Information Deemed To Be Reliable

Thu, Oct 30, 2014 - 5:00pm

The information in this report is taken from sources believed to be reliable. However, TFMR Inc. disclaims all liability whatsoever with regard to its accuracy or completeness. This report is produced for information purposes only.

Gosh, that sounds familiar. Where have I seen that disclaimer before? I know I've seen it somewhere...hmmm.

I've got it!! It's from the bottom of each day's "Gold Stocks" report issued by the CME. It didn't used to be there. In fact, the disclaimer was only added in 2013. Please see this excellent analysis from our pal DenverDave before proceeding:

So now that we've established that the numbers I'm about to present may be about as real as The Tooth Fairy, let's get right to it. Shall we?

Last week, there was all sorts of mumbling and grumbling about the 10 metric tonnes of eligible gold that had suddenly departed the JPM Comex gold vault. And not only was it a whopping 10 metric tonnes, it was a perfect and precise to three decimal points 10 metric tonnes. This once again means we're dealing with:

  • kilobars so perfectly shiny and new that they don't require any kind of weighing or assaying on the way in or out of the vault
  • bullshit paper shenanigans

I first wrote about this phenomenon about a year ago and, in doing so, kicked up a small hornet's nest of controversy. Please read here:

In response, I followed up with another post a few weeks later:

As you can see, I'm not new to this "perfect and precise" gold movement story. So, when I saw last week's perfect and precise, 10 metric ton withdrawal, it started me thinking. Not only was this par for the JPM course, last week's withdrawal also brought the total perfect and precise withdrawals over just the last month to 21 metric tonnes. WoW! That's a lot!

Below are the Gold Stocks reports that I've saved over the past year. I try to check them every day but I'm certain that there are days that I have missed. Therefore, there are likely other days where perfect and precise, deposits and withdrawals have been made but I've missed/overlooked them. Here are just 10 daily reports, showing a perfect and precise, no need to weigh or assay, 33 metric tonnes of eligible gold deposits:

Below are three reports from earlier this year showing a total of 25, perfect and precise metric tonnes heading back out:

And, over just the past month, here are four reports showing a perfect and precise total of 21 more metric tonnes heading off to points unknown:

Note that these last four withdrawals have reduced the amount of gold in JPM's eligible vault by nearly 1,000,000 ounces! This leaves JPM with just 176,436 ounces of registered gold and 485,757 of eligible. Even if every remaining ounce of eligible was converted to registered, this is only enough gold to settle 6,600 Comex contracts. A paltry amount given the total open interest and likely 10,000+ standing for delivery in December.

So, what in the name of Jon Corzine is going on here? Frankly, I have no idea and it's impossible to come to any specific conclusions but there certainly are some questions that need to be pondered:

  1. Again, is this all just bullshit and is that the reason why the CME suddenly felt compelled to issue the daily disclaimers? Are there really armored trucks driving around Manhattan, carrying two, five or ten metric tonnes of gold kilobars and heading off to points unknown?
  2. If all of these vault movements actually represent real, physical gold, then who or what went to the trouble of parking over 40 metric tonnes of brand new kilobars in JPM's Comex vault, only to remove them later?
  3. Why is JPM's Comex gold vault down to just 662,000 ounces? This leaves it as just the 3rd-largest. It's now dwarfed by Scotia and only 15% the size of HSBC.
  4. And why has JPM suddenly become a complete non-player in the monthly delivery process? Just last year, the JPM House and Customer accounts regularly accounted for more than half of the bi-monthly stops and issues on The Comex. This culminated in December when the JPM House (proprietary) account stopped a total of 6,254 contract or 96% of all deliveries that month. So far in 2014, JPM House has greatly diminished their participation and, over the past three delivery month, they've been almost entirely absent from the process.

These are all very important questions and, again, I don't have the answers. The CME has structured the Comex so that it's impossible to know for certain, regardless of what The Apologists are always claiming in their personal blogs. All we can do is project and guess, based upon accumulated wisdom and experience. We then have to wonder if our conclusions are even relevant. Do they even matter?

To that end, the only questions that stick in my mind are related to numbers 3 and 4 above.

