Friday, March 25, 2011

There Are NO Coincidences

OK, so maybe, if you happen to run into an old friend at the mall when you weren't planning on going to the mall that day...thats a coincidence. In the heavily manipulated PM "markets, there are no coincidences. Do not think, for even a minute, that events happen by chance and are unrelated. Only the naive or uneducated believe this. Hang around here long enough and, hopefully, you will soon be neither.

Yesterday, just as the daily update was released that there were still 717 March silver contracts that needed to be served and delivered by the close of business Monday, the CME leaks word that a margin hike in silver is coming. Silver immediately collapses away from the $38 level and eventually bottoms at 36.80 after the actual press release hits the wires.

Today, silver had rallied back to within 30 cents of its highs from yesterday. The potentially devastating effects of the margin hike had been muted. The margin hikes, in fact, had not even remotely affected the long-term appetite for physical silver. "OH NO", thought tptb. Then, to compound their problem, the latest update from the CME showed that the Comex had only been able to settle a measly 85 contracts yesterday. They still have 632 left to serve today and Monday. That's 3,160,000 ounces of silver!!!
So they fell back upon another of their tried and true tactics: Roll out a worthless shill Keynesian Fed governor hack and have him make some hawkish monetary policy statements.

(Please review this for a simple explanation of why QE will never end.)

Again, in the past, this would have started some wholesale liquidation of longs and price would plummet. Especially on a Friday! Maybe some March longs would give up and go away, they hoped. Well, price fell alright, just like you'd expect. But then, miraculously, the buyers picked themselves off the mat, determined a price at which they would be comfortable buying (36.90), and bought. Price has since rebounded.

As I type, price has rebounded even higher. I have a last in silver of $37.19 and gold is $1428.

Absolutely, 100% freaking beautiful. I could not be more happy and excited by today's action. We've taken a full assault from the Fed/EE complex and we are still standing. Price is well above their dreaded $36 level and they are running out of dirty tricks. HAHAHAHAHAHA!

Relax. Be happy, Enjoy your Friday and your weekend. Get ready for a great, crazy and wild week beginning Monday. TF


  1. Thank you dear Turd.
    Enjoy your fryday and weekend too...leading to a crazy and wild week!

  2. Saw this quote:

    Soros said, “The entire edifice of global financial markets has been erected on the false premise that markets can be left to their own devices, we must find a new paradigm and rebuild from the ground up.

    Yikes! Our problems are precisely that markets are RIGGED and NOT left to their own devices!

    Drives me absolutely insane to have to live in this insane-asylum of a world created by "intellectual 'thinkers'".


    I suggest that everyone read this warning to silver traders:

    "Gold and Silver Options Expiry March 28, 2011 - Expect Volatility," by Marco G.

    -- Paul D. Bain

  4. Turd, does it even matter if QE ends? The fact is the debt burden of the Us is unserviceable. We're screwed. What does that tell you about the relative value of PMs and USD? And frankly, the Euro is just as bad.

    My PMs are just a recognition of that.

  5. Well, whaddya know, this time, Blogspot decided not to delete my comment, above. Must be my lucky day.

    -- Paul D. Bain

  6. The dollar moved up a bit today... based on what, exactly??? Great stuff all week Turd, thanks much for your work as always. Hiyo silver, away!

  7. Well done Turd,

    Locked and Loaded for next week...

    Particularly liked your comments directed at the banking cartel, as they surely read or have people read your website and comments.

    Enjoy your power while you have it banking cartel,
    It's slipping... and I know you know that, and I know you have a plan.... but we will see who triumphs.... 6.5billion people or a bunch of round table wrong-doing crooks.

    In case you are a normal turdite,
    carry on :)

  8. aurum,
    I think the smart money in the market DOES see it. Bill Gross is out of Treasurys at PIMCO and others are more quietly preparing themselves. Bernanke is losing so much credibility that he is going to begin regular news conferences next month:

    That has to be good for PMs if a Fed chairman is that desperate. Sadly, it's not so good for America.

  9. Could someone please give me a little advice on the best way to deal with exchanging currencies when traveling to Europe. im going over there for the first time and im not really sure how to go about it. like where can i get the best deal when exchanging for pounds or euros. should i just use a credit card. any advice would help. thank you.

  10. You gotta be thinking that gold is just going to explode out of $1444 at some point here. Silver keeps extending, but gold has been bottled up for some time now, building a large base.

  11. There are three places I have found for exchanging currencies-at the international airport, at foreign banks, but the best deal is the little lady behind the local market.

  12. @reefman

    My interpretation is that Soros is agreeing with you: despite what people wish to believe, the markets have not been left to their own devices; ie. they have been rigged.

  13. I think we will have a big dropin PMs and USD rally in months to come. it looks like they have discovered an even dirtier trick which is to keep metals in a tight range so noone wants to own them and eventually ppl start to sell for not earning anything

  14. Great positive read on the price action. Silver is performing marvelously.

    reefman - that man is evil personified. A hypocrite and totalitarian who would be king. He spreads his foul reach throughout the media and the corridors of power.

  15. Reefman.

    Drives me absolutely insane to have to live in this insane-asylum of a world created by "intellectual 'thinkers'".

    LOL, if Hollywood was not so liberal, this would be a great movie theme.
    Add the Turd Thinkers to the mix, have a battle and we have a blockbuster!

  16. Turd,

    As you know, Monday is the date for the precious metals options expiry. Past events have not been kind on the metal on the day of trading.

    This could be a good time to book profits in anticipation of another bend over and take it FUTF raid.

    You advice and counsel is always appreciated.


  17. lollercoaster - does this really sound like a description of the likely mood of the silver investor:

    "so noone wants to own them and eventually ppl start to sell for not earning anything"

  18. When your smiling...Silver smiles back..TO THE MOON ALICE!!!

  19. Thank you Mr. Turd for your insight you bring. Now…I must admit that, I am basically about where I started two months ago concerning my silver investing, not because of you, but because I’m so brilliant of a trader I’ve outsmarted myself.

    Today I BTFD and no longer will I try to outsmart those who are far superior and have asymmetric information. I plan on reading the information you bring us to keep abreast of how things are going, but I refuse to trade in and out, I’m not smart enough for that.

    I solemnly swear.

