A General Update

Wed, Dec 11, 2013 - 10:30am

If you frequent this site, you deserve a freebie every now and then. Here's a general update.

Here are the items of note that you should be following:

  1. JPM continues to vacuum up nearly all of the December Comex deliveries. Thus far this month, The JPM House account has stopped 4,284 of 4,469 December gold deliveries (95.9%) and 1,820 of 2,980 December silver deliveries (61.1%).
  2. Just as in July/August and October, when JPM was the primary stopper on the Comex, GOFO rates in London have turned negative. Today marks the third consecutive day of negative rates.
  3. The latest Bank Participation Report showed the most bullish extreme seen yet. The combined position of the 24 U.S. and non-U.S. banks surveyed showed a NET LONG position of 43,369 contracts, UP from 10,254 last month and exceeding by 30% the previous extreme seen in the survey from August 6 when the banks revealed a NET LONG position of 37,434.

Not surprisingly, price has turned...just as it did in July and October. The key going forward will be what happens when price encounters the red downtrend line on this chart. As we move toward the end of the year, this is the only short-term chart that matters.

If you'd like more information and desire to follow along on a daily basis, become a "Vaulter" today. More information, including details of the discount subscribers receive when purchasing TFMR rounds, can be found here:


Have a great day and thanks for reading!


About the Author

turd [at] tfmetalsreport [dot] com ()


Dec 11, 2013 - 10:36am

Never-ending fraud..

When are people really going to wake up and realise that the banks are organised criminals. Crime is what they do. It's their one and only purpose.

Lloyds bank fined record £28m for 'serious failings'

Lloyds Banking Group has been fined £28m for "serious failings" in relation to bonus schemes for sales staff.

The Financial Conduct Authority said it was the largest fine that it or the former Financial Services Authority had imposed for retail conduct failings.

The bonus scheme pressurised staff to hit sales targets or risk being demoted and have their pay cut, the FCA said.

Lloyds Bank has accepted the regulator's findings and apologised to its customers.

"The findings do not make pleasant reading," said FCA director Tracey McDermott.

There was a grim atmosphere in some Lloyds, Halifax and Bank of Scotland branches, as staff tried to avoid being demoted and having their pay cut for failing to meet sales targets.

"I left just before I was likely to have had a breakdown," one staff member told the BBC.

Another reported that "The only thing that matters is hitting sales numbers, not the customer."

And one who lost his job said: "I can only describe my nine months in a branch as a disgrace."

Lloyds has embarked on a trawl of sales to 692,000 customers to see how many may have lost out.

About 11,000 cases are being prioritised - cases where the behaviour of advisers seemed to be most questionable.

There are suggestions that Lloyds may have set aside as much as £100m to cover compensation for failings including the ones highlighted today.

The fine could have been £35m had Lloyds not agreed to settle early, the FCA said.

Lloyds has already set aside £8bn for mis-selling loan insurance and £400m for mis-selling interest rate swaps. And in 2003 it was fined £1.9m and handed a £100m compensation bill by the Financial Services Authority for mis-selling so-called "precipice bonds".



edit: SECUND!

Dec 11, 2013 - 10:37am

I like it...

The occassionally 'freebie', now set the hook and reel them in Turd!

Ten bucks a month is cheap people, the charts he posts are worth it alone. The Podcasts are like icing on the cake.


Good luck all...

Dec 11, 2013 - 10:39am



TF has been calling many things correctly over the last three weeks or so (bringing back calls of "Witch!"). In addition to that the info has been timely and tradable - there are some turdities sitting one quite a heap of benny bucks based on his very prescient Oil call. He has also discussed other commodities like Nat gas and it's recent surge (along with support, resistance, and possible trades), as well as the highly abnormal (record breakingly so?) shenanigans in copper.

It looks very like that the magic of the first "turd's bottom" has been repeated as well.

For the price of one fast food meal a month this service is highly undervalued and I really don't think anyone else on the web matches either the amount of articles or podcasts, let alone both.

While I haven't purchased any of the TFMR rounds yet the discount available when purchasing through Scottsdale equals the price of the monthly membership.

I used the info TF put out to make a very large purchase on friday, and boy am I glad I did as silver is up something like 4% since then.

Dec 11, 2013 - 10:57am


Vault =< Turd on main => Entropy

Metal doldrums not helping much either.

Running out of new distractions via other sites too. Seems I am unable to successfully fill the mental void and this rat might just have to capitulate and stop procrastinating and actually re enter the world. Heaven forbid; what a ghastly thought!

Save me Turd.

Dec 11, 2013 - 11:16am


As a rule, I don't pay for content on the Internet, but if you accept bitcoins, I'll subscribe here.

Bongo Jim
Dec 11, 2013 - 11:17am


I take my orders from Major Malfunction, but this is General Update talkin'!

AGAU Bollocks
Dec 11, 2013 - 11:20am

Never ending fraud

This will never stop when the penalties are simply fines, no matter how high, it's coming out of gross bank profits anyway , just the cost of doing business

W e need to start jailing these pricks starting at the top of the tree, make some nice cash bonus available for the little shites that carry out the dirty deeds so they turn each other and more importantly their bosses in , the fines need to be levied against the personal wealth of the management and the boards of directors take away their nice little surrey Mc mansions and jaguars etc put them in jail like any other criminal low life!!,

Dec 11, 2013 - 11:21am

A question from a non-trader

Could someone explain this part in simple terms ? ". Thus far this month, The JPM House account has stopped 4,284 of 4,469 December gold deliveries"

Since I've never traded commodities nor ever really followed the COMEX stuff... what does it mean to stop deliveries? Is JPM taking delivery of physical gold or are they settling those contracts for cash instead?

Dec 11, 2013 - 11:22am

Oh, OK...

You won't pay $10/month BUT you'll gladly slip me a $1000 bitcoin....Rrrrrrrrriiiiggghhhttt.....

Thanks, anyway.

Dec 11, 2013 - 11:27am

To "stop"

This means to take the delivery. The other side is to "issue".

In other words, JPM has taken 96% of all Comex deliveries this month into their own proprietary "House" account(s). The rest of the world has stopped 185.

Put another way, over the first 10 days of this month, JPM has claimed for themselves and, apparently, removed from The Comex vaultng system, 4,284 of these:

The rest of the world has taken delivery of 185.

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