TFMR Podcast #44 - Jackass on the Barbie


For a holiday treat, Jim Willie stops by for an informative and enlightening podcast.

Jim and I cover three main topics today:

  1. The recent takedown in gold and silver and the incredible physical demand which followed.
  2. News and behind-the-scenes events related to the recent G20 meeting in Turkey.
  3. The Fed's ongoing ZIRP and QE∞ and their total inability to exit the treasury market. Ever.

So there you have it. Nearly 45 minutes of uninterrupted Jackassian wisdom. Enjoy.

Have a great weekend!



May 24, 2013 - 4:44pm



May 24, 2013 - 4:44pm

The Daily Pfenning

Chuck Butler – The Dollar Is Going Down: Open Your Eyes

from Financial Survival Network

Chuck Butler began writing his column The Daily Pfennig in 1999. The Pfennig started as some handwritten market notes and witty anecdotes circulated every morning to help traders stay on top of the economic, currency, and market happenings. Butler’s “Daily Pfennig,” as it is more commonly called today, has become a popular resource for currency investors and traders alike. Chuck was also one of the founders of Everbank, a unique institution that is geared at helping people invest in other currencies and metals. He’s a wealth of information and knowledge and is well worth listening to.

Click Here to Listen to the Audio

Download 15:10
May 24, 2013 - 4:45pm


Ben has a plane to catch, don't wanna be be in Dodge when the Earp's get there

May 24, 2013 - 5:03pm

I don't see why the Fed is in

I don't see why the Fed is in any trouble at this point, if the BOJ, ECB, and BOE are all doing the same QE policy, and will in the years ahead, why is the Fed or US dollar in any real danger?

Why not expand the balance sheet to $9-10 trillion, if the other CB's are doing the same, what difference does it make? Who needs a exit strategy?

Maybe it's developed nations slowly devaluing their currencies relative to EM economies, and nothing more, this can continue for many years or decades.

The Watchman
May 24, 2013 - 5:18pm

GLD Continues to be DRAINED-2.41 Tonnes Gone



Value US$45,403,329,389.38

May 24, 2013 - 5:27pm

Silver Lease Rates

Wouldn't even know how to start on this dog's breakfast of ups and downs other than to say... don't worry in a week or two they will scrub the graph (like on the 9th) and it will go down the memory hole. Except you've taken that red pill and will know the truth (and this is a saved gif so it won't get scrubbed).


Cry Me A River
May 24, 2013 - 5:31pm

I'm Guessing They Might Raid This Sunday Evening

While Most Of Us Are Barbequing, The Nikkei Might Get Slammed Again And They Might Take Advantage Of The Closed Market On Monday To Raid Silver. So---Let's See What's Been The Best Day To Buy YTD?--But First, A Commercial:

Cheetos Commercial - Party - YouTube.flv

Well---It's Been Friday On Average. However, This Tuesday Might Prove To Be A Good Day. We'll See.

Kingsford Spring Grilling Ad
May 24, 2013 - 5:31pm

DPH- Blythe needs to remember...

"I vas just following ORDERS!" is not a defense, it's a confession

May 24, 2013 - 5:34pm

@ His Excellency

yeah, the Dr pulled a vicious sucker punch, hitting the vatican hard, and that comes from frustration while trying to make a point, and driving it home, sure, its was way over the top, to just dress it all up as much as possible, but you have to consider the source and blow it off, you know we love you and where shock jock willie is coming from having a rag to sell as well.

Madonna - Dress You Up HDTV

Check out the thunder thighs from the early git.

Lamenting Laverne
May 24, 2013 - 5:38pm

@ Kcap - out on a limb here

My thesis is that they do not want a wholesale market crash - they will make the switch before everything comes down. I may be wrong - (and planned for being wrong) - but they haven't fed the stock market so diligently - and I might add with short term great success - just to let it all burn to the grown, if they can avoid it.

Second - my thesis is also that either we will have bank holiday before the end of May or it will not come before end of September after the German elections. Remember also that there is another large currency conference in September.

Personally I think that they would like to get the job done before the elections. Remember the flurry of very high level one to one meetings between world leaders recently. If it is only in September, why have the high profile meetings already now. Also, I think that they will not change the guards at the Fed midstream, even if one of the mentioned possibilities for replacement is Geither or Yellen, who would be able to somewhat hit the ground running. I think Bernanke will be in charge during the beginning - and at an opportune moment he will be replaced by someone, who will roll out the continuation plan after reset. I think that the 100$ Gold dollar is meant as a vehicle to stop the currency crisis not begin it - and it starts circulating on the 8. October.

