Monday, April 4, 2011

For The TV Timeouts

Way too many, long timeouts during the big game in the U.S. tonight. So, if you're looking for something to do during the commercials, here are a few items to ponder.

First up, here's a quick video of democrat Erskine Bowles testifying before the House Budget Committee. Sadly, the only reason he speaks so frankly is because he's not running for office anytime soon. At any rate, the only hope for the United States is IF we can find leaders willing to sacrifice political gain for the sake of actual leadership.
http://www.youtube.com/watch?v=bjAg8Sx1fi4&feature=player_embedded

Next, lots of talk tonight about the announcement of the coming secondary offering of PHYS.
http://www.zerohedge.com/article/sprott-physical-gold-trust-announces-follow-will-sequester-another-300-million-physical-pslv
This is wonderful news! Let's hope Mr. Sprott soon issues more shares in PSLV, too. Here's a link to the summary of Eric King's latest interview with Sprott. The full audio will, most likely, be available tomorrow. http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2011/4/4_Eric_Sprott_-_Gold_to_go_Over_$2,000_Because_of_Money_Printing.html

I'd mentioned in the previous thread that I am getting a little tired of the "relative underperformance" of gold. Now, you and I both know that the only real reason for this "underperformance" is the active suppression efforts of The Evil Empire. The Cartel has many, many agents of disinformation, however, so there are countless explanations available to you if you take the time to search. To save from wasting that time, below are three examples.

First, there's this one. This discusses seasonality of sales.
http://www.resourceinvestor.com/News/2011/4/Pages/The-Seasonality-of-Gold.aspx

Next, there's this. I'd trust this guy's opinion on vodka before I'd trust his hunches on gold.
http://www.investorplace.com/35220/mining-stocks-and-etfs-underperforming-precious-metals/

The winner of this loser's sweepstakes however is this dope. How does something like this even get published? Perhaps I can get an article printed in "Nature" about how the sky is orange and how the moon is made of cheese. What a complete idiot.
http://moneywatch.bnet.com/investing/blog/against-grain/why-quantitative-easing-is-bullish-for-the-dollar-and-bearish-for-gold/988/

Anyway, we're rolling nicely this evening. I've got lasts of 1439 and 38.72. Harvey suspects a raid tomorrow. Maybe he'll be right. Cartoon Blythe told you she'd let it run to 39 or 40 before unleashing the monkeys so be diligent tomorrow. Meantime, get some rest. Turd out.

124 comments:

  1. We are watching you, Mr. Ferguson.

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  2. Molly

    Those ones Darth and Pablo gave you are regular/positive mentions here in turd town. The one I gave seldom gets a mention. Here's another one with frequent mentions:

    http://www.monarchpreciousmetals.com/

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  3. Speaking of long time outs on the big game, I hope you took the under

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  4. Blythe

    We're watching you too.

    do da

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  5. I love you too, Blythe.
    Now, give daddy a kiss and go nitenite.

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  6. Eric#1,
    I noticed that site also as I was surfing the other sites ...seems to be reasonable.

    I plan on taking a couple days to sort through ...I like to stay with a business that is fair and has a good customer relationship.

    Thanks.

    MR

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  7. Turd, Thanks for reposting the Blythe targets. I'm still going to rewatch the video because it's fun.

    Just noticed the greatest hits section on the right. They are. Keep 'em coming.

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  8. Things are heating up in Orko land. Analysts meeting on April 8th by PAA who are developing La Preciosa with ORKO. Really appreciate the site and comments here. Not pumping.
    I have all I need of OK. DYODD

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  9. Man Wakes Up From Bender With Financial Problems Solved

    http://www.theonion.com/articles/man-wakes-up-from-bender-with-financial-problems-s,19858/

    Thought I might lighten things up a little.

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  10. I'm admittedly a noob. I didn't have my 'buy PM's' epiphany until early October. Good timing though. I wanted to buy gold when is was $800 but had an unhealthy adversion to debt.

    OK, just for fun I made my first ever chart last Thursday from a screen capture of the 5 day silver spot from silverseek. I connected the peaks and troughs and proudly proclaimed $38.70 by Tuesday. I was close.

    What's probably best described as dumb luck! :)

    Thanks Turd for your continuing tutelage.

    I've only delved in physical currency thus far. ;)

    Quite frankly, with the robust chat about stocks, and puts, and stops. It's all rather over my head but I will continue to delve this fine intellectual repository.

    All in due time. So I hope.

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  11. Oh, to a friend I emailed it to, I described my chart attempt as something I 'Turded up real good'.

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  12. I think that the cbs moneywatch moron might have a point.

    Obviously is dumb to **even** suggest that that QE is bullish for the dollar (or any fiat currency), however he is in fact telling us how they're planning to end their financial fraud AND walk away with it.

    Thank you for the video of Mr. Price, it was very good as he mentioned as well the Wizard of Oz allegory :)

    I'm still here reading, but you guys are really hard to catch on!

