Monday, February 7, 2011

Survival Of The Turd

After three days in Vegas, The Turd finds himself limping home this morning. The tables didn't treat me so well but having Green Bay win and go over the total lessened the damage considerably.

I'm quite pleased to see us trading higher today. Copper is leading the way at 462! I thought I'd re-post this silver chart from Friday as it will surely be the level to watch today.
We've already made one approach today as silver made it to 29.35 before being pushed back. If copper stays strong, we'll undoubtedly make another run at it later.

Btw, here's a new must read destination for you. Trader Dan has set up his own blog! You absolutely
MUST be checking this on a regular basis.

More later, once I'm back home.  TF


  1. bad day at the tables, huh.
    i hope you took a good look at the woman raking in the dough with the croupier's stick, TF. She wasn't a middle-aged blonde with the name Blythe on her lapel tag i hope...

  2. Ian here...

    Found some good write-ups over the weekend.
    Harvey Organ's blog from Sunday: Silver in Complete Backwardation:

    KingWorldNews: Silver Shortages to Continue According to Pan American Silver CEO:

    SilverGoldSilver: The List of Three (Silver, Agriculture, Rare Earth):

    Welcome back Turd! Glad you survived Vegas...I bet it was a blast! Sounds like you were on the same plays as I was for the game...GB and the over...nice call Turd!

  3. Great Panther (GPRLF.PK) has news of its company being officially secure on the AMEX as of February 8th, 2011 under GPL.

    This stock is gonna fly!

    Scott J

  4. welcome home put your rally cap on and lets see how the ponzi deals with their backwardation dilemna......should be some fun ahead.....

  5. TK.V just got the permits baby! Who called it?

  6. Re: the JPM story under discussion at the end of the last post:

    Possibly I'm reading part of it wrong and overreacting.

    "They will not accept ETF trust gold as collateral."

    I initially read that as saying they won't accept Gold ETF shares as collateral. Perhaps what they are trying to say is that they won't accept actual underlying gold that is already pledged to an ETF. Seems like a necessary thing to say in defense of the ponzi. But we already know they are lying about that part of it. Gold that supposedly belongs to the ETF gets used for all manner of nefarious purposes. That much is clear.

    Chances are this Ponzi DoubleSpeak passes out of the news cycle without so much as a yawn from the markets, as per usual, leaving us all scratching our heads wondering how they keep on getting away with it.

  7. RE: "They will not accept ETF trust gold as collateral."

    This line was slipped in by GoldCore, and is not part of the JPM press release.

  8. Well this is extremely interesting...

    "The Asians, particularly the Chinese, want physical gold and they want it tomorrow. So the Chinese have a new method. They are now planning to buy tremendous amounts of the ETF GLD. They will then tender the GLD shares for immediate delivery of the gold. This bypasses all of the rules of places such as the Comex limiting delivery. There is no limit as to how much you can buy from the ETF GLD."

  9. SilverGoldSilver:
    You called it! Is this the same stock: Tinka Resources Ltd TKRFF:TSXV

    was looking on my schwab site and this is how they listed it. It didn't come up at TK.V

  10. Nice to see Blythe is alive and well. Sheesh.

  11. silvergoldsilver

    I read your post yesterday and bought in at .33 at the open

    Thank you kind sir!

  12. The Chinese who want their gold tomorrow, are they reading FOFOA?

  13. My thoughts exactly flaunt.

    I mean this has to be caused by some news right?

  14. I smell a good FUBM forming

    She did her best with the FUTF but there was buying all the way down

  15. LOL Jimmy, the news is "Blythe had a rough weekend and now she's going to make everyone pay."

  16. BTW that KWN article suggests the same could happen with SLV, which is something I've been considering since I read that FOFOA piece. If we see the ETFs trading closer to spot or at a premium, we'll know something is afoot.

  17. If they go piling in we should see large volume and decreasing inventory right? Anything written in the ETF's saying they have to be held x number of days before being tendered for physical?

  18. I would expect to see good volume, trading closer to spot, and inventory outflows in the face of increasing prices. They just have to have one of the authorized participants on their side to help them acquire the metal. I don't think they have to hold for any length of time before redeeming shares for metal.

  19. ShartBait;
    Yeah, I see that now. Um...never mind. Too early on a post Super Bowl Monday to figure everything out all at once.

    Just hold on to your physical and let all the paper pushers twist in the wind.


    Read it and smile.

    JPMorgue is looking for international investors to allow the bank to hold their gold in their vault (say Singapore?).

    Get a load of the chart on the right side of the pdf before the morgue pulls the file.

    The link comes from this page:

    If you go to the "collateral management for securities" page, you'll see a link in the right hand column for "precious metals as collateral".

    Click that document, if my link above fails.

    The Zero Hedge story states that CME uses JPMorgue's vault in LONDON for its reserve.


    Is that the same vault that London Gold trading comes from?

    So, JPMC is looking for international investors to bail out GLD and allow the storage in their London or Singapore vault.

    Eric King is saying that the Chinese are going to run on GLD and demand the gold. If so, it explains the amount of GLD gold inventory pulled last week.

    The Chinese are sending the USD FRN's back to the JPMorgue by buying the GLD shares and demanding shipment of the gold itself.

    So, now, JPMorgue is saying, well, we'll accept gold as collateral. My interpretation is that the JPMorgue is distancing from GLD and CME/COMEX by telling the Chinese that they can leave the gold in the Morgue vault.

    I don't think the Chinese or Indians are that stupid.

  21. The link on that Collateral Management page titled "To Manage the Risks, You Have to Know the Waters" is even more revealing.

