A Conversation with James Turk


One of the regular features that Vaulters enjoy are the weekly Access2Access webinars. Every Thursday, subscribers get to interact with influential members of the "gold community". This week's guest was James Turk and the information he provided was so terrific and timely that I thought it should be shared with everyone.

In this 50-minute presentation, James discusses a wide variety of topics ranging from the current Crimean Crisis to his preferred allocation within the precious metals sector. Please make the time to listen to the entire recording and, when you're done:

  1. Order James' new book. In fact, order two...one for yourself and one for someone else.
  2. Check out GoldMoney's services. You can do so by clicking this link: https://www.goldmoney.com/?gmrefcode=tfmetals




Mar 16, 2014 - 2:17am

Is It Possible?

A firstest for Occasnltrvlr?

I daresay, not only possible, but accomplished!

"Peanut butter jelly time..."

4 oz
Mar 16, 2014 - 2:20am

James Turk is one of those

James Turk is one of those guys I could listen to all day.

Mar 16, 2014 - 2:35am

The Money Bubble

After hearing the interview, I downloaded a copy of the book and have almost finished. It insightfully puts forth the information we Turdites already know in a logical and interesting manner - a great resource when attempting to explain concepts we understand but have trouble explaining to cousin Charlie. The charts and graphs clearly back up the concepts without being over technical for the cuz. Would recommend The Money Bubble as a resource for Turdites.

Mar 16, 2014 - 4:55am

Fourth it is!

Fourth it is!

El Gordo
Mar 16, 2014 - 5:21am

I'm sold on the overseas storage idea

Now, should I cut this 1/2 oz AGE in fourths or just in half to ship it out and diversify my holdings.

Mar 16, 2014 - 7:45am

Overseas sounds good....

... but how am I really going to get past the Thieving Shit @ the Airport goons?

sierra skier
Mar 16, 2014 - 8:39am

Back in the top ten

Now for a listen.

Mar 16, 2014 - 9:16am


Thanks turd for another great interview on Main St. By "mistake" i started "stacking" mercury dimes in 2010. Why merc dimes? i guess this was left over from my youth, looking for the elusive 1916-D. I was a bit too young for the switch from silver to clad coinage and felt i had to catch up. Anyway I bought collectable merc dimes in 2010 and 2011. As I learned more about the financial problems and what I would need to be prepared for the future, I switched to bullion and 90%. Just recently i looked at the bid/ask for the dimes and it seems that overall they held their value. versus my silver stack that is probably $8+/- underwater. No complaint here just an observation. I consider the numismatics as long term and 90% and bullion as near term. Do research don't be a sucker but more importantly STACK.

Lamenting Laverne
Mar 16, 2014 - 9:20am

@ Alian et al

Answer: You don't. If you have metal in the quantities that would make a physical move viable, you would probably ship it with a professional secure courier.

For the rest of us, GM is an alternative to a savings bank account. You wire cash, and they convert the cash into metal and store it.

If you are reluctant to liquidate some metal to send cash because of risk of physical not being available, when the cash arrives, the question is whether that risk is higher now or lower now than in the future. "Better not postpone until tomorrow, what can be done today" is a basic adage in my family. I think that holds true in this case too.

If you are reluctant to liquidate some metal because of capital gains tax, the question is again - do you think that the capital gains taxes are likely to rise or fall in the future with these maniacs at the helm of global governance.

If you think that you can use a vehicle as GM to avoid taxation in the US on future capital gains - think again. GM registers detailed information about you, which they say they will only release, if ordered so by a court order. Knowing the attitude of the US government towards privacy, I suspect that they will not even try to obtain a court order. They will simply hack the systems and take all this detailed information without asking or leaving any trace - if they have not done so already.

The only chance we have to stay afloat is to navigate within the rules as effectively as possible, while working to have those rules changed for the better.

For US citizens that unfortunately means to get rid of their citizenship, if they want to avoid US taxation. There will be absolutely zero financial privacy in the future, so the only way to proceed without jail time is to arrange yourself according to the most agreeable laws and jurisdictions out there, and if you can afford the fees, to use the same kind of structures as the big dogs, because they will be reluctant to change the rules too onerously with regards to vehicles that they themselves use.

