Welcome to the updated TF Metals Report! We hope you enjoy the new experience.

We've changed payment processors, so any existing renewals will need to be re-subscribed after expiration. You will receive an email when this happens. If you have any questions, send a message through the Contact page.

The Battle Continues

Fri, Sep 9, 2011 - 8:53am

I thought the Swiss were always supposed to be "neutral" in global battles for supremacy. Apparently not.

We are clearly in a very interesting battle for the price of gold. Through their actions, "Western" central banks (the bad guys) have made it quite clear that they would like to see the price of gold drop, hoping to see the value of gold be reduced at the same rate they are reducing the value of their fiat. "Eastern" central banks and prudent global investors (the good guys) are seizing upon each manufactured dip. Thankfully, so far, the good guys are winning. Whether this will cause our adversaries to give up and retreat to higher ground remains to be seen.

The battle will almost certainly be joined soon by the criminal C/C/C. The actions of the central banks have once again provided the volatility "cover" they need to raise margins. Of course, the C/C/C is not a true ally to the central banks in this battle because they are acting in their own self-interest. Like we saw yesterday, The Cartel will likely use any protracted weakness to continue covering long-held short positions.

Given all of that, I think we can be quite confident that recent trends will continue and, accordingly, that the trendlines on the charts below, especially the longer-term ones, will continue to act as solid support.



So far, gold has rallied back nicely from its lows near 1825. I have a last of 1844. As the battle continues to rage, my suggestion to you is to stay on the sidelines. Hold your positions but only add on steep selloffs, down to the major support areas, where confidence is higher that floors can be found.

I'll be watching things all day and will update as needed. TF

About the Author

turd [at] tfmetalsreport [dot] com ()


Las Vegas Dave Aztec02 · Sep 9, 2011 - 5:38pm

you pay a huge premium for monster boxes. I should know, I have 6 of them from the RCM.

If you can get over the idea of rolling around on your bed with them drinking rum like a pirate I think youll find that buying 100 oz. bars from the RCM is a much better deal. usually about $1.30 over spot. try www.golddealer.com. ask for Harry.

Good luck

Skyezz · Sep 9, 2011 - 5:53pm

The Hidden Meanings in the New $100 Bill.

Interesting take on the new $100 bill, and the authors theory concerning the possible planned return to a gold standard in the US.


33 and a turd · Sep 9, 2011 - 5:54pm

The CNBS clip on SGS's site is well worth a look. Santelli is a legend


pbfurn · Sep 9, 2011 - 5:58pm

I totally agree with you. Randomly clicking ads with no intention to buy is grossly unfair.

I will take it a step further. If you so prize this site, don't be so penurious as to be dishonest.

Jake · Sep 9, 2011 - 6:01pm

Ironically, they were discussing the possible AAA rating down grade.

The fun begins around 2:28 into the video. Santelli shuts this idiot up. It's great to watch!

 God, what an moron this LIESMAN is.

Rick Santelli Laughs at Steve Liesman
Hard Rain · Sep 9, 2011 - 6:03pm

I would do it.

Also the interest on a HEL is tax deductile. So the true financing cost is less than the $3,230 in interest payment. This makes it even more attractive.


Vincent · Sep 9, 2011 - 6:05pm
Monty Guild

CEO & Chief Investment Officer at Guild Investment Management Inc.


The Pan Asia Gold Exchange (PAGE), backed by the Chinese Government, opens for business in the next few months and is expected to be fully operational by the end of 2011. This development represents an unprecedented challenge to the entrenched institutions that effect the price of gold and at the same time supports Beijing's ambitions for world currency reserve status. In short, there is a new gold trading market in the wings with the potential to change global supply and demand dynamics and how gold can be traded.

Here’s the background:

PAGE will allow individuals to buy physical gold from their computer at home. Initially, the 200 million or so clients of Agriculture Bank of China will be able to buy 10-ounce mini contracts on the PAGE. Later, non-Chinese will be able to purchase International Spot Contracts through the exchange.

