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 - 9:13pm


Just amazing how many trolls have raised their insincere, ignorant, fetid, rotting, pustule, brain dead commentary today.

My IU button running hot...

I would love to see a diagram of how many TFMR posters place Trolls on IU vs Time.?

Maybe a direct correlation to a sentiment preceding a metal's market price turn?

Maybe, when they reach a certain percentage of members, they are purged/deleted like the festering fecal matter that they are!

Feb 20, 2013 - 9:14pm

$1555... being tested right now. I mentioned this earlier...

Look out below if it gives way.

Are we about to watch an Asian market sell off and then another London one?

Feb 20, 2013 - 9:16pm

Yup, now that I have placed

Yup, now that I have placed all the trolls on IU, they are starting to PM me.

No place on the PM screen to report abuse, though. But Block works well enough. IU should automatically block the user too, IMO.

The Vet
Feb 20, 2013 - 9:17pm

There are no "supply" metrics for silver or gold....

Paper silver and gold can be produced in unlimited quantities at zero cost! As long as COMEX allows the short sellers to flood the market with these instruments (and be given credits in their accounts on the sale) and to cover their margin exposure with US dollars (also available in unlimited quantities at zero cost), how can the real physical price be determined?

The US markets are paper markets as is London, where in total more PM's are traded in a day than are produced in a year. We aren't talking about real metal trading on any sort of fundamental basis. We are just witnessing another fractional reserve fiat paper ponzi scheme, one that has official blessing and support.

Feb 20, 2013 - 9:20pm

Tmosley's incoming PM's

Popular guy today...

Feb 20, 2013 - 9:23pm

traders shaking out the weak hands

This is just more of the same - traders shaking out the weak handed longs. They will step on the gas until they get the turnover they want to see (or longs mount their own counter attack). Lately, the longs have been stepping back.

It looks like 1550 is going to fall. Going long on some contracts at around 1510 would seem like a reasonable risk/reward. 1500 will probably hold, and the bulls look to be retrenching there.

El Gordo
Feb 20, 2013 - 9:28pm

Fire sale?

I feel like there's a fire sale going on. It's almost like one of those deals where things are getting so cheap that you have to buy it even if you don't need it, just because it's such a good deal. I was bragging earlier about already having made $2 on my earlier purchase today - well you all will be happy to know that it's now joined the rest of my stack under water about a dollar or so. So, what should I do? Well, when I look back at all the other purchases I've made over the past couple of years, I figure I can average down here a little bit and take advantage of the prices. Or, I can piss and moan about how much money I've lost and how I'm cashing out and screw all you nutballs for ever getting me into this mess in the first place, etc. Think I'll go for plan #1 and average down - hell, try as best I can, I still haven't lost it all yet, so why not keep it up until I do. I don't know why this is happening, but if anything ever flew in the face of logic and reasoning, this is it. Things that should be up are down, things that should be down are down. Oh well, you can't take it with you they say.

S Roche
Feb 20, 2013 - 9:29pm

@ReachWest re GLD Puke

It is a positive signal. (pic not posting, link below)

This is from Google Images but Lance Lewis has updated it today in his subscription service Daily Market Summary ($500p.a. and money well spent for traders).

Not everyone agrees but I like it. To me (and wtfdik) it signals an urgent need for bullion by the market makers, having said that GOFO has been falling since early-ish January...anyhoo, I have closed my shorts and been catching a few knives in the last four hours.

So many people are talking about a $1525 ish target it makes me think it cannot be right and so I am looking for an early bounce.

Feb 20, 2013 - 9:30pm
Feb 20, 2013 - 9:41pm

US Markets are Fraudulent

Higher precious metal prices engenders a loss of confidence in the dollar. The US Fed has always tried to keep a lid on precious metals, especially gold (Volcker even admitted).

Now with the Fed having already printed $3.6 trillion plus operation twist and printing $85 billion a month, there can be no alternative to the dollar permitted. So all real money must be destroyed.

Watch the daily takedown of gold and silver when New York opens. How many times you have to be hit on the head before the truth sinks in?