And for anyone browsing the globe for a new jurisdiction to call home - please.... PLEASE.... do your homework real thoroughly and make sure you check the basic laws of the country and you check what legislation is under construction in the government. Pay to have basic laws and relevant news articles translated if necessary. Examine recently passed legislation and evaluate, if that indicates "squid-presence" behind the curtain.

I just had my dream of a life in a free and sensible jurisdiction crushed, because the country suddenly decided to roll over to pressure from supranational governators after many-many-many years of stability in paradigm. I spent a small fortune (for me anyway) coming here based on a set of conditions that the government was already in the process of changing behind closed doors, when I arrived. But that was a tiny detail that they did not see fit to inform new prospective arrivals about, so we could decide, if the move would still be worth it.

Of course - in hindsight - I could have seen this. The evidence was there, if I had not trusted the immediate sources of information, and had dug a bit deeper. But I was in a hurry, because I thought the second crash would come sooner. As they say - Shit happens.

Turd - Thanks for the interview. It was excellent. James Turk's earlier book "The collapse of the dollar" was one of the first I read during my wake-up process, and that book is certainly worth a read as well.

luv2stak Lamenting Laverne
Mar 16, 2014 - 10:05am

Lamenting Laverne -- Sorry about your Plight...

Hope you can make it work -- you are ahead of 95% of us, I'd guess... so maybe not as bad as it could be, or staying in USA.

An you share which country you are referring to?

A few pop to mind: Switzerland; Argentina; Dominican Republic; Venezuela; Caymans (longer ago); Costa Rica...

Any clues for us? Even three choices?


Mar 16, 2014 - 11:06am

Next time you speak with James Turk

How was a person like James Turk allowed access to the Federal Reserve Vault as he alluded during his interview? I would like to know a little more detail on how the arrangement occurred.

Mar 16, 2014 - 11:49am

China and gold backing currency

China has a reputation for engineering their currency at low levels to give them a competitive advantage in world markets. That is why many US jobs have migrated there. If China chose to back their currency with gold presumably they would lose their ability to engineer currency rates because gold is priced in international markets not by Chinese engineers pegging their currency to the dollar. I just can't see them wanting to back their currency with gold.

Mar 16, 2014 - 1:11pm

Re china gold backed currency

China needs exports, that's true, but China also needs paying for its exports with something of value that it can use for Chinas' benefit, not the Wests! If the $ loses its reserve currency status then why on earth would they want to accept mere paper, hence IOM the reason why they now appear to be hedging their position in accumulating other non $ reserves.

As per JW, the moment the physical gold stops being exchanged for paper $'s then the Chinese have no reason to want a low gold price in $'s. Remember always that China has actually now built its modern infrastructure, technology, and ghost cities, complete with a virtually untapped potential home consumer market of over 20% of the global population, so why would they need the Wests paper promises long term? What they need now therefore, going forward, is the ability to pay for the raw materials, oil, and food imports, in the most cost efficient way. And what's their best way of doing this, by holding the price of the Yuan down and allowing the western carry traders to profit from the inevitable, or by flushing them out with a few volatile days thereby creating fear amongst the carry trades (as per last week), before a quick announcement regarding their true gold reserves and a new gold backed Yuan?

As a side note I may be wrong, as I frequently am, but I wouldn't fancy trading the logic that the paper price of PM's is going down from this point, particularly in view of JPM's long position! I still maintain therefore that TPTB may well use the Russians as a scapegoat to MOPE justify a big spike in PM prices complete with a justifiable reason for the necessity of continued / advanced austerity measures.

