Sat, Dec 7, 2013 - 12:10pm

To me, the evidence is conclusive. Let's see if you agree.

In college, I had a physics professor who, every time he demonstrated a mathematical formula, would conclude his work with "QED". There's a reason for this and I'll let wikipedia sum it up for you:

"Q.E.D. is an initialism of the Latin phrase quod erat demonstrandum, originating from the Greek analogous hóper édei deîxai (ὅπερ ἔδει δεῖξαι), meaning "which had to be demonstrated". The phrase is traditionally placed in its abbreviated form at the end of a mathematical proof or philosophical argument when what was specified in the enunciation — and in the setting-out—has been exactly restated as the conclusion of the demonstration.[1] The abbreviation thus signals the completion of the proof."

Well, after Wednesday night's Comex delivery reports, QED is also how I feel regarding the JPM NET LONG position I've been harping on for months.

As first noted in the July Bank Participation Report, a "U.S. Bank" is now massive long Comex gold futures. Experience told us that a position of this size...generally around 75,000 contracts...HAD TO BE JPM. However, this experience was just conjecture and we needed demonstrable proof. The first four days of December delivery provide the proof.

If you've been following along, I've estimated that, in a NET LONG position averaging 75,000 contracts, it was likely that at least half the position was in the front-month Dec13. That position was then rolled into Feb14 and April14 but not without causing some extreme volatility, which JPM used to their selfish price advantage. Additionally, because JPM issued almost 3,000,000 ounces of gold to the other banks through the Comex delivery process of Feb13, Apr13 and June13, it was to be expected that they (JPM House) would use their long position to stand for delivery this month. Not wanting to "break" The Comex...YET...JPM will eventually stand for 7,000-8,000 in December. If the entire system doesn't collapse first, look for them to stand for the same amount in February and April of next year.

Given all of that listed in the paragraph above, "proof" of JPM's NET LONG position will lie in just how much gold they actually take in delivery during December. If the total had turned out to be miniscule...like earlier this year....my entire analysis and conclusion could be justifiably called into question. If, however, JPM ends up stopping 90%+ of the Dec gold contract deliveries...

And what do we have so far? Wednesday alone was breathtaking. There were 2,472 deliveries announced. Of the 2,472, the JPM House account stopped (took delivery) of 2,389 or 96.6%. This brings the total for the first five days of the month to:

Total Deliveries: 3,558

Total Stopped by JPM: 3,400 or 95.6%

Total Issued (thus far) by HSBC: 2,216

Total Issued (thus far) by Scotia: 787

Now consider this. Back in the first half of this year, when JPM was desperately converting a 75,000 NET SHORT position into a 75,000 NET LONG position, it got stuck "holding the bag" and deliveries were made against it by the other banks. For the delivery months of Feb13, Apr13 and June13, it looked like this:

Total Deliveries: 34,571

Total Stopped by HSBC: 13,768

Total Stopped by Scotia (including March and May): 2,257

Total Stopped by Deutsche Bank: 5,918

Total Stopped by Barclays: 3,596

Total Stopped by JPMorgan House: 547

Total ISSUED by JPMorgan (House and Customer): 31,939

Guess what world? THEY WANT THEIR FREAKING GOLD BACK!! And they have cornered The Comex gold market in order to make this happen.

Ultimately, what does this mean to you, my dear Turdite? Let me again put it this way...

JPM is NET LONG something like 65,000-70,000 Comex gold contracts right this minute. (My best estimate based upon yesterday's Bank Participation Report.) What you have to decide is this: Just whom do you expect to win in the end?

  • The brainless Specs and the non-U.S. banks?
  • The ruthless JPMorgan?
  • Assuming no changes of position, a drop of $175 from here, toward the vaunted and much-hyped $1050 level, would "cost" JPMorgan about $1.5BILLION. Do you really think that JPM, holding a market-dominating and cornering position, is going to ALLOW that to happen? Seriously?? Well, we'll see, I guess.

