Must Watch Video

Tue, Mar 29, 2016 - 11:14am

With a major hat tip to our buddy, Ned Naylor-Leyland, you simply must watch this video from The Financial Times and their astute financial reporter, Izabella Kaminska.

I don't want to add too much here for fear of spoiling the fun. However, I'll just share these quotes and then let you sit back and evil, selfish recluse.

The money shot from Izabella: "But the potential danger of gold goes beyond its polluting attributes; it also poses risks to the financial system, itself."

But it gets better...much better! This from "sociologist Nigel Dodd": "(Gold) a poor form of money precisely because of its anti-social properties and its propensity to encourage selfishness. Gold undermines the fundamental point of what money should be...a reflection of society's capacity to share."

And if that quote alone doesn't remind you of why you should never take investment advice from your brother-in-law who never left college and prefers to live in a utopian fantasy land, the next bit of wisdom from Mr. Dodd takes the proverbial cake:

"Gold expresses a wastage of human potential. And that's what gold really's human waste. 'Poo' that is made to shine. If you're in love with gold, you're in love with your own poo."

Well, I don't know about you, but suddenly this all makes sense for me! Thank you, Mr. Dodd! I am TURD FERGUSON. Now I know why I instinctively chose the pseudonym. I'm an internet analyst of my own poo! BRILLIANT!!

All joking aside, if this video doesn't represent the prevailing mindset at the end of The Great Keynesian Experiment, I don't know what does. Gold is hoarded by selfish, frightened sociopaths. It's dangerous to Mother Earth and society. Have faith, instead, in "the system" where confidence and fiat cash flows freely like a fresh mountain stream.



About the Author

turd [at] tfmetalsreport [dot] com ()


Mar 29, 2016 - 11:21am

Duce !


Swift Boat Vet
Mar 29, 2016 - 11:30am

I'm speechless

Such idiocy! This has GOT TO MEAN we are nearing TEOTGKE !


Mar 29, 2016 - 11:32am

Chuck Butler (Daily Pfennig)

"I swear I saw a story headline this morning that said, "Rays of sun seen in the U.S. economy". Would those be the same rays of sunshine on the "green shoots' that Ben Bernanke saw about 5 years ago?".

Mar 29, 2016 - 11:32am

Video Link needed

I don't see any link at this time to the Video.

2c piece
Mar 29, 2016 - 11:32am


Thanks for the heads up. Now to watch.

BTW the last episode of the TV program Elementary had some choice negative comments about prepping by the Holmes character.

UMM anyone else having trouble viewing the video?

Maybe the gold in their server connection turned to ...

Mar 29, 2016 - 11:32am


Yes, so many rays they lowered the GDP expectation to .6 for the first quarter....Wheres my sunglasses !!!

Mr. Fix
Mar 29, 2016 - 11:34am

Oh goody

I love videos.

Thanks Craig!

Throughout recorded history, good has been passed off as evil, and vice versa. For humanity to wake up to this fact is unlikely.

Only through the time-consuming process of discovery, and evaluating the natural laws on which our universe operates will it ever be possible to discern what is the truth, and what is bullshit.

To believe that "honest money" is anything but beneficial compared to what we have, takes mind control and indoctrination of the highest order.

Thank you for taking the time to expose the lies that have become mainstream thought.

I know it's only gold, but it's just the beginning of a journey of discovery, that will eventually lead to humanities freedom from bondage.

The more lies that are exposed, the more opportunity we will have to discover the truth.

It's a process.

At least we have begun.

Mar 29, 2016 - 11:37am

Refresh the page until it appears

This is another site software issue. The video is there. Just keep refreshing the page until the embed appears.

Mar 29, 2016 - 11:38am

CoT perspective part 1

This from Andy Hoffman raises some excellent points:

Andy Hoffman's Daily Thoughts


OK, where to start following a weekend of unabashedly PM-bullish, everything else bearish news? Following which, the Cartel executed, amidst the slowest global trading period of the year (U.S. markets closed Friday, and Europe today), its 137th"Sunday Night Sentiment" raid of the past 143 weekends, and 611th "2:15 AM" attack - featuring the ubiquitous "Cartel Herald" algorithm, of course - of the past 701 trading days. And I'm talking about dead trading activity - with U.S. stocks, bonds, and crude oil futures flat overnight, and base metals not even trading due to the LBMA holiday.