    Look at the Asian-Pacific map on that marketing piece. I am right on target with my analysis.

    This is an attempt by JPMC to entire AZPAC buyers of PM's to allow Chase to hold the gold.

    My response - FUBM.

  22. Glad you made it through the weekend Turd. Gotta say the blog wasn't the same without your presence!

  23. Anyone familiar with they have an independent audit of their bullion. I am very suspicious of any claim of bullion backing a paper trade. but they are in Switzerland storage and I like the location.

  24. Something is afoot...

    "Witness then, the unexpected and marvel that an era of silver price domination is apparently coming to a close in 2011.

    We said it would for years, and here it is.

    When there is very little metal to borrow, short sellers become reluctant to take the short side. What should we think when the smartest players in the game are no longer willing to sell short? And who then is replacing them as the big seller in this market? And, do they realize that the best-connected former Big Sellers are scared to sell the market short now?"

  25. Gold/Silver ratio has reclaimed a 45 handle, FWIW.

  26. @Scottj88,

    Thanks for the tip on Great Panther. I just bought 9,000 shares. My broker also bought several thousand shares.

  27. I'v held a small position in Great Panther (much smaller than reefman's) since last Fall. ..This stock will do well imo. ..Others you may want to check out are: CZICF, GGCRF, PCGLF, USSIF, GGIFF, RVMID & KXLAF. I am long all of these as a result of my own DD.

    Insert Disclaimer: DYO DD!

    Scottj88, I enjoy your posts and your blog. Thanks for the time/effort in helping to educate.

  28. @ Ginger and Reefman

    Congrats on your Great Panther, the amount of press on this stock should take it to very nice level. It is a strong producer and will become a major player hopefully :). This quote I found on it speaks well of it...

    Paul Burchell, Dundee Securities Corporation (02/02/11)
    "Great Panther is on the path to increasing production at both of its operations over the next two years. Overall production is expected to increase from 2.3 Moz. silver equivalent (including gold, lead, and zinc and based on our metal price forecasts) in 2010 to approximately 3.8 Moz. in 2012. . .We are initiating coverage on Great Panther with a BUY rating. . .We expect future exploration success combined with an expansion in production over the next two years at its flagship Guanajuato Mine plus increased production from its Topia Mine to drive the company's share price higher."

    I got the quote from

    Please check out Bag of Gold's Penny stock thread for some true gems that have 1000%'s returns possible if you are looking to play the wild side :)
    First page has all the miners!
    Thanks for your kind comments on my website, attempting to educate is the only thing that makes sense for me right now.. Until Ron Paul announces for presidency... I am riding my investments... and the scary thing is they haven't even taken off yet :o...

    Scott J

  29. Ginger - take a look at Aurcana AUN too. The shatter mine is going to reopen this spring. Sprott has them as a recommendation as well.

  30. FISD,
    I'm on it. ..Thanks so much. If Sprott likes them. deserves a good hard look.

    I've read Bog of Gold's page/thread in the past. Thanks for reminding me to go back there again.

  31. Turd,

    You write about the rigged markets in metals and then go off to Vegas and throw money at the casinos, where the house always wins in the end!

    I know, at least in Vegas, you know the game is tilted in favor of the house.

  32. @ Onion- But in Vegas you get free drinks served by scantily clad women, so at least that eases the pain of the odds being stacked against you.

    Speaking of gambling and odds, tomorrow is Feb. 8 of Wynter Benton fame (or infamy, depending on your point of view).

    What is the over-under for a gigantic hedge-fund fueled move up in silver beginning tomorrow? Do we finally see evidence these messages are legit, or does this go quietly to the graveyard of internet rumors?

  33. Glad you survived, I was wondering if The Turd was going to float or sink in Vegas...

    The Turd Abides.

  34. Sprott paper just posted: "Gold Tsunami"

  35. Why don't the Chinese make a tender offer at say 50% premium to all GLD shareholders? Of course it would be conditional on them first being able to verify that all GLD's gold actually exists and is unencumbered.

  36. Weird day for the miners, most of mine are just limping along slightly in the red...maybe a late rally will push them into the green.

    At least cotton is moving up again, a day or two more of that and I might be above water.

  37. I'll tell you what, kiwi, when I made my predictions for the week, a $0.10 trading band for silver from noon EST until 3:00 EST on Monday was not among them.

  38. kiwi,

    SQI up 6%
    RPM up 8%
    AVL up 4%

    But yes, I have days where things just limp along. My Canadian stocks are up 1.64% today but my US stocks are only up 0.5% (SIL & AXU). I don't understand why my US miners have not performed as well as my Canadian ones have over the past few months.

  39. Volume on GPRLF is just a massive 650,000 shares with just 30 minutes to go.

    Can't wait to see what happens with this stock once institutional investors get excited in it... RVMID (Revett Minerals), is also looking for an AMEX announcement soon (within 2 weeks to my understanding). Hopefully that will be the jolt that this stock needs to take off. as I am highly bullish on medium-term Revett Minerals (the call option mine if it can get passed legal issues).
    Oh Yeah, and it was up 8.5% at one time during the day, with huge liquidity flowing in and out.
    Scott J

  40. AVN SLW reestablishing a nice trading channel....EXcellent day trading and swing trading

  41. I just dumped my last little core of GLD just now...
    Made good money on this trade since late 09, but now, just don't want to play games anymore.
    I'm not a nimble or experienced trader, so I'd rather be out early than hang around ...and I have oral surgery on Wednesday that will put me out of sorts for a few days and interrupt my schedule with an unknown follow-up date....