Thursday, March 31, 2011

More Fed BS

Once again in case you missed it, The Wicked Witch and her sidekick, Ruprecht, had another one of their famous planning meetings today. If you haven't yet seen it, here's the link:

In a desperate attempt to shave a few dollars off of the price of gold before the release tomorrow of the March BLSBS report, your Federal Reserve rolled out another one of their worthless, Keynesian hacks to talk up the dollar late this afternoon. This time, they chose some crackpot shill from Minnesota who I'd never heard of before and whose name I can't pronounce. "Kosherdakota" or some such nonsense. As if it matters what this clueless prick has to say. Well, actually I guess it does matter. Kosherdakota's words of wisdom were enough to trip a few algos into sell mode and gold is now about $10 lower than it was at 4:00 EDT. Such bullshit and that's $10 we won't get back without a concerted effort by longs tomorrow. Whatever. Who, in their right mind, would sell their gold and/or silver on the back of the late afternoon musings of a criminal Fed thug? Not me, that's for sure. Further evidence of the manipulation is seen in the rising price of WTI at the same time. Crude actually traded all the way to 107.65 about an hour ago and sits currently at 107.20. Check out this chart:
Having now cleared 106.80, the chart is open all the way to the old highs of 108.25. Absent a spontaneous eruption of love and nirvana in the Middle East, I'd say there's about a 99% likelihood we see 108+ overnight or during the day tomorrow.

Onto gold and silver and the pivotal day ahead tomorrow. Take a look at these two charts:
IF the BLS can somehow put some additional BS in their report tomorrow, we may get enough of a selloff that every topcaller from here to Fukushima will be out in force claiming the doubletop in silver is in. First, I highly doubt that the BLSBS report will show anything that a reasonable analyst will be able to construe as positive. Second, even if they did, all the Prechter wanna-bes will be proven wrong in a week or so anyway so fuck em.
Gold's the same. LIESman may be able to talk it down to 1410 but who cares? Again, I doubt he'll get the chance. Tomorrow will just be like all of the recent past BLSBS days. Scaredy cats will do some selling into and right after the number. Calm, sane investors will soon step in and silver and gold will catapult higher. Right now, I'd place a very high probability that gold will trade to and close near 1450 and silver will eclipse the old highs at 38.20 and make a move toward 38.50-39. There. Take that, Kosherdakota! Put that in your peyote pipe and smoke it, you machiavellian goon.

And one more thing before I sign off for the day.

Anyone who tries to tell you that QE is about economic growth and avoiding deflation is either:
1) St-st-st-stupid
2) Dangerously clueless
3) Manipulatively trying to sell you something
or 4) just a status quo-loving hack/moron

QE is about funding the federal government and maintaining the U.S. ponzi "as is" for as long as possible. By some estimates, The Fed is now 70%+ of the treasury "market". Without their direct participation, where would the 10-year note be trading? 5%? 7%? 10%? With rates that high, the entire Fed/TBTF/Govt complex begins to unravel. This can not and will not be allowed to happen. It will happen eventually, anyway, but the Fed isn't about to voluntarily let it happen. No way, no how.

As discussed ad nauseam, your only option is to protect yourself. Do not rely upon the government. Do not rely upon your employer. Do not rely upon your stockbroker. Buy physical gold and silver. Gold protects your wealth. Silver protects your ability to purchase everyday items. The time to prepare is now.

Tomorrow is a rather significant day in the short-term pricing of gold and silver. It will be fun to watch. But don't let the bastards drag you down. We are right and we are winning. Rest well and be happy. TF


  1. GJ Turd, thanks for another Quality post

  2. Shit, Turd! I just sold all my unwanted gold TODAY!

  3. Dear Blythe,
    I am quite discouraged. It used to be all the GOOD raids occurred right after market open in the am, and I always had my BTFD op in SLV options just after the raid. Now all the raids take place after/before hours and I can't get me any rebound love. Blythe, 30c is not a FD, ok. Why don't you go out and drink a few too many martinis, go to bed late, oversleep the alarm and show some love at around 7am ET tomorrow to give me a good in before this baby rockets up to 39.50...
    Yours, testes.

  4. One of my favorite posts! Thanks for the insight AND the passion!

  5. Hey Turd.. from now on all fed thugs should be called Fed "Terrorists".. Its seems the term is good enough for ordinary Americans nowadays so we should at least return the endearment..

  6. "Buy physical gold and silver. Gold protects your wealth. Silver protects your ability to purchase everyday items."

    couldn't agree more.

    On the issue of Canadian Banks, imo, they'll go down when the US Banks go down. Conjecture but believe this is the plan for whatever planned purpose, North American Union or whatever else.

  7. SGS :

    "Everyone and their mother is expecting PMs to get kicked in the teeth tomorrow after the NFpayroll"

    Any comments on this ?

  8. Turd,
    you are in top form right now! Great passion, honesty and analysis.

    did you not read what Turd wrote?

  9. Everybody just slow down. Take a look around. ..I have a feeling we are sure gonna miss this. Be glad in today and for what we have. Anger toward those who seek to destroy what we have..and what others around the world COULD have if free people and economies were allowed to be free ..well, that's a whole nuther topic.

    (yeah.. this was probably a lame post ..just feeling all nostalgic and wanted to share a song that feeds in to that.. lol)

  10. Someone, PLEASE comment on Terry's question. I need to know, too. Yes, I read The Turd's most recent opinion, but I want to know whether others think that SGS's opinion might have some validity.

    -- Paul D. Bain

  11. BTW, I cannot find this prediction on SGS's website -- I shall continue to search for it.

    -- Paul D. Bain

  12. By the way ...........I really miss hearing about the vermin rat bastards and tomorrow is FRYDAY afterall ....where on earth is afrum lately ??

  13. Look, paul. I love SGS. I've helped him with several parts of his website. Who gives a shit what he says? I'm sure he'd say the same thing about me...and he should. We're both just speculating about a BS, fully-manipulated government number and its very short term implications. What he thinks or what I think 10 hours before its release is completely worthless.
    Relax and go to bed.

  14. ..excuse me ...I meant to say that tomorrow is FRYDAY!!!!! !!!!! :]

    ...hopefully afrum graces us with his presence again soon!!! !!!!! !!!!

  15. Just BTFD tomorrow....

    Those Venezuelan hookers will be that much closer.

  16. 808State,
    I'm not really in this for the Venezuelan hookers.


  17. TF, i'm sure you've probably read this already but I would like your take on it: says gold is going to 1100 in June.

  18. Brought to you by the same a-holes that brought you the following.

    "Everything is changing. People are taking their comedians seriously and the politicians as a joke."
    -Will Rogers

    Jon Stewart Trashes NBC for Not Reporting GE Tax Story

    Daily Show: Oliver - America's Freedom Packages
    John Oliver demonstrates how America's freedom packages will turn any country's civil war into a catastro-tunity.

  19. Regarding banks, living in Canada I'm extremely comfortable with RBC and think any of the top 5 banks are in great shape especially comparatively speaking with US counterparts. Canadian banks did not have the poor lending practices that their USA counterparts did. Property here is not grossly inflated as it was in the USA prior to the housing collapse which resulted in ridiculous amounts of underwater mortgage defaults in the USA. Our housing prices are certainly slightly on the high end in our major cities however that is due to supply/demand fundamentals. Our cities are multicultural by nature and we have significant immigration.

