Preparing For Friday

Thu, Mar 7, 2013 - 10:50am

Not much going on today other than WOPRs banging the stops. Tomorrow, however, will be different.

Today, though, is much like yesterday. Volume is light and liquidity is think. Perfect conditions for the algos to game both the buy and the sell stops. Here's what it looked like yesterday:

And here's what we've seen so far today:

No reason not to expect this to continue all day and maybe even tomorrow. If the BLSBS data is "right in line with expectations", we'll likely see a similar pattern, though on a larger scale.

Tomorrow will be different, though, regardless of the NFP number. Tomorrow's CoT will be interesting, too. Not so much in gold but in silver, where price fell 70¢ during the reporting week while total OI rose by 1,500 contracts. More spec selling and more bank buying, no doubt, but by which category?

So, as we kill off this day and await tomorrow, here are a couple of items for use as distraction. First, you know that I've been watching crude pretty closely for a while now. Here's a comment you might have missed yesterday: Well, KWN yesterday posted some similar musings from Tom Fitzpatrick who, as you know, is one of the few technical analysts I view as helpful.

Then there's this. Nothing earth-shattering here and, God forbid, these folks even begin to speculate on what GLD withdrawals might mean for the physical situation. I mean, seriously. When gold leaves the GLD, where do they think it goes? Why don't they ever ask? Anyway...this guy mentions being long silver, too, so I thought you might enjoy it.

Now, in that same vein, here's another discussion about physical gold. This head-scratcher is from GoldMoney. Maybe CNBS should investigate the questions raised here? Don't hold your breath!

This came out back on Monday. The source is Morgan Stanley but, regardless, it's nice to see someone type up something positive about gold for once.

From Chris Martenson's site, we have this. Short and instructive:

And, finally, there's this lengthy new article from JS Kim. Please be sure to read it:

OK, that's all for now. I've got a lot of crapola I'm dealing with today and I'm not in a particularly good mood so I think I'll just sign off. Have a great day and get ready for a volatile Friday.


About the Author

turd [at] tfmetalsreport [dot] com ()


Edward G
Mar 7, 2013 - 10:57am


Early bird, couldn't resist...

Mar 7, 2013 - 10:57am



Nope, but darned close! It's good to be a Turd!

Mar 7, 2013 - 10:58am



Mr. Fix
Mar 7, 2013 - 11:02am

It seems like I am always preparing for something.

Why not Friday?

It's probably a little easier than preparing for the end of the world as we know it.


Mar 7, 2013 - 11:04am

lots of 1kg bars in that video

I am also curious as to the take on Venezuela and their oil now that Chavez is pushing up daises. I can see a US friendly leader bringing true democracy and a whirlwind of economic prosperity to the poor and downtrodden of that area.

or they can Pick Maduro and get a little kinetic love sent their way.

Mar 7, 2013 - 11:04am

@Stack'em High re: UK silver

"The whole UK silver stockpiling thing is subject to confirmation somehow, but is extraordinary nonetheless.

Equally extraordinary, is the diversity of feeling as to whether this is ammo for a smack-down, or rocket fuel for a price increase." -------------------------------------------------------------------------------------------------------- As we know from JC at the CFTC hearings a couple years ago, the LBMA leverages gold and silver 100:1. So, what is actually stockpiled? Physical silver or certificates for silver? Given the modus operandi of the BBs, my bet would be 99 parts certificates and 1 part physical. Not that that fact would stop them from forcing silver into a deeper hole; they will continue to cap silver until it can no longer be capped. Unfortunately, I do not see how they will let anyone other than a fellow BB get rich in leveraged (paper) silver. We have been in a new world since Mayday 2011. (repost from last thread)
Swift Boat Vet
Mar 7, 2013 - 11:05am

Great Post Turd

Still have a bit of reading to do, but wanted to check in early.


P.S. WOW !! Lucky number seven !

Mar 7, 2013 - 11:05am


Had to, sorry. It's funny to me.

Mar 7, 2013 - 11:06am


Same day here with me, though I suspect different problems

Keep up the good work my friend!!


Mar 7, 2013 - 11:10am


The older and long time members may remember a while back when there was the bot disinfo campaign, and this post is in that vein.

I am very happy to report that after a couple months of legging out of metals, and because I don't trust the stock markets, and legging into bonds and treasuries, my morale has now improved dramatically. No more worries, no more enduring constant beatdowns and constant drip drip losses. No, I am quite happy and elated with the peace of mind that a guaranteed rate of return gives, even if it's negative, but at least I'm getting a return and am making up the difference in volume

Oh, and I'm now able to afford to eat at only the finest restaurants dumpsters.

Life is good.