    Just kidding about the solemnly swear part, but anyways, If I write it down for all the turdites too see I’m more apt to Stick To The Plan (STTP). Is STTP already an acronym, or is it worthy of becoming one.

  20. I like STTP, I have to remember it every so often as well and avoid going off track

  21. I agree completely Turd,

    Also note the charts from yesterday to today. Almost identical wouldn't you agree?

    Only difference is yesterday the EE attack resulted in a $1 drop from the day's high to roughly $37.

    Today we climbed back to $37.50 and the EE's raid only resulted in a $0.50 drop and the action was fierce! After the raid, we are already back on our way up.

    Looks to me like a solid base and an EE that has less control/ability to push us around. Id say were heading to $39 next week. $40 if gold blows through 1444 as well.

  22. ******hey paulbain *****the jist of zh on silver options exp with slv chart is btfd on monday in anticipation of trend continuation on monday? thanks

  23. loller,
    They would also have to control unexpected disasters and spiralling upward costs. I don't think they are that big. If they were, prices wouldn't be where they are today.

  24. yo lollercoaster...GET REAL...I mean no offense, but are you seriously suggesting that folks own "physical" gold and or silver solely to "make" money? Folks own physical pm's to protect themselves against the onslaught of the Fed et al...

  25. Brian,

    In my travels I've always found that visa exchange rates are generally better than the airport currency exchange kiosks so I have used that when possible.

    Also, many banks have better FX rates than the airport kiosks. I try to exchange at a bank and failing that ask your hotel for a local currency exchange. Hotels btw sometimes offer currency exchange but are generally the most expensive option.

  26. Bozzz,
    If you are new to this, don't look at the day to day action. Look at where PMs will be in six months. Someone posted earlier the price of PM's 60 days ago versus where they are today and he noted that if someone hung in there through all that, they were well off today. So look long-term and prepare accordingly.

  27. I think we might see a spat of short covering spikes up soon. Would anybody really want to stay short into the weekend?

  28. Brian asked, "Could someone please give me a little advice on the best way to deal with exchanging currencies when traveling to Europe."
    In case you will be going to Russia, DO NOT exchange currencies with the people who hang out in front of the official currency exchange locations!

    You have been warned.

  29. I must confess I do think there may be a short pause in QE in the Summer during which one might want to step off the Silver train. But I see nothing at all to worry about from this week's feeble attacks.

  30. Haha, I just found this and it is awesome! The trader mentality we all have to learn how to break. To funny, but soooo accurate.

  31. Last six times Gold has suddenly moved to new highs and pierced the upper bollinger band it has sold down in reaction, sometimes quite a bit. This is visible on the daily GLD chart. Just something that gamers and momentum players should know. GLD is a much better short against the box than a breakout play everytime it hits a new high. I don't know if this is EE doing bollinger readings and going fully naked or if its just the greed of the momentum crowd beleiving that 'this time its different'.

    Yikes, the prospect of Blythe fully naked is not good. She's long in the tooth now and I want out of that room thru the window since she has locked the door and is reaching for her whip.

  32. OT: Water Filtration

    I am getting a LifeSaver water filtration system. It's shown on TED.

    Anyone used one?

  33. George Soros is very clear on the markets if you read his books......he knows how rigged they are and more importantly WHO is rigging them. If you want to understand it better turn off Beck and google Timeline of European Bankers......start doing your own DD and stop swallowing the platitudes of the shills out there.....Soros broke the Stirling easy feat. Quit getting caught up in liberal vs conservative are "used" when u do.

  34. sttfp = faith.
    faith is built on wisdom, gained thru experience.
    The mighty turd shares his experience and increases our knowledge (at his cost).

    This is why we are fans of the turd.

    dumb question time:
    in the past 3 mos, the US$ has decreased about 6% ($81->76)
    in the past 3 mos, gold has increased about 6% ($1350->$1430)
    since this gold value is in us$, does that mean that the value of gold has not increased in the past 3 months?

  35. Hey Thanks Turd

    Yeah, I enjoy following a Turd!
    Thanks for your insights and encouragements!!

    I think the government complex really does think the American people are so stupid that they can pass off these comments and think we will believe them. Do they ever think that we have our own bank balances that must stay above a negative, and that we can add 2+2?

    Here is one.... how much is a Trillion $$.. but it into a time perspective....
    1 Million seconds ( time) is roughly 11 days... a trillion?????? ready for this, 32,000 YEARS.

    We have 14.4 Tr plus running 1.7 of those T, every year....

    yeah, we will never figure it out, HAHAHA

    Hey I am Turd follower!!

  36. Bozzz,

    "Let the trend be your friend."

    Some of the others on here are Uber traders, the cost of tuition is high and the rewards aren't consistent.

    Buy and holders will get their just reward from this long term bull market, just in different fashion and timing than the Uber traders.

    Read Turd's "Miner Update" from some stock picks, or ask the board, there's some "mighty fine pickers" on here. (and I don't mean mandolin.)

  37. Turd,

    Did you see the article:

    Will JPMorgan Now Make and Take 'Delivery' of Its Own Silver Shorts?

    Seems that the Fox will now be guarding the Hens.

    What is your take on this sudden and questionable action?


  38. @ paulbain

    Thanks for that article. I just sold right before the close. Regardless of what happens monday, based on historical data I think it was the right move.

    As I'm watching the slw chart is looks like others are following suit. Can't wait to btfd on monday. (hopefully, fingers crossed!)

  39. countermeasure,

    Folks on here seem partial to the Berkey filter.

  40. Every day this week, I have seen a reversal in my portfolio. Nice gains scotched. Either pounded never to recover from a COMEX take down at the close or scalped at the end of the day during a NY Globex raid. We keep winning the war but losing the battles. And the miners emerge post raid like canon fodder.

    You would never know from looking at the miners that silver trades above $37.00 gold above $1400.


  42. Yep, Greg, you have come to the right place.

    That was not a whip Blythe was reaching for--it was her tail!

  43. Turdfan-

    Not a dumb question at all (there really is no such thing). That example you gave means only that the numbers are fictional, meaning, on paper. The dollar is manipulated up. Gold and silver are manipulated down. In other words, if I tell you my piece of paper is worth X, if you trust me, you'll give me that value in goods and services.