Which leads me to this incredible "debate" between Harry Dent and Peter Schiff - in which the former, once and for all, proved his utter cluelessness of how markets work; whilst the latter, despite being, along with David Stockman, the most talented economist of our time, again displayed his gaping flaw of not realizing - or admitting - the gold markets is rigged. Aside from that, Schiff utterly destroyed Dent, point by point - with Dent, yet again, demonstrating his mastery of the art of misinformation. Which is a shame, as he too is a brilliant economist; but a terrible market forecaster; with frankly, a Cartel-like attitude toward gold. Don't believe me? Check out this list of his "amazing" track record - which doesn't even incorporate his mid-2011 prediction, with the Dow around 12,000, that it would plunge to 3,000 in 2013; as opposed to what it actually did - start 2013 at 13,000, and end at 16,000.

As for Schiff, it is difficult to criticize a word he says about the economy. However, his insistence that the "dollar will tank" is what baffles me - as in doing so, he continues to focus on perhaps the most meaningless market indicator of all, the "dollar index" that essentially measures its value against the Euro, and to a lesser extent the Yen. For more than two years, I have shouted from the rooftops of the near impossibility of this occurring - as the collapsing European Union, and demographically imploding Japanese society, cannot possibly see their cancerous currencies surge against the dollar, no matter how overvalued the latter is. That said, I have equally shrilly predicted the dollar's surge against other currencies, - which most certainly has occurred, to the point that gold is trading at, near, or in many cases well above, previous all-time highs in nearly all currencies. And yet, neither of the two even mention - let alone highlight - this giant pink elephant in the room. Let alone, that the only reason dollar-priced gold hasn't, too, is relentless, 24/7 price suppression.

Meanwhile, Dent continued to espouse his age-old fallacy that gold will fall due to "deflation" - despite the fact that amidst the biggest commodity collapse in modern history, gold is not only five times above its turn-of-the-century lows, but nearly twice its 2008 crisis bottom low - which, I might add, was caused 100% by a vicious Cartel raid, that caused physical gold and silver premiums to surge to roughly 25% and 100%, respectively, amidst massive, global shortages. And equally fallacious, his ridiculous belief that gold will fall to $700 (ignoring the fact that the mining industry wouldn't exist at that price) because the "dollar will surge."

As noted above I agree that the dollar will rise against other fiat currencies (particularly "emerging market" and third world toilet paper) as the historic economic depression unfolds - not due to U.S. "strength," but superior liquidity. However, Cartel suppression notwithstanding, gold has dramatically outperformed "the dollar" since the global fiat Ponzi scheme peaked at the turn of the century, with its strongest periods of relative strength during the worst "deflationary" scares - such as, for example, early 2016 and, yes, the 2008-08 financial crisis. Regarding the latter, it's quite comical how so many people focus on the initial Precious Metal slam down in late 2008; ignoring entirely the physical shortages that ensued. Even more so, that Cartel attacks irrespective, gold was actually higher in 2008; and furthermore, that when the Dow finally bottomed in March 2009 (due to massive Central bank intervention), down 50% from its April 2008 highs, gold was 6% higher than its April 2008 level.

Speaking of fallacy - and in the process, the final nail in the coffin of the great American empire, Obama actually made the below, traitorous comments this weekend, in essence supporting socialism and even communism; in a speech in, of all places, the economically collapsing and currency hyper-inflating Argentina.

"So often in the past, there has been a division between left and right, between capitalists and communists or socialists - especially in the Americas, where it's been a big debate. Those are interesting intellectual arguments - but I think for your generation, you should be practical and just choose what works. You don't have to worry about whether it fits into socialist or capitalist theory. Just decide what works."

