1550 holds again

Wed, Jun 22, 2011 - 8:50pm

Yes, the LBMA pm fix was 1552. Yes, the Comex close was the 3rd highest ever at 1553. No, that didn't stop the weasly, sissy, cheapshot artist, soulless monkeys from attacking on the defenseless Globex and bringing gold back down under 1550. The monkeys are like the worthless, coward criminal from a B-movie western. Our hero saves the day and kills all the bad guys but the coward criminal plays dead and then, when our hero turns to walk away, the coward shoots him in the back. Nice work, girls. Are you proud of yourselves? Better yet, are your parents proud of you? Amen I say to you, your soulless prosecution of the EE agenda may net you personal riches, stripper girlfriends and unlimited coke but in the end, at the final judgment, you will be left alone to answer for all your selfish misdeeds.


Gosh that felt good. I think that's one of the best anti-Cartel tirades I've written in a while. Quite therapeutic, actually.

At any rate... another day, another assault on the crumbling fortress that is 1550. The Empire's castle is made of sand and the tide is rapidly approaching. They can defend and fortify all they want. They can buy time. In the end, they will fail. They will fail.

Here are three overnight links for you. First up, a fun write-up from Jeff Nielson's crew up north:


Next, Eric King interviewed the great John Embry earlier today. This is worth the time to read:


Lastly, Jim Willie gives you some nice tasty nuggets to chew on, too:


That's it for today. Until tomorrow, keep your feet on the ground but keep reaching for the stars. TF

About the Author

turd [at] tfmetalsreport [dot] com ()


Jun 22, 2011 - 8:52pm


Adding text now.

Vernon Wormer
Jun 22, 2011 - 8:52pm



Captain Silver
Jun 22, 2011 - 8:54pm
Jun 22, 2011 - 8:55pm

The best post yet!

The best post yet!

Jun 22, 2011 - 9:02pm

Short and sweet.  I like

Short and sweet. I like it.

I wonder about gold just now. It seems like a short while back all the trolls switched gears and started telling silver bugs to trade for gold, where previously they had ridiculed both. Gold certainly has stood up, but their behavior bothered me, and it still does. Maybe I am being a bit paranoid here, but the switch was sudden and total, across the whole spectrum of anti-PM trolls.

That said, I still own about 8% gold in my portfolio, with the rest in physical silver (changed from 5% thanks to the paper loss on the silver). I don't feel bad about owning it one bit. In fact, it's resilience here has tempted me to buy more, though I will resist that urge for now. Come the end of July, I might consider it, no matter how the COMEX firework show plays out.

Jun 22, 2011 - 9:07pm

Bernank's speech: grade F

I thought the Turdites might like to hear a speech professor’s take on Bernank’s speech. In essence, the Bernank said they were keeping interest rates low because they sense no danger from inflation or unemployment. What I was looking for was some credible data on continued low inflation & falling unemployment. All he provided were “participants' current estimates” Seems like they took the best guesses of each member of the committee (FOMC) and averaged them. He then called the estimates “inherently uncertain.” So don’t hold the FOMC to them. Then they averaged their estimates into oversimplified graphs (so the journalists could understand them). Don’t be taken in by their fancy graphs and his use of terms like “central tendency.” He only offered bare bones “descriptive statistics,” like they teach us in 7th grade.

What disturbed me was his complete lack of citing or mentioning any credible research they had done. It sounded more like each member offered their educated guess. Thus, the entire argument for low inflation and declining unemployment relies on The Bernank's credibility (and the credibility of the FOMC. In my view, they have little.

I also noticed in the Q&A session that Bernank continually said “I think,” “I think,” “I think” to preface each answer. What happened to “I argue that,” or “the data show that,” or “our research indicates?” Just try that in a formal debate. Lame, lame, lame. I’d fail him if he were my speech student.

Regarding The Bernank's speech , a ZH headline summed it up best, “I Have No Idea Why The Economy Will Get Better But It Will.”

Jun 22, 2011 - 9:07pm

Peter Schiff in the house!