    Go silver!!!

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  13. erg,

    "Turded"... That is a nice verb that could get some mileage around here.

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  14. keep in mind, Rickards said they can do QE to infinity just by reinvesting their 'dollars'

    how long will it take the experts discover that when the Fed ends QE II it will mean stealth QE to infinity?

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  15. Titus & SSK

    Noticed you guys talking about Avino earlier today. Just happens to be my largest single miner holding. Here's a little something that moved the stock last week, though it gave it back some. Avino is currently bulk sampling and fine tuning the recoveries from their mill. I expect to see news that they are going forward with full scale mining soon.

    http://www.avino.com/i/pdf/NorthenSecuritiesAvino.pdf

    Here's a more current video as well:

    http://www.youtube.com/watch?v=6zjMxzlTLss

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  16. Thanks Dr. Jerome. I've read your posts. I've read all of your posts. Such a diverse lexicon.

    A great place to be.

    For a a weird moment there I felt like Howard Beal.

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  17. Hi Eric, thanks for the pointer to the Avino info. I bought some about a month ago, along with some Silvermex. I have actually been thinking about selling them again, since they seem to be in laggardation compared to the many of the other miners ... they have barely budged despite the rise of silver. Frustrating ... the stocks sometimes seem to get stuck ... maybe it's like tectonic plates and earthquakes.

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  18. Old Navy
    Consider yourself an honorary member of Squadron 1 Coastal Division 13. (Patroled the coastal, river and delta areas of the Mekong)

    Great day for our silver market ! Gonna count up my loose change vase and secure a few more ounces for my poke.

    (Seems I killed the last thread---repost)

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  19. http://www.marketanthropology.com/2011/03/next-big-trade.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+MarketAnthropology+%28Market+Anthropology%29&utm_content=Google+Reader



    TF Views ?

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  20. snick

    Avino had a heck of a run last fall and into New Year's. Maybe just holding in here a bit, waiting for the next round of news flow. I expect to see news upcoming about wrapping up the bulk sampling, then moving forward with full scale mining. Should be pushing hard on a rate of 1 million ounces Ag per year by later this year. BUT be advised, I'm a true blue believer! DYODD!!

    Sprott is strong behind it as well, so that helps too.

    Can't help you on SIlvermex. Don't own it, but it's a big favorite with Ginger, maybe she can give you the low down on that one.

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  21. Sprott interview now available on KWN:

    http://www.kingworldnews.com/kingworldnews/Broadcast/Entries/2011/4/5_Eric_Sprott_files/Eric%20Sprott%204%3A5%3A2011.mp3

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  22. I don't think Harvey thinks tomorrow there will be a raid. He just talked about volume during the raid versus quiet volume when there is not a raid.

    ?

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  23. TF,
    I'm getting anxious to see the new site. I found this:

    http://www.turdferguson.com/

    But I knew it wasn't yours--you would most likely had Wonder Woman where Alf is.
    Can you give us an update on what to expect?

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  24. Apologies if this has already been addressed Turd, but do you know how the comex managed to settle all their open silver positions before 31 March without defaulting? According to Harvey Organs blog they settled on 290 contracts on the 29th(I think) with some sort of lease return but he was a bit mysterfied himself as to what happened.

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  25. @ MollyRachet:

    I'll endorse Eric#1's recommendation of golddealer.com since personal friends and I have several years worth of good experiences in dealing with them. Used to work a few miles south of their building and could swing by during lunch hour but since retiring I've had a few purchases delivered through insured USPS where everything went smoothly.

    They'll ship when wire transfer clears (usually next day if done early in the morning) but a check would mean waiting until the check clears.

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  26. @Jake

    Vey easy!

    They just change the theory and the so-called ''experts'' will just follow without blinking their eyes.

    They added QE to all macroeconomics books, I dont see why they wont just add also a chapter dedicated only to excuse themselves as thieves.

    Something like this: "The FED buying T-Bills is a GREAT sign of a HEALTHY economy and any country experimenting impressive growth should experiment it"

    You see (and probably you already know) all economics books are filled with keynesian bullcrap.

    In microeconomics they actually TEACH you and ADVISE you to go to DEBT ASAP! (WTF?!)

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  27. @Silver Fox

    It's not like there was 100M OZ March silver standing for delivery to begin with so it boiled down to EE managed to squeezed a couple of OZ here and there to get through.

    Bottom-line traders @ CRIMEX are, well, TRADERS. They have no interest in pulling off a COMEX busting stunt for us PM INVESTORS. They just wanna step in at the right side to collect some FIAT profit, and that's it. Busting COMEX would bust their perennial ATM / Casino, which they have no interests in.

    It ain't over til it's over. The farce @ CRIMEX will keep going for now til the physical market completely blasts it apart. Use each extra month b4 it inevitably ends as a window to accumulate more. Cheers.

