Sun, Nov 30, 2014 - 12:56pm

In no surprise to Turdville, the SGI went down in flames today by a margin of 77-23.

We did what we could, but in an age where economic education is lacking, fear sells and greed trumps all, the only surprise is the margin of defeat. The latest polls had indicated a minimum backing of 37% for the initiative. If the results are to be believed and trusted, then we must accept that fully 1/3 of those who had been backers changed their minds in the last hours. Clearly, the Swiss are no smarter and no more "independent" than anyone else in Europe or the United States. Instead, we all remain slaves to the debt currency, central banking system.

What effect this may have on paper price in the days ahead is hard to predict. Those expecting a continued selloff may get one, at least in the short term as all "commodities" are dragged lower with crude oil. I take issue, though, with those expecting some new wave of selling based upon this result. If you were truly wired in and trading paper metal derivatives, the "NO" vote on SGI is absolutely no surprise.

Additionally, some now expect GOFO rates to "normalize". I doubt it. Again, the powers that determine these rates will not be surprised at all by the result AND GOFO rates are (allegedly) a real time indicator of physical tightness. They are NOT a projection of future tightness based upon some kind of renewed Swiss demand.

Anyway, I'm sure we'll discuss this more again tomorrow and in the week ahead. For now, Turd has greater concerns. The University of Nebraska has FINALLY fired it's meathead embarrassment of a football coach so, regardless of the SGI outcome, today is a great and happy day at TurdFork.

Enjoy what's left of your Sunday. Trading resumes at 6:00 pm New York time.


About the Author

turd [at] tfmetalsreport [dot] com ()


Nov 30, 2014 - 12:59pm

Give Thanks

We have a little more time to prepare...

Nov 30, 2014 - 1:00pm

Hanging Head of Shame

Surprised by the vote margin. The Oregon Ducks waxed the floor with my beloved Beavers last night. I feel you Pining.

Nov 30, 2014 - 1:02pm


Why do we see only one number?

Was it so that each voter had to vote yes x 3 for the initiative to pass?

Nov 30, 2014 - 1:10pm

Thank God that Bo Pelini has been let go today....

No disrespect to Bo, he is a good guy and a great defensive mind but the program was plateauing with him. Bo brought us out of the ditch, and now we need to go find a guy that will bring us back to national relevancy again.

Nov 30, 2014 - 1:14pm

Repost : Vote Early & Vote Often

Today the Janda Family also voted upon the same initiatives voted upon by the Swiss people regarding the safety and security of their financial future.

As opposed to the results in Switzerland, the Janda Family voted to link their financial future by back stopping all transactions with precious metals. The turnout of the vote was overwhelming.

The vote tally:

Yes : 115%

No: 0%

When asked by representatives of CNBS how the "Yes" vote could have tallied 115% in the "Yes " column. The Commissioner of Elections for The Janda Family stated: " We used 2 methods to tally the vote : 1) We implemented the standard formula developed in the family's home town, Chicago..... " Vote early & Vote often" and 2) We implemented the Stalin voting mantra which was utilized earlier in the day in Switzerland... " It is not who votes that matters..... it is who counts the votes that matters."

Update :

Further votes have been received.....

Final Total :

Yes : 120%

No : 0%

When asked by CNBS how the vote totals could have changed . The Commissioner stated: " We just received the voting block from Woodlawn Cemetery."

The Rothschild Family issued a statement on the voting today" " We were pleased that our fear mongering and control of the voting apparatus in Switzerland worked to perfection..... as far as The Janda Family ...... what would you expect, they are enemies of The State, they refuse to allow us to use debt to enslave them."

Nov 30, 2014 - 1:17pm
J Siefert
Nov 30, 2014 - 1:25pm

Swiss Gold Initiative

Life goes on!
In a week or so it will all be a part of the past.

One sad Swiss.

Nov 30, 2014 - 1:31pm

I will never buy Ricola again !

I will never buy Ricola cough drops or Swiss Miss hot chocolate again. The Rolex stays, but 2 out of 3 ain't bad.

Nov 30, 2014 - 1:49pm

House Divided

Football was good this week in a family of diversity: TCU, Alabama, Ole Miss, and Auburn (payback by Al from last year). Looks like in future years we will have to send someone to Nebraska.

Nov 30, 2014 - 1:57pm

History tells us that majority

never gets it right.

So, lets move on.