This - ironically, on the day California approved a 50% minimum wage increase; amidst a week when relations with still-communist Cuba were renewed, and a year in which "healthcare" nearly overtook housing as the nation's largest engine of "growth." This, from a nation that spent decades; killing millions; at a cost of trillions; in the name of destroying Communism. Trillions, I might add, that not only catalyzed the explosion of an unpayable U.S. national debt, but the end of a gold standard that for decades prevented the Federal Reserve from the hyperinflationary monetary policy it has since destroyed the world, and America, with. Which, I might add, will likely immolate the "Land of the Setting Sun" first amongst "first world" nations, if today's rumors of upcoming "major fiscal stimulus" have any truth to them. But don't worry, Shinzo Abe said Friday he is "not thinking about a supplemental budget at this time"; just like his Central bank governor, Haruhiko Kuroda, said Japan would NOT implement a negative interest rate policy two months ago - one week before doing so!

Last but not least, on this early Monday morning "rant," a final word about rapidly spreading newsletter writer fear-mongering about the "imminent collapse" of Precious Metal prices because the Cartel - er, "commercials" - have taken an outsized short position on the paper COMEX exchange. In last week's "the COT's don't matter, Part II," I invalidated such fallacy with actual facts, updating an article from 2012 which did the same thing. And today, I'll do so further - admitting, of course, that in the very short run (such as, for instance, today's COMEX options expiration), anything is possible.

To wit, the below chart depicts COMEX commercials' net short position in silver futures over the past 17 years. As you can see, throughout a raging bull market, that started at $4/oz in 2001; temporarily peaked at $50/oz prior to May 1st, 2011's "Sunday Night Paper Silver Massacre"; and sits above $15/oz as we speak, said "commercials" have never been long, not even for a day. And again, "commercials" is in quotes because essentially none of their trading has anything to with actual commerce.

As you can see, after nearly turning net long in mid-2015, they have engaged in their singularly largest incremental bout of (naked) shorting of the entire 17-year period. Quite obviously, in response to silver's bottoming, despite their most egregious suppressions yet,amidst an environment of record global demand; vanishing above- ground supplies; peak production; and parabolically rising, hyper-inflationary monetary policy.

In this chart, I put red arrows at each "maximum commercial short" position of the past 14 years. And as you can see below, over the entire 14-year period, the average three-month silver price change following "maximum commercial short" positions was just 5%. Or, more accurately, a mere 2%, when excluding the massive, Cartel-induced 46% plunge in the Fall of 2008 (described above); as given the roughly 100% premiums actual physical silver traded at at the time, it's disingenuous at best to claim silver "fell" -let alone, "plunged." Moreover, the Cartel is far less "infallible" as many believe - if its near-spiritual experience of late 2010 to early 2011 suggests.
Following last Wednesday's "Post-Brussels Bombing" Cartel raid - amidst the slowest trading week of the year thus far - silver is already down 4% from Tuesday's "maximum commercial short" position; which likely, won't get much larger, given that it is closing in on its highest-ever level. Thus, it's quite difficult to envision, amidst the aforementioned environment of wildly bullish Precious Metal fundamentals, anything other than significant gains in the coming three months - or at the least, far more muted losses than said fear mongers suggest.

We won't know what actually happens for another three months, of course. However, given how far below the industry's cost of production prices have fallen - per the fact that mining companies lost more money in 2015 than they made in the prior eight years combined; and the aforementioned hyper-inflationary monetary policy environment; amidst the worst global economysince the Great Depression; the reasons to own PMs not as "investments," but insurance has never been greater. Or better yet, for their principal utility as money - as proven by thousands of years of human experienced; as opposed to the hyper-inflating scrip Central banks have been flooding the world with at a record-breaking pace.

