Irresistible Force vs. Immovable Object

I decided we need a new thread to discuss the obvious and blatant capping in gold which is occurring in the face of confirmed fundamentals.

First up, the charts. They need no further commentary.

And why is 1730-1740 so important? One look at the daily chart and it all comes into focus.

In the face of this nonsense, we have the confirmed fundamentals. First, just yesterday, The Fed announced and re-iterated its plans for QE∞, none of which should come as a surprise here in Turdville as I have been telling you all of this since September (for example, see here: http://www.tfmetalsreport.com/blog/4202/brass-tacks). Here is a news article with details: http://wallstreetexaminer.com/2012/11/13/fed-announces-it-will-buy-35-billion-in-mbs-reinvestment-program-in-next-month/ and here is the link from The Fed, itself: http://www.newyorkfed.org/markets/ambs/ambs_schedule.html.  And, a little over an hour ago, we got the release of the FOMC minutes from late last month. No surprises here, either. Just a simple confirmation of everything we've been discussing. http://www.zerohedge.com/news/2012-11-14/fomc-minutes-show-fed-members-expect-more-unsterilized-monetization-after-twist-ends.

Of course, to The Cartel and their unwitting short-momo accomplices, none of this matters. All they see are threatened positions which must be defended at all costs. The eventuality of their destruction matters little so long as they can win just one more day and share one more evening of laughs at Cheetahs.

Anyway, fear not. Laugh at their pettiness and greed. They will, most assuredly, be overrun soon and each additional short they supply now will only add fuel to the squeezing fire that is about to consume them.

With all attendant scorn and ridicule: "You don't frighten us you New York Pig-Dogs. I blow my nose at your so-called Wicked Witch and I fart in your general direction. Your mothers were hamsters and your fathers smelt of Elderberries."

TF

p.s. Silver is showing great resilience and looks poised to make a run to and through $33 very soon. It's next, obvious resistance point is near $33.30 where it will encounter both horizontal resistance and its 50-DMA.

p.p.s. Fetchez la vache!

10:15 am EDT UPDATE:

If you're wondering what the hell just happened, it was this: I was texting with our friend, Andy, at the time and he noticed one, single dump of 25,000 gold contracts. That is the paper equivalent of 77 metric tonnes of gold, roughly the total amount of reported holdings of Australia or Kuwait! This is blatant manipulation as every honest market participant seeks to always receive the most efficient execution.

This wholesale dumping of 25,000 contracts is disgusting and deliberately manipulative. These criminals know no boundary and have an obvious contempt for law and regulation. My sincere hope is to one day soon expose them for the lying, thieving bastards they are. Until then, just buy the freaking dip.

280 Comments

Al Huxley's picture

Re:Silver Wheaton

First Majestic was down MORE than Silver Wheaton today, and to the best of my knowledge their future is completely unrelated to anything ABX does or doesn't do at Pascua Lama.  I think all that's happened today is

- miners were doing a normal sideways consolidation after a capitulation low in the spring.

- normal sideways consolidations NEVER happen with the miners, because they're illiquid and dominated at the margin by gullible retail traders.

- the big markets got hammered today, which provided great cover for killing the miners

I agree with Turd's comment above - tomorrow about 10 minutes after the open, as all the overnight 'sell at market' orders are closed out is probably a good time to buy.  RSI's down near 30 for a lot of them, and overall, for mining stocks this has been a pretty docile correction.

SilverDog66's picture

Manipulation Grrrrrrrrr

Has anybody else seen the last min fat finger sell off before close?! 

When i first become aware, and started stacking a year ago i read alot of material and of course manipulation was a hot topic in the metals. At first yes i was like what a load of baloney! But, the more i read into it open minded the more i believed. What i didn't realize was you can actually see it happening!

I'm not sure what markets close, but Gold and Silver just shut here in the UK and just before close bang it goes down! I've seen this so many times lately. What really grinds at me is lately we have had two big manipulation scandals hit the MSM here in the UK. LIBOR and just the last few days gas and electricity prices. The whistle blower was interviewed, and he said how the last few minutes the market had moved drastically when it hadn't moved to that level all day. What I'm getting at is i believe in Turd and all that he says! I believe we all aren't completely mad, and for one i truly believe it will be found out, maybe not tomorrow or the next day, but the free market or whatever you want to call it will make this call. Gold and Silver to the moon! Just believe.