    That said, I mention RBC not to debate it's fundamentals (which I think are fine) but from the point of view that it is a great bank with multiple cross-boarded benefits that are not widely known.

    RBC direct has a decent trading platform, RBC Bank has a great online banking and global banking facilities. They acquired Centura Bank (now RBC Centura) in Florida many years ago and now have a great cross boarder platform that many Canadians use to move funds across the border.

    I can log into my RBC account and see my USA bank, my CA bank, my trading account, my RRSP, TFAS etc all in one place. This allows for very and seamless moving of funds to wherever I need at that time.

    Having a RBC account in Canada allows you to open a bank account with RBC centura in Florida allows (including obtaining credit in the states based on my Canadian credit rating). Many Canadians I know use this as a method of building credit in the USA without actually living there. The majority of people who have these accounts are what we refer to as "Canadian snowbirds" -it's cold here so we purchase florida property and try to spend a few months of the year down south. I imagine American's can use the same facilities in reverse in order to have a safehaven outside of the USA when SHTF.

    Anyway, what's really handy is the ability to move funds cross border and also into/out of trading accounts all within a couple minutes.

    If you have $50k or more in your RBC trading account, you qualify for lower commission trades and it took 100k to get level 2 data in the past (not sure if that has changed). Trade on usa/canadian markets, hold funds in cad or usd. All around I find it is fairly versatile.

  20. yup dats right turd.......I guess if you print Trillions in IOU's and put it into the biggest banks and deepest pockets its not hard to afford some paint for a ticker each day. So if this is Ben's idea of front running the economy then I guess I'm all in. Heck I just talked to a guy driving a rig at a truck stop a couple of hours and he was bullish on the market. He said if he could sell his wife at the next stop he might be able to fill his tank to get him home in time to go long after the morning's job report.

    Personally I am all in favor of austerity here and balancing the budget here. Like most sheep lets cut the hell out of Pell Grants, Medicaid for children, Head Start, PBS, and Privatize Social Security(the Bankers have their eye on that money for years) I say we can squeeze maybe one percent out of those first four. Throw those women and kids to the curb.... And if you want some bang for your bucks...turn Social Security over the Wall Street...

    True dat....we are on the road to recovery.

  21. I know that everybody thinks that the FED is trapped and has no other choice but to continue QE. But I'm wondering if they are trying to collapse the system on purpose. What are the implications of that?????

  22. For those looking for a top notch documentary, I discovered this gem called One Percent from the prisonplanet forum section under videos. This is a documentary from Jamie Johnson, the grandson of the founder of Johnson & Johnson, and he uses his name to really get the psychology perspectives of the wealthy.

    I am going to use this as a theme around a new post I am going to make, as watching this has inspired me once again. I am convinced more than ever that the majority of people are just ignorant to the facts, and once presented with them there will be a flurry of revolutionary values within the world.

    The interview clips with Milton Friedman is priceless, along with Warren Buffet's grand-daughter who was sent a letter denouncing her relationship to Warren Buffet after commenting that excessive wealth is for those who fear there is not enough. In addition I learned about the sugar fields, and a lot of other VERY VERY VERY interesting things. I took the most from understanding these "wealthy people's" perspectives, confirming the world is full of a bunch of confused people who wish they could change the world but conclude its insurmountable.

    Well, the answer starts with Ending the Federal Reserve and restoring constitutional government, especially civil liberties and end of government ponzi scheme. Stabbing the heart of the beast (the money making power) is a terrifying step that we as a world must understand and rectify.

    People who disagree will soon find new meaning in these values. And they will find themselves agreeing with Ron Paul more and more.

    Truly an educational video if you are as intrigued about psychology of some of the ruling players in our world. I too imagine the days when this no-win system (even for these wealthy its no win to have your society collapse) is thrown out. It will have to be sooner than most think.

  23. yardfarmer,
    you'd be well advised to read jsmineset. Jim Sinclair has mentioned that work of Armstrong's a few times over the last few weeks. In summary his view was: who cares? Even if it goes down temporarily it's still going up a lot over the medium to long term.

    The biggest risk in a multi-year bull market is to be out of the market when one of the big up-moves comes.

    You can listen to Armstrong or any of the many other commentators out there and you can find a dozen different views as to why you should sell gold now. I'm a trader and the thing that impairs my returns is trading!!! It's the waiting that counts, not the trading (will try to find the exact quote from Jesse Livermore).

    If you listen to one commentator, listen to what Richard Russell often says:
    “Very few human beings are able to hold for the duration of a bull market.”

    Anyway, you asked Turd, not me, so feel free to ignore all I just said :)

  24. Hey! I'm from Minnesota!

    But I do come here everyday to see if the Turd is floating or sinking.

    I'll take famous tities for $400, Alex....

  25. "It's not the thinking that makes the money; its the waiting"
    --Jesse Livermore

  26. Good points about the Armstrong document, Turdle.

    The paranoid part of me thinks that the idea of a June drop to 1100 may have been planted in the document by TPTB. Condition of his release? Wasn't it stated that Armstrong can't publicly make any comments until Sept 2011? Read that somewhere lately, didn't save the link.

  27. Jeff Christian is a banker shill. If you guys watch that historical CFTC hearing on gold and silver one year ago you'd notice he was there defending EE from left to right w/ all sorts nonsense.

    Interestingly it's Gary Gensler during the hearing poked one major BS JC was talking about. When discussing that massive EE raid in the summer of 2008 this JC fella was saying it's just banks shorting to hedge their sale elsewhere. GG picked it up and asked him how to hedge a sale with short. That caught JC off the guard, and he started to come up with another load of BS to cover it up. Very funny.

    Watch it here:

  28. Turd, and others...

    Because of macro poor planning issues like the tar sands oil and other pipelines going to cushing ok faster than the refineries there can process it, cushing is just about full up on oil. This has causes the $15 difference between WTI (cushing ok) and other world wide oil prices.
    The difference is enough that zero hedge had an article about train tank cars carrying oil from cushing to coastal Louisiana. This train costs $6bbl and price diff is 15bbl so you get $11bbl arbitrage.

    As wehn cushing completly fills up one would expect WTI price to drop. Yet the way the Saudi's etc... see it Gold==oil so the price of gold should follow brent or other world wide crude prices. Which oil price do you think gold will follow, brent .. other or WTI?
    I would expect divergence from WTI.

    Your thoughts.....

    One of you Loyal Klingons.


  29. Turd,
    Awesome job on the new vid, and you got it know they've got to be going long personally (not just comidically). It's just too enticing.

  30. I wish Kakerlakota would have managed to talk the dollar up against the euro ... 1€ is still at $1.4166 ... been waiting for a lower-trending euro for a couple of weeks now.

  31. Is anybody else paying attention to the ratio of gold/silver?

    These aren't exact, but very close:

    1/2/11: 1/45.72
    2/1/11: 1/47.48
    2/18/11: 1/42.86
    3/3/11: 1/41.17
    3/19/11: 1/40.01
    3/31/11: 1/38.04

    Wow, I'd say silver is making great progress.

