Tuesday, March 19, 2013

TFMR Down Again

Just as I posted this update, the site went down...again. Really sucks and very frustrating. Oh well, at least we have this backup site.

Why is that, lately, every time I try to get away for a few days, all hell breaks loose?
So, once again, I apologize for another abbreviated post. The Fergusons are currently in the great state of Iowa visiting MrsF's centenarious grandmother. I'll be back in my office by late tomorrow but, for today, I've got to make due.
So, let's start with this. Despite the tireless efforts of the legal teams and several, hard-working industry insiders, The Morgue finally won the permanent dismissal of the silver manipulation civil suit yesterday. Sadly, this does not come as a surprise since the rationale behind the dismissal changed little from the preliminary dismissal late last year. You can read all about it here: http://www.reuters.com/article/2013/03/18/us-jpmorgan-silver-lawsuit-idUSBRE92H10520130318. But for a more in-depth analysis, I would refer you back to the excellent legal commentary written for us by CALawyer back in very early January: http://www.tfmetalsreport.com/blog/4408/guest-post-summary-silver-civil-suit-dismissal-calawyer
Moving on, the Cyprus story continues to dominate, as it should. Disregard the misinformation and disinformation. This IS a big deal. That gold and silver have barley budged while the U.S. stock market has rallied back to unchanged should surprise no one. MOPE and manipulation at its finest worst. Remember, at this critical time, gold (and silver) cannot be perceived to be a safe haