Your Weekly Podcast

Fri, Aug 3, 2012 - 1:27pm

A little something different this week. As a change of pace, I'm the one getting interviewed. I spoke yesterday with Alasdair Macleod of GoldMoney and I think you'll enjoy listening in.

The link to the interview is right here:

But it's also available on Youtube:

Turd Ferguson and Alasdair Macleod on the end of the Great Keynesian Experiment

As mentioned above, the NFP numbers this morning threw nearly everyone for a loop, at least initially. Then, once folks were able to "look under the hood", they discovered that things aren't quite so rosy. ZeroHedge opened the door ( and then Jim Quinn kicked it down (

Crude oil is really cooking today and must be watched closely next week. I've got the October crude pushing $92 as we head into the close. A move above the highs from late July near $93 and we'll see crude sets its sights upon $100. Obviously, $100 crude would have an impact on the metals.

This week's CoT is going to be very interesting. Once I see the numbers this afternoon, I'll add some thoughts in the comments section of this thread, so please look for that sometime after 3:30 EDT.

Lastly, "Turd's Army" just completed another stellar month under General Maguire's leadership. We know that it can sometimes be a logistical challenge to perfectly mimic Andy's trades and we're working on that. In the meantime, some folks have chosen instead to simply trade in larger size. I found a thread at where the service is being discussed. Please check it out. (If you're interested, August would be a fine time to consider a trial membership.)

And here's the link to the service:

Lastly, I promised you a wild week this week and it certainly was. Not surprisingly, it turned out almost exactly as we expected. Next week, however, promises to be very exciting as well. I urge you to take the weekend to relax and rest. The summer is getting hotter by the day and you need to be ready for whatever lies ahead.


About the Author

turd [at] tfmetalsreport [dot] com ()


Aug 6, 2012 - 10:39am


ever stop to think of the irony that while we are invested in precious metals because the government is screwing up, at same time we look to the government (CFTC) to resolve the problems.

I Run Bartertown
Aug 6, 2012 - 10:40am

Broke My Own Rule

I was lured in by the selection, and I gave Provident another shot.

Everything was good and I'm very happy with the shipment. I noticed they pared down their 90% offerings. Bummer, but I'd assume it was because of getting too many bad batches. I stuck with (mostly) .999 this time and got exactly what I'd hoped.

Incidentally, I really like the modern silver dollar commemoratives. Leif Ericson FTW!

Aug 6, 2012 - 10:53am

The saving grace for the

The saving grace for the European countries is their gold stocks. Some people say they've sold their gold into the markets via "leasing" and can never get the physical back. Others say the U.S. leased its gold which was sold into the market, with swaps taking their place. The chart below was lifted from Jeb Handwerger's recent article. This chart more or less supports FOFOA's thesis that gold will be one-time repriced much higher, to provide a financial anchor to the world's debt and currencies, and that it will be initiated by Eurozone nations. As a percent of GDP, the Eurozone appears to have substantially more gold than the U.S. based on official holdings.

Aug 6, 2012 - 10:59am

Here's another take

Perhaps Chilton's remarks are correct and so are the FT's. I can envision an outcome where the legal prosecution of the silver manipulation is dropped due to a lack of evidence*, but the remarks that come from the CFTC as a result of the case being closed echo Chilton's remarks. *Now, lets define evidence. Evidence would be what the CFTC would require for the case of move forward, not what you or I would require. In this sense, they would basically be admitting to the crime that was committed without executing prosecutorial pathways. This would then allow for the "free" market to take over and trounce the JPM silver short on it own and NO ONE has to take the blame. This manner would provide all of the kindling, paper and wood needed to receive the spark from the markets to trounce JPM, et al. Doing it this way, allows the scapegoat to "escape" as well as the perpetrator. In this regard, it will have all been planned.....since JPM knew there was no way out and after carefully weighing all options, they realized this inflicted the least amount of damage upon themselves and their baby, the CFTC. I now fully believe this will be the outcome as "they" have planned it. It just makes sense. Kcap

Short Stack I Run Bartertown
Aug 6, 2012 - 11:00am

No Bartertown

I wrote an email asking them why no more Mercury dimes and the reply was: "Too many complaints regarding the "quality" of almost all the Pre-65 coin silver.

So, people have been rejecting and returning their coin silver because of the quality !!

And just who in their Right mind (or Left for that matter) thinks that all Pre-65 circulated coin silver is going to be graded at a high quality for that price ?

So, because some people had to go and make a big fuss about the circulated coins Quality, people like me have to buy from else where, in bulk or not at all.

I can't afford bulk, can you ?

I Run Bartertown
Aug 6, 2012 - 11:00am

Notice that they are a new

Notice that they are a new advertiser on TFMR, too. The folks I've spoken with seem very nice and professional.

Aug 6, 2012 - 11:06am

Morning Thought

"The distance to the endgame is inversely proportional to the frequency of visible market manipulation."

.. and that includes media articles that are intended to distort perspective.