Feb 20, 2013 - 9:46pm

It's time the Gold & Silver

It's time the Gold & Silver markets turn to the East for fair value.

The criminals in the West who are running the trading systems and lying about the actual gold in their vaults need to be confronted.

Only fools will trade in this entirely rigged market, as also on Wall Street.

The gold and silver markets are being rigged to take away your wealth , while Wall Street is slated to make a clean slate of all your investments and your pensions.

It is so funny- QE talk ( of stopping) by the Fed minutes has an effect on PM's and no effect on Wall Street !!!

The end game cannot be far away.

Feb 20, 2013 - 9:46pm

About AGE and ASE...

I don't post much, just doing the same, as I wrote before... 1/3 in junior oil drillers (doing very well so far), 1/3 in miners (not really something to write home about), some specs, cash, but as for physical, I don't really know. I guess, I am getting older...

I follow prices in the Central Europe, particularly in Prague. I live there, too, some 3-5 months per year. The major dealer is selling AGE and ASE for these prices, updated today, February 20, 2013:

AGE = $1,846.39

ASE = $55.31 (including VAT).

It seems to me that buying AGE and ASE here, right now, is not such a bad idea.

Feb 20, 2013 - 9:47pm

Harvey's Up!

Ranting Andy: I'd rank Tuesday's smashdown the MOST EGREGIOUS CARTEL ATTACK OF MY ENTIRE "TEN YEARS (soon to be eleven) OF HEAVEN AND HELL." Not that it's the worst decline, in terms of scope (NOT EVEN CLOLSE); but by far, the most maniacal. In what I can only describe as the MOST HEINOUS CARTEL OFFENSIVE in the eleven years I have been in this sector. Even as gold backwardization nears; and the silver "basis" (futures minus spot) is nearing ZERO as far as five years into the future the PAPER PM attacks keep coming (I know they are PAPER-only because NO ONE is selling metal to Miles Franklin). Rick Rule: Some pundits are claiming jewelry sales will at as supply for the bullion market. If you think your wife’s ring is supply, ask her. You’ll find out it isn’t. All this and more on...

The Harvey Report!


Feb 20, 2013 - 9:47pm

Yup......trolls are everywhere

even VictortheCleaner poked his head in.........if that's not a 'buy" signal........i don't know what is.

i'm one else picked up on that.....

and he's a real slimy know, the kind that's hard to get your hands around.....real slippery sumbitch...

Feb 20, 2013 - 9:50pm

recent submissions

Wow. Interesting times. Lots of new posts and rebuttals. Been around for a while but seldom post. I'll try not to offend...

For the new posters that come out during significant downward price movements in paper metals...chill. We are all different. I have no issues with what you type/ask/propose but please understand that this site isn't about trying to convince folks of something, it's about preparing for the end of the keynesian experiment. Remember, there are lots of long term committed folks that aren't just a bunch of sheep blindly following someone's guidance. They are intelligent and truly appreciated for their contributions to this site and I applaud this! You know who you are. This isn't about the last day or week or month, it's about what may/will? be. Some have stronger convictions than others.

At the same time I do appreciate comments that keep me on my toes...and make me think about the big picture. The big picture is what this is about.

For the record...yes I see things going for a shit and once the PTB give up or some other catalyst kicks the big picture into gear prices for PM's will rise. However, nothing is 100% certain and so I am also hedged for that. Just seems like the right thing to do. I don't think I'm alone...I believe ( and maybe I'm wrong) that most are hedged-just in case-as well.

(Disclosure...I work for the gov and have typed WTF at an increasing rate!!) 7 years to go..

I guess my point is..thanks for making us think about what if IT doesn't happen but please allow us to carry on with what is likely to happen.

PS: Don't piss around with leverage. Either you have the $$ or you don't. THAT is huge.

PPS: Will NOT sell physical.



Feb 20, 2013 - 9:55pm

I hope Harvey is OK

I have been reading Harvey a long time, and he is very careful about letting his readers know a day in advance if he is going to have a delay in posting the next day. I went back and read the end of last night and there was no such warning. With all of the takedowns of metals sites of late, it appears TPTB are trying to silence the truth tellers. Anyway, it is probably nothing, but I hope he didn't get Andrew Macguired.