One only needs listen to this to grasp the similarities between the USA now and the UK in 1967. All it needs now is for OB to come out with a Harold Wilson speech 'The Pound in your pocket (read $) remains today the same blah blah blah bullshit'

Video unavailable
Mar 16, 2014 - 1:21pm

This Should help Metal Prices

Crimea Referendum Voter Turnout At 73%; EU Rejects "Illegal, Illegitimate" Vote, Seeks "Additional Measures


Lamenting Laverne
Mar 16, 2014 - 2:26pm

@ Luv2Stack - Europe

Hey!!! You changed your message, while I was writing. I liked the immediate eagerness of the first one - even if the second attempts not to demand answers but to ask more politely ;-) It made me lol in a good way ;-))

Now, being specific is a bit tricky at present time. I am sure you understand.

Although Switzerland has done the same kind of about-face in recent years, you are looking for a country that is now pursuing the same goal as Switzerland of joining or at least aligning itself with the morally (and financially) bankrupt EU on board the leaking dinghy. If you consider the preferences of many Turdites with respect to rural versus metropolis, inland versus coastal, community versus big society - you will be on the right track.

I do not want to throw explicit stones - yet people need to be warned about these tactics. I am sure that knowing about this risk is relevant for due diligence in relation to other countries as well.

This particular country is a very beautiful country with glorious weather and majestic nature, and the people are in my experience very warm and friendly, even if there are mixed opinions about this among expats. Expats have been in dialog with the government - with some success - but the compromise proposals are still borderline ludicrous, so my hope for a sensible solution is fading real fast.

One revenue stream for this country has been to attract foreigners with sufficient savings in return for no direct taxation and financial privacy (if activities are lawful of course). Indirect taxes are paid as for everyone else. In return for this, the foreign investment resident is required to buy an indefinite 0% coupon government bond, which will (I hope still) be redeemed, when the residence permit is relinquished. Further, he is required to pay for own family health insurance and not otherwise burdening the public finances. He is also not allowed to work locally, so as to not compete with local workers - and he is required to stay at least 90 days a year in the country, so as to ensure at least some local consumption and rental income. Very fair terms and a very good deal, in my opinion.

Although there are some sensible and agreeable individuals in government, who have been trying to establish a compromise, the sad bottom line so far is, that the current government is now pushing a change that will mean that an investment residents will be liable to report and pay direct income taxes on his world wide income. He will still not be allowed to work here and he will still not gain access to the publicly funded social security in return for the taxes. Further, he will not get his bond back, so he will be contributing the government investment yield of those funds on top of the levied direct taxes. Something no other residence category is required to do. That is simply not right. Something for something.

In the capital gains and dividend department, the new rules favors investment in locally incorporated companies over foreign assets except minority shares, which indicates that this is in reality a milking maneuver aimed specifically at foreign residents, since locals with means are already mostly organized in local companies and hence exempt. Alternatively, it is an attempt to force foreign residents to create local companies as part of their tax planning efforts, which will provide forced revenue to the alleged somewhat immature fiduciary and banking industry here. Wouldn't it be better to compete based on better services rather than government overreach to herd customers their way, I wonder.

As with anything that "the squid" is behind, we can be sure that "an introduction of a fair and equitable tax system", which is the public excuse for this initiative, is as far away from the real reason as humanly possible.

But the worst part of this story is that this is evidence of instability in the political regime towards potential future investors to the detriment of an already strained economy. Because the government refuses to keep the residents, who arrived before these proposed paradigm changing rules were announced, free from material impact - this sends a signal to potential future investors that even if they find the new paradigm attractive, and they do not mind paying according to the new rules - there is NO SECURITY, that those rules will not change in 1-2 years time with RETROACTIVE effect.

We all know that for investors - who are thinking about moving their family and a portion of their financial assets to a new jurisdiction - stability, reliability and predictability are among the most important priorities of all when making that decision.

It breaks my heart, because I really liked this place. Fell in love with it actually ;-) And I have the luxury of being able to leave, if I get angry enough. The less wealthy locals do not really have that option - and now they are being led to the slaughter house of personal savings aka personal freedom in Brussels.