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  28. @sumo

    Interesting to hear Sprott say that the COMEX trades 3.5 million oz. of silver every day when the total annual production is only around 9 million oz. Blythe probably thought it was going to be her own personal sandbox forever. ;)

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  29. First off, thanks to Turd and the rest of you, been following this blog for about 6 weeks now, and ZeroHedge for sometime prior to that.

    I have a serious question to ask, and would like you, dear reader, to offer your opinions. I’ve been buying silver and to a much lesser extent, gold for 2 years.

    I decided to remove 25K from my 401K in the form of a loan, dump 10-20K more from savings on top and buy more physical, likely from Tulving or Gainsville coins. I’ve deal with APMEX in the past, but the former two seem to be better for larger orders.

    My question concerns your opinions on QEx; I believe the FED CANNOT stop the QE program as there is no organic demand for treasuries, and furthermore, if they do, the market will crash. This cannot be allowed as the market is the one thing they can point at as an economic success.

    However, I think the FED may pause between QE2 and QE3, allow the markets to catch cold, then continue the pump after the proles and congress begs them open the floodgates.

    If they pause, and if it is credible, do you think there would be a crash in PMs like there was at the end of 08, making a PERFECT time to BTFD?

    Or is NOW the time to buy, get on the escalator, and not wait for a moment that never comes?
    What would you do, and what logic leads you to that descisoin? Buy now, wait, mix it up?

    I’m going to order 50oz. today from Gainsville to dry run the wire transfer from my bank…401K check will be here by Monday.

    Thanks for help with this conundrum!

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  30. @Eric - thanks for the insight on Avino, that helps. From my DD, both Avino and Silvermex look good. I don't see anything that would be holding them back, so I'll probably stick with them a bit longer to see what develops.

    @All - In case you haven't seen, there is an intersting article on Silver over on Zerohedge. Haven't digested it yet, because it's 59 pages long ... it will be reading for this evening when I get home from work.

    http://www.zerohedge.com/article/bmo-new-paradigm-silver

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  31. This comment has been removed by the author.

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  32. Authorities intercepted a parcel this morning addressed to Rep. Peter King (R-N.Y.) containing a bloody pig's foot and a derogatory message, a source has confirmed to CBS News.

    http://www.cbsnews.com/8301-503544_162-20050604-503544.html

    After putting it in the fridge ,Authorities said they are stumped by the foot, (no pun intended) and have ruled out Italians as suspects :)

    A pigs foot? Come onnnnnnnn, How scary is that?

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  33. What next ? chicken wings?

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  34. dont pay too much attention... they'll eat the evidence in no time :)

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  35. His secretary found his lunch, and he just went with it.

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  36. Does anybody know why the spot price used on the online dealers like gainesville are always a few pennies higher than the spot price on silverprice.org?

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  37. RafterManFMJ Its best to ask this question again latter when some of the big guns are around. The Turd says QE to infinity and I should think he is 100% correct. of course there may be some form of trickaration involved.

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  38. Where is every body? I feel like Omega man. Any Australians on board? The aged aunt informs me the American economy is making a fantastic recovery. She also informs me that there was no global warming before those dam computers that are spewing out radiation into the atmosphere.

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  39. Well well well, looks like this is going to be a regular thing these early morning attacks. Its the only time these bastards can do any damage. These volumes are the clearest indication, along with waterfall smackdowns, that it is that evil witch Blythe and her EE at work. Now lets see how quickly we get another FUBM. I've watched the PM's ride up and down with the Dow, then it was the dollar index,, now its oil,, geesh, with what does these PM's want to be correlated already. Just stay above 38 and 1430 please.. Bos,, where are you?

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  40. china hikes lending interest rate .0.25%

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  41. I keep a running account of days up and days down,, they don't let too many positive days go by before they attack,, This can be consistently observed over and over. I use excel to keep track of many factors and correlations. One chart consist of colored blocks that I fill in daily with green and red, with up down arrows indicating the degree of the up or down. Its just another way of looking at the patterns.

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  42. Nice buzzsaw action a little bit ago. Looks like the beginning of a Terrible Tuesday :)

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  43. They are either setting things up for more attacks when Ny opens or they know there are big buyers coming in today. So we may get a nice FUBM,, that's what I'm hoping for anyways.

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  44. For BTFD today, My initial target is $1 off last night's high and then a second at 50 cents off that, so 37.79 and 37.29.

    I think we'll see the former, not sure about the latter.

