All The Fuss

Tue, Aug 30, 2011 - 9:36am

The PMs shot higher this morning after the Chicago Fed Goon was interviewed by LIESman on CNBS. The metals catapulted higher when The Goon admitted that more QE is likely because the economy is in such terrible shape. Really? NO! Whodathunkit?

Because this is a full-service PM site, here is a link to the full "interview":

Could LIESman's head get any shinier? In a sort of Pinocchio fashion, LIESman's head gets more more shiny the more he shills and pimps for The Fed. Maybe we need to develop some sort of "Shiny Head Index" to help us all calibrate the degree to which LIESman is propagandizing? I can see it now. "Today's LIESman SHI is a 9. Be very cautious and take everything with skepticism". Hmmm. Have to give that one some thought.

Anyway, back to business. Gold is attempting to hold its gains but is already about $10 off its highs. I'm inclined to do some buying today as I expect the metals to be firm the remainder of the week, ahead of the BLSBS on Friday. Signals that the NFP (non-farm payroll) number will be lousy are already appearing. Namely, this "interview" today and the fact that President O'bottom pushed back his historic "jobs speech" to next week. Again, the logic is: Lousy job report = lousy economy. Lousy economy = more QE. More QE = much higher PMs.

As you know, I'm very excited about silver but I'm trying to pick my spot to enter. Open interest tumbled all of the way back toward 115,000 yesterday which is extremely bullish and pushing me to act in haste. The area around 41.25-41.50 would seem to be the right price as silver looks primed to mount an assault on 42.30 again. Once through there, it will spring toward 44 and, beyond there, 46.

Here are a couple of other interesting items to ingest. First, this guy does an excellent job of summarizing my thoughts toward Venezuela and its gold repatriation. Though El Commandante would certainly and understandably prefer to have his gold in his hands, at its heart this is an act of "financial war", a move to further destabilize the financial system of "the West".

Here's more on "The End of The Great Keynesian Experiment":

And here are two, interesting reads from KWN. First, here is John Embry of Sprott Asset Mgmt:,_Premiums_Exploding.html

Eric also interviewed Louise Yamada. There are lots of amateur chart-readers in the world, myself included. Louise Yamada is a professional. As a general technician, she has no peer.

OK, that's all for now. Gold is 1828 and silver is 41.38. Let's see where we go from here. TF

About the Author

turd [at] tfmetalsreport [dot] com ()


Tom L
Aug 30, 2011 - 3:50pm


There are 22k $9.00 Sept puts out there. This is where the battle will be won/lost. If $9.00 fails, boy howdy it could be a good time this weekend in Outer Luongolia.


Aug 30, 2011 - 3:50pm

@CA Lawyer

National humiliation? Sure there has been.

1. War of 1812 when the Brits burned the White House.

2. Not being able to rescue our hostages in Iran.

3. "Losing" the Vietnam War.

4. 9/11

5. Pearl Harbor

6. Clinton and Monica Lewinsky and that blue dress

7. George W. Bush from the POV of most Europeans et. al.

8. Black Hawk Down (Saddam's favorite)

9. Bay of Pigs

Now, maybe some of those are not huge in scale, but, foreigners have often mocked (or worse) the US, e.g., when G.W. Bush went to London, 2 million people marched against him and he was forced to change his itinerary, so they are nonetheless humiliations.

As for nothing good done since WWII? How about the Korean War, the Berlin airlift, Kuwait and loads more? Hardly to be forgotten.

Aug 30, 2011 - 3:51pm

covered calls question

is there a certain number of shares I have to hold in order to sell covered calls?

