Friday, April 29, 2011

Just When You Think You've Seen It All

You get days like today...

Never mind that I told you this morning that silver would be capped all day.
Never mind that I warned you last night that The Wicked Witch would be stalking the pit like a mythical beast.
Never mind that I told you yesterday that gold was going to be leading silver for a while.
Today was truly breathtaking it it's peculiarity.

I've been around a long time and maybe my memory is starting to fail. (Wouldn't surprise me. It's always been said that alcohol abuse damages brain cells.) I cannot recall ever seeing such a disconnect between silver and gold on a day session. Ever. Oh, sure, maybe silver might be up or down 3% while gold only moves 1% but at least they'd be moving in tandem. To have the two totally and completely trade independent of each other is absolutely extraordinary. Here are your two charts to consider. They are both 5-minute pictures of today's action.


So, what does this mean? Is it just an aberration? A coincidence? No freaking way, my friends. Everything...and I mean everything...is being done to temporarily restrain silver. The Cartel is effectively expending their entire "conventional" arsenal in their attempt to survive May settlement in silver and live to play another day. Think about it, this week we've seen:

1) Two CME margin increases in 48 hours.
2) Every available Disinformation Agent has been put forth to convince the sheep that silver has topped.
3) Sell side analysts stubbornly refusing to raise or even maintain year end price estimates. Remember, year end estimates are critical to the calculation of miner share price forecasts.
4) Today's historic price divergence.
5) And now, on the Globex, on a Friday no less, The EE is putting the hammer down in an attempt to gin up ever more top-calling over the weekend. Since closing on the Comex at about 48.60, silver is now down 80 cents, the majority of which has come in three minutes.


Anyway, the good news is that The Cartel has been successful. Weak-handed longs have been frightened. They've run from silver and charged into gold, instead. This is great news! I'm long a bunch of June 1550 gold calls so I made a lot of money today. Thanks, Blythe!! Its also great news because we needed The Comex to survive May. The fundos haven't changed. In fact, they've only gotten worse. Remember the Scotia story? June will be another crazy, wild month in the silver pit and we will have a remarkable opportunity to make a boatload of money. In the words of The Wicked Witch herself, "shit, Ruprecht, IF Turd Ferguson is correct, we'll make enough money to fucking BUY Venezuela"!

And, regarding this "topcalling nonsense". Since when has any market topped while everyone was telling you to sell. I'll tell you when...NEVER! Markets "top" when the last buyer has bought...when there is no fear and no perception of risk. Is that today's silver market? Hardly! The fact that so many douchebags are trying to convince you to sell your silver is simply a sign that silver will trade even higher. "Climbing the wall of worry", as they say.

So, relax and be happy. Go into the weekend KNOWING that you are WINNING. Gold is at $1562/ounce, for the love of pete!  Rejoice!  TF out

ps Before today, I hadn't urged anyone to make a trade at any time. Against my better judgement, I did just that earlier. For any short-term angst I have caused you, I sincerely apologize. I won't do it again. I make general observations here for you to interpret and evaluate. It is not, nor will it ever be, my place to give you specific advice or trade ideas.

260 comments:

  1. Turd...

    It is unusual for a "media Man" to have such integrity! Kudos to you!

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  2. So far the "plan" is working......look for weakness to buy next week......SLW is getting very tasty and the gold miners GFI very tempting

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  3. Great update Turd. No worries on the trade recommendation, I hit the buy as it fit in with my profile for the day/week anyway, no harm done. I'm only in big trouble if that position dips back under 40 :)
    Not worried and thanks for everything, your broad calls are dead on and that's good enough here.

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  4. "Don't be skeered li'l fella" (just talking to myself)

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  5. O'Flanagan will not and cannot ever listen to the evidence, think rationally, consider any of the fundamentals, nor consider any of the arguments the best of you might provide. His only purpose here is to enjoy the anger of people he despises, because they know more and are right more often than he will ever be. He should not be responded to because he is unable present refuting evidence to the contrary.

    Therefore, I propose that not only should be be ignored but should be banned permanently. He will never serve any useful purpose on this forum, because he lacks the intelligence and knowledge to provide any thought provoking and reasoned argument that might lead to the constructive education of others.

    The evidence, of which we are all aware, is overwhelming in favor of the argument that silver is manipulated by the major market players in the this market. This fact, at this point for most of us, is not a matter of debate or conjecture. It remains a proven fact as sure as night follows day in our advanced knowledge of the verifiable documented evidence of this proven reality. O'Flanagan is certifiably ignorant and incapable of reasoning from neither the evidence nor the facts.

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  6. I would hardly agree silver is "tanking." It's off 1% maybe, but we're up 30% this month. Do the math.

    I'm going to have a few cocktails in golden goblet tonight. I felt silver would move sideways under $50 for awhile, maybe weeks as the Monkey's defend their shorts. So I went gold instead and bought an ounce on the sub $1500 dip earlier this week. Surprisingly, the $US didn't take out 72 as I expected when I saw gold touch 1570.

    Keep running your quiver lips, Benny.

    I will be feeding the Turd as soon as I get some fiat in my PP account. This blog has been invaluable to me and so many others. Plus I WANT THAT BIG FUNNY HAT! :D

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  7. I think think O'Flanagan is Gensler in drag :)

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  8. BIGEYE10

    Those 50 pesos tend to go for very attractive premiums. Read up on them here first:

    http://www.cmi-gold-silver.com/mexican-gold-coin-50-pesos.html

    Depending on the pricing habits of your shop, you should be able to walk out of there with that coin for between +2 to +4 % over melt. If it's more, just walk away and order one from Gainesville instead.

    Gold weight is 1.2057 troy ounce per coin, so at 1560 gold, melt is 1881. Plus 2% is 1919, plus 4% is 1956.

    DO NOT be afraid to negotiate!! YOu know that coin has been sitting there in the shop!! He is itching to unload it! Use that info to your advantage. Offer $1900 cash money and go from there. He'll bite. Be Strong!!

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  9. Turd sorry it took so long to feed you, but got i t done today and will keep on feeding.

    Thanks for all you do.

    On a side note, how are the self serve yogurt places doing, that concept amazed me when is aw it last month in colorado.

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  10. Eric#1 - thanks for your reply on the last thread. It is much appreciated. I notice that you are one of the good guys on this blog. Here is the coin I'm looking to purchase:
    http://goldandsilverblog.com/perth-mint-introduces-australian-platypus-platinum-bullion-coins-0181

    My local coin shop will buy platinum but talk about volatility! The price swings in spot will give you high anxiety. I believe the price will hit $2200 an ounce by year's end but gold may be a better bet because it is more popular for investors and collectors and seems set for a stellar rise to $2000 in the next 8 months.

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  11. Totally agreed. Absolutely EVERYTHING is being done to make investors run away from silver. Even to make them run into gold is good enough for the EE at this point. They let gold ralley just to accomplish that.

    Will work maybe for another week or so at best.


    From previous thread:

    "Double (or triple) margin hike and the COT report that just came out showing the commercial net short position being the lowest since end of 2009 (probably declined even further from Tuesday because OI since the shrank 7,8k contracts).

    This is/was the big correction, monumental liftoff starting in the next 1-3 weeks - you heard it here first.

    - Markus, who can't post from his regular ID because Blogger is broken"

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  12. Thanks Eric#1. I actually asked him about platinum coins today , said he might see 1 or 2 a month. I am also looking at getting some of those

    So i have the TRINITY as Lennon Hendrix says

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  13. Exquisite analysis Turd. We love it. Thank you ever so much.

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  14. I simply cannot sell at these prices. I just can't. I know I should, but I can't make myself do it.

    I fucking hate this action. Gold is so high, but I'm looking at NG down .08. AUY up just 14 cents.

    Sure I have some gold winners. Even HL up with silver. But my portfolio is in the red. This is the worst month of trading since Fall 2008 for me. Nothing work. I've had one awesome day. The whole month.

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  15. $0.15 bid/ask spread on xag at oanda. WTF?

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  16. @sumo
    I would imagine that's reflective of the upcoming Monday margin hike. Your platform is de-risking.

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  17. Damm some considerable damage was done to my account. Kept trying to BTFD and kept getting stopped. Ohh well, such is the nature of this business...

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  18. Eric#1...Platinum Platypus at APMEX. New notice just arrived in my mailbox.