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  45. @Rafterman: It's anyones guess. My guess there will be a period between QE2 and QE3 that will present a buying opportunity and a dip in PM's, The big question is; How far will silver run up to between now and then (May/June)? 40? 50? 60?And how big (or small) will the pullback be. No one knows. JP Morgue could also jump on the other side of this trade. I've been buying silver since $5. Last purchase was a monster box of philharmonics at $34 and I was asking the very same questions you are. Easier for me since I can justify it by averaging out. Fundamentals for silver are still strong and unique. Path of least resistance is still up. I believe there is a shortage and the comex is trading 100's x1 paper/phys. I think the cat is profit taking officially out of the bag. There is some type of takedown/ selloff/ profit taking going on right now, ($38.4). Hard to buy these dips, but it will pop right back up. I'm in a position to look at the silver as potential off the books retirement money, kids will inherit what's left. I think pulling money out of the 401k isn't a bad idea. You'll may pay income taxes and a 10% penalty, but should makeup that this year. The safest thing in your 401k is probably a stable value fund of some type. How safe is it when it's full of synthetic gbics and MBS and Muni bonds? I don't know.
    I would keep some money on the sidelines to BTFBD (big dip) if a good one comes along.
    Counter arguments are; you're buying at 30 year highs, you're betting against a Fed backed JP Morgue, and no one expects a strong dollar anytime soon - so we may get a surprise on the dollar front. Still, fundamentals are strong and I believe there is a shortage.

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  46. Can someone give an acronym breakdown of all the FU's? FUBM, etc, etc? The only one I'm familiar with is FUJPM.

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  47. FU Blythe Masters head of JPM commodity.

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  48. "BMO On A "New Paradigm For Silver"

    http://www.zerohedge.com/article/bmo-new-paradigm-silver

    In summary:

    •BMO Research has reviewed a number of supply and demand scenarios for silver through 2015E. The analysis suggests that the projected rise in mine supply should largely be consumed by rising industrial demand through to the end of 2012E.

    •The prospects of further quantitative easing combined with sovereign debt concerns, competitive ‘fiat’ currency devaluation in western economies, and the return of inflation could result in investment demand exceeding BMO Research’s projections and extending the supply deficit through 2014E.

    •This shift in the supply/demand dynamic lies in contrast to the broader investment perception for silver, which is rooted in the 1990’s when the metal was in abundance, driven by the demise of the photographic industry and Chinese selling.

    •The paradigm shift for silver suggests that the traditional benchmarks for silver, such as the long-term historical ratio with gold, are no longer valid. Accordingly, the markets are searching for a new set of criteria against which to benchmark the price of silver, with a bias to the upside.

    Full report: (at link)

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  49. @SilverIsKing

    37.29 as a grab it while you can before bounce back up to high 37s or 38s. Similar to the excellent (for buying) Friday dip to 37.05.

    I'm talking about day trading XAG contracts. Not core long positions. Those targets are quick grabs to close out after 12pm and 4pm crushes clear.

    My day targets are usually hit, but not exactly. I'm often off by 15-25cents in either direction. That's why I identify 2 targets, that way I'm good for at least 1 (usually!)

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  50. It seems there is some pretty good support in gold at $1433. I noticed this yesterday too. Ain't saying in won't be broken, but so far it's holding pretty tough.

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  51. morning beatdown seems to have reversed at 38.07
    lets hope it holds!

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  52. For XAG, on the 15min chart, they've already closed off (to the downside) 38.30 but couldn't get through 38 to close off 37.90. That may come before COMEX open @ 8:25.

    Then they will attempt to close 37.60 and possibly (but not likely) 37.10 for 1:25.

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  53. As other posters have opined, these raids seem to be getting weaker and weaker, and have no lasting effect.

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  54. The last time an attack took silver down more than a dollar was on the 16th of last month and silver was taken down 1.32 during the FMOC meeting. Gold was taken down 30.97. That attack came two days before the Equity Options Expiry. The time before that came on the 10th during the POMO meeting where silver lost 87 cents that day.

    I do not think this attack will go any deeper than what we have seen so far. There does not seem to be any coincidental factors that would give the EE reason to hit the PM's harder. The latest attempts have been more frequent but seem to not be as deep as before and less effective. I think we have seen the bottom and we should get a nice FUBM today. Of course, I could be wrong but I think the odds favor the above scenario. Unless there are meetings I am not aware of, or unforeseen factors like the end of the Libyan war.

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  55. @doc - current Sydneysider been a turdite from day one (of the blog anyway - he was ripping it up on ZH for a while). where you at?

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  56. Yeah the drop in price seems to be due to China interest rates rising by .25%

    http://www.bloomberg.com/news/2011-04-05/china-raises-interest-rates-quarter-point-in-fourth-step-to-curb-inflation.html

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  57. Just woke up and saw HSBC and JPM did the dirty deed in London.
    Those are two ugly charts to wake up to.
    They suck.

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  58. If we do go down further this morning, it will be when Ny opens and if the Bos stay away, then the PM's may get hit harder as per Pailins projections.

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  59. Just watch the 1min vols, when that spike reaches to the sky, be ready to buy (if that's what you're doing today).

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  60. Pailin - Can you explain volumes to newbie coz I'm confused. Big volumes seem to drop price but small volumes seem to be just as able to push it up by same amount....

    Help please

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  61. bought exk yesterday. nice pm move and awful am. I know 40 will be here soon

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  62. @David

    Silver is in a long term bull with true physical demand and scarcity. It takes a lot of volume to move the price down against those natural forces.

