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Seymour Butts

I have no idea why I titled this post the way I did. I guess, after a morning spent on the rollercoaster with a soundtrack of Draghi-speak, I must be feeling a little punchy.

Anyway, if you haven't yet reviewed the previous post, please do so. Though Draghi has capped the rally for now, any weakness today will long since be forgotten if we get an 80,000 NFP tomorrow.

It's great to see gold back above 1700 and silver is pushing up against the magical 33. These levels could very easily be the basis for a consolidation phase and, if the BLSBS comes in stronger than expected, they might very well be. But the charts look terrific and, as stated in the previous post, the CoT likely has room in it for a further extension of this rally before The Cartels aggressively step in. Therefore, I still think that gold may see 1750+ before any type of significant raid occurs. Silver could easily extend toward 35, too. We'll see. Tomorrow will be an important day.

GATA's Bill Murphy has been making the rounds as of late. He was in Washington for meetings yesterday and his schedule included a visit with The Lovely Lauren. Please take the time to watch this entire clip. Lauren asks great questions and Bill provides articulate answers.

Speaking of the BLSBS, anyone silly enough to waste time watching O'bottom tonight may, as a bonus, get a tip-off regarding tomorrow's data. http://blogs.wsj.com/economics/2012/09/05/obamas-thursday-night-secret-about-jobs/

Regarding Draghi and the ECB, a much larger moment looms next Wednesday when the German Constitutional Court rules on whether Germany can participate in some of the ECB/EU rescue plans. I saw John Browne at FreedomFest. He's a very sharp guy  and he has an excellent summary here: http://www.europac.net/commentaries/september_12th_looms_large_germany

Here's a brief but solid interview of GoldMoney's Alasdair Macleod. Recall that I "met" Alasdair last month and came away very impressed with his knowledge and wisdom. http://www.goldmoney.com/gold-research/newsdesk/cometis-interview-with-alasdair-macleod.html?gmrefcode=gata

And I'm sure that these two stories are completely unrelated. Got UCO? http://www.debka.com/article/22336/Turkish-officers-take-command-of-Syrian-rebel-brigades-N-Israel-on-alert & http://www.foxnews.com/world/2012/09/06/25-killed-in-turkey-ammunition-depot-blast/

Finally, today, I simply want to draw your attention to our current group of advertisers and supporters. Internet sites can be "noisy" with ads and I know that sometimes they can be easy to overlook. The only ad space I sell is along the right side of the homepage, above and below the kitco charts. Your tour, this morning, begins at the top of the page.

  • First, there's a block for the Hard Asset Alliance. As discussed last month, the HAA is our bullion/coin affiliation. Any purchases made there that initiate from this site generate a small commission for yours truly. You can read more here: https://www.tfmetalsreport.com/podcast/4087/finally-tfmr-bullion-and-coin-affiliation
  • Next is our newest sponsor, MiningStockValuator.com. This is a subscription service but it also offers plenty of information free of charge. You can read more here: https://miningstockvaluator.com/goldmember.php. Once you've checked it out, if you decide to subscribe you should use the promo code "turdite" and you'll get a 25% discount. Anyone who is currently interested in, or investing in, the miners should strongly consider this service.
  • The next block is a Google ad. The content here is provided by Google on an individual basis, according to the cookies placed on your computer by other sites that you frequent.
  • Below that is a marketing piece for Santa's company, Tanzanian Royalty Exploration. Jim decided a few months back that he wanted to raise investor awareness of TRX and help support some of the websites that he considers valuable. I am honored that he chose TFMR as part of this program.
  • Directly below the kitco charts, you'll find an ad for Provident Metals. They are a great bullion and coin dealer and I encourage you to click their ad/link the next time you are ready to add to your stack. As always, you should be shopping around for the best deal and, though HAA is our direct affiliation, you should obviously consider other options, too. Provident provides great customer service and I appreciate their support of my efforts.
  • Lastly, I'll soon be adding a "BUY" button, next to the "DONATE" button at the top of the page. What can you buy, you ask? The site benefits from any purchase you make at Amazon, provided you go directly to Amazon from TFMR. We also have a link to our "TurdMart" where you can purchase all sorts of fabulous TurdGear. (Never too early for some Christmas shopping!) https://www.tfmetalsreport.com/store I've also added a "prepping" affiliation. Though we don't have the link up yet, I encourage you to check them out. Pretty cool stuff and TFMR gets a little commishkey from this place, too, if you choose to buy anything. http://www.stpaulmercantile.com/index.php?ref=Turd&action=store&page=FamilyPreparedness

OK, that's all for now. The metals are rebounding and looking good. Though the basis for my "historic" rally has not yet been factored into the markets (at least I don't think so), I'd like to think that my faith in the coming blastoff inspired you to hang in there and add to positions when silver was languishing between $26 and $28. Now approaching $33, we are all in the enviable position of being UP and silver still has a long ways to run.

Have a great day and be ready for tomorrow!

TF

385 Comments

pforth's picture

All the days gains gone....

Looks like even when Europe announces QE to infinity the goons can still clawback all the gains at the end of the day.  Bye bye 32, hope this raid is short and we see you again soon.

gatortrader's picture

Gain's gone

Watch the V rebound

vonburpenstein's picture

Watchingdogma...

Gotchya, thanks...is there any way to do it so you can put it in your 'bookmarks' section that comes up when you click on you own screen name on this site? Seems like there ought to be a way since it is an option there...

tobydaniel's picture

Down over a dollar now from the highs.

Thats some serious power behind this move down.... especially with all the demand thats come forth.

agNau's picture

Metals taking a slappin!!!

Interesting timing.

@srs
Lindsey can take a full day to make a point. I can't stand to listen to him.
Sorry. My patience wears thin these days.

kingboo's picture

hey Pforth...not only are gains gone....

we are shorter of breath.....and one day closer to death

Just A Regular Guy's picture

Blah blah raids

Guys relax!!! Seriously, lol. It's cooled off by say 10-15 bux meh.

Look @ the US-10 year!!! .. and what Bill Gross from Pimco said on Bloomberg yesterday. The so called "Bond King" was saying he's divesting out of government paper and into....wait for it..... wait..... you guessed right, GOLD!

I wonder if he thinks inflation is say 6-12 months away? That is to say, government interest rates are going to head up. Once that happens, well, just watch the explosion in gold/silver...... If the yield/rate on the 10 year continues to go up before the election I'm sure the Bernanke will CTRL+P. It simply is not allowed to do that! Especially considering what Jim Willie said about Interest Rate Swaps and MS, and all the other rumors abound about MS being in a pickle at the moment.  So maybe there will be some asset buying as well as some ctrl-p-ing (especially seeing as the Spain/Italy-10 years have moved south big time).
 

It makes me laugh though, gold/silver at these prices is going to seem so cheap in a few years.

Just relax, go have a bevy, work hard and stack!!! You'll be looking back @ movements in prices here and laughing (if we're all still alive).

Peace.

Double Bogey's picture

What's your take?

So Obama was to let America know how well the employment rate was falling if you listen to the DNC pundits. Did I miss something? I didn't hear any mention of an unemployment rate that was falling. Are we expecting an increase now? Guess I'll take an Ambien and worry about that tomorrow. 

Dagney Taggart's picture

@ Cal Law

Just be careful. In the tense situation you refer to, you may have 1 minute to prove you have real utility before time is up and they decide they like what you have but don't need you personally. What I mean is, and I don't know you well enough to have an opinion one way or another, for instance look at all the liveable and formerly peaceful beautiful rural towns being flooded with corporate "comfort brands" and overrun with suburbanite trash pretending to be "locals". In many of these places, the real multi-generation locals have had enough and are just looking for 1 good excuse to get rid of them and their own-it-work-it, my-shit-don't-stink attitude. A few may look and sound dumb, but they can still spot a phony pretty easily and they don't waste time bargaining.

I really have no broader perspective on these social dynamics. It's not something we've really had to consider since we won't need to relocate somewhere we're not already setup in and familiar with. Hope you have already or have time to consider this.

Dr G's picture

Thats some serious power

Thats some serious power behind this move down.... especially with all the demand thats come forth.

What demand has come forth? That thought process is a big imaginary circle-jerk to make stackers feel better about themselves when prices get hit. Keep believing that silver is in high demand and that the supply is dwindling as long as it makes you feel better.