Mar 16, 2014 - 2:30pm

When will Theater end and Silver begin

... . . and silver closes at 21.46, up from the two previous days. From the current 21.46 mark the silver chart will either go up, or it will go down. If it goes down, it will likely do so in a rather up and down fashion, and if it goes up it will likely go up in a similar up and down fashion. But for now the little green zigzaggy line has stopped at 21.46, and that means that silver transactions taking place anywhere on planet Earth will do so based on the price reference of 21.46 per ounce. And that concludes this in-depth analysis for March 14th, 2014


... . . and silver closes at 21.46, up from the two previous days. From the current 21.46 mark the silver chart will either go up, or it will go down. If it goes down, it will likely do so in a rather up and down fashion, and if it goes up it will likely go up in a similar up and down fashion. But for now the little green zigzaggy line has stopped at 21.46, and that means that silver transactions taking place anywhere on planet Earth will do so based on the price reference of 21.46 per ounce. And that concludes this in-depth analysis for September 24th 2010

It's all theater as long as the system's silver chart is the single price reference for the world's silver transactions.

And as long as the masses believe that the charts are legitimate representations of actual trading, the WFCS silver chart will likely retain it's position as the single price reference for the world's silver transactions.

Even if the masses are taught by the WFCS media that the trading behind the silver chart is "manipulated", and even if the masses are aware, as they are, that the "trades" do not actually involve the Monetary metallic element Ag, i.e. do not involve real physical Silver!! it will not matter...

"If the public thinks the charts are manipulated, they'll never suspect they are fake" -London Bros. (they say it every single day)

BUT, the very day that the fake silver chart is busted, and the masses learn that the data feed represented on the WFCS silver chart is computer generated by the private owner's of the WFCS... THEN, and probably not until THEN, will the "theater" end and the real Silver move begin.


Until it's all- ...

So Keep !!

Mar 16, 2014 - 2:32pm


The Curious Case of the PM Fix vs. the AM Fix

James McShirley

My investigation into gold trading irregularities, including the time around the London fixes, initially began after reading the work of the late Adrian Douglas, along with Dmitri Speck. As a 30-year veteran of the futures market (lumber being home turf) inconsistencies and anomalies were easy to spot. While eventually trading the gold market I discovered a veritable laundry list of suspicious trading activity. One with exceedingly high odds - 80% in fact - was the London PM fix settling lower than the AM fix. That led me to other New York/London-centric trading anomalies. The odds of the PM fix being lower 80% of the time was consistent with the pervasive overall down trend during London/New York trading periods. From January 1st of 2006 to August 2011 gold gained $1,397.15, or 368%, having traveled from $520.75 to its all-time high of $1917.90. Judging by the PM fix, however, you would swear gold was in a great bear market.

The curious thing about the specific anomaly of the lower PM fix vs.the AM fix though is how after occurring for over a decade it began to slowly abate in the year leading up to the CFTC investigation announced on March 13th, 2013. It then reversed, and the PM fix began gaining on the AM fix after the investigation. The trend further accelerated upward after the U.K.-FCA investigation was announced on November 26th of last year. After a decade or more this trading "anomaly" basically evaporated into thin air! Why the sudden change? If the London fixes were just part of normal "price discovery" and not somehow irregular then why does it appear that March 13th and November 26th 2013 were somehow seminal events? Back on April 5th, 2013 I noted on the LeMetropole site:

"One rule that is on hiatus lately is the cumulative gain/loss of the PM fix vs. the AM fix. While one month isn't a trend it is curious that since March 1st the cumulative PM fixes are .00 HIGHER than the cumulative AM fixes."

Talk about a sudden reversal! Later, on July 2nd I further noted:

"One recent change of pace in the cartel game plan has been the timing of the bigger hits on gold. While the PM fixes in June were generally still under pressure the vast amount of the cumulative losses occurred after the PM fix, and before the AM fix. In fact for the entire month of June gold lost 0.50 from the first PM fix of the month to the last, yet only .50 of that occurred in the typical post-AM fix time frame."