So - yes it could be this weekend. Or the next - otherwise I think it will not be until the end of September, but that leaves very little time for market drops, should they want that to flush out some frothyness, before the new dollar bill.

Another tidbit is that as of yesterday the major currencies were all perfectly aligned in relation to Gold - at a ratio of 0,0720. Only exception was TRY that had a ratio of 0,0721. I would expect that these ratios must be in perfect harmony at as high a level as possible, before bank holiday weekend. I am waiting for the close today to see if TRY has been aligned too, or if new differences have been introduced. If they are all aligned - then the chances of a lock down has grown massively, in my mind, considering all the other going ons with multiple halts of bond trading in Japan and stock markets drops, that indicate big drops on the way, and yesterday a day with massive Gold buying against selling everywhere else.

Probably ridiculous thoughts altogether, but if the ratios are aligned after the close today, I will come back and say so.

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Key Economic Events Week of 7/22

7/23 10:00 ET Existing home sales
7/23 10:00 ET Richmond Fed Manu Idx
7/24 9:45 ET flash Markit PMIs
7/25 8:00 ET Count Draghi/ECB policy meeting
7/25 8:30 ET Durable Goods
7/25 8:30 ET Wholesale Inventories
7/26 8:30 ET Q2 GDP first guess

Key Economic Events Week of 7/15

7/15 8:30 ET Empire State Fed Index
7/16 8:30 ET Retail Sales and Import Price Index
7/16 9:15 ET Cap Ute and Ind Prod
7/16 10:00 ET Business Inventories
7/17 8:30 ET Housing Starts and Building Permits
7/18 8:30 ET Philly Fed
7/19 10:00 ET Consumer Sentiment

Key Economic Events Week of 7/8

7/9 8:45 ET Fed Stress Conference, three Goon speeches
7/10 8:30 ET CGP Hump-Hawk prepared remarks
7/10 10:00 ET CGP Hump-Hawk House
7/10 10:00 ET Wholesale Inventories
7/10 2:00 ET June FOMC minutes
7/11 8:30 ET CPI
7/11 10:00 ET CGP Hump-Hawk Senate
7/11 12:30 ET Goon Williams
7/12 8:30 ET PPI

Key Economic Events Week of 7/1

7/1 9:45 ET Markit Manu PMI
7/1 10:00 ET ISM Manu PMI
7/1 10:00 ET Construction Spending
7/2 6:35 ET Goon Williams
7/3 8:15 ET ADP June employment
7/3 8:30 ET Trade Deficit
7/3 9:45 ET Markit Services PMI
7/3 10:00 ET ISM Services PMI
7/3 10:00 ET Factory Orders
7/4 US Market Holiday
7/5 8:30 ET BLSBS

Key Economic Events Week of 6/24

6/25 10:00 ET New Home Sales
6/25 1:00 pm ET Chief Goon Powell
6/25 5:30 pm ET Goon Bullard
6/26 8:30 ET Durable Goods
6/27 8:30 ET Q1 GDP final guess
6/28 8:30 ET Personal Income and Consumer Spending
6/28 8:30 ET Core Inflation
6/28 9:45 ET Chicago PMI

Key Economic Events Week of 6/17

6/18 8:30 ET Housing Starts and Building Permits
6/19 2:00 ET FOMC Fedlines
6/19 2:30 ET CGP presser
6/20 8:30 ET Philly Fed
6/21 9:45 ET Markit flash June PMIs

Key Economic Events Week of 6/10

6/11 8:30 ET Producer Price Index
6/12 8:30 ET Consumer Price Index
6/13 8:30 ET Import Price Index
6/14 8:30 ET Retail Sales
6/14 9:15 ET Cap Ute and Ind Prod
6/14 10:00 ET Business Inventories

Key Economic Events Week of 6/3

6/4 All day Fed conference in Chicago
6/4 10:00 ET Factory Order
6/5 9:45 ET Markit Services PMI
6/5 10:00 ET ISM Services PMI
6/6 8:30 ET US Trace Deficit
6/7 8:30 ET BLSBS
6/7 10:00 ET Wholesale Inventories

Key Economic Events Week of 5/28

5/28 10:00 ET Consumer Confidence
5/30 8:30 ET Q1 GDP 2nd guess
5/31 8:30 ET Personal Income and Consumer Spending
5/31 8:30 ET Core Inflation
5/31 9:45 ET Chicago PMI

Key Economic Events Week of 5/20

5/20 7:00 pm ET CGP speech
5/21 10:00 ET Existing Home Sales
5/22 2:00 ET FOMC minutes
5/23 9:45 ET Markit PMIs
5/24 8:30 ET Durable Goods

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