Fair BLSBS data will be released tomorrow (not poor, not excellent, just the middle of the road) and unemployment will decline ever so slightly and the metals will take a hit from it. Then a strong rebound. 

punchbowl's picture

SRS

Really you would spend time invalidating Lindsey drivelling prophesy instead of concocting your informative posts?  Well maybe if you find it "fun".  Was actually surprised you listened.

Please have this raid go deeper and last til open.

Hammer's picture

Bangsters always gonna hit in

Bangsters always gonna hit in front of employment news due Friday today. I'd be buying this all the way down in sections personally.

Patrancus's picture

A quote from President Jackson

Do you think old Hickory would be kickin some buts on this?  sorry about my postal cut and paste byproduct, it is all I could muster after a long day in the mines, nevertheless I think it reads well enough to get the message out. I knew these ows types were mostly just a slothful load of malcontented loosers. I'm really getting tired of the same old sh-t, always some goob fishing in your pockets to make you a slave to your labor, and I'm not going to put up with it much longer before I decide that I will discontinue my participation in productive contributions to the collective and check out.  

 
Subject: WHO IS BROOKFIELD PROPERTIES?
 
REMEMBER THIS WHEN NOVEMBER GETS HERE.
VOTE 'EM OUT! 
We Need to Keep Our Eyes Open, folks... Obama has more tricks than you can shake a stick at!
------
WHO IS BROOKFIELD PROPERTIES?
 
You can't make this stuff up. 
Read the NY Times Oct 13, 2011
to verify ownership etc.

I didn't really understand all this Occupy Wall Street protesting but

it is getting clearer now...

Do you know the park in NYC that the Wall Street protesters are occupying?

It's Zuccotti Park.
 
Did you know this park is not owned by the city of New York?
It is owned by Brookfield Properties.
 
Brookfield Asset Management received an Obama Department of Energy Loan guarantee of over $160 million within 10 days of approving the take over of the Park.

Brookfield is a Canadian company with assets of 70 billion. Google it!

It is all on their website-
 
And Why is the US Taxpayer guaranteeing a loan to a VERY wealthy Canadian company?!?!

Who was just hired by Brookfield Properties as an attorney?

Vice President Joe Biden's son.

And Who sits on the board

 of Brookfield Properties?
Mayor Bloomberg's live in girlfriend.

Now, guess what company just received some of the last of the Obama Stimulus $$$$$$$?
Thaaaaaaaaaaaat's right... Brookfield Properties.

Isn't life great in America!
Now, guess what?

On a completely unrelated note, Wisconsin is shaping up to be the swing state in the 2012 presidential elections. Not Florida. Not Ohio.
But Wisconsin.
 
Now, guess who owns the company that will be tabulating the electronic votes in Wisconsin?

Thaaaaaaaaaaaat's right, the biggest contributor to Obama, the puppeteer George Soros. Whaaaaaaaaaaaat a coincidence

 
Remember what Joe Stalin said. It's not the people who vote that count. It's the people who count the votes."
(Josef Stalin)
balz's picture

Smackdown

That smackdown is normal. Don't worry. We can go back to 28 no problem. The trend is up and the correction is over.

Dagney Taggart's picture

Does anybody care about....

a 1 dollar drop in gold? Great. Pretty soon you'll feel the same way when silver drops a dollar or 2 or 10.

I promise.

Rui's picture

You have to remember silver has gone up too fast

Some pullback is warranted after a steep rise.

Planters's picture

dropped .78 since 6pmpucker

dropped .78 since 6pm

pucker up yall, we're going down. My fav part about 2moro is when the BLB-BS report comes out terrible and then the metals get nudged and down we go.

or maybe they are raiding it now in prep for a boom boom pow 2moro

or maybe we are forked either way, because I buy metals to protect myself from my currency debasment, BUT the debase my currency and raid the metals........  Great I am glad I am in this fair game.

who else here is just sooooo tired of this stroke ?

balz's picture

To Planters

At this point, this is normal. Silver went from 27 to 33 in days... It's NORMAL to see a pullback.

What is interesting is Armstrong who called an intermediate top in gold/silver around September 7 and then a retest of the lows... with a recovery in 2013.

We'll see.

Mickey's picture

Normal vs Abnormal pullbacks

this one is pecular  due to timing of jobs report and Obama acceptance speech.

