A Special Message from The Dear Leader for all of Royal Turdistan


A few minor changes are once again coming to Turdville. Some you'll notice, some you won't. Please take a few minutes to get brought up to speed.

Again thanks to everyone, subscribers and non-subscribers alike, who make this site so special and unique. Thanks, too, for taking a few minutes to listen to this podcast.



Pounds of Money
Aug 26, 2014 - 3:06pm


Second - Had to modify. Thought I had First! Ugh.

Now to listen and see what Turd has in store for us.

Aug 26, 2014 - 3:06pm

Benevolent Leader

I would prefer the malevolent leader towards the haters.

Turd "Iron Fist" Ferguson.


Aug 26, 2014 - 3:16pm

Turd the third

I wish I could hear what you have to say. What is the message to us all?

Thank you.

4 oz
Aug 26, 2014 - 3:20pm

Yeah! Rock On TF~~~

Yeah! Rock On TF~~~

Aug 26, 2014 - 3:31pm


I'm with the Horse on the top post h/t

Aug 26, 2014 - 4:09pm

Have to admit

I'm very puzzled by all of this. Then again, I've only shown up recently and I don't get to see the behind the scenes goings on.

Aug 26, 2014 - 4:15pm

Thank you


I very rarely post, however I visit the site and listen to you daily. I just wanted to take the time to thank you for all you do. I am a CPA who has the opportunity to talk to a lot of clients. Whenever, I get the opportunity I try to enlighten them on this great Keynesian experiment and how to protect themselves. Your site allows me to stay informed and pass on this information to others. Thanks again.

Aug 26, 2014 - 4:52pm

Just a thought ...

Turd, you mentioned your gratitude to those who took out an annual membership a year ago. I too, am grateful as they have apparently turned this enterprise into a functioning business. I come here multiple times a day and would be lost without my source of genuine information, not just about PMs, but about pretty much everything else going on around the planet. Not much slips past the notice of the ever vigilant members of Turdville.

With that said, I offer a suggestion to prospective new Vault subscribers: A year ago, when the format changed and we were asked to pony up a mere $10/month or $100/year, I deliberately chose the $10/month. Why not take the better deal, since there was never any doubt about the cost/value relationship? I saw it as a painless way to "Feed the Turd". Every month, $10 is automatically charged to my credit card. It's a CC I use for misc. monthly expenses (gas, groceries, etc.) and pay off at the end of the month. Much easier than a debit card, as I don't have to track purchases in my checkbook. The $10 just disappears into the rest of the expenses. Painless, but what a value! Just a thought.

Keep on keepin' on, Turd. Great site and format. Fabulous weekly contributing authors. Awesome, smart, loyal Turdites who are the true soul of this site.

wax off

Aug 26, 2014 - 5:09pm

Well Said, Turd! And thanks

Well Said, Turd!

And thanks for clarity on user ship issues.

Change the one certainty in life!

Aug 26, 2014 - 5:18pm

Indeed, thanks for the message Turd!

It's good to be back and here in the vault.

Yup, it's your home and we're privileged to be here. Long may Turdville continue smiley.


Aug 26, 2014 - 5:21pm

thanks turd,

for all you do, but let me repeat, podcasts really suck for those of us with compromised hearing. just wait, you'll have lots of surprises - not all of them positive - as you grow older. if you grow older.

Aug 26, 2014 - 5:42pm

It all sounds

logical to me Turd. But I will say this. I have used the private messaging system a few times. And everyone's been great. Intelligent and humorous. Can't ask for more.

Aug 26, 2014 - 5:54pm

I Greatly Appreciate Turdville

This may sound sappy, but I do.

The addition of posts from Argent. Maximus and Dr. J. Steph is greatly appreciated.

I do read them and enjoy them...even though I don't comment.

People who view the monetary world through a 'end of fiat' perspective are a unique and diverse lot...who I greatly appreciate!