    It's like pissing into the wind (for the shorts). Long paper traders just have to be careful of overexposure in general (get physical!) and leverage risk. Otherwise, find your lowball targets and ride them up.

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  63. I think this will be the first of many ramifications from Japan's disaster. Specifically from a so-called "economic" recovery / jobs standpoint. Just how many more car companies, electronics, etc. will come to this decision in the short term. Keeping in mind that this thing is far from contained (and forgive me being a little too soon here...it really is a tragedy), and we are discussing the 3rd largest economic player, this was/is the backdrop needed for QE3 and a prior double dip recession (one which housing numbers were confirming for quite some time). Then again, the Fed just needed one swan, ANY SWAN to commit to QE3. When Japan's impact is fully known and mitigated in the medium term, they'll pick another immediate black swan as reasoning for QE4..take your pick..EU might be imploded by then, MENA... As I have opined before QE continues either outright publicly or behind veiled acts. DYOD

    http://www.businessinsider.com/toyota-north-america-factories-2011-4

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  64. Pat: I think the non-serious raids is a trick by EE to lull longs into feeling complacent.

    TF suspects the EE will let the price drift up to 39- or 40-ish and then hammer it hard.

    This will make new and/or over-leveraged longs flee silver on account of it being too volatile.

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  65. and that mularkey that issues outside U.S. don't factor into Fed policy / decisions is BS!!

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  66. This comment has been removed by the author.

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  67. Hey Guys,
    can someone tell me a good website that has live charts with volume?
    Or where do you get your volume information from?
    Thanx

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  68. Also thought I would remind others that if the past can be used to gauge future trends; I don't recall seing any $1 dollar down days based on Chineese rate hike news.

    As I recall the rate hikes generate a panic selloff imeediately followed by the "now why the heck did I sell based on that news" mentality (and leading to a quick rebound).

    Be interesting to see what happens this hour (when the raids usually occur). EE may try to lay a golden egg of this relative non event. We may get a good buying opportunity by market open if we are lucky. Somehow I don't see us getting below $38 though.

    Was nice to see we almost hit $38.80 last night. Again before day end?

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  69. @Isolathor
    http://www.netdania.com/Products/live-streaming-currency-exchange-rates/real-time-forex-charts/FinanceChart.aspx

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  70. Can anyone recommend a good intro book on trading / purchasing options? Any help is very much appreciated.

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  71. http://netdania.com/Products/live-streaming-currency-exchange-rates/real-time-forex-charts/FinanceChart.aspx

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  72. I hope nobody is confused by my comments. I love when I overestimate the downside!

    99% of my silver exposure is long PSLV and physical, none of which I trade. All buy/hold. My low targets are just a fun way to sweep some FRNs away from EE to buy more PSLV and physical. Doesn't bother me a bit when the opportunity does NOT present itself :)

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  73. Classic Bernanke from last night

    http://online.barrons.com/article/SB50001424052970204049804576244292873368736.html?mod=BOL_hpp_highlight_bottom

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  74. Thanx a lot!
    I really appreciate the blog and comments!

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  75. http://www.huffingtonpost.com/2011/04/05/moodys-portugal-bailout_n_844846.html

    June 5th's the Portuguese election day & should have enough cash to survive through June, although their rising interest payments might put a dent in these plans.

    Should be positive for gold prices at some point...

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  76. Pailin, same here: mostly physical, but trade XAG with leverage. Added this morning at $38.30, but looking for lower dips today.

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  77. Not too shabby with Dr. C down and crude down, not too shabby at all. And the $ looks so weak can't sustain a bid

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  78. Damn! We're getting some good short covering or something.

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  79. Momma and Poppa Eagle are both on the nest right now, in case anybody is interested.

    http://www.ustream.tv/decoraheagles

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  80. What the heck happened to GOLD?! Shot up like a mother-father! The kitco chart shows it going VERTICAL, but NetDania shows a more gradual spike. Wow.

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  81. Way weird- got a false print of gold +$4.50 and chart to 1440. Chart still off

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  82. @sumo

    I'm at 50x leverage, so I am very conservative with my buys, generally carry one position all the time and move in/out of 1 or 2 extra positions daily. Good luck with 38.30, very good chance you'll score where I was too chicken to jump in :)

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  83. the silver chart is a big W

    where's Blythe's bruised ego?

    Under the big doubleyew

    (think Jimmy Durante)

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  84. Pailin: "generally carry one position all the time and move in/out of 1 or 2 extra positions daily"

    Exactly what I do, on 50x. I don't mind carrying short-term positions overnight - spikes in thin Asian trading or pre-open London often hit my target prices

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  85. Wow, seriously what is going on with gold today? This is awesome!

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  86. Am i seeing the gold chart right? Spiked to 1440 and immediately blasted down 5 bux?

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  87. My Kitco Widget just went Crazy Ivan... 1441?