Since it is easily verifiable that JPM has only issued/delivered 6,000 ounces of gold over the past five months, the primary question becomes just whom or what owns the gold that has been temporarily parked in the JPM Comex vault. Just by chance, we were able to catch 33 metric tonnes of perfect and precise deposits, followed by nearly 46 metric tonnes of equally perfect and precise withdrawals. Why was this gold parked for a while in JPMs vault? Where did it come from? Where is it now headed? Is this JPM proprietary gold and do these withdrawals, when combined with the greatly reduced delivery activity, indicate the JPM is on the verge of exiting Comex gold trading?

Again, I apologize for simply raising questions without being able to provide the answers. Perhaps the purpose of this post is simply this: If you think that The Comex is a shady, dirty and nasty den of thieves, then this deliberately opaque movement of gold into and out JPM's vaults will likely serve to reinforce that opinion.


About the Author

turd [at] tfmetalsreport [dot] com ()


Colonel Angus Alonzo Jazzberry
Oct 31, 2014 - 3:46pm

to Alonzo

I'm a did I know GM was in trouble? I looked at their unfunded liabilities (pensions, that my uncle was a part of, for instance) and looked at their assets. I calculated a negative book value for in something like -$73 a share. Since he could get $40 for something that was literally worth less than nothing, I thought he should take it.

When I could auction 22LR off for 15 cents a round when I had 4-5 cents a round in it, I took it. My son and I weren't going to shoot all of it, I made sure family and friends were well stocked, and then I offered it up. I never bought during the crazy periods. And I still have enough for us to plink around. In fact we could plink with the AK-47 if we want, since the ammo was about the same price at one point. Did I take a risk in having hundreds of thousands of rounds of 22LR. Not really...because I had something intrinsically valuable. The same can be said for PMs.

The same inefficiency is happening with metals. The demand keeps growing as price goes down. People are not losing heart. And eventually someone will hold for delivery. (My guess is it is an Asian country, conglomerate, or investor.) And then we'll see who has been swimming without shorts. At that point I probably will spend my PMs rather than selling them for fiat. I have bartered PMs for several items, just as I've bartered guns and ammo. I live out here in redneck, flyover country, and we value things differently than people on the coasts.

But people should do what is right for their risk profile and situation in life. I just can't go chasing the lemming pack when the Dow is at nosebleed highs. I BTFD rather than BTFATH. I'm not buying cattle now, for instance, even though we'd love to have some in our back pasture. It's just getting hayed by a local farmer instead. Next year we may see lower cattle prices, and then we'll buy. As I said the freezer is full, and we'll all keep eating...

Can I ask you, Alonzo, what do you base your investing decisions on? It must be on something, but you haven't left too many choices. Is it the straight-up mathematics? It's mathematics that is guiding me. And I've been wrong at times. I only have to be right about 55% of the time to account for time-value, transaction costs, and to make a little profit.

Oct 31, 2014 - 3:46pm

And the latest CoT confirms this opinion

As of last Tuesday, the net position of the Large Specs was still 5900 contracts long.

However, since the survey, price has fallen by $1.11 and the OI just thru yesterday had risen by over 5900 contracts. Therefore, it's safe to conclude that, as of this moment, the Large Specs are either NET SHORT or very close to it, just as they were at the washout price bottom back in June of last year. The resulting short-covering spike sent price back to $25 over the next two months.

Will that happen again??

Oct 31, 2014 - 3:48pm

More context from DenverDave

Our pal, Dave, saw this post and wanted me to add this bit of added commentary from him:

Nice commentary on the Comex vault inventories. Feel free to post this response to your piece.
What's amazing to me about the reported gold/silver Comex vault inventories is that everyone discusses them as if the reports are bona fide. No one seems to question the actual integrity of the reports.
Pursuant to the CME Rulebook LINK, the daily gold/silver warehouse stock is reported as follows;

Reporting of Stocks. All information pursuant to this section shall be transmitted no later than 2:00 p.m., on the business day following the day on which the Facility comes into possession of relevant information. In addition to containing all relevant information for the preceding business day, notifications pursuant to this section sent by 2:00 p.m. on a Tuesday shall include all relevant information for the last business day as well as the Saturday and Sunday immediately preceding the Tuesday on which the notification is made. In addition, on a daily basis, the Facility shall provide, in an Exchange approved format, the following information regarding its stocks:

1. The total quantity of Registered metal stored at the Facility.
2. The total quantity of Eligible metal stored at the Facility.
3. The quantity of Eligible metal and Registered metal received and shipped from
the Facility.