    Now some would suggest that JPM's Comex position is simply a hedge, offset by an equally large net short position held OTC. (As Westley said: "It's possible, pig".) But if that's the case, how do you explain JPM's sudden desire to take delivery? Again, 95%+ of the December deliveries are being stopped to the JPM House Account. Look, I'm not claiming to be some kind of Comex depository and delivery expert, remember I'm just a guy from Kansas...BUT...if JPM was simply "net neutral" and "non-directional", why would they take delivery in the first place...AND...why would all of the deliveries be ending up in their own, proprietary account?

    Finally, there is always the possibility (some would same likelihood) that all of this CFTC and CME-generated data upon which I am relying is nothing but lies and fabrications, intentionally falsified in order to deceive. Of course that's a possibility and, frankly, a somewhat logical deduction given the layers of fraud and deception prevalent throughout not just the metals markets, but seemingly everywhere. However, note the consistency of the data. The NET LONG position was first shown in the BPR of July and it is playing out now, in real time, in December. That's a long time to manage and maintain a charade.

    Instead, I actually believe the data is (mostly) accurate. Look, where else do you see the type of analysis I just gave you? It's not as if it's being trumpeted by CNBS. Very, very few people take the time to figure this stuff out and put two-and-two together. And I can promise you, JPM doesn't give a rat's ass that you and I know this stuff. By the time everybody else catches on, price will have already moved and everyone will only look back with hindsight. JPM just wants their gold back before the current fractional reserve bullion banking system breaks, prices skyrocket again and a new global currency regime takes hold. And now, for the first time ever, they've cornered the Comex gold futures market in order to ensure that it happens.



    About the Author

    turd [at] tfmetalsreport [dot] com ()


    Dec 7, 2013 - 8:01pm


    Great article. I find it amazing the amount of "rights" people claim they have today. They seem to multiply by the month, all under the guise of "liberty".

    "Making liberty a cloak for malice" -1 Peter 2:16

    "The whole of the law shall be do what thou wilt" - Alesteir Crowley,

    Dec 7, 2013 - 8:07pm

    Gold vs. silver . . .

    JPM is indeed claiming back the gold they lost earlier. They can do it because there is still gold to deliver on COMEX.

    Have you noticed that very little silver is being delivered so far? There can be only one reason for this--there isn't much silver available to deliver.

    This is proven by the fact that anyone in their right mind would immediately deliver the silver (or any other comex product) they owe, because everyday they don't deliver, they incur storage costs, and other carrying costs (time value of money, etc.).

    JPM is still net short bigtime in silver because they cannot get out from under them without drastic physical demand flaring up. They are, however, SLV custodian, so they have that silver under their control.

    Dec 7, 2013 - 9:28pm

    Gold Price Predictions

    Forgive my ignorance, but I meant to ask this in Pining's last article. For the past however many years we have been waiting for the PM price explosion and have heard many different forecasts concerning it. One of the things that I have trouble trying to understand is price predictions. I have heard $2,500, $3,000, $5,000, $7,000, and $10,000 per oz of gold. Thats a very wide range.

    While I understand that the markets are being manipulated, and things are not acting "naturally", how does one get numbers like these from their data? Like I said, its a wide range of numbers coming from people who are "in the know" ,so to speak, regarding TEOTGKE. I'm assuming most of the data being used to calculate these numbers is mostly the same, so again, why the wide range?

    Ive stacked for a while, but most of the technical analysis on here is way above my paygrade and understanding. A simple explanation, if possible, will suffice.

    Dec 7, 2013 - 9:35pm

    Re: Gold Price Prediction

    I think the reasons for this may vary.

    1) Because our scumbag politicians and bankers want to obfuscate their nefarious activities as much as possible, there are umpteen million ways they count the illegal debt burden they have aided and abeted amassing. A lot of these figures come by dividing the debt by how much gold we might maybe don't have. Lots of variables there.

    2) Some of them have absolutely no idea what they are talking about.