TruBlu11's picture

Re: You have to remember silver has gone up too fast

Ha!  By whose standards has silver has gone up too fast?  Silver is just catching up to where it should have been months ago.  Tonight, we only briefly kissed the point tonight where we were 36 hours ago.  Strong base building.  By the time you wake up tomorrow and see the jobs number print, it will all be history in the rearview mirror.....smiley

Cheers!

TruBlu

gatortrader's picture

The Number

Why do I get the spidey sense that this is going to be a sub 100,000 number at 830 tomorrow. I think that's why obama didn't mention a falling unemployment rate, the metals are getting smacked right now, and we had a monster capitulation on retail shorts in equitys today, run up in the stock market to 4 year highs. Good time to knock the snp bag holders flatfooted. Everyone is thinking that no way their could be a bad number right after the DNC, with good prelim job numbers. I bet Obama wants guarantteed QE3 much more than a talking point on unemployment, after the convention, non the less. Tom is going to be interesting. Prediction: Gold sees 1725-1740, SNP drops 30 points, but prob rebounds. 

ReachWest's picture

Don't Much Care

Lots of talk about a smack down. Frankly, I don't care. Bring it on. I will buy and stack regardless. Price up or price down.

Bring it on JPM or Blythe, or who-ever is really running us down this ridiculous corrupt, ponzi road. The laws of natural economics will prevail with real money. Real value. Blast the price down - go for it. We'll just buy more. There are Millions of us. Millions of us around the world who will willingly take a little fiat and stack a bit more.

Each and every week. Each and every month. You are slowly being screwed.

The Watchman's picture

SILVER DEMAND is still HERE...

American Silver Eagle sales are already at 4th highest yearly total with 3+ months to go. On pace to be the second highest total in the  26 year program...that is silver that commands a premium and is NOT coming back. Sales will  outpace US mine production for the second straight year.

Total sales through Sept 6th-and that figure does not take into account commemorative silver coins . Eventually supply/demand will overcome the Cartels manipulation-KEEP STACKING!!!

Total 22,915,000
22,915,000
Louie's picture

They rarely raid on Friday

Blythe knows that Louie gets paid on Friday, and that he likes to go to the LCS and buy either Friday after work or Saturday morning.  So Friday is always an up day, then Monday down before Happy Tuesday. 

If you are a trader- STOP TRADING!  You are going to get burned, and they are going to steal all of your fiat. 

If you are a stacker- Does it really matter what the price is?  If gold went to $500 and silver went to $10 tonight, what would you do?  Would you capitulate and sell?  Or would you buy like hell? 

The Watchman's picture

WE Are Like AN ARMY of ANTS

My philosophy on buying Silver is that buying the CURRENT years American Silver Eagles ,it FORCES the US mint to BUY SILVER ...we CAN wear the BASTARDS down...they have long since sold any silver they once held. 

California Lawyer's picture

Appreciate The Comments, Dagney

I have relatives, distant ones, in Texas, on the wife's side. Texas Hill Country. But, I want to be very rural until the shooting stops. Heck, probably will not get into Arizona due to TSA thugs directing everyone into FEMA camps. There is always the inflatable bug out boat down to Baja, though. . .

Louie's picture

Syria-Iran-Turkey-Israel-Russia-US is heating up

Iran sending Republican Guard to aid Syria

http://www.telegraph.co.uk/news/worldnews/middleeast/iran/9526858/Iran-sends-elite-troops-to-aid-Assad-regime.html

Syria killing Palestinians

http://www.aljazeera.com/news/middleeast/2012/09/201296164132626522.html

NATO member country Turkey allowing military officers to aide Syrian rebels

http://www.debka.com/article/22336/Turkish-officers-take-command-of-Syrian-rebel-brigades-N-Israel-on-alert

Explanation of explosion at Turkish ammunition depot not logical.  I guarantee they were not inventorying hand grenades at 21:15. 

http://www.foxnews.com/world/2012/09/06/25-killed-in-turkey-ammunition-depot-blast/

The Watchman's picture

NO Capital Gains Tax on ASEs

Privacy Facts on Selling Gold & Silver - IRS 1099 Form

GoldSilver.com

 

 
 

Now that the White House has repealed the proposed $600 or more 1099 addendum to the Affordable Healthcare Act, it might behoove us to revisit the facts on the current IRS 1099 B form requirements for gold and silver.