P.S. Remember what I wrote in yesterday's article, "the most transparent lie of all time, part II" - of how various Fed governors' post March 16th FOMC meeting claims that rates "might" be raised in April due to expectations of a significant 1Q GDP jump? Which as of last week, as now expected, by the Fed itself, to be no more than the fourth quarter's pathetic gains? Well, let's just see what the Atlanta Fed's 1Q "GDP now" forecast churns out after the news that just came out as I edit - that like the massive downward revision of January retail sales (from +0.2% to -0.4%), the supposedly massive surge in January personal spending (due entirely to minimum wage hikes, I might add), was just revised from +0.5% to +0.1%!

Mar 29, 2016 - 11:38am

Kitco silver chart is a joke

Last update....9.45AM........It's not just today.

Mar 29, 2016 - 11:39am
2c piece
Mar 29, 2016 - 11:41am

Video link

I have refreshed over 10 times. Still no link. Just a box with an x in the upper left corner. Anyone getting it?

Mar 29, 2016 - 11:45am
Mar 29, 2016 - 11:46am

Mar 29, 2016 - 11:47am

The video - it's a neat

The video - it's a neat little hit job on gold. But it's appearance is perfectly understandable.

However how does that video's content square with these other writings:

"Every year about this time the great and the good descend on a little Swiss ski resort called Davos for an annual meeting of minds in the snow. This year was no exception.

For me, the difference was that I was there too. I’m not sure how or why I was there, but I was definitely there. ......

Which leads, ultimately, to the best summary of Davos I can offer. It’s not the access, the parties or the overheard conversations you end up remembering. It’s not even the constant traipsing around in the snow (10km a day by one colleague’s count). Rather, it’s the realisation that privileged access doesn’t bring you happiness. To the contrary, the knowledge there’s always a higher, more privileged echelon somewhere in the world — and one that very specifically doesn’t want you — reminds you just how much of an outsider you really are. Like they say, it’s not until you see what you can’t have or what you definitely are not, that you feel truly disadvantaged by it. Access is and always will be relative."

or this

" ...

Financial innovation, after all, is not new. From supposedly low-risk subprime securities to online banking and ATMs, finance is and always has been the story of technique. Hence why the sudden explosive use of the term “fintech” seems suspicious to me — I see it as a marketing or branding exercise to help make banking feel cool and hip to millennials, who, like the yuppies of the 1980s, will be encouraged to move away from more socially constructive professions for a stab at becoming “fintech” billionaires.

I am also tuned into the numerous hypocrisies and paradoxes in front of me. We’re here to talk about innovation, disruption and financial inclusion, and yet everyone on my panel represents the same old stereotype: a white middle-aged man in a suit. What exactly is disruptive about that? They tell me they’re excited about innovative “apps” that aim to control my spending to make me less of a credit risk for them. Fewer Jimmy Choos for me, more loan payments for them. But again, that’s hardly revolutionary or liberating. That’s just banking. And increasingly intrusive banking at that. ...."

Both are from this page: where the full text can be found.

But from profile information here :

We see this, presumably written by the same lady:

" ... Everything she knows about economics stems from a childhood fascination with ancient economies, specifically the agrarian land reforms of the early Roman republic and the coinage and price stability reforms of late Roman emperors. Her favourite emperor is one Gaius Aurelius Valerius Diocletian. ... "

Hmmmm. That would Diocletan of the oppressive powerful rule, and monetary reform (which required great power to impose on the inflation ridden Roman system of the time) .

So back we go to the video in Turd's post at top. How does that square with these other pieces from the same journalist?

They don't meet in the middle all that much. I am somehow reminded about Greenspan's pre-Federal Reserve writings and their great contrast to his In-The-Fed writings.

Mar 29, 2016 - 11:57am

good backup plan

Thanks for posting the direct link!

argentus maximus
Mar 29, 2016 - 11:59am

Excellent, AM!

Has the makings of a tremendous homepage follow-up post later this week...if you have the time.

Thanks as always for your ongoing contributions!

Mar 29, 2016 - 12:06pm

I'll come up with something

I'll come up with something Craig.

As you say, it could be expanded to draw in some other interesting angles. I'll look into these sources a little more and see what picture emerges.