  32. The actual quote is longer:

    "After spending many years in Wall Street and after making and losing millions of dollars I want to tell you this: It never was my thinking that made the big money for me. It always was my sitting. Got that? My sitting tight!... Men who can be both right and sit tight are uncommon. I found it one of the hardest things to learn. But it is only after a stock operator has firmly grasped this that he can make big money"

  33. And more:

    "Nobody can catch all the fluctuations. In a bull market your game is to buy and hold until you believe that the bull market is near its end. To do this you must study general conditions and not tips..."

  34. Wow - I was catching up on the old thread and thought I hadn't missed much!

    yardfarmer - there was discussion about that article a few days back - I think you can understand from the post that it seems unlikely to TF that that would happen. It is always interesting when a new poster appears and suggests that the price of silver or gold will go significantly below what TF has posted. I was wondering if you would like to explain why you think Armstrong might be right? I am of the opinion that gold has had a chance to consolidate at these higher levels and that there is too much chaos in the world and no wiggle room left for Bernanke and gold will continue to inch up. I even wonder if we really will see significant dips tomorrow. yardfarmer?

    Paul - did you find that quotation in SGS's site?

  35. My, that was pure inspiration.

    I'm going to go and find some more $$ to put into pms just to help Turd's prediction along.

    Seriously, you are some preacher, Turd.

  36. Turdle - I have been sitting and holding, after inching into my choices, and so far so pretty good. I could have made more money trading the dips, but I am too emotional and have trouble selling so I worked my way into holdings I am happy with (some miners I could kick, but I know why I picked them). And I see the Snake agrees.

  37. JP

    I enjoyed the clips, thanks.

    Here are some from across the pond where humour is alive and well.

  38. Hey Turdies,

    First time poster, trillion time refresh click button addict. Just few words from the guy who was born in the most unlucky eastern European country, a real victim of "the between the hammer and the anvil" curse.

    Few of my national heroes helped fight for your freedom during the revolutionary war. They came and gave everything they had (some life) for your country. That alone made me question the motives and reasons behind it. It raised a simple question why would someone travel across the ocean and give his life away for a piece of paper called “Declaration of Independence”.

    Answer came during the hardship of the early 80s when as a kid I had to wait in the line for 3 hours in the cold Sunday morning to get rationalized loaf of bread. At that point of time I have realized that we the free people deserve better.

    Fast forward to our times and I found myself questioning motives and reasons again, this time it is directed towards the leaders of my new home (Washington DC). What did we do to deserve this debt slavery? Why did you take advantage of our country future? And why did you sell your soul to evil banking cartel?

    Thanks to --> Zero Hedge --> Turd’s home I found my answers. Keep up the good fight guys, news is spreading faster then TPTB can contain it. Believe and help others wake up.

    Remember that Good always win in the end.

    You can bet all your PMs on it :)

  39. Re: why the big guys want to trash the US$. Listen to Soros and his friends. The endgame is a world government with a world currency. And I'll bet you $1 million that Soros would be in charge of the currency (if that disgusting reptile is still alive). Talk about slavery....

  40. @ Paul, Terry & anyone still worried about SGS's post, please take a moment to READ THE DAMN THING first.

    Also note the title: "Sold all my Silver, all my Tinka, and bought Netflix and ACME packet". Uh-huh, no sarcasm there from the creator of the Silver Bears videos.

  41. AD1971 - Wellcome aboard.


    Terry - here is the full quotation - but nice try:

    "Everyone and their mother is expecting PMs to get kicked in the teeth tomorrow after the NFpayroll. Sure. I dont give a flying fuck anymore about these $1-2 swings in Blythe price action. Its actually getting boring to watch."

    And I really don't understand the need for foul language. I immediately discount the content when it is dressed in such shabby clothes. The English language can be so expressive, why use common vulgarities?

  42. I've been buying physical silver with both hands for over two years. I'm not a trader, I don't invest in anything else and it's never once crossed my mind to sell even a portion of my stash. I just buy two, three, four times a month with whatever disposable income I can spare (anywhere from $100 to $1000 a pop). If the SHTF and we go Road Warrior, I have the means to survive for a while. If not, my kids are going to inherit a nice stash of Ag.

    That's my plan. So I just wanted to sign up and say thank you, TF, for this terrific blog. You've helped me time my buys to get the most bang for my buck and you've taught me a ton about the PM "market". For a generic-template blogspot, you have one of coolest spots on the interwebs. Excellent work, man. Thank you.

  43. Hey it turns out the economy is on the mend as so I don't need all this silver and food anyway. Should I take it to Salvation Army, or Goodwill?

  44. CD - Terry knew the whole quotation - just Turd disturbing idiocy - and Paul sensed there was something fishy and was right. Can we please stay civil? Why the all-red caps? Why the swearing? Why is everyone so angry lately? And at the other posters?

    Gun's left at the door. Please.

  45. @AD1791 -- welcome on board.

    Is your handle by any chance a reference to this? If so, cześć. I'd be curious to hear any first-hand details on the singularity event that the zloty went through - precursors, side effects, etc.

    My own (original) currency's epic demise was before my time...

  46. Man! Silver keeps going/staying up. Strange. This does not feel normal.

  47. Pablo - let me drop it off for you - no trouble I assure you, right on my way.

  48. My hat (though not yellow, big, and foamy) is off to you, TP! Fine analysis i can't get anywhere else. Will be locked and loaded for flying monkeys in the morning.

  49. Titus - I hadn't checked for a bit - looking good. And gold too. I tell ya, these two are both just hard to kill lately. We will see what tomorrow will bring, but I am not thinking that the dips will last long, if they are very deep that is.

  50. That's to TF. TP is where I stay under big sky.

  51. Sorry Xty -- did not realize I was being offensive. Especially did not intend to be so towards you. Was slightly miffed at a sense that there might be intentional non-benevolent pot-stirring, but I did not feel that I attacked anyone. The red lettering is just the embedded link showing that it's live...

  52. @turd

    I wouldn't put it past the Fed that they trod out the FED shill and then on cue the EE (as planned) starts selling their own gold (since they are both long and short gold, as well as silver) in order to create the impression necessary for the faint of heart (unsuspecting and/or weak minded) to follow suit. In short, I think there is more than meets the eye at every turn of these events. It's all high stakes and rigged. The important thing is to float the dollar and perpetuate their ponzi schemes as long as possible. Gold is the bird in the mine shaft. If they let the price go up to fast or too high, people will soon see how bad things really are, there will panic buying now (instead of later) and the whole house of cards will come crashing down really quickly. It's a confidence con they are playing on the sheeple, one that obscures the truth and, therefore, prevents the average schmo from making the necessary preparations. As for those who are in the market, only the clear headed can find their way through this matrix.

  53. from ZH-jobs report nad QE3 or not !