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  19. Dont know if its been posted yet..went to GATA...got booted to this very interesting article by ZH citing GATA, Goldcore and Max Keiser.

    http://www.zerohedge.com/article/goldcore-questions-comex-silver-default-due-secret-buing-russian-billionaire-chinese-traders

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  20. Turd, it's like watching the EE in tachycardia in realtime. And you Sir are only the best buddy in the whole wide world to watch it all with.

    ok, this bit is carried over from last thread (I loves me my Russian billy's, and can't stands me no Crimex scummers)...

    Hey Crimex scumbags: Newsflash! Russian billionaires don't much care about some silly silver margin hike. They eat them for a snack with borscht and sour cream and then they knock back a vodka.

    На здоровье!
    (na zda-rov’-ye)
    To our health!

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  21. Great week Turd meister. Since I've been following your Blog (from late January) my account is up 1200%! Big Yellow Hats Off to you. Cheers!

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  22. Hey Turd,

    Interesting point you make about expending the "conventional" arsenal.

    Care to speculate a little about what the "nuclear" arsenal is? Strategic default?

    Or my pet theory: a commenter noted that the most recently released COT show the LOWEST net commercial short position in a LONG time. This is a point Ted Butler keeps harping on. JPM et al ARE covering shorts -- a strategic retreat if you will.

    I have always wondered if there comes a point when it will become profitable for them to turn on a dime and GO LONG.

    I never really understood options prior to a few months ago.

    I still don't -- lol.

    But I do recognize that with a n immense amount of capital, and FOREKNOWLEDGE of when prices will change dramatically, options extend the type of leverage that make $$$$.

    So what if you were the Cartel, with teh Fed underwriting you, and you KNEW the precise timeframe (bc you could make it so) that silver (and gold) would EXPLODE not just 3-4%, but 15-20%, or more.

    Would that be a "nuclear" response???

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  23. FOAGQ I'm in big for the weekend. Did a surprising number of smallish trades during the day and then BTFD.

    atlee - the stops fell as you said they would and it didn't take incredible volume to do it.

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  24. SSK

    I hear ya. My miners suck today too. Lucky for me I'm basking in the glow of my physical gold.

    ewc58

    Now I want some Stoli...

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  25. @ turd and all turdites

    WOW ... this is UNBELIEVABLE. Price manipulation is SOOOOOO OBVIOUS!!!!!

    The dollar is below 73, gold is SOARING (and I mean soaring) and silver is ..... tanking. There is no reason in the world this could be happening unless EE is doing this.

    By not acting, the CFTC is creating a situation ripe for Comex default. Read the article below on why the CFTC is allowing this to happen. Here is an excerpt:

    "The most plausible reason for the CFTC's negligence is that it has been pressured to accept (or has bought into) the banking cartel's self-serving logic that the increasing price of gold and silver must be "managed" in order to obscure the growing lack of confidence in fiat currencies and to avoid the consequences of what would otherwise become a disorderly dollar collapse: namely, economic disintegration, increased panic and anger, and social disorder. Undoubtedly, the administration (which is filled with former bank executives) has made this same self-serving argument so that it can control perceptions, manage outcomes on the economy and strengthen its bid for re-election.


    Those who think this sounds preposterous should think again. The fact is that there is a glaring and ominous precedent for banksters and the government pressuring the CFTC to go against its statutory mandate. Prior to getting their massive bailout, banksters and the Clinton administration exerted tremendous pressure on the CFTC to prevent it from regulating derivatives, which then caused the collapse that actually required the bailout. The PBS documentary "Warning" exposes the smear campaign that eventually silenced Brooksley Born (the former CFTC commissioner) when she suggested derivatives be regulated so that they would not explode in our faces. As the documentary reveals, Born's voice was systematically snuffed out by profit-seeking banksters and an administration all to happy to feed their greed. Except for Bart Chilton (one of the current CFTC members), the unfortunate and cynical lesson learned by the CFTC appears to be that it better play nice with the powers that be. As a consequence, they have walked a large circle around banksters and administration policymakers."

    Read the entire article and watch enbedded videos here:

    http://thesilvergoldhedge.blogspot.com/2011/04/reason-why-cftc-is-doing-nothing.html

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  26. in soviet russia, margin hike eats you!

    :) sorry couldn't resist. definitely a very weird day today, so many games and obvious smackdowns needed to keep things at bay. and the MSM propaganda full court press on the silver 'bubble'. perfect set up for next week.

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  27. Question: what makes anyone think next week will be anything different for the miners, esp. the silver miners, esp. SLW, EXK, and GPL?

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  28. Ginger

    Actually, quite the contrary. When it comes to silver, her line is "sell it, sell it, sell it".

    When it comes to gold, she says "Trust your gut".

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  29. @sumo

    15c is normal weekend spreads on oanda.

    Spread widening is something you must watch on the oanda platform.

    It was as high as 60c on the weekend before easter and 40c on xmas eve.

    Place your stops accordingly.

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  30. When the Great and Mighty Turd speaks even the shrillest top callers fall silent. Ah, Golden silence!

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  31. In a lead up to a silver segment, one of the CNBC babes was suggesting silver may just be in a bubble (disinformation at it's finest) just before noon today. She then went on to ad-lib this moronic jem... especially since there's just so much of it around these days!

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  32. Turd - I for one appreciate all you do, you have helped me learn, i am trying different approaches now and time will tell how they work.

    Now, I want you to tell me when to buy, then I can look and make my own decision to buy or not, but at least I knew that somebody who is WAY SMARTER in this area told me to buy - It does not get better than that.

    Sure it can go down more with all the crap they are doing, but I know it is going to go up because the $ is crap......

    I'm going to feed the Turd now....

    Have a great weekend....

    hahaha - Word ver - telme (and you did - what a sign)

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  33. Qussl3: Thanks.

    Lately I've seen that $0.15 spread on oanda appear briefly during normal trading hours.

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  34. Why all the hate fellas? All I did is make one lowsy contrarian point.

    Anyway, as a gold bug I am going to celebrate the best day in months for the noble metal.

    Who's with me?

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  35. Silver just completing an almost perfect Cup & Handle formation. The handle is complete tonight - points to at least a $5 rise in the very short term... but we already know that!

    We might even gap up on Sunday night. I would NOT want to be out of the silver market now... more than ever.

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  36. Hi Turd,

    I think I speak for everybody when I say, please continue to post your predictions and targets. Nobody has the right to hold anybody else responsible for his or her own trading decision. Today certainly was a humbling day.

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  37. Chupacabra -- that is so damn funny. Every time I picture Blythe/chain smoking Chupacabra I laugh heartily out loud.

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  38. BO: hear the crickets? They'll be hard to miss.

    Friends, Gene Arensberg at GGR just put out some free content that addresses the silver blitz. I like Gene a lot...

    http://www.gotgoldreport.com/2011/04/significant-comex-commercial-short-covering-for-silver-.html?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+typepad%2Fggr+%28Got+Gold+Report%29

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  39. @Atlee
    Thanks. I try to comment when I see something
    important, not wanting to get off topic much
    on a PM blog.

    Sunday night should be exciting, grains and PMs.
    Weather forecasts should change several times by then.

    Thanks Turd for a week of great analysis.

    Im out of here for awhile, its 5 o'clock somewhere!

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  40. Turd is now being reposted on Goldsilver.com. You're a star Turd!

    Don't forget to take a towel!

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  41. Just my thoughts on the miners:

    They are being shorted by the big banks as a hedge against going long silver.

    I think that this is similar to the banks having had a short on silver and manipulated the price. That short worked until people started saying: "I'll buy that silver at the low price you set". Thus taking away all the silver.

    Now they switched that short position to the miners. No individual can take the miners away from them. They can reduce the p/e until someone big comes out and buys the miners through a takeover.

    This is what happens when we let the banks play with the tax payers money for no interest expense. They bleed us dry.

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  42. I can see the headlines tomorrow and Sunday

    "Did the Silver Bubble Just Pop?"

    While I got tagged somewhat today, to some extent, I'm actually a bit happy about what we've seen. It provides the clearest evidence yet that the EE is on the ropes and hanging by their fingernails. If they continue their assault on Silver prices, it will only serve to make buying physical cheaper for those who want to get physical.

    I moved money from my Silver trading account today and was planning on using it to buy some miners next week but my plans may have changed. I may be better off buying some more physical, or a combination thereof.

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  43. yay! i lost a bunch of FRNs between 1:30 and 4, but i just bought the gettysburg coin. comes w/ the glacier park coin. double yay!
    making the FRN's is fun, but it distracts from the real end game. each time is see this b.s. it motivates me to get physical.