The trend of the stronger PM fix vs. the AM fix continues unabated to the present, and as mentioned has accelerated from late November. Exactly one year has gone by since the CFTC London fix investigation was announced and the fixes have strangely reversed polarity from their decade-long trend. Coincidence? More recently on February 20th I further noted:

"The lower PM fix cartel rule that dominated trading for so many years continues to act contrary. Much like the Friday smash rule something has been different for some time. Even though the month of January was sharply sideways price wise (+) the PM fix was showing underlying strength. In fact 18 out of the 22 trading days were higher, or no lower than . Of those 4 days that were lower than all but one occurred during the crucial op.ex./FND period at the end of the month. The actual up/down tally was 14 up, 7 down, and 1 unch.

For the year so far 33 out of 37 PM fixes have been higher, or no lower than . The greatest February PM fix loss so far is a rather miniscule 2.75. Ten PM fixes have exceeded gains, while only four have exceeded losses. The cumulative PM fix gains stand at 8.50, while the cumulative losses are only .00, a net gain of .50. The old cartel ways would always have the PM fix lower even when gold was in rally mode. The fact that it hasn't been lower, even during periods when gold has been selling off is worth noting."

Worth noting indeed! Wednesday's +.25 PM fix vs. the AM fix made it a cumulative +3.25 for the year, with 45 out of the past 49 PM fixes higher, or no lower than . Other cartel rules remain AWOL as well, with the crucial selloff periods, and algo bombs in general still curiously absent. The old saw about there being few coincidences in the markets rings true. Can it be coincedental that the PM fixes have behaved much differently in the year after the investigations compared to the years prior?

Normal price discovery or rats scurrying from bright lights? Gold declinedin the 12 months post-CFTC investigation by nearly twice as much as in
the prior year, yet the PM fix gained $266.25 vs. a prior loss of $39.25! This is a stunning reversal!

The argument the gold isn't manipulated because if it were traders would step in and arbitrage the London fixes is easily refuted. In a nut, they do. Deep pockets and MOPE however are all that matter. In the case of TBTF banks there can be no deeper pockets. In a QE-mad environment where trillions are spent supporting TBTF banks any potential gold trading losses would be miniscule compared to the collapse of a $600 trillion + global paper derivative scheme and the commensurate change in "inflation expectations". Confidence is everything, and in reality it would be implausible for the London fix and other gold barometers to NOT be manipulated. Actually manipulators with deep pockets are almost assuredly making money on gold trading. They can always withstand being offside long enough in any given trade to eventually flush weaker spec longs. The fact that commercials (read TBTF banks) have been perennially the major short in both gold and silver for decades is in of itself manipulative evidence and without merit in a freely traded market. The fact that all 9 of the trading anomalies I follow involve gold price suppression, rather than gold price promotion is telling.

Any discussion of the London Gold fix manipulation must be taken in the context of a much broader gold manipulation agenda. Treating the London fix as a potential one-off problem without considering the enormous body of gold manipulation evidence available, particularly at https://www.gata.org/ is disingenuous. Of those 9 aforementioned trading anomalies I have researched (the London fix anomaly being just one of those) none could occur in a freely traded market. The most suspicious of all isn't even the London Fix, but rather the "1% and 2% rule". As I have documented for over 10 years nearly all gold rallies are capped at +1% basis the Comex pit close, which is the most widely reported price. A few, which I dub "expanded limit" are capped at exactly +2%. So outrageous is this behavior that I have predicted hundreds of daily gold rallies virtually to the exact tick. I have even predicted in advance on more than one occasion a sequence of 4 consecutive trading days within pennies of each day's close. To do this once as you know would be extraordinary, to do it over and over is akin to winning a Powerball lottery over, and over. Had somebody won a Powerball numerous times you would immediately suspect the game was rigged. The same holds true for gold trading on a daily basis. With HFT algos it has become child's play to intervene with surgical precision.

Had I won a Powerball multiple times I would expect to be investigated for fraud. Such odds in irregular gold trading activity have been ignored for too long, and any investigation is most welcome. Pollyanna beliefs about gold manipulation are terribly misguided. In light of ZIRP, LIBOR, and virtually every new day bringing another trading scandal is it realistic to claim gold is the only market NOT manipulated? My research has involved thousands of hours, and as you might guess it's a tedious venture. It is data and fact-based, not just opinion or "conspiracy theory". Anybody disputing manipulation should first review all data, including the works of Adrian Douglas, Dmitri Speck, and the GATA archives. Or, if you're up for it, spend thousands of hours of your life researching and DYODD.

