A2A with Bill Murphy of GATA

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What an opportune time for an A2A webinar with our old friend, Bill Murphy of GATA. Lots of great discussion today about the current state of the metals "markets" so please make some time to give this audio a listen.

Many thanks to Bill for the generous donation of his time today. Among the topics discussed in this webinar:

  • The latest CoT wash and rinse cycle on The Comex.
  • Are we seeing a capitulation of sentiment in the precious metals sector?
  • Is there any limit to the manipulation and will The Cartel ever break?
  • Will the civil litigation in silver have any price impact?
  • Bill's 40-yd dash time back when he was a WR with the Boston Patriots.
  • And a whole bunch of stuff in between.

Again, please carve out some time to give this a thorough listen. You'll be glad you did.

TF


78 Comments

Turd Ferguson's picture

Another Nork missile test

MODERATOR

Just happened a few minutes ago. So recently that it may even still be in flight if it didn't immediately blow up.

AgAuMan's picture

Last BitCoin comment for me

BitCoin and the block chain are 2 separate things.

IMO, the block chain is the only thing about BitCoin that has intrinsic value.  If I can draw an analogy (I have been a software engineer for over 30 years) BitCoin is the "Hello World" application for the block chain technology.

Have at it fellow Turdites...   Rip me a new one...  lol

Turd Ferguson's picture

CDG up $5.30 today

MODERATOR

That's the best, one day UP move since...April 13. Ugh. angry

indiana rod's picture

W R Receiver With The Patriots?

As a Colts fan I guess I can forgive him since he is a silver bull.

A sudden thought. All this angst about the miners, if they're making money with $16.00 silver, what do you think their price will be with $32.00 silver?

Turd Ferguson's picture

Today's OI update

MODERATOR

On Wednesday, CDG rose $3 but total OI was down 7,800 contracts to 425,252. This is now down over 57,000 contracts or about 12% from the 2017 OI peak seen just three weeks ago on April 21. This is also the lowest total OI since April 3.

CDS broke its 16-day skid yesterday by rising 14¢. Total OI also rose by 3,800 and now sits at 199,826. Of greatest interest, on May 4...one week ago today, OI bottomed at 188,527. Over the next four days of last Friday through yesterday, price fell by just 10¢ while total OI has RISEN by 11,300 contracts.

canary's picture

Murphy talks about gold/silver manipulation...

But you explain it better, Craig. The process becomes very clear when you say "The commercials use naked shorts when the specs are buying, then cap, cap, cap the price until the buying becomes exhausted. Next they hit it with mega sell orders to trigger stops...and cover".

marchas45's picture

Maybe 4th

Keep Stacking

tfever's picture

Last BitCoin comment

Yeah,  block chain is the tech that has intrinsic value.  Just think about it,  if you can replace "current manual private ledger" tech with "automatic public  ledger"  with blockchain.  The banks since 1600 making bucks on it.   What if you can own a piece of stock of a blockchain? 

Second some altcoin provide someway in the future to  run  cloud apps with it.  So it has value this way.  Just think of how much money are you willing to paid for cloud servers and apps use.    

Like always,  do your own research. 

AIJ's picture

A BTC Tweet....

I am saying this since 2 years: The price pattern is repeating itself. This means 3-6k USD per incoming.

Bigmig's picture

Agree

100% agree with you!  Several foreign governments are looking into blockchain metals trading right now.   

Dr. P. Metals's picture

Btc

Seems important:

https://news.bitcoin.com/regulations-chinese-bitcoin-exchanges-expected-june-withdrawals-follow/

im not sure if this means a bunch of new BTC "sells" will flood the market come June, or if they've already been able to sell inside their exchange accounts and just not "withdraw" the funds/cash...any thoughts welcome.

AIJ's picture

BTC / DR P

Bix believes that the Chinese exchanges were shut down to avoid a BTC run on the bank.  The volumes were huge with only a fraction of BTC to back it up so they stopped BTC removal but continued to allow trading and Fiat removal. This gave them time to accumulate the necessary BTC to a more manageable ratio.  Makes sense.

Markedtofuture's picture

MIF May 2017: John Kaiser – Discovery Exploration Boom

around 24 minute mark -  Adamera Minerals Corp.  http://www.adamera.com/s/home.asp   ADZ -DDNFF   

Mineral Mountain Resources Ltd. https://mineralmtn.com MMV.V - MNRLF  or possible Son-or-Father-of-Homestake gold mine in South Dakota and others.

el_duderino7885's picture

New A2A guest Turd?

Craig I really rate this fella. Both as a human being and a technician. Out of everyone in the PM space you and him are the guys I take heed of the most.

I'd love to hear him on your show, he seems like a philosophical fella too and has a very interesting story in terms of how he came in to this space.

Any chance of trying to get him on A2A? He really could add a lot of value as a regular guest in my opinion and yes he is fully accepting of the manipulation.