One thing is for sure: you cannot print your way out of that mess. Never in history that worked.

Nov 30, 2014 - 2:01pm

Icebergs and SGI

I have to agree with the majority of Turdville as to my lack of surprise regarding the SGI results. The message that would have been sent was simply "not allowed" – and thus the NO side spent significant effort to ensure that most Swiss were "re-educated" appropriately.

While it's disappointing – I really don't think it changes anything. The fundamentals are the fundamentals and those have not changed.

I liken the world fiat system to a giant iceberg floating in warmer waters. We know it's going to melt, eventually – but it just keeps floating and existing. Those of us that are awakened to the situation, are anticipating something to ram the iceberg and smash it into a thousand smaller pieces. But, so far ,nothing has hit it and it just keeps slowly melting. Of course the rate of melt is increasing – we just don't notice it on a day to day basis. Regardless of the SGI results – that iceberg is a whole lot smaller than it was a couple of years ago – and the water it floats in is warm – and getting warmer.

BigGamble AlienEyes
Nov 30, 2014 - 2:03pm

LOL @AlienEyes

Good one. I totally agree head on with those picks!

Nov 30, 2014 - 2:05pm

Re: Gary Savage

Wow, that cheered me up, gonna go back out on the ledge and check out the view again :-)

Nov 30, 2014 - 2:08pm

Nebraska Head Coach Search

Hard to see how Bo Pellini gets fired with a 9-3 season but it happened. I am an Oregon Duck. Scott Frost is the Oregon Offensive Coordinator and I expect he will be in the interview mix for Nebraska. In 1997 as QB at Nebraska, he led the Cornhuskers to a 13-0 season and the national championship. He is a high integrity coach and an integral part of the Oregon offense but reportedly he would be interested in a Head Coach position.

Swift Boat Vet
Nov 30, 2014 - 2:23pm

Delayed a ----

--- purchase of silver yesterday or friday as I did sense that the SGI would fail today, and the vultures would sock it down a bit more next week. I do have a feeling that premiums are at the lows right now tho'. Dry powder is there, but have used quite a bit of it in these last two to three months or so. Been generally buying from $17 down. Of course, we all want to buy at the ultimate lows, but something tells me that all my purchases will be multi-baggers before not too hell-uv-a long time from now.

As it approaches, 2015 looks like it's shaping up to be an extremely eventful year. Probably a year that will stand out in the history books, not only in PMs, but in stocks, bonds (interest rates), Forex AND trade settlement. The rest of the world is NOT going to put up with America's monetary bullsh*t for a whole lot longer. Remember also, that IMF meeting regarding the SDR is early (?) in 2015 too, and Russia and China have big plans for that, I'm sure.


Nov 30, 2014 - 2:25pm

i never expected

i never expected this (sgi) to be a knockout punch, just a stiff jab... i was hoping for stiffer than it ended up being, but still just a jab. everything thus far has been 'footwork', i consider this to be the first offensive attack, far from the last.

at least we're still standing, and swinging, and the bigger guy used up some serious energy to block it. we need another swing, perhaps even a combo, before they can dance themselves out of this position...keep the pressure on i guess i'm trying to say.

Nov 30, 2014 - 2:26pm
Nov 30, 2014 - 3:08pm

Gary Savage...sheesh...

Seems like a nice enough guy, but he needs to change his name to

Seymor Butts.

He has called more bottoms in the last few weeks than.....literally, last week, he was pounding the table, "the bottom is IN....and now , shifts gears quickly...."it is going to be in, he's just not sure when or what price, but soon..."

The bottom was in in the late 90's. The top? Likely when China lays her cards on the table and tells Uncle Sam to quit paying for International turmoil with counterfeit money. WTFDIK?

gold slut
Nov 30, 2014 - 3:24pm

@ SteveW

From a previous thread.. a point you raised about will this give the Swiss bank monkeys free reign to sell-off the last of the Swiss gold? Very, very good point. I was poised on pulling the trigger on some Au, but the more I think about it the more my trigger finger slackens..

I think I will wait and see what the extra ammo freed-up for the EE does to the Au price for a while first. Positive GOFO here we come?

AGAU Pseudozero
Nov 30, 2014 - 3:48pm

@ pseudo zero

Or --- someone ? could pull out that big fat 45 magnum and blow the sob plumb the fCk. outta the ring ha ha

Nov 30, 2014 - 3:55pm


Did you see this:

The Gallup poll says folks are not going to the doctor because it is too expensive with O-care. Personally, I know this to be true.

