Pre Fedlines Open Thread

Wed, Sep 18, 2013 - 10:24am

Only about 3.5 hours to go before all the fun starts. Here's a thread to get you ready.

Just two charts so that we're all on the same page. Again, once we broke down last week and then closed below $1320, it became clear that a minimum downside was somewhere near $1270. Might we see that later today? I hope not but it's certainly NOT out of the question.

The main item of interest, though, is the obvious attempt to hammer price last evening. When this type of move is employed by The Forces of Darkness ahead of the news event, it's almost always a fakeout. Why? Because the bullion banks, as agents of the central banks, likely already know the outcome. By crashing price, they are attempting to draw in as many fresh Spec shorts as possible, into which they cover and BUY. We saw this identical pattern back on 9/5, the day before the latest BLSBS release. We'll see how it turns out this time but, I must tell you, last night's action makes me quite optimistic about the ultimate outcome of today's craziness.

One more thing...For subscribers, this weeks Access2Access event has been scheduled. It will be a webinar with Andy Hoffman of Miles Franklin. Just like last week, participants will be able to submit the questions and Andy will answer them live during the presentation. If you want to be a part of it, you can register by clicking here:

Have a fun day!


About the Author

turd [at] tfmetalsreport [dot] com ()


Sep 18, 2013 - 8:10pm

When the CEOs figure out that more QE

means less disposable income to buy products by the 99%, and cutting employees and wages won't help their bottom line anymore (since top-line growth goes negative), they will sell their personal shares and run. Maybe they will do one more bond offering to buy back to sell into. Once the CEOs and their cronies have sold, they could care less what happens to the market. Pensions are going to be confiscated anyway.

Sep 18, 2013 - 8:06pm

@DPH: Chinese Fujian mine

Looking at the report you linked its some kind of reporter's mistake in units. Any ore yielding over 800 oz per tonne should be thick with nuggets.

Sep 18, 2013 - 8:04pm

Most deposits are lucky to

Most deposits are lucky to have 4 or 5 g/t gold. This one has 25,000 g/t.

Absolutely amazing!

I guess the geologist from Barkerville Gold Mines did the resource calculations!


Sep 18, 2013 - 8:03pm
Sep 18, 2013 - 7:56pm


"...China (already purportedly having about 90% of thought to be known global gold reserves)"

I've not seen any proof that they hold that much. Do you have any?

China hold 90% of the global gold reserves.

I've never seen that mentioned anywhere, please could you let me know where you have seen this, as a fact, because if true I would seriously question why they are (seemingly) vigorously importing gold.

No need to do so if they already hold 90%, as you say, but which I doubt.

Sep 18, 2013 - 7:55pm


Yes....just more FARCE. Not even close to real.


Sep 18, 2013 - 7:54pm


250,ooo tonnes = 250000000000 grams Au

250000000000 grams Au/ 10,000,000 tonnes ore = 25,000 g/t

This Chinese deposit is 25,000 g/t Au!!!!!

I hear this company will soon be listed on the Venture Exchange with the symbol V.LOL

Here is a pic of the company's new President and CEO celebrating the discovery:

Sep 18, 2013 - 7:54pm

Gap @ $22.86

Must fill before we go up big again tomorrow, otherwise she will come back. NO gaps on todays rocket....they must have had the "no gap" algo going...


Sep 18, 2013 - 7:48pm

Mr Fix

I guess the point I would make about official numbers is that at some point (like now) it doesn't matter what we or anyone think about their official numbers as long as everyone goes along with it and their's no pushback.

Sadly, our opinion (we could be right or we could be wrong or somewhere in-between) has never mattered not will it if or when some country(s) go to a gold implied system. It won't matter what's proveable because no country is going to let another country audit their gold or assess their geologic formations etc.

If China starts making future claims of large gold reserves and it doesn't get contested by anyone and they say they're accumulating at a rate of 3,000-5,000 tonnes a month then who's to say it's not legit if no other foreign nation contests China's claims?

Gold at $15-20,000 might be what were looking at if it's mostly priced in RMB at some point. I would think if China could or does dominate the global gold market with reserves that large that it'll also lead the way in the price of gold to some degree especially so if they start to take on more of the international FX trade by replacing USD with RMB.

Mr. Fix
Sep 18, 2013 - 7:47pm

I haven't seen a good solid correlation in a long time.

What is just as significant in the price of metals today, is the complete rout of the dollar.

The powers that be have done everything they could to make sure that there was no correlation for quite some time now. One has to wonder if that infamous quote attributed to the last Treasury Secretary tiny Tim, “ we are just going to kill the dollar”, is now being pushed forward at full throttle.

It's been a very unusual day, almost like market principles actually had an effect today.

What the heck, it's the kind of thing we've been preparing for, for a very long time.

We will know in a day or two if they're even capable of reasserting control.

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