Wednesday, February 23, 2011

Midweek Madness

The world is on fire. We are seeing history in real time. Maybe these lunatics are going to be right:
I'm sure that Blythe is pulling for them...

Oh, my goodness, what a day. What a week! This has been crazy!
March silver open interest basis last night remained high at 39,528. Surely, more rolled today but how many? There is still plenty of suspense as we head into tomorrow and Friday. However, even if the EE survives this month, the back-channel publicity this squeeze has gotten has exponentially grown the amount of people who are now aware of the inevitable Comex default. The EE may buy time until May but May's going to be a bitch! Frankly, I hope that they do survive because I will be loaded and ready come early May. I'm sure you will be, too, and we're all going to make a lot of frickin money.

Let's start to day with an update of the crude oil chart. With Libya in chaos and the very real potential for this to extend to Saudi, well, lets just say "all bets are off". Anything, and I mean anything, could happen.
If we continue with an orderly climb (if you can call $5/day orderly), there is nothing stopping oil from making it to $110 or so before encountering some resistance. Again, if you wake up tomorrow and Libya's oilfields are all on fire??? Uhhhh, lets just say there won't be much resistance at $110.
Next, here's a 2-hour gold chart that takes us back a little over two weeks. Does this look like a chart that is topping?
And, finally, here's a 2-hour silver. Note the ongoing "stair" accumulation pattern. Nothing has interrupted it now for over two weeks. I say we keep buying until this breaks.
There's still more to talk about today so I'll likely add another thread this evening. Until then, smile and be happy. We've got the EE on the run. TF


  1. This is from Linda to Nigel:


    All the walls & doors common to the exterior of our house, and all the interior ceilings have been painted with the additive from this site:

    Heating costs from prior winter is down about 26.4% through our last natural gas bill, but I haven't crunched the average weather temperatures yet. Have had several sub-zero overnight lows here, and having been running below-average daytime highs for the past several weeks. Also added polar fleece to the window coverings, even though the windows are dual pane. You can feel the difference. Hope this helps.

  2. Not the end of the world, just the monetary system.

    And soon...very soon (in reply to Danny Devito in those Romancing the Stone movie)

  3. And I rec'd this email from a reader in India:

    "Hello Turd
    I find it impossible to post comments on your blog. Would be thankful if you could post this comment. Maybe we can get some more insight into this.

    Hello friends,
    Some tidbit news from India. I'm watching the action in silver pits on MCX commodity exchange here. Strange occurence today -- normally, silver moves ~INR 100 for every 10c movement on the COMEX. Today here at MCX,its increasing by ~INR 200 ie exaggerating the upward move by almost double. Some very heavy buying occuring at MCX. For the past 2 days, I've also been witnessing quite a bit of action in asian hours. Are the BOS beginning to tap Indian & other asian exchanges for their physical?"

  4. Eye of the storm...seems calm doesn't it?

  5. I mentioned before that your comments system is really flaky, Turd. I wonder how much engagement you're losing on this site because of it? Hopefully, you'll have a better system in place when you rebuild the website.

    Out of curiosity, how are you playing oil? Actual futures, or options? I've never been able to find a good ETF that tracks the price of crude properly. If any readers have suggestions on how to play the oil complex, please let me know!

  6. @Nigel

    I couldn't find the thread I mentioned about preparedness. Maybe someone else can provide the link. There were also some posts with links to survival/preparedness websites.

    Good info appears on this board at a fantastic rate. It can be like trying to count cars on the motorway at rush hour!

    Turd, this is something to think about in your website improvement plan, how to get back to items by subject once they have faded in the rearview mirror.

  7. Just want to confirm that about half the time, my comments disappear for no reason a minute or so after they appear to post successfully. I would post more often but for this problem. Maybe it has something to do with location? I am in Europe.

  8. SilverGoldSilver

    Yeah, but more like a lull in a battle, I think!

  9. Hey, there's another Daniel around here?

    Anyway, for traders, I have a couple thoughts. First oil/gas is obviously taking off. This country has trillions of cubic feet of nat gas available. A couple years ago, Boone Pickens was all over that, plus touting his west Texas wind power holdings. When will someone in Congress start talking up nat gas and uranium? It has risen from a long, low base. In that regard, check out CHK today. Up 12% or so in the last two days. (Of course, everything is.) But DNN is way down the last couple days. Don't know why and don't see why it couldn't zip back up pretty soon. It did that not long ago. A new little play is Tournigan Energy. Check it out and do your dd.

    I'm holding some cash ready in case there is any unrest in Iran or Saudi Arabia (or Venezuela, for that matter). Wouldn't that call for an immediate purchase of puts against such "guilty pleasure" companies like SBUX and PNRA that have gone up so nicely lately. Or should I already have done that? Wouldn't your average Joe give up his Venti cup a joe?

    Any other ideas in that vein?

  10. Re: the comments section.
    This is one of the primary drivers of the decision to construct a new site.
    The initial meeting went very well yesterday. We are going to be building a site that combines elements of a forum and a blog. I HOPE to have it up and running by April 1. I'll keep you all posted.

  11. That is due to caching.

    Turd -- If you switch to your own private server, please use a minimum of performance optimizations, e.g. a reverse proxy (e.g. the one used at ZH is varnish).
    Or your server will likely fall the very first day.

  12. It would seem that Wynter Benton and co has competition or are they one and the same?

    "The Friends Of Andrew Maguire [FOAM] look to align themselves as a group to punish the CRIMEX and force them to either deliver a massive quantity of Silver to them in March, or pay a heavy premium to them to keep the rigged CRIMEX game going.

    FOAM have a target price of $37 Silver set for First Notice Day February 28. FOAM began their assault on the CRIMEX when price broke through $31 last Thursday. Their intent is to run price up to, and possibly through, $37 by First notice Day. If they can achieve a price of $37 or higher they will settle their long futures contracts with the Crimex at 20% premium to spot. If they fail to break the $37 barrier, they intend to actually fund their positions and force the CRIMEX to deliver Silver that FOAM believes they do not have."