    If you don't believe me, then you may negotiate, say, 75 cents and consider I'm worth a risk at that amount. If you have no trust, then you won't accept my paper, no matter what I say to convince you. Trust in government is a huge factor in sovereign currency value.

    No matter the size or number of EE entities trying to keep the lid on, this artificial current "value" between USD and PM's will correct/return to the true value difference between PM's and paper just as sure as the tides follow the moon and the sun rises in the east.

    The Fed has built a castle made of sand and there is a tsunami headed to the beach.

  44. @ Justin

    Tinka up 16% on the TSX!!

  45. Mr. Turd!

    I skated outta work for lunch to hit Gainesville Coins up for some shiny gear today at the perfect time. I managed to time it right and got mine at 37.02. Got there while it was still in the 36.90's but as always someone was ahead of me in line and I missed out a little.
    However, since it takes me 20 mins from work to get to GVille's shop where I can't be watching the live prices very well on my Black Berry, I still think I timed it pretty well.
    I picked out a nice 5oz silver eagle bar from Sunshine Mint for cash to carry around in my pocket! And I ordered 20 more silver Buffs that they say are about 10 to 14 days on backorder.
    I'm a little low on dry powder after a spendy 3 days at Sebring last weekend, but I couldn't resist BTFD today!
    Have a kick ass weekend everyone!
    FUBM!!! Hope her weekend sucks!

    verification word: extracup

    yeah, of Tiger's blood baby! LOL

  46. Brian - go to the bank before you go. That is probably your best bet. Check online for rates and pick your day. There might be better deals, but I have found my local bank very reliable.

    Bozzz - buy and hold. Sure works for me. I lose money when I trade but the trend is your friend here.

    turdfan - yes - your wealth, measured in those same US dollars, has not changed. But if gold and silver were at their true price in those dollars then they would be worth far more. That time might be soon.

  47. Looks like Thursday they sent down 236 delivery notices.
    OI on Thursday was 632
    So 632-236 = 396 left.
    198 Today and Monday.
    So if they did 236 Thursday then 198 Today and Monday seems entirely do-able.

    No Comex default this month.....the Casino stays open so we can play int it ;-)

    If as previously posted silver lease rates are high then wait til the last moment to deliver.
    One wonders why with things in backwardiation you don't have ALL the OI Delivered on the last day?

  48. Hi Turd thought you might like this !!!!!
    Class-action suit accuses UBS of charging storage for imaginary silver
    Submitted by cpowell on Wed, 2011-03-23 18:25. Section: Daily Dispatches

    2:26p ET Wednesday, March 23, 2011

    A class-action lawsuit filed in federal court in New York accuses UBS Financial Services of misleading investors in silver and charging them storage fees for metal that was never actually purchased, segregated, and stored for them.

    The lawsuit resembles one against Morgan Stanley that the investment house settled for $4.4 million three years ago:

  49. Brian,

    if you need any advice on Europe let me know. I grew up in Ireland, went to college in the UK and have been living in Central Europe for 5 years. Been there, done that with most places worth going.

  50. Countermeasures,
    To my knowledge, the Lifesaver is the best filter on the market for survival situations. I've never seen anything close to the 15 nanometer filtration.

    The Berkey to a great filter for daily living: dump in a bucket of water and let gravity do the work. Hand pumping a filter for all of your water needs will get tiresome after a few weeks.

    They both have a place in your preps if you have the dough.

  51. Chris
    "Haha, I just found this and it is awesome! The trader mentality we all have to learn how to break. To funny, but soooo accurate."

    I have a friend who trades and talks just like that. LOL. I have a special ring tone on my cell so when he calls me "I'm A Loser" by The Beatles kicks in and I know it's him calling.

    I copied and pasted the graph into an email then sent it out to my circle of friends discussion list. This will keep emails a flyin' through the weekend. aaaaahhhhh the joys !!!!

  52. Silver lease rates -- Where can I find information on?

    Paul Breed wrote:
    No Comex default this month.....the Casino stays open so we can play [in] it ;-)

    If, as previously posted, silver lease rates are high, then wait 'til the last moment to deliver.

    Thank you for this information. Could you please tell me where I can find information on silver lease rates? I suspect that such rates would give me a better clue as to the true, current price of silver. The Comex price as sure as heck ain't the true price of silver.

    Of course, the premium that people pay for shares in the ETF PSLV is also an indicator of such true price -- except that the EE shorts this ETF very heavily. A poster on Harvey Organ claimed that PLSV is one of the most heavily shorted assets on the face of the planet.

    -- Paul D. Bain

  53. Yipppeeeeeeeeeeeeeeeeee!! BlogSpot did not delete my comment, above. That is two undeleted comments in a row! Truly, my lucky day!

    -- Paul D. Bain

  54. Save_America1st

    LOL, buddy. Your timing was impeccable as always. Don't sweat it so much though. It's just like they always say about planting Oak trees. The best time to do it was 10 years ago. The second best time is RIGHT NOW ;)


  55. I strongly suggest a daily visit to Kliguy's blog to read his daily posts and follow up comments by some folks who really know what they are talking about. I never post there but I have learned a great deal from Kli, Joe P, and a some others. At a minimum, it keeps me focused on the game at hand and how I need to play it.

  56. Had to work the real job today and have been on set since 4:30am. I was checking the iPhone for quotes and saw the selloff. Came here for the insight. THANKS TURD!!!!!!!!!!!!

  57. Turd: are the bulls banging the close?

  58. very bullish closing....just let's wait until monday...Silver will no respect anything, anyone and will be very soon touching $40...Turd is the man to listen

  59. Brian - Re: Exchaning Currencies

    DO NOT ORDER MONEY FROM YOUR BANK you will pay through the nose. They will get you on an inflated exchange rate and then "service fees" on top of that. Here is what you do.

    1) Capital One cash back (not miles!) credit card. Most of these have no foreign transaction fees. You will get the true daily exchange rate plus a 1.9-3.9% exchange fee. But no foreign transaction fees saves you at least that 3-5%. Call them up and tell them each country you will be going to and the dates you will be there.

    2) ATM Card - Call up your ATM card and tell them to enable your PIN for international transactions. Find out your daily limit on withdrawals and the time cutoff. Also tell them each country your going to and the dates.