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  44. I'm new here, just came over from ZH. THANK YOU Mr Turd for the great insights into the biggest con jobs of the decade. Keep up the good work

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  45. This has to be the lowest scumbag trick in the book. Smashdown in silver only on half hour before weekend closing. I have to go back a long way to find a similar dirty trick. I may not even find one this sneaky, unfair, and underhanded. FUBM ANYWAYS !!

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  46. Turd,

    Are you still calling for Silver to rally through $50 by Thursday of next week as you suggested in your last post?

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  47. The options giveth ....and the options taketh away.. :D

    ..Scott,
    I posted a GGCRF response to you on the end of the last thread. Basically I said.. WHOOHOO!.. It's sure about time on that one and I so hope it's only the beginning!:}}

    Eric,
    I should have figured that one out from the SPOONS you mentioned earlier you were taking to sell and Mrs. Eric seemed quite pleased about it! duh............but it sounds like she trusts you a bit too much. :D ..Congrats again on THIS DAY!......... eventually I will own a gold coin. ;)

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  48. And to add insult to injury, they throw in a 50 fall after the close of the stock market. Grrr.

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  49. atlee, FOAGQ...

    You guys adding here for the weekend? Happy says he's playing strong, I might pick some up on sale too.

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  50. @SilverIsKing
    Today is definitely a gift to physical silver buyers. If we hit XAG 47.40 before close, I'm hitting the buy button one final time :)

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  51. (that should say 50 CENT fall).

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  52. To quote Art Lomax,

    "Thanks Turd for a week of great analysis."

    Couldn't have said it better. Gem of a blog here.

    @SilverIsKing:
    Thinking the same thing. Was going to sell my physical a while back and then ran across this blog and held on. Now it is looking like it might be time to get ready to add more...quite a bit more.

    Have a great weekend everyone. I'm off to buy some fine vodka to start the two days off right.

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  53. RE: Grandich's reversal on Ag:

    I used to read his site and even bought four junior stocks that he recommended (Taseko, Hetherdale and two others I forget.) Eventually I got really nauseated by his self-righteous, fundamentalist religious chest thumping, his anti-gay remarks, and finding out that Taseko was basically planing to rape the First Nations in Vancouver with their Prosperity project. So I sold all his recommendations. I made a good profit on Taseko (which has since tanked) and it was enough to cover the losses on the other three of his recommendations of his that I bought.

    I think Peter Grandich going bearish on Ag is about as bullish a sign as one ever could get in this market.

    IMO YMMV HTH

    Brad

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  54. Remember all...no London stomp on Monday :)

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  55. Macro..I thought the same thing, I wonder if Turds sights have change especially if a third comex margin hike is monday..has anyone verified a hike on Monday

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  56. Silver has been going up every Friday after the COT report showed no reduction in shorts by the commercials. Now that the COT report is finally showing a meaningful reduction, silver is declining. It is the same trade being applied both ways. If you consider this afternoon's sell off to be manipulation, then for the sake of consistency, you must also acknowledge there has been manipulation to the upside on previous Fridays.

    Just sayin'....

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  57. I will buy Ag again at the close. Gold up $25 today. Sunday Night Lights up the Big Green screen.

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  58. @ Happy

    You will be alright. Might just may need to hold your breath a little. I have been there many times. Trend is your friend though and that hasn't changed. I am just 25% in my trading account.
    Have a great wkend.

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  59. Anyone remember the last time things closed in the midst of a downturn or an attack like this? I'm thinking about jumping in right before the close on a July contract but I'm worried there could still be more downside. Perhaps there'll be support down around the gap from last Sunday night in the low 47s?

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  60. Yes, Brian O'F, today's gold movement is to be celebrated! And I am interested in contrarian viewpoints, even when I disagree.

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  61. The fact that there is a rumor swirling about a margin hike next Monday means that there will not be one. Folks need to be able to read between the lines. Every margin hike has come with insiders getting the jump on us. Does anyone truly believe that this time it's different? I'm not in that camp. I think this is a rumor floated by TPTB in order to accomplish their objective.

    What is more likely is no margin hike on Monday and when everyone's guard is down later in the week, they'll hit us with one.

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  62. Horatio: you certainly have a point. Is this the EE's way of putting the sector into a condition where fine miners can be picked off one by one at bargain prices and become assimilated into Borg Hive?

    Oh man, now i need 2 Stoli's!

    Seems to me the miners better get serious about the potential threat. The ones in the know should get with Eric Sprott and some Russian Billys for their financing, make the banks feels the pain instead. Cut the scumbag banks out of their businesses, and out of the PM action, as much as is humanly possible. I'll bet something like this does begin to take shape this year!

    I also believe there will be other reasons this short trade will have to be abandoned. But yeah, the damage on the way there is adding up. Aside from notable exceptions, I've been hit pretty good. But I've got a long horizon and lots of patience.

    One thing: everyone and his brother (and sister Ginger, Irene & XTY :-) is noticing it: hopefully that in itself is bullish for the miners

    PS: Grandich: whoo boy, what a complete IDIOT! How did they even let the bozo out of high school? Did he graduate high school? 8th grade?

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  63. I just picked up a brick at USPS with Engelhard stamped on it...Couldn't ask for a better way to open the weekend :)

    And somebody out there is pulling a FUBM too :)
    Looks like we'll close the week just under 48.
    Which is just fine.

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  64. Can someone tell me why they short sell silver so much and not gold? Are they not able to short sell the gold like silver?

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  65. O'fartagian not long from now you may get an introduction to the ole HAMSTER HAMMER!, you then can go over to silverseek.com and pester the heck out of the membership with Roger and Matt, Chris Mullen would like that very much.

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  66. TexasGoldFinger - you wrote:

    " If you consider this afternoon's sell off to be manipulation, then for the sake of consistency, you must also acknowledge there has been manipulation to the upside on previous Fridays. "

    This is not logical. The manipulation is timed, it isn't locked into a set timetable.

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  67. @Turd

    I read on my phone and can't post from it. So I have to find a real computer to post here from BUT

    PLEASE DO NOT STOP MAKING THE FRIENDLY ADVICE "NOT" trading suggestions. Mind you, by the time I read your advice the market had closed and I couldn't act on it, but as I have already had 66% of my two IRAs in AGQ for over the weekend and into next week with no plans to get out other than according to your time frame, I feel fine. The rest is in CEF, GDJX, SIL, and Pall. I have a total cash balance in my two accounts of $3.72 so I'm currently out of dry powder big time.

    BUT your timely "NOW" friendly advice will ALWAYS be welcomed and I beg you not to stop offering it.

    I love your blog and haven't put anything in the tip jar because my $ is all tied up in the damn IRAs and my day to day existence is basically week to week. But I promise to tip you one ounce of Ag out of one of my unemployment checks in May. Promise.

    Thank you so much for this site which I have frequented several times /day since the first day. I don't even have time to read Zerohedge anymore because I'm here constantly trying to catch up with your posts and - my god - all the comments.

    Thank you,

    Brad

    PS Once again a billion thanks to the community member who put up the NAV premium/discount spread sheet of some of the gold and silver CEFs it has been a huge help to me in trading. CEF is on a huge fire sale IMO (do your own due dilligance).

    Brad

    Verification word: grope (I swear)

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  68. Pailin - and Gold at 1560! The Bernanke Effect in all its glory.

    And yes, my miner account sucks too - but I am not bailing, especially when MarketWatch wants me to.

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  69. TexasGoldFinger,

    The upside is not manipulation but pure short covering by the manipulators.

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  70. Perhaps this is the rate hike everyone is speculating about:

    http://www.zerohedge.com/article/its-getting-plain-silly-mf-global-hikes-silver-margin-175-cme-or-over-10-contract

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  71. Typical double-top chart painting, folks. 50/oz is the Maginot line for EE so they have to throw everything in the arsenal including door knobs at it. A little pause to get rid of weak hands is positive for the long term trend.

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  72. My portfolio of miners is up $50.41 for the day! LOL!

    I'm definitely staying long in all my gold positions over the weekend. Probably silver too, but not yet 100% sure.

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  73. Read this aticle - this guys on CRACK....

    http://money.msn.com/top-stocks/post.aspx?post=d66c5f14-cf59-42a3-b7fb-3ff01b8030f8

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  74. Looks like $47.88 close on the spot market (which I play) Nice week. Have a great weekend Turdites!