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  88. Kitco chart MUST be wrong. It is very different from NetDania over the past few minutes.

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  89. @sumo

    Yup, we're on the same page. My trading day begins at 6pm and ends around 3am. Love Asia overnight. Sometimes when the 3am alarm goes off, I just don't care about closing out and stay in bed anyway. That happened today, which is okay because I didn't add yesterday.

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  90. Drat! The monkeys saw the glint of my gun barrel and took off! I'll have to be more patient putting in my buy orders. Nice to see they are getting more skittish, though. Go silver and gold!

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  91. If this is in response to the chinese rate hike then gold is well on its way to becoming the ultimate safe haven for the masses.

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  92. The resistance at 1440 is looming large however.

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  93. Bill Hi, from Melbourne. Yes Zero hedge. Quite a few silver brothers down this way.And yes this is a great site, its also wonderful to hear what our enlightened American cousins have to say on the matter.

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  94. RafterMan

    I could totally see a soft patch in the June-August time frame. I don't see anything really serious though. Buy some now, some later?

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  95. LOL

    Well, when Mr. Sprott, starts buying 300 million dollars of physical gold....what do you think will happen to the price of gold?

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  96. Usual micro-selloff before stock open...not news today.
    I don't understand where people/banks etc are goin to put their money...Bonds? of which country? Stocks? of which sector I don't believe financial, or insurance...

    finally, I don't understand why the entire world is not buying gold and silver deeply. as of today gold should be at 1650 and silver at 50.

    Real not declared inflation and grow of debts are erasing purchasing power in silence,paper money value is lower day per day, and is zero over a long term actualized.

    What are we expecting for investing in metals?

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  97. Alex:

    "I don't understand where people/banks etc are goin to put their money...Bonds? of which country? Stocks? of which sector I don't believe financial, or insurance..."

    I absolutely concur. I cannot imagine where, other than precious metals, I would put my money if I were super wealthy. Maybe the gold is traded for guns and oil and black market stuff like hash and coke, and so the price discovery at the comex doesn't work well. Cannot figure this out - but sitting on a pile of dollar bills? And the North Koreans were printing them before Bernanke.

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  98. Regarding this incredibly disturbing story from over at ZH:

    http://www.zerohedge.com/article/tepco-knew-radiation-seawater-75-million-above-normal-it-started-dumping-radioactivity-sea-m

    Educate me. Is this a problem for our seafood right now? I am so upset over this for the Japanese people.. and really all people the world over. This will affect everyone. I am just not certain what our window of time is for buying seafood that is not contaminated here in the US. My family loves seafood but we have not trusted it for awhile anyway since the Gulf incident.

    Interested in thoughts from the thinkers in Turd's world. Tuna is one of those 'prepare accordingly' staples for us.

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  99. Masses, including professionals, just do not believe there can/will be absolute fiat and debt failure. Blind refusal to accept the facts and highly likely consequences.

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  100. That was some crazy gold chart action...omg.

    They are terrified of letting gold rise to where it should be. Period.

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  101. @Pailin,

    Masses in former USSR countries believe and know it because they have seen it

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  102. Ginger

    Don't know, but honestly I'm thinking about laying in an extra case of canned salmon. IMHO, this is the best stuff out there.

    http://www.vitalchoice.com/shop/pc/viewPrd.asp?idproduct=25&idcategory=222

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  103. back to the silver chart: Blythe seems to have switched to a cursive scrawl

    what is it girl? What are you trying to say?

    it looks like

    WHOA!!!

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  104. Here's a little YouTube series that RIchard Maybury put out entitled "Buying Precious Metals". I can't vouch for it, as I haven't watched it all yet, but I do get his newsletter and I like it.

    http://www.youtube.com/watch?v=K5qrKVASvEw

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  105. Is turd droppin one? What time is turd time?lol

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  106. @everyone -
    There is a divergence in the Kitco Spot Bid price (showing a spike up to 1440) while the Netdania Gold chart does not show this spike (spike occurred in the last hour just prior and at NY open).

    Did anyone else see that divergence?

    Is that spike a divergence in the power of the force (gold)?

    I am wondering if someone jammed the bid price high in order to see what that might do to NY open?

    (lol - word verify is "fojedi"
    Yep. PMs are fo' jedi alright.)

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  107. Eric,
    Thanks so much for that link! ..That looks awesome. The canned salmon is something that I've stocked up on as well. ...As weird as it may sound.. it was tuna that I craved when expecting our first baby girl. ..Ate those subway tuna subs a little too often (with pepperoncinis!). ...Funny now but she is 13 and she absolutely loves tuna. I don't want to be the one to tell her that she can't have anymore so I was just wondering how 'back logged' our canned products are here in the US. ...Not sure how long ago...or recently.. our seafood products here were caught and processed.

    Anyway.. of course I know the much larger more important issue is the sickness this will cause, the loss of jobs for fishermen ..and so many other mind boggling scenarios that I can even take in right now.