Steinbacken's picture

BSI Report - Retail Inventory Low

BSI Report

I have not made a data entry to the BSI, Backenstein Silver Bullion Retail Inventory Index since July 19th, so I cannot do much to analyze the new current entry for today, not having monitored the retail market in so long.

The BSI now stands at a WHOPPING 62! This from the last entry on 7/19 of 142. Today's reading of 62 is lower than the previous low of 84 on 5/30/12. The Index has a basis from 2/3/12, and includes about 20 species normalized into 4 class components.

Inventory is lower than I've seen it, since tracking began in February. This data does not necessarily imply anything about the full market in the metal, as retail is only a small sector within it.

ballyale's picture

Just listened to the Shilton with Lauren Lester

Just listened to Schillton's interview with Lauren Lister.

This was the most limp wristed mealy mouthed POS interview I can rember hearing.

1.) <<It takes gov't time to get things done>>. WWII was over in less time.

2.)<< We want to make sure we get it right.>> Get what what right? The most blatant theft of money by MFG and PFS, other than a 7/11 stick up caught on tape? Money and actual gold transfers don't simply get lost in large future's business. The money trail should not be that hard to find. Employees should have been shaken down by now. Give me a bloody break. Corzine should be held on suspicion of robbery by now. Geesh!

3. << We want to make sure that if "they" do the crime, then they should do the time!>> The only time they're doing is Leisure Resort Time with all the money they've stolen illegally or have been illegally or even legally been  given them  by the Fed and the Treas, which funds are even now being spent lavishly on themselves.

4.) <<One of the problems is that you have to prove "intent" and that has "paralyzed" our investigations. >> Did it ever occur to you to do wire taps, phone taps, email investigations, etc. etc.? Ever overhear luncheon conversations or even heavens of heavens, actually get search warrants for  private and corporate offices? It's not like you couldn't get a Judge's approval ? Or are they all criminally suborned to the EE.  Answer: <<That's the FBI's job>> Geesh, maybe "Gentlemen don't open other Gentlemans' mail like before WW! What? You can't use the FBI to help uncover massive fraud and theft? That's so bogus and disingenuous that it shows how incompetent you are and that you should be removed from office or impeached and prosecuted yourself. More than likely, you  are in bed with the EE and the Fed and the Treas. and "O.B. won't know of it, see?".

5.) << We ran into a road block when a Judge overruled our attempt to impose a 10% limit for any single player in the futures/commodities market. Again, is there any investigation into the judge and the players who influenced his decision by the FBI? Is there any impeachment proceedings in such a blatantly obvious suborned decision? Answer: <<We are appealing.>> How long will that take? Another four years or more? Perhaps, it will happen when all the Perpetrators are dead or too old for jail?

6.) <<We should be "pro active" with HFT trading. None of that trading has ever been looked at, let alone regulated>> Well, that's just fine. Why don't just act NOW and send to Congress legislation to regulate. Has the CFTC written any legislative act or any recommendations to that effect? None that I know of. Just more cancerous smoke blown in our face. What #$$%^!!!

7.) <<We got some slightly tougher regulations with Dodd Frank.>> So why don't you implement and enforce them? <<We would like more stringent regulations to be enacted.>> Why don't you enact what you have? Or is this simply another delaying tactic to do nothing, which I suspect it is.

8.) Why hasn't the RICO act been brought forth and every law enforcement agency involved been summoned to do its duty. This is the most egregious theft and conspiracy crime that has ever been perpetrated on the citizens of the US and the Gov't of the US in our history!

Conclusion: Nothing has been done, because the conspiracy involves the highest places in once was "OUR" Gov't;  the 5 major Investment Banks, the Fed., the Treas., and the Pres. To what degree, members of each have been suborned and paid off is beyond me, but it must be a massive amount.

Unless and until, we can somehow take away this massive RICO fraud and expose it for what it is, we, the US citizens are doomed to a lower standard of living, a continual downward slope for American prestige, both here and abroad. There will be more wars, more and/or larger US foreign bases, a continual debasement of the purchasing power of the Dollar. Eventually, there will be domestic uprisings. However, the Homeland Security Act and the National Defense Act that allows illegal detention without Habeas Corpus (i.e. on what charge am I being held" and no lawyer call.) on simple "suspicion" of terrorism with indefinite detention, have all been set in place by the Elite, with knowledge beforehand, whereby, this Criminal Elite has and will attempt to overthrow our US Democracy and it's "safeguards" of property, self rule, and its right to self government. Let's not forget, our "Honor".

It's ultimate aim is get by whatever means an even a greater global power grab and the US/Euro are the easiest targets.

