Tuesday, December 7, 2010

OK, Now I'm Pissed!

I've been at this for a while and I try to maintain my sanity and perspective. However, sometimes the EE is so blatantly criminal that it almost sends me over the edge. Look at this crap:
The audacity to raid silver like this, after hours on the Globex, when no one is around, is breathtaking and outright manipulatively criminal. How much value was overtly stolen from customer trading accounts this afternoon? All for the sake of prolonging the myth of the fractional-reserve bullion bank.

These people should be prosecuted. To bunch paper sell orders and overwhelm the bid at 3:30 in the afternoon, all in the face of a flat USDX, wreaks of desperation. Only the desperate, strung-out meth whore dares rob a bank in broad daylight for need of that next "fix", to survive till tomorrow.

This is over-the-top BS and I'm sick of it!

I've noticed in some of the comments that there is some shock and surprise that Turd would get emotional and, perhaps, lose perspective. I'd like to clear this up.
I was asked to start this blog four weeks ago so that folks from ZH could more readily access my thoughts...perhaps save time digging through endless ZH threads looking for my silly, yellow hat.
Graham from Australia asked me last week to never couch my opinions or word things in such a way as to be intentionally vague or non-committal. My promise then is my promise now: I will always tell you exactly what I think, no BS. Take it for what its worth. Use it as a resource.
I've been observing and trading commodities and metals for years. I firmly believe that, in the precious metals, the evil consortium of bullion banks actively attempts to suppress price on a near daily basis. They have done this for years and they did it again today. However, rarely are they so brazen. Are they desperate or untouchable? I don't know for sure. What I do know is that what they did today in the destruction of the myth of a free market as well as millions if not billions of investor/trader dollars was outright criminal and it makes me sick to my stomach.  More later.

ps Be sure to check Harvey in about 90 minutes. He's certain to be nearly incredulous. Probably as PO'd as I am.


  1. Have you written to Bart Chilton yet?

  2. What can we do to help persuade the CFTC to prosecute? Would organizing a mass mail bomb to the CFTC and local Senators do anything? Who do we need to contact and in what kind of volume to put a stop to this?

  3. Beware. Anger, fear, aggression. The dark side are they. Once you start down the dark path, forever will it dominate your destiny. Anger leads to hate. Hate leads to suffering...

    Ok, so I cut and pasted two of Master Yoda's quotes into one.

    What role would Yoda play in this saga?

    If we see below 28, I'm backing up the truck and loading as much as she'll take! - wise?

  4. These people are desperate, they let it reach the trend line, then attacked in the dark. Roll on Jan 17 and more power to Bart Chilton.

    I used to trade with leverage, now I am all in physical. They can't shake me out and I will buy more. There are a lot of people like me.

  5. tough day today for the small & honest people..

  6. I gotta say, in the short time I have been following these markets, I've never seen a 5% move to the downside this late in the day. Something stinks.

    That said, none of us will even remember this move six months from now, so I'm not going to sweat it.

  7. Yes, flaunt it is time. Mr. Chilton's email is:

    bchilton @cftc.gov

    I've been informed by one of our readers that Mr. Chilton attempts to read and respond to every email he receives so I beg you to be polite and honest. Copy and paste the chart on the note above if you'd like.

    Help us, Obi-Wan Chilton. You're our only hope.

  8. See what I mean? I posted a day or two back that conceivably there is no way to win, because the rules of the game are always changing, and not in our favor. I agree these are acts of desperation, but exclusively at our expense. What does it take to prosecute this kind of deliberate manipulation? This double standard warrants pitchforks and hangings, literally.

  9. And she painted the outside reversal (in silver) - no doubt with the intention of kicking off another major correction, as she has in the recent past.

  10. By the way, Happy Pearl Harbor Day.

  11. I have a hard time believing anyone can keep a lid on this. These people are utterly cynical. After that lying bastard's interview on sunday they must have freaked the hell out and decided it's now or never. All the indicators say we should be having 5% UP days, so naturally if they can paint the opposite picture and temporarily scare people out of their positions they will count that as a "success."

  12. You won't bring down the Death Star by writing letters to the Emperor (sticking with the Star Wars theme here).

    Bart clearly knows that the metals are manipulated. I commend him for being polite (rare among government workers) but there's nothing he can or will do.

    The Empire will collapse on its own weight. All we can do is give it a gentle push.

  13. Turd,

    I agree it is VERY important to be polite with Obi-Wan Chilton. But he seems to be a good man, and this action today was too transparent.

    And to torture the Star Wars metaphor, remember it was Luke (the common man) who destroyed the Death Star. Let us hope the fellow Jedi in Asia look upon this as we ALL shoud as merely another BUYING opportunity.