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  108. I have prepared your morning thread.

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  109. Hi Ginger,

    I've been upset since Day 1 that the US and/or IAEA did not just go in and oversee everything in Japan. My immediate take on it (based on going through Northridge which was child's play compared to Japan) was that everyone in charge in Japan went into shock and then denial. If we had any intelligent forms of life in the White House or the IAEA, they would've hopped to right away.

    No one knows what is going to happen with the release of supposedly low radioactive water into the Pacific.

    I'm expecting much worse news given out in drips and drabs and have already gone and stocked up on my favorite food items from Japan (seaweed, etc.). As for tuna, I'd say go stock up now as much as possible. If nothing else, you can absolutely count on the price going up. Based on levels of hysteria, we may see hoarding, artificial and not-so-artificial shortages, health warnings, etc. (Been in the food business for over 35 years.)

    Now, what's this I hear you wrote my name up in your book! (Shades of elementary school....) ;)

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  110. @Ginger -
    I am definitely worried about food quality for all of the Pacific Basin.

    It takes flotsam 1-3 years to cycle from off of Asia to off of North America.

    The radioactive water that was jettisonned by TEPCO into the Pacific Ocean will hopefully settle in the area of Fukushima and not "float" for years.

    The worst isotopes are the heavy isotopes with the long radioactive half-life. This is stuff like Uranium and Plutonium.

    TEPCO claims that the Reactor 3 explosion was hydrogen gas. Well, after watching Arnie Gunderson's comments about Fukushima (Gunderson appropriately points out the recriticality issue), it is obvious to me that the four reactors at the TEPCO Daichi facility are spewing major amounts of radiation into the environment, including the air.

    Cesium and Iodine radioactive isotopes are likely falling over a considerable portion of the Northern Hemisphere. However, these isotopes are in sufficiently low amounts that we will not likely see direct impact on the health of people in areas outside 200 miles. However, the cumulative effects of EATING these isotopes (and heavier uglier ones) is not known.

    Gunderson points out in his latest video that Chlorine 28 was not a naturally occuring isotope but is a signature from Fukushima because Chlorine 28 is likely being created by on-going nuclear reactions in the broken reactors with sea water being pumped in.

    What is particularly disturbing is that the Japanese and US governments are either not measuring or they are deliberately suppressing reports of actual radiation readings and isotope amounts across Japan and other regions.

    As for the quality of food, I can only conclude that barring the use of Geiger counters on your seafood, you can not know for certain the food quality of anything we eat.

    Shrimp and other seafood from the Gulf of Mexico were excluded from my diet after the BP Oil spill of 2010. I will not reinclude those things until at least 2015.

    Wild Pacific salmon and farm raised Pacific salmon may be unaffected. However, I have been attempting to verify the migration habits of wild Salmon (i.e. how far out in the Pacific do Salmon swim)? If they remain fairly close (i.e. hundreds of miles) to the land, then they are likely to remain a good source of food.

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  111. I hate to say it but the radiation problem probably has compromised our food chain. How could it not? These are massive levels of radiation unabated.
    You have to ask yourself this one basic question...If there was no Japanese nuclear emergency and for some mysterious reason radiation levels were rising dramatically with no visible reason across the U.S. and elsewhere, would TPTB just blow it off and raise the EPA radiation tolerance levels or would they be freaking out a bit in order to discover the source and curtail the food that was effected etc. until they discovered the reason?

    They have effectively just blown off the danger to people because they know full well the reason and how bad it really is.
    That makes no sense at all.
    Typical head in the sand stuff and giving the all clear signal and just raise the "new" acceptable levels of radiation. They were at their previous tolerance levels for a reason. What they are effectively trying to pass off as the new correct acceptable limits is that they were wrong the whole time about safe radiation tolerance levels before until a known and uncontrollable situation happened. They have changed the standards to minimize the problem. Same thing they did with the accounting standards during this financial mess.
    What a messed up situation were stuck with.

    I hope gold and silver go nuts so at least we can all be relatively wealthy and secure moneywise.

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  112. Reports are appearing from Japan that the Japanese fishermen and fishing industry is extremely irate with TEPCO for dumping the radioactive water in the sea.

    Here's the way I read those tea leaves.

    The Japanese people are dependent upon the fishing industry for a sizable portion of their food needs. The only other group with similar power are the rice farming lobby. Therefore, in polluting the air, the farming lobby is troubled. In polluting the water, TEPCO has damaged the fishing lobby. Therefore, the two largest food-associated lobbies are irate with TEPCO.

    TEPCO, on the other hand, has only the western banking interests behind it. Here's a few more observations on this story. After Three Mile Island, the US put a halt to licensing new nuclear power plants. But, nuclear power plants have spent fuel anyway. During the Reagan - Bush era, the USA built huge amounts of nuclear / atomic weapons in the cold war.

    Where did the fissionable material come from for the nuclear warheads in the 1980's?

    I do not believe that that stuff only came from US reactors.

