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

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nathan1234¤
Feb 20, 2013 - 11:46pm

When the Fed can give

When the Fed can give trillions of dollars to foreign banks without approval what is there to stop them from continuing to give the US Govt!

Money is created digitaly today- just a computer entry

The Fed controls the US Govt and through them all Americans

The whole thing is truly the biggest fraud of all time

March 1st will be only used for further trading frauds to keep lining the pockets of the criminals while relieving the citizen of their funds.

silver66
Feb 20, 2013 - 11:46pm
agNau
Feb 20, 2013 - 11:43pm
Green Lantern
Feb 20, 2013 - 11:31pm

I like Peter Schiff but he

I like Peter Schiff but he certainly hasn't gotten it right. He recommended people go in deep sometime back. Sentiment is the big issue on the table and has been the big issue. Rickards made a comment today or yesterday about why people weren't spending. Psychology. When we can identify when velocity of money will pick up, then you know sentiment has changed. Somebody needs to do a chart gold vs fear index.

kingboo
Feb 20, 2013 - 11:30pm

@Chibster.....i hat-tipped your comment on previous page...

.....for reminding me that Soros will die soon enough!

Chibster
Feb 20, 2013 - 11:26pm

@ ag1969 yes LCS's will need to be armed

@ ag1969, yes! Local Coin Shops will need to be armed during the coming mania phase. It's analogous to "Why is Ft. Knox still surrounded in secrecy by guards, surveillance, machine guns and minefields?" Gold IS money and the Western Banking Fiat Monetary System does NOT want the sheeple to know, yet.

Listen to Peter Schiff. He got it right when all the pundits missed.

2/18/13 Peter Schiff - Markets Will React Big When Reality Sets In

https://www.youtube.com/watch?feature=player_embedded&v=DbDAH369bKQ

Amen my brothers. Hold gold with strong hands. Buy silver, the people's money. Pass the word and educate everyone you know.

¤
Feb 20, 2013 - 11:01pm

I suggest reading...

...the link nathan1234 just posted and give it some thought.

The USD's demise might take awhile if the Chinese sentiment in the article is to be believed. It seems reasonable to expect interest rates to gradually creep higher.

That's pretty much what we've seen happen since the 10 yr. UST went sub 1.50 and has gradually rebounded. Rates have already started rising in a steady and controlled manner.

Same with USD strength.

Pegasus
Feb 20, 2013 - 10:58pm

@DPH - Where Gold was found in California

Sutter's Mill in Coloma, California

Just minor correction on the location of where James Marshall found gold. You're partly right, It was on the South Fork of the American River, but about 30-40 miles East of Sacramento in a small town called Coloma, where Marshall worked as a foreman at Sutter's Lumber Mill. The American & Sacramento Rivers meet up in Sacramento.

Sutter tried to convince Marshall to keep quiet about the discovery, because he didn't want miners tramping all over his property. Needless to say, he wasn't too successful. BTW: It's a beautiful little town, on Hwy. 49 that winds it way through the Sierra Foothills for about 150 miles. If you ever get a chance, mid-spring is a great time to drive through this country, with lots of Old West mining towns. People still find gold there all the time. Back (30+ years ago) when I used to live up in that country, some of my old miner friends would occasionally pull out mason jars full of nuggets that they had found over the years.

DigMyEarth
Feb 20, 2013 - 10:55pm

Couple of SA articles

https://seekingalpha.com/article/1209081-the-true-silver-mining-cost-what-does-it-really-cost-to-mine-silver

Interesting take on the mining industry, the true cost of mining silver, and how it could impact COMEX prices. $26.x has been the bottom 4 or so times in the last couple years. Also, many Elliot Wave folk have been calling for this for a couple months as another possible/likely low before the next HUGE leg up. At any rate, good time to start buying in case it doesn't get down there. I'm hoping to go 1x (for me 10-20 oz) at 28.x / 2x at 27.x / 4x at 26.x.

https://seekingalpha.com/article/1152641-is-there-a-reason-to-turn-into-a-raging-silver-bull

Boswell
Feb 20, 2013 - 10:54pm

Bzzzt! California's REAL First Gold

James Marshall/Sutter gets all the glory, but he wasn't the first to discover Gold in California... https://www.scvhistory.com/scvhistory/signal/coins/worden-coinage1005.htm

"But did you know that Marshall wasn't the first to find gold in California? And that the shiny metal had been mined there well before 1848? And that Marshall undoubtedly knew it?

The year was 1842. Both Californias — Alta and Baja — were part of Mexico, and Francisco Lopez was herding cattle on his niece's ranch in Placerita Canyon, 35 miles north of the Pueblo de Los Angeles.

It was around noon on his 40th birthday, March 9. Lopez paused to rest with his two companions, Manuél Cota and Domingo Bermudez. As the story goes, Lopez fell asleep in the shade of an oak tree and dreamed he was floating on a pool of gold. He awoke, crossed the little creek to a grove of sycamore trees, stuck his knife into the ground, unearthed some wild onions — and there, clinging to the roots, were chunks of gold.

"I with my sheath knife," Lopez later recalled, "dug up some wild onions, and in the earth discovered a piece of gold, and, searching further, found some more."

Where's Huell Howser when you need him? (Oh, nevermind)

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