  13. is where I hang out to read and gather information from preppers.

  14. Varnish --

    + also some basic optims on the CMS you will use.

    Do not underestimate the load.

  15. Nostradamus: (Cent. 8 Quat. 28)

    Les simulacres d'or & argent enflez,
    Qu'apres le rapt au lac furent gettez
    Au desouvert estaincts tous & troublez.
    Au marbre script prescript intergetez.

    Translates as:

    The copies of gold and silver inflated,
    which after the theft were thrown into the lake,
    at the discovery that all is exhausted and dissipated by the debt.
    All scrips and bonds will be wiped out.

    I had long presumed that the first line refers to ETF's.

    Thanks Turd...
    "Money is money, and paper is paper." -Paine

  16. Turd-

    But by April 1st, won't we all be so filthy rich that we can have our personal assistants call your personal assistant to type it on the blog?

    Grey Poupon, anyone?

  17. i like Spirco is entertaining and informative.

  18. Just curious to know who BLYTHE is? I am new, but found this blog when reading up on the silver raid and JP Morgan talk.

    Any particular miners?


  19. Old Navy & Blister:
    Survival & Prosperity is a very good blog that does not get nearly the amount of traffic it deserves.

    Christopher Hill covers both economic as well as survival-related topics - check this one out!

  20. @Ugrev - Hey hey... I thought that was a familiar name. is THE place for preppers, IMO. YMMV.

  21. "fishy", you asked the same question a few days ago. Your profile says you are in the "banking industry" and I assume you have google but yet still don't know who Blythe is. Curious, because I remember someone replying to your original message telling you who she was and to google it.

  22. @moogle fishy:

    Pierre Jovanovic just wrote a book about her (only in French for now):ère-lorigine-mondiale/dp/2914569920/ref=sr_1_1?ie=UTF8&qid=1298497601&sr=8-1

    Here's some info about her:

  23. @kiwiquest07

    Glad to see you! How are things there?

  24. @Michael:
    Your nostradamus stuff is translated from french, and as a French, I can tell you that 1/ the translation is 80% wrong, and 2/ the french itself just does not make any sense.

  25. Quick question. If the COMEX defaults, does JPM? Is this the start of SHTF and how long before Obama gets on at 6 PM on a friday to announce our new reality. End of March?
    Thanks for all Turd. I am proseletizing the best that I can.
    Peace all.

  26. Turd:
    Tell Linda Thank You I have been looking for something like this for a long time.

  27. Guys, check out Encanto potash (suggested by SGS). NOt exactly a gold/silver play but a great potential. I did my DD and it is a great stock having very good potential.

    Regarding miners, please check out the following ones.
    1. catalyst copper
    2. Northern abitibi mining (NAI)
    3. Marifil mines (another potash play)
    4. dundee precious metals (DPM)
    5. Xtierra Inc (XAG)

  28. Hey, New Nigel

    Are you still with us?

  29. Michael, I thought at first there's no way that came came from Nostradamus' original texts, but sure enough, a quick search reveals this:

    Creepy! It goes on to say:

    "The great credit of gold and
    abundance of silver will cause
    honor to be blinded by lust; the
    offense of the adulterer will
    become known, which will occur
    to his great dishonor."

    Gold and silver suppression anyone? There's also this:

    "The true flame will swallow up the
    woman who will want to put the
    innocents to the fire. Near the
    assault, the army is inflamed
    when in Seville a monstrous ox
    will be seen."

    FUBM anyone? :) If it wasn't for the Seville reference, you could think of the monstrous ox as being the big bull statue by Wall Street.

    Ok, well that was just weird...

  30. I'm taking positions in small silver and gold mining stocks like this one.

  31. Hi Turd and fellow believers,
    Just found your website and am blown away. Know absolutely nothing about fancy investing but I put my family's $$ into gold and silver outside the good ol' USofA 2 days after the 2008 election. My husband, however, asked me last night, "Why are you so sure that there actually IS bullion at your vault given how duplicitous the banks, insurance companies, etc. are?" And, I have to admit, it is ultimately all about trust. Short of selling all of it and repurchasing in coins and bars here in the US (and then there's the question of where to put that), anybody have any words of wisdom re: foreign (e.g., Swiss) bullion vaults?

  32. and Amazon mining (AMZ). a great stock which came down to 6.5 now. Its a great buy at 6 or below.

  33. Turd : Have a look at Brent Oil ! There we are already > 112 ! And it is climbing while WTI is falling behind...

  34. hi folks, sorry about that.

    thanks for the tips. i enjoy reading.

  35. SilverLeaf-

    Well, considering the best dressed banksters wear suits made on Savile Row.....

    just sayin'


  36. Irene: IMO if you bought PM's and they are in a vault somewhere...not GOOD. IMO if you can't touch it, look at it, move it around, you really do not OWN it. Possession is 9/10th of the law. As for stash spots: a really good safe extremely well anchored to the FOUNDATION of your house.

  37. @irene, i agree w/ falcon. u need PHYSICAL presence and posession of it.

  38. Re Pierre Jovanovic, In episode 119, Max Keiser interviewed Pierre - @ approximately 14:00 mins into interview. Pierre comes across as being very passionate. Good background info re Wicked Witch

  39. @oldNavy,

    I am still here. Been going through old threads, etc. Man, there is a lot of useful stuff here and it is really easy to get distracted from the current conversation. You guys and gals are great.

    Thanks for all of the responses to my question about heating a house during the winter when all hell breaks loose. I know it will. It is just a matter of time...

  40. Hey Turd, Can you pls pass along a message to Linda from me? Yo Linda, ever thought that the additives your spraying on your indoor cieling will eventually end up in your lungs?

  41. Thanks Falcon15,
    My problem is I live in a NYC apartment and I don't want to put my precious metals in a bank vault here in the US and I had a friend loss all his gold in an apartment fire. I have tested selling off quantities and having the $$ wired back and everything seems to work smoothly. It's kind of damned if you do and damned if you don't. (At least the US gubmint can't touch my stash....)