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  75. @ Rover
    Sry didnt see your post earlier. No I did not add. I just carried 25% long into the weekend.
    Some of the stochastics (daily and 5 hr) are starting to turn down under 80. May be nothing but always a caution sign to me. I trust Turd is right big picture. Timing is little picture.

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  76. @SSK, when you are feeling this way toward your mining stock, just stop watching for awhile. You are looking too short term. This action in your face is all about trying to frustrate the little guy investor to sell their position. These smarty pants, algo boyz have listened to all the gold gurus tell us how the mining companies will go to da moon, so they play us for sheep and play this ratio trade. I am a long term investor in AEM, they just release a stella QTR report. Mark my words they will back off this stock and have been covering their short positions. Check out the stock chart. This will be what will cause the hedgies to cover, BIG PROFITS! Hang in there.

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  77. @Titus... Looks like your in silver. Market closed

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  78. @AgApe,
    Yea, I decided to stay long about 2 minutes before close.

    ReplyDelete
  79. Why not join the party...

    From ZH

    It's Getting Plain Silly: MF Global Hikes Silver Margin To 175% Of CME, Or Over 10% Of Contract

    ReplyDelete
  80. Found this blog which is relavent to our miner's dilema...

    FRom the TRE blog:

    Sherlock Holmes Law
    “After eliminating the impossible, whatever remains, no matter how improbable, is the truth.”
    We are seeing an amazing up move in the price of precious metals. Under just about ANY conditions you would expect the price of stocks related to gold to move up dramatically.
    As far as TRE is concerned we have an interesting case.
    • TRE has recently become a much stronger company through the acquisition of the Buckreef Properties. Buckreef has added 2 million ounces of 43-101 compliant gold to TRE’s balance sheet with a very high potential for much greater numbers. The Buckreef Property alone is a company maker. TRE has two other properties about to become producers, Kigosi and Lunguya.
    • TRE is about to move up the “Gold Share Category” moving from explorer to junior producer.
    The reasonable expectation is that the price of TRE’s stock would be rising dramatically. Why isn't it?
    In our opinion this is what is happening
    Here are some of the facts..
    • TRE is growing from an exploration company to a Junior Producer.
    • Gold is moving strong to the upside.
    • TRE is heavily shorted.
    • The major gold companies are desperately seeking new supply sources.
    Based on these facts we believe that the simplest explanation to the lagging price is a short operation. The purpose of this operation is to obtain the gold production about to commence at a greatly discounted price by stealing the company from the shareholders. This will be accomplished by offering to buy the company for a certain percentage above current price. Here's how the Wall Street Gang works: The Gang depress the stock price by shorting it, even if they lose money, because that is not where they will make their millions. Shareholders are greatly disheartened to watch the gold price moving up and their stock price moving sideways or down. The Gang offers to buy the stock for a percentage above market. The stockholders see the offer as a gift and jump at the chance. The Gang covers their short position at a much lower price then covering within the market. Then the Gang controls the production of the company and stockholders have lost. The huge potential in earnings has just been stolen away from the naive shareholders who have no idea that they have just been robbed.

    ReplyDelete
  81. Can anyone recommend a good site/service to use for trading? The only one I am familiar with is etrade. Are there better ones? Cheaper? Better tools?

    Thanks if you can help a newbie out. Muchos gracias!

    ReplyDelete
  82. "TexasGoldFinger said...
    Silver has been going up every Friday after the COT report showed no reduction in shorts by the commercials. Now that the COT report is finally showing a meaningful reduction, silver is declining. It is the same trade being applied both ways. If you consider this afternoon's sell off to be manipulation, then for the sake of consistency, you must also acknowledge there has been manipulation to the upside on previous Fridays.

    Just sayin'...."


    Interesting observation. Either way, the situation is hugely bullish right now. Shorts decide to cover here because they know it is going much much higher. This is, will be or has been their last stand. Their short position right now is probably the lowest since the smackdown of late 08, early 09. This means we're at the very lows of a big correction right now (not in terms of price, but in terms of price versus demand and real value) and set to go much much higher.

    Triple digits silver this year WITH EASE. Whoever is not in this is a fool.

    Markus

    ReplyDelete
  83. silverwood - shit, not what I wanted to read, I hope all my miners do not do this.... Like i said - I am heavily in GPL and SLW - I know they are being shorted - I am just hoping when SLW earnings come out - that it takes off like crazy and the shorts have to cover - but i have come to realise they have deep pockets (I mean a fast printing press).

    ReplyDelete
  84. Well, it's Friday and time for another purchase of 90% Silver coins from yet another private seller.

    20 Walking Libertys & 20 '64 Kennedys for $700. That's $7.50 over the silver value of $692.50, based upon the spot price of $47.86/oz.

    And yet, 35x face value still seems like an eye-popping price, despite predictions here that Silver will continue to rise.

    Time to drink a shot of BOTKA (Vodka)!

    -Mammoth

    ReplyDelete
  85. Don't worry about silver until it hits at least $100, says Jim Rogers

    http://www.moneyweek.com/news-and-charts/people-in-the-news/guru-watch/jim-rogers-on-silver-11708

    ReplyDelete
  86. Hi all,

    I'm off fighting my very own private EE. Really. In the midst of 3 family tragedies no less. Scumbags. (What else is new in the world?)

    But I at least wanted to give a shoutout to Turd and everyone here for making such a great community - a real oasis from the insanity all around us. Proud to know you all. Now, I've gotta get back to the grindstone. *sigh*

    ENJOY. YOUR. LIFE. EVERYBODY. SERIOUSLY.

    ReplyDelete
  87. @SSK
    just go to the firing range and hurl some rounds down range. Works wonders for me and keeps my skills sharp. Firearms skills that is.
    I usually go once a week whether I need to or not.

    ReplyDelete
  88. Markus - what TexasGoldFinger says makes no sense. It is manipulation when they pile on sells and drive the price down significantly in a few minutes. It is not manipulation when the price moves slowly back up - if you took what TDF says logically, then every price move is manipulation if any is. But they are trying to move the price down, not up - but on previous Fridays they have been unable to do so. If they raid at 10:30 one day, but the next day at 10:30 they don't - it doesn't follow that they also caused that non-event, unless you accept that when they fail that is also their game.

    ReplyDelete
  89. Irene - obviously you cannot go into details, but it sounds dreadful. I hope you can come out of it alright, and that family relationships stay intact. If there is any way this odd community can do something helpful, shout out. Go get the bastards.

    ReplyDelete
  90. Where do they get these writters???? Some "expert" even claims Silver should be $16 - unbeleivable http://www.marketwatch.com/story/silver-mania-may-come-to-an-abrupt-end-2011-04-29?link=home_carousel

    ReplyDelete
  91. @atlee,
    Sage advice! Personally, I'm partial to the moving targets that taste great with eggs and go "oink". But I have to wait a week.

    ReplyDelete
  92. Silverwood. I couldnt post the link on the yahoo forum: http://tanzanianroyalty.blogspot.com/

    ReplyDelete
  93. http://www.americanfreedomradio.com/archive/Freedom-Files-32k-042811.mp3

    chapman in first hour, says it's over and nothing can be done to save this economy.

    ReplyDelete
  94. TRE shorts in trouble: http://wolfgangrene.blogspot.com/

    ReplyDelete
  95. FOAGQ...

    I was out playing and shooting all day... through the wonders of technology, I was able to watch what was going on... thought about selling when spot went over $49, but in the end, I did nothing today... I'm still long over the weekend and sticking with the trend not the timing.

    ReplyDelete
  96. Atlee,

    You're the second person since 5:00 who's told me to go shoot some rounds!

    Funny thing is, I wouldn't even know how. But I think I need to give it a try. God knows, I've got some serious, pissed-off, anger built up right now.

    Have a good weekend.

    ReplyDelete
  97. This comment has been removed by the author.

    ReplyDelete
  98. This comment has been removed by the author.

    ReplyDelete
  99. Shooting is BEYOND theraputic... not in the yahoo shooting sense, but for me, it's my meditation... off in a different zone/world when shooting.

    Today was a great day for it... got a little cooked in the sun though!

    ReplyDelete
  100. A thought for the weekend...

    "World Peace must develop from inner Peace. Peace is not the absence of violence. Peace is the manifestation of human compassion."
    ... Dalai Lama (Tenzin Gyatso)

    I'm long Peace....

    ps: punctuation misplacement

    ReplyDelete
  101. Xty.. for more details on how these markets are really managed, read gotgoldreport.com and you MUST read every of Adrian Douglas' articles. Adrian demonstrated that until end of last year, when the correlation broke, you could have at any point in the last decade calculated the silver price from the gold price with almost perfect precision with a single mathematical formula. These markets are managed. Silver has partly escaped its shackles since end of last year, but most of the time gold and silver still correlate perfectly. This is done mainly via the electronic access market which is open 100% of gold and silver trading time. The EE's algorythms play the market 23/5 and still have success with their managed retreat thing, even though since last year they had to loosen the shackles on silver a little.