    3) Some people, unlike number 1 above, are using price projections from a chart rather than the fictitious debt model. These tend to be the 2500 numbers rather than the 10,000.

    The true answer is nobody knows. The price discovery mechanism has been manipulated and distorted in every market, the money has been debauched, and nobody has a clue WTF anything should cost anymore. The funny thing is, it is about to get worse ie: imagine when the price of stuff starts going up on a weekly and daily basis!

    I believe your best response, for your own mental health, is to not think of your stack in terms of dollars, but since you didn't ask that, I'll shut up now.

    Lintltj5 ag1969
    Dec 7, 2013 - 10:19pm

    I was leaning quite a bit

    I was leaning quite a bit towards answer #1 above, although I see all three answers as logical. It seems that every time people think they have things figured out, TPTB change the rules.

    Oh, trust me. Im in it for wealth preservation, not get rich quick in fiat. Its just that I cant make heads or tails of what you guys are talking about sometimes. I try, but I have so many other things to juggle that getting "technical educated" in PM's right now is difficult to say the least.

    I look at it simply. Debt/fiat= bad , PMs/wealth/economic freedom=good. After that its smile and wave. (Im not that simple in regards to PMs, but you get my drift)

    Smile and Wave ;)
    Dec 7, 2013 - 10:31pm

    DHS-The Terror Within

    I was prompted to post this by some of the comments above about the abuses committed by the DHS. It is the story of a woman who worked for the DHS and was attacked for reporting that 23 people from countries on the terrorist watch list were allowed to enter the U.S. without any questioning, despite a high priority alert for just such people.

    She and her husband had their house raided, she was labeled a terrorist, they were under constant surveillance, suffered warrantless searches, and have been in a nine year fight with various government agencies in which they have won every court case.

    She and her husband come across as very credible to me. I haven't seen the documentary they produced on this, in which they claim to have all the evidence they obtained in their various court cases, but may get it.


    The host of this site is a Swede, Henrik Palmgren, and he does a much better job, IMO, than most. He lets his guests tell their story instead of trying to make it all about him, as Alex Jones, for instance, often does.

    The only catch is that you have to be a subscriber to listen to the second half of his interviews, but in this particular episode the first half, over 45 minutes, is chilling enough. I think it is worth listening to for anyone who wants an insiders view of how rotten this agency is.

    If you browse through his site, you will find interviews on everything from ancient history to aliens. I personally think that some of his guests are complete nutjobs, but find many very credible and interesting, and am constantly impressed with his knowledge on many subjects. He knows more, for instance, on the history of the U.S. and what is going on here than most of the U. S. sheeple, and will tell you that Sweden is not the socialist paradise that so many here think it is.


    Dec 7, 2013 - 10:36pm

    Gartman, Rickards, Rich Dad: Experts Pick Winners & Losers 2014

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    Friday December 6, 2013 11:30 AM

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    This week's roster includes Currency Wars author Jim Rickards, Rich Dad's Robert Kiyosaki, Dennis Gartman of the Gartman Letter, Polar Pacific's David Bensimon and Kitco News' very own Jim Wyckoff.

    Prepare for surprising results from the most well-known names in the industry!

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    Dec 7, 2013 - 10:46pm


    While I understand that the markets are being manipulated, and things are not acting "naturally", how does one get numbers like these from their data? Like I said, its a wide range of numbers coming from people who are "in the know" ,so to speak, regarding TEOTGKE. I'm assuming most of the data being used to calculate these numbers is mostly the same, so again, why the wide range?

    Ive stacked for a while, but most of the technical analysis on here is way above my paygrade and understanding. A simple explanation, if possible, will suffice.

    It's actually quite a simple explanation: almost all technical analysis is pandascheisse!

    Think about it. If any TA were reliable, the market would trade on it, because that's what the market does, right? It would anticipate signals ever more eagerly, until they vanish entirely. I don't understand why there are still people that believe in TA, maybe the universe just has a sense of humor?