Mar 7, 2013 - 11:16am

Same Story Different Day

Once again, similar to all prior downturns in this correction, some number, in this case $1585, is protected and then after 1-2 days a slam job comes to knock it down from this protected level.

This crap is really getting old. Why don't Russia and China just start buying on the open market and end this charade once and for all!!!

Mar 7, 2013 - 11:18am

Embry weighs in on suppression . . .

a snippet:

“I think silver is one of the most mispriced assets in the history of mankind."

Nick Elway
Mar 7, 2013 - 11:22am

Ditto on where does the gold go when it leaves GLD!

GLD shareholders are TAKING DELIVERY

(First ever being called bubba!)

Turd, thanks for this great site and all you do.

Mar 7, 2013 - 11:23am

My 12-year old LT

Has been bullied by a boy in her class for almost the entire school year. I've tried to be patient. I've met with the school administrators. I've counseled her to be like Ghandi.

Last night, I snapped and finally told her to simply kick the shit out of him. She's a 1st degree black belt in Tae Kwon Do and could easily do it. Humiliate the little fucker in front of his little friends. I mean, seriously, what am I teaching her by advising her to stay away and treat others how you want to be treated? Am I setting her up for a life of abuse from boyfriends and husbands? Take control. Be in command, instead, and we'll deal with the consequences.

So now I can't help but feel like a failure. I just told my child to go ahead beat up someone else's child if she needs to. Very mature, Turd. Very mature.

Damn. This parenting stuff never gets any easier.

Mar 7, 2013 - 11:23am

Get happy Turd

A shot of Tequila always works for me, if that doesn't work try a few more. At the very least if you wake up the next morning feeling shitty again you can blame it on the hangover. Keep in mind, just like a good Turd..... This too shall pass .

Mar 7, 2013 - 11:31am
Mar 7, 2013 - 11:32am

well turd...look at it this way....

all this time your daughter sees all the people of this country get bullied and beat up by big ben and the criminal bankers ... so at least not she mite respect you and the rest of us a little more.... matter of fact... lets all rise up and stand up to these pussy bankers..... bobbay... u wif me?

response to my 12 yr old

marakai TF
Mar 7, 2013 - 11:32am

I dont agree.

You taught her to stand up for herself when everything else failed, she is her own force. Gandhi ended up getting assassinated despite all his good intentions. Not only is she defending herself, she is showing the bully to think twice and giving strength to other victims.

Colin Caffeine
Mar 7, 2013 - 11:34am


Sounds to me like you got that one right, Turd. You've taught your child to be patient, go through the correct channels by appealing to school authorities, and only as a last resort to take matters into your own hands. Plus that other little kid needs to know he can't get away with being a dick. It's for his own good too you know.

Mar 7, 2013 - 11:35am

Turd - the 2 laws

Do what you say you're going to do.

Don't infringe on others or their stuff.

Without knowing all the details, it sounds like your daughter is being infringed on, and the "authorities" (the school admins) are not living up to their responsibility. IMHO this is exactly the sort of situation that you teach them TKD for. I would be more worried about getting sued than I would be about bad parenting.

Mar 7, 2013 - 11:35am

from one father to another


I am pretty sure that after all this time of you telling her what the right thing to do is, she understands that giving the boy a lesson is a last resort when everything else has failed.

you've done well from my vantage point.

Mar 7, 2013 - 11:35am


You did the right thing. My parents told me to "ignore" the bullies. It took me several years into my adult life to learn how to stand up for myself. Don't let your daughter be like me.

Mar 7, 2013 - 11:36am

I'm with you, TF

My 11 year old daughter has been in the same boat, but from a little pack of girls. She just started Karate this year, but I am pretty sure she could break the ringleaders nose if she wanted, and I am pretty sure that would end it.

We have also tried the "ignore them" route, but as it has continued of and on, she now has the green light to fire away if they take her stuff or touch her in any way. She knows that we, the parents, will take the heat from the school and she shouldn't worry about that part.

JMO, but since we all believe that, one way or another, tough times are ahead particularly for young people, I think we have a duty to teach them to stand up for themselves. I don't think this makes you a failure, I think it makes you a very good parent. The last thing people like us need is to raise quiet sheeple who meekly submit to injustices or are conditioned to put up with blatantly unfair treatment. Good for you, TF.

Double Bogey
Mar 7, 2013 - 11:36am

Butt kicking needed

Turd, God may have placed your daughter in this boys path for the very purpose of being taught a lesson. Humiliation is needed by everyone once in awhile.

People I've tried to talk to about silver have been throwing barbs my way for over a year now. That's a humiliation I can live with. If I was physically or emotionally abusive to my wife, and nobody stepped in to put me in my place, that would be worse than getting my butt kicked by a 12 year old girl. This kid needs a life lesson now.

