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 ()


Feb 20, 2013 - 4:14pm

I've been here since The

I've been here since The Beginning, made several donations and never called anyone names or shouted. However those accusing me of doing those things are the ones actually doing them

Feb 20, 2013 - 4:15pm

Short Term - Long Term

This current smackdown? BIG FRIGGIN DEAL!!!

Those that get all upset over the hour to hour, day to day price tics, should not be so caught up in sweating the small stuff! Its all manipulated. Phoney. Rigged. And criminal. We know this. So don't sweat it!

It won't, nor can it, last forever. The "manipulators" (we know who they are) will eventually fail.

The fundos don't lie. The BDI, TEU's shipped, AAR carloadings, and now Catapillar sales stats on a three month rolling average down 12% in Asia and down 11% for North America. Along with latest export stats for Europe (especially Germany) and the G20 in general - all point to a drastic down turn in global economic activity.

Corner a rat and it will fight to the death. The to-big-to-fail come to-big-to-jail, along with some sovereign states (we all know who) are now in their death throws. Throwing anything and everything they can possibly think of at the problem to try and save themselves. They just haven't figured out yet, that they ARE the problem!

Thank you Blythe. Thank you for these much cheaper prices for not only gold, but silver too! Now its time to back up the truck. I can't wait any longer. This is it! Prices may fall a little more. So, BIG FRIGGIN DEAL! I'm not taking the chance. Buy when everyone else is selling and losing their asses!

Feb 20, 2013 - 4:18pm

@ Alien Eyes

Very nice poem on page 2 I truly enjoyed that, you should employ your poetic license more often

Feb 20, 2013 - 4:18pm

Volume is the most difficult to hide

On the basis that TPTB can hide / mope everything but real volume, is there any confirmation of the volumes shown on netdania? If it's correct then someone's decided it's time to buy or cover some shorts!

Feb 20, 2013 - 4:18pm

For the record

I have not gloated about any of the price action, and have no reason to. Nor do I make any predictions about the future.

Feb 20, 2013 - 4:21pm


I am not sure why people are giving you a hard time. You can't be that offensive, I don't have you on my ignore list yet. Maybe its just the stress level around here today.

Feb 20, 2013 - 4:21pm


Double Post, first time too. Weird

Feb 20, 2013 - 4:24pm

Again with the Sprott

Another Sprott interview, another site attack:

Ilya Repin
Feb 20, 2013 - 4:25pm





Biggus Stackus
Feb 20, 2013 - 4:32pm
Mr. Fix
Feb 20, 2013 - 4:33pm

But I've read the bottom was in two weeks ago.

And then there's the hat contest,

I am the proud owner of the lowest position.

Long way to go,

the COMEX is toast.

Feb 20, 2013 - 4:34pm

Long term view of Gold

Here is a longer term weekly chart of gold. It seems likely that we are going to backtest the downtrend line that we broke through earlier. Best case scenario now seems to be a "touch and go" of it in the coming days/weeks.

Lack of upside buying after todays plunge leads me to believe that the pain isnt yet over - there is still more to come. I would expect that this correction will end with a flush of remaining weak longs followed immediately by an incredible amount of buying which will leave its footprints on the chart as a hammer with a long tail.

At least that is what I am expecting.

Feb 20, 2013 - 4:35pm

I wish

I wish someone, somewhere, could post , here or in a miner forum, a summary evaluation of the Fundamentals in the best miners he/she can find. what Eric O used to do, but alas, no longer does. what BOG does in the pennies.

I mean, even one or two examples might be good enough.

I dont know how to do fundamental analysis .... at all.

But all I want to know is

A miner like Eldorado Gold, or Silvercorp, or Aurcana silver, or Goldcorp, pick any you want that you think is solid fundamentally and explain why that is, and thus..... why the current price is a screaming bargain, or not.

The technical charts are saying many miners are now screaming bargains.

what do the fundamentals say ?

Anyone ?

Mr. Fix
Feb 20, 2013 - 4:37pm

Fundamentally speaking, of course,

The mining industry is being driven into bankruptcy.

Probably not a good stock pick.

Feb 20, 2013 - 4:37pm

US Silver Eagles

for 2012, total February sales were at 1,490,000 ounces

as of their latest numbers, pre-smackdown and two thirds into February 2013, we are already at 2,522,500 ounces.

More Americans seem to be looking for real money!?

Nigel Black
Feb 20, 2013 - 4:38pm

Got to love Santa's determination

A Pledge

February 20, 2013, at 3:17 pm by Jim Sinclair in the category General Editorial | Print This Post | Email This Post

My Dear Friends,

I swear those that have caused the wreckage of all things once held dear to us shall not have my gold or gold share position. Fear is no part of me, and I will face the enemy, confident in our success.



