Cutting Vacation Short

Wed, Feb 20, 2013 - 10:04am

This is relentless and unforgiving...and I'm not talking about MrsF.

So bad that I'm cutting my mini-vacation short. I still don't have time for a full post so here are two items for you to read this morning.

ZH has been doing an excellent job chronicling the consistent, daily destruction. Here's the latest:

And here's someone who has noticed some of the same "anomolies" that I have:

The charts, of course, look terrible. Having failed at hoped-for support, silver looks like $28 and gold, if $1580 fails, looks headed all the way back to the bottom of the 18-month range, near $1550.

This is all highly unusual and indicative of extreme manipulation and panic-level positioning. At the risk of sounding trite and reading like another KWN pumper, I must say it: THIS WILL PASS. THESE EXTREMES WILL BE RESOLVED SOON AND NEW UPLEGS WILL BEGIN. PLEASE BE PATIENT. THE FUNDAMENTALS ARE STRONGER THAN EVER AND PHYSICAL REALITIES WILL SOON REPLACE PAPER SHENANIGANS AS THE DRIVING FORCE BEHIND PRICE.

More later if possible.


About the Author

turd [at] tfmetalsreport [dot] com ()


Green Lantern
Feb 20, 2013 - 10:05am



Dr G
Feb 20, 2013 - 10:09am


I'm hoping we don't drop much further here, but all signs tell me that we will dip lower. Maybe $1575 or lower eventually for gold and $28.30ish for silver at some point in the near future? My stack is large enough, so I'm still not a buyer here.

I don't disagree with Turd that the fundamentals are strong. But I'm a firm believer that the spot price has no basis in reality and therefore no basis on fundamentals. We know this after years of watching this play out. We should not be surprised as the prices continue to drop lower and we feel the fundamentals are only increasing in bullish nature.

In other words, the PRICE of silver may drop, but that does not correlate to the VALUE of silver.

P.S. Turd's mention of KWN reminded me that I haven't visited that hell-hole of a site in the past 90 days, and it's been the best 90 days of my life. What a waste of time.

Feb 20, 2013 - 10:10am


Yes? YES!

Fr. Bill
Feb 20, 2013 - 10:11am
Feb 20, 2013 - 10:12am


See if they can shake some of these silver contracts!

Feb 20, 2013 - 10:12am


4th today feels like 4th and goal from the 50 yard line!!

Feb 20, 2013 - 10:12am


These guys are getting desperate. There must be some pissed off coin dealers and miners today.

6th Amendment

In all criminal prosecutions, the accused shall enjoy the right to a speedy and public trial, by an impartial jury of the State and district wherein the crime shall have been committed, which district shall have been previously ascertained by law, and to be informed of the nature and cause of the accusation; to be confronted with the witnesses against him; to have compulsory process for obtaining witnesses in his favor, and to have the Assistance of Counsel for his defense.[

sethleon Dr G
Feb 20, 2013 - 10:14am

I think what Turd is hinting

I think what Turd is hinting at is that something epic and historical is about to happen in the market. This isn't the usual "chin up, prices will recover" speech. He must have heard some sort of insider information.

Feb 20, 2013 - 10:14am

Somehow on topic

NAPLES, FL—Describing it as a “real close call,” a local seagull suffering from an acute case of diarrhea told reporters that he was barely able to make it to a crowded public beach in time to relieve himself Monday. “Oh, man, I really had to go and there wasn’t a sunbather or occupied picnic table in sight—I honestly didn’t know if I could hold it,” said the gray and white seabird, who reportedly uttered a deep, contented sigh of relief upon finally reaching a densely packed group of beachgoers and releasing a voluminous torrent of loose fecal matter. “The last thing you want is to just go right there over the water or a bare stretch of sand. But thankfully I spotted a few families without beach umbrellas and was able to make it just long enough. Must have been some bad parking lot hot dog I ate.” At press time, the seagull reportedly felt another oncoming, urgent bowel movement and was rapidly racing toward the nearest convertible.,31354/?ref=auto

Feb 20, 2013 - 10:16am

If it doesn't resolve, the

If it doesn't resolve, the market will break and physical will finally diverge from paper. Physical will reset to a value that few would believe today, just like they never would have thought that a dollar's worth of silver would be worth $50 a mere 16 years after they stopped minting silver coins in the US. Only this will happen faster, as the "dollar" in this case isn't even a dollar, but just fraudulent quasi-receipts.

This is why I don't want the paper silver price to rise. That would at best quadruple my purchasing power over the next couple of years. My scenario resets my purchasing power upwards by orders of magnitude.

This is the inevitable result of market manipulation. And the longer they try to keep the market manipulated, the greater the reward. This instance is probably the greatest example of market manipulation in human history.

The path to the new oligarchy is not an easy one. Simple, but not easy.

Feb 20, 2013 - 10:16am


For those with the means to trade it, the GSR is offering opportunities, as silver is falling faster than gold.

We broke 55 today; I am getting ready to do a little conversion from gold to silver.

Feb 20, 2013 - 10:18am

The plunge

I would imagine that this is just a raid to farm sell stops. Once the booty is loaded, there might be a frenzy of short covering. We'll see.

Feb 20, 2013 - 10:22am

4 year trend gone

Now it could go anywhere. It appears Turd was completely wrong. Surely a paper phyzz divergence is to be avoided by the Fed?

Bobbejaan Dr G
Feb 20, 2013 - 10:22am

Quote:Dr. G said :- In other

Dr. G said :-

In other words, the PRICE of silver may drop, but that does not correlate to the VALUE of silver.