In other words, the amount of gold and silver held in each designated account and the amount received and shipped is based on reports generated by the vault operators, primarily JP Morgan, HSBC and Scotia.
Just to be clear about this, these are reports submitted by the too big to fail banks who engage in reporting fraud and unprosecuted criminal activity on a daily basis IF JPM, HSBC, Scotia do indeed submit honest, bona fide Comex warehouse stock reports, it would be just about the ONLY financial report that these banks honestly produce. What are the odds of that? Seriously.
I can take anyone who wants to on a trip through big bank financial statements and point to all the aspects of fraudulent financial reporting. Bank financial statements are riddled with it.
The truth of the matter is that the CME's lawyers inserted the legal disclaimer on these warehouse stock reports because the reports are fraudulent. If it were simply a matter of standard legal procedure, it would have been done at the time the CME acquired the Comex in March 2008.

Nothing happens at these banks without a reason. I have a feeling the CME did not realize the immense size of the paper vs physical metal Ponzi scheme going on at the Comex up until the time that the disclaimer appeared. In fact, I'm sure it's become much worse since 2008. And the reason that the CME was compelled to put the legal disclaimer on the reports is because the reports are a lie.

Oct 31, 2014 - 3:56pm

Friday's Gold Stocks

Note the difference between the reporting of HSBC and Brinks vs the ongoing perfect and precise JPM activity.

Note, too, that some kilobar delivery does take place...someone took two of them out of Manfra today to go with one yesterday. Three of them fulfills the delivery requirement of one Comex contract.

Motley Fool silver2013
Oct 31, 2014 - 4:16pm

re : must read. silver to $100,000

I have to ask. How seriously do you regard that prediction and the underlying uhm explanation/rationalization?

Oct 31, 2014 - 4:27pm

No Dry Powder

Dupe from other thread,

I slept in this morning also, and upon looking at the charts do not regret it a bit.
I am out of dry powder, wondering if the ole CC should come out and send me a nice package in the mail. and here I was planning to not watch prices all week.
While we may not be in teh endgame, this week we certainly crossed a line, one that cannot be recrossed. On Wed the FED stops QE and on Thursday the BOJ turns the press on high.
I worked as a pressman briefly when I was young, running an AB Dick offset press that cranked out flyers for realtors every Friday night. That machine had a speed dial on it and if I dared, I could speed it up and really get those copies flying off the rollers. One night I walked into the break room to get a soda and I heard the tell-tale crumple of paper. I ran back to the press. I had only been away for a few seconds but I had tke biggest mess of paper wrapping up in those rollers you have ever seen. Inky crumpled dissolving paper everywhere!
Take care Abe, Janet, Mario that you keep an eye on things! You have cranked up the speed. And after reading yesterday that the FOMC members are grasping at straws, I cannot see this ending well. Everybody is an ex Goldmanite? Well GS knows how to fleece investors and manipulate markets quite well. But it seems they don't have much experience in managing entire economies. That's best left to the free market. What a mess this world is!
Ooooh, that CC inside is begging to be used. The telephone has suddenly appeared a foot closer to me on my desk.
I better take a walk and think this through.

Oct 31, 2014 - 4:30pm

Motley Fool

Indeed. And you could put those wild speculations in any order you choose and you'd end up with a different final figure each time.

Pure speculation and pure nonsense. Bix Weir is parading his ignorance there.

Dr. P. Metals
Oct 31, 2014 - 4:33pm

if Ag goes to $100k

a loaf of bread will also be $50,000.

Alonzo Jazzberry
Oct 31, 2014 - 4:34pm


Can I ask you, Alonzo, what do you base your investing decisions on? It must be on something, but you haven't left too many choices. Is it the straight-up mathematics?

Yes, as a matter of fact it is it is, but a different sort of mathematics. You appear to like building a mathematical model regarding various assets, and making predictions from it. I could certainly do the same thing, but I will never be able to shake: what did I miss? Whatever inefficiencies markets have, I still think the prices emerging from that chaotic synthesis of information is strangely more accurate than what I deduce.

So, for example, when you say this:

I just can't go chasing the lemming pack when the Dow is at nosebleed highs. I BTFD rather than BTFATH.

I can't but wonder, what is a dip? What is a high? All time highs don't frighten me, because all things being equal, the default state of any asset should always be to be at an 'all time high' because of inflation.