    Remember though, there are still 300 bn $ of paper short positions or forwards on a ~30bn/year market in silver. This at some point has to be resolved. The more severe the manipulation/suppression, the more violently it will eventually resolve.

    Also, nice weekend everybody, and hold on to that gold and silver.

    ReplyDelete
  102. Enjoyed the action and all the posts today. Good weekend to all!

    ReplyDelete
  103. ff32 - I just don't buy it. Gold would not be this high if they had total control. There are too many other buyers - all of Asia, for crying out loud. It may be directed during New York hours, but it would not be volatile. Now the DOW on the other hand looks pretty tight.

    ReplyDelete
  104. This says it all...

    GOLD
    +29.90
    +1.95%

    SILVER
    -0.54
    -1.11%

    PLATINUM
    +37.00
    +2.02%

    PALLADIUM
    +17.00
    +2.20%

    ReplyDelete
  105. i made a small agq today and will buy enough beer for a week. lol no i dont drink beer all week just 1 night a week out at dinner thanks turd!!!!!

    ReplyDelete
  106. Well, in the midst of the silver gloom I found a little golden lining.... my miner's mutual fund (USAGX) has moved into the green for only the 2nd time this year... (a very muted) woo hoo!

    I just hope this continues into Monday, I'm tired of having a big chunk of my 401K doing absolutely nothing for me.

    word ver "bruse"... yep, that's how I feel...

    ReplyDelete
  107. Did people see Trader Dan's latest post?

    http://traderdannorcini.blogspot.com/2011/04/significant-short-covering-has-been.html

    ReplyDelete
  108. Here is a conjecture:

    What do you do if your comex & silver short?

    Change the rules of the game before you lose of course!

    -"The 5000oz Silver contract has become to volatile and expensive to maintain. New contracts will be listed with 10/100/1000 ounce denominations."

    Silver shorts are off the hook, all the longs get the shaft, there is no legal recourse because the game itself changed.

    Its default, but its default without recourse.

    -Comments?

    ReplyDelete
  109. malus
    ONe should expect the rules to be changed as needed.

    ReplyDelete
  110. NCdirtdigger said...Turd is now being reposted on Goldsilver.com. You're a star Turd!

    Link:

    http://goldsilver.com/news/just-when-you-think-you-ve-seen-it-all/

    ReplyDelete
  111. ON the Trader Dan comment that Titus linked, one should especially read Dan's response in the comments. SSK, are you out there?

    ReplyDelete
  112. In the end the dirty banksters always win. Just look at JPM sordid history. I think this Pyramid of Capital System tells the story with one picture:

    http://lonerangersilver.wordpress.com/2011/04/24/pyramid-of-capital-system-how-true-this-is-2/

    ReplyDelete
  113. Gold traders: Congrats on a great week!

    Silver traders: Next week is OURS!

    SSK: Hang in. The trend is our friend.

    EWC58 & Mammoth: Na zdarovye!

    Silverwood: I agree, TRE is one to sock away a LOT of shares and hang on to.

    Irene: Still praying for you.

    Turd: As always, I appreciate all you do. You're a class act!

    Looking forward to the weekend threads.

    ReplyDelete
  114. So, what's our beverage of choice on this fine FrYday night?

    I'm going with Kessler's and Mountain Dew. Ya Hoooooooo!

    ReplyDelete
  115. Mmmmmm...Kesslers...smooth as silk!

    ReplyDelete
  116. Sharing hubby's Old Speckled Hen, and off to ball hockey. Real life returns - and the gold is in the mail!

    ReplyDelete
  117. Finishing up a Killian's Red as we speak.

    ReplyDelete
  118. @ Eric,
    I'm about to make my alcohol run right now. Probably going to go with some beers tonight for the first time in a while, some German Hefeweizens sound like they'll hit the spot.

    BTW, I dumped Cream today after saying just a day or two ago that I was going to ride it out. Mood changed this morning and I figured I'd let it go along with another lagging POS that I got tired of watching go deeper into the red. Keeping it on my watch list until it can get back up into the mid-.30 range and convincingly hold that level. With all of those warrants now matured, I'd hate to keep holding just to watch it drop into the teens because of profit takers.

    ReplyDelete
  119. Justin

    Yeah, I dumped it that same day we talked about it. They will hit it big, someday...................

    ReplyDelete
  120. Justin

    twist of lemon in that hefe? mmmmmmm

    ReplyDelete
  121. Holding my AGQ with strong hands through the weekend - my gold cushions my silver, and all is well.

    Time is on our side.

    Hang in there, Irene. Sometimes you have to hold onto life the tightest when life hurts the most to actually live. We haven't communicated, but you're our wish list, too. Here's hope for a turn of fortune to the upside.

    As always, thanks to the guy in the big hat. Going to finish the online interview this evening.

    ReplyDelete
  122. Can someone tell me why Kitco, the Precious Metal dealer, appears to be much more bearish in their metal predictions than the other dealers? They seem to be swimming against the current. Cheers to the science of Turdology!

    ReplyDelete
  123. Rick Santelli over at KWN

    http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2011/4/29_Rick_Santelli_-_Gold_Rally_is_Thumbs_Down_for_Bernanke_%26_Fed.html

    ReplyDelete
  124. silverwood said..."Found this blog which is relavent to our miner's dilema...

    From the TRE blog:"

    No link to the source?

    Link:

    http://agoracom.com/ir/Tanzanian/forums/discussion/topics/481878-tre-blog-article/messages/1548312

    /pet peeve

    ReplyDelete
  125. Santa's note today is short but sweet.

    http://jsmineset.com/

    ReplyDelete
  126. Eric#1 - I'm imbibing a lovely 2009 Trentadue Old Patch Red from the Alexander Valley. Cheers!

    ReplyDelete
  127. Jesse is also short, and very much to the point.

    http://jessescrossroadscafe.blogspot.com/

    ReplyDelete
  128. You won't believe what I'm having.

    Flying Monkeys Amber Ale

    I shit you not.

    It's been that kind of week hasn't it?

    If I get a sober moment I'll turn something of the logo into an avatar.

    !Cheers!

    ReplyDelete
  129. Just completed some Urban Mining. I noticed some "silver edges" in the stack of half dollars as I was depositing a check this afternoon. Turned out to be 4 1964 halves, and 3 1965-1970 (40%). 100$ value, swooped all of that for a cool $3.50. Always keep your eyes open, and continue your stackAGe

    ReplyDelete
  130. @ Eric,
    The hefeweizen didn't happen, but next time I will definitely try some lemon with them. Tonight's choice switched to Yuengling when Total Wine(best local chain for wine & beer selection) and they decided to throw a big, fat 1/2 off sale on them. I love me a deal and a penny saved is a penny that goes toward sticking it to the EE by way of shiny stuff.

    @Happy,
    I've been shocked quite a few times when trying out new brews that have off the wall names, most are actually pretty good! One of my favorites is called "Depth Charge" and it has a chocolate & espresso flavor that seems risky in a beer, but that shit is delicious!

    Terrapin Midnight Project Depth Charge Espresso Milk Stout

    ReplyDelete
  131. SSK,
    Just got back from the woods. I filled an onion sack to the brim with morels. They are plentiful this year. Gonna get the townie relatives out tomorrow to pick em for me!

    Also loaded up on SLV calls before the close, some AGQ too. Sure hope silver is up Monday.

    ReplyDelete
  132. Justin

    there seems to be some difference of opinion on the lemon thing.

    http://www.homebrewtalk.com/f14/lemon-hefeweizen-58637/

    ReplyDelete
  133. @HappyInTheWoods

    Hilarious.

    I'm having a frosty, foamy Alexander Keith's India Pale Ale.

    I hope I'm happy in the woods if that fateful day arives.

    ReplyDelete
  134. Arrives. Forgive. Hate 'em.

    ReplyDelete
  135. Spencer,
    Man, you are the boss! I'm going to become an edge peeker too!

    Turd,
    I think I heard some shill today claiming silver is racist! Appearently it is like "meth for metalheads".

    Upon reflection, I believe it is addictive.