 

القراع عصفور's picture

auf Deutsch

pig dogs are called Schweinhunds.  i think that sounds worse.  can that be a new Turdism?

usk's picture

BREAKING ZH ON TWITTER

CHINA MAY START INTERBANK GOLD SPOT TRADING FROM DEC

Turd Ferguson's picture

Take it for what it's

MODERATOR

Take it for what it's worth...an indicator of something...

The total OI of the Comex silver complex, as of yesterday, came in at 144,567. This is the highest total of 2012 and the highest since early April of 2011 (pre two, separate 30% smashes, MFG and PFG).

Hmmm..................

AgAuthaChristie's picture

Racism is never funny, Bag of Gold

Please, spare us the ignorant prejudices.  There is plenty to fault Obama over ( I certainly didnt vote for him) but using pictures of fried chicken and watermelon to do it is truly low class.

The Watchman's picture

@ballyale

GREAT Post-I would give you 100 Hat Tips if it were possible.

knavechild's picture

2017

According to the movie "Running Man" (which I grew up watching as an impressionable youth) the economy collapses around 2017 and America is ruled by an iron hand.  So that leaves us around 4-5 more years to stack metals......and to develop a technique for disabling those nasty digital collars that'll take your head off if you try to bail from a Fema camp :)

Xeno's picture

"Politicians a bunch of

"Politicians a bunch of worthless tungston's"

 

Great line there wildstylechefyes

 

Heck, let's just rename the whole crown.

The Declaration of Tungston

The Melded States of Tungston

Tungston D.C.

The Tungston House

Tungston Hill

The House of Tungston Representatives

The Tungston Senate

Tungston President

Speaker of Tungston

Tungston Representative

Tungston Senator

The Tungston

The scales of Tungston

The Supreme Tungston

The Tungston Monument

The Melded States of Tungston

Internal Tungston Service

The Tungston Dept. of Tungston

Tungston St. at the corner of Tunston & Tungston in Tungston, Tungston

 

Tungston 'em, the rat tungstonsangry

 

 

abguy4's picture

@ Ballyale , A+++++++

Hey Bro,

Where you bin hidin?

Super nice essay - you nailed it. Outta-da-Park

You even woke-up da Watchman ~!!

A+++++

Revelation's picture

Ron Paul Says Farewell

http://www.theburningplatform.com/?p=43982

Farewell to Congress delivered on the House Floor, November 14, 2012

ronpaul_s640x427.jpg?73b8e21685896c3f285

Conclusion
 
What are the greatest dangers that the American people face today and impede the goal of a free society? There are five.
 
1. The continuous attack on our civil liberties which threatens the rule of law and our ability to resist the onrush of tyranny.
 
2. Violent anti-Americanism that has engulfed the world. Because the phenomenon of “blow-back” is not understood or denied, our foreign policy is destined to keep us involved in many wars that we have no business being in. National bankruptcy and a greater threat to our national security will result.
 
3. The ease in which we go to war, without a declaration by Congress, but accepting international authority from the UN or NATO even for preemptive wars, otherwise known as aggression.
 
4. A financial political crisis as a consequence of excessive debt, unfunded liabilities, spending, bailouts, and gross discrepancy in wealth distribution going from the middle class to the rich. The danger of central economic planning, by the Federal Reserve must be understood.
 
5. World government taking over local and US sovereignty by getting involved in the issues of war, welfare, trade, banking, a world currency, taxes, property ownership, and private ownership of guns.
Happily, there is an answer for these very dangerous trends.
 
And Ron Paul on Seccession
Xeno's picture

Hey Chillin

Since when does a piss ass judge have the authority to override a congressional order?

Ooops, I meant a tungstonal order.

The Watchman's picture

TRUE

Funny_Quotes_Album_WallpaperWithFunnyQuo

ancientmoney's picture

@Ballyale re: Chilton interview

I agree with you.  Here's your answer as to why nothing ever gets done--politics>

http://www.zerohedge.com/news/2012-11-14/house-republicans-find-corzine-guilty-mf-global-collapse-missing-funds-democrats-ref

On the positive side, if the CFTC actually had done their f'n jobs, and stopped the f'n manipulations, all the TBTF banks, along with the U.S. government would have ceased to exist in current form (yesssss).  That 4-year period has allowed those who "woke up" since 2008 to prepare for the $hitstorm heading at us, and that is a good thing.