  42. Newbie question - When there are sudden drops with large volume, how do we know for sure it's Blythe? Especially since many of these drops show corresponding drops in gold. Does she raid Silver and Gold together, or how do we know it's her hammering it down and not a BoS unloading a position.

  43. Turd,

    Quick question:

    Another commenter asked about oil plays. Does it make sense to you to buy call options for Exxon (XOM)??

    I sure hope so. I bought a couple hundred July calls on XOM with strike price of $100. Each contract (control of 100 shares) was like 40$ bucks yesterday -- already up to mid $50s. Seems to make sense to me....

    What say the other options gurus??

  44. Another REAL newbie question

    What's BoS mean? (I presume EE is Evil Empire???)

  45. Irene,

    If it is in a pooled account, get it out pronto. Same with unallocated. Allocated are a bit better, but you have to report it via FBAR filings. The best thing is to find a safety deposit company who won't link your name or biometric data to the account (just keys and passwords) outside of the USA and put it there. Then tell me where to find it, cuz I am still looking.

  46. Slver Leaf

    Sevilla is a variant of the Greek Sybil

    Sybil (Greek) is Sibel (Turkish)...Powerful Queen.....HMMMMMMMMMM

    Just a thought, read a lot of Nostradamus and always was as confused as the rest of us but totally intrigued

  47. Struggling to keep up here! Did anyone make any original or startling comments in the last 12 hours (300+comments?)

    Cris, I like your idea on XOM calls. THis analyst, whom I follow, likes it too:

    Check out his other articles, too, if you like to take a macro view. He has some views on gold, too.

    I just have April crude futures, as I don't trade options.

  48. Ex-Fed economist Catherine Mann, is seriously worried about Fed coming out with QE3 after QE2 ends in June. The Fed's multi-mandates are contredicting and he just can't win all the battles. Lowering unemployment may end up being the sacrificial lamb. Oh well, who needs a job anyway when we can all get rich trading PMs :P


    Here's the Fed's Mandates:

    1) Setting monetary policy to ensure a stable currency and economic growth.
    [Stable currency = FAIL, Economic growth= Fake = FAIL!]

    2)Regulating US banking institutions [FAIL!]

    3) Maintaining the overall all stability of the US financial system

    4) Providing financial services to the US government.

    5) Keep unemployment rates stable

    Total Score: EPIC FAIL!

  49. @Daniel

    Thanks for the info. I believe natural gas is a steal right now. It's got to be a great play going forward. FWIW, I think T. Boone Pickens had it right.

  50. Cris, make sure you also look at his latest thoughts, where he focusses on Sinopec. His style is to buy long-dated out of the money calls when he thinks they are very cheap.

  51. For those that are looking for ideas on miners to invest in you can follow along on the miners I am personally invested in and my thoughts on them and others at

    I fully disclose everything including shares, entry price and daily profit and loss. DYODD

  52. @Nigel

    Good. I was afraid you had gone to bed and missed all the good info other posters were putting up on preparedness.

  53. Jrandom,
    On noes! Quickly googled "FBAR and gold" and came up with an IRS rule dated 6/29/09 that says an FBAR is "required for account maintained with financial institutions located in a foreign country if the account holds gold (or other non-cash assets)."

    Now I have to find out if $$ sent abroad prior to 6/29/09 are grandfathered into this rule. There is also the question as to whether a vault which is just a vault and not also a bank, etc. is a "financial institution."

    Thanks for the can of worms. ;)

  54. @oldNavy & Daniel - I believe one of the largest reserves of natural gas is underneath PA and NY. The problem is that retreiving it could threaten the massive watershed that supplies most of PA and NY with fresh water.

  55. @Irene: BoS = Buyers of Size
    (aka. multi-millionaires or large investment companies)

  56. Irene.. Nothing wrong with keeping your PMs in a trustworthy vault outside of the USA. I have physical I keep at home as well as a good portion overseas with James Turk's They are independently audited quarterly and have a very good reputation. Like someone else said..stay away from pooled accts like Kitco's. Personally, like having a good portion of PM's outside the USA that the Gov/IRS doesn't know about.
    Like Doug Casey says..."Keep your assets in one country, have your citizenship in another country & live in a third country".

  57. @moogle fishy: punch in "Blythe Masters" (BM) into Wikipedia. She is the mastermind that created Derivatives that were in great part contributed to the 2008 global financial crisis blow up. Not to rest on her laurels for that achievement, she also was a chief architect in creating the Carbon Credits market mega-scam which was sold to the public as the solution to global warming and climate change. The only thing that was changing was the speed at which dollars were being made by investment banks and those that created fake carbon credits. Youtube CAP AND TRADE sometime to learn about carbon credits.

    Specifically, she is the head of comodity trading at JP Morgan, and responsible for supressing the real price of gold and silver thus allowing the central banks to print trillions into the global financial system that result in massive inflation in 3rd world countries that you've been watching revolting on CNN for the last month.

    In short, she is the devil in human form.

  58. @ Irene

    Purchase a plot of land somewhere in the middle of nowhere and bury it. Deep. Really deep. Underneath the floor of the cabin you'll be using when you flee the city.

  59. Thanks Silver Surfer.

    Allie: Yes, we keep a small amount of PM as well as foreign currency at home. My vault is also independently audited but my husband's concern was that since many professionals seems to be corrupt today, why do you trust these independent auditors?

  60. Matt,
    Thanks for the alert on your site...
    Aurcana Corporation (AUNFF) is one that I purchased today.

    Based on Fleckenstein reader that went to the Cambridge Precious Metals Conference...David Franklin of Sprott was good speaker and loves silver. He likes AUN Aurcana as his no. 1 pick.

  61. @SilverSurfer

    And what should you do with a structure that fails?

    Tear it down.

  62. Turdle,

    Many thanks for the link. I owe you one!

    anyone have any thoughts on natural gas companies -- I have always looked at CHK Chesapeake, but the calls looked expensive to me.

    But what do I know...

  63. @Irene

    Your bank is working off of some kind of fractional (aka Ponzi) system unless they can provide the serial numbers and weights for each bar in your account.