Aug 26, 2014 - 6:10pm

I used to be #204 but now i am #7028

To celebrate my TFMR invoice number upgrade, just had to visit SD Bullion from here and make a nice purchase. Silver bullion, lead bullion and a nice silver concoction to keep the immune system healthy. Plus the wife found that new Southern Girl and just had to have the proof. Makes for a very nice day. smiley


Aug 26, 2014 - 6:24pm

I'm Here For Information,

Guidance and Fellowship not the Bullshit. Well done Turd for cracking down, it has to be done to promote Harmony of sorts. Lol Sounds like eharmony dating service. LMAO Keep Stacking

Darth Smoker
Aug 26, 2014 - 6:25pm

re: southern girl

Nice to see Freedom Girl holding the AK47, rather than the over-rated ar-15

sierra skier
Aug 26, 2014 - 6:29pm

Thanks Turd

The site is wonderful for the way I use it. I have used the PM system a couple of times. I post occasionally and hope they are useful for some. I read plenty of opinions that give meaningful background and direction to all sorts of world issues, and I get my Silver Fix of reading as well.

You have things going in the right direction and have more notoriety, acceptance and recognition in the industry as time goes on. Keep up the good work.

Nick Elway
Aug 26, 2014 - 6:33pm

If vault subscribers can still PM..then no complaints from me

PM made collaboration with Hagarth and Byzantium on Silver-above-ground possible.

Congratulations on having tfmetalsreport.com on a sound footing.

This is the site I go to first for news, analysis, spirituality, and humor.

Aug 26, 2014 - 6:50pm

Thank you

So good to hear the business side is working well. As a small business owner, I know how hard it can be but you have perseverance and integrity! smiley

47 Protons
Aug 26, 2014 - 6:58pm

Thank you

Thank you, Craig, for all you do! I have enjoyed every minute of my subscription here! I'll keep giving you the $10 a month (you make more that way) for as long as you are willing to give us all of the wonderful words of insight!

Oh, and I follow you on Twitter as well (@NorthLost)



Aug 26, 2014 - 6:59pm

changes to this site . . .good for all of us , Turd

Turd Your site and I have full confidence on how you run it! This site is very important to me! thanks

Aug 26, 2014 - 7:40pm

@TF - good comments

Good comments - I am glad to hear that you are forming this "board".

Best wishes!

4 oz
Aug 26, 2014 - 8:42pm
Fred Hayek
Aug 26, 2014 - 8:57pm
Dr. P. Metals
Aug 26, 2014 - 9:29pm

Question about Butler

He's been saying there's a shortage of physical silver to deliver for years now, best I can tell, and yet there has been no shortage, at even artificially depressed prices?

How does he explain where all the physical silver has come from these past few years?

Aug 26, 2014 - 9:30pm

Harvey's Up (TFMR)