Edit, well Daystar, I guess that answers that question.

WTF? When I got to Harvey's blog it is still saying Tuesday 2/19, I have refreshed it several times to no avail.

Feb 20, 2013 - 9:59pm

Andrew Macguired!!!!! LMFAO!


Feb 20, 2013 - 10:00pm

@S Roche

Thanks for the response and explanation. Obviously someone with deep pockets would prefer to hold physical rather than the GLD paper.

Mr. Fix
Feb 20, 2013 - 10:05pm

@ ag1969

If you go to the comments section on Harvey's blog,

he posted this afternoon that he was stuck at work with no Internet.

He would not be able to post untill 11 PM.

Other than that, I think he is fine.

I worry about him too.

Feb 20, 2013 - 10:05pm

Mr Fix

So what did Daystar just post?

Feb 20, 2013 - 10:18pm
Feb 20, 2013 - 10:24pm

The Gold Rush

Video unavailable

On January 24, 1848, James Marshall found gold near the fork of the American and Sacramento Rivers, and unleashed a massive migration from around the world to what had been a forgotten backwater. With head-spinning speed, these gold-seekers created one of the most extraordinary societies in history -- hard-driving, overwhelmingly male, often brutal.

The Gold Rush was a remarkably international event; in short order, gold-seekers from Oregon and the Sandwich Islands (Hawaii), Mexico, Chile, England, France, Australia, Ireland, and China were soon knee-deep in water in the diggings. Each found themselves playing the Great California Lottery, in which luck not hard work or honesty, seemed the key to success.

Mr. Fix
Feb 20, 2013 - 10:29pm

@ ag1969

DayStar just posted a compilation of other stories from across the web today.

I suppose he's already gone to bed, and could not stay up until 11 PM to see what Harvey organ had to say.

Harvey often does updates in the comments section of his blog,

although his webpage just change in format, and to get to his comments, instead of it being on a separate page,

you have to scroll through the entire post again, and the comments will be added at the bottom on the second lap after you click on “comments”.

Apparently, Harvey is having a rough day at work.

Feb 20, 2013 - 10:33pm

Keep stacking

Few thoughts:

1) How exactly does the bogus ETF SLV make money to pay for storage fees and overhead if the share is always priced below spot? JPMorgan makes money by shorting it which is a conflict of interest to those who put into their bogus ETF.

2) Kmart, Sears, etc. display sterling silver jewelry in a such a manner that it can be easily shoplifted. Gold on the other hand is kept locked under key. Now if enough physical silver were stored in vaults equivalent to the amount of gold in vaults around the world, you would *not* see any silver.

3) I believe Soros recently sold off GLD ETF positions to either a) buy physical gold on the cheap or b) put it in short the equities market (or both). Either way, that man has enough money to sway the market at will, and front run us any damn way he pleases. Regardless of this game, he will die of old age relatively soon.

4) Gold and Silver are what they are - rare elements on the period table. These stupid metals do not even know they are the arch enemy of the Western Banking Fiat Monetary System. Fiat is now "winning". Imagine that. The US Dollar is actually getting stronger! yeah.... r-i-g-h-t! There is absolutely no way I'm giving up my stack for a piece of toilet paper.

Hold phys with strong hands my friends. Most importantly, keep up the good work and pass the word on educating the masses of the corrupt banking system. People are waking up but not enough yet.

I foresee a mania phase in physical gold and silver. Where all local coin shops will actually need armed guards and fierarms.


Feb 20, 2013 - 10:34pm

Jar of Gold

Like This:

Feb 20, 2013 - 10:36pm

OT: It's ZeroCare, unless you sign what they want you to sign

I was just handed the Phreesia computer tablet by the receptionist under the guise of updating my medical and insurance information. I had seen this orange notebook in another doctor’s office and I became suspicious. Is this really meant to verify, as the website claims, my insurance eligibility automatically and help doctors collect on their insurance while easing the load of paperwork? Or is it forced electronic data compliance to Obamacare?

