Black Friday Thread

Fri, Nov 29, 2013 - 10:56am

In the holiday spirit, here's an open freebie.

Just a couple of things....

  • We're obviously watching the open interest numbers very closely. We'll get the official numbers from Wednesday in a few hours. With The Comex only showing about 591,000 ounces of registered gold, things are about to get very interesting.
  • The GLD was pillaged for another 5.70 mts of "gold" back on Wednesday. That's 7 of the last 8 days for a total of 22.50 metric tonnes or 723,391 troy ounces. This could also be stated as 1,808 of these:

  • And here are two, short-term charts. Vaulters can attest that Ole Turd has had a very solid week as we've moved through the expiration process. The lows of Wednesday led to a rally today. I had predicted that we'd go out on the highs of the week and, as of 11:00 EST, I've got a shot! Note that, once again, silver is leading gold by a few days. Silver broke through its month-long downtrend on Tuesday. "Rode" the line back down, using it as support for two days, and now is drawing clear and higher. Gold has finally broken its same down trendline today. Both bode well for a bounce and rally as we enter December.

I'll have a new vault thread this afternoon, once I get a chance to review the final OI numbers from Wednesday. Keep in mind, too, that The Comex closes one half hour early today, at 1:00 EST.


About the Author

turd [at] tfmetalsreport [dot] com ()


Ned Braden
Nov 29, 2013 - 10:57am


Top Dog

Down Range
Nov 29, 2013 - 11:00am

Somewhere Behind...and the view sucks!

2nd, turd. or whatever.

Don't forget the gasex

Nov 29, 2013 - 11:00am

A Thurd or Secund

Good Call Turd!

Nov 29, 2013 - 11:03am

Turd, magic calls

Loving the miners I bought on Wed.

Non-subscribers, there are a lot of pay sites out there, and I've sampled quite a few. Turd's subscription fee is a bargain.

Nov 29, 2013 - 11:08am

Thank you

I didn't design it to be a bank-breaker. 50¢ per day x 20 business days per month = $10/month

Nov 29, 2013 - 11:22am


the value of having a community is worth the price of admission-perspectives from turd are icing on the cake.

thing is, a lot of folks not even necessarily in metals merely opine on the direction of the market or bonds or metals--Turd gives background and data and we are all free to intrepret what his work is and how he intreprets it. The nice thing about the community, especially if its a well meaning community is the open discussion about the data and interpretation.

boomer sooner
Nov 29, 2013 - 11:25am

Yeehaw Top 10'ner

Fought the crowds before daybreak and still no 22 ammo. Did see lots of interesting people. Now I see why there is a dentist office on every other corner. Just need to figure out how to get'em in the door.

Nice pop in silver, GSR falling. Maybe see Dagney's call for low 50's. Personally would not mind a quick dive to $15 though.

Does anyone know of any Elk metal. Have not found anything. Need for dad since he can't seem to shoot one!

Nov 29, 2013 - 11:31am

Review of America the Beautiful 2013 Coins

The America the beautiful coins are currently cheaper than ASEs for an ounce of silver. There are five ATB coins for 2013: White Mountain; Perry's Victory; Great Basin; Fort McHenry: and Mount Rushmore. I wonder why they designed the five ounce silver coins the way they did. They have a nice image on one side and a Washington quarter image on the other side, which I find ugly on an otherwise beautiful coin. Since they used the same images on quarters I guess someone thought they would save some money, but for five ounces of silver they could have done a lot better.

The White Mountain coin is ok a 5 or 6 on a scale of 1 to 5. People generally refer to them as the White Mountains.

Perry's Victory is lame, the image does not do much for me, a 3.

The Great Basin coin is a very good looking coin. There is a lot of detail on the trunk of the bristlecone pine tree and the rocks have a strong 3d image, an 8 or 9.

The Fort McHenry is a 7 or 8 and presents well. Nice image of the bombs bursting in air.

Mt. Rushmore is ugly, who want to see a guy hanging on a line near George's nose? I would rate as a 3.

These are my opinions of the coins, I'm sure other people have other opinions. But they are nice coins to add to the stack.

Nov 29, 2013 - 11:40am

Open interest after Wednesday . . .

Harvey reported that after the close Wed. that there were still 33,656 gold contracts standing for delivery. That is 3,365,600 ounces and the dealers have less than 600,000 ounces available. The OI will surely drop, but even if half the contracts roll, 1.6M oz. will be a problem.

In silver, there were 12,443 contracts still standing, or 62,215,000 ounces with dealers having only 44,000,000. Again, even if we lose half of these, the deliveries will decimate what they have for sale.

Nov 29, 2013 - 11:44am

Thoughts of a foolish trader

I started trading AU in this market again with some "professional help" and it has me looking at the action very closely. On my trading platform, I can see the number of contracts waitn to be executed in the bid stack and the ask stack at the various prices above and below the current price--usually from 6 to 20 contracts at each price level. But at 1254.50-60 there are 90 to 120 sell orders waiting... Looks like a cap to me. Sure enough, since I began typing the price has fallen back a few dollars from that level.

So I started thinking... if JPM's job is to simply keep the price capped, or to slowly manage it up or down as the cartel desires, then this is clear evidence of that cap. Just a little nudge here and there. Nothing that they can't claim is their normal trading strategy. They keep it in a prescribed range and the BIS can come in at night and slam down the price as they feel the need to make sure the world knows that gold is a lousy an investment.

I am convinced that metals will stay capped and controlled until the system breaks down. Keep buying the dips, my friends.

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