James McShirley
March 14th, 2014


Mar 16, 2014 - 3:06pm

UK politics

Just a few notes from a UK point of view which may becoming interesting over the next couple of months. We've just had an opinion poll here for the European elections that are due in May showing Farage's UKIP party moving into first place with 30% of the projected vote. This is despite a now daily smear campaign from the MSM here in the UK.

What's going to stir things up further though IMO, is that we have a foreign secretary (who many so us loathe) telling us that 93% of Crimeans voicing their opinion in a referendum apparently carries no democratic weight. At the same time his party is telling the public here that his party will guarantee us an in/out vote on the EU in 2015. The hypocrisy is outrageous and it will not go unnoticed by the voters here.

Mar 16, 2014 - 3:46pm

A Couple of Relevant Thoughts

First, about China backing their currency with gold. Not happenin'. They are amassing gold to increase their SDR allocation in the global currency reset (GCR), which they will need to do as they assume the Fed's balance sheet.

Maybe it's all fantasy, but, I think everyone needs to get up to speed with the GCR. I am beginning to think it is very unlikely that there will be any sudden changes (with the possible exception of PM prices), but rather Santa's prognostication of The Great Leveling is the full implementation of the GCR, to be completed around 2018. It looks very much like congress will include the IMF's 2010 Code of Reforms either in a bill for aid to the Ukraine, but if not there, they'll get it slipped in somewhere. If they don't, the world will go around the US anyway.

Second, the TSA doesn't necessarily get worked up over small quantities. And, must you fly?

Third, I've considered Mr. Turks service and that of a competitor. I'm still a little nervous that it's still in a system dependent upon trust, the rule of law, and electronic communication, but it's a step above most paper assets.

Fourth, there are other alternatives, such as silverbullion.com.sg, and Singapore Precious Metals Exchange.

Best wishes to everyone.

Mar 16, 2014 - 3:52pm

just in time for the asian open....

Ukraine/Russia agree to truce until the 21st, smackdown will commence in 3-2-1

Video unavailable
Gamble wouldyoubelieve...
Mar 16, 2014 - 3:59pm

I think the "truce" is just so

They can mobilize and prepare . The question should be what happens after the 21?

anyways I'm digging deep and buying with both hands on any smash !


gold slut
Mar 16, 2014 - 4:13pm

@ Blythesshrink - UK politics

If I could give you a hundred hat tips, I would.

Every time (as you say, daily) I hear the character assassination of UKIP on my car radio, it sends me nuts!

Any group or party which draws that much fear and hatred from TPTB and MSM simply MUST get my vote.

Excellent post sir.

Mar 16, 2014 - 4:18pm

Vote and truce

We knew how the vote would come out. The truce should be expected.

the ball is in our court. Do we back down or charge ahead. If we back down that opens the door. If we charge ahead the ball is back in russias court,

Mar 16, 2014 - 4:29pm

Lamenting Laverne

Thank you for your clues. However, I was never good at crossword puzzles!

Just hopin' you aren't in UKRAINE! Or Turkey (though Turkey may be stubborn enough to resist Eastern domination.)

Iceland is said to beautiful, but with a tiny population and a near-impossible language, but lots of people speak English.

Edit: Bulgaria.

Mar 16, 2014 - 4:34pm

I Have No Faith In My Countrymen

Blythesshrink on the UK: "The hypocrisy is outrageous and it will not go unnoticed by the voters here."

Reality in the U.S.A.: The hypocrisy is outrageous and remains completely unnoticed by the voters here.

Howard Roark
Mar 16, 2014 - 5:56pm

Thanks Turd

For the detailed interview with Mr Turk and GM.

It´s important info for all (costumers or not) and sets the background on the options available to us in these times of reckless keynesianism experiments and a intake on the mechanics of these solutions.

Thanks again.