I would classify Peter Schiff among some of the greats like Marc Faber, Jim Rogers etc... The video title says it all. 

"6/22/2011 Peter Schiff On Willis Report: Fed Says "We're Done"

6/22/2011 Peter Schiff On Willis Report: Fed Says "We're Done"
Jun 22, 2011 - 9:12pm


May sound like semantics, but Ron Paul hasn't yet been demonized. He's been minimized, ignored, laughed at and ridiculed by the muppet media. Some do that because they are just ignorant. Some because they follow orders. Others because they are well paid to keep secrets.

He will be demonized when he has achieved success in his findings. The rolling eyes and smirks will turn into something more sinister. Hopefully he is well protected. 

Jun 22, 2011 - 9:14pm

Historic Post by Turd

Very Ogden Nashian. Even shorter than the history of the Flea Poem:

Adam Had'em.

Jun 22, 2011 - 9:18pm

On board for historic summer

The more I learn the more I realize how much I don’t know, but I expect that this silver drop today was nothing but a little reminder brought to you by the same wonderful folks that gave you the ‘Fall’ of 2008 and May Day Massacre of 2011.

Here’s my thinking: Maybe the EE has something big planned soon. Or maybe they’re disorganized and desperate because it’s all getting away from them, and what we’re seeing is just a series of broken plays and blatant (daily) scare tactics to shake out the weak hands to remove as much gold and silver from the unwashed middle class as possible before the cap snaps and the metals blast off like a Texas oil gusher.

Even a big manipulated move down here would be shortlived and only provide them a little more cover for their shorts and more bullion for their anemic vaults. A big move down would certainly give many of us less hope and more pain. Balance is key. Easier said than done, but part of this ‘new world order’ controlled by the EE is not letting them scare you out of your holdings or cause fear and loathing.

No matter what happens between now when “thar she blows” just remember, soon there will be THE MOTHER OF ALL gold and silver corrections… UP. Buying at the bottom and trying to sell the tops gets extremely dangerous in times like these.

Also remember the size and power of the EE. The coming months won’t be easy emotionally nor will it be pretty to watch. The scope and reach of the EE is global and its tentacles reach into or affect every monetary and economic entity including your bank account and paycheck. The depth of greed and treachery that is involved with the EE monetary authorities is so pervasive, so intertwined and so massive it boggles the mind to consider how this evil system might ever get cleaned out. I don’t believe it will ever be cleansed. Not until Armageddon.

If you haven’t seen it, check this out next time you have a half hour to learn a part of something we call the EE:


Most or all of the leather-skinned, seasoned, jaded pros on here know this stuff and have the scars to prove it, but if you’re a new investor in gold, silver and their respective shares please remember, if you own physical and good mining shares you are on the right side of this market and you’re in a mega-trend. We can survive and thrive if we stay in, stay strong, and keep the emotions in check. And don’t move in and out of pm’s or you’ll be watching from the sidelines as history is made.

Much4Him Doctor J
Jun 22, 2011 - 9:21pm

real world

Doc J, 

You prepare students for the real world. Bernake doesn't exist outside the world of fiat wishful thinking.

Jun 22, 2011 - 9:21pm

Anti-cartel tirades are more

Anti-cartel tirades are more therapeutic than massages, TF. cheeky

...I especially liked the part about the final judgment. Amen and Amen.

Turdle GG
Jun 22, 2011 - 9:22pm

EUR looks weak

EUR struggling to hold 1.43. Breaking down through there is negative for PMs.

Jun 22, 2011 - 9:24pm

What's next?

I have been buying gold and silver a little bit at a time since gold was 535. I have grown accustomed to the ups and downs, the obvious cheating by the big banks, and the regulators' complicity in these crimes. After this banning of futures trading I am really wondering what the Evil Empire's next move will be. Thus far anything written in ink, like laws, accounting records, mortgages and the like have just been ignored, re-written ad hoc and ad nauseum to allow the global cartel to stay in business, but what are they going to do when they are just plain over whelmed with the fruit of their poisoned paper? Is that when they make private ownership of gold illegal? Am I going to be, officially, a terrorist supporting speculator because I refuse to enable these crooked, murdering bastards? I am completely convinced by this point that there is absolutely no bottom end to the crimes these people will commit or the lies they will forge. I am curious as to how others think and feel about this. When the bubble pops do people believe we will be allowed to profit from our foresight, or will we be vilified, penalized and persecuted? I am in no way motivated to liquidate my safety net / retirement nest egg, but I am quite concerned about where this road is going to lead. Thoughts, fellow Turdites?