    If you take out the max from the ATM you will pay a fee to the foreign ATM bank, perhaps 4-8 euro, and possibly a fee to your bank, and an ICBA conversion fee. So you want to take out the max at one time to minimize your fees. Take out Cash from the ATM to use for spending money. Everything over 100-150 euro, charge it on the capital one card. The cash back will cover the credit conversion fee.

  60. The actual value of my trading account, the one full of miners, barely changed from this morning 'till now. Amazing. All these fireworks, and everything is the same. Only the fundamentals are stronger. Imagine allowing JPM to store their own silver - as if. The margin change barely affecting the price of silver. Japan is smoldering. No one even talks about the Middle East - but it didn't solve its problems.

    And we are letting our 16 year old have a party tonight to celebrate his birthday; so speaking of smoldering, I will be posting from the smoldering ruins of my house come Monday morning.

  61. I have never been charged a service fee for foreign exchange at a bank.

  62. Microsoft Issues Alert on Fraudulent Digital Certificates:

    "It was also reported today that the fraudulent certificates offered to Comodo for authentication came from an Iranian IP address"

    What fun conspiracies could we conjure from this??

  63. I've been thinking:

    JPM was awarded a vault license almost overnight. They apparently did not have to suffer through a lengthy vetting process like the others.

    Hence, there are many unanswered questions:

    Why did it happen in the middle of a major COMEX silver delivery month?

    Why did it happen during a massive worldwide silver short squeeze?

    Why did it happen at a time when physical silver seems obviously to be in severe shortage?

    Simply, why now? What was the rush?

    My thoughts:

    The Morgue obviously is "in the know" that a global monetary collapse is about to happen on the scale that would be unprecedented in it's scope. This coming problem is massive. It is likely to be a collapse so big, that it seems likely that the ensuing panic would totally obliterate ALL ELECTRONIC AND PAPER ASSETS AND DEBTS. Really, the trigger would be as simple as recognition of and steps taken to avoid the consequences from an implosion of the massive Derivative complex.

    Think: What if you were TPTB at JPM? It is obvious that they know fully what is about to happen. When you know, then how best to benefit from the failure of the Keynesian collapse?

    Here is a thought as to how:

    1) Keep shorting to control the price of silver knowing that when the collapse happens, all of the derivative contracts will be destroyed along with all other paper and electronic assets. When financial system collapses, no way will there be any semblance of order, let alone legal consequences for the crooks like JPM. Further, even if someone tried to bring the crooks to justice, the justice system enforcement mechanism is hopelessly co-opted by all the former justice lawyers now working for the EE or Goldman Sachs, etc.

    2) Knowing that the paper and electronic markets are about to implode, does it not seem obvious that whoever is in possession of the physical silver will be the one making the rules?Does anyone really think that they "own" the physical silver just because they have scraps of banker paper? It doesn't matter who thinks they "own" it because with the collapse all bets are off. By holding the silver for the iShares Silver ETF as well as physical silver in a COMEX warehouse, is it not totally apparent that JPM is in control when the paper market is destroyed.

    The only reason they are allowed to do this is because our own government is desperate to prevent a collapse, which is probably imminent. Heck, JPM is probably getting their marching orders directly from the Fed. Would it be strange later when the physical silver that JPM has is turned over to the US Government after the crash to help form the basis of a new silver backed currency?

    Just saying . . .

  64. Brian:
    most cc and atm cards charge a 3% foreign transaction fee. Capital one mentioned above and some others may not so check with your cc co and atm bank.
    If you've got a cc that does not charge the 3% that's your best bet.
    next is cash and then travelers checks. most TC charge 1% which is better than 3%.
    I usually do a combination of cash, TC and CCs for backup. Banks usually give the best exchange rates.
    You can also get TC denominated in euros but check the rate first.
    Have a nice trip

  65. California Lawyer, thanks for your thoughts.

    As you noted, the fast authorization and the lack of comment in the press, for me, raises 'red' flags.

    Your thoughts lends credence to my thoughts of conspiracy.


  66. From Jim Sinclaire today:

    You must realize that on the next trip to $1444, that price will FALL to the long term bull market on gold.
    You must realize that $1650, a place where gold will trade is so low as to be comical looking back from 2015.

  67. Yes California Lawyer, I believe you are spot on. Something velly smelly going on in high places. No doubt JPM will be among the winners in this war.

  68. California Lawyer,

    Add to what you're saying the talk of the IMF raising their New Agreement to Borrow (NAB) Fund from $50B to $500B, and I think you're on to something.

  69. Seems like an awful lot of angst, especially these last couple of days. But take a step back and look at it week over week.

    GDXJ +4.7%
    CEF +5.8%

    That's a good week anytime! It's cocktail hour here at my house.

  70. Brian, I travel to Ireland a lot. I have an account with Schwab bank (linked to my brokerage acct so it is really easy -- and near instantaneous -- to transfer money between accts) and just withdraw funds at Irish ATMs.

    Schwab not only does not charge a fee, but they reimburse you for any fee the ATM charges. After my Citibank (American Airlines frequent flier linked) card started with the 3% foreign fee I use it only for the rental car (for the CDW waiver -- and it is one of the few that covers CDW in Ireland) and use cash for everything else.

    I used to exchange cash at banks, but even if they don't charge a service fee, just look at the buy/sell spread! ATM rates are usually very good. I've got a $1000 day limit on ATM withdrawals, good for about 700 euro or so. As I said, I go to Ireland frequently so I never exchange euros back to dollars -- I just save them for the next trip.

    Hope that helps.

  71. @Eric#1
    Yes- time for an adult beverage. Sierra Nevada anyone? Thank you Turd for a week of great information.

  72. The new silver bears video claim big things going to happen on Monday the 28 . $50 silver by summer

    Part 5 - The Silver Saga Story Continues

  73. commitment of traders 'large' speculators summary bar charts - thnx zero hedge, thnx reuters

  74. Thanks, all.
    Turd having a "craft" beer.
    Did you see the close? A FUBM for the weekend.
    Life is beautiful. Smile. Be happy. We have the truth on our side.
    We are right and we are winning.

  75. Thanks Turd - excellent comment again. So the big question... do you think the EE will launch an all out attack on Monday?