    Ask about switching to an *allocated* account.

  64. @oldNavy

    I agree that NG is cheap - I am avoiding UNG because of the contango issues but investing in companies such as CHK and ECA. Also, Westport Innovations (WPT on the TSX) makes engines that run on NG.

    With all the issues around oil and given how cheap and plentiful NG is in the USA/Canada, I am surprised we are not using more of it...

  65. Irene - are you dealing with Bullionvault? If so, I can put your mind at rest that I have talked personally with their auditors before investing with BV as part of my due diligence, and have also verified their bona fides with the professional body to which they belong. They are most definitely not a one man operation like Madoff's supposed auditors were. I am a qualified accountant myself and am very familiar with how the profession is structured and regulated here in the UK. These guys are genuine.

  66. @Pablo
    Just read an article on disasters which argues that being out in the middle of nowhere during emergency times can actually be more dangerous than being surrounded by people. Depends on the situation. In most instances of emergency, however, I agree that NYC is not the place to be and have made plans according. (But you know what they say about the best laid plans.)

  67. @oldNavy, Tear it down? Maybe, but be sure to take out a CDS on it first... coming at you March 8th. Yep, buying insurance against failing institutions will no longer be just for the Goldman & JP Morgan's of the world. Going forward you too can bet on the collapse of anything.

    As one ZH'er said in the comments... it's like they are opening up a new wing in the Casino, cuz right now we just don't have enough risk in the system.

  68. @Quintus
    Why yes, Quintus! It is BV and I also did DD but it was nearly 3 years ago now and I think that's why hubbie was concerned. Glad to hear that you think that highly of them. I just love that they added silver to their vaults. And just in time!

  69. Any recommendations for online Berkey deals and/or dealers would be much appreciated.

    I like the idea and it’s been on my to-do list… I just haven’t had the time (or inclination) to dig into it.

  70. Allie & Irene,

    Under FBAR, you are supposed to declare GoldMoney or other digital gold accounts. According to my tax attorney, Mark Nestmann (tax expert, blogger , and member of the Sovereign Society), and Bill Rounds (the attorney who runs, the gold needs to be locked up some where were no one else has access to it (I used the example of "dig a hole in Mexico and bury it there"? and got a yes, you don't need to FBAR that. No promises that buried treasure in Mexico will not be included in a future date, so check with a tax professional before taking this route. ;-)

  71. Does this sound like a reasonable plan?

    Now long 500 sh SLV at $31.40
    Cash Account
    Plan to buy 500 oz Physical
    Then Immediately
    hold the 500 Sh SLV
    Sell 5 Jan13 $35 Calls for $2500
    buy 10 Jan13 $25 Puts for $2780
    This way I am hedged on all 1000 oz
    Thanks for any Critique!

  72. @HindsightGenius

    I don't know where our largest reserves are located, or what undesirable effects may come from extracting the pressurized gas from the ground. Both valid questions. It is my understanding that the USA and Canada have abundant reserves, it is currently very cheap, burns cleaner than any other hydrocarbon fuel and could be used to power almost anything. I also met a plastics guy one time who informed me that most plastics are manufactured from natural gas, not oil.

    Oil is going to get more and more expensive in the coming few years, with or without market disruptions. With them, it just happens that much faster. And if we open up more domestic production, it still gets priced by the world market.

    Meanwhile, we are actually still flaring off natural gas, like we've done for over 100 years, because it's not cost effective to take it to market. Seems a little crazy to me.

  73. Quintus,

    BullionVault is now partial owned by the Rothchilds, and they don't have your best interests. BV is also like having gold in a private community. You can basically only by and sell to that community (with big orders you can take it in or out).

    Also, if you want to take delivery, there is something bad like a 20% fee (plus VAT for silver).

    I have even spoken with the head of BV a few times, and he seems to make up excuses for the people manipulating the price of silver and gold (which I think is a prereq for anyone who wants Rothchild investment money).

  74. Cris,
    no worries, I'll accept payment in ounces, not $ :)

    By the way, where you saying last night that you thought stuey and WB were one and the same? FWIW, I would disagree. For one, they certainly aren't written by the same people - just check out the differences in English useage. I think stuey is aligned with the BoS, who are the buyers that Eric King's source out of London often references. WB is, I believe a group of ex-JPM traders trying to opportunistically take advantage of the lack of silver at COMEX. (Why that other blogger names them the friends of Andrew Maguire, I don't know.)

  75. So what do we do with March Futures Contracts? Do we roll them over to May? Do we sell on Feb 28th, take the cash, pay the tax, wait for a pull back and then buy May?

  76. @ Irene

    Yeah, Ive got the same question.
    My life's savings in Bullionvault Geneva, with a small silver play in Bullionvault London.

    Thought I was doing everything right by buying guaranteed physical and paying for secure storage in a safe country. Then I discovered this lot at Turds world ......

    My game plan was to have approx 1.5-2 ounces of gold for every month of 'retirement', whatever form that might take, as this means only cashing out a bit each year and taking maximum advantage of the UK capital gains tax allowance.

    I looked into the cost of selling up and buying gold coin and am now uncertain.

    I see downside risks for coin collectors -

    Is it gold ?

    Will some scroat at the place you purchase, sell customer info to a high enough bidder ?

    If you bury it and something happens to you, its probably lost cos you aint supposed to tell anyone.

    In a real SHTF situation how would you sell a one oz gold coin ?

    Fortunately, I am able to treat the whole question as entertainment because I realise that the things that really matter are -


    and that is what I am currently focused on.
    Just a bit worried that it might all blow up in March

    Once you've been able to 'let it go' its far less likely that you will actually have to.
    I Learnt the 'Principle of Letting Go' from an old Taoist book and realise that, in the end, nothing actually matters.

    So I am with
    and totally relaxed about the inevitable end of my physical state and even less concerned about the potential loss of my physical stash.


  77. If it not too much trouble can someone answer my question about how we know if it's Blythe doing this and not someone else?