Jun 22, 2011 - 9:24pm

Larry. Yes. I agree. ....*If*

Larry. Yes. I agree. ....*If* Ron Paul were to ever become President ...I would fear so much for him because I know 'they' would absolutely not sit still and allow him to do the things he has said need to be done to get our country back on a good path.

God help us if he doesn't win elections.

God help him if he does.

Turdle GG
Jun 22, 2011 - 9:26pm

Another way to view the falls in gold and silver

Look at the POSX chart. Turn it upside down. The fall of gold and silver from the highest levels of the day pretty much matches the downward slope of the inverted POSX chart.

Jun 22, 2011 - 9:27pm

Awesome post turd! Your

Awesome post turd! Your totally correct...the cartel will lose in the end! as the Silverdoctors said... Blythe Blood is running on the COMEX floor!!

Dr G Chris
Jun 22, 2011 - 9:33pm

@Chris, thanks for the

@Chris, thanks for the video/link. LOVE the title as much as you do. Fed throws in the towel but doesn't. How fitting.

Bay of Pigs
Jun 22, 2011 - 9:54pm


The Euro breaking down is not gold negative. Look at what the Greeks are doing now. This is bullish for the PM's. 

ATHENS -- Greek citizens are emptying savings accounts and buying gold as they brace themselves for the possibility of a sovereign default and a run on the banks.

Pledges by socialist prime minister George Papandreou that his government would "save the country" have been widely discounted by the public. However, parliament gave him a vote of confidence late on Tuesday night. The socialists have a six-seat majority in the 300-member house.

Sales of gold coins have soared as savers seek a safer and fungible source of value.

"When the global financial crisis started, our sales of coins to investors overtook bullion for the first time," said Harry Krinakis, at Sepheriades, a Greek precious metals trader. "Now the sales ratio has reached five to one."

Tomas, a computer technician, has exchanged his euro savings for gold coins: "I keep them at home just like my grandmother did in the Second World War."

Monthly bank withdrawals were running at E1.5 billion-E2 billion in the first quarter. Last year, depositors withdrew E30 billion, equivalent to 12.3 per cent of total savings, according to the central bank. Greek deposits worth an estimated E8 billion were transferred to banks in Cyprus in 2010. But the flow has dried up this year amid fears that Cypriot banks could suffer contagion.

Andreas, a supermarket manager, transferred the family savings to Munich earlier this year. "The Swiss banks aren't interested unless you’ve got several hundred thousand euros," he said.

"We can't trust the politicians to get us out of this mess [and] have to protect our families," said Sakis, a garage owner, at an anti-austerity protest in Athens' Syntagma Square. "A bank collapse has got to be in the cards." He added he had withdrawn his savings and placed them in a bank safe deposit box "for security. Who cares about interest right now?"

Others put their savings into land when prices fell after Greece's first European Union-led rescue last year. Angelos, a software specialist, bought a neighbour's olive grove. "I grabbed the opportunity," he said. "A year ago I wouldn't have considered making such an old-fashioned investment."


Turdle GG Bay of Pigs
Jun 22, 2011 - 10:10pm


Bay of Pigs,

Sorry, but a weak EUR means a strong USD. Gold and silver are priced in USD. If you are saying that it's different now, and that PMs can rise strongly in the face of a strong USD, then good luck. I hope you are right, but it's a low percentage bet.

If you are saying that high demand for gold or silver coins in one small country means that the price of gold and silver will rise, then I completely disagree.