Aug 30, 2011 - 3:51pm

@ Tom L, Save some for your

@ Tom L,

Save some for your neighbor! I'm not too far away.

olderman Tom L
Aug 30, 2011 - 3:52pm

Canuck SVM

Tom L

I'm watching the Canadian side - at 8.84 right now - didn't realize you were USSVM


Aug 30, 2011 - 3:55pm

(No subject)

Take The Money And Run - The Steve Miller Band (Lyrics + HQ)
Tom L
Aug 30, 2011 - 3:55pm


Gotcha, yeah, I'm a dirty american from Fascist Florida.


argent rampant
Aug 30, 2011 - 3:59pm


Those were embarrassments. What happened to the Germans after WWI, or to the French or the Italians in WWII, or to the Southern States when they lost to the North, are what I think of when I say humiliation. I do not wish for that to happen to this country.

However, we have danced the dance of debt and the fiddler will have to be paid somehow.

The end of the Great Keynesian Experiment is upon us.

Aug 30, 2011 - 4:00pm

Have to hold 100 shares for

Have to hold 100 shares for every covered call.

Aug 30, 2011 - 4:01pm


This blurb is completely useless for anyone who has followed au/ag for more than a week. However, I post it for two reasons: (1) Pisani was mentioned earlier in this thread or the previous one; and (2) since I wasted five minutes of my life reading it and getting nothing out of it, I think everyone else should be subjected to it also. ;)

Aug 30, 2011 - 4:02pm

Crazy swings, this is good

Crazy swings, this is good stuff for sure....Thick skin for this market thick skin lol

Aug 30, 2011 - 4:02pm

I am really liking the steady

I am really liking the steady increases on the globex tonight, I think we may see another push on silver into the weekend and a big pop after labor day. I loaded up with what cash I had left on PSLV at $19.20 a share today.

flex727 terri5125
Aug 30, 2011 - 4:06pm

Re: covered calls question

terri, each call option contract represents 100 shares. You need a minimum of 100 shares to sell a covered call and you can sell additional covered calls in multiples of 100 shares.

WYO Silver
Aug 30, 2011 - 4:09pm

From KWN: Stephen Leeb and Gerald Celente

Their current thoughts on gold & silver.......

Stephen Leeb:

"I think we are on the airport runway as far as the silver market goes and people are going to be very surprised when silver fairly easily goes through $50. People think of $50 as this incredible brick-like resistance, no way. It’s going past $50 and it’s going to continue to go up. It’s got two massive drivers, its monetary value and its criticality in many, many industrial applications, ranging from solar to the computer keyboard on your desk Eric.”

Gerald Celente:

“What did (Nouriel) Roubini say? Gold would be lucky to go to $1,100 an ounce. Where is it now? Flirting between the high $1,780s and $1,900s. There are a number of people like myself and others that believe it’s going much higher. You know I used to be in Swiss Francs (along with gold), I am not in Swiss Francs anymore. I got in (Swiss Francs) about a year and a half ago and did very well, but I’ve transferred everything I own into gold, I’m now totally invested in gold.”,_Roubini_is_Wrong.html

Aug 30, 2011 - 4:11pm

Keeping PM miners in check?

With gold making highs for the day, miners are being sold off into the close...HMMM?

Aug 30, 2011 - 4:13pm

@ Ca Lawyer,I'm working on

@ Ca Lawyer,

I'm working on my 2 teens as well. They are also greatly involved w/ a youth group and their pastor gets it. There are so many influences we have to counter that it is a constant battle but I think I'm winning. I keep praying and talking as much as I can.

limeychiney Tom L
Aug 30, 2011 - 4:16pm

55 gallon hat tips all around for SVM heads up

Nice chunko change for the day. I was pleasantly greeted with this upon viewing my google finance page:

Aug 30, 2011 - 4:31pm
NW VIEW California Lawyer
Aug 30, 2011 - 4:31pm


You say , "I still hold out hope that there can be an awakening, and that we as a country can return to our basic, correct principles". This is the hope for this board and most of the nation. There seems to be a disconnect between restoring the criminal justice system, stacking metals, moving to an island , to get back to a confidence that we are on the right track. It may take a real shaking and the loss of all our toys including our major assets to get our attention. I agree with your assessment of the problems and it will take the wind of poverty and want to convert the "entitlement mentality" to a nation who will work for their keep. Thanks again for helping us to see the nation for what it is.