  78. Irene,

    You're forgetting something in regards to overseas vaults - How are you going to get to your metals if international travel breaks down via border shutdowns? Remember, I believe it's $10,000 at a time. Even if you could get it here, how would you go about making sure that there won't be Thunderdome roadblocks when the delivery service attempts to deliver your metals? What if fuel runs out and doesn't become available? Do you have a horse/wagon team handy? Sailboat?

    You're supposed to hide it and don't talk about it. And live somewhat on the poor side as a way of hiding.


  79. @Turd: Sounds like the new website/blog/forum will be a great success and well timed. I suggest that you include a primer section that consolidates all of the PM investment strategies, methods and means that are scattered about the posts on your blog. It could change the world.

    Sorry for the plug, but everyone here should be aware of:

  80. @rblong2us - Water is number one.
    That's why everyone needs a good water filter on the list. You can survive almost anything if you have enough water.

    IMHO- the best filter on the market is the Katadyn Pocket Microfilter.

    P.S. Tao is good - Be like water. Strong enough to wash away mountains, gentle enough to flow through a child's fingers! :-)

  81. Jrandom - yes the Rothschilds bought a minority share in BV last year. You could view this as a negative, in that they intend to somehow deprive BV customers of their gold, or as a positive in that a family with centuries of involvement in Gold and related investments sees in BV a business that is going to do particularly well in coming years as people wake up to gold investment.

    I am aware that Paul Tustain does not, generally, have the same views as I and most others here vis-a-vis manipulation of metals. In this respect he does not seem very different from other respected gold market commentators such as Dan Norcini who rarely if ever suggests that manipulation is taking place. I would be interested, though, to hear what Paul has said that causes you concern.

    As regards the high cost of taking delivery - I have no problem with this. Providing physical is not BV's core business and buying from them is certainly not the cheapest way to get hold of metal. They are open about this in their terms and conditions.

    For what it's worth I have recently been gradually moving money from BV and into physical in my possession, but this is not a reflection on BV.

  82. 6a1dbcdc-3c89-11e0-b484-000bcdcb8a73,

    If a coin is legal tender, then it usually has a face value, lets say $50. So when they ask you if you are carrying more then $10k in cash, you can say no. I haven't tried this, but it sounds like how it would work.

    Well, in a Thunderdome scenario, I think we got bigger problems then the cash limit on crossing the border.

  83. Irene wrote: ...anybody have any words of wisdom re: foreign (e.g., Swiss) bullion vaults?...


    I've seen nothing but good reports and high trust in James Turks' company, GoldMoney.

    Note (1) this is not a financial institution, (2) one's precious metals are allocated, (3) audited by a trusted third party, (4) the vaults are a third party, so even if GoldMoney went down, your assets are safe, and (5) insured by Lloyds of London.

    Like you, I don't like all my physical in one location, or even, in the event of a natural disaster, for instance, in one geographical area. Regarding political worst case scenarios, I sleep better knowing I have a small amount of gold in Zurich, and silver both in Hong Kong and London.

  84. @ rblong2us and 6aid -

    We keep some physical at home as well as foreign currency. If the SHTF, well, we hope to be able to get to family and then, posbily, leave the country.

    And yes, ultimately, it's all about family, loved ones and having the basics in life.

  85. Jrandom, that won't work. I've read accounts of people having to declare coin value at US Customs and if you try the face value thing it's a "wrong answer."

    Face value is what you'd get in a confiscation thing, but melt value is what you must declare if there's profit involved. Get ya comin' and goin'.

  86. @All - Be careful storing PMs at home. Keep it to really small quantities and for goodness sake keep your mouth shut about it if you do, or you may end up like this guy who lost $750,000 in Silver Bars after being robbed & stabbed!

  87. In an emergency, use 8 drops of bleach to purify one gallon of water.

  88. turdle,

    fwiw, I think WB has many voices. it seemes to be quite clear stuey is aligned with them.

    also to go out on a limb, i think they (WB) will show themselved to be true when we see # of contracts for march silver actually GO UP in the next couple of days.

    one man's opinion...

  89. Quintus,

    I think that the Rothchilds along with the Rockofellers are in the globalist camp and think of people like you and me as obsolete. I do not want to be in any vehicle that gives them any control over me.

    Paul has warned me about people like Ted Butler and the folks at GATA, he was very careful to not be insulting. But I believe that the weight of evidence that manipulation is happening is overwhelming. When you are in the gold business, I believe that there is a lot of pressure to slander the investigators into corruption as "Conspiracy Nuts". And if you make up excuses for the current corruption, you can belong to the club. While Paul has always been respectful too me and never cheated me, I don't like the way things are going and I am out. The Rothchilds have had enough money for a long time, what they have been after and want more of is control.

    I think that Dan Norcini is an "on-the-level" technical trader, but he doesn't go out of his way to dissuade folks from believing in Ted B or GATA.

  90. Pablo

    We never know for sure it's Blythe. We just have to piece it together as best we can. Patterns, timing, regulatory filings, etc. The best we can do is "if it looks like a duck, quacks like a duck, etc."

  91. Gold and silver are moving UP!

  92. @Quintus and John 97205

    Thanks for your comments and explanations. All food for thought. ;)

    Went to get bleach for our emergency kit and absentminded brought home "Spring Fresh" one.

    Went back to supermarket and there was lemon, spring fresh and another scent but no plain Clorox whatsoever. *sigh*

  93. Jrandom - thanks. Useful information.

  94. Cris, I hope it's two different camps trying to bust the manipulators, but if it turns out to be only one then that'll be fine with me, so long as the rules aren't changed to stop them.

  95. Prize Fighter said "Face value is what you'd get in a confiscation thing, but melt value is what you must declare if there's profit involved."

    Ask the mint of the Legal Tender coin if the face value is just for confiscation and see what they say. :-)

  96. Did anyone find out what "feng doms" means?

  97. What do you mean "Paul has warned me about people like Ted and GATA?" Please elaborate what you mean by this.


  98. Hello Turd,

    You are a very funny guy! Love the blog and looking forward to your new web site. All the best, Mike

  99. Irene, and possibly others:

    It just occurred to me that my indication of keeping a small amount of precious metals in all three (Zurich, Hong Kong, London) of GoldMoney's vaults might possibly have been misunderstood.