There's another small country where silver coin demand is booming, but that hasn't had any influence on the price of silver:


tmosley Turdle GG
Jun 22, 2011 - 10:27pm

I beg to differ.  Gold hasn't

I beg to differ. Gold hasn't budged even with all the dollar fluctuation lately, and the price of physical silver seems to have decoupled to a large extent as well, sticking around $40.

I wouldn't bet on correlation plays going forward. Too many people are starting to doubt the dollar. Remember, it doesn't take an equal split between Euros flying to dollors or to gold for gold to stay even in this type of event. The gold market is still a lot smaller, in dollar terms, than the FOREX market. Even a split of 99% going to dollars and 1% going to gold will drive up gold prices (or thereabouts, I haven't done the math).

ScottJ Turdle GG
Jun 22, 2011 - 10:32pm

There is more than the the US Price of Gold


Bay of Pigs has a point.... if the euro tanks (relative to other currencies) then euro gold will rise. If gold rises enough in other currencies (new money flowing in), it will positively influence price of gold in other currencies. If the DXY was solely responsible for the magnitude of the PM movements, then .75 should mean that gold should have not gone up since it was at 1444 at these same levels of the DXY.

The price of gold in a currency is the true indicator of the value of the fiat currencies, and be sure to understand there is more than just US price of gold... The Great Britain Pound just set new highs in gold today... that brings in new money....

I have a thread here about the subject.


awaecha TF
Jun 22, 2011 - 10:40pm

New Member

I have been trolling this site for the past 8 weeks or so. Turd I admire the time and energy you put in. I would like to help out also. I am an avid Jim Sinclair reader and had to laugh out loud when you said Jim had forgotten more than you knew about gold. I feel the same way. Something Jim has taught me is that anytime the President or Fed Chief talks, gold bulls and dollar bears will be attacked. Today was no different. I did give up $5 in futures hoping for the breakout, but knew better. Thanks for the website and maybe as a group when can attack and defend for a profit. Instead of getting upset at the cartel takedowns, take advantage of them.

Jun 22, 2011 - 10:46pm

Love the poetic analysis as

Love the poetic analysis as always, especially the spoken anathema on the agents of evil.

A pox on them all!

Glad to see others naming the "generalissimo" again: Blythe Masters. Haven't really heard much about her from ANYONE since May 1st. It's almost as if we're scared or something. Glad to see some still remember.

Jun 22, 2011 - 11:07pm

They will fail

Fellow Turdites...

Another day of resistance (on there part) is just another day of the inevitable for 'them' ..resistance is futile...

Mathematics is universal and the numbers/equations - don't lie...and thats why they are eventually going to and will fail.

And that is the end of it. Its not if, but when, and i know 'time' is a cruel b***h at, ahemmm, times, but we humans can't control that...Patience is bitter, but its fruit is sweet

Hang tight turdites...


Jun 22, 2011 - 11:11pm

gender bender?


wouldn't blythe masters be a "generalissima" instead of a "generalissimo?" i don't have a high opinion of her, but this is the first time i've heard it suggested that she's a female impersonator. (drag queen)

btw, if she is, she's good at it. coulda fooled me!

Jun 22, 2011 - 11:14pm

Summer Doldrums coming soon

Summer Doldrums coming soon ? 

Next week will be end of month already, End of Month usually points down

Jun 22, 2011 - 11:18pm

Disorderly to the upside

Exponential Bitches.........

Apologies to the easily offended.


Be Prepared
Jun 22, 2011 - 11:26pm

Waves and Volatility

Even though the price of gold is still largely influenced by the POSX... we have all seen that it doesn't directly correlate or trend directly as there are other influences..... including large influxes of foreign purchases and/or deteriorating foreign market conditions. Its great that gold was able to breach 1550 if even for a little while today. The summer will continue to hold great surprises for us. I still see small periods of downward pressure on the price of gold and silver, but do believe the end of June and beginning of July may bring a small pop...most likely not sustainable into mid-July. At the beginning of August, I'm looking for more serious upward price movement in the PMs. WTFDIK...

The rule throughout this period will be volatility.

Jun 22, 2011 - 11:27pm

Removed comment

Removed comment.

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