    NFP number will be one of the most critical releases from the BLS: if on one hand the number is far greater than expected, it will effectively mean that QE3 will not begin immediately after the end of QE2, just like QE1 ended on March 31, 2010 only to see QE Lite implemented 4 months later. That the Fed is not willing to take a political gamble and send oil to $150 is conceivable, which is what would happen should Jon Hilsenrath start leaking QE3 rumors. On the other hand, the economy is once again turning lower as recent diffusion data (not to mention housing) has been indicating. Should the Fed implicitly tighten, by not loosening, the economic contraction will accelerate drastically, and capital markets will follow suit. And since as Hugh Hendry noted earlier, there is no China to pick up the slack, the stakes on the all in gamble in this bet that the virtuous cycle has picked up, will likely cost Bernanke his job if he ends up wrong and QE3 is needed anyway. Of course, as many believe, and as Bernanke himself has said, manipulating the market and stimulating inflation is and continues to be the Fed's only objective. Obviously, the waterfall effects in either direction here are huge. Which is why if tomorrow's NFP number is a beat and not just any beat but a massive one (read well over 250,000), it will be an attempt by the administration to cement the idea that the economy is now recovering. Anything at or below consensus will merely push the decision one month forward, however it will be too late to prepare the political landscape for QE3 in May, just two months ahead of the end of QE2. So tomorrow is likely D-Day on QE3 (or at least a direct continuation of POMO past the June 30 expiration date).

    In this light, it is interesting to note what Morgan Stanley has to say of Narayana Kocherlakota's interview from late in the afternoon, which stipulated a 75 bps hike in rates as normal, and which caused a minor sell off into the close. According to David Greenlaw there are rumors that Kocherlakota may have seen, and therefore leaked, tomorrow's NFP number, which by implication would have to be very bullish, in order for the Minneapolis Fed chairman to have such strong words encouraging tightening.

  54. Wow, even 14 year olds are waking up....
    Must watch for older folks who think the youth is unaware. Just watch how fast this spreads once the youth becomes aware of the trouble we are in. We are an information driven, connected, and fast assembling generation. This will only intensify in the coming days I would imagine.

    The youth will assemble quick, as long as the internet exists. We must protect it at all costs. Be vigilante for cyber-attakcs that call for new regulation of the internet, not that I feel anyone here wouldn't be suspect at first in such a situation anyways.

  55. Titus,
    With crude oil going up, inflation going up, staples going up, it would be abnormal for real money like silver and gold to go down.

    I make a motion that TF deputize you. Way to handle the riff-raff 'round here. Seems people gettin' kinda edgy with that card shark Fed gov't at the back table fleecing the tenderfoots with phony numbers come sun up.

  56. GREAT FORUM - i've been reading this for the last three days for six hours a day! Thanks turd.

    Does anyone know any calculator out there to figure out the lot size and pip size of our silver?? Playing with Oanda demo.

    Read some great posts by Turdle GG, Citizen Doctor and Art Vandely, all saved on my hard drive, explaining a bit about their method of forex silver trading - thanks

  57. A must read! Hits the nail on the head just like Turd

    Thanks Gord

  58. @Terry and anyone else wondering about the SGS comment. Apologize if this has already been looked at but a quick scan didn't show it had to me.

    "Everyone and their mother is expecting PMs to get kicked in the teeth tomorrow after the NFpayroll. Sure. I dont give a flying fuck anymore about these $1-2 swings in Blythe price action. Its actually getting boring to watch."

    I take this in context of the rant. I think he's saying that the usual suspects are saying the usual thing but it doesn't matter. The "Sure" is sardonic.

  59. Trade off for $30,000 in cash.

    Option 1
    Put $30,000 in bank account (checking)
    After 2011, you really have the equivalent buy power as $27K of 2010 USD's due to 10% loss in buy power at minimum.

    Option 2
    Put $30,000 into a 20% down on a $110,000 condo
    You now get $80,000 of debt to the bank and $1400 of expenses per month.
    After one year, you're not only out the $30,000 down, but also another $15,000 in property taxes, HOA fees, and utilities.

    Option 3
    Put $30,000 into two Monster boxes of silver.
    If you did this in 2010, you would now have 20% ROI by just putting the two boxes under your control for the past 3 quarters. Plus, with the extra $15,000 you didn't spend on the condo expenses, you now can buy 10 ounces of gold.

  60. @ Robert

    Per Wikipedia, Kocherlakota is some brilliant kid who entered Princeton at 15. They go on to note that as the Minneapolis Fed Prez:

    "In January, 2011, Kocherlakota contested the idea that the Federal Reserve caused the housing bubble in the 2000s. He noted that "land prices started to rise in 1996 and that prices grew 11% per year between 1996 and 2001, when the Fed's target rate was between 4.75% and 6.5% ...[,] 'hardly ... loose monetary policy."

    Well, it's true the Fed wasn't the only reason, but, along with their political allies, they sure as hell were a primary enabler.

    Looks like this brain has been twiddling numbers a little too long and has lost sight of the real world.

    I also find him suspect because he graduated from Princeton in mathematics and it would be impossible to argue that especially as Pres of one of the Fed Banks he does not understand the full and disastrous implications of the Federal Reserves policies just from the raw numbers and the near-certain probability of unmitigated disaster arising out of it.

    Something stinks here, in my very humble estimation.

    word ver = blixink ta-da!

  61. What an excellent, honest, blunt article. Thank you Turd!

  62. CD = sorry to go all Miss Manners at you. Last night things got very sarcastic and you are right about pot stirring. Yardfarmer? Terry? I have always (well, since I grew up) found language, like clothing, very representative of content. They say you cannot judge a book by its cover, but that is patent nonsense. You frequently, and accurately, judge a book by its cover, a dictionary from a romance novel, to pick an obvious example. For some insane reason, we seem to have thrown out the concept of discrimination as a good thing, and manners too. Babies with bathwater. Some to the good, I might add, as I am a huge fan of the younger generation (tip of the hat to Scott) and my own kids and their friends. Nuff said. Thanks for taking my comment as intended.

    Scott - yes, we must protect the internet. It is the new key to organization without arrogant rulers.

  63. Bro. D - hey, nice to see you.

    Happy - exactly - and Terry was Turd disturbing, to use my new phrase,

    StrongSide - we did put some away, but I wish it had been more. We did buy some Sprott 300 before we really realized what was going on. Actually that is not really true. We knew what was going on sort of, but failed to understand initially what it meant for us, personally. Then we upped the silver and gold - still wish we had done more earlier, but isn't that just life in many ways. Excellent hindsight.

  64. Irene - but Bernanke too is highly educated. It just boggles the mind that everyone isn't an Austrian but these guys appear to believe what they say. I honestly think they take Prozac or that new Ritalin for adults (can't remember its name) during the day, drink Martinis in the evening, take Ambien at bedtime, and can no longer see what is around them and have created a fantasy life. They still live in huge mansions, and have servants and drivers and chefs. They go to their fancy clubs and play golf with the President. It is nauseating. Beyond redemption.

  65. As far as the jobs report tomorrow ,no matter what the number is remember that the number is so manipulated by the Fed that it means nothing.By the time they add the birth/death numbers, seasonal adjustments they can cook up any number they want .

    Like “The Boy Who Cried Wolf”, the U.S. government has been lying about its employment data so much for so long, that even in the unlikely event that the U.S. economy did actually begin to produce positive employment gains, it’s unlikely that any thinking adult will believe it.

    also concerning Kocherlakota remanrks today-
    The Fed was jawboning the dollar in similar fashion last year only a few weeks before opening the door to QE2, so I put no weight on these comments

  66. No worries Xty. You remind me a bit of MsCreant on ZH - I bet you two would hit it off well (if you haven't already).
    Will (try) to make use of the plethora of available synonyms like dang, darn, bloody, blimmin' etc. ;-)

  67. @Robert and @XTY-
    No doubts from me.