    I don't have to be in any of those locations to access any of my assets. A click of a mouse — or even punching a few buttons on an iPhone — is all it takes to download any amount in five choices of currency into whatever bank account anywhere in the world I choose.

    I just figured, while I was engaging in a TEOTWAWKI (The End of the World as We Know It) scenario, I might as well hedge for up to two of GoldMoney's three vaults being destroyed by nuclear bombs, asteroids, or whatever. ;-)

  100. In a TEOTWAWKI situation we're cashing in our silver and gold for 4 tickets on whichever Ark has seats available...

  101. Turdle GG

    feng doms? The mind reels...

  102. Turdle,
    Last I heard Maguire was working for Sprott. But that recollection is going back to when the story broke about his getting run over and all that.

  103. Turdle GG, I've continued to think about that phrase. IMO I think "doms" is the same shortening of dominating or dominatrix. Not in a sexual way, but in a general euphemism of someone in power. The "feng" I don't know about but feng shui of the decorating belief translates as wind-water. I don't know if feng is the wind or water, but put feng-dom together and you have dominating wind?

    My take is the gist of "China's feng doms" just means China's money elites. Like you, I'd still like to understand the reference.

  104. Pablo:

    You just prompted a thought — perhaps I should make some friends at the harbor - ;-) - (I'm about a ten minute walk from the Pacific), for the (admittedly unlikely, at least right now) scenario that I'd want to bug out of the USA quickly.

    Otherwise my choices are a long trek either north to Canada or south to Mexico.

  105. 6a1dbcdc-3c89-11e0-b484-000bcdcb8a73

    Paul Tustain, who runs BullionVault and has accepted the Rothchilds as investors, had personally warned me about believing the things said by Ted Butler and GATA. He stated this when questioned about his understanding about the manipulation of the Gold and Silver markets. He said it in a very respectful manner and didn't want to offend me if I was a believer.

  106. "I see March OI at 39528, a loss of 11320 contracts"

    Wasn't it about 47k yesterday and 51k the day before? Drop off doesn't seem that steep. 1 day to go? 2 days to go?

    Also, what are all this talk about exiting your silver position?


    1. you don't trade paper silver unless you use leverage, that's the whole point. If you don't, there's absolutely no advantage to just buying physical.

    2. if you trade paper silver then buy at dips and at other points you find suitable, then watch it go up, then at the next dip re-invest the profits you made on the last move up.

    Why the hell would you exit your postion? Most of the time you'll just miss the next move up instead of getting the absolute bottom right.

    Don't use stops or you'll get shaken out of your position. The only time I ever lost money on a silver trade was when I used stops.

    As security, only use as much leverage that can cope with a 20-30% decrease in price without you getting a margin call, and have some cash or other assets on the side that you can use in an absolute emergency.

    But DO NOT use stops, because then you're just playing their game, and trust me, they know your stops, and at the level they know most of you got their stops, they're gonna push right through it.

    What's those comments about shorting the S & P and stuff? That might work, but why not just trade silver with leverage? Why leave the market that provides the best combination safety and profits (because of constant suppression over the years that has to be resolved eventually), to go for something much more risky and probably much less rewarding?

    Buy right and sit tight.

    Btw added to my position at 32.70 and am pretty happy about it so gar.

  107. Eric,

    I'm referrring to this post by stuey yesterday:

    "turd, you do a good summary. you have a good way of understanding and relaying the action.

    I wanted to chime in real quick. I said last time I was posting no more. I have to b/c I can't give me away.
    Today was extraordinary! I want to say something, then will stay in the background unitl more comes:

    First of all, the attempt today was extreme. All efforts were put on the table. It was an attack of sorts that I have never seen tried before. I will mention that I am very pleased with todays action and now I KNOW that others are joining in. BM went all in and no one would bite. Silver is strong. This is very good news.

    Second, there is MASSIVE amounts of metal heading to China. I can't tell you how much this matters, because now there is no alternative. She must push paper calls. This will continue. China's feng dom's are buying at an unprecedented rate.


    The banks are in superb trouble. Things are going well. Take physical people. good night."

    apparently the Chinese characters near the end are translated as "do not underestimate us"

    Louis Cypher,

    welcome back. Does this post by stuey look to you to be related to or coming from the same people as Benton? I think the answer is no.
    My question on Maguire is that another blogger seems to have starting calling Benton's group the Friends of Andrew Maguire. But it looks like Andrew Maguire is busy starting his own trading business - see Eric King's blog today.

    Prize Fighter,

    Thanks for your ideas. It is a mystery. Given some of the shaky English used by stuey, it may well be a typo.

  108. Pablo

    In addition to what Eric said, the simple fact is that Turd started the blog and we have followed him because he is credible and explains things in a way that make sense. He is convinced of the scenario and he has convinced us. He has spent a lot of time educating the rest of us with examples of EE raids as they occur. He may occasionally call it wrong, but I think when he says it is an EE raid, we can have pretty high confidence that it is.

    As to the synchronicity between gold and silver, obviously it wouldn't do TPTB much good to suppress one and not the other. It's all about protecting the perceived value of the dollar.

    Beyond this, I will not attempt to explain the mechanics because I am not knowledgeable enough to do that.

    Hope that might help.

  109. Looks like Silver OI dropped to 39K per Harvey.

    Turd, what do you think happens if the Comex defaults? Would love to hear your thoughts.

    This is the big question, and I am sure many here feel the same way.

    Thanks for all you do. I'm visiting sponsors...

  110. Chris Kimble on Silver/SLV

  111. "Paul Tustain, who runs BullionVault and has accepted the Rothchilds as investors, had personally warned me about believing the things said by Ted Butler and GATA. He stated this when questioned about his understanding about the manipulation of the Gold and Silver markets. He said it in a very respectful manner and didn't want to offend me if I was a believer."