Harvey's Up https://www.tfmetalsreport.com/comment/622693#comment-622693

  • Ronan Manly: The IMF’s latest international gold reserves data, updated yesterday, shows that in July, Russia raised its official gold reserves to 35.5 million ounces (1,104 tonnes). This confirms data released last week by the Central bank of the Russian Federation, which reported an increase of over 300,000 ounces from June’s 35.197 million ounces figure. IMF data is reported with a one month lag. The latest IMF data also shows that in July, the National Bank of Kazakhstan added 45,000 ounces to its official gold reserves, taking its total holding to 5.1 million ounces. According to the World Gold Council, over the last six months, Russia has now increased its gold reserves by 54 tonnes. In the same period Kazakhstan has purchased 12 tonnes. Russia now has the world’s 6th largest gold reserves, officially higher than both Switzerland’s 1,040 tonnes and China’s 1054.1 tonnes. As a comparison, in the second quarter of 2009, Russia only had 550 tonnes of gold in its official reserves meaning that their reserves have nearly doubled in just over 5 years. As well as Kazakhstan, other countries in the region have also actively been increasing official gold reserves this year including Azerbaijan, Kyrgyzstan and Tajikistan. Today in the Belarusian capital of Minsk, Russian President Vladimir Putin met for trade talks with his counterparts Nursultan Nazarbayev of Kazakhstan, Alexander Lukashenko of Belarus and also President Petro Poroshenko of the Ukraine. Given close economic cooperation between Russia, Kazakhstan and Belarus, and a trajectory towards economic union, it is probable that the three countries would be coordinating monetary policy which would include a common approach to official gold reserves accumulation.
  • Adam Taggart: Dr. Lacy Hunt, economist and current executive vice president of Hoisington Investment Management Company, expects the macroeconomic situation to get worse from here: The main problem is that we have too much debt. We have too much of the wrong type of debt. That’s not very well understood. The great Austrian economist, Bohm-Bawerk, said that Debt is an increase in current spending in lieu of a decline in future spending. Fisher modified that a bit and he said that it ultimately depends on whether the debt is productive or not. If the debt generates an income stream to repay principal interest, then you're OK, you don’t have a down cycle later on. But unfortunately as the debt levels have risen higher, more and more of it has become consumptive in nature or financial speculation; neither of which will generate a sustaining income stream to repay principal and interest. That’s the difficulty: there’s a light side to credit and debt, and there’s a dark side. Now it’s been emphasized that business loans and consumer loans are going up this year. There have been articles about how credit standards are being lowered to make mortgages and automobile loans. The banks have confidence. And the percentage of subprime automobile loans has returned to the peak of a decade or so ago. The problem is that there’s a dark side. Martha Olney at California Berkeley wrote a book a number of years ago called Buy Now, Pay Later. You take on debt to buy now, but you have to pay later. Many presume that you never have to pay later -- but that’s a faulty assumption. That’s the difficulty that we have, and we’re trying to solve an indebtedness problem by taking on more debt. Not only is that the problem in the United States, but it’s also the problem around the rest of the world. We’re all trapped in this debt sclerosis.
  • The Wealth Watchman: Russian banks buy up 181.4 tons of gold, in 2013. Read that again, carefully. Does it say, “Central Bank of Russia buys 181.4 tons of gold”? No, it says that commercial Russian banks bought almost 90% of Russia’s gold production in 2013. This is most curious. Right? Many of us here might be aware of the Central Bank of Russia’s(CBR) policy of gold accumulation, but what would commercial banks, more specifically Sberbank, Gazprombank, and Namos Bank possibly want or need with hundreds of tons of gold between them? Why would they purchase a sum of gold that is more than double the amount that the CBR bought in the same period? One possible explanation is that the CBR is using other Russian banks as their intermediaries to accomplish gold accumulation benchmarks which they and the Kremlin both share. We shouldn’t be surprised at this, as it’s done in a similar manner in other countries as well. This would be very like the relationship that the Federal Reserve has with its “primary dealer” banks. For instance, how JP Morgan is the Fed’s pet bank, which is used to do alot of the dirty work of price-rigging in the broader markets. What I’m simply saying here, is that it’s possible the CBR is buying a great deal more gold than it’s admitting to.
  • The Wealth Watchman: In December of 2009, the “China Youth Daily”, quoted a Chinese State Council Advisor, known only as “Ji”, stating that experts from Beijing and Shanghai had set up a “task force”, for the express purpose of growing China’s gold reserves. How much gold were they keen on buying at the time? The recommended figures tossed around were to grow Chinese gold reserves to roughly 6,000 tons in “3 to 5 years”, and to as much as 10,000 tons “in 8 to 10 years”. It sounded unbelievable at the time, but just 5 short years later, this level of Chinese gold demand almost makes those figures sound…conservative, doesn't it? Let’s assume though, that the quote was completely accurate. If they’re on track, where does that put the PBOC’s gold reserves now? It puts official Chinese gold reserves at over 6,000 tons! Look back up at the world’s top gold reserves. At the tippy top, is the U.S. Government’s reserve, which is above 8,000 tons, with Germany a very distant 2nd, with roughly 3,400 tons. This means that by now, China likely holds the 2nd largest gold reserve in the world, almost doubling the total held by the Germans. By the way, that’s the same Germany, who has tried to get a measly 300 tonnes of gold returned home from the New York Fed’s vault, and can’t seem to acquire more than a handful of it. they don’t simply want gold, they want something else which they currently don’t have: gold pricing power. As weird as it may seem, though most of the physical gold deliveries now happen in, and around, China, it is still the banks in London and New York City, which control its pricing, because they still dominate the derivative trading scene.
  • Bill Holter (Miles Franklin): The best question is "what will this [global move away from the dollar] mean to you personally?" If you are an American, your cost of living will explode higher as more dollars will be required for the same amount of previous goods. Another way to say this is "your standard of living will decline greatly." Also, I believe there will be shortages in any number of everyday goods. This is because we no longer make all or even many of the goods which we use in everyday life ...they were "outsourced" long ago and are produced overseas ...we now import them and pay with dollars. Do you see the problem if foreigners don't want to accept dollars anymore? Or if they do, they want more of them because each dollar is worth "less?" This is what we are staring right in the face, right now. Undoubtedly the Chinese will move away from the dollar. Economically, financially, diplomatically and militarily they are mocking the U.S. Do you really believe the Chinese would do anything at all like this if they did not already have a plan as in the "Art of War"? Do we have a plan for when the dollar is no longer accepted? Any plan? Do you?
  • Andy Hoffman (Miles Franklin): The ECB is accomplishing its goal of expanding the "final currency war" by devaluing the Euro against the dollar and British Pound - creating inflation for hundreds of millions of Europeans while inviting sure retaliation by the Fed, BOE and other major Central banks. And last but not least, Goldman Mario stated monetary itself may not work in such a horrific fiscal environment. Which calls to question why on Earth the ECB would tempt hyperinflation fate further, when it admits such draconian policy may not work! We are operating in a set of conditions determined by the last financial cycle, which include low inflation, low interest rates and a large debt overhang in the private and public sectors. In such circumstances, due to the zero lower bound constraint, there is a real risk that monetary policy loses some effectiveness in generating aggregate demand. The debt overhang also inevitably reduces fiscal space.-European Central Bank, August 22, 2014. And there you have it, the scary truth of "what JY and MD really said." This may be your one and only chance to save yourself, and we suggest you take it!
  • Zero Hedge: Unlike the QE-lite-driven exuberance in Chinese stocks of the last few weeks (which faded dramatically overnight), China's industrial commodities (with near-record inventories) and seeing prices collapse. This may shock some who espy PMIs and government-created trade data and proclaim, China is fixed. In fact, as JPMorgan's China Sentiment Index (JSI) shows, things are anything but bright as it fell to the lowest since June last year (at 48.3 in August). Sales and margins are tumbling - despite supposedly lower input costs. Lastly, those focused on spot Yuan movements (strength in recent weeks) have suggested this also confirms China strength - inflows - but looking out 12-months shows the market is expecting a dramatic devaluation from current levels in the Chinese currency is coming. JPMorgan's China Sentiment gauge tumbled below 50 - to its lowest since last June. Chinese iron ore futures fell on Monday to their lowest since they were launched last year, while weaker buying interest pushed down prices for spot cargoes further on slower steel demand. Benchmark spot iron ore is now trading close to this year's low of $89 a tonne and a further decline would take it to its weakest since September 2012, as top, low-cost miners lift output even more in a bid to take out smaller producers. "When the price drops this fast, Chinese mills tend to wait and see and buying activity could slow down. Supply is still huge and we see various offers from miners, big mills and traders," said an iron ore trader in Shanghai.
  • Tyler Durden: Thanks to buybacks, multiple expansion has been the driver of equity market strength as non-economic actors know one thing - buying stocks at record highs pays better than 'investing' in Capex or growth. However, the Treasury market's yield curve is sending a message loud and clear that multiple-expansion is due to end. As Wells Fargo's Gina Martin Adams notes, "Index P/E is likely to fall," as the spread between 10Y and 2Y yields compresses. Historical data shows the P/E ratio contracted in seven out of eight periods when the curve flattened since 1975. As Bloomberg adds, Martin Adams expects the S&P to close 2014 -7.5% from here at 1850 (tied with Deutsche's David Bianco for lowest prediction among 20 strategists).