Edit: I'm not condoning the bull$hit mind you--just looking for a SILVER lining.

robov's picture

@ Groaner

Harvey has indeed called today's action in the miners contrary to the metals a precursor to a raid. I have only once or twice maybe seen things go contrary to this. With Ops X Friday and still two weeks away for the December contract. The cartel with all their naked shorts need people to roll forward, sell or take delivery.

I would like to remind everyone that a poor gold/silver equity showing today on a rising commodity price spells a raid coming tomorrow. The bankers no doubt will be having another of their famous midnight oil meetings!

¤'s picture

A long history of control & manipulation...

28932v.jpg

Summary: Print shows a "Silver Mine Owner" as a "silver-tongued ventriloquist" sitting on a box labeled "16 to 1" on a stage, with William Jennings Bryan as a dummy sitting on his lap, holding papers labeled "Free Silver Harangues", and with two boxes at the mine owner's feet containing dummy Arthur "Sewall" on the right and dummies William A. "Peffer", Benjamin R. "Tillman", John P. "Altgeld", and George F. "Williams" on the left.

  • Caption: If the show succeeds, he'll get all the profits.
  • Illus. from Puck, v. 39, no. 1014, (1896 August 12), cover.
  • Copyright 1896 by Keppler & Schwarzmann.
robov's picture

@ Take it for what it's worth.

Yeah so do we get another Deja Vu moment here considering JPM et all are still short 88,000 silver contracts as of the last COT or is it really going to be different this time? Only time will tell. If it does turn out different it will be the first time in history and would be righteous vindication. But.............

The Watchman's picture

Ben:Please Make Ron Paul GO AWAY

This IDIOT will NO DOUBT try to provide some cover for a Bankster raid tomorrow.

November 15 Speech--Chairman Ben S. Bernanke
Housing and Mortgage Markets
At the HOPE Global Financial Dignity Summit, Atlanta, Georgia
1:20 p.m. ET

bernanke+praying.jpg

ballyale's picture

This might be huge, however, it's parsed by the Dems or Cons.

http://www.zerohedge.com/news/2012-11-14/house-republicans-find-corzine-guilty-mf-global-collapse-missing-funds-democrats-ref

Our legal system is on the line on this one, if we want to maintain even a semblance of a "well run and regulated market".

That guy has to do Life to 200 years, imo. 

¤'s picture

Yep, a long history indeed...

29017v.jpg

Summary: Print shows President Cleveland standing on the steps to the "U.S. Treasury", holding a large sword labeled "Sound Money Policy", with left hand raised to stop the progress of an eight-headed, silver-scaled hydra labeled "Free Silver Craze"; the heads are identified as "Jones, Crisp, Peffer, Harvey, Stewart, Wolcott, Bland, [and] Blackburn".

  • Illus. from Puck, v. 37, no. 954, (1895 June 19), centerfold.
  • Copyright 1895 by Keppler & Schwarzmann.

Free Silver

http://en.wikipedia.org/wiki/Free_silver

File:1896GOP.JPG

Bollocks's picture

Fetchez La Vache Turd?

SEVERE lack of Vache in your Python Post angry.

I maky it up smiley.

Haole Guy's picture

Ron Paul's Farewell Adress

I posted this quote in the last thread before I realized this one was open.  This is my favorite quote from the good Doctors speech.

If this is true, our individual goal in life ought to be for us to seek virtue and excellence and recognize that self-esteem and happiness only comes from using one’s natural ability, in the most productive manner possible, according to one’s own talents.

Ron Paul

http://www.youtube.com/watch?feature=player_embedded&v=Zqi6paX3ong

I just don't understand how the faux news republicans can't comprehend Ron Paul's message of liberty.

JY896's picture

Running Man & Friends of Others

@Knavechild -- if you want an even MORE depressing vision of the future, try the book (Richard Bachman aka Stephen King: Running Man). Some interesting plot twists, and backstory. Much better than the Arnie farce.

________________________________________________________________________

Here's something I stumbled upon that looked interesting, despite my objections to the source:

http://screwtapefiles.blogspot.com/2011/12/martin-armstrong-on-government.html

Martin Armstrong's graph on silver debasement & decline of Roman Empire:

Inverted:

FOFOA Freegold transition:

Does anyone else think this is a bit... spurious to be a pillar of a complex monetary/economic/sociological/political theory?

Interesting theory, IMHO and not altogether without merit. But takes a bit too many leaps of faith, and establishes too many not-to-be-questioned dogmas. For me the whole 'it will inevitably come to be this way because... just because' part is a surefire turn-off -- and that's BEFORE the convoluted, self-referential, cultlike prosyletizing begins to annoy the crap out of me.