I agree, though, that it is unwise to 'chase' highs, but I'd also say it's unwise to 'chase' dips. I say, like you, allocate based on your risk tolerance, and I'd also add that you probably shouldn't get caught up on where gold or the dow is on any particular day. The mathematics that drives me is all statistical: for any asset I want to know it's expectation and variance (risk and reward, if you prefer) and then make sure that the investments as a whole are diversified and, just as important, uncorrelated (gold is particularly good for this last bit).

Alonzo Jazzberry Doctor J
Oct 31, 2014 - 4:37pm

Dear god, Jerome

Do not buy speculative assets on credit...

Not entirely sure you are learning all the right lessons here :(

Dr. P. Metals
Oct 31, 2014 - 4:44pm

Do not use credit

it's not worth the risk. IMHO. I have zero debt. Love it that way. This crapola can stay irrational way way way longer than you can stay solvent, remember that one. we all tend to have to learn it the hard way, and repeatedly :(

Oct 31, 2014 - 5:06pm

Alonzo, Dr P

I am leaning away from it. The walk did me good.

$5 ag might really tempt me. I did do this chasing AG up to 48 and was able to pay back my CC within the year. Still holding the AG. Wrong move in retrospect. But I don't see AG as a speculative asset--a commodity, like my real estate which was bought on credit (though it provides fiat income).

Alonzo Jazzberry
Oct 31, 2014 - 5:13pm

If $5 ag would be tempting enough to take out a loan

Then you should sell something now to avoid that. It's that simple. I'd be buying some $5 ag myself, but that money is currently sitting in a money market fund.

Your house gives you shelter and heat and, as you point out, can even generate a return! Your silver gives you nothing, and it's a heck of a lot more volatile than real estate.

silver2013 Motley Fool
Oct 31, 2014 - 5:24pm

Not very seriously at all.

Not very seriously at all. Just some fun reading. But does anyone really know wht prices are tanking. Is it because shorts or is it because the economy sucks and their is no real true demand? Or is it something else? Who knows. But who cares...metals are crashing.

Oct 31, 2014 - 5:40pm


I also would greatly appreciate a post from you on the Fed balance sheet and the sham of the BCBS banking rules.

Lamenting Laverne
Oct 31, 2014 - 5:47pm

@ Colonel Angus

The same here re Fed Balance sheet. Very interested. Also I wrote a possible nonsense - possible not so nonsense - post on reverse repos a while back, but got very slim response, so I don't really know if it was bad. If you know about reverse repos as well, that would be fab to read about too.

Dave in Denver mentioned in Turds mail that Dave could explain how to spot fraudulent areas in the commercial bank balance sheets. That would be very interesting too, if he would describe that - or maybe explain some og them in a later A2A.

Oct 31, 2014 - 6:15pm

Dr. Jerome-dry powder

Dr. Jerome,

yesI love all your posts and your views are spot on. Only use a JPM, Citi or HSBC credit card to buy your PM's from the Shiny Stores!yes

Regarding the comment that silver is a speculative metal, it is, but it is somehow going to be used in the near future to prevent this FIAT Monetary clusterf$%k that the TPTB created which will consume the unsuspecting Sheeple of the world in the coming weeks and months!!! Shine on, Brother J.!!!

Oct 31, 2014 - 6:24pm


Thanks for the encouragement AC. How about BOA?

Alonzo, We are trying to sell 6 rental properties currently. That would be the ideal situation to close a deal as Silver & gold decline. Right now, the silver sits there, allowing me to sleep better at night. Priceless. No decisions today. The CC has a zero balance and I like it there. Thanks for the input. I think I'll call that realtor and ask why the current listing has not lured in any offers.

Frankly, at these prices, it isn't overly hard to raise inencumbered cash to make that purchase.

Oct 31, 2014 - 6:29pm

I'm out

sold my stack, gonna buy me some SDR's they are the future

Oct 31, 2014 - 6:31pm

Dow Jones – OMG – A Possible Sling-Shot Move?

Armstrong...I realize every government watches this blog. PAY ATTENTION for once!!!! This is going to be bigger than you! Think about your family and the future – not just holding on to power today. Tomorrow always comes.

Posted on October 31, 2014 by Martin Armstrong

DJIND-D 10-31-2014

We closed right on our 17195 target and then the Dow closed above 17143 providing another buy signal yesterday and that warned of a move further to the upside. Especially when we fell right to the Bearish Reversal at 15960 and held. Exceeding Thursday’s high is a serious issue. We now must realize that exceeding the September high intraday will signal we just may be in store for an awesome Sling-Shot Move to the upside – that’s a run-away that takes out the lows and then runs through the highs.