    @ Airgead agus Ór - great profile name!

  76. I vote for a line of "Turd's Silver brew" beer going on sale nationwide.

    "I'll have a Turd"

  77. The thing about SGS is that he expresses himself in so vague terms you cant really make out his predictions. "big things", "monday should be a fuckshow", what the hell does that even mean?

    Sure, i trust the guy, but at times he doesn't make a lick of sense. Yet everyone smiles and nods at the emperors new outfit, afraid of being called ignorant.

    SGS, i appreciate you not treating us as children, but sometimes its better to speak plain english y'know?

  78. Enjoying a nice Italian 04 Barolo right now.

    One comment, the US dollar is up today? This whole market is one freaking GONGSHOW. What a joke.

    Have physical Au, Ag, Water, Food & lots of wine in your possession. All will be fine.


    Making the news finally.

  80. Random question here. Does anyone have experience banking w/ EverBank? Namely, their WorldCurrency Access Deposit Accounts?

    I understand the value of owning physical metals but I was wondering if holding stronger currencies, e.g., RMB, AUS, or Swiss Franc, through the EverBank WorldCurrency vehicle would also be an effective way to diversify your dollar hedging strategy.

  81. Listened to Fox's Glen Beck of the guests was Edward G Griffin(Creature from Jekyll Island author)...found it interesting that Griffin said it is very naive for anyone to think that Fort Knox has any gold left..

  82. Just saw this commercial on tv regarding US spending. Bingo I exclaimed!

    Exactly what I've been saying for ages but this commercial really puts things into context.

  83. Eric#1 ~

    yeah man...well between stocking up the physical and my small but building list of mining stocks I'm starting feel much more comfortable with my situation. Already have the guns and ammo big time. Don't have all the food storage I need...probably only a month or two worth. Need to work up to 6 to 9 or better now I think.
    But I'm good to go other than that. Going to order a Berkey, but I have a hand held Sweetwater pump that works great too!
    Yes, it is happy hour...on my 4th drink now...that's because my happy hour runs all weekend long.
    Here's to a great weekend and great next week!
    Take care all...

    Verification word: angler (how cool is that?!) lol
    Yes, I do have massive amounts of fishing gear...this is Florida after all!

  84. This morning I said I had a vibe silver would close above $38.

    They say the market is always right.

    Wouldn't it be nice to know what a non-rigged silver market looks like.

    The sad thing to me is that the only way we are going to find out what the true price of silver when TSHTF.

    I'm not sure I want to see it that bad.

    Good job this week Turd.

  85. Stopped on my way home from work and picked up a Glenlivet 18 year (on sale!), red bull, jagermeister, keystone light, and a trappist monk beer. So yeah, eff you Blythe, I'm fucking buying silver, buying awesome alcohol, and effing you metaphorically in your pooper. Something like that. Have fun Turdites, I plan on letting you know how my hangover is tomorrow with the weekend thread.

    Oh and swiftboat, I got the steriPEN Sidewinder purifier... I'll try to get a review up on it. Maybe a youtube video, we'll see.

    Cheers all!

  86. thecoloredsky: Chimay?

  87. Really?

  88. Might be when markets _are_ left to their own devices they end up being rigged; e.g., uncontrolled naked short positions, etc. But I don't know the answer to this one.

  89. Yeah, looks like everybody's having a good time. As they should be. It was a good week. All the DD homework on your miners? Maybe tomorrow.

    I've lost count on these Schell's Dark longnecks.

  90. Buying a stack of old Silver Dollars tomorrow. I will exchange printed fiat paper for REAL money.

    The rub is - unlike the Fed, I could not print this fiat out of nearly-worthless paper but instead had to work hard to earn it.


  91. California Lawyer - absolutely. It seems so outrageous that this would happen that there must be a reason like you have outlined. I think there is no barrier between the Fed and JPM and the Treasury. And you are right that whomever has the physical silver and gold wins. How much longer can this continue? It is unbelievable that anyone would believe that JPM actually has any silver in their vault. I am beyond words.

  92. Schell's Dark? Have not heard of it? A regional micro? I have one from my favorite Oregon brewery, Rogue River, called Dead Guy Ale and it's stronger sibling, Double Dead Guy Ale.
    Kick ass stuff! I'll have to look around in my local beer suppliers here in Tampa for Schell's Dark!

  93. Turd,

    Not Chimay (although had it before), but Ommegang. Says its a Belgium monk beer. Does Belgium have a government now? Ah screw it, who cares.

    What "craft" brew were you sipping earlier? I happen to fancy pale ales myself and just so happens there exists a local brewery 1 mile down the road from me. Cheers!

  94. Jesus, Jimmy lighten up.

    You know, not all of us are wall st traders , and if you understand what SGS (&Turd, max keiser, ect)are doing is informing the uninformed masses (like myself)that were being ripped off and we need to protect ourselves by investing in silver and gold.

    In January SGS said silver would be 37 in march, and He said the morge would have problems with delivery

    So Come monday they have to make good on 3,160,000 ounces of silver.

    So when SGS says ""Monday the 28 will be epic""
    I can deduce from that,from other info, and from what the Turd has posted that silver will most likely go up. Thats what that means.

    His other videos went viral, I think they were pretty helpful to alert people of whats going on .He makes some valid points on the video I dont think he warranted that kind of criticism

  95. Silver Could Spike to $50 Based on Short Positions That Need To Be Bought Back-Forbes

    At least Forbes listens to the bears.

    Bears dont lie man

  96. Coin Shop Report

    Premiums on eagles at the coin shop are $6 today. They had 18 left, random years. Mint shipment is still 5-6 weeks out. They get a few in from customers or other dealers, revolving door keeps turning. No maples, philharmonics, left, they got a couple 100 oz englehard bars in from a guy who needed cash and there's another 50 oz of random really scruffy ugly-ass random rounds.

    Online Premiums Report

    No change from last week. Inventories down from last week though.

  97. Badu

    Anything Engelhard is top shelf stuff. Usually commands a decent premium.

  98. Save_Am

    Schell's Brewery has actually been around since 1860. Not a johnny come lately (not that there's anything wrong with that). Mostly German lagers. Hard to find outside of Minnesota-Wisconsin as far as I know. Nice website. Enjoy!