But like I said, articles of faith grounded in perceived (and narrow, one-sided) interpretations of history and ONLY history (without regard for current conditions/environment) have never sat well with me.

However, I would also mention the words of a certain 'Gordon Gekko', who in the early days of ZH (along with Cheeky Bastard, I think) coined the meme GOLD, BITCHEZ -- and was a major contributor, along with tmosley and Turd to my starting down this path. GG had been saying this for months from mid-2009, before finally coming out with his blog:

Thursday, March 11, 2010

"Physical Gold in your personal possession is the only thing that will survive the coming financial Armageddon. What we are witnessing right now is nothing but the calm before the storm. Keen observers are hearing rumblings beneath the ground signaling an imminent volcanic eruption. Once it blows it will be too late to take action. Trading paper markets for paper gains is like picking up pennies in front of the steamroller. It’s time to stop trading and just buy the physical metal. The window of opportunity to convert your casino chips (fiat money) into real money, i.e. Gold, is getting smaller by the hour. He who panics first, panics best.

GET. GOLD. NOW."

  1. GG, do you consider silver a proper alternative to gold.

    Would you buy $2k silver over $2k of gold at todays ratio (around 65%)?

    ReplyDelete

  2. b36-rounded.png

    @Anon:

    At today's rigged prices, sure, Silver is a great bargain, but the greatest gains will be realized in Gold IMHO. Being the Central Bank/Government reserve asset, it will be hoarded in much larger quantities and thus greater nominal price as well as purchasing power.

I happen to lean towards a more holistic approach, and gather that BOTH metals have extremely compelling arguments in their favor -- and to NOT own both is folly (though I am a speculator at heart, thus have more silver). But more important than WEALTH is, as thankfully often mentioned here -- LIFE. We all (well, most of us, anyway) have more than JUST wealth to protect, and other metals, foods, means of production and SKILLZ are equally if not more important.

القراع عصفور's picture

you forgot one

the motley tungsten:-)

القراع عصفور's picture

hey,

do a comments search.  motley fool.  should get you caught up.  also, got some stolli shooters for you at the bar.  gotta go.  getting the hiccups.

¤'s picture

The Running Man...

...looks like he's getting chased and not by Friends.

I just came across this on YT before reading your post JY so I figured, why not? 

BagOfGold's picture

AgAuthaChristie...

You said...Please, spare us the ignorant prejudices.  There is plenty to fault Obama over ( I certainly didnt vote for him) but using pictures of fried chicken and watermelon to do it is truly low class.

I certainly didn't think I would be called a racist for posting pictures of fried chicken & watermelon...You are taking things way out of context!...I could have easily substituted the pictures with some of your favourite food...or other GMO foods (food porn)...Don't you dare ever call me a racist..."Miss Proper" troll with your 3rd post on this forum!...You have no idea what you are talking about!!!...

SO...

Bag Of Gold

ballyale's picture

Re: @Balleyale

Thanks for the complement. Moving on, though. I listened a little bit to the Pres. BS while driving and the commentary. It looks like the Pres. wants to keep tax rates as they are for those making $250,000 (if only) or less, and then to negotiate for those making above that amount.

That means that OB is willing to strike a "deal" with the "ruling 1%" that is the  Republican Minority. What will that entail for even a marginal "end of  Bush  Tax Cuts trickle down BS" that never worked and will never work, as long as all the money goes to buy/bailout the Banks from their disastrous mortgage loans?

Oh! I forgot! What's the Compromise? More Military spending and less domestic spending, rather than less of  BOTH or, actually, spending that puts people on needed infrastructure JOBS, JOBS, JOBS. And no further spending on infrastructure, unless you call NASA's desire to put men on the moon again at a Billion or 5 Billion per ASStronaut apiece? Geesh! We might find lead or zinc or even miniscule amounts of gold or silver there, but  too heavy to transport back to earth. Hey, maybe, the Central Banks can then claim that all the PM's they "found" on the Moon can now be counted as Central Bank "Reserves" or some such nonsense.

It's such a bloody joke.

Even as I write the EE are putting everything they can "borrow" from the Treas. and the Fed to still further suppress the price of the PM's.

I wonder when or what it will take for the miners to say enough is enough and collusively start upping their prices over and above spot in order not to go under?

Syndicate contentComments for "Irresistible Force vs. Immovable Object "