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 - 7:06pm

bob chapman was awesome!

he & jim willie

J.P. Cubish
Nov 30, 2014 - 7:06pm


Yeah, this is gonna buck any body that doesn't really get it off the bull, if they dont really know in their heart that gold IS money. This is a moment of truth.

Are you on the bus,or off the bus?

Nov 30, 2014 - 7:08pm

First TFMR rounds purchase

I didn't exactly back up the truck but I got my first TFMR "Watchtower" Silver Rounds just now. Price came to 16.95 per. I remember paying $2,250 for a 50 ounce bar. Them were the days. Can't wait to see the destruction in my stock portfolio Monday. F'n Swiss. I thought they had the balls to do this. Nope. I'm still buying Swiss cheese though.

Nov 30, 2014 - 7:15pm


Banana Republic verified. POS Congress, POS Supremes, POS Administration. Checks and balances have proven they are scum. Strong message follows.

Nov 30, 2014 - 7:21pm

Just Hit Me

If the US Government thinks gold and silver are worthless than we should demand from our Congressman and Senator that the price of SAEs and SGEs should be $1.00 and $50 each. They are ripping us off at the mint.

Nov 30, 2014 - 7:29pm

retail sales

wsj and zh reporting sales rather disappointing. Stores and on line both down 10%.

SPX opens up 3% in the morning--

the black swan is the US economy is dying fast.

Nov 30, 2014 - 7:30pm

Silver Buying Day

Started out at the flea market earlier today where I happily took the vendors junk silver at spot. Picked up 99 cent over spot Buffalos when silver hit $14.50 after the market opened.....a good day all in all.

Nov 30, 2014 - 7:31pm

Not in a position to comment right now

This is the type of thing that has/had me so concerned as I recorded the podcast yesterday. Fear that this is just the first of many liquidations is part of what is driving price so much lower this evening.

More later this evening if possible.

Nov 30, 2014 - 7:37pm

Silver66 is confused

Kitco shows silver down 8% and Netdania says it is down 4.15%


good news is I am converting some currency to money tomorrow

Nov 30, 2014 - 7:41pm

GSR Vertical

GSR went from 72.5 to 78.2 in last few trading days.

GSR went over 80 twice in the last 15 years and maxed out at 83.8. The 83.6 GSR then slid to the 32 GSR in 2011. So, at some point this rigged nightmare will reverse.

Nov 30, 2014 - 7:43pm


we killed obama ben laden again?

Nov 30, 2014 - 7:44pm

Sound Money Minnow

I was just having some fun with the absurdity of metals.

It's not the metals that are absurd, it's the currency they're priced in.

That's where the absurdity lies. The world's fiat currencies are so far in the red with debt they are not an indicator of the true value of commodities (particularly pm's).

Their true value will appear when debt ends which it will eventually because debt is built upon a promise that cannot be ever delivered whilst debt exists. Then debt will be wiped out either via creeping inflation (as we're seeing) then escalating inflation, or sudden default, which will also lead to inflation. Massive inflation.

Fiat currency is absurd, not something that is a store of the time and energy you put into your life, even though everything is being done to make it appear that way at this insane time we're living in where "wealth" can printed from nothing.

J.P. Cubish
Nov 30, 2014 - 7:45pm

PAge not Found

Page not found onthat link Big T! EAsy enough to find by going to Zero Hedge. Maybe this is it?

Its collapse'o'clock. Do you know where metal is?

Nov 30, 2014 - 7:47pm
Nov 30, 2014 - 7:57pm

Disappointed but

Disappointed w/ the Swiss vote but a hat tip to the 22%. Can you imagine if the vote would have happened in the US. Maybe we could muster a 1-2% yes vote. The world doesn't want liberty or sound money, it wants familiarity. It took the crisis in 07-08 to wake me up. When I speak to some about that period in our financial history, many have no clue to what I am referring. We are so.... screwed.

The PM community has been wrong, price wise, for several years. I'm fighting the inclination to jump all over the price smash already begun and purchase more metal, I added to the already 6 months of food stores yesterday and want to stack some more quality defensive ammo. At least, I think I know where short to medium term prices are likely to go in their regard. I think I may use dry powder to shore up some homestead projects with regard to backup water and power projects. I may regret that decision if this is just a quick dip. I'm tired of watching miners and metals swirling the toilet bowl. It seems apparent to me we'll see more attractive prices in the short term. Then again, I'm usually wrong, we'll see.