  99. Mammoth

    Peace or Morgans? I kind of like the Morgans, but when I want some silver I'll buy whatever.

  100. Since some people have started discussing water filters over here (including Mr. Turd) I suppose I'm not going too much off topic.

    Could anyone please comment if this waterfilter is a good buy? Anyone has experience with it?:

  101. This comment has been removed by the author.

  102. F, dont get me wrong, the content of SDSs words are sound, its just that to the ear of a newbie(me, in this case) it can be slightly hard to decipher to be honest.
    As a person who has taken it upon himself to inform the "uninformed masses" it would make sense to use a language the "uninformed" get. So instead of "epic", "fuckshow", or other "in the know"-words, perhaps words like "bullish" or "volatile" would be more graspable to the people he's trying to reach.
    Im not criticizing his knowledge in any way, just the way he present it.

  103. @ paulbain, re: PSLV
    go to Feb 2011 non-nasdaq list
    PSLV is listed
    Can anybody decipher the info!
    If PSLV was truly heavily shorted it would not be sporting a 19% Dividend!

  104. Jimmy, don't sweat it. I've commented to the same effect in the past. If he really wanted to enlighten others, he would present his material in a manner which readers would feel comfortable recommending to their friends and families.

    Introducing a paradigm shift to ones understanding of monetary history and policy is usually best started off with as few "fuckwads" and "bitches" as possible. It may irritate his inner Lenny Bruce, but it reads like a petulant child who doesn't fully grasp the material he espouses and is reduced to hyperbole. Such is life.

  105. Friday, 64 Notices.

    Approx 367 left for Monday. 1.835 million ounces.

  106. On a lighter note, delivery day looming and all. Lets say the COMEX say: "Sorry guys! We're out of silver! Tough shit"
    Will the silver futures plummet and spot rise?

    I use a forex broker, and i've taken a position where i'm short a futures contract, but long spot vs USD for the same amount as a hedge.

    Would that cash in the event the COMEX defaults, or am i making a mess over here?

  107. I missed this one today:

    Fed's Plosser: Funds rate should hit 2.5% in year

    My proposed strategy involves raising rates and shrinking the balance sheet concurrently and tying the pace of asset sales to the pace and size of interest rate increases," Plosser said.

    The Federal Reserve should hike interest rates from current range near zero to 2.5% within a year under a plan unveiled Friday by Charles Plosser, the president of the Philadelphia Federal Reserve Bank.

    I dont know if they are talking crap or are admitting QE3 wont work

  108. Jack: Where in the world did you get your info at 11:30 pm on a Friday? Your #s are all wrong.

    F: Have you been following and reading this blog today?

  109. I love this blog...always someone on no matter what or when. Even at 1am the Turd is lurking, hahaha :)

    Have you all seen the new Bears video? Freakin' great!

    Mr. Turd...when will you be debuting a new Wicked Witch Blyth and Ruprecht video???

    Zero Hedge gaved SGS's Bears vid top billing tonight on the site. Your vids are classic as well and just as eagerly awaited on!

    BM must have some great shit to say after this weeks debacle!

  110. from ZH: Thoughts on the Liberty Dollar debacle.



  111. If you mean your post about QE never ending, I read it ,and I dont have any reason to disagree with you Turd, but Im just posting what I thought was relavant information that people may have missed.

    When they say they want to raise intrest rates I had to raise my eyebrow a little bit.

    I thought it was worth looking at. because it was conflicting with what youve been saying all along

  112. @ Save A .

    I liked it but not everybody here is a Bears fan :)

  113. Jack,
    I see different numbers:

    Based on this document:

    We had 236 deliveries sent down on Thursday and 34 on Friday

    Based on this document :

    We had 632 so 632-(34+236)= 362 Contracts.

    1.8M Oz left, still a lot of silver.
    Teh way I read the rules the last trading day is three days before the last business dya of the month.... I quote
    "the last delivery day is the last business day of the delivery month"

    So we have 4 More days, Monday, Tue,Wed,Thur.
    Since deliveries for Thur mist be sent down on Wed (I think not 100% sure) we need to average deliveries of

    ~90 contracts a day for the last 4. I think that they can probably pull that off. When the months are in backwardation it makes sense to delay the delivery as long as possible. IF your leasing silver then delaying also reduces the lease period.

    I looked at the kitco lease rates and they seem weird and nonsencial to me maybe someone can enlighten?

  114. F ~ mean the "Bears" right? lol Well, I'm a Packers fan and a lot of times a Vikings fan as well. That might seem crazy, but that's how I roll. LOL :)

  115. No no , I knew what you meant ;)

    It had like 15,000 hits first day out.

  116. I'd like to invite any and all of you who use Twitter to follow me. And if you do I will definitely follow back.
    I'm a TEA Party Constitutional Conservative who shares a lot of information on Twitter. I consider everyone on here my friend and ally in this fight to take America back.
    I have converted 3 people, friends, co-workers to investing in silver and supplying themselves for whenever/if the SHTF, and I owe a TON of thanks to the Turd and all who contribute to his blog site.
    I'm sure I don't even need to say it to all of you, but will anyway: Remember 2012!
    Last November was crucial in taking back America to hopefully reverse the course of this Titanic.
    But it was only the beginning...2012 is the 2nd quarter of this fight.
    So if we can all vote smartly for the right people we can take over the Senate and the Presidency as well as retain control of the House.
    The TEA Party will play an essential roll once again in saving America in 2012.
    We can win. And we can save the sheeple from cascading over the cliff of Socialism. Many know not what they do unfortunately, but we will be the ones who will wake them up, snap them out of their zombie stupor, and bring them back over to the side of good.
    Things may still collapse...but it will be people like you and I who will save America in the end. I believe it.
    We're all preparing for the worst, but I know we're all still the ones who will fight to keep the worst from happening.
    I appreciate you all. You are wise, intelligent, insightful, loyal, and patriotic.
    Props 2 you all...

  117. Paul Breed - Thanks for the correction

  118. I'm reading that it's 30 days from "First Notice Day" to deliver, so in fact...Monday may be correct as money was plunked down for standing contracts in late February.

    I'm looking forward to Harvey's Saturday report.

    I do expect COMEX to survive this month w/o a default.