On top of that, we may be making at least a Channel Move and possibly preparing for aPlateau Move. This is all fine and dandy to make money in stocks, but it is a devastating signal for a collapse in government and the monetary system that may be an under statement. I am not selling hype so I tend to downplay rather than exaggerate potentials to sell newsletters. The truth is bad enough – I do not need to spin it to sell stuff.

I realize every government watches this blog. PAY ATTENTION for once!!!! This is going to be bigger than you! Think about your family and the future – not just holding on to power today. Tomorrow always comes.

DJIND-M 10-31-2014

Today is the end of the month. At the time of this writing the Dow has reached 17395. Exceeding 17414 - T O D A Y – will be awesome and closing above that will beVERTIGO-land. Even a closing today higher than September (which was 17042.90) will be a warning in itself we better pay attention here . This makes the minimum target at the 20k level but more likely the minimum becomes 24-26k.

boehner-gavelThe full World Share Market Report will be moved forward. We will try to issue just an interim report on the Dow based upon the seriousness of these events. Next week remains the critical target and it appears that the Republicans may win the Senate and that could be very bullish for sentiment (although in reality nothing will really change). The key would then be the leadership battle in January and getting rid of John Boehner will be the real critical issue. He likes it as is and will NEVER consider change until it is forced upon him.

Oct 31, 2014 - 7:03pm
Oct 31, 2014 - 7:40pm

What Greenspan’s Latest Talk Means for Gold

Dr. P. Metals posted this article on another thread and it explains quite a few things about finances.

Friday, October 31, 2014

Henry Bonner

I traveled last week to the New Orleans Investment Conference, previously known as the ‘Gold Show.’ Jim Blanchard, a man known for promoting the right to own gold during the Nixon era, started the conference in 1974.

Early on, the conference was a gathering place for investors in precious metals. Speakers such as Rick Rule broke out into the investment scene through conferences like this one.

I’ll report later on the many speakers who attended the conference - and try to boil down some of the salient points from the highly valuable conference (attendees took nearly a week away from their regular lives to attend).

For now, I’ll confine myself to the headline speaker of the show – former Fed Chairman Alan Greenspan – and what his comments could mean for gold investors.

Oct 31, 2014 - 7:50pm

I haven't read Bix's article yet, but people are commenting.

But pricing anything in 'dollars'* is clearly subjective.

Yes, TODAY silver will buy less once converted to 'dollars' than it did yesterday. But the gyrations of the central banks make it obvious, even with what is in the LIGHT OF DAY, they are nothing but a global ponzi scheme. This has been the case for decades. And the gyrations began slowely at first once they took control of the money system, but they were able to keep things hidden then and change the culture.

The problem isn't the banks OR their schemes. The problem lies with the people that have gone along with a corrupt ponzi scheme.

The herd mentality is very powerful in humans, but humans are Blessed with reason and understanding of Principle. Most people want fairness and sound money, it benefits everyone. But fiat money gives away those benefits to the bankers. It makes it hard for people to stand on principle when their neighbor gets rich doing nothing but following the herd. It's the ultimate TOOL to divide and conquer.

That said.

In a fiat money system, the Herd rules ... Until it doesn't.

The only answer I see is to walk away at every opportunity from the corruption, and today was a better time to do so than yesterday.

*The term dollar has been stolen and no longer has the same meaning as it did during Constitutional times. However Most people are totally unaware of this.

Edit: Forgot to mention.

@ Colonel. I've seen the ponzi for so long I quit going through balance sheets myself over sheer fatigue of the repitition of it's footprints.

That said, I'd be delighted if you care to share your work.

Spartacus Rex
Oct 31, 2014 - 8:25pm
Oct 31, 2014 - 8:34pm

@ Dr. Jerome

I've posted things from this channel in the past. Like myself, he doesn't measure things in dollars, but rather ratio's of 'strength'.

Here is his latest.

Probability Blindness and Valuations in a World of Green and Red
Alonzo Jazzberry
Oct 31, 2014 - 8:44pm


I respect the spirit of your comment, but...

Yes, TODAY silver will buy less once converted to 'dollars' than it did yesterday.

