but I appreciate the fact that you're out there calling it like you see it, because your eyes work better than most. Makes people like me who also see the grand sham not feel so alone in our observations, and gives me a bit of hope. The current system will end, mostly because it's not based in reality. No fundamentals. Your helping people be prepared for that. Take pride in it.

Jan 4, 2013 - 12:49pm

I can relate

I fell Turd's pain here. Like the rest of you, I see the complete farce our country has become, but then I go through my daily life and realize I'm probably the only one within my circle. And when you try to clue them in, you're the nutcase. And sometimes you wonder if they're right - everything looks so normal.

I watched my kids open their presents on Christmas Day, saw how happy they were. And I thought to myself, sadly, this could be the last Christmas like this. And then I realized I thought the same thing last year. And the year before.

Depression is natural in this case - both for what you know is coming, and for living within the illusion of normalcy. We're not crazy - a few minutes of stepping back and looking at the math will remind you of that. But we don't know when, or how, it's going to crash, and the waiting, along with the ongoing self-questioning, will fray your nerves.

Turd, you've been given a gift - the ability and the initiative to create a forum for people to cope with the waiting and help each other plan for the future. You can't reach everyone - having family members with mental illness has taught me the hard way that people won't change if they don't want to. But for those who do, you've created a comforting and helpful place for them.

What that means for your future efforts, I don't know. You can only say "stack and prepare" so many times, and in so many ways. But if you do nothing else, you've already made a great contribution.

The Watchman
Jan 4, 2013 - 12:51pm
Jan 4, 2013 - 12:52pm


Up to this point I assumed Turd was still expecting some sort of huge explosive move in the not too distant future, based upon some private information he is privy to.

After reading today's post though, this quote:

"…I am entirely confident that the CFTC has been given, all wrapped up in a neat little package, everything they need to prove, beyond a shadow of a doubt, that the metals markets are wholly and entirely manipulated for the gain of a few bullion banks."

makes me wonder if the big explosive move was related to the "neat little package" that gives Turd confidence that the CFTC has all the info they need.

If that is the case, then I have to assume that the long anticipated but never realized big explosive move is kaput.

And if THAT is the case, Turd might as well come clean as to what the mystery was.

Edit: And what's all this business about trying to talk Turd into shutting this place down? Geez, it can't be THAT bad, I mean, he just got back from a vacation, he ought to be refreshed.

I'd miss this place. Both entertaining and informative.

Jan 4, 2013 - 12:53pm


Turd, you can lead the ass to water,but you can't make him drink! the only way to beat the cartels is to not play the paper game. lets see, where did I hear that before? I have been stacking for a long time and now that I have been forced to retire I'm living off my 250 to 300@ ounce gold. point is, I preserved my wealth through this on going crisis and that is what this is all about. I think you do a hell of a job teaching people how to protect themselves against the farce which is running this nation!


Jan 4, 2013 - 12:58pm

Everyday for years now, CNBC

Everyday for years now, CNBC talks about the Fed ending QE, or even hiking rates when the economy starts "firing on all engines". Never once is there any person to challenge this BS, asking "what about the interest payments on the debt?" or "who will buy the bonds then?" or "can this economy function with higher rates?" The Fed just annoucned QE 4 a few weeks ago, and now they are already sending out the anti-QE proproganda, what does this tell us? They are in even bigger trouble than anyone of us even know!! Why don't they just let the QE program go on without talking about discontinuing it? Something is off bigtime, this is a act of desparation, we will find out soon enough is my bet.

Jan 4, 2013 - 12:59pm

I really do understand why so

I really do understand why so many are upset about the paper price of their metals today. But the game on Wall Street is to take your money. Period. You take theirs, or they take yours.

Don't make it so easy for them.

Buy low. Dribs and drabs. This is going to go on for a long time. Pace yourself.

Jan 4, 2013 - 1:01pm

Debt Rate - Keep focus on 2nd Half 2013

Perception of Debt rate going down with tax increase(Cliff Deal part 1) drives down metals.

Even though long term amount is small to Debt decrease rate, perception is rate is dropping. This rate will be shown to be even smaller, as those making over $400K will put money in tax shelters to dodge increases.

No incentive now for Democrats to play ball on spending..they will stall till end of February much like last August. Look for minor "cuts" to spending. As a reminder two months prior to last August Debt Ceiling Silver was at $27.50... prior to Debt Limit increase in August silver was still at $27.50...then moved up to 34.50 in September.

Flat to slightly lower till end of February...

Jan 4, 2013 - 1:01pm

Silverman Is Right

Good posting from Tech Trade over at PTC Jan 4 1:31AM

Silverman is right.

"If you look at the weekly and monthly MACD in gold and silver, it appears we are going MUCH lower, sorry to say. Sure, there will be rallies, and the daily is showing a buy signal (still, but it's failing), but the difference between now and January 2012 is that we were nearly bottomed out then on the weekly MACD, here we're mid-range and falling hard with a long way to go to get any where near O/S. If 2012, with all the Euro news and QE news, etc., couldn't get gold and silver to rally to new highs, then it doesn't appear that anything on the horizon is coming along soon that's going to turn the technicals on these, other than time and lower price action.