    Invest in PMs because they hold their value over the long term, not because someone who claims to have the answers says they have found 'support levels' or 'bullish channels'. If you trust them, it's your own dumbass fault. Can't blame them, they swallow their own shit :)

    SteveW mel
    Dec 7, 2013 - 11:18pm

    @mel: Daily limit

    The COMEX itself has no daily limits on its PM contracts either up or down.

    Dec 8, 2013 - 12:10am

    Foreign Bullion Banks in the Bankers Participation Report

    Foreign bank holdings also showed a huge positional swing of net long 2.544 million ounces. Of this, 1.893 million ounces was short covering and in total foreign banks reduced exposure to the gold futures market by about 1.25 million ounces. So combined, the bullion bank complex added a stunning 3.312 million ounces net longs. If I had to hazard a guess, I would say foreign banks are getting the heck out of the way, but the U.S. group -- or specifically JPM -- is interested in a giant short squeeze.

    The big four U.S. banks (of which the largest by far is JPM) added an additional 767,400 ounces net long, to bring their position up to 5.741 million ounces (71,897-14,489).


    As far as the Comex, nothing ever seems to settle. They just trade warrants and IOUs with each other. I still think a large miner or two should call for delivery to affect a Comex bust.

    Dec 8, 2013 - 12:23am

    DHS Terror Update

    In case the links in my post above do not work, here are a couple more. The woman's name is Julia Davis and her story needs to be heard.


    DHS Whistleblower Censored from 60 minutes #N3
    boomer sooner
    Dec 8, 2013 - 2:01am

    @Rik G Quoting

    @Rik G

    Quoting you,

    Registered COMEX gold inventory at first notice day for December contracts was 590,817 ounces this year compared to 2,534,000 last year.

    Assuming most of this gold was delivered to the banks from other banks, why is it not recycled back into their registered. Instead the gold has disappeared.

    Where did the gold go? 2 million oz gone, fart in the wind. Are they stashing, delivering to China, returning leased gold (CB's)? Obviously the gold is not returning considering the banks tend to be raiding eligible.

    Maybe someone smarter than me can see in the banks financials where the adds/minuses for gold would show.

    Dobocop GeoffByra
    Dec 8, 2013 - 2:08am

    GeoffByra- three weeks since you joined

    Go be a asshat clown elsewhere you goof.

    Dec 8, 2013 - 7:25am

    Peak Everything in circa 2020?

    from zerohedge: comment on an article suggesting that the Big Crash is coming in February 2014.


    Wed, 12/04/2013 - 10:38 | 4213707 Jumbotron

    This article is bullshit. Not that a Crash is NOT going to happen. It IS inevitable. But not Feb. 2014. And putting up charts showing the matching nature of the run up in stock prices between 2012 until now with the run up of stock prices in 1928-through the Crash of '29 is also bullshit.

    This is what they DID NOT have in 1929. They didn't have an ENTIRE government/economist/Fed banker cabal willing to print money and take bad loans off banks' books to paper over the 1929-1939 style Depression or worse that we should have already been well into.

    I've said it before and I'll say it again. I'm not expert.....this is just a bit of data driven and intuitive guess....but I say the Insane Fed/Corp/Banker Posse can keep the bubble inflated until around 2020 and THEN with the combined incoming crests of these tsunamis......Peak Cheap Energy, Peak Cheap Credit, Peak Student Loans, another Peak Real Estate Bubble, Peak Medicaid, Peak Medicare, Peak VA benefits, Peak Social Security, Peak Old Farts dying off and/or leaving the workforce, Peak Disability, Peak Food Stamps, Peak Illegal (now made legal through amnesty) Immigration, Peak Cheap Labor Wage Arbitrage, Peak Interest on National Debt, and most of all......Peak Fed/Corp. corruption........THEN you will see the collapse.

    However.....throw in a credit default swap or even currency crisis when the sheeple wake up BEFORE 2020 and figure out that their dollars in their wallets and 401K are better used as toilet paper.....especially when toilet paper is 15 dollars a roll and running out fast.......then all bets are off.