He looks st charts and other signals with the knowledge that the manipulation are contained in the behaviours and patterns he is seeing so he is no Trader Dick.

Cheers

Dom from the Uk

...

grrat site by the way mate.

el_duderino7885's picture

Sorry I forgot the link!

DOOGIE's picture

Nork/Misssile Test

Craig what is your source on this ???  Been almost 45 minutes since your post. I can't find any info anywhere. Thanks   KD  

Turd Ferguson's picture

There were several notices on

MODERATOR

There were several notices on Twitter citing Reuters, which was citing Yonhap, that the Norks had tested another ballistic missile. In the time since, I can no longer find the Reuters tweet nor can I find anything from Yonhap. All I can assume at this point is that it was a false alarm.

Response to: Nork/Misssile Test
DPMS308's picture

Bitcoin is is about an 8 year proof of concept

Bitcoin is a proof of concept of blockchain technology.  Not only did we see the benefit of the automatic ledger but also its drawback because the ledger is keeps growing larger and larger so storage of the ledger needs to be addressed.

It has been already proved that bitcoin is a vehicle to move fiat during a banking crisis.

http://abcnews.go.com/Business/cyprus-crisis-boosting-unique-currency-bitcoin/story?id=18792763

I just received an invitation from Coinbase for a debit card backed by bitcoin.

https://support.coinbase.com/customer/en/portal/articles/2228646-the-shift-card

Of course I can't participate if wanted to because I liver under liberal tyranny in the communist state of New York run by pyschopaths like Andrew Cuomo, Bill Deblasio, and crying head clown Chuck Schumer.

Bitcoin and the cryptocurrencies will sort themselves out like the dotcom companies but they will not be going away in the future.

viking-analytics.com's picture

Ethereum

Based upon some private messages with AIJ (THANKS!), I did some research and bought some Ethereum.  Wait, did I buy "ether"??  I have to admit, the name was a hurdle for me.

I have studied Bitcoin a little also, and still am not comfortable with it (despite the meteoric rise).  It seems too "fragile" to me, from the approval mechanisms, to the debate over unlimited, etc. etc.

On the other hand, I agree with the above post that blockchain is a technology that will endure.  My simple understanding of Ethereum is that it is sort of like purchasing "bandwidth" on a blockchain programming language.  Maybe the software engineers or more studied can enlighten my understanding. Thanks.

Joseph Warren's picture

When You See . . . .

**When you see that trading is done, not by consent, but by compulsion

**When you see that in order to produce, you need to obtain permission from men who produce nothing

**When you see that money is flowing to those who deal, not in goods, but in favors

**When you see that men get richer by graft and by pull than by work, and your laws don’t protect you against them, but protect them against you

**When you see corruption being rewarded and honesty becoming a self-sacrifice — you may know that your society is doomed.

Atlas Shrugged : Ayn Rand

104365's picture

CDG up $5.30 today

When will we see CDS up $5.30 today. 

That's the worst, one day UP move since...... (Fill in Date). Yay :)

Compwiz4u's picture

Silver - Pitch Fork Style - Daily Chart

Here's my latest take on #Silver which I believe has bottomed for now.

canary's picture

OI (preliminary)

Gold Future +13,289

Silver Future +8,892   (total 208,718)

No change in GLD, SLV.

Numpty's picture

Off beat thought about Bitcoin

Bitcoin was said to be given to the world as a peer-to-peer electronic currency. It is that. A feature of Bitcoin is the mining process. As I understand it, this is a cryptographic and computationally intensive chore. A benefit of the mining feature is that it distributes Bitcoins to people clever enough and hard working enough to do the work, and it does not distribute the minings to freeloaders. Bravo.

But it occurs to me there is possibly another high value purpose for the mining feature. And what follows is pure, double enriched, unrefined speculation.

If the mining process is cryptographic, and if someone cracks the algorithm, then it ["it" is the PC gender free pronoun] would be able to rapidly mine all the remaining Bitcoins. There is a financial incentive to suck them all up. I would if I hacked the crypto algorithm. But doing that that puts a big fat statistical anomaly into the block chain. that would be noticed by someone watching, and eventually, the spender of those coins would be tracked down. And then it could be "interviewed".

What if the invention of Bitcoin was a sneaky probe to learn if anyone has cracked the cryptographic code, and learn how it did it?

billhilly's picture

from ZH...