Like the miners, if the economic activity doesn't make sense, you don't do it.

Maybe Obama can become a Keynsian economist after this President gig is up. Just make up sh*t and change your thesis when your last thesis didn't work....or maybe a climatalogist???

I have always felt that the unintended consequence of O-care is that folks will simply quit going to the doctor. Which begs the question....why have insurance if you don't use it? Hopefully, they treat their own healthcare more proactively...crazy.

Nov 30, 2014 - 4:01pm

Reality- health care has always been too expensive

in the good old USA. nothing new.

Pounds of Money
Nov 30, 2014 - 4:15pm

Bo Pelini = Bo Polony = Hmmmm

Bo Pelini fired? How about Bo Polony? A thinly veiled Contrarian signal.

The Swiss Gold Initiative fails on 11/30. So $1130 / Oz will be the bottom on 11/30.

I'm going with this.

Fiat ready for deployment.

Docdhj realitybiter
Nov 30, 2014 - 4:27pm



I find this to be accurate. Obama Care's huge deductibles and increase in premiums ( 37% in one year) are so outrageous people are either not coming in or dropping their coverage..... and if they do come in, it is at a later stage in their medical condition.

The other issue occurring with O-Care is a large number of people have stopped paying their premiums. According to O-Care, if a person stops paying their premium the government ( taxpayer) is on the hook for any medical care the person incurs for the next 30 days after premium payments stop. The next 60 days, docs and hospitals are on the hook to try and get reimbursed for care that is rendered. Good luck trying to get payment. This is the number one reason why docs are dropping out of O-Care..... roughly 25% have stopped accepting O-Care plans. ( 70% in California) This is also the reason why many docs are selling their practices to hospitals and health delivery systems.

But, I believe this was not an unintended consequence.... I believe it is and was intentional. O-Care was designed as a bomb to implode the health care delivery system. Their goal is to have every American run into their totalitarian arms as the system implodes and give them the opportunity to implement a single payer system. A system that is administratively overseen by the largest insurance companies. It is evil and treasonous !

Nov 30, 2014 - 5:07pm

53 minutes to go...

before the pain starts :(

Nov 30, 2014 - 5:23pm

Silver For Sale

Ok Guys and Gals I need some Fiat for bills, my loss your gain. Don't worry I have plenty more. Lol

I have 20 rolls 90% Silver circulated Washington Quarters and would like to sell as one batch but I may consider smaller lots.
I will pay the shipping minus the Insurance if sold all together.
Asking X12.75 shipped
With payment through Paypal (preferred), Check or Money Order

APMEX price is: $1445.28 per $100.00

If the price goes up so do these, I also can't edit this post after a certain time span. So amount of rolls may change.

PM me if interested. I also have these on other forums.

Gamble pforth
Nov 30, 2014 - 5:29pm


Bring it!

gamble gamble

Nov 30, 2014 - 5:36pm

SNB potential leaser/seller of gold

Well it's not as if the Swiss haven't been the US lapdog recently with USB and Credit Suisse being leaned on to follow the US bidding. So if the SNB is instructed to sell their natural response ought to be "how much".

Nov 30, 2014 - 5:40pm

In other news

the 102nd Grey Cup will be contested starting in 20 minutes. Western fans will be cheering for Calgary to defeat Hamilton.

Nov 30, 2014 - 5:46pm

And snb

Would have been leasing already , it's not as if they haven't been leasing they're gold ! They've been leasing for years , I don't see how this affects gofo negatively or positively ? What I do expect is the algos to be triggered to sell and sell hard , then a pause , and a huge moment of "omg" we really don't have any gold! And as for the comex, I believe it's in default now , with the weird numbers and odd reports, we just don't no it yet , but soon .

Gamble gamble

ignorance is bliss


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 4/22

4/22 10:00 ET Existing Home Sales
4/23 10:00 ET New Home Sales
4/25 8:30 ET Durable Goods
4/26 8:30 ET Q1 GDP first guess

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

Recent Comments

by Turd Ferguson, 5 min 33 sec ago
by Harley, 10 min 24 sec ago
by lakedweller2, 18 min 56 sec ago
by lakedweller2, 25 min 27 sec ago
by Sound Money Minnow, 1 hour 20 min ago