Ultimately, PAGE will provide an alternative playing field for global gold investors who hitherto have had to rely on unsecured gold futures contracts and the bullion banks to determine the price for gold. With PAGE, a gold buyer will be able to receive a 90-day International Spot Contract and actual title to the gold he/she buys, not just a futures contract or an unsecured note from a bullion bank, or an international banking institution. The PAGE gold's in 10 ounce bars can be delivered to the customer with little effort. The international bullion banks, have been accused for years of manipulating the gold price. Such manipulation will now be more difficult.

PAGE could pose a challenge to the near monopoly on gold price discovery currently held by the members of the London Bullion Market Association (LBMA) that include many large banks.

For years, their practice has included leasing gold often from central banks and then selling it into the market to drive the price down. Leasing and selling of gold has been a profitable game for the savvy players involved. Every game has a loser, however, and in this case it has been less sophisticated gold investors. The selling activity has often created panic among gold investors who sell at the wrong time allowing the short sellers to buy back the bullion at low prices.

PAGE provides an alternative route that bypasses the bullion banks of the LBMA.

PAGE also provides a new way for international investors to own Chinese currency — the Renminbi (RMB). Here's how: The buyers will purchase gold contracts denominated in RMB. They can then hedge out the gold in the dollar-based gold markets. As a result, they effectively own RMB.

We see here yet another example of multiple Beijing initiatives opening the RMB to world investors. Over time, these innovations will enhance the value of the RMB and create a deeper, more liquid foreign exchange presence for the Chinese currency. PAGE is another internationalization step forward for the RMB in the direction of world reserve currency status.

The advantages of being the world reserve currency, as well as the responsibilities involved, have not been lost in the Chinese government. They won’t rush the process, but they clearly have a long term plan.


It is time to have a rest, bye bye

G7: "Central Banks stand ready to provide liquidity to banks as required"

johnboatcat · Sep 9, 2011 - 6:09pm

www.golddealer.com that Las Vegas Dave just spoke about has

US $20 Saint-Gaudens Gold - XF to AU - Our Choice for $1861.00.

That is a great price with gold at $1858.60. Never have delt with them but have heard good things and no bad.

Jake · Sep 9, 2011 - 6:12pm
How many times did Obama say 'pass this bill?'
Darth Smoker · Sep 9, 2011 - 6:13pm
swampman · Sep 9, 2011 - 6:14pm

A couple of kids with paintball guns could take it out in under a minute for about $2.00. Would serve 'em right.

Eric Original · Sep 9, 2011 - 6:18pm

I like it.

Though, like someone said, I'd split between Ag/Au, but that's just the way i am.

exiledbear · Sep 9, 2011 - 6:21pm

Great nor crappy. I guess this portends a Monday and Tuesday that are so-so too, I'm guessing.

Jake · Sep 9, 2011 - 6:23pm


President Obama in Richmond - Pass This Bill
¤ · Sep 9, 2011 - 6:24pm

By Greg Robb

WASHINGTON (MarketWatch) -- The financial leaders of the Group of Seven industrial countries agreed late Friday that fiscal policy must find ways to support growth even if austerity plans are underway. With clear signs of a slowdown in global growth, fiscal policy "faces a delicate balancing act," the G-7 officials said after a meeting in Marseille, France. A copy of the communique was released here. "Given the fragile nature of the recovery, we must tread the difficult path of achieving fiscal adjustment plans while supporting economic growth," the G-7 statement said. The G-7 said officials were prepared to take "all necessary actions to ensure the resilience of banking systems and financial markets." The officials agreed to continue close consultations on foreign exchange markets.

more to follow

Eric Original · Sep 9, 2011 - 6:24pm

When I need to get really busy in the kitchen I like to crank up something like this. Usually drives the kids right out of the room. Is this too weird?

In München steht ein Hofbräuhaus
backseatdriver · Sep 9, 2011 - 6:24pm

Or perhaps, in typical Chinese fashion they are planning 2o years out. Maybe they see an "influx" of people from all over the world moving there, or maybe they will do away with their one child policy. Can you imagine if they got rid of the one child policy how fast a 1.3 billion population would grow. Just brainstorming.