Friday, May 12

  • 08:30 AM CPI (mom), April (GS +0.24%, consensus +0.2%, last -0.3%); Core CPI (mom), April (GS +0.21%, consensus +0.2%, last -0.1%); CPI (yoy), April (GS +2.3%, consensus +2.3%, last +2.4%); Core CPI (yoy), April (GS +2.0%, consensus +2.0%, last +2.0%): We expect a 0.21% increase in April core CPI following last month’s outright decline, reflecting a $2-per-pack tobacco tax increase in California, as well as a smaller drag from Verizon unlimited data plans. We also expect a favorable swing in the weather to boost apparel prices, following a particularly snowy March. On the negative side, we expect only modest reacceleration in owners’ equivalent rent inflation – which fell to +0.17% in March from +0.26% in February– reflecting emerging oversupply issues in multifamily housing. We estimate a 0.24% rise in headline CPI reflecting rising food prices and mixed energy quotes. This would be consistent with the year-over-year rate slowing by one tenth to 2.3%.
  • 08:30 AM Retail sales, April (GS +0.5%, consensus +0.6%, last -0.2%); Retail sales ex-auto, April (GS +0.5%, consensus +0.5%, last flat); Retail sales ex-auto & gas, April (GS +0.5%, consensus +0.4%, last +0.1%); Core retail sales, April (GS +0.4%, consensus +0.4%, last +0.6%): We estimate core retail sales (ex-autos, gasoline, and building materials) rose 0.4% in April, reflecting improving sales in mall-based discretionary categories following tax refund-related weakness in February and a drag from unseasonably cold weather in March. At the same time, preparations for Winter Storm Stella likely boosted food and beverage sales in March (+0.5% mom sa), and we look for some payback in that category in April. We estimate a firmer 0.5% increase in the ex-auto ex-gas component, as improving weather should boost sales in both the building materials and food services categories. We also estimate a 0.5% increase in both the headline and ex-auto components, reflecting a small month-to-month pullback in gas prices and modest rebound in auto SAAR (mom sa).
  • 10:00 AM University of Michigan consumer sentiment, May preliminary (GS 97.3, consensus 97.0, last 97.0): We estimate the University of Michigan consumer sentiment index rose 0.3pt to 97.3 in May, after pulling back 1.0pt in the April final reading (relative to the preliminary measure from the first half of the month). Our forecast reflects some sequential improvement in higher frequency consumer surveys as well as an expected boost from rebounding stock prices. Gas prices in early May were little changed relative to their April averages, suggesting little scope for an impact on the report’s measure of 5- to 10-year ahead inflation expectations, which at 2.4% in April was at the low end of its recent range.
  • 09:00 AM Chicago Fed President Evans (FOMC voter) speaks: Chicago Federal Reserve President Charles Evans will participate in a panel discussion on current economic conditions and monetary policy at the 56th ACI Financial Markets Association World Conference in Dublin, Ireland. Audience and media Q&A is expected.
  • 12:30 PM Philadelphia Fed President Harker (FOMC voter) speaks: Philadelphia Federal Reserve President Patrick Harker will give a speech on the economic outlook at the Drexel University Urban Economics Policy Conference in Philadelphia. Audience and media Q&A is expected.
matt_'s picture

Miners will meet resistance tomorrow

The GDX is pushing up towards the 50 day moving average and other resistance exists near or below the 50 day. It has been a good week, but I think it is close to running out of steam based on the charts.

tfever's picture

Reply to Off beat thought about Bitcoin

It would be cracked directly if is was possible. Since Satoshi untouch bitcoin wallet sitting prob worth billions right now :)  but their are Alphabet agencies  backdoor exploit around the blockchain. Such as on the Win OS and Android/Apples cellphones too.  So no direct hack against blockchain but hack around everything else. 

So can bitcoin hacked directly? No, likely.  Deploying keylogger or Wallet sniffer for your phones or pc to collect your  password/private key. Yes. 

streber's picture

OT - Gold

SGE volumes rising rapidly.

" it is not surprising that trading volumes at the SGE continued their dramatic rise in 2016, with a record 24,338 tonnes of gold traded across physical delivery and deferred settlement contracts.

Volumes in 2016 were a staggering 43% higher vis-a-vis the 17,033 tonnes traded on the SGE during 2015, which itself was a strong year, since 2015 volumes were 84% higher than the 9,243 tonnes of gold traded at the Exchange in 2014. See “SGE Gold Trading Volume 2015 Up 84 % Y/Y Due To International Board” for more information about the 2015 volumes.

Therefore, in the space of three calendar years, the SGE has seen total trading volumes nearly triple, which is quite an achievement by any standard."

https://www.bullionstar.com/blogs/ronan-manly/sge-trading-volumes-surged-43-y-o-y-2016-led-otc-deferred-trading/

Ronnie 666's picture

? Suckers rally in gold

According to Gary Savage this is going to hit a top once the new bulls are suckered in......then down we go again before the yearly bottom in ?June. Then we see the real rally ... for what its worth 

procog's picture

"Apocalypse Now", A little distraction from our Metals dilemma

TPTB have a firm grip.  What to do.  So I stack and wait.  Ohhh so ineffectively.

When will this end?

http://www.zerohedge.com/news/2017-05-11/apocalypse-now-horror-deep-states-plan-exposed-part-3

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