    I was reading comments at Max Keiser tonight.

    This remarkable video shows the same speech being given in two different parliaments by two different national leaders, but the speech is the same speech in advocacy of war.

    The speeches are literally word for word and shows the remarkable extent to which we are being subjected to coordinated, controlled propaganda regardless of where we live.

    TRULY a remarkable video

  68. CD - good for the imagination, but you can end up sounding like the Hatdy Boys, by golly.

    leonard - I would include punctuation and capitalization as aspects of proper language and hence clear thinking and good manners, And to paraphrase my brother-in-law, I will sleep when I want to.

  69. Silver slipping into contango again all across the board. Doesn't make me cautious, but with silver at up to 2$ backwardation I was ultra-bullish.. now I'm probably "just" strongly bullish or plain bullish.

    Am very curious how this contago/backwardation issue continues to develop.

  70. This is our elite. We are truly f*cked.

    Okay, this is from the intro to Kacherlakota's "New Dynamic Public Finance" (link below). It's followed by about 50 pages of math. I do not understand even 50% of the math involved, but it doesn't matter. What I want to know is, why are our elites even thinking these thoughts? What kind of America are they envisioning? Clearly, not the America I envision. This is the crux of the problem in this country. Our so-called elites are totally out of step with the spirit of our country's founders.

    New Dynamic Public Finance
    • Some are born with the ability to generate income with relatively little effort. Others are not.
    • In a dynamic setting: Some lose their ability to generate income (for example, due to mental illness or back injury). Others do not.
    • Why don’t societies perfectly insure their members against these major risks?
    • Just tax everyone at 100% and share the proceeds evenly.
    • If society can tell who is high-skilled and who is not: good system.
    • Just command the high-skilled people to work hard.
    • Insight 2: skills are often private information.
    • A high-skilled person can choose to act like a low-skilled person.
    — A high IQ person can act like he/she has low IQ. — A person with a strong back can act like it’s injured. — A person may fake depression or other mental illness.
    • The even split plan is still possible.
    • But it is no longer desirable.
    • High-skilled will act like low-skilled.
    • If skills are private information, tax system has to provide high- skilled people incentives to provide effort.
    • A good tax system efficiently trades off incentives and insurance.

    It's the third entry down:,or.r_gc.r_pw.&fp=80ab9cbe03966427

  71. "Terry said...
    SGS :

    "Everyone and their mother is expecting PMs to get kicked in the teeth tomorrow after the NFpayroll"

    Any comments on this ?"

    90% of the time, short-, intermediate- or long-time bears (of the PM markets) get proven wrong.

    It's probably human nature that most will continue to listen to individuals that have been proven wrong multiple times but provide a certain kind of commentary (sensational, pessimistic) that appeals to a certain group of people.

    It's also human nature to ignore or even attack someone who brings news that you know or assume to be true, but don't want to hear.

    "The masses have never thirsted after truth. Whoever can supply them with illusions is easily their master; whoever attempts to destroy their illusions is always their victim." Gustave Le Bon

  72. Holy moly, Irene. That is scary material indeed. Skip to the conclusions for the really juicy bits:

    - Planner must deter individuals from saving as much as they would like.
    - Intuition: unregulated asset accumulation leads to tendency to save and shirk ...
    It is optimal to deter savings - a lot!
    •How do we best accomplish this deterrence?
    •That is the question that we take up in the next lecture.

    The New Dynamic Public Finance

  73. Irene - OMG -

    "If society can tell who is high-skilled and who is not: good system. "

    If he only thought a little harder, he might invent the free market.

    "Just command the high-skilled people to work hard."

    They are evil - and it is as if he knows he isn't one of the high-skilled. That is chilling. And then incomprehensible math. If you read a novel in which the rulers of the world were mathematicians, you just know the average citizens would be enslaved.

  74. CD

    " Intuition: unregulated asset accumulation leads to tendency to save and shirk ..."

    I like shirk - shirking must be stopped! Just like in Horton Hears a Who - it was a shirker in Apartment 12-J or something and it was his little whoop that finally made the Who's cry for help loud enough that Horton could hear them and save them from getting boiled by the evil monkeys. Some astonishing irony here.

    and from the beginning:

    "A high-skilled person can choose to act like a low-skilled person."

    What to do, what to do - you can just hear them plotting about how to get the highly skilled people to work for them instead of for themselves. They really do know they are useless.

  75. Central bankers are not all evil. They have bought us time. This shit could have fallen apart three years ago. Think about what you have been able to accomplish in those three years.

    The system is not perfect. But they are not all out to f us. What is most beneficial to the planet? To think that the elite will no longer be elite when we are scratching in dirt to feed ourselves is foolish. You think that no elite buy silver and gold? Seriously.

    What will be the system after this? Anybody's guess. But to think the elite will not prepare is an understatement.

    I'm with everyone yelling for precious metals to go up. I just hope you realize what that entails.

    Protecting your storage against friends and family starving will be impossible. It is going to be a heartbreaking life wrenching affair.

  76. Markus - did you read the thread above? And the whole quote? Just a fear-mongering fly-by comment. A low swooping flying monkey sowing discord.

  77. J.E. - look at what this fellow wrote - he is evil and wants to control individuals in a grandiose way. It is crazy stuff.

  78. @CD - Yeah, I saw the conclusions too. Depressing.

    @ Xty - One of my former boyfriends was doing his Ph.D in math. His favorite word for me was "reactionary." Many of the mathematicians I met were serious leftists.

  79. @ J.E.

    I think you are seriously mistaken. There would have been no financial crisis but for the central bankers in the first place.

    I for one am not happy to see pms rise. I know full well what it means.

  80. J.E. -- you seem to be forgetting the slightly important detail of who ENABLED the situation to get to a point where it "could have fallen apart three years ago".

    And "they are not all out to f us" -- WTF are you talking about? You are only right in the sense that they could care less about what happens to "us' - live or die, suffer or not is irrelevant - only further production of assets for the benefit of the elite is of concern.

  81. Rick Santelli goes off on one regarding the Jobless Figures and the manipulation onf them and also the 43cents on the dollar of US government borrowing... dont think hes bullish on the UD ;-)

  82. The central bankers profit when the populace profits. Who is taking out that next loan?

    What I am saying is the system is doomed to fail. All debt based expansionary systems must fail. Expansion can only go so far. Why do think all the paper based derivatives? Expansion of the base.

    It is easy enough to follow the footsteps of giants and buy physical. Physical will protect you for time immoemorial. Now if only the other 99.9% of the population realized that when everybody heads for the exit of paper based debt/promises only those at the front of the line will make it.

    Do you think the American society had success because we are unique? Maybe. But when you can print dollars and other countries must actually do something productive to earn those dollars you have a very unique advantage. Was it warranted? Maybe. Let's ask people around the globe who cannot print dollars.

  83. @JE

    While it's true that America has forever been arguing over central bankers/banks, it's also true that America did very well for itself before the US$ became the reserve currency of the world and the US was able to print away. Please, read some history. You sound like you're just parroting something you read or heard someone say, but don't quite understand.

    And yes, we have had many, many successes because we are unique. Care to debate?