¤ · Sep 9, 2011 - 6:26pm

Bullard: Fed Can Adjust Balance Sheet Further

Q By Greg Quinn - Sep 9, 2011 3:06 PM ETFri Sep 09 19:06:16 GMT 2011

St. Louis Federal Reserve PresidentJames Bullard said policy makers need to consider if further stimulus is needed after the U.S. economy slowed in the last few months.

“The economy has weakened over the summer” Bullard, 50, said in an interview with Toronto-based Business News Network today. “We have to think very hard about what our policy options are.”

Federal Reserve Chairman Ben S. Bernanke said yesterday that policy makers will discuss the tools they could use “to promote a stronger economic recovery in the context of price stability” at their Sept. 20-21 meeting. Options may include buying more government bonds and lengthening the duration of securities in its $1.65 trillion Treasury portfolio, a move called “Operation Twist” after a similar program in the 1960s.

Asked if the Fed still has the power to deliver momentum to the recovery, Bullard said, “I’m not one to say we are out of ammunition.” Bullard, who is not a voter on the Federal Open Market Committee this year, said the Fed can still stimulate the economy “mostly through balance-sheet policy.”....


TheGoodDoctor · Sep 9, 2011 - 6:26pm

Bernanke gold tie. Bernanke wasn't the only one wearing a gold tie yesterday. I watched some post speech analysis by Lou Dobbs on FBN. He just so happened to do a simulcast with O'Reilly (me no likey). Well, what I did notice is that both Lou and Bill were wearing gold ties last night as well!

Strange but true. Anyone else catch anyone wearing a gold tie yesterday? How about Greenspan? laugh

stoneeh · Sep 9, 2011 - 6:28pm

According to the bank representatives and manager we spoke with, Austrian banks have now been ordered to restrict the sale of gold and silver bullion purchases and are limiting personal acquisitions of precious metals to 15,000€ (approximately $20,700 USD) at a time, or 11 ounces of gold at today’s prices.

Funny, just today I got off the phone with my advisor at my bank (Erste Bank / Sparkasse) and they would actually be accepting gold and silver as collateral for loans now. Originally I asked because the engine in my summer car blew up again yesterday but now I am actually thinking of forgetting about the car and taking out a loan and putting the money back into PMs (I am completely debt free as of now, but hey, a few % interest vs what gold and silver are gonna earn me ....). But anyway first the guy at the bank laughed at it and said it certainly had not been done before, then a few hours later he phoned me again and said it's no problem. So us Austrians aren't all bad (remember Ronald Stöfferle with his annual Gold Report also works at Erste Bank).

murphy · Sep 9, 2011 - 6:28pm

I am also doing what you ask. I am actually taking out 10K at a time and sending it to Goldmoney.com. I posted about investing with them a while back.

I like there service. Here's a website that compares them as well.


I have recently started using goldmoney.com MUCH more often for AG. In the past I just put in an amount and bought.

Now I am taking my time. When you click on buy, it locks in the metal price for 5 MINUTES! I watch for the dip and click.

I wait for a further dip to happen and if so, click cancel and rebuy to start the process over again. Unless you are investing over $10K at a time there is really no downside to buy in smaller increments as far as the premium goes. Here's the premiums below. Of course you have to pay a storage fee as well, but the benefits far out weigh it for me.

Happy clicking!

Silver Buy Rates
Current Spot Rate
  Ounces Rates
$1 - 9,999 $41.2632 3.99%
$10,000 - 99,999 $41.1441 3.69%
$100,000 - 499,999 $40.6680 2.49%
$500,000 - 999,999 $40.5489 2.19%
$1,000,000+ $40.4696 1.99%
TheGoodDoctor ¤ · Sep 9, 2011 - 6:28pm

@DPH "The financial leaders of the Group of Seven industrial countries agreed late Friday that fiscal policy must find ways to support growth even if austerity plans are underway."

How in the hell is that even possible? These folks are all total morons. To me this just means epic printing is on the way in all currencies! angry

¤ · Sep 9, 2011 - 6:30pm


margaritatime · Sep 9, 2011 - 6:32pm

Hey, you are quite welcome. 

Sorry been a crazy day with not much time for TF, and a certification day tomorrow (can you believe that?!). So, you better believe I am going out to do kidney damage tonight. Hope everyone had a great friday, and has a great weekend!

stoneeh · Sep 9, 2011 - 6:33pm


All I hear is "Heil! Heil! Heil!".