Silverman's sell of silver at 30.900 was spot on, based on the 20R chart. Every buy signal since then has just been overwhelmed with new sell signals and lower prices. You can't say this is bullish price action - down $2 in 36 hours?

I'd say stop stacking and start hedging on the next rally, or the next sell signal. A retest of 1560-1600 and 27 is certainly not out of the question, and if they fail, there's not much until 22.5 and 1380-1400. Just can't find much to be optimistic about, at least from a technical viewpoint, or from a fundamental one even. The technicals do work - just ask anyone who takes the sell signals and rides these waterfalls down. When buy signals don't have any staying power, when support levels give way one after the other - again, not signs of any bullish price action.

I don't see much good happening in gold and silver in 2013, probably not until 2014 or 2015. At this point, it's time to be realistic and get into protect and preserve mode, and hedge your physical for much more possible down side to come. The ugliness could just be starting."...............................................

I am not a Bear. I'm a stacker, but am not married or emotionally tied to my stack. At least one member of this community can vouch for my position. I feel for those who purchased at the higher levels and may be hurting for cash. Your time will come. I've been fortunate and have been able to buy physical at reasonable levels, sell into some of the uptrends, and buy back lower. I'm repeating this process currently. When you try to think like the criminals and gauge some of the psychology, then certain events in the markets become clearer. A step back from time to time and a look at the mid term picture (RE: Look out your window) helps one to see that this nonsense will continue for awhile yet. In a rational scenario the metals would have been on a tear over the past 4 or 5 months. Testing my tech/psych theories have enabled me to get a few medium term directional calls correct (grinding ending toward the end of August posted at PTC). Yes, a 50/50 chance of being correct. Still, however correct directional calls during the last 3 directional moves. Lessons learned, in part from the group at PTC. Much for all to learn from lurking there. The group will arm you with information, and assist in evening out biases we may carry.

The time we are being given is all bonus time. Stacking means stacking everything. Best wishes to all.

Jan 4, 2013 - 1:04pm

Prima Donas

I never comment because I think it is interesting to read the analysis and then move on. But I'm frankly shocked by the commentary in the PM community. Last time I checked gold was up 12 years in a row and silver is doing just fine. It was $9/oz when I first got told to look into silver, early in '09. So cry my a river that it has gone down recently. I bought a lot of options on SLV and GLD that are worthless b/c of this crap and I feel like an idiot, but it's my own fault and I understand that investing you don't get guaranteed positive returns every single day.

Where else do you want to put your money? If you want an easy return of capital, buy very short-dated corporate bonds and stop worrying about it. If you want to invest for the long-term with a real thesis, then invest and continue to evaluate that thesis as the facts change. Price going up or down one day is irrelevant. The only thing of consequence to happen this year is the US Congress agreeing to an even bigger budget deficit for the next decade than expected. Holy hell. I remember reading about the potential of $1 trillion dollar deficits in 2007 and thinking it was wonky. Now we're looking at $1.7 trillion assuming the economy does decently well. And people are whining about gold and silver down 1-2%???

Grow up or give your money to someone else to invest.

I like this site and think it would be sad to abandon it. There's only a few more years left in the PM trade, why ditch now? You're like a tech analyst in '98 frustrated because CSCO went down 20% after going up several fold. Technical analysis is only useful as a guide of when to buy more or lighten up a tad, fundamentals work for the long-term and this site tries to do both. Technicals suck right now. The fundamentals are freaking fantastic.

Finally, to the people who worry that the Fed would abandon QE, let's assume it does and the US economy starts really improving. Interest rates will rise meaningfully and with banks levered 40x1 in Europe (that's what they're admitting to), some major bank would collapse. Then what? Gold is now tier 1 collateral and will be a safe haven asset in a panic. Rather than liquidated it will be hoarded. Silver will come along for the ride.

Jan 4, 2013 - 1:08pm

Valley Forge

It's just like Valley Forge.

Dead of winter. Everyone is dispirited. Hope it all but gone.

But I am soldiering on!

Because I KNOW I am fighting for what is right.

Jan 4, 2013 - 1:09pm

I still see value in stacking

Turd, I can really relate to the low "E" thing. It looks to me like the cartel is trying to break people's enthusiasm for the metals. The way the price was allowed to rise only to be smashed down, crushing hopes for a strong beginning seems calculated to me.

Actually, fwiw, the theory I subscribe to is that the Fed is the real culprit behind the gold & silver price suppression. The Bernank wants to discourage people from taking their money out of stocks & bonds and investing it in PMs. Although I can't find a citation, I seem to remember that Bernanke as a scholar of the Great Depression stated that one of the mistakes in monetary policy that was made during the Depression was allowing the gold price to rise. If he really thinks that way, it would explain the motivation behind the price suppression, and would also explain why the CFTC appears to be in cahoots with the cartel banks that carry out the attacks. It might even be that all central banks are in this game together - see the Washington Agreement on Gold.