Mar 7, 2013 - 11:37am

Turd - I been wonderin that myself~!!

Where the hell does the gold go? Why is this question never asked?

Response to: Gold ETF "dumping gold" or ..TAKING DELIVERY! Just to be sure we are on the same page here. We forever read these statements; ''The GLD ETF today added a million oz.'' or ''The SLV ETF today added (or Sold) a couple million oz.' My question is; Is there a vault (somewheres) where a Brinks truck is coming and going, full of PMs? And where does it go when it hauls Ag away??? Who 'gets' it?? And where did it pick-up the 2,000,000 oz., that it (supposedly) delivers???? Who 'sold' it?? I will submit my opinion - for starters. There is NO physical transfer of ANY sort EVER. If there were any physical transfer, couldn't one of us just go photograph the location of the vault and the trucks coming and going daily? I think (at BEST~!) they are simply adding or subtracting lease totals. Just another god damned paper scam. And, I DO mean god damned~! Anybody know this for sure??????????????????????????????????
Mar 7, 2013 - 11:40am
Colin Caffeine
Mar 7, 2013 - 11:40am

I don't have kids but my six

I don't have kids but my six year old niece was recently 'started on' by a bigger, older boy in a park and she apparently thumped him one and then her 3 year old brother piled in with arms flailing and saw the bully off. When my sister told her husband what had happened when he got home from work, the two kids asked him if they'd done the right thing, and, choking back the tears, he said yes and proceeded to give them an hours self-defence training. He told me he'd never felt so proud in all his life!

Mar 7, 2013 - 11:41am

Best advice I got


FWIW the best advice I heard was from a softball teammate, who relayed a similar story to yours. He told his son to punch the bully in the nose. By report it worked well.

I have told my kids to do the same thing. I do not lose sleep over this advice. Note, the goal is not to dehumanize or pummel the bully, just to get their attention and hopefully make them stop. Occasionally, more than one 'treatment' may be needed for proper efficacy.

As an aside, I wish a few on the side of liberty would follow this advice to the current largest bully on the block, Mr. Obama. Figuratively, of course.


Mr. Fix
Mar 7, 2013 - 11:42am

I gave my teenage daughter permission to kick the crap

out of a bully two years ago, and she did. Problem solved.

Bullies will not stop bullying until they have their head handed to them.

Probably the best advice I ever gave her.

Being a parent is hard, but you can't protect them forever.

My entire duty as a parent is to teach my child how to take care of herself.

I am most certainly not raising a doormat now, and although she can be a handful,

I think she is a lot better off asserting herself then winding up as a victim.

My wife almost divorced me over that incident, and thought it was bad parenting.

the teachers were appalled, but my daughter and I have both held our ground since,

and we both feel that she is much better off for it.

Hang in there, all of those martial arts lessons have to be good for something.

My daughter only knows how to swing a textbook with all her might.

Mar 7, 2013 - 11:43am

after reading yesterday's comments

I found it easier to read Nonoverlaping's comments like it was HAL from 2001 a space oddessy.

I found it so calming.

Thank you for trying to help us see the light?

Turd, nothing wrong with standing up for yourself.


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 4/15

4/16 9:15 ET Cap Util and Ind Prod
4/17 8:30 ET Trade Deficit (Feb)
4/17 10:00 ET Wholesale Inventories
4/18 8:30 ET Retail Sales (March)
4/18 8:30 ET Philly Fed
4/18 10:00 ET Business Inventories (Feb)
4/19 8:30 ET Housing Starts and Building Permits

Key Economic Events Week of 4/1

4/1 8:30 ET Retail Sales (Feb)
4/1 9:45 ET Markit & ISM Manu PMIs
4/1 10:00 ET Construction Spending (Feb)
4/1 10:00 ET Business Inventories (Jan)
4/2 8:30 ET Durable Goods (Feb)
4/3 9:45 ET Markit & ISM Services PMIs
4/5 8:30 ET BLSBS

Key Economic Events Week of 3/25

3/26 8:30 ET Housing Starts (Feb)
3/27 8:30 ET Trade Deficit (Jan)
3/28 8:30 ET Q4 GDP final guess
3/28 10:00 ET Pending Home Sales (Feb)
3/29 8:30 ET Personal Income (Feb)
3/29 8:30 ET Consumer Spending and Core Infl. (Jan)
3/29 9:45 ET Chicago PMI
3/29 10:00 ET New Home Sales (Feb)

Recent Comments

by NW VIEW, 2 hours 8 min ago
by cashonly, 4 hours 35 min ago
by canary, 4 hours 36 min ago