Why talk about dollars? Silver will buy less today than it did yesterday. It matters not what we convert it to. I don't get the purpose of the last 9 words of that sentence.

Oct 31, 2014 - 9:02pm


"I'm long FAZ and short several banks. I know what is coming" Really? What's coming? Good luck shorting the banks here, my guess is your going to get more red on your screen. If you knew what was coming, you would have shorted the PM's the past 3 years!!

"all you would have to do is stop the IoER that the Fed is paying and then the market would be flooded" I'm sorry, but you're going to have to explain this "theory" of yours because no one else has stated such a notion.

"As for the Fed balance sheet, there may be a book in the next year or so. I can't give details"

The Fed balance sheet is no mystery, you seem to think you have some sort of insider information that only you are privilege too, that's not a good sign for one's health.

The fact of the matter is, this isn't about MATH, it's about human choices!! Banks are only insolvent if humans let them, otherwise they get bailed out by governments, that has nothing to do with a market. So you can do all the mathematical calculations you want to do and think you have the answers, but it doesn't work that way in the real world or in global markets.

Alonzo Jazzberry Doctor J
Oct 31, 2014 - 9:16pm


It sounds like overall you've done pretty well for yourself! Those rental properties should definitely be where any liquidity comes from, well before the CC, IMO. I might prefer the properties to the metal, but I can't quite bring myself to say it because I know what a f*cking headache tenants can be.

Oct 31, 2014 - 9:35pm

Hi guys

Been a while. Just thought I'd drop by to see how you're all doing. I saw the smack down and thought of you all. Don't go catching any falling knives - I reckon this one has a ways to go.

Spartacus Rex
Oct 31, 2014 - 9:39pm

GATA's Chris Powell: I Know This Much Is True

Chris issued a dispatch today which not surprisingly gave mention to TF & TF Metals Report. Here it is:

I know this much is true

Submitted by cpowell on Fri, 2014-10-31 15:38. Section: Daily Dispatches

11:40a ET Friday, October 31, 2014

Dear Friend of GATA and Gold:

Another day, another attack on the monetary metals in the futures markets, another commentary by London metals trader Andrew Maguire at King World News that the price decline has prompted huge offtake of real metal --

-- another commentary by the TF Metals Report's Turd Ferguson about strange movements of metal in the Comex warehouses --

-- speculation by Colorado securities lawyer Avery Goodman and others that the attack is another coordinated central bank operation, this time to discourage support for the referendum campaign that would require Switzerland to commit more of its foreign exchange reserves to gold --

-- and more anguished calls to your secretary/treasurer from people seeking investment advice, wondering whether there's any point in sticking around the monetary metals sector, calls that are silly not just because your secretary/treasurer is not an investment adviser but a mere scribe and archivist but also because ever since he appeared at the New Orleans Investment Conference last Saturday former Federal Reserve Chairman Alan Greenspan, supposedly a renowned authority, has been recommending gold:

For whatever it may be worth your secretary/treasurer knows only this:

1) That for the time being central banks and the governments they control remain in charge of the gold price and most prices through the rigging mechanisms of gold reserve leasing and swapping and the futures markets, where they are able to deploy infinite money in secret.

2) That as the world's economy continues to weaken, with wealth being transferred from the masses to the elites, central banks and the governments they control will resort to still more totalitarian methods to maintain their control.

3) That questions about these methods, such as those specified with supporting documents here --

-- should be directed to central banks and the governments they control as well as to financial news organizations, though of course financial news organizations, especially in the West, remain unlikely ever to commit actual journalism in regard to gold particularly and central bank interventions generally.

4) That the World Gold Council, nominally the representative of the gold mining industry and gold investors, will continue to publish erroneous and misleading data about gold's function in the international monetary system and obtuse and irrelevant reports like this one --

-- so that the council might seem busy while central banks wage uncontested war against the monetary metal.

5) That most gold and silver mining industry executives will continue to have no idea about the monetary nature of their product and the surreptitious mechanisms of its pricing and will remain silent and incurious even as the prices of their products sink well below the cost of production and the share prices of their companies fall to zero.

6) That, nevertheless, GATA will press on in pursuit of a constituency for free and transparent markets, limited and accountable government, and fair dealing among nations and peoples.

7) And that someday, some year, some decade, some century we shall know the truth and if it doesn't make us free it at least will give us a clue about becoming so.

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

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