All this and more on...

The Harvey Report! wink



Aug 26, 2014 - 9:35pm

How quaint!

I just got a sweet, congratulatory email from one of our favorite trolls, The Cereal Man! Gosh, aren't I lucky??

Even I am surprised how much you have had to shut things down to control the message and protect your ego. Good thing Management of Perspective Blogging doesn't make a catchy acronym, eh?
Well, you will no doubt succeed in getting a public side that is even more one-note and banal. I know you hate dissent, but as you pound yet another nail into it's coffin eventually it will dawn on you why it correlated to a lively community. It's a little tragic to watch it unfold.
Good luck with that subscriber churn. I sincerely wish you the best when the world doesn't end and you inevitably return to your former profession. You will have learned some valuable lessons, and will be in a good position to actually help people with their finances.

Cereal Man
Aug 26, 2014 - 9:48pm

Official title for the leader of Turdistan


Turd ,please continue what you are doing and the majority of us here back you a 100%.

Aug 26, 2014 - 9:53pm


This is the first time I've ever listened to a podcast, I'm usually here for the links and the comments. You sound 19. I expected the Voice of Authority! What's up with sounding like an ordinary guy and not the Amazing Karnak?

P.S. It's not bad, it's just that I can read many times faster than I can watch/listen. Too bad there's not some way to get a transcript of the podcasts.

P.P.S Man, what a jerk (~6:30)!

Aug 26, 2014 - 10:06pm
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