  119. Hope the traders slipped most of the EE's punches today. Should we expect the same fireworks on Monday?
    They will deliver. They're sitting on a shit ton if they need it. I don't know what their plan is, but they've had one from the beginning.
    They may be a little shaken, but they're fighting for their professional lives right now.
    The big boys will survive, and the Ants will prosper. My worry is for the other 99%.
    Things do not look promising.
    Youngs Ram Rod Ale for happy hour, and a Double Chocolate Stout for dessert.
    Peace Turdites, and to the Big Guy. Thanks Turd

  120. OH shit, Plosser statements was discussed at length yesterday !!

    Sorry Turd, I missed that . Ill try not to miss anymore days :)

  121. @ Jack

    Oh Im sure they are going to survive , But Im curious as hell as to how they are going to do it.

    Im sure the new JPM vault will have something to do with it.

  122. This video is very interesting.. imaging dumping 100 tons of gold onto the market. The price of everything could drop, including our precious silver :(

    Let's hope the physical squeeze is enough.. actually it should be... already line ups for ipad2s...

  123. Thats an interesting video ,I wonder if hes on to something

  124. @Save_America1st re: Liberty article at ZH... outstanding article, well thought out and writen... it feels good to have true patriots like Brandon on the winning team.

    On a side note, the Tea Party is deeply flawed, already heavily infiltrated by the elite. Not sure why you want to label yourself as a "member"

  125. Hi Turd, On Thursday Harvey said the following:
    "Thus the total number of silver oz standing for physical this month is as follows:

    5,735,000 oz(served) + 3,185,000 (to be served) = 8,920,000 oz"
    How does this reconcile with your figure of 3,160,000 oz? Has the 5,735,000 oz served already been delivered? How come Harvey adds the 2 numbers together to get his total of 8,920,000 oz? Thanks & Regards SF

  126. Seeing as Fort Knox has not been audited for 50 years,could we be seeing a repeat with this J.P.Morgue vault.Could we see some highly respected character be put under so much pressure that he audits fake Silver and Gold in this new vault and says it is beyond being questioned or are we looking at confication and this is where the contraband will be stored.Whatever happens it totally stinks.

  127. The price of silver beginning to take its toll on industry:

    Agfa sees Q1 margin hit by soaring silver prices

  128. Silver Fox wrote:

    "Hi Turd, On Thursday Harvey said the following:
    "Thus the total number of silver oz standing for physical this month is as follows:

    5,735,000 oz(served) + 3,185,000 (to be served) = 8,920,000 oz"
    How does this reconcile with your figure of 3,160,000 oz? Has the 5,735,000 oz served already been delivered? How come Harvey adds the 2 numbers together to get his total of 8,920,000 oz?

    As I understand it, the first figure are those patiently waiting for delivery. Although, I'm no expert. That 5.735,000 represents 1,735 contracts @ 5K per contract.

    Who are these people, if this is the case?

  129. correction, that would be 1,145 people waiting for delivery, this month (next week) they throw another log on the fire.

  130. The Silver Stream...very interesting article:

    Miners cling to their sizzling silver streams

  131. Hey! Rise and Shine folks!

    Awesome Saturday morning interviews over at KWN. I thought the one with Gerald Celente was particularly great. There's a guy who tells it like it is.

  132. eric#1

    You're up early!

    What's the matter, the Schell's didn't work its magic? Or was aspirin on the breakfast menu?

  133. Gotta love Celente and of course he is absolutely right! Here's the direct link:

  134. This comment has been removed by the author.

  135. Marcel

    Oh yeah. Aspirin is on my list of survivalist essentials.

    Did some DD already this morning. Next nice looking buy spot that comes around I'll probably pick up a little Claude Resources, Timmins Gold, and Fortuna Silver. Actually been keeping roughly equal parts of a fairly long list of miners lately. 20-25 names. Basically like running my own mutual fund. As long as I'm kicking butt on GDXJ then I figure I'm adding value.

  136. Eric #1,
    To answer your question these are a mix of Peace & Morgan Silver Dollars; was told all of them have mint marks but I have not seen them yet.

    The seller has 80 of these but I only got enough fiat out of the Bank for 25. Later I may very well regret not having bought all 80...anybody reading this know that feeling?


  137. SF: 8.92MM was the total for the month. 3.16MM is what is still left to be served.

  138. eric#1,

    I was in TMM at one time. Got out way too early. staying ahead of GDXJ is why I asked about your strategy awhile ago. At the time, I was thinking of just using GDXJ for leverage to physical. Don't like the etfs though 'cuz I believe that it leaves you exposed to potential naked shorting, spread trades etc. Small miners can avoid those shenanigans IMO. Greater risk and uncertainty though.

    I've since reviewed my whole thesis and like being light on paper assets right now. I sleep better at night since taking profits late last year and early this year and am quite comfortable having the bulk of my worth in physical assets.

    BTW- I consider our farm and the associated machinery to be part of our physical portfolio as it produces income, food and energy for us.

  139. Yup... No coincidences... I have a feeling that we might get a news over the weekend that would spook the market for next week as well as PM. Just a feeling...

  140. Very interesting. Brits are protesting spending cuts. Something new to keep an eye on...

  141. something I'm doing to pass on some great knowledge to people and to get a free silver coin. I already owned and have read a few times The Creature From Jekyll Island by G. Edward Griffin. But Midas Resources has that deal where you buy the book for 31 bucks and they give you a free Liberty or Morgan dollar (which shld be worth high 20's right now in silver). Since they say you can only order 1 book/coin per name/per household I decided to order it anyway to get the coin. Then I will pass the book on to my brother so he will have a copy to read. Then he is going to order the book and get the coin. He will then pass the extra copy of the book on to his buddy who is interested in silver and the book.
    You get the idea...pass it along to those who want to start getting some silver and they will hopefully perpetuate the sequence of buying to book and getting the coin for basically free.
    Just an idear...
    Happy Saturday to all! Time for me and my bro to hit the links, drink some beerz, and lose some golf balls!

  142. Marcel Martel said...
    "I consider our farm and the associated machinery to be part of our physical portfolio as it produces income, food and energy for us."
    Well there is that saying about diversifying one's investments, and if things really go south from here it is wise to be able to produce your own food, as one can not eat PM's.