  84. Scott, mahalo for the vid 411 it's great, your pretty good yourself the world needs more Scotts.
    Turdle, far too many people misinterpret Armstrong. He lays out possibilities, probabilities, ranges and patterns. I've followed him from the beginning reading his pieces several times each. He is the most consistently correct to the day, years in advance. I know of no one who comes close. I am looking out for his BIG MISCALL as he is human and fallible like all of us. In any case I only trade options with 5-10% of portfolio 70/30 call/put so the market manipufluctuations don't bother me at all. Actually the volatility does wonders. My biggest "worry" is sell my $10 slv 1/13 puts @20% profit or wait for june low or til they default and make bank. Rather than worry or think I'll probably Live more and do nothing. A hui hou, malama pono kakou.

  85. Irene - mathematicians mistake math for the real world and forget it is just a self-referential language. And just look at economists! It really is fantasy and the paper you found is scary. Like Mao or Stalin in the cold, abstract, way people are discussed.

    J..E. What is your main point - that bankers aren't evil and America gets to print money because they are lucky and evil and somehow "it is easy enough to follow the footsteps of giants and buy physical" thrown in there as a random dig?

  86. @Irene

    You are correct. America was the last man standing in WWII. This meant that we could demand reserve currency status. This means that worldwide oil and gold are both settled in US dollars. This is the only thing that gives our currency value. Take advantage of it while you are able. Times are changing.

    Russia is now the leading exporter of oil. China the leading producer of gold. China and russia have agreed to settle trade locally. Is there a need for our dollar in this? Hardly.

  87. @ JE

    Seriously, where do you get these lines? "We could demand reserve currency status." Wow! You speak as though we didn't put out for the world and guarantee most of the world's safety for most of the 20th century. So, reserve currency status should be pretty normal in that situation. Everybody wanted to be under US protection instead of the USSR's/Russia's or China's. Do you honestly have a problem with that?

    I don't see Russia doing anything very estimable, and I don't see the Chinese doing anything except playing catchup in a very dirty fashion.

    It's only really been in the last few years that the US has abused its legacy. And I grant you that it has been seriously abused. But we're a really, really good group of people who have died and spent a large part of heritage helping other people.

    What corner of the world do you come from? A lot of what you write sounds like propaganda. Sorry to be so blunt.

  88. @JE

    It's kind of indelicate to write, "America was the last man standing in WWII," as well as historically misleading. Whatever did you mean by that?

  89. @Irene

    "It's only really been in the last few years that the US has abused its legacy."

    I can think of at least two other episodes where the US has defaulted. In the '30s when FDR confiscated gold due to public demand. And then in '71 due to foreign demand. Why do you think we had an oil shortage after we refused to exchange our currency for gold? Nothing recent about it. This was nothing but outright fraud and not recent.

  90. 37.7 seems to be EE's trench atm.

  91. @Irene

    I respect your opinion and am fine to have them differ. I see history differently than you and that is fine. I think holding physical is important and that we, as in the human race and not just Americans, are confronting huge challenges in the near term. I think we have squandered a unique resource in oil but that is neither here nor there.

  92. @Irene

    What other economies were standing after WWII? How do you think we were able to command 90% taxatation on the wealthy? There was no other economy! This rate has come down to due to competition from other economies of late. Who is taxing this much today?

  93. @ Turd - a complete non-sequitur, but here is a recent TV appearance from your alter ego:

  94. "Irene said...
    Seriously, where do you get these lines? "We could demand reserve currency status." Wow! You speak as though we didn't put out for the world and guarantee most of the world's safety for most of the 20th century."

    Yeah, stepping in as the big strong savior after a bunch of guys has beaten each other half to death is real heroic.

    Sorry Irene but that is exactly the brainwashed pseudo-patriotic attitude that has run your country into the ground and makes everyone around the world hate you. I happen to know because I'm from Europe and the only guys that like you over here are just the same kind of over-confident over-fed bullies that like your attitude because it kind of justifies their own wrongdoings.

  95. TF, Forgive me for being dense on this topic, but I still don't understand the significance of the new JPM vault. Does this allow them to co-mingle SLV metal and COMEX metal? TIA

  96. I have a chart that I would like you guys to see, but I can't load it.

    Go to
    @ symbol type in $Silver
    Change period from daily to weekly
    at range put in 3 years
    Now hit update

    Couple things to look at.

    1. Since 7/09 the 50 week moving avg. has proven to be solid support 3 times.

    2. The MACD has not been as high as it is now in the past 3 years....probably alot longer than that but we can only go back three years.
    Note the low on the MACD at 11/08 when silver was around $9.

    3. The RSI is also at a 3 year high at 79.18

    Based on this longer term chart 11/08 was an excellent time to buy, and looking at the MACD and the RSI now suggests it would be an excellent time to not be too bullish.

    Just take a look at the chart and draw your own conclusions.

  97. today we will go up less than 10$ or if we go down then more than 10$ is my guess

  98. Kumamari,
    Thanks for your views on Armstrong. Are you aware of anyone who has done a comprehensive study of his forecasts vs actual market outcomes?

  99. What if the banksters(fed) are all going to short everything under the wallstreet sun because they know the fed is going to stop QE and profit from the market crash only for the fed later to step in and say we told you so and start it all over again. Think about it this would be an easy way for them to steal even more money just to do it all again. i do know fed is past point of no return im just saying i wouldnt put it past those lying stealing bastards to do this

  100. Armstrong doesn't see a market crash and I think he is right. The decision was made to sacrifice the gov't. Look at the tax rules for oversea trust on ZH or just imagine were that capitol will go. If other countries trade outside the dollar then they will not be able to grab a piece of the action through our markets. Bonds suck. I am wondering if the hyper inflate the market so that when the dollar drop to 46 they can absorb it without loss. It was all FED money moving it up anyway.
    Not sure of any of this mind you, just thinking out loud

  101. IPO season is still in progress. Wall St will buoy up this market with Helium if it has to, until Vampire Squids and other denizens of the Deep collect a shit-load of fees and dump their toxic paper onto morts, german bankers, and retail (collectively known as Dumb Money).

    When that's done, by early Q3, look out. There is still time to prepare.


    SMBC is addictive. Must ... stop ... reading ... archive ...

  103. "WE ARE WINNING" almost sounds like charlie sheen jk

  104. The U.S. Labor Department’s report at 8:30 a.m. in Washington may show payrolls increased by 190,000 last month after a 192,000 advance in February that was the biggest in nine months, according to the median forecast of 83 economists surveyed by Bloomberg News.

  105. Liesman bravely calling 300K for the BS figure

  106. Im bored with $37... make it go away.

  107. ragedmaximus - there was a good discussion of that scenario a while back - it is all too likely sounding isn't it? Time a market crash, and end up owning everything. One question is how far do the commodities go with the equities. But as an evil plan, it makes sense,

    trollercoaster - I will only buy on the dip if it is below 26 or 31 or 18.

    Jimmy - wake up, check the chart, 37.70ish. I will just come here first.

    Markus - it wasn't about chest thumping for America - if you go and look at the paper Irene posted by the man who's name is suddenly on everybody's lips, Kacherlakota, you will see. In it he reveals an astonishing attitude towards people and how you can try to manipulate them so you can prevent them from using their skills to enrich themselves rather than the state. And J.E. quickly stated that it wasn't the bankers it was America, and did not address what Irene said at all. She (and I) came to America's defense because of the uninformed and unpleasant nature of J.E.'s approach. This is not the forum for a discussion of whether America has been over all a force for good or ill in the world. Let's say - some of each and not get waylaid. But do go up and read Irene's post - chilling that bankers are even thinking about these things, let alone getting into positions of power from which they might try to implement them.