China seems to want to increase its gold reserves, so they would have motivation to continue with price suppression for as long as possible in order to purchase gold at lower prices. So I don't see any way that the Chinese will do anything radical such as opening a new exchange that would allow for unencumbered price discovery that might help shoot the PM prices higher. However, their continued buying will inevitably push prices higher in spite of price suppression on the exchanges.

The only solution I see is to keep stacking. It's going to be one of those crowd sourcing types of things - once enough people start stacking, even in a limited way, the Cartel & the CBs will eventually lose control and the lid will fly sky high.

May each man, woman, and child in China & India (and everywhere else, too) buy (at least) 1 toz of silver! ... that would do it, I think.

So I see a lot of value in this site and in the information provided by you and the many other posters that encourage folks to stack, even if the Government and the Fed is corrupt, and the CFTC is manned by a bunch of f*ing a*holes.


Jan 4, 2013 - 1:09pm

Believe me. I've thought about it.

Thought long and hard. But I can't. There are actual people who I believe, quite literally, put their lives on the line to further the process and I won't/can't endanger them in any way. To do so would be tremendously irresponsible.

Jan 4, 2013 - 1:10pm

Clarify, To See Clearly

TF do not despair. You have aided so many to 'see' clearly.

I totally agree with your post about the level of corruption in the system and to the depth that it runs.

The CFTC as it is now, is a cruel joke. I especially take issue with the "Mullet"! Bart has been the official apologist, playing the part of "good cop" and offering nothing more than a shoulder to cry on. The other members of the CFTC act in line with what we have come to expect from a crooked group. But Bart is especially vile, in that he offers false hope and feigns genuine interest, all the while walking on his knees before his moneyed masters.

Keep the faith. This site and your leadership provide a light at the top of this watchtower, so others may also be helped to "see clearly."

Jan 4, 2013 - 1:11pm

Of course nothing will get

Of course nothing will get the price of paper silver to rise. Paper silver is of debatable worth, and is certainly worth less than actual physical metal. As the layers of fraud continue to come unwound (slowly at first, then all at once), the price will decouple from physical to a much greater extent than we have seen, until paper is worth nothing (no longer traded, and the counterparties are bankrupt), while the dollars previously invested in the paper silver ponzi re-arrange themselves, with much of it going into actual physical silver.

That will be accompanied by an industrial panic as the hedgers are forced onto the spot market, and buy up their whole curve on the spot market so they can stay in business.

That is when the dynamite goes boom.

Jan 4, 2013 - 1:11pm


"A good pilot is compelled to evaluate what's happened, so he can apply what he's learned. Up there, we gotta push it. That's our job. It's your option, [Turd.] All yours. " ******** EE: They gave you your choice of duty, son. Anything, anywhere. Do you believe that shit? Where do you think you wanna go? Turd: I thought of being an instructor, sir. EE: Turds site? Turd: Yes, sir. EE: God help us.

Jan 4, 2013 - 1:14pm


I fear one of Turd's buddies may have turned out to be a bit of a pumper in regard to the HEH. Just a guess.

Jan 4, 2013 - 1:17pm

Taking down TFMR

You'd regret that, when the metals do take off, think about how good it's going to feel to shut all these "don't stack now and if you bought in the last two years it was a mistake" dumb asses up.

Also where would all the new people learn about what's really going on in the world, you're performing a public service, you change peoples lives, think about that, that should make you feel good, that should give you energy.


Donate Shop

Get Your Subscriber Benefits

Exclusive discount for silver purchases, and a private iTunes feed for TF Metals Report podcasts!

Key Economic Events Week of 5/20

5/20 7:00 pm ET CGP speech
5/21 10:00 ET Existing Home Sales
5/22 2:00 ET FOMC minutes
5/23 9:45 ET Markit PMIs
5/24 8:30 ET Durable Goods

Key Economic Events Week of 5/13

TWELVE Goon speeches through the week
5/14 8:30 ET Import Price Index
5/15 8:30 ET Retail Sales and Empire State Manu. Idx.
5/15 9:15 ET Cap. Ute. and Ind. Prod.
5/15 10:00 ET Business Inventories
5/16 10:00 ET Housing Starts and Philly Fed
5/17 10:00 ET Consumer Sentiment

Key Economic Events Week of 5/6

5/9 8:30 ET US Trade Deficit
5/9 8:30 ET Producer Price Index (PPI)
5/9 10:00 ET Wholesale Inventories
5/10 8:30 ET Consumer Price Index (CPI)

Recent Comments

by Trail Trekker, 45 min 25 sec ago
by lakedweller2, 45 min 47 sec ago
by Turd Ferguson, 1 hour 29 min ago
by Marcus, 3 hours 15 sec ago