One note before we begin, we are simply commenting on aspects of privacy, not an investor's responsibility to pay capital gains tax on any profits made from the purchase and sale of investment grade bullion products. For tax questions, please seek professional tax consul. Now onward to privacy:

IRS 1099 B Form or Privacy

We know privacy is very important to physical silver and gold investors and confidentiality is one of the values we covet along with our customers.

For some bullion investors, ensuring themselves a private sale is their most important objective and we understand the myriad of reasons as to why this is so.

That being said, we must always adhere to the laws of our land.

The question we are always asked is ... Are my transactions private? When I sell my gold bullion or silver bullion, is it a private transaction, or is it reported to the IRS?

First, when a customer buys from our dealership, the transaction is private. There are no forms we are required to fill out when you buy.

Secondly, when an investor sells their gold bullion or silver bullion to a dealer, some of these trades are private, some are not. Depending upon what you are selling will depend upon whether the powers that be require us as a dealer to fill out something called an IRS 1099 B Form.

When you sell your bullion back to a dealer, the pertinent questions are:

1) What form of gold and or silver bullion you are selling?

2) What amount of silver bullion and or gold bullion are you selling?

Remember, this is for private investor sales (your sale) of gold and or silver bullion to dealers.

***

SILVER BULLION

Private silver bullion, 1099 Form exempt regarding any quantity of the following items:

- American Silver Eagle Coins

- Canadian Maple Leaf Silver Coins

- Austrian Philharmonic Silver Coins

Reported silver bullion, 1099 Form required, .999 fine silver bars/rounds sold in quantities:

- 1000 oz or more per transaction (100 oz bars, 10 oz bars, 1 oz bars, 1 oz rounds)

***

GOLD BULLION

Private gold bullion, 1099 Form exempt regarding any quantity for the following items:

- American Gold Eagle Coins 1 oz, 1/2 oz, 1/4 oz, 1/10 oz

- American Gold Buffalo Coins 1 oz

- Gold Austrian Philharmonics 1 oz, 1/2 oz, 1/4 oz, 1/10 oz

Reported gold bullion, 1099 Form required, foreign coins sold in quantities:

- Canadian Gold Maples 25 oz +

- South African Krugerrands 25 oz +

- Mexican Onzas 25 oz +

Reported gold bullion, 1099 Form required, fine gold bars sold in quantities:

- One kilo in total (32.15 troy oz ) or more per transaction

***

KNOW YOUR FACTS

These are the IRS 1099 B Form reporting requirements as they stand May 2011.

We are of course relieved to see the White House appeal of the latest proposed 1099 addendum to the Healthcare Act... but something tells us this won't be the last time IRS 1099 changes are proposed.

In the meantime, if privacy is critical to you as a bullion investor, you will want to keep in mind the current dealer reporting requirements and stay tuned to GoldSilver for any future news or proposed changes to the current laws as they stand today.

Screenshot of the 2011 IRS 1099 B Form:

 

 

The information, opinions, and financial data presented are for educational purposes only and are not intended as investment advice. No guarantees are made as to the accuracy of the information provided herein. Situations can change from day to day. Every investor should do their own due-diligence to determine which investments are best for them.
You must assume the responsibility and liability for all decisions that you make on the basis of the information herein contained. GoldSilver.com, makes no warranties, expressed or implied, as to the fitness and accuracy of the information provided or for the results obtained by using the information. Those making investment decisions based on any of the information presented should do so in the knowledge that they could experience significant losses. In no event shall GoldSilver.com be liable for direct, indirect, or incidental damages resulting from the use of the information.

ClinkinKY's picture

@ Puck T and dgstage

 

 

@Puck T

I would have given you 100 hat tips if I could, still so many people that can not face the truth. Maybe just cannot recover from the years of brain washing.

-------------------------------------------------------------------------

@ Puck---Bile?--- a comment is bile?

@ dgstage---"truth", "brain washing". Care to expound on this?

Just so we're clear on this. Why are the terms "truth" and "brain washing" always brought up in response to a "conservative viewpoint"  but never a "liberal viewpoint"?  If I've missed examples of same please let me know.

Must be that "herd" I've "heard" so much about:)

-------------------------------------------------------------------------

ClinkinKY's picture

I really had no idea that Howard Dean...

...had "sex reassignment" surgery.

(Just don't mention that the American taxpayer is still "on the hook" for $25 Billion:)

Edit: For our non-American members:

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