We had a multi-generational family vote as well this morning after the SGI results came in. I was prompted to do so after similar comments by Doc Janda and others. We're staying the course of a bi-metal standard.

Nov 30, 2014 - 7:59pm


Is out of all monster boxes of silver eagles and maple leafs. That is one of the larger wholesalers.

Nov 30, 2014 - 8:03pm

Putin's Golden Trap...

An interesting read...

"Very few people understand what Putin is doing at the moment. And almost no one understands what he will do in the future.

No matter how strange it may seem, but right now, Putin is selling Russian oil and gas only for physical gold.

Putin is not shouting about it all over the world. And of course, he still accepts US dollars as an intermediate means of payment. But he immediately exchanges all these dollars obtained from the sale of oil and gas for physical gold!"

Nov 30, 2014 - 8:06pm

Just one word. FUCK


Everyone who BELIEVED in GOLD is TOAST.

It is over, the GOOD GUYS WIN.

time to SELL! sell! SELL and go get drunk

if you got any money left after selling. I DO not.

listened to Turd.


Nov 30, 2014 - 8:16pm

This is absolutely insane.

This is absolutely insane. Well, I still make the same amount of dollars. It's all about ratios. I'll be trading up some gold for silver, soon, I suspect and buying more of both. Bring it on, momo monkeys! I love it! It's gonna be hard to deliver when there are no producing mines. Gonna be an interesting ride. And it is just a ride. It's most thrilling when the roller coaster is closest to the bottom of the plunge.

Nov 30, 2014 - 8:17pm


Never ever ever needed mushrooms to digest Mr. Chapman. Just sayin . . .

Dyna mo hum
Nov 30, 2014 - 8:18pm



Texas Sandman Outback
Nov 30, 2014 - 8:18pm

Equanimity is the word, outback

Otherwise, maybe a short term treasury mutual fund would be more to your liking.

Usually one has to visit the unwashed masses to find a post like this.

But you can't find them any more.

DeGraives Outback
Nov 30, 2014 - 8:19pm


Turn out the lights! The party is over.

Nov 30, 2014 - 8:25pm

@ Terry

Turd has been warning of this potential. If you don't have any dry powder right now it's because you were NOT listening. Anyone selling right now will regret it. Don't be that guy.

J.P. Cubish
Nov 30, 2014 - 8:25pm


Back in 2000, when the dot com bubble was bursting, I was sleeping on park benches, shopping at the food bank. Seemed like everybody had everything and I had not. A buddy tossed me coupon for a 6 inch sub, and it was like heaven.

Times change. Now I got a pocket full of metal. A brain full of skills. So bring it.

I'm ready to survive. I think if people had that experience of not knowing where their next meal was coming from, and then realized that there wasn't going to be a meal, it would change their outlook. What goes around ...

Get you that gold.

Texas Sandman
Nov 30, 2014 - 8:27pm

I wonder if...

I'll have to pay somebody fiat to haul away my worthless silver bars & coins...

Maybe they'll look at silver stackers like the "pack rats" who collect garbage in their homes...

Whirlybird Janet gets wet when she thinks of that one.

DeGraives Texas Sandman
Nov 30, 2014 - 8:29pm

Well.... If you need to have your silver and gold hauled away-

We have several on this site that seem to be looking for work!

Texas Sandman
Nov 30, 2014 - 8:32pm

Looks like 1147 is a pretty significant level.

Bounced twice before and looks to be halting the crash now.

Nov 30, 2014 - 8:38pm

Stand back for a moment....

Get some perspective.

has anything changed substantively in terms of supply and demand?

is this not the most obvious evidence that all of the gyrations in price are the result of Bankster manipulation, as we here have suspected all along?

this is NOT sustainable.

to me, it appears this may be the final capitulation we have long speculated about.

i have always believed that there would be no moonshot until JPMorgan et al would be the ones to benefit from it. Uncle Ted tells us they are now probably massively long.

it is ironic, but I suspect we will be in the position to "cheer" as JPM rigs the price upward.

Nov 30, 2014 - 8:44pm

Silver update

Video unavailable


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Key Economic Events Week of 4/22

4/22 10:00 ET Existing Home Sales
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Key Economic Events Week of 4/15

4/16 9:15 ET Cap Util and Ind Prod
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Key Economic Events Week of 4/1

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4/2 8:30 ET Durable Goods (Feb)
4/3 9:45 ET Markit & ISM Services PMIs
4/5 8:30 ET BLSBS

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