    ReplyDelete
  136. The end of our dollar as an international currency is near the end. It is already being planned by the G countries including us. Be prepared, our dollar is already devaluated at near 27% and they are proposing a 50% devaluation when the new currency is implemented. When the time comes the people will be the last to find out. With Turds help be prepared with your assets in silver or gold.

    http://lonerangersilver.wordpress.com/2011/04/26/imf-bombshell-age-of-america-nears-end/

    ReplyDelete
  137. You're a good man, Turd. Thank you for today's "just when you think you've seen it all" posting. Puts things nicely into perspective. I will donate some fiat to the Salvation Army on your behalf.

    ReplyDelete
  138. ..."The rally in silver to a 31-year high in New York shows no sign of ending because tight supply and robust demand will send the metal to a record", according to Coeur d’Alene Mines Corp., the largest U.S. producer.
    “We’re in a legitimate market driven by financial interest in silver and strong industrial demand,” Chief Executive Officer Dennis Wheeler said today at the Bloomberg Link Precious Metals Conference in New York. “Supplies are relatively inelastic.”
    “There is no manipulation going on in this market,” McGhee said. “It does not take a lot to stop the market until this market decides to go. I’d like to categorize silver as a freight train.”

    Get on the train...
    Ride on the train...
    Stay on the train...

    from:
    http://www.zerohedge.com/article/goldcore-questions-comex-silver-default-due-secret-buing-russian-billionaire-chinese-traders

    ReplyDelete
  139. "To have the two totally and completely trade independent of each other is absolutely extraordinary."

    Is there a simpler analysis TF? Ag has been 'trading independently' way higher % basis over the month, with the extraordinary collapse of the G/S ratio from 40:1 to 31:1; are there now long-term PM buyers just playing for a rebound in the steeply declining Au/Ag ratio ?

    ReplyDelete
  140. @ franzpick

    The divergence was just too great for that theory to be true. It is clear that silver was kept in check all day and then hammered in the late Globex session. They are desperately trying to knock down the May OI and are throwing everything at it but considering everything they've done, silver has held up extremely well.

    ReplyDelete
  141. @Xty said: There are too many other buyers - all of Asia, for crying out loud. It may be directed during New York hours, but it would not be volatile.
    ----------------

    Correct! The price movt might not be disorderly during Asian trade vs London and NY, but when you add it all up, Silver and Gold would come up more net positive from Asian trading hours vs Northern hemisphere trading hours. I read this somewhere several months which gave some solid data on this and wish I saved that article.

    As it stands right now, the Asians are probably thinking that the Western psychological profile exposes their trading mental frailty in taking out $50 so they also step aside and will only buy in volume after it breaches $50 confidently.

    Asia has got no problem buying more 'expensive' Silver.

    That being said we know that draft-downs to $45s would attract very good buying.

    ReplyDelete
  142. There seems to be a bit of panic/overreaction to the muted day in silver. Given the monthly performance, first days notice, and probable large numbers of new weak hands to the market, today's performance isn't that surprising. Hopefully it just shook out the noobs and we'll have another good week to start the month. And who can argue with the awesomeness that was gold today. Stay upbeat, there are a lot of positives going forward.

    @Eric

    Hyperlinking is pretty simple if you don't know/want to know.

    {a href="http://yourlink.com"}LINK TITLE{/a}

    Simply replace all "{" with "<" and all "}" with ">"

    ReplyDelete
  143. @ SilverIsKing

    For several months, the PM run-up has appeared to me to be a slow-motion currency devaluation, hiding in plain sight.

    Jesse's comment today was:

    "Gold was the lead today and in style. Why?
    Because the dollar was thrown under the bus by Bernanke yesterday, and gold is still the primary alternative currency."

    The long-term remains unknown, but in one sense it is always just the summation of the short-term moves, of which TF seems to have, by far, the best grip.

    ReplyDelete
  144. Happy weekend to all.
    Holding onto the massive (for me) long call into the weekend was a lot easier with Turd's outburst of optimism this afternoon.

    This may or may not be relevant/valid -- but above my paygrade to evaluate either way:
    http://www.metalaugmentor.com/eforum/?p=6750

    Lots of strong (but weird) claims about Crimex rules re: futures contracts / notice day, etc.

    Can someone who knows more throw in a comment?

    ReplyDelete
  145. Anyone know what happened to Yukon's blog? Tried to go this this evening and it is listed as MIA.

    ReplyDelete
  146. @i1: I'm great. Down a bit on a new entry at 48.50, but I like the GLOBEX response to the COMEX margin hike after the close.

    The huge down spikes in silver are lasting no more than minutes the last week instead of the day or two that they used to last back in Jan/Feb.

    We should retest 49.75 by the open on Monday.

    ReplyDelete
  147. I found this in the google cache of yukons site after looking around and not hearing from him here in turdland. Looks like as of today, his blog is still offline. Hope all is well with him and his blogs back soon!

    "Thursday, April 28, 2011

    Not Even Sure What to Say
    So I was just hacked. Someone was very desperate to know who I am. Whoever you are you could have just sent an email and asked. Was there really a need to go to all of that? I'm a private person and this is all quite troubling to me. I'm sure some will read all sorts of conspiracies into it, but I'm thinking it's just some very savvy technical whiz who figured he'd find out on his own way - who knows.

    Anyhow, as I said - troubling. I told you I'd be off tomorrow. I'm not sure now when or if I'll be back. If I don't speak to any of you again I hope I helped you and I wish the world was a more open place where reason, discourse, and wisdom ruled. If I do speak to you again then I hope we can do it without people breaking the law and invading others privacy in order to find out something they could have simply had the decency to ask. For all I know someone might impersonate me (it's been done a couple of times already) so I have no template to provide you on how to tell the difference other than my words. If the words make you think, question, and ponder upon everything then it's me. Anyway, me and my Cognac and my very troubled mind are going to bed."

    ReplyDelete
  148. Wow - adventures in blogger land. I just had a weird experience - tried Robert's syntax for hyperlinking, just using the link above to Zero Hedge. Worked perfectly, so I clicked on the link I created, then used 'back' to come back here, and my entire comment had vanished - completely. So I did it again, and the exact same thing happened. Then I went to sign out at the top of the site, and the blogger sign out window was gone. So I restarted my computer, and when I tried to sign in to blogger, I got a Google window saying they had detected unusual activity in my account and needed to verify my account by sending me a text message with a code that I had to enter. Anyone else getting more weird blogger activity? I am going to post that link again - I was thinking people were being paranoid before - now I am being paranoid!

    ReplyDelete
  149. @xty

    I can't explain that. But I can assure you there is nothing malicious about the html I provided.

    ReplyDelete
  150. SilverBleve - I wondered what happened to his computer and how he knew he had been hacked. Yukon if you are reading I hope you take a deep breath and try again - I really enjoyed your posts and writings.

    JoeKa - I was responding to a silly comment by TexasGoldFinger claiming that if one was going to claim that the beat down today after closing was manipulation, then you had to claim that the other Fridays when the price went up was also manipulation. And then I got schooled about how it is all managed - honestly, as if there was only New York. Was the article you were thinking of the one with the 1000 day average day in the life of gold that showed you could sell in the morning in New York and buy in the afternoon and make out like a bandit - something like that. I have it somewhere and will dig it out.

    ReplyDelete
  151. If ever the EE had a day where the COMEX was there plaything it was today.

    The London Metal trading was not open.
    So the EE could steer the comex in unnatural directions and arbitrage from London was not available to resist. I don't think the Asian traders are around on Saturday morning, so from 4:45 am this morning until the globex closed the globex/comex was the only show in town. Just like its easy for the Asians to run it up in thin trading Sunday night its easier for the EE and their pet Chubracabra to run it down on a Friday where London is closed. Note that London will also be closed on Monday so expect mroe shenanigans, but at lease the Asians will be around to try and keep then dishonest in check.

    ReplyDelete
  152. Robert - no of course not - your syntax works perfectly - I am so glad to finally copy it down so I can use it - thank you. I much prefer hyperlinks and was too lazy to figure it out on my own. Good prod.

    JoeKa - was this the article?

    1000 DAY GOLD MANIPULATION CHART?ARTICLE

    ReplyDelete
  153. @ Paul Breed...

    ...but at lease the Asians will be around to try and keep then dishonest in check.
    _________________________________

    Yeah, but will they be BACKWARD Asians?

    ReplyDelete
  154. @Silverwood
    Fabulous analysis of TRE. I suspect it is a blueprint for many junior miners. Think @ something for a moment...who more would Wall Street really like to stuff more than Jim Sinclair? Who has been calling them out more than Mr. S?