Feb 20, 2013 - 4:39pm


I think Mr. Fix' theory that the bankers are trying to destroy the mining companies so they can swoop in and buy them on the cheap. If that is the case, the fundamentals could not be shittier. It is, however, the theory that makes more sense to me than anything else I have seen.

Feb 20, 2013 - 4:39pm

@Ilya Repin


But it's been proved time and time again that nobody can rely on the charts. I've certainly noticed that in the short time I've been watching them, and the predictions from various traders (of which I'm not one).

If they were predictable, nobody would never lose money on the markets.

Feb 20, 2013 - 4:41pm


no.. this IS a bottom!

If not, my wife is going to punish me with a massive shopping spree!

Feb 20, 2013 - 4:49pm

Premiums are rising

Up to $85 premium per coin now. It had been holding at around $75. I think last time I bought a gold one-oz coin, the premium was $9 per and gold was around $900 in Jan of '08. Maybe what this slam-down is all about is the paper price is beginning to peel off from physical. It has to happen sooner or later. Maybe it's now "later".

Feb 20, 2013 - 4:53pm

Well, at least this hammering is fun to watch...

It's been ultra-boring the last few months, eh?

no, I don't know either.

J.P. Cubish
Feb 20, 2013 - 4:56pm

Wish I had more paper...

..but I only have metal now. Time to walk away, maybe hit the gym. I could spend the whole evening scouring the internet for info, but only time will tell how this will play out.

lakemike49 proton777
Feb 20, 2013 - 5:01pm

reply to proton777

since when has this site ever used the definition of a troll as "someone who speaks the truth and doesn't drink the kool aid". and to what are the rest of us called, that would be STACKERS.


Feb 20, 2013 - 5:02pm

@ Ilya Repin

'the incredible strength of silver'

tell me more!


Ilya Repin
Feb 20, 2013 - 5:02pm

im not saying its too the

im not saying its too the tick.. but some good charts showing that we must have 95% of the damage done.. the incredible strength of silver and if you sell now you are a muppet

GDXJ over 9,000,000 shares traded today

Silver volume of the charts

Gold... who cares just buy some

Feb 20, 2013 - 5:03pm

Monthly chart of Silver 2000 - Yesterday$SILVER&p=M&st=2000-01-01&en=%28today%29&id=p45717733398&a=140943143

Note that it is Log Scale

Does the big picture really look that devastating?

Feb 20, 2013 - 5:12pm

@ Byzantium

Well I suppose moving from about $9.00/oz in October of 08 to $28.50 in 4.5 years is incredible strength. I don't know of too many other assets that have done that in as short a time frame.

What If
Feb 20, 2013 - 5:22pm

Gold and Silver

Tulving is out of all there Silver and Gold

Feb 20, 2013 - 5:22pm

Stop your whining you pansies!!

“Eric, to my knowledge this is the only chart in existence that tells us when the next high and the next low for gold will occur. The turning points in the squares at the top of this chart are a golden gift from Mother Nature. I call them LTD’s. They are turning points specifically for gold bullion. Since this bull market in gold began a new high has occurred at every number [4] high and every grouped numbers [1] [2].

Gold is currently bottoming at LTD #3. The next high will occur at LTD #4. These turning points are not influenced by the Federal Reserve or any government activity. They do not care about who is buying or selling or how much they are buying or selling. They do not care about the ‘big boys’ or the ‘little boys.’....

“I cannot discuss how these points are determined because that knowledge is reserved for my crew members. However, I have provided the approximate range for the LTD #3 low. What this shows investors is that gold is at or very close to a bottom. The due date for the next high in gold is provided at LTD #4 high on this chart. This is not a miracle, but it is Mother Nature’s secret.

I imagine many investors are deeply troubled by the recent decline in the price of gold. Hopefully this chart will ease their pain. If they knew what Mother Nature has in store for the price of gold, they would be laughing all the way to the nearest coin store. Eric, only you could ever get me to part with the above chart.”

Prize Fighter
Feb 20, 2013 - 5:28pm

@achmachat Thanks for the Mint numbers

I hadn't visited that site for a few weeks and it's nice to see the record January follow through. I got to clicking around and comparing to the previous record year of 2011 thinking how crazy it was that we broke Jan record of 6.4 mil ASE and sold 7.5mil this year, in half the time! Then I looked at the Feb 2011 record month of 3.2 mil and here we sit at 2.5 mil and a week to go with firesale prices. So that record looks to be broken as well.

Then it dawns on me that 2011 records were done in that uber rally of $27 towards $49. The standing records were made at a time when you could do no wrong in metals. But now? Now we are breaking those sales records in a declining market! A long drawn out BS of a market. That's got to be evidence of that accumulation/distribution line that's been trending up while price declines. Crazy man. Crazy.


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