    I now believe that a large amount of that fissionable material came from Japanese nuclear reactors similar to TEPCO's facility. So, the nuclear reactors in Fukushima had a double edged benefit. One, the Japanese needed energy and were willing to buy nuclear. The Japanese then could sell that spent fuel back to the USA for FRN's and additional future support. But, the USA must have stopped buying the spent fuel and instead started to force TEPCO to store the spent fuel in those storage pools. Unfortunately for us, the earthquake and tsunami turned the spent fuel storage pool into an uncontained nuclear reactor similar to Chernobyl. Therefore, we now have open air nuclear reactions at recriticality.

    Then, after the Clinton and Bush Admin's halted nuclear weapons production, the processing of those spent fuel rods slowed. This is why those rods are sitting in a storage pool instead of processed and safed.

    This is also the reason that we now have plutonium and uranium isotopes contaminating the ground, air, and water around the Daichi Fukushima power plant.

    The situation at Daichi is very dangerous and the people working in that facility will likely suffer from cancer or other radiation associated illnesses in the next few years.

    TEPCO is like an EE bank.

    It needs to be taken off governmental financial life support.

    This activity by government officials of creating debt for the citizens by way of "Too Big To Fail" backing from the government is nothing other than plunder and graft.

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  113. Eric, that's some nice looking canned salmon. But am I reading the website correctly? Is it really six 6.3oz cans for $42? That works out to $1.11 per ounce.

    Our supermarket salmon is $2.25 per 14.75oz can, or fifteen cents per ounce.

    The Vital Choice might be a wonderful gourmet treat, but I'd stick with supermarket stuff if I was stocking a pantry for SHTF.

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  114. I got a few more things to say about this Fukushima thing....

    TEPCO executives will be handled quietly but clearly by the Japanese. My guess is that if track their lives over the next five years, all of that executive management team will "retire" and "disappear". The real gems are the Board of Directors and Executive Officers who hide in Tokyo Board rooms while they send 300 employees to die a long cruel death in the corridors of Fukushima. Just two days ago, they found the remains of two employees after three weeks of being missing. The story promptly vanished from the news in the USA within hours (sort of like a Bahrain demonstration, ain't it?).

    Well, I doubt that the Japanese are going to tolerate it. The only question is how soon will they dispatch these TEPCO executives. The TEPCO executives have to be the lowest form of life in Japan right now. If this was 100 years ago, they would need to commit suicide today in order to preserve their honor. But, instead, and similar to the EE, they will try to slink back to their Cayman Islands retreat and anonymity in riches.

    Meanwhile, the EPA sensor array STILL after THREE F'ING weeks is not producing results for display via the web, AND there is no reporting of air quality samples taken over major US cities.

    AND, you now have no ability to trust that your local water district even has the technical expertise to even MEASURE the amount of radioactive isotopes in your community reservoir (which has received rain over the past month and small amounts of isotopes from the precip).

    While I believe that the isotopes should be low enough to not represent a health hazard, the reality is that the water and air in NORTH AMERICA is ALREADY affected. The question is NOT "IF affected", but "HOW MUCH"?

    I do not see any university physics or biological sciences departments stepping forward with the analysis to either measure this or baseline it.

    I suspect that our air and water were already contaminated by Chernobyl in 1986. We're 25 years later, and now TEPCO Fukushima Daichi has polluted the entire planet.

    The Japanese government and TEPCO are an international disgrace.

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  115. @TYF - I have also noted that huge divergence and pricing range for Salmon. More importantly, the canned salmon really doesn't taste very good. Fresh fish doesn't taste "fishy".

    As I posted three weeks ago, this thing is SHTF.

    The impact of the sentinel events are adding up. Between BP and Katrina, the US eocnomy got whacked bad. These events lead to 2008's debacle and the 2010 double-dip. Fukushima should be thought of similarly. The 2010 double-dip is a lock down and 2011 will continue the dip.

    OTOH, PM's are lock up (frankly it should be up harder) but the central bankers are writing paper promises faster than the miners can crank out planchetts to the US Mint.

    This morning's postings lead me to the following conclusion over the past week.

    1. Japanese productivity will be hit for the next five years.
    2. Japanese ability to buy US Treasuries is tied to FRBNY lending policies.
    3. However, FRB lending rates are tied to fictional notions of core inflation.
    4. Core inflation is a fiction in reporting because if you had to report actual inflation, the rate would be 10%.
    5. If CPI was no longer a shadow number, then all cost of living adjustments and all other rates BASED ON published CPI data, those budgets would be blown up.

    Recall in the late 1970's when under Carter Admin the wages inflated with gas (lagging gas by about 1 year)?

    Well, in 2010, the wages are NOT inflating because the Obama Admin still thinks CPI inflation rates are at 1% instead of 10%.

    If CPI was really stated where it actually is, the US federal government would have already exceeded its debt ceiling for the entire year.

    May the force be with all of us.

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