    Reading between the lines here...

    Paul works for the elites! That's who the Rothchilds are. Your last sentence indicates he just called you an idiot when he said that. He was trying to get you over to his side or at the least insult you on his way away from you. If I was a Supreme Guarding of Earth, there would be no way he would ever leave planet Earth in any form, not even spiritually, even if the sun supernovaed and Earth was burned to a crisp. Maybe never mind that. I'd just dissolve his spirit so that it couldn't exist anymore.

    Thanks for telling me about Paul Tustain. He's on my shit list.


  112. Old Navy and everyone who needs preparation information...start here and read ALL of the steps.

    Best of luck!

  113. Been here since Dec and you got things rocking Turd!

    I can't wait until we can break up all these great posts for easier search.

    Silver to $50 or Turd's new operational website, which will come first???

  114. Thanks oldNavy.

    Hehe I just found a picture of Blythe:

    Cute, huh?

  115. Question for the group: Does anyone know really at what level of OI or those remaining demanding physical would put the comex in trouble?

    I've heard different theories. And is each OI contract for 5,000 oz's?


  116. I was thinking that I'd notify my broker that I'd take delivery of one SIH11 contract tomorrow. However, I noticed that beginning after hours today, I couldn't buy additional March contracts through my broker, optionsXpress. I then noticed that the futures agreement states:

    Customer agrees that it will take whatever actions are necessary to prevent making or taking physical delivery of any commodity interest contracts through optionsXpress and acknowledges and agrees that optionsXpress may take such actions it deems necessary, in its sole discretion, to prevent the physical delivery of any futures contracts through optionsXpress, including, without limitation, offsetting open futures positions or rolling forward such open position to a deferred contract month. Notwithstanding the foregoing, in the event that optionsXpress, in its sole discretion, agrees to make or take physical delivery under any commodity interest contract on Customer's behalf, Customer shall, upon optionsXpress' request, provide optionsXpress with timely and satisfactory assurances that Customer can fulfill Customer's obligation to make or take delivery under any such contract. Customer shall furnish optionsXpress with property deliverable by it under any such contract in accordance with optionsXpress' instructions and shall deposit with optionsXpress the full dollar value of commodities or securities to be delivered immediately upon demand therefore.

    Anyone ever tried to take delivery through optionsXpress? I've done it through Lind-Waldock in the past without any problems.

  117. This comment has been removed by the author.

  118. It seems obvious that online only brokers aren't going to facilitate taking delivery of anything. They don't even like to send out paper statements. I Instapapered an article on taking delivery via COMEX a while ago. I think it was posted here a while ago.

    But I notice that it recommends using Lind-Waldock. Well played.

    It is interesting to note that the article was written in 2008 and describes the same phenomena we are seeing today. Combining this with the 2002 silver supernova article makes me think I need to go back and do a little more studying.

  119. Congo gold smuggling plane was leased by oil trading company:

  120. Both gold and silver pausing here, on the brink of pushing through the highs seen during the NY daytime. Pushing through would be a sign of strenght.

  121. @Markus

    I have seen that shop in Singapore!

  122. @TurdleGG

    Consolidating for another push?

  123. Hello all! I am new to the board. I am long one of the mini silver contracts (july 2014). I bought this in the hopes of riding the price of silver for the long term without having to roll the contract. I see rumblings of comex default....what would happen to futures contracts in that instance?

  124. oldNavy,
    That's what we hope! Or an ideal time for a Blythe attack.

  125. Turdle GG said: "Struggling to keep up here! Did anyone make any original or startling comments in the last 12 hours (300+comments?)"

    Well.. amen to THAT comment! I had to be out working all day and am just now logging in to read today's threads. I'll never get through them all!! lol. ....This blog is exploding and everyone is saying stuff I want to know about.. I need more hours in the day. *insert dazed blinky-eyed emoticon*

    I did see your earlier comment about Impact Silver and how I must be freaking out so I just thought OKAY........I'll just take a stroll on over there and take a look. ....GOOD HEAVENS!!!!!......UP .25/share on the day!!! :O

    Eric.... ..all I can say is: "/

  126. Turd, the world is on fire. Silver is going into its 3 day consolidation, platinum has room to run, but gold has already broken out. $1440 tomorrow and then off to the races.

    See you 'round!

  127. Turd,
    Never did give you kudos, even though I visit often. Congrats in advance on the new site, well deserved.

  128. Anyone following OLVRF? Always a bounce when Pierre Lassonde is on KWN. Worth a listen. Ya need diamonds to go with your Ag and Au, right?

    Thank you Mr. Turd for all that you do!

  129. Gin-gerrrrr!

    Welcome back!

    (Maybe now Turd will make his next post) ;)

  130. Comment for Tyler Durden.

    I have noticed that the quantity of articles over at ZH has been diminishing the last several days. Please quite spending so much time over here and get back to work!

  131. @Lizzy: Diamonds? You mean that comodity that can now be manufactured in a lab to a level more pure than you can find in nature for cents on the dollar? The comodity which DeBeers owns 90% of world's monopoly on so they can keep the price high? (Wikipedia link) and the comodity responsible for hundreds of thousands killed in poor/corrupt African countries so that proud Western brides can compare the size of their finger rocks?

    Uhhh... no thanks!!!

  132. Linda to Nigel:
    Ag going from $35.5 to $44.34 soon,($8.84=26.4%)

  133. Damn 3 monitors just isn't cutting it anymore, even with virtual screens. Need like at least 6. I'd be curious to see pics of some of the trader's desktops on this blog.

  134. For those of you doing day trading or looking for a good day to enter the silver market, or if you just want to learn more about the basics of TA [technical analysis] be sure to watch Ira Epstein's videos each day. He posts 2 per day every single trading day. He's got over 30 years of TA experience and comes well recommended.

    Feb 23, 2011 - Mid day Metals Report (9 mins)

  135. @SilverSurfer

    I have often marveled at the cultural and marketing triumph that has convinced generations of people that something available in at least two stores in every community in America should be expensive because it is "rare" !