Mar 29, 2016 - 12:07pm

everyone see this, too

Mar 29, 2016 - 12:10pm
2c piece
Mar 29, 2016 - 12:11pm

Thanks tqtrinh01

Finally saw the video. I will probably watch it again with out the sound as I enjoyed all the views of gold.

Angry Chef
Mar 29, 2016 - 12:12pm

I'm Flabbergasted !!!

I don't know where to start. There is so much I could say about this video. I should expect this coming from people that haven't had enough sun for their entire lives. The use of the word "poo" must have been in reference to Brown's Bottom ! I guess the Queen will be melting down the Royal Carriage any day now since she's sooooooo unselfish. I'm sure the Rothchild's will want to kick in their Gold horde any day now to help the little dickens out. They're just bummed out because they've only just realized that the planet has caught on to their Gold paper ponzi scheme and now they don't have any. It's all hanging on Chinese Mistresses necks.

Mar 29, 2016 - 12:14pm

Video - Shiny Human Waste

According to the video .. 'Gold is human waste - albeit shiny human waste'. (paraphrasing a bit there). I guess that's why the USD is sooo much better.

The economic sociologist in the video (there is such a thing?) is a real Kenyesian "Money needs to deteriorate more to be useful to society". Hmm. He must like fiat a whole lot.

The video massively confuses 'money' with 'currency'. And .. 'hoarding Gold is selfish' (meaning the good folk of Turdville are evil greedy people). I guess it's better not to protect oneself, avoid Gold and go down with the Kenseysian ship - LOL.

I would agree with AM - this is a subtle hit piece.

EDIT to ADD: I didn't read Turd's commentary on this video until after watching (so as not to encounter any spoilers). I now see we're all on the same page as to the underlying message.

Mar 29, 2016 - 12:17pm

Open interest update

This is VERY helpful and VERY encouraging.

We are headed toward tomorrow's Apr16 "contract expiration" and First Notice Day on Thursday. To that end, great numbers of contracts are coming out of April without rolling into June. This happened yesterday as total Comex gold open interest fell by nearly 15,000 contracts to 482,636.

This is positive for two reasons:

  1. While OI was falling, price was stable.
  2. Total OI is now down nearly 30,000 from its peak last week and will likely likely fall even farther today and tomorrow, again all without price plummeting.

If we can get OI back to 450,000 or so and still have price above $1220, this would set the stage and provide "room" for 50,000+ Spec longs to come back in and push price back higher. Likely not to new highs but it would keep price from collapsing down through the 50-day.

Again, this is a positive development.

Mar 29, 2016 - 12:20pm

That video might as well be titled...


Mar 29, 2016 - 12:22pm

Mother Fellen's speech

the prepared text was just released:

This is what cause the $10 spike in gold that we just saw.

Mar 29, 2016 - 12:22pm


Spiking, 1233 and moving.

Mar 29, 2016 - 12:22pm

Danny B


My great, long post disappeared. Here is the short version. It is VERY important that you understand this article. The Great Ponzi Scheme of the Global Economy - The Unz Review
All the classical economists made a clear distinction between profits that resulted from an increase in productivity and profits that did NOT result from an increase in productivity.
The non-productive sector of the economy now claims that it has twice the value of the productive sector.
The economy has been hollowed out and trade is collapsing. "Worse Than 2008" World Trade Collapses To 10 Year Lows | Zero Hedge
The financial industry is sitting on enormous piles of debt notes that are claims on future productivity and services. This is "cerebral wealth". They believe that it has value.

Mar 29, 2016 - 12:23pm

@ MrMorden

Spot on you are. Don't you know, comrade, that you are hurting the collective by not taking on insane amounts of debt and spending all of your fiat before you even make it?

The Bolsheviks would be proud.

Mads Trauson
Mar 29, 2016 - 12:24pm


I know the FT (and that reporter in particular) is anti-gold but you would have thought an Editor at that paper could have done some quality control here.The reference from a "sociologist" claiming that gold is in essence your own human waste was closer to a Monty Python sketch than anything economic.


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