Fixed that statement here ....

In other words, the PRICE of PAPER silver may drop, but that does not correlate to the VALUE of REAL silver.

Feb 20, 2013 - 10:23am

I don't think this will pass

I don't think this will pass soon. No way. I'm still a long term bull but I don't see how we're going anywhere but down or sideways in PMs until we have a real crisis. I want very much for this to be the final puke where everyone who cant stand the pain sells...bullion, paper. Whatever. I dont care if gold goes down to $1100 as MA is warning. Lets fricken get on with it. I'll still be buying as much as possible. Actually, I like that we have more time to prepare - as painful as it is.

Feb 20, 2013 - 10:25am

Yippy; down down down!

Wow! With this type of action, something is going to break. Hoping this is the washout day. Trying to buy some July Silver 34 calls for 26 pennies each. Almost there!

Feb 20, 2013 - 10:25am

almost at that load the boat moment...

hey, why not?! of course, it could be the baily's in my coffee spurring me on...

I don't see what is to be gained here, unless some of the shorts get covered. Otherwise, are they TRYING to break the PM market?

Feb 20, 2013 - 10:27am

this has to be one of the

this has to be one of the most bizarre articles in a field of bizarre articles.

Feb 20, 2013 - 10:29am

need a catalyst

Just too damn easy. Buy market, short PMs.

Until the market going up (hopium) fades, PMs get killed.

Seriously oversold .. and getting more so. Fed minutes may do the trick.

Interestingly SPY and GLD are now at the exact same level for the first time in bloody ages.

But for now good data, rising markets spells "no worries", no need for PMs. As phony as it all is.

Feb 20, 2013 - 10:33am

Not desperate, just in total control of price

It's their platform. The bankers can do whatever they please. Enjoy your paper games suckers! Serves any of you right for trading paper. I'll keep reminding you from time to time as silver gets stuck at 27.50 for months on end. Looking foreword to my nice Turd hat:)

Feb 20, 2013 - 10:34am

I am starting to agree with

I am starting to agree with the fact that paper gold/silver is in BIG trouble, and will not trade normal moving forward.

Even Jim Willie said the paper price and the physical price are going to disconnect, and I think it was already started, the paper price may be done.

TBTB are going to destroy the paper prices for the next few years, and then may go about a currency "reset" at some point, until then there is not likely going to be any rallies or new highs.

Amazing, the physical demand for investment silver is weak enough that they can get away with it. Not enough investors take physical possession of silver.

Also, Rick Rule on CNBS at 12.

Feb 20, 2013 - 10:40am

wednesday bottom?

must have been that gold audit ...

El Gordo
Feb 20, 2013 - 10:40am

Hear that beep, beep, beep?

That's me backing the truck up to the loading dock. I may have to call U-Haul to reserve another one if this one is not big enough. Bring it on Leroy, put it right there in the corner and go get another load.

Feb 20, 2013 - 10:41am

This is horrific

If it doesn't turn around on the beige book, I'm selling a lot of miners.

Urban Roman
Feb 20, 2013 - 10:41am

Like I was saying yesterday, Turd,

Those of us who are not rending our bodices, are not writing in to complain. Some of us are on the way to a LCS instead.

Shiny things:

Feb 20, 2013 - 10:41am

@DPH - Sequestration

For several days I was eating up that "sequestration" = "huge impact cuts" story.

It's bunk.

The sequestration is rather insignificant because the deficit is so large.

More importantly, the lay offs and immediate impact are due to the cabinet level officers reacting.

The healthcare impact of the sequestration is real. But, the impact is not due to the lack of money velocity. The impact IS due to the fear in the c-level offices. The c-level guys don't want to look like chumps in the next quarter. That's why the cuts in the jobs are occurring now.

Northern Border
Feb 20, 2013 - 10:43am

Sub 29 ?????

This is a gift. Use it to your advantage.

"Back up the truck, load the boat, BTFD, all in"

Whatever floats your boat, just BUY MORE METAL TODAY.

Use this weakness to add to your physical position.

Oh Yeah, and everything else that is not nailed to the floor.


Feb 20, 2013 - 10:43am


I'm sure it's not just PM's that are under the influence of the banking cartel, so are stock and bond markets, inter-country relationships and ultimately war. It would not surprise me in the slightest to see the stock market peak at the same time as PM's bottom at the same time as a major geo-political event causes a rush into the bond market. All in the name of saving the petro-dollar and the wealth of those who benefit most from it's existence....

Feb 20, 2013 - 10:43am

@DPH Good Point

What we see and know to be MOPE, To Sheeple it is the truth and they will move their money according to what they believe the truth to be. This is a big enough MOPE to have real impact for awhile.

My Philosophy is very firmly rooted in BTFD, no matter how deep the dip gets


Feb 20, 2013 - 10:43am

GC / ES Spread

At new highs - was at -395 in October, now at -55. What a run. Long 2 ES / short 1 GC would give you a return on the spread of $34,000.

PL / GC spread was at -225 in August, and back to -185 to -200 in November. Now it's at +60, has been as high as 89. That's a $30,000 per spread run (long 2 PL, short 1 GC).

Another great spread is the long AUD / short CAD. In October the Marches were at -180. Now we're up near +500, a $6000+ move.

1580 the low today? Or will they take it all the way to S3 at 1570? Yesterday's low was at 11:15 AM, still have an hour and a half to go.


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