    Your comments @Turd...spot on! We have such a gift with this guy and the forum he provides. If this site disappeared they would have to put me in a rubber room for a week and they still would not understand the reason.

    Thanx for your contributions!

    @Irene
    Been there. I wish you all the best and am thinking of you. Know that you are much stronger than you know or believe. Be your best as you are undoubtedly dealing with weaker persons than yourself and yo will have to pick up their slack. You can do it; be brave.

    ReplyDelete
  155. Paul - that is a very good observation. Given that gold and platinum and palladium were all up about 2% and silver was down 1.11% (as posted above) it would make total sense that they were more effective today. Damn wedding.

    ReplyDelete
  156. Fun times coming Turd, cheers m8 have a good Weekend.

    ReplyDelete
  157. Interesting read - no COMEX default anytime soon

    http://www.metalaugmentor.com/eforum/

    says we should start selling our silver now with possibly the momentum taking ag to 60 by mid June.

    Don't hate the messenger

    ReplyDelete
  158. sorry CD, didn't notice you already posted it.

    Peace out.

    ReplyDelete
  159. Can we hate the message? The more people try to get me to sell, the less likely it becomes. As has been pointed out by none less than TF, the top of a market rarely occurs when everyone is calling sell. The top of frothy bubbles comes when everyone says buy. But this is not a normal commodity speculation, or a weather dependent crop, or a crappy company with a dismal earnings report coming out. This is alternate money. Sell my silver for what? And sell it now because it will be worth $60 in June. Like the MarketWatch article that wants you to sell it now because it is going to $30 before it goes to $125. Sell your silver NOW - avoid the high prices later!

    ReplyDelete
  160. From the metalaugmentor article:

    "Of course the background support of a sickly dollar and strong gold along with high commodity prices is definitely a big part of this as well, but these easy conditions for silver will not last forever."

    Really? A strong dollar, weak gold and low commodity prices are right around the corner. You know, even before I read it, I was right that they would claim the rise in price is all speculation. Does anyone here believe that because the Comex (an exchange - they don't have any silver) isn't going to fail this month that silver will abruptly collapse in price? Has it done so every other month when the Comex didn't 'default'? And the loaded words - 'pathetic' to refer to the current OI! Demonize your enemy, that would be the longs still standing - I could go on and on picking holes in their argument....

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  161. Xty - EXACTLY! Been reading ZH for a long while, and am always intrigued by the patterns of trolls. To have their numbers triple or quadruple on the specific issue of silver over the last few days is to me one of the ultimate confirming indicators that the Cartel is in serious trouble.

    BTW, to clarify my earlier post (and ease TF's mind), I had and held my Jun SLV calls already, and only saw Turd's 'outburst' long after the market closed.

    Turd, please don't EVER stop being who you are. Which, among other things, would be a shining beacon of hope and seasoned wisdom, killer humor and exemplary humanity. If most traders with your skill and experience were to see a groundbreaking opportunity , they would at best hold their cards firmly to their chest, or do what EE is doing -- blare dire misinformation to try to maximize the # of sheep on the other side of the trade. Your first instinct is to shout it from the rooftops. 'Nuff said.

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  162. Sorry to put a damper on the weekend, but silver IS headed down, and soon too. It may have a short, sharp push into, or close to, the 50s this coming week, but that will be followed by a nasty reversal - possibly to the low 30s. When that happens, sell the house, use all your credit cards and load up for the biggest move up in our lifetime.

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  163. is it the position here that the stock market will crash and vanish, so only physical will be worth anything, don't buy oil stocks, or currency of any kind? that always seem preposterous to me , but now i am wondering seriously. please help.

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  164. RoCoach - care to provide a little more details as to WHY you think the correction will be so severe? Triggers/signals? Timeline beyond 'after next week'? Are you referring to the 'expected' end of QE2 or exogenous factors?

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  165. lalla - I think that endgame is pretty much inevitable, and the exact timing may be unknowable (to us mere mortals). Get as ready as you can, as fast as you can.

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  166. RoCoach - CD beat me to it - any, and I mean any, supporting arguments for your claims?

    CD - I actually tried to read that whole article carefully - it is a doosy. And when I clicked on the link to find out more about the 'esoteric' question of the change in eligible vs registered gold at the Comex, I ended up at Darien Wealth Strategies. And the change from paper to electronic warrants did still mean that the warrants in the eligible category would be deliverable provided that the holders converted them to electronic. So sliding around, and hoping words like esoteric would send us all running for the hills. And then RoCoach appears as though to prove your point about the interesting behaviour of those who should be under bridges.

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  167. Thanks Turd. Gold up 29+ silver down 54. unreal.
    Just goes to show how badly they must keep silver in check.

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  168. Turd,

    No short-term angst here (perfect wording by the way, with emphasis on short-term). Today was, as you stated, truly exceptional. The kitchen sink was thrown at silver today....

    Those that are not overleveraged are not concerned in the slightest. Those in physical could truly care less what hijinks were pulled off in the 11th hour. Your call was a good one, as being based on the divergence between gold and silver.....and I believe that it will, in point of fact, still materialize come Monday....

    I hope that you will still post friendly advice, as we're all big boys and girls, and know that ultimately we are all responsible for our own actions and decisions.

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  169. Xty regarding your error using the back button when you were testing hyperlink code, depending on what browser you use you will often get a cached copy of the page you just looked at, meaning the pages is not really downloaded fresh but your computer is just showing you the last known state of the page to save bandwidth.

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  170. Hi all,

    First time poster here. I'm new to the blog in the past couple weeks, came over from ZH.

    Thanks Turd for the great blog, I really enjoy reading your posts and all the readers comments!

    I have been toying with trying options trading in the metals markets for a few months and am ready to pull the trigger.

    I dont want to try any day trading, I'm not savvy enough to time ups and downs. I just want to ride the wave up while maximizing roi and am wondering the best way to do that?

    If I want to maximize my return and am assuming the price will rise by say $10 over some period of time, whether thats 3 weeks or 3 months do I just buy and hold until it gets to the target or is there a prime range to stay in relative to the current price?

    For example if the highest rate of return was always within $5 of the current SLV price and the current price was $45 you could buy options at $50 and sell when the price hit $50 then reload options at $55.

    I have read on this blog that new people are better off not doing a lot of trading and just holding a position, but at some point the percentage of gains drop off so Im hoping to come up with a time and price range strategy that will keep me in the sweet spot without trying to time every trade.

    Nano

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  171. Here's my first Technical Analsis chart on Silver. Please note the contemporary pattern established, I think it spells good news!!

    https://picasaweb.google.com/lh/photo/ouP2B4avqSG_BkVyjPJd8Q?feat=embedwebsite

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  172. SilverBleve - it just happened again to my response to you! But luckily I had copied it. I'll try again.

    SilverBleve - but then the link I posted should have showed up here twice. No, I saw it, clicked on it, and then it was gone. So the cached copy would also have had it. But thanks for thinking about it. I think there might be something wrong with Blogger. BTW I got an email recently from PlayStation saying someone had hacked their customer information - passwords and emails and birthdates, etc. And then Yukon had something happen to him. So I wonder if there is a lot of hacking going on right bow. But I think Blogger is just broken - other people have been having troubles. I bothered to comment on it because sometimes people think that Turd is deleting their comments and he isn't - but I could easily have thought so, especially since it happened twice. Easy to be paranoid - but as is so often the case, after I restarted my computer all was well and now I can drive everyone nuts with hyperlinks like this one to the beer that HappyInTheWoods was drinking tonight:

    FLYING MONKEY BEER

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  173. Well, this evening I converted ~$1,700 paper fiat into $50 face value old 90% Silver US coins.

    Probably still not done accumulating these relics and will scoop up some more in the near future.

    -Mammoth

    P.S. A Walking Liberty half dollar makes a dandy little coaster for one of my genuine Russian lead-crystal shotglasses...and here is a toast to this Turdy community.

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  174. From the U.S. Mint:
    "Now is your chance to get in on the ground floor of one of the most unique new coin programs offered by the United States Mint in recent years. In 2010, the United States Mint produced the very first America the Beautiful Five Ounce Silver Uncirculated Coins. These coins are legal tender and have a nominal face value of 25 cents. "

    This is for the "2010 America the Beautiful Five Ounce Silver Uncirculated Coin™ - Hot Springs National Park, Arkansas" A collectors item.