Aug 30, 2011 - 4:34pm
Aug 30, 2011 - 4:46pm

I hate vactaion time !

Yeah, every fool and his uncle is on vacation while the country is burning. Little do they know what is about to slap them up side the head in the next few months. I'm saying this because look at the attempt to cap silver under the 41.60 mark five times since the Comex opened and three of which has occurred in the after hours Globex. It's disgusting but directly the result of the fact that there are not enough buyers to overcome this artificial capping process that the EE engages in all the time. I just can't wait until this lousy summer is over. Yes, I know it's really been good considering. Just look at the price of Gold. But, silver should be up there right with it. I should have some patients because it's going to get there starting after the 5th of September. Yeahhhh !

Titus Andronicus
Aug 30, 2011 - 5:20pm

<removed ... posted to wrong thread.>

<removed ... posted to wrong thread.>

fingermalone Red Pill
Aug 30, 2011 - 6:26pm

Mortgage bankers speech well worth watching

@Red Pill

I watched the mortgage bankers speech and I am glad I watched it to the end. Nice finish! Some people in the audience think Peter is crazy, but, I'm sure they sing a different tune now.

Thanks for the link...I'm still getting up to speed with where the rest of you guys (and gals) are already. I started my stack. I just wish I pulled my head out of the sand two years ago instead of four months ago.

Aug 30, 2011 - 6:41pm

a tribute to subscriber gold timers sites and Robert Prechter

Video unavailable

for those arrogant enough to beleive they will time their way thru this great bull...

Bobbejaan 22tlane
Aug 30, 2011 - 6:52pm

@22tlane --- Something Different, perhaps

My son is turning seven in a couple of weeks and guess what he put on his list last night. He wants a "big, shiny, special silver coin". Any ideas....I am just your run of the mill stacker.

I know you've already had plenty of suggestions for the more usual Turtles/Eagles/Etc ...

But for something a little more "off the mainstream" (& PERHAPS more memorable and/or educational as a result) ... How about something like a "Winston Churchill Commemorative" such as :-


It's a mite rarer & more unusual & heavier & larger than the usual "run of the mill" coins +++ Churchill probably embodies more of the freedom-loving ANTI state/corporate fascist/nazi-ism spirit of readers of this forum than any other more recent politician/leader, so perhaps the lad would find it both inspirational AND educational (IF he chooses to research the man & those times).

Alternatively, I've often given my nephews & nieces Silver Coins which are exactly 100 years older than their birthyear (PLUS the suggestion that they try to imagine all the lives & history that the coin has passed-through), and have found that it has always gone down well.

Just some off-the-wall musings of an old fart.

Aug 30, 2011 - 9:55pm

New member here, first post. 

New member here, first post. As everyone knows one of the biggest knocks on PM's is that they produce no "yield", driving big investors to buy bonds instead. I believe once this nut is cracked, it will be the final nail in the coffin.

Now, I know that CB's loan, lease, and swap do you think a private citizen would go about leasing their gold or silver and what is the potential risk/reward?

bardian bardian
Aug 30, 2011 - 10:01pm

I'm taking  this to the next

I'm taking this to the next thread.

Aug 30, 2011 - 10:08pm

@ bardian.

I cannot answer your ? I did *Hat Tip* you for having the stones to participate. Welcome and please be active.

Rear Flank Downdraft Tesla
Aug 31, 2011 - 12:13am

Separated At Birth?

In honor of the series from Spy magazine, and in no contribution of anything of worth to this thread, what about:

POSX-Fools-For-Fiat-Establishment-Mouthpiece, LIESman....

...and X-Files mouthpiece for the FBI actor, Mitch Pileggi?

(......maybe just a bit?..........LIESman doctored pic courtesy of and thanks to Tesla)


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