As soon as I started reading each screen, I realized that it was asking me to consent to third parties to obtain my medication prescription history from my pharmacy and to my entire medical history.

I had the right to request and restrict as to how my protected health information was used or disclosed. However, when I declined to sign, the computer stopped, and prompted me to talk to the receptionist. She informed me that diagnosis and/or treatment “may be conditioned upon my consent.”

The electronic screen and the paper copy the receptionist gave me said, “The [name withheld] is not required to agree to the restrictions that I may request and may refuse treatment based on my restriction as permitted by Section 164.506 of the Code of Federal Regulations.”

Suddenly, because I refused the IRS and HHS meddling in my personal health affairs, I had become persona-non-grata (unwanted person) to my doctor who had sworn a Hippocratic Oath to care for me and any patient who comes across his/her path.

In other words, I would not be treated if I did not sign yes. I had the right to say no, don’t give my medical information and history to anyone else but the doctor is not required to honor my request and may refuse treatment to me as permitted by Section 164.506 of the Code of Federal Regulations.

What if I said no, do not release my medical history to a third unapproved party and I paid cash? The doctor would not see me. Welcome to the destruction of our stellar healthcare and patient/doctor confidentiality, compliments of Obamacare.

And the rest is here:

Feb 20, 2013 - 10:37pm

Dr.Jin Zhongxia, head of the central bank’s research institute

is truly a clever Chinese following the art of Sun Tzu.

How does one get rid of trillions of useless dollars. Make others think they have value.

Feb 20, 2013 - 10:41pm


I have always found it interesting that people rob banks way more than coin stores. They will break into an armed, secure place to steal ponzi coupons (thanks again puck) while totally unaware that the real money is not there. I have not walked into a coin store without a gun in my pocket in three years. I don't want to be stuck in a little shop without any options, when some moron finally figures out where the real money is and comes in guns blazin. I know most coin dealers are packing too, but everyone could use a good wingman now and again!

Beastly Stack
Feb 20, 2013 - 10:49pm

Anyone Notice

The Bond Market! Pretty funny don't you think. Now that is some primetime BS

Feb 20, 2013 - 10:51pm

Russia Buying Up Global Gold Companies & Assets

To best of my knowledge this hasn't yet been reported on in the precious metals news space... these emails were released by WikiLeaks as part of their Stratfor cache around 1 week ago and suggest that Russia is buying up global Gold companies and assets. It makes for very interesting reading...

Also good to see that the global intelligence community also has doubts about the Bank of England storing foreign Gold without leasing it...


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 3/18

3/19 10:00 ET Factory Orders (Jan)
3/20 2:00 ET FOMC Fedlines
3/20 2:30 ET CGP presser
3/21 8:30 ET Philly Fed
3/22 9:45 ET Markit PMIs
3/22 10:00 ET Existing Home Sales
3/22 10:00 ET Wholesale Inventories (Jan)

Key Economic Events Week of 3/11

3/11 8:30 ET Retail Sales (Jan)
3/11 10:00 ET Business Inventories (Dec)
3/12 8:30 ET CPI (Feb)
3/13 8:30 ET Durable Goods (Jan)
3/13 8:30 ET PPI (Feb)
3/14 8:30 ET Import Prices (Feb)
3/14 10:00 ET New Home Sales (Jan)
3/15 8:30 ET Empire State Manu Index
3/15 9:15 ET Cap. Util. & Ind. Prod.

Key Economic Events Week of 3/4

3/5 9:45 ET Markit and ISM services PMIs
3/5 10:00 ET New home sales (Dec)
3/6 8:30 ET Trade Balance (Dec)
3/7 8:30 ET Productivity and Unit Labor Costs
3/8 8:30 ET BLSBS
3/8 8:30 ET Housing starts (Jan)

Recent Comments

by scoremore, 2 hours 22 min ago
by Montross515, 2 hours 26 min ago
by streber, 4 hours 40 min ago
by Ozymandias, Mar 22, 2019 - 11:45pm
by DOOGIE, Mar 22, 2019 - 11:04pm