All the best,


Mar 16, 2014 - 6:07pm

ND Sunday Night Silver Open

Another strange delay on the ND charts. Watched gold trade for almost two minutes before the first tick in silver. Wonder what volume went through before the trades showed up?

Nice pop when it finally did show, gap up to 21.56 on 13k NDU.


Mar 16, 2014 - 6:34pm

@ Lamenting & Luv2

Lamenting : Sorry about your (heartbreaking) "expensive education". That had to hurt. Also, thanks for your most excellent response to my question. I already knew the answer but you put a major exclamation mark behind it.


Luv2 : You left Panama off your list. Don't go there either. The bastards own them as well, what they may say to the contrary not withstanding. You also overlooked the Bahamas.... and you should continue to do the same thing. It's a claptrap for money.

Lamenting Laverne
Mar 16, 2014 - 7:03pm


@ Luv2Stack - last comment on this - a grand total of zero hat tips until a few minutes ago tells me that I may have rubbed salt where it does not belong. Many apologies if that is correct. Didn't mean to come across as a spoiled brat.

Anyway, more like Iceland - only not Iceland at all, because the Icelandic politicians actually showed some balls when their banks got into trouble and international pressure kicked in big time. One of the prices paid for that was capital controls. I had an interesting conversation with an Icelandic contractor working abroad a few months ago. He told me that he was not allowed to move his savings abroad, and that the only option they had was to invest in real estate for protection against inflation. And btw - if you check the numbers for Bulgaria now and compare with the numbers in 10 years, I fear that you will find that one of the countries with lowest debt and lower end tax rates in the EU today will have become so much more indebted along with having much higher tax and VAT rates by then. Bulgaria may not be a very rich country today, but at least they do not owe their all their children's future to anyone yet.

@ Blythesshrink - Well said! The EU has NO respect for referendums. They have repeated referendums, when they did not like the first result - not once but several times. And recently they threatened the Greeks not to hold a referendum that the Greeks wanted. The absolute disdain they show for actually listening to people in a so called democracy is a key reason that I call them morally bankrupt. The hypocrisy is mindblowing.

@ Zoltan - I have noticed many strange pauses during trading nights, and also how miraculously all the bigger moves or long pauses happen in close proximity to the 5-minute 15-minute and 30-minute bars being drawn. Do we really believe that institutional traders are placing orders to time the drawing of the right size of bar on the charts? I don't. When it does that, it feels like watching the matrix in action in real time.

Mar 16, 2014 - 7:17pm


auspicious china open. Would 1430 friday close be asking to much? as long as were running. ..... How can it possibly be fraud, theft, deceit, unlawful, robbery, racketeering, WHEN THE KING, and his henchmen, strawmen, and agents can do no wrong, under common law governmental immunity?

Kitco and Tulving have trouble. Enter in counter-part risk of another kind. :o

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5/15 10:00 ET Business Inventories
5/16 10:00 ET Housing Starts and Philly Fed
5/17 10:00 ET Consumer Sentiment

Key Economic Events Week of 5/6

5/9 8:30 ET US Trade Deficit
5/9 8:30 ET Producer Price Index (PPI)
5/9 10:00 ET Wholesale Inventories
5/10 8:30 ET Consumer Price Index (CPI)

Key Economic Events Week of 4/29

4/29 8:30 ET Pers Inc, Cons Spend, Core Infl
4/30 8:30 ET Employment Costs
4/30 9:45 ET Chicago PMI
5/1 8:15 ET ADP jobs report
5/1 9:45 & 10:00 ET Markit and ISM Manu PMIs
5/1 10:00 ET Construction Spending
5/1 2:00 ET FOMC Fedlines
5/1 2:30 ET CGP presser
5/2 8:30 ET Productivity and Unit Labor Costs
5/2 10:00 ET Factory Orders
5/3 8:30 ET BLSBS
5/3 9:45 & 10:00 ET Markit and ISMServices PMIs

Key Economic Events Week of 4/22

4/22 10:00 ET Existing Home Sales
4/23 10:00 ET New Home Sales
4/25 8:30 ET Durable Goods
4/26 8:30 ET Q1 GDP first guess