Dagney Taggart
Aug 6, 2012 - 11:09am

@Short Stack

That's a great point re: quality. Look at the people around you who are, for the most part, spoiled brats young and old. Paradigms will not change until they wise up and get over the book's cover. I'm not really betting on it so I'm making it a point to spend time with friends and family who are "comfortable" and may not be around in 5 years. It's all I can really do.

I Run Bartertown
Aug 6, 2012 - 11:10am

Short Stack

You're actually complaining about people who complain about getting an underweight order?

There IS a certain standard for 90%. That's why there are culls. That's why Provident was unhappy with their distributor. Hence the change. But you can't please all the people all the time.

The Watchman
Aug 6, 2012 - 11:18am
Aug 6, 2012 - 11:20am

@ Watchman

That is a very strange chart indeed!

Short Stack I Run Bartertown
Aug 6, 2012 - 11:30am


Well, obviously they can't please you. I will only buy culls (junk silver) as long as I can see by the hallmarks that they are U.S. coin silver and that the dates are showing. If these are worn away then the coins should indeed be melted down.

As for the weight, I know that old circulated coin silver will not have the full mint weight as was when minted. All that matters in a SHTF senario is that the first two digits to the right of the decimal are the same as when minted.

Example: silver dimes when minted were .07234 troy ounces of silver. (multiply the actual weight in troy by .900)

Junk silver dimes on average work out to .07230 to .07233 troy.

But, in a survival type SHTF situation all the masses will care about for barter is that it works out to .o7 troy. As with the quarters .18 troy, half-dollars .36 troy.

If that bothers you, Provident also sells fractional bullion rounds in 1/10th, 1/4 and 1/2 troy ounces. And unlike coin silver, the weight and purity are shown on the hallmark.

And that was my good deed for the day.

Aug 6, 2012 - 11:31am

Nail In Their Coffin

I remember reading that JP had to stop their manipulation for a time and that is when silver reached it's high last year. No matter how the investigation turns out those paying attention know what is going on and how to protect themselves from the forthcoming spiral.

Aug 6, 2012 - 11:37am

in the end the iron clad law of supply and demand

wins out--for PM that may or may not take some time-a lot depends on whats going to happen economically.

At some point the cold realization that the futures market for PM is like a casino and not the exchange it was originally set up to perform as.

Imagine a farmer selling crops he did not have.

I Run Bartertown
Aug 6, 2012 - 11:41am

SS - No

"Junk silver dimes on average work out to .07230 to .07233 troy."

.715 per $ is the standard I've seen most.

"that the dates are showing. If these are worn away then the coins should indeed be melted down."

So you confirmed that mine were OK? Or just erroneously assumed? Do you really think they changed company policy based on ME?

"all the masses will care about"

​Tell me more. I wonder about these things.

Now be nice, before I start with cat food jokes, old-timer . Check Monarch. I'm not going to argue. I know, Provident knows (obviously), so it's all good from my viewpoint and I'll leave it at that. If you really want to argue, i think Mudsharkbytes quoted another article somewhere. Maybe you should go take offense to something in the link and blame MSB .

Aug 6, 2012 - 11:53am

this is scary

from press tv which I always *thought* as a credible news source.

Imminent terror attack on London? Would the 2012 London Olympic Games experience another 9/11? How could a mock terrorist attacks fill pockets of British Zionist lobby ? What do you know about Australia’s richest man and influenced bussiness man in London ? Frank Lowy is one of the Zionist capitalists, who you may have heard less about. He tends not to be raised in the press and media in order to pursue his own commercial and political affairs comfortably. Frank Lowy is the wealthiest person in Australia; his business provides income in dozens of cities and several of the world’s countries; He is among the founders and mangers of influential Israeli and American think tanks; He has paid enormous amounts of money to influence large governments’ foreign policies towards the Middle East, especially in the Israeli-Arab conflict; finally he is one of the Zionists who received heavy compensation from insurance companies after the 9/11 attacks.
Short Stack
Aug 6, 2012 - 12:13pm

@Bartertown - Oh, Contrare Mon Hare

I'm not arguing just making observations. I leave the arguing to the immature.

.715 per dollar face is their average, not the mean per coin.

No, they changed their company policy based on several complaints regarding quality, not just one. Are you really that narcissistic to think that YOU could have changed Provident's policy ? There's a phrase for people like that - but I won't go there lest other children should read.

As for: all the masses will care about, seriously, are you really that dense or are you just being facitious ? ~retorical question ~

Bye for now, going for my run before it gets too much hotter.

Aug 7, 2012 - 1:05am

Any Connections?

Aug 7, 2012

Standard Chartered Bank came under the scanner in the US for $250 billion worth secret transactions with Iran and for deficient money laundering controls in outsourcing of work to India—thus exposing the US financial system to terror financing and other risks.


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 AngryCitizen, 13 min 33 sec ago
by mgilbert, 1 hour 2 min ago
by Marchas45, 1 hour 16 min ago