    Doing the same on 5 acres here on the west side of Puget Sound (minus the machinery), plus renting out the barn for horse-boarding. While horses do not sh!t out Silver, then do contribute to the compost pile and thus to the garden - and the steady rent money contributes to purchases of Physical Silver.
    Turd, apologies if the above comment sounds OT with regards to the funds & ETF's discussed here. At any rate, references to manure are indeed on-topic w/respect to Turdism.


  143. was that a raid at 37.50 last night on the globex? Or just my imagination, running away with me?

  144. It would be nice to have a list of the big players on both sides of the Silver market, besides the obvious. Who is long and who is short?

    Wars are fought from two sides, once you know your opponent you can better understand their strategy and plan accordingly.

  145. Anybody else on board with bob moriarty?

  146. lol! me thinks someone is starting to vandalize BM's wikipedia page! Hhaha!
    see under 'personal life', unless she is really an amateur camel rider! Also, looks like last tuesday was her Birthday? I wonder if she took the day off (doubt it) silver up %1 that day.

  147. Marcel "The Hammer" Martel

    Yes I know what you mean. My physical Au & Ag outweigh my miners by about 3:2 right now. That's not even counting some GTU and CEF. On the miners I've been doing fine, making money, beating the pants off GDXJ, but still the jury is still out as to whether it's worth the extra stress level. Still in for now. Having fun with it for now, but in all honesty I could probably do as well or better with just a mix of SLW, GDXJ, GTU, and CEF. A lot simpler.

    Solid asset in that farm for sure. A lot of us buy metals because we don't have a farm. You are way ahead of the game on that front.

    Mammoth: Nothing OT about the farm stuff. Fits in with "Prepare Accordingly" just as well as the gold and silver stuff.

  148. Marcel

    Having my own list of miners instead of a fund is a two edged sword for me. If I just had GDXJ, and it was always just one click to buy or sell a pile of it, I know I would do more short term trading. But I know from experience that I'm a lousy short term trader so it's probably best that I make that harder for me.

    On the other hand, I tend to get attached to my miners after a while and then am too slow to sell them when I really should.

    But it's a bull market, and on balance I'm probably better off holding more and trading less. Thus the miners for now. I still do swing in and out of some larger positions in SLW or CEF though too. Can't resist sometimes.

  149. Harveys report is out.

    A question?
    Are the Comex vaults audited by an independent auditor?

  150. Guy,
    Just listened to Celente as you posted. Anyone who is even thinking of wavering in their positions of PMs ought to listen.

    Also read Michael Santoli's commentary on gold and silver in Barron's. Kind of contradictory. On one hand he quotes Jeffrey Christian who said that while gold is in a secular bull market, he believes there could be a 15-20% correction over the next two quarters. It was noted that this guy advised clients to sell gold in the '90s.
    He said silver hit his target of $38.
    On the other hand, because the silver-gold ratio is below 40, Mark Lundeen, an analyst and writer on metals markets says, "the precious-metals rally is poised to enter a new phase, one featuring broad public interest in owning soft, shine, not terribly useful metals." He also expects the gold bull market to absorb any retreat without derailing the "positive trend."
    It seems that they are agreed that we are in a gold bull market with ups and downs, which is exactly what we already knew as frequent visitors to this blog.
    And here, TF even gives us some sound cutting edge technical analysis. With those guys, it's more of a spoon job.

  151. Paul, I have seen no evidence of credible audits of COMEX vaults. Even if an auditor did "audit" the vault, they'd be carefully selected and have their allegiance sworn to the Fed.

  152. I finally found the Wicked Witch in an old interview on CNB*. link is here:

    Especially interesting is her response to the question of whether speculators can manipulate the gold and silver markets.

  153. OT Post.
    A lot of people on this blog are silver fanatics and also firearms owners. We seem to have silver in all sorts of interesting forms.
    As I'm relatively handy with tools I though I wonder if any one on Turds blog would buy functional silver ammo for the shits and giggles factor. It could be a fun project
    so it seems that making silver bullets is not so easy.
    For a fun read on the subject:

    Not sure I'd want to fire a silver bullet in any gun I actually cared about.

  154. Paul

    I guess it depends on how you assess the risk of werewolves. :O

  155. Eric,
    Ag has been outperforming Au so it makes sense to be heavily weighted in that sector. Gary (cycles guy) turned me onto AGQ. We were in GDXJ but exited that position months ago. I was already in SLW when I started subscribing with Gary but he recommends that and also SIL. Take a look at how far AGQ has run since "Turd's Bottom" which if I remember was around the first of February and where I got in.

  156. Hey Turd, great work as always. Did you notice you are close to 500 followers? Very nice.
    @CA Lawyer
    Very well put sir. I am interested in more of your thoughts on the coming weeks, activities.

  157. JC, Spot on!

    How about this for a hammer?

    Fed's Bullard Says ‘Pretty Good’ U.S. Economy May Allow Early End to QE2

    What a coincidence that it came out this Saturday! No worries American Idol is on tonight.

  158. Marcel and Mammoth,

    I salute you!

    You will have TRUE wealth if/when we crash.

    I am doing the same on a smaller scale on my 3 acres.

    I am concentrating on fruit trees and the garden. Chicken coop is almost done. Bee hives are not thriving; I'm not much of a beekeeper. Considering raising rabbits. New well drilled. Pondering installing a cistern.

    I packed up and moved from the dust-bowl (too hot and dry) to prepare.

    Best of luck!

  159. Eric#1 and everyone,

    I own shares of CEF in my 401k.

    Just curious, if the criminals running this country actually get ballsy enough to try to confiscate silver or gold for "strategic metals vital to the defense of our country" or some other lame reason, how do you think Canada will react?

    I used to believe that concept was preposterous, but after seeing the blatant criminals in action, I think they might try it (rationale: desperate times call for desperate measures).

    Also, last fall Congress critters held hearings about restructuring 401k plans to make them "safer" (i.e. Treasuries). If they are talking about it, they ARE considering it.

    From what I have read, during the 1933 gold grab, PMs outside the USA were safe.

    Interested in reading other people's thoughts.


  160. @SilverBlev
    Blythe Masters Camel Jockey..LOL Classic

  161. eToro is the best forex trading platform for novice and full-time traders.