    Today's action merely underscores the importance of buying/holding PHYSICAL.

    And yes JB, how appropriate this comes on Pearl Harbor Day -- I am sure that was not lost on the criminal slime.

    But as I recall, we WON that fight. And we will win this one.

  14. Anyone else thinks that the selloff/naked shorts have anything to do with the insider investigations?

    Wouldnt be the least surprised that only the funds with long silver positions were raided.

  15. Its the paper thats causing the problems,probably less physical around than ever,if you buy and don,t sell the EE disappears into a black hole,time for another beer fresh from the fridge,if you devalue everything you can there,s only physical left and the more people get burned the more they want physical.So we lost a battle today,we ain,t lost the war and we won,t.Turn on,tune in ,drop out,$36 Silver by 1/1/11.

  16. "Bought the dip" another 100oz enroute.

  17. "For to win one hundred victories in one hundred battles is not the acme of skill. To subdue the enemy without fighting is the acme of skill." – Sun Tzu

    We will win this war. Calm and commitment will be required. Keep telling everyone you know to buy silver. Buy yourself as much as you can on the dips. The EE will be subdued and move on. I do believe that. Any sane person looking at the facts at hand in the macro economy is going to see that the turds are hitting the fan. Fiat has nowhere to go but down. PM's have nowhere to go but up.

    We all wondered what would be the next level of attacks. What would be the next weapon of Mass Destruction the EE brought out. You remember the look on Lea's face when Alderan was being destroyed. The EE will continue to fight with new and improved and inventive methods. In the end they will lose. They know it.

    Battle on!

  18. "Docmac said...

    "Bought the dip" another 100oz enroute.
    December 7, 2010 1:55 PM "

    holy crap i wish i had the resources do do that. took everything i had just to get 200 oz

  19. I would buy into this dip but I already bought 150 oz last week at about 29.50... dang!

    Let's Get Physical!

  20. Why complain? If you were smart you saved a lot of profits - and are very happy to see Blythe again providing lower entries.
    At least that's the way I see it.

    Regarding tomorrow ... could it be that there will be an auction failure on the 10y or 30y either tomorrow or thursday - and this was just the take-down and fear spreading (good for auctions) ahead of coming two days?
    Anyway I think it has to do with these auctions.

    What is interesting too is the divergence of HUI and Gold versus silver. Not wanting to paint a bullish picture here - just presenting facts. HUI closing on the low - and below yesterdays low definitely looks bearish.

    Possibly now a 2 weeks correction. But for that we need confirmation tomorrow.

    The silver selloff is a reminder of the 2008 silver selloff. Though at that time everything was sold.

    Finally - to determine whether this bull run has peaked - I suggest to also look at Gold and Silver in other currencies.

  21. Isn't a lot of the action today about tax loss selling?

    Dipshits in Congress and the Amateur Obama are playing chicken with the tax cut extensions. Nosedive almost exactly corresponded to the Reuters news feed on Obama's "defense of the tax extension" when there is no way anything gets passed before EOY.

    Money Managers have to make a decision "should I stay or should I go" for year end books and decided to exit across the board.

    Methinks the lower entry point is going to be a Santa gift for PMs over the next week or so.(~26.50-26.70 maybe?)

  22. Turd, I am a little surprised at your emotional outburst. You yourself have warned us repeatedly about the EE and that we should be nervous about short attacks at any time and for any (or no) reason. This is all very normal, par for the course, right? The only real question is: did something change FUNDAMENTALLY today?

  23. Rumors of another margin hike? Turd, can you confirm this? Also, we should write Gensler. I can not find his email, anyone?

  24. Folks, I'm looking at the physical market on Bullion Vault, which trades 24/7:


    While the Silver futures price is now $28.69, there is a buy limit order on Bullion Vault for 8287.88 oz Silver at $29.70 (total value $246181.81).

    That buy order (in London) is above the futures price, it's above the NY spot price quoted on Kitco ($28.65), and it is is not being filled.

  25. No margin hikes. Check the cme website rather than spreading rumors.


  26. Eric De Groot:

  27. Slowly getting partial fills now. 7735 oz remaining at $29.70.

    Jeez, if the futures/spot prices in NY are real, then there is a simple arb here.

  28. Guys, some perspective...we are where we were all of 6 days ago.

    Keep the 10 year chart in the back of your mind, Blythe does.

  29. To quote a phrase, "The avalanche has started, it is too late for the pebbles to vote". There has to be a reason that they're being this blatant. Going by how busy our local dealer is, something's up.

  30. No worries, just the usual bond sale take down... to drive the funds to T-Bills.

    Just buy the fucking dips!


    Note: Still having ID problems with your site Turd but no problem. Chill out my friend... this game is getting tired (and less effective each month) and we will win in the end!