    Time for the morning beating? 8:00 a.m., 10:00 a.m. 1:30, 3:00 a.m. and 5:30 seem the dangerous times anecdotally. I am not sure how to go back and overlay individual days but those seem like the worst moments. Gold is looking iffier on the one minute chart, but not too bad. I was listening to last weeks KWN weekly metals report, and the comment by Trader Dan was that gold needed to stay above 1420, and we did dip below but came right back up - today does feel important.

  108. all that's missing is a brass band

  109. Little late in the comment, but just wanted to say great post Turd.

  110. This comment has been removed by the author.

  111. Here's a forex calender for those that don't have one, can come in handy, includes details of when banksters are talking and scheduled data releases

  112. make sure you tell it what time zone you're in by clicking on teh clock at the top of the screen

  113. hello everybody btw, those were my 1st ever posts on this wonderful blog, hats off to Turd and all around

  114. doc, send your $37 request to

  115. Alex - and then they wheeled those 83 economists back into the Martini bar and wired the funds to their accounts.

  116. ollywood - good morning and welcome.

    Check out the gold one minute chart - it just did a weird 3 dollar spike- like a sell order gone wrong.

  117. e736e346-32cb-11e0-89fe-000bcdcb5194 said...
    doc, send your $37 request to

    I just did. I bet both she and the EE are hooked on this blog.

  118. anyone know what time bls report is? i cant see it on the forexfactory page

  119. Delivered, PMs dropping like hot knife thru butter!

  120. Uh oh - something doesn't feel right on those one minute charts.

  121. Looks like the Fed's talking points (lies) have been handed out to all the FTV reporters (idiots, shills or liars) who are foaming at the mouth about the good job numbers.

    That's right... the economy is recovering, people are going back to work in droves and soon there will be a chicken in every pot. Happy days are here again.

    Next month, as usual, they'll have to revise those Feb numbers.

  122. BLS report out

    NFP + 216K

  123. Gold lost $10 in about 3 minutes. Silver 30 cents. Just a normal market here folks, everyday action.

  124. Flying monkey brig kicking in now.

  125. Have the Algo-dogs from hell been unleashed?

    They will return with tails between legs.

  126. nonfarm payrolls: 216,000 vs 190,000 expected
    private sector payrolls 230,000 vs 206,000 expectation

    Unemployment rate 8.8%

    Duration of unemployment has gone from 37 to 39 weeks.

    Generally, slightly better than expected.

  127. Don't believe the charts....It's April 1.

    Then again for these JPM monkeys, it's always April 1st.

  128. Was this THE supposed sell-off move of the week? Sheesh.. That brings too much time today to over-think this positive news.. I say we end green today! :)

  129. wow, heavy volume on that coordinated takedown. Volume chart looks like the John Hancock Tower in Chicago. Looks like buyers stepping in though...

  130. e73 - there is an extra letter in your jobs report titlle.

    Slightly better than expected. I was reading ZH last night and I love the way they revise numbers up and down to achieve 'better than expected' and 'slight' improvements, etc. It is so massaged it is meaningless.

  131. Beyond BM and EE opening the windows, do the flying monkeys have individual riders like in Avatar?

  132. What do I take action with here: A knee-jerk reaction to a government statistic, or the long-term macroeconomic trend???

  133. These payroll stats are most likely not significant enough to cause the fed to increase rates.

    No reason to sell. QE3 is still coming.

  134. turning this BS off see you next week all. Looks like silver will get pounded today. BS!!!!

  135. robots will sell off whole day. Im buyin on monday

  136. Now peace breaking out with proposed cease fire in Libya? Just when the jolly good jobs report is so peachy?

    You gotta hand it to the EE. They know how to coordinate an integrated worldwide campaign of deception and theft. Truly incredible.

  137. Ok, phony selloff over jobs is over. Weak hands flushed.

    Time for the run to 38!

  138. " IF the BLS can somehow put some additional BS in their report tomorrow, we may get enough of a selloff that every topcaller from here to Fukushima will be out in force claiming the doubletop in silver is in. First, I highly doubt that the BLSBS report will show anything that a reasonable analyst will be able to construe as positive. Second, even if they did, all the Prechter wanna-bes will be proven wrong in a week or so anyway so fuck em.
    Gold's the same. LIESman may be able to talk it down to 1410 but who cares? "

    The trolls and the topcallers are going to be everywhere today. My advice to you is to ignore and look away. What is the point of arguing?
    Since I run a blog, I suppose I will have to engage them in some way but I certainly don't feel like it.
    At any rate, let the computers and the daytraders sell their PMs. I will gladly buy it from them.

  139. Looks like I'll get a nice chance to buy back my CEF today.

  140. The silver market has changed so much in the past couple years. Already a 20 cent bounce off the bottom. Wow, super quick.

  141. Heck, if the Fed wanted 230,000 unemployed people to have a job they could'a just written them all a check for a million bucks and saved trillions.

  142. live stream silver chart

  143. More than half of the "payroll numbers" are imaginary guesses added to the number by the "birth/death" model.
    This means, "we don't know if those jobs have been added but, statistically, they should have so we're going to count them as if they did".
    What complete nonsense. And you sell your PMs on this?

  144. just fyi word of caution for anyone owning china stocks, alot are fraud and at least 3 halted this week and more to come.china=fraud shell co's and wallstreet profited from china ipos on usa market. don't touch china stocks with a 10 foot cane poll that should be used on wallstreeters

  145. I even see a couple suspect trolls jumped in and announced the selloff. Losers!

  146. @Scott... Coincidentally, I watched that One Percent documentary last night on Netflix. It was excellent as you say. Highly recommended.

  147. Amazingly the half imaginary number they just threw out is being construed to mean "Buy stocks because QE3 is still likely" and "Sell PM because QE3 is less likely" simultaneously. Quite a trick.

  148. China, yeah. You'll see hyperinflation there first before anywhere else. Their economy is a mess. Remember their key customer is the West. When the West goes into recession/depression China gets pummeled because they are export dependent. And if you think the FED is bad with manipulation of statistics, they are amateurs compared to what the Chinese do to manipulate things.

  149. payroll,jobs,economy,numbers,and revised are all now placed in websters dictionary under the word" LIE"

  150. Jack - they be nimble trolls, like your namesake. But if I may second Turd - they are easy to recognize: haven't seen them in ages or ever before (Piter - check); they will post a very short comment, usually implying they believe in the overall bullish nature of silver, just not today (Piter - check); they leave you feeling a bit defensive and worried about your own investments (Piter - check); and they make you want to argue and respond (Piter - check). Oh, and punctuation and caps - no punctuation except !!!!!!! and no caps unless cap lock left on to add to anxiety. Trolls live under bridges and are killed with axes, and Turd wields a mighty axe.

    I think that might have been it 37.20 and 1420 - now can we get back to the ratcheting staircase.

  151. And the stealth bull market in gold and silver continues on....

    Big picture, this is a minor move down. Gold is still 1425 and silver is above 37.20! And btw, oil is UP....

