Cutting Vacation Short

548
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: https://www.zerohedge.com/news/2013-02-20/precious-metals-morning-slam-right-schedule

And here's someone who has noticed some of the same "anomolies" that I have: https://www.zerohedge.com/contributed/2013-02-20/curious-case-falling-gold-and-silver-prices

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.

TF

About the Author

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turd [at] tfmetalsreport [dot] com ()

  548 Comments

Magpie
Feb 21, 2013 - 2:08am
shothat
Feb 21, 2013 - 2:48am

re: Gold fishing in France

Imagin the toilet it would take to flush that bad boy down...

shothat
Feb 21, 2013 - 2:48am

re: Gold fishing in France

Imagin the toilet it would take to flush that bad boy down...

Horst
Feb 21, 2013 - 3:05am

P.S. Turd's mention of KWN

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.

Fuck you. Eric King isn't a bandwagon hopper and he does not do this for money. He ran his site a long time for free, never opened his site to ads, and about the sponsoring from mining companies, you can say that you'd wanna buy those anyway because they're companies with great value. KWN doesn't even accept donations from its audience. They say no to your money if you offer it!

That all in great contrast to a site called TFMetals, which is fucking loaded with ads, has a store, asks for donations regularly, and only came into existence in the first place during the metals rally following QE2, fed off the mania that existed for a couple of months back then, made a few lucky calls, and never really had anything to offer besides that.

It has the gold and silver price conveniently displayed on the right frame, which is the main reason why I visit. Some of Turd's interviews are worth listening to, and sometimes there are good links posted. And KWN is a little perma-bullish, which may be annoying to some. But, KWN is the original PM interview site, everyone else copied Eric King, and he deserves the praise for what he started, noone else. And he still has the best guests and the best interviews and that makes the site invaluable and must-read for anyone serious about investing in PMs. Don't crap on KWN, especially not on a (comparatively, and literally) Turd of a website like this. Just don't.

Chibster
Feb 21, 2013 - 3:23am

Still seeing flat part of graph

I whole heartedly know deep in my heart with 103% certainty that the price of gold, and silver especially, are still in the "flat" part of the graph. The mania phase will make today's volatility insignificant and negligible.

The plan is eventually the coin shops, pawn shops ...cash for gold scavengers etc. will beg and pay *me* the the damn premium of fiat Chuck-E-Cheeze game tokens so I can play the bankster denominated games with all the massive amounts fiat toilet paper it will take to convince me to sell my precious silver dime.

I can even foresee me even paying a Walmart cashier in silver coin and she/ he would scramble to pay it with her own fiat out of her own pocket so she can keep and take the precious silver dime home to her family hyperinflation proof!

Think about it. Why pay hundreds of dollars for,say, a tube of toothpaste or for a hamburger when it only costs one damn silver dime? Now that's what I'm talking 'bout folks!

That_1_Guy
Feb 21, 2013 - 3:29am

food for thought

I was watching this as I went to bed...... Hope you like it. My girl doesnt.

Stories from the Great Depression

GUY

koan
Feb 21, 2013 - 3:54am

Turd/JustAnotherLurker -

Turd/JustAnotherLurker - where did you get the first chart in https://www.tfmetalsreport.com/blog/4457/surviving-gold-opex ?

Would be interested to see March's, worked as an indicator of the range they were gunning for last time I believe...the eternal optimist in me looking at this maybe being the end, or at least the brunt of, if they've reached down as far as is profitable for them...

Just A Regular Guy
Feb 21, 2013 - 4:13am
Erewhon888 Puck Smith
Feb 21, 2013 - 4:39am

@ Puck T Smith re Ivar's assertion re credit/debt/barter/gold

You asked for a reference. The answer would be David Graeber's book titled "Debt" which is an anthropologist's take on monetary economics that rejects the usual economist "barter - commodity - gold" transition. Well worth having on your bookshelf.

maravich44 SilverLeaf
Feb 21, 2013 - 5:22am
Keg
Feb 21, 2013 - 5:27am

@Green Lantern re Peter Schiff

Look at Schiff's last two major calls - the tech bubble and the the housing bubble. He was more than a year early on both. But he was absolutely correct on both. Give it a little time and he will be correct again.

¤
Feb 21, 2013 - 5:34am

@DPH: interesting article,

@DPH: interesting article, but I have one little caveat.

You quoted this: "With head-spinning speed, these gold-seekers created one of the most extraordinary societies in history -- hard-driving, overwhelmingly male, often brutal."

There is some evidence that the brutality was not as great as is generally believed and that belief is more a product of dime novels and movies than reality. The reality was that there were fairly sophisticated systems of dispute resolution, developed in an almost complete absence of government courts and state law. These myths are perpetuated by those who have a vested interest in the idea that humans are incapable of organizing society without a structure of coercive state power.

RRJJ
Feb 21, 2013 - 5:47am

What's Schiffs current call?

What's Schiffs current call? Anyone care to give a link or just short summary?

In regards to all the muppets and trolls. F you!!

Turd put up this site because he thinks our economy is going down the drain and so other people with the same believes could meet and discuss. If you don't agree fine, but don't spend time crticizing us or Turd. How old are you guys anyway? Grow some balls and take responsibility for your choices and don't blame others for investments that you judge as mistakes.

Silverman
Feb 21, 2013 - 5:53am

Today's silver action

Looks like we will travel below 28 for silver today. I just don't see any recovery on charts. Trader Dan is right all speculative money left the PM market right now. Cause big boys making good profit on stocks.