    But 2020 is when we start getting hit by wave after Grand Cycle / Generational wave of tsunamis that even the Skittle Shitting Unicorns they keep breeding at the Federal Reserve can't handle.

    Dec 8, 2013 - 7:42am

    lintltj5 - gold price predictions

    Just to round-out the picture, you might want to explore twoshotplanks' old posts. This is the gold-to-$134,000-per-ounce guy (no typo). Yes, I know it sounds wild -- it IS wild -- but then we live in a wild world, with wild accumulated imbalances. No one can say how it is all going to unwind, but the idea of dramatically revalued gold (i.e. beyond just a small multiple; like 20X or even 50X) is certainly in the running as a possibility. May 2013:


    snippet: "Over the past few months I have been posting a future Gold price of $134,000 per ounce in today’s Dollar terms. This figure is what I have come up with and is derived from calculations which relate to what I believe the future importance of Gold will be from an asset perspective, what the financial system will look like, and where Gold will sit within that system. Believe it or not, that figure is unbelievably conservative; it is based upon the current financial system surviving with minimal sectors requiring Gold support. It is the least amount of intervention by Gold in order to heal the current financial distortion and debt burden…the least amount of intrusion!"

    Gold Dog
    Dec 8, 2013 - 7:58am

    A Report from the Den

    Hi Fellow Turdites!

    Last night I was in the "belly of the beast" at my friends Christmas party.

    He lives in a, I would guess, 10,000 square foot plus condo in a high rise on the Gold Coast here in Chicago directly overlooking Lake Michigan.

    About half the crowd were friends like me and the other half were there for Banksterstock. (A miny Woodstock for banksters.) I guess from the Turdville perspective my buddy is a bankster, he raises money for capital projects, mostly private real estate deals for banks, insurance companies and pension funds......some hedge fund work. His income is well into the seven digit range.

    There may have been 400 people there so it was a bit of a madhouse, many conversations that were never finished because new people would wander over and the subject would change constantly.

    Random stuff;

    One friend reported that he got home from work last week and his wife and daughter were at the kitchen table working on the Christmas cards. She asked my bud to go into the library and grab the Social Register to look up a couple of addresses. The ten year old daughter asked, "what is this book mommy?", his wife replied, "It's the list of who they're going to kill first honey."

    My bride and I went through the buffet line, (yes on the shrimp and steak sandwiches, no on the hummus toastettes!), and found a place to sit down to eat in an alcove off of the music room. On the opposite couch were a couple we knew tangentially from a philanthropic board we sit on together. They are in their 70's and quite well to do. We rearranged things so the ladies were on one couch and the men on the other for ease of conversation.

    My friend, let's call him "Ken" because that's his name, asked me what I was up to and I told him that I was selling my companies, retiring and planned to move at least 2/3rds of my loot off-shore. He then stunned me by asking me what I knew of Bit Coin and giving me a short dissertation on the subject. I hit him back with the question posed on another thread here...."We are going to put you in a box for 20 years, do you want 10 ounces of gold or 10 Bit Coins with you?" Unfortunately before he could mull it over and respond other friends showed up and the conversation shifted. I will see him tomorrow and will likely get his answer then. I will post the results here.

    We all sang carols at around ten. My wife pointed out to me that the pianist was from the Chicago Symphony Orchestra. Nice lady, when I pounded out a few bars of Johnny B Good right in the middle of her cocktail tinkling she just started laughing.

    The Sainted Mrs Dog is angling for new diamond stud earrings for Christmas. I usually don't notice stuff like jewelry but we had worked out a system in the car on the way into the city. She would touch her left elbow with her right hand if we were talking to someone that had what she was looking for. Gracious me, I started noticing the ice cubes in the place.....even the simple black dress with a string of pearls ladies were all packing about ten carats. The average, adding up earrings, necklaces and rings was probably closer to 25 carats per.

    I am getting her a new blouse, the one she wore last night has a hole in the sleeve!