    First of all, $.25! Awesome, that about explains everything!

    Secondly, nice that we are seeing a 2010 date 1/3 of the way into 2011...

    unique 5 oz coin with very limited mintage. wish i had called in for it though i understand it went fast.

    last week i did get two of the 5 silver quarter sets that someone posted about. 41.95, the mint made the set unavailable to order for SOME reason. I blame Turd, LOL!

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  175. hi turd, i'm really thankful for everything you do, just got done listening to your intereview and it was excellent.

    Like some others i also would really appreciate you telling us when to buy - just like rockin jonny said, i can make my own decision after i've heard the opinion of someone way smarter than me.

    thanks again for this blog !

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  176. They could attack partly because Tokyo was closed for a public holiday. Anyway, silver futures trade doesn't have much liquidity in Asian markets and many Asian exchanges does not trade silver.
    Westerners invests in silverware (a lot of them have a cupboard full on display) and silver coins but for Asians gold and platinum jewelry is the preferred investment and gifts for all auspicious occasions. Many banks offer gold savings account in coordination with the WGC and some sell gold wafers and bars.
    Looks like the PMs have caught a wider audience and in Asia that means Gold will move.
    BTW,next week Tokyo will be closed on Tuesday to Thursday,three days in a row.
    http://www.tocom.or.jp/guide/calender/index.html
    Good news is that China may be buying in a big way:
    http://www.wealthwire.com/news/headlines/1090?lloct=2

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  177. @SilverSurfer - you just made my day with your 'TA'

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  178. @Mammoth - also just BTFD with 90% coins on Thu evening. Wanted to ask for opinion from non-US readers -- is pre-65 US coinage universally recognized, or is it something that would only work here?

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  179. Silver's just consolidating now. Soon will catch up gold.

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  180. Every week closing higher than previous.

    http://i56.tinypic.com/2ue1nxu.jpg

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  181. As someone who just entered the PM market recently(I started buying silver at $33. Hey, better late than never, right?,)I've been reading this site for the last couple of days and find it very informative. Currently I'm only involved in the physical delivery of PM but would very much like to learn the options end mostly discussed here. I've tried to google some of the acronyms to gain a better understanding of the back and forth here, but, for the life of me, I cannot find what EE refers to.(I'm guessing it has something to do with the Fed but every time I see it used, the term "economic elites" pops into my head:) Would someone be kind enough to fill me in on the actual term and any other commonly used acronyms here? Thanks in advance.

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  182. Xty said: JoeKa - was this the article?

    @Xty: this is a nice article but No its not the one.

    It was several months ago and it clearly identified the greatest net positive additions to the spot traded price of silver consistently came from the Asian market. Of course the big pluses coming from NY always catch the eye, but the down days usually negate all the gains over an extended period of time.

    To be honest, crooks and manipulators come from all over, Asian or otherwise. They just carry different passports.

    I (and all of us Turdites) are here because we see this rubbish happening and what is about to come and just want to be adequately prepared to protect our families when it does.

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  183. hi clink - the EE stands for the evil empire and you'll find the meanings written down here http://tfmetalsreport.blogspot.com/2010/12/turds-glossary.html

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  184. Could anyone recommend a good book or website (aside from right here), or both, for someone who wants to learn the basics of PM trading?

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  185. This comment has been removed by the author.

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  186. A real avalanche of negative articles on the doom of silver prices. They are written either by those with Morgue interests, or simply those who preferred things 'the way they were', the old system, where the Western economies just keep gettin better an better and richer an richer while we marvel at Chinamen in paddy fields toiling for a Dollar-a-day...

    You see, if silver does what we think, then their financial world and way of lives have to retract to lows they do not want to imagine. So to them it important to crank out enough negative articles and try to influence reality at this critical time for the Dollar.

    You can paint a price chart, but painting over common sense and grim reality is quite another matter. What use is paper profit if currency collapse renders it essentially a loss?

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  187. @trollercoaster

    Turd said silver will rise till next Friday.

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  188. Havent been able to post due to blog error bullshit.might not be able to again.

    Turd get your site up soon!

    Japans outlook has now been downgraded also

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  189. Hey all. Stellar trading week. Only sour point is fridays divergence of silver and gold. I trade and hold both metals.

    Silver bearishness is everywhere on the web right now! What is next weeks outlook from the traders on here? I have longs left open (slightly underwater as caught out by the globex raid) and would like a consensus view of things - must confess to being a little unaeasy.

    I think a few options are possible. 1) gold rallies and silver is dragged up with it this time to hit 5000 2) gold stalls or has a minor pullback (5-25 dollars) and EE continue to hammer silver which would result in a minor (1-2 dollar) or major (5-heeeeelp? dollars) sell off.

    Cheer me up someone.. :)

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  190. @ F - I had the same thing...

    @ Inca ... the fact that in the msm everyone is bearish are calling tops is telling. The new high price in gold is not even mentioned in many main stream news outlets. This lets us know that precious metals are still going to go a long way up ... at the real top the powers that be (thru MSM outlets) are going to yell: buy buy buy. Now there shouting sell sell sell. Sell to whom? Sell to the insiders and well-informed that know gold and silver are going to double a few more times in the next couple of years...

    'UK' said it right "You can paint a price chart, but painting over common sense and grim reality is quite another matter."

    The grim reality there is nowhere safe to run but precious metals in a collapsing economy with a increasing inflation. The markets listening to Ben knew the truth ... buy precious metals to retain wealth....

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  191. My friend yesterday found US eagles for sale at his bank for $43. He bought them all. The teller said they had some for $38 a few days before. They have had them cluttering up the vault for years and nobody buys them. You just have to ask. They don't understand why everyone is buying them up now.

    I am calling every bank in town on Monday!

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  192. Sell my metal? Why? To try to catch a falling knife in the dollar? Seriously, if I'm not in precious metals, then what asset class should I be in?

    That said, I will be trading some silver for gold as soon as the GSR breaks below 30. Count me in the "gold is money, silver is an investment" group.

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  193. UK - you wrote: "What use is paper profit if currency collapse renders it essentially a loss?"

    On a longer term/big picture view I agree with your sentiment, but at this point in time there are quite a few uses for fiat, particularly until pm's reach levels where fiat (fixed) loans, mortgages and pre-hyperinflationary purchases can be paid off with fractions of silly-high earnings in pm's and related shares.

    On the other hand, if the POSX turns into wallpaper quickly, it'll be interesting to see how the Fed goes into overdrive with the printing presses and banksters try to wiggle out of their fixed interest loans and turn them into ARMS... or convince a judge that a technicality or loophole in a mortgage contract renders it null and void and must be re-issued at a higher, floating rate.

    This fixed loan "adjustment" would be rationalized as a national security issue and would amount to just another TARP !! (The American Revision Ponzi).

    But there I go again, gettin' all paranoid. Something like that would require massive, blatant illegal, immoral and corrupt action in all three branches of government... therefore would never happen in America. That is simply EE conspiracy theory. Must. Stop. Thinking. That. Way.

    Unless you recognize what has already happened and is happening every single day in Washington and Wall Street. If you do, then its just called watching, understanding, being nimble in financial planning and investments. Eyes to see, ears to hear...

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  194. @ Mister - Silver to gold ratio is high now, historically it is around 16, only the last 138 years it has changed to the higher ratios we see now after silver was demonitized in 1873.
    (quote:) "With the discovery of the huge Comstock Lode in America, the banksters new that this debt free money would soon eliminate the debts the banksters accrued. The Rothschilds hired Earnest Seyd to go to America with $100,000 dollars to bribe every politician to demonetize silver."

    http://dont-tread-on.me/beware-of-the-great-silver-

    Eric Sprott calculated the ratio should be 9:1

    In 2010, the world mined approximately 736 million ounces of silver and 85 million ounces of gold.3 The world also produced an additional 215 million ounces of silver and 53 million ounces of gold from recycled scrap.4 Adding both together brings us 951 million ounces of silver and 139 million ounces of gold supply, for a ratio of nine ounces of silver to one ounce of gold.

    (quote:) "Interestingly, this 9-to-one ratio is very similar to the ratio of available in-situ silver and gold reserves. The U.S. Geological Survey estimates that there are current in-situ reserves of approximately 16.4 billion ounces of silver versus 1.6 billion ounces for gold, or about a 10-to-one ratio."

    http://www.zerohedge.com/article/eric-sprott-expect-gold-silver-ratio-hit-single-digits

    sorry no syntax on these links (where can I find that?)

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