TomMack
Feb 21, 2013 - 5:53am

I can't really speak for

I can't really speak for Mannarino, but he seemed to be suggesting selling your paper and buying gold, silver and other hard assets--land maybe? Either that or just holding cash till the stock market tanks and then by back in when they reach an undervalued state. I'm not a trader, I just stack. I just thought some people might find the video as entertaining as I did.

Lumpy
Feb 21, 2013 - 5:53am

I love dollars and so do you.

When the lives of millions and millions of people depend on something working, you can bet your ass that anything will be done to keep it working.

I'm referring to the Federal Reserve System and the notes/dollars they provide.

I use them every day. I wish I had more. The more I have the happier I am. I love them.

I know a lot of people here feel the same way. We hope the price of PM's goes to the MOOOON, so we can have more dollars.

Don't be pissed, outraged, surprised, etc. when "they" do what they do to keep the System alive. Because millions of lives depend on it.

The System is waaaaay to big to fail. No matter how flawed and abused it is.

Yes I know all paper currency has failed in the past. All the other paper currencies that failed in the past did not have the modern day military fire power that we have to help negotiate.


Feb 21, 2013 - 5:55am

Trolling

I find it interesting that the trolls come out when metals are downtrending. We have not seen certain avatars here in a while until last night, but interestingly, here they are again. I have wanted to give everyone the benefit of the doubt, but the lack of participation in this ongoing conversation until metals are heading down is telling. Many others simply seem to want to say "see, I told you so." Do I need to be told that metals went down this past week? Go away until you have something helpful to post.

And then there are the hired geeks who are employed to haunt a dozen or so discussion boards at a time, sitting in run down offices at used desks, reading, learning, posting, just so they can troll and bash on days like this. I am sorry that you cannot find better employment than to tell lies for a living. I hope you learn here on a PM board that the world is in a financial mess and you ought to be stacking and prepping with your mercenary troll wages.

The trash talk does not discourage me. I will continue to hold metals and put any extra fiat I earn where it will do some long term good for my family. I will trade in the metals for good land when the day comes.

lickspitler
Feb 21, 2013 - 6:12am

its not trash tak

did your dad say pay more thantop dollar - turdsblog makes u pay top dollar sheeple. trader dan is a lot smarter with no agenda.

Lumpy
Feb 21, 2013 - 6:13am

@Lumpy: The System is waaaaay to big to fail

@Lumpy: The System is waaaaay to big to fail

The Athenian Empire was never going to fail.

The Persian Empire was never going to fail.

The Roman Empire was never going to fail.

The Merovingian Empire was never going to fail.

The Carolingian Empire was never going to fail.

The Holy Roman Empire was never going to fail.

The Spanish Empire was never going to fail.

The French Empire was never going to fail.

The Russian Empire was never going to fail.

The Ottoman Empire was never going to fail.

The British Empire was never going to fail.

The US Empire?

Just A Regular Guy
Feb 21, 2013 - 6:15am

So many n00bs

So much trolling, Lickspitler go have a beer or something dude. Furthermore I think you'll find the "top" was in September 2011.

Peace

Lumpy
Feb 21, 2013 - 6:15am

@ Puck

I think the military power we have will keep the US Empire together.

Eric King
Feb 21, 2013 - 6:25am

MANIPULATION!!!

MANIPULATION!!!

Eric King Just A Regular Guy
Feb 21, 2013 - 6:26am

thankyou. You heard it here

thankyou. You heard it here first.

Eric King Just A Regular Guy
Feb 21, 2013 - 6:26am

thankyou. You heard it here

thankyou. You heard it here first.

lickspitler
Feb 21, 2013 - 6:28am

just a reg guy

regular guy sorry ur right, thanks dude. i,m just feeling for the believers.

Eric King
Feb 21, 2013 - 6:30am

KWN

Dont forget to check out the blog and all the latest from KWN at kingworldnews.com

ClinkinKY
Feb 21, 2013 - 6:32am
boatman
Feb 21, 2013 - 6:52am

china [shangai composite] was down 2.97% yesterday

BHP billiton was down 3.8%

gold was only down 2.68%

on china increasing bank reserves and FED doublespeak on QE hawkery [strange since its the only thing supporting a NEGATIVE US GDP last quarter]

funny.............the trolls are not hammering 'get out of emerging markets' over at marketwatch.

achmachat
Feb 21, 2013 - 6:55am

huh?

this place is not moderated anymore?

I understand that some of these posts could count as comic relief... but still!

Just A Regular Guy
Feb 21, 2013 - 6:56am

@lickspitler

I come here every so often to read stuff, sure there's tons of chaff I may not agree with, but there is some.....ummm..... gold

I'm not "all-in" on phys, but there are some clever ppl here and in the other area's of the metals. I have pretty much given up on the media for advice/direction, but rather use it a gauge what BS some wanker is pushing, or see what theme's are being pushed by scumbag politicians or financial "guru's" (JUST BUY AAPL ITS GOING TO 1000!!!!111)......

But yea, hang on, my belief is something is defiantly coming soon! My thoughts are up (for gold), as opposed to more side-ways and side-ways/down. There are many many many ways it could happen, such as some-one else deciding to downgrade US Bonds, or say a big market correction..... stocks look toppy to me, so we will see, but do hold on, at the latest I reckon we'll start to see fireworks in a few asset classes in the next few weeks/months (but i'm more liking sooner rather than later).

Peace

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