    I'll be concerned when EVERYONE is saying buy. The longer they deny the's only bull...

    Are these really smart people still holding paper as the basis of their wealth? ....fools

  152. Man, do you ever get the feeling that owning silver and gold stocks is an extreme act of sado-masochism? You wake up every day to a new guy with a club who beats you over the head with it. Options expiration. End of the quarter book squaring. EPA fines. Juiced jobs reports. Dilution. Fed hacks. Dollar intervention.

    It's just another day in the precious metals pit. I've lived through so many of these now but I'd be a liar if I said each raid doesn't take a little bit of my soul with it.

    Get ready to run the gauntlet. The spiked clubs are raised and ready to beat the snot out of us.


  153. I'm disappointed so far, was expecting a much bigger sell-off at this point to capitalize on. Is 9:30 Stock Market opening the next chance for "them" to blitz PMs?

  154. doc,

    Cool charts. Thanks!

    freddiemanic (divorced from fannie mae)

  155. SSK - the gold chart got me this morning. Even though I knew/expected it.

    pforth - they really are good at spin, it is wicked. That they can hold completely opposite opinions at the same time has always amazed me - but I guess that is the key to denial. (they = economists/bankers/pundits, etc.)

    More monkeys?

  156. It's awfully hard to win the monopoly game when your opponent has a copier.

  157. Jeff, have you met lollercoaster?

  158. Great new stuff on King World News for anyone who hasn't heard / seen it

    James Turk blog and audio w/ Rob Arnott and Robin Griffiths

  159. looks like a nice time to BTFD for me in exk

  160. Jeff, I suspect we've seen the lows for the day. 37.20 looks strong.

    If you were planning a buy at APMEX - which uses real time prices - it's great to buy the dip when you see a selloff like this one. Quick way to earn a few shekels....

  161. If this is all the cartel has, then gold and silver will continue up steadily after today. 1440 might even be in the cards today.

  162. Jeff - sorry, I just couldn't resist. But did you have a target? I am sure hoping that that was that! Two legs often does it - but having said that ...

    It is like the joke about looking for a two-handed economist.

  163. I think they're going to keep laying the shorts on until 10, try to take some steam out of the ETFs too. Hoping for bottom of either 37 or 36.7 to buy another XAG block (already have a nice position)

  164. well, one positive is these takedowns make the FUBM's that much more enjoyable.

  165. My impression is that EE style recently has been (a) try to move silver price down with relatively small volumes, not the pile driver sell orders of the past (b) try to control gold more than silver.

    A 1.5% move down this morning is no biggie, not for silver.

    EE is holding back on the pile driver, I think, as per TF's latest Blythe video.

  166. Maybe I'm going against popular sentiment, but today makes me happy... the omens were pretty clear, so I sold off all my active trading stocks yesterday, and now I get to buy back in at a much lower price... what an easy way to make money!

    (I didn't touch my core positions, I'd only sell those if the fundamentals changed... which they haven't)

    So buy up! Sale in aisle Gold!

  167. JoeKa said "Anyone buying yet??"

    I added at 37.27

  168. I'll be adding soon if those low targets I posted don't get hit. Clock is ticking and I think we all agree that it's onward to 38 from this morning.

  169. kiwi - about how many 'active trading stocks' do you mean? I am wanting to start trading some of my miners but I have about 10, and it is too many to keep in my mind at once. Wondering how you manage it - do you set targets to get back in to the same stocks?

  170. Xty, didn't have a target, just an observation as I was expecting more of a beatdown. When the stuff drops, I add and hold. Very complicated investment thesis.

  171. Looks like the free market price of PM's is finally going to be expressed this morning... oh, April fools!

  172. Just by the shape on the one minute chart, especially gold, it is looking like it has tapered off. I don't think this is wishful thinking - but gold looks like it found a bottom at 1418, and silver going much below 37 would be surprising. But that is how they get you, isn't it - catching those low stops in a split second 'cause that's all they need.

  173. yes ,all the new jobs (wink wink )will surely pay for the feds printing press and gadaffy is giving up all his oil, gold and wives lol

  174. CONgrats Bureau of Lies and Stretches: Scabrious sceme scared spineless sheeple, since seen stupidly selling silver. So sad scavengers- snapback soon scalding shorts, sending silver satisfactorily skyward. SoLong, suckers!

    Sorry, but afrum isn't here so the quality is bound to suffer...

  175. buggerin' bankster FRYday!!!! Aaaarrrggghhhh!!!!

    ok, that's the best I could do.

  176. Pailin: a low entry for silver at NYSE open makes Booyah Jim (ex-Goldman Sachs) look good, helps the ratings.

    And if there is big take-down in a few days time, then Mr Booyah simply shrugs his shoulders and says "silver is volatile, so sign up for my letter and learn how to trade silver".

    Wall St calls that "win-win".

  177. Unemployment? This is the only chart you need to get a pulse read. (courtesy ZH)

  178. Pining,Eric...I know afrum and you are no afrum.

  179. Given the "wonderful" jobs news and the entirely predictable bash down in PMs are we expecting a pile on raid at the 10am hour?

  180. xty-

    Most of my miners are in the USAGX mutual fund... unfortunately, it's still in the red from the beatdown in January, but it's moving in the right direction. If you are military or a military brat (that's me) you can get a USAA account... I really like USAA, good management and great customer service.

    I used to trade all sorts of stuff, but now I've settled down to AGQ (double silver) and GPL (although that's turned into a "me too" silver price follower). I tried a little UGL (double gold) but it's like watching paint dry some days. And I'm starting to play with the flavor of the month, EXK.

    I've dabbled with APPL and REE and some others, but I really don't understand what pushes them around, and that's rule#1 of investing "never invest in something you don't understand".

    I've tried oil investing, but it's so heavily affected by the moment to moment political landscape that I'm never comfortable with it, I keep scanning the news to see what's happening.

    Ah, here come's the next leg down, I set an AGQ buy at 218, we will see if I catch it (or it catches me.... ;-)

  181. Rick, if you know afrum, kindly convince afrum to post :)

  182. @ Curb

    Glad to hear, it's on netflix? That is pretty sweet. The information about the wealth gap in the movie was not as good as the psychology I learned about the big time players. Hopefully there will be a good portion of the 1% that look past their business life and realize the seriousness of the "monetary policy" in place.

    And the PM selloff b/c of the rising USDx b/c of the phoney jobs report? We can't get to angry at the algorithms, they exist and unfortunately are something we have to deal with. Nothing to worry about, I'd rather be on the long side of precious metals than the short side :O

  183. Out of the 117,000 phony birth/death model jobs added in the jobs report...21,000 were in construction. Are they serious?

  184. I just had a ROTFL moment over at Zerohodge.

    US Must Create 245,500 Jobs A Month To Return To December 2007 Employment Rate By End Of Obama Second Term

    (Pay close attention to the term)

  185. This comment has been removed by the author.

  186. I would say yes, another pile on is possible. That's been the monkey style anyway. Stay safe ppl if ur trading this.

  187. Certainly giving it their all, aren't they :)

  188. The paper tumbles,the physical metals rise,what a sick joke.

  189. At least Andrew Maguire made some cash today, now that JPMorgue is back to their old NFP ways

  190. EE trying to take gold down below 1400?