    For behold! Unto us this day a child is born...........

    Your friend,


    pbreed alan2102
    Dec 8, 2013 - 8:00am

    Gold price..

    Anyone asking what the gold price will be misses the point.

    What is the gold price in old Zimbabwe dollars?

    There is no price the Zimbabwe dollar has lost all value.

    For all your life you have valued things in dollars you have been brained washed to see little strips of green paper as valuable, they are just strips of paper.

    Holding gold will not make you rich it will preserve what wealth you have as the world shifts to whatever follows the US dollar. Say gold is 12500000 an oz and a coke is 10000 a can...the relative values are unchanged only the size of the numbers changes.

    How high will gold go so I know when to sell is another version of the same question... When the great reset happens all Americans will be vastly poorer than they are now... The ones with gold will be less so. You will not sell your gold for dollars you will trade it for yuan or gasoline or food. Gold is not an investment it is money, it's the inflation proof equivalent of $ in the mattress, it has no yield, no earnings it is just value.

    Dec 8, 2013 - 8:20am

    For the record, Gold Dog, I

    For the record, Gold Dog, I would rather have 9 oz of gold and one bitcoin.

    Bitcoin is not something you go all in to, but it IS an important step towards the next version of the financial system.

    Dec 8, 2013 - 8:25am

    Price Predictions

    I appreciate the replies and insight with regards to the wide range of predictions. I find it interesting hearing all these numbers and predictions, but have always wondered about the range. You all have essentially summed up what I suppose I already knew, that 1. Nobody really knows. 2. Many different variables can be used to calculate a final number because there are so many variables being added to the mix and the rules are changed on a whim. 3. Some may have good intentions but may really not know what they are doing and begin comparing apples to oranges and as a result get skewed or biased results. 4. Most importantly, none of it really matters, because in the long run, holding actual money is all that counts.

    I have been reading Hilaire Belloc's Economics For Helen lately and he states that the 3 basic elements to create wealth are Land, Labor, and Capital or essentially production and stored wealth. The talking heads sell the public on economic recovery, yet banker and government policy is in direct contradiction with the essentials of accumulating wealth. Very little is being produced for a variety of reasons, and the public is encouraged to spend, not save. So we ultimately have a recipe for disaster, being sold as a solution.

    As I said, I realize that wealth preservation is really the only thing that counts, regardless of price fluctuation and predictions. The majority of us realize this, although I'd say it is natural to have visions of dollar signs dancing in our heads when we hear some of these numbers, at least for a second or two.

    Again I appreciate the replies

    Gold Dog
    Dec 8, 2013 - 8:42am

    Sorry T

    It has to be one or the other....no diversification.

    I want 8 oz AU, one Bit Coin and the Olson twins in my box!



    Dec 8, 2013 - 8:52am

    Pennies and solar panels (and Michigan State)

    Clearly, Dantonio watched the game film from Michigan-OSU. What surprised me was Cook having a career game for State.

    My departed father-in-law left me 5000 pennies in rolls. I decided to sort them into 1982-and-before in one pile and Coinstar the rest. These were rolled by my FIL in NW Indiana in the 90's until maybe 2002. What surprised me was the sheer number of 1964 pennies. In some rolls nearly half the old pennies were 1964. The next two popular years were 1977 and 1978, and then 1982 and 1972 and 1962.

    The movement of pennies can tell us a few things. Pennies are either distributed by banks or brought by economic migrants. I doubt large quantities of pennies are moved long distances by the Treasury. The late 70s were a relative boom time in the Chicago area, and the early 60's were when the suburbs my FIL lived in were built along I-80. There was also some decent money supply growth in the late 70's.

    In the Northern Dallas suburbs, which were cotton fields in the 70s, pennies from the 60's are rare. They would have had to have been brought by new residents or visitors. Contrast this to the '80s when 1000 families a week were moving to Dallas; 1980's pennies are quite common. Just an observation.