  31. GG,
    We must not fall victim to the dreaded Stockholm Syndrome. Today's events were NOT normal. They were criminal, beyond even the "normal" criminality we have been exposed to and endured. PLain and simple, "they" are STEALING money.
    And while letter writing normally DOES NOT affect things, Mr. Chilton has shown himself to be a man of integrity, in public AND in private. Given there is a HUGE meeting Thursday where Chilton has vowed to put silver position limits in the public discussion, I kinda like the proposed analogy of an addict SOO strung out, he will rob a deli in broad daylight. That seems quite fitting in describing todays' activities. We may look back on Friday and see today as a turning point, with silver back at $31-32.

    We shall see...what goes down can just as easily go up. Just depends on perspective. This in many ways no longer a rationa, logical game.

  32. Just take a look at the weekly chart to make yourself feel better. Compare last week's action (1353 -> 1415) to where we're at today. The wheels haven't come off yet.

  33. Cris, thanks for your comments. My point is merely that we all know that JPM and cronies have been manipulating the market for decades. If your job is to take prices down, and if the buyers of size are based in my part of the world (Asia) then why would you not take down prices when they are asleep? Just because today they did it more blatantly does not mean it's more criminal. Securities fraud is fraud, degrees don't matter.
    If anything, I'm excited. This action shows signs of desperation to keep the lid on silver, which means to keep it below $30. Check out Eric De Groots comments today. Spot market just reopened and we are up 20c to 28.90

  34. Our Asian Jedi brethren appear to be fighting. Up $0.25 in ten minutes. May the Force be with them!

    OK enough of the Star Wars crap....

  35. Did someone say cheaper silver?

    Don't throw me in that briar patch, br'er fox!

  36. No worries GG!! We are all on the same team. That's why I think Turd has done us all a great service. Some place for fanatics like us to congregate!

  37. Schiff offers a good dose of sanity every day and I would recommend listening:


    The show goes from 6-8pm EST and the broadcast is available for download usually around 9pm.

  38. This comment has been removed by the author.

  39. A few days ago I posted here that the McClellan Market letter is predicting a short-term cycle bottom on the 8th and stocks a similar bottom on the 9th. Then a rally for both to Christmas. January looks bad for both. Stocks look bad for all of January, gold most likely has its important 13.5 month low the first week of Jan.

    Their letter doesn't pick individual stocks or predict prices, just the dates of cycle tops and bottoms along with their inter-market flow of funds/lag time analysis (and other interesting stuff too).

    Buy this dip a little, and the one in January with wild abandon.

  40. All about gold, on Charlie Rose:


    h/t Jesse:

  41. This thing will be back above 30 by the end of the week. This is nothing but monkey business.

  42. Silver futures got tased today. Don't tase me, bro!

  43. Chill out, Turd; as Hyman Roth said: "This is the life we chose".

  44. It's OK, folks. Just another Kamikaze attack on the silver aircraft like how Eric King put it. We are gonna respond with some silver Hiroshima NUKEs.

  45. I've added a brief update to this blog. More later.

  46. We all assume this all about knocking down Gold and Silver full stop.Maybe we should look at what really bad news could come out in the next few days,Bonds not taken or crash,Spain & Portugal .. too quiet,Ireland ... maybe more problems,Pension Fund outflows,don,t think these have gone away,they are only getting worse

  47. i e-mailed mr. clinton...

    turd as i posted in the other topic before we migrated to this one.. how deep does this rabbit hole go that you guys are honestly aware of?

    ive been scanning 12 news stations and multiple blogs on PM's... daily... and today was just straight thievery and fraud in the most transparent sense.

    i mean... ray charles can see this shit... hopefully the people the tax payers pay to police this can too? or they getting a bigger check from someone else?

  48. Turd, I certainly understand your frustration with these totally unethical market tactics. But scum will be scum. I just keep buying. I did notice a big sales day for many of the bullion dealers. I always bought from Monarch Precious Metals, they are cleaned out. Looks like Monty Python's Cheese Shop.

  49. oh, it's ON now!

    felt like a good day to feed the ferguson, maybe buy yourself a wee dram sir. . .

    with every passing day, the blatant thievery is apparent to growing numbers of people - it is good to feel the out-rage occasionally, cuts a deep groove of resolve in our minds, draws forth the necessary commitment to the task we have before us.

    I'm new to holding silver, and yes, I buy as a store of value, but mostly because it is something I can do towards bringing *this* warped reality to light, towards a greater awareness amongst more and more people daily - it's a way of getting involved beyond just reading about what's going down. . .

    Turd, you're doing a brilliant job here, I love being able to check up on specifics, and your explanations held this newbie - love the charts with comments! The one today would make a hella T-shirt!

    and to everyone who comments here, thank you, the links & explanations are valuable - would that I could buy us all a round - cheers!