¤ · Sep 9, 2011 - 6:34pm

...and the market has been closed for 34 minutes and I can't wait to see what happens at 6:00 p.m. on Sunday.

backseatdriver · Sep 9, 2011 - 6:34pm

Your thinking along the same lines as many people in regards to planning. One man who thinks along these lines is Doug Casey. He is hosting The American Debt Crisis Conference by the economic and investing experts at Casey Research and featuring guest speakers like John Mauldin, Lew Rockwell, and Michael Maloney, many of the same men brought up time and time again on this site. I don't know much about it yet, but here is the link. I do know that it is free, and I greatly appreciate the free market thinking of Doug Casey. Just some food for thought, because I believe they will cover alot of what you have been thinking about. 



TheGoodDoctor Tecumseh · Sep 9, 2011 - 6:35pm

@Tecumseh The Ron Paul Money Bomb set for Sept. 17th will be very key. Note that it is Constitution Day! wink


It would be great if we could raise 20 million in one day. That would scare the living shit out of the Repubs and Obama.

I hope that you are right and we can mobilize to make this happen next weekend in a big way.

This also coincides with the US Day of Rage. Which should be interesting. Don't forget your gas masks! devil


NW VIEW California Lawyer · Sep 9, 2011 - 6:38pm

China may try many things with banking as they are also controlling the world wide metals. They have a huge population and direct their county as they have in the past (remember the three self movement?). I agree that wars are coming and the middle east is ready to be lit on fire. You say " how can I best position to profit from this seemingly unavoidable occurrence?" We want to obtain a position in the final days that gives us the stockpile of what everyone needs and must have. Wars and fiat money problems will change everything. So here is my solution to the future nest egg for profit:(1). Close down California Lawyer LLC, (2). Try to buy an existing freeze dried food company and sell stock in it. (3). Have a branch factory build out of the U.S.A. (4). Stockpile large amounts of your product and other storable grain items in both countries. (5). Store as many seeds that have not been altered outside the USA. Conclusion: When things really get bad, the population will throw their assets, even P.M.'s, out the windows. You will know when that time comes because you will get a letter from Mr. T.F. which states: Mr. C.L., I would like to purchase a years supply of food for my family. There is so much radiation in the soils locally that I cannot even grow peas. I will pay any price for your stored food and will even include two full sized yellow hats for you and your spouse, and six small ones for your kids. R.S.V.P. (and quickly). ---

The greatest value for the future is not the pile of gold coins but the food that will be sold as it rockets out of site. Now all we have to contend with is the results of the Book of Revelations.

Notice: If you do not see your new comment immediately, do not be alarmed. We are currently refreshing new comments approximately every 2 minutes to better manage performance while working on other issues. Thank you for your patience.

Become a gold member and subscribe to Turd's Vault


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 11/12

11/14 8:30 ET Consumer Price Index
11/15 8:30 ET Retail Sales
11/15 8:30 ET Philly Fed
11/15 8:30 ET Empire State Fed
11/15 10:00 ET Business Inventories
11/16 9:15 ET Industrial Prod and Cap Utilization

Key Economic Events week of 11/5

11/5 9:45 ET PMI Services
11/5 10:00 ET ISM Services
11/6 US Mid-term Election Day
11/8 2:00 ET FOMC Fedlines
11/9 8:30 ET Producer Price Index
11/9 10:00 ET Wholesale Inventories

Key Economic Events week of 10/29

10/31 8:15 ET ADP employment
10/31 8:30 ET Employment Cost Index
11/1 8:30 ET Productivity
11/1 10:00 ET ISM Manu Index
11/2 8:30 ET BLSBS
11/2 8:30 ET Balance of Trade
11/2 10:00 ET Factory Orders

Recent Comments

by AGXIIK, 16 min 7 sec ago
by J Siefert, 22 min 22 sec ago
AG12K, ...
by AngryCitizen, 49 min 3 sec ago
by cyclemadman, 1 hour 15 min ago
by pennywise, 4 hours 53 min ago