  136. If there's going to be a raid tonight it looks like now would be about the time...

  137. oldNavy,
    NOOOooooo...not a new post YET!!!! :] Working hard to get through them all.. So much great stuff on here today. ....You don't have a cliff notes or condensed version do you ? :]

  138. SilverSurfer

    I was two posts behind you.

    Thanks for the info!

  139. @Pablo,
    Yeah, all is quiet on the western front. Do I hear crickets?

  140. @Ginger

    We've all been watching the sideways moving chart since the CRIMEX closed. A new guy named Nigel in the UK joined and we got into swapping sources of preparedness info. We have been all over the landscape for the last couple of hours. Some interesting new twists on the WB story. And the price is still around 33.60.

    That's it. ;)

  141. Almost every silver contract on the comex is still trading flat to backward:

  142. For those who want to know about SHTF and TEOTWAWKI I recommend three sites:

    First one is a blog by James Rawles who posts reader submitted articles (as well as his own). The latter two links are survival forums which have a ton of information.

    Now back to silver:

    It seems to me that there is a consolidation period right now which normally we would see more defined lows, but with the world falling apart, especially with regards to oil, its keeping gold and silver steady if not with an upward trend. The same rules still apply, BTFD. Not sure about you, but I can't come up with any circumstance that this thing can get much lower. We've all seen the strength of TPTB but its never enough to actually scare the longs.

  143. @Slamhound -- half-dollar cases must be better in your neighborhood than mine - or we are just too close to a FRB... Not a bad way to teach the kiddos to count and read though. Will play with another case before giving up. But big ole 0 so far.

  144. General comment on Natural Gas...
    I've seen a number of comments here and on ZH moaning that Natural gas has not kept up with the other commodities.I think that natural gas shall continue to be a laggard. My reasons: (Probably wrong, ....)

    1)The infrastructure to export U.S. natural gas to the global economy is not really there.

    2)The U.S. economy is in the toilet and not coming out soon.

    3)No one else is competing with the U.S. globally to consume U.S. natural gas its 100% domestic trade.

    Give these facts I was seriously considering buying a natural gas powered car.

  145. @Ginger

    PS: And, as always, lots of great thoughts and nuggets were shared, like the ones above from SilverSurfer and ColoredSky

    Word verification: snistorc As in "Snistorc day, huh?"

  146. I've started an overnight thread and I'm looking forward to your comments.
    Thanks! TF

  147. Turd,

    My knowledge compared to you on the "paper" side of PM's is that of a young Anaken Skywalker but, I am learning.

    Physical PM's all the way but hey if we can make a few paper bucks and convert to more physical for the Storm on the Horizon that is just starting to make landfall on our shores, why wouldnt I ?


    I cant post a chart like you, so I will try the copy/paste. Ok, this chart pertains to Turd world because of the gold fund GLD. Take a look at the open interest put option at 60 bucks compared to every other strike price? Granted yes its way out of the moeny but at that price...who cares?

    Put Options Expire at close Friday, January 20, 2012
    Strike Symbol Last Chg Bid Ask Vol Open Int
    60.00 GLD120121P00060000 0.14 0.01 0.13 0.20 1,051 76,064
    65.00 GLD120121P00065000 0.10 0.00 0.10 0.26 40 1,618
    70.00 GLD120121P00070000 0.20 0.00 0.15 0.30 15 1,926
    75.00 GLD120121P00075000 0.29 0.00 0.16 0.35 1 1,645
    80.00 GLD120121P00080000 0.35 0.05 0.27 0.40 21 19,576
    85.00 GLD120121P00085000 0.41 0.01 0.35 0.47 1 3,017
    90.00 GLD120121P00090000 0.50 0.00 0.45 0.57 21 4,474
    95.00 GLD120121P00095000 0.74 0.12 0.51 0.77 16 11,813
    100.00 GLD120121P00100000 0.90 0.02 0.80 0.93 40 14,737
    105.00 GLD120121P00105000 1.30 0.00 1.15 1.41 3 25,835
    110.00 GLD120121P00110000 1.88 0.18 1.82 1.96 428 27,740
    115.00 GLD120121P00115000 2.55 0.06 2.59 2.75 433 18,399
    120.00 GLD120121P00120000 3.59 0.04 3.70 3.85 337 32,215
    125.00 GLD120121P00125000 5.15 0.08 5.15 5.35 78 35,693
    130.00 GLD120121P00130000 7.20 0.20 7.05 7.20 129 28,270
    135.00 GLD120121P00135000 9.45 0.15 9.35 9.55 98 25,449
    140.00 GLD120121P00140000 12.20 0.03 12.05 12.30 96 7,859
    145.00 GLD120121P00145000 15.30 0.35 15.20 15.45 107 2,801
    150.00 GLD120121P00150000 18.85 0.43 18.65 18.90 47 2,265
    155.00 GLD120121P00155000 22.60 0.00 22.40 22.75 21 781
    160.00 GLD120121P00160000 30.30 0.00 26.40 26.75 1 427
    165.00 GLD120121P00165000 32.15 0.00 30.60 31.00 1 27
    170.00 GLD120121P00170000 36.15 0.00 34.95 35.35 1 1,595
    175.00 GLD120121P00175000 46.78 0.00 39.40 39.90 0 22
    180.00 GLD120121P00180000 46.87 0.00 44.00 44.50 4 131
    185.00 GLD120121P00185000 52.30 0.00 48.65 49.15 2 39
    190.00 GLD120121P00190000 55.08 0.00 53.40 53.90 1 87
    195.00 GLD120121P00195000 61.60 0.00 58.20 58.70 2 74
    200.00 GLD120121P00200000 63.33 0.14 63.00 63.50 114 828
    205.00 GLD120121P00205000 68.33 0.01 67.85 68.35 20 295

  148. oldNavy & others.. I see a new thread started but I wanted to thank everyone for today's comments. ...I am such a newbie to all of this (as I'm sure you can tell).. and I truly learn so much here everyday. Fabulous links to go along with the great words of wisdom too. ..Just a great place to hang out!