  50. Part of Harvey's commentary today:

    "It looks like our silver ETF [SLV] added a huge number of oz of approximately 4 million oz. Here is tonight's final inventory numbers:
    It takes the Central fund of Canada and Eric Sprott months to get inventory and these guys seem to pile "inventory" every day."

    This is why I don't trust SLV. Everyone apart from JPMorgue finds it difficult to get the real metal.

  51. im sorry but i have a hard time myself just sitting back and saying everything will be ok.

    the reason being when the jig is finally up for the thieves they will, go under and get their slap on the wrist. but the real worth of the things they are naked short selling wont return because the REAL money that was spent in the name of inflating them is gone, being countered with... nothing but counterfeit ETF's..

    thats why im pissed.

  52. Turd, as others have said, just a chance to buy physical or miners. Paper PMs are just playing their game.

  53. I get as pissed as the rest of you but this stuff goes on ALL the time. Like Turd, I've observed and traded this market (metals,miners)exclusively for the last 10 yrs. I'm quite sure I've seen it a hundred times and sure we'll see it again. If you let it get to you you'll make the wrong move. Fear has a way of doing that. Turd is absolutely correct. The fundos are there. Take Sinclairs suggestion.....go have your favorite beverage. One last thing. Don't forget Turd's other statement....we needed a breather. Nothing goes straight up, forever. This is just another day....

  54. Well I'll second the comments about dealers running low. I checked several websites including apmex, gainesville coins, and golden eagle and even the 100oz bars that are normally always in stock are very low or have shipping delays. Northwest Territorial Mint appears to have some 100oz bars but at nearly $2/oz premium which is huge for that size. This makes it even harder to square the action in the futures markets.

  55. Remember Luke Skywalker and Emperor Palpatine. He encouraged Luke's anger to help bring him into the dark side. Don't give in. We need you.

  56. I have written to Mr. Chilton in the past to thank him for his efforts. I suggest all of you do the same. The man is the real deal and he is doing his best.

  57. Well, a lesson in risk management was given today. I have been scaling out from Thursday last week, and shorted the open today. This down move can go to 26.90 on SLV. There is a rising trendline and a fib line at 27.

  58. I wrote this e-mail to Bart Chilton 33 minutes ago:

    Dear Mr. Chilton,

    I am a trader in silver, gold and FX.

    I will not trade in the markets that are regulated by the CTFC, as I believe the rules that do exist are not enforced.

    I am also concerned that, despite your public proclamations of aiming to introduce position limits in a timely fashion, as mandated by law, your fellow commissioners show no indications of making this happen.

    Please understand that the reputation of the US financial and commodities markets is at an all-time low, and that you and your fellow commissioners have an opportunity to be part of the slow process of rebuilding credibility.

    I wish you well.

    Kind regards,
    [my name and address]

    Bart's response (1 minute ago):

    I'm doing all I can.

  59. Turd, keep the faith brother. We need your insights.

  60. I've posted an update. Please check it out.

    GG: Great work. Let's pray that Mr. Chilton is all that he seems to be. Let's also pray for his continued health and well-being.

  61. The EE will do what they do for as long as they can do it. The research shows that by holding physical PMs we're on the right side of this battle. So, in the interest of laughing at the EE futility, a few choice lines from the oft-referenced Star Wars:

    "A few weeks ago, in a blogosphere not so far, far away...
    It is a period of investor war. Rebel Turdships, striking from a hidden blog, have won their first victory against the Evil Empire. During the battle, Rebel turds managed to discover secret plans to the Empire's ultimate weapon, the Death Star, a computure trading platform with enough power to destroy an entire planet. Pursued by the Empire's sinister agents, Prince Turd races home aboard his blog, custodian of the knowledge to undo the secret plans that can save his people and restore freedom to the galaxy...

    "The dark side clouds everything. Impossible to see the future is." - Yoda

    "The fear of loss is a path to the Dark Side." - Yoda

    "Don't be too proud of this technological terror you've constructed. The ability to destroy a planet is insignificant next to the power of the Force." - Darth Vader

    and lastly

    "The Force is strong with this Turd"

  62. all those funny videos and cartoons were bound to come back to bite someone in the ass

  63. Don't worry about it, Turd. Yep, it's criminal, but most people just don't care. But we have time and the fundamentals on our side. No matter what they can throw, and what kinds of asset selloffs they can conjure, we still have time and the fundamentals on our side. We'll beat them with physical possession.

    Your "emotions" were quite appropriate, as the righteous indignation which comes from decency and integrity usually is. Don't you change a thing. Just call it like you see it...that's why most of us are here.

    Thanks again.