    I learned the hard way about freezing rain and solar. Cover your panels with a sheet. I spent 90 minutes with salt and a putty knife trying to remove an inch of ice from my panels. Seriously, when I was chipping the last square inch of ice away, my power came back on. They now have a coating of RainX.

    Edit: RainX didn't stop last nights freezing drizzle from sticking, but I could scrape it off with my fingernail.

    Dec 8, 2013 - 9:09am

    @DagneyThese above 1900


    These above 1900 calls looks spot on. February is prepared to be the month. Great find. It is related to debt ceiling, and what it is telling is that debt ceiling might be removed for ever or/and there will be shortage of/ or a decision by JPM not to continue selling physical to suppress price.

    This is an attack by banks on USD. This is no joke. It is a war. All points to fireworks starting with next government shutdown..as expected. The stakes can only go higher as nothing is resolved.

    Dec 8, 2013 - 9:39am

    The better question to ask is

    The better question to ask is when will either of the metals increase in price at a pace significantly above the level of inflation.

    For what it's worth, I think given the respective prices and the increase in cash costs, the answer to that will be within perhaps a year silver will rise significantly above the level of inflation on an annual basis

    Some people decry my suggestion that Silver will reach $50 around 2020, but 1) it's just a guess, just like everyone else has their guesses and most of those have been horribly wrong 2) that is still a significant rise per year in % terms.

    The only thing that could contain silver's natural price rise will be if oil prices significantly reduced but do you really see that happening? veeeeeeeeeeeerrrrrrrry unlikely

    Right now silver is a piece of crap in terms of lost purchasing power but the equaliser to that is to acquire more given the price.

    I can't be done with any of the silver so called experts right now, but in terms of youtube, this guy is great.

    Gerald Celente - Trends In The News Channel

    regular guy
    Dec 8, 2013 - 9:41am

    I always assumed the banksters are playing in the same sandbox

    I'm new to Turdville but have been stacking heavily since 2006. I always assumed that the banks were creating their own market playing off each other with JPM the designate ring leader for the gov't and acting as scoutmaster. I believe infinite fiat permits this. I don't think the musical chairs analogy applies here as delivery among the cubbies is largely ceremonial for deception purposes so the reported data is always questionable. The real metal distribution is hopefully measured in the Asian exchanges and the Swiss refineries. It would be interesting if activity between the GLD and the CME reports match up to the the Asian exchanges in some pattern that is consistent.

    I just feel that within the deception a strain of truth could be observed.

    Gold Dog
    Dec 8, 2013 - 9:43am


    Not following the bouncing ball are we talking about Feb 1900 futures calls?

    If the open interest is high that is pretty interesting!

    Thanks D for the find.


    Dec 8, 2013 - 9:44am

    lintltj5 - rights and... er... the 'R' word

    "I find it amazing the amount of "rights" people claim they have today. They seem to multiply by the month"

    Be careful what you say, man. Start talking responsibilities, in addition to rights, and you're liable to be denounced as one of those Evil Collectivists.

    ivars Gold Dog
    Dec 8, 2013 - 9:52am

    @Gold Dog

    I think so, definitely Feb 2014 Comex data though I am no expert in these subtleties of futures:


    Gold Dog
    Dec 8, 2013 - 9:56am


    Nice to see you, my friend.

    I hope that you and your family are all well and that you have a peaceful and relaxing Christmas.

    tmosley Gold Dog
    Dec 8, 2013 - 10:00am

    Gold Dog, If I wanted twin

    Gold Dog,

    If I wanted twin monkeys in my box, I'd get Ben and Janet. And I'd make it a pine box.


    Gold Dog
    Dec 8, 2013 - 10:02am


    I just took the trouble of reading page 1.

    The 1900 and 2000 calls open interest are astounding, even in the out months. Someone may be expecting some explosive upside. In your screen shot above we see 45,000 plus 2300's. One question is when were these put on. Did someone buy the Leaps a couple of years ago or did the open interest appear recently?

    I will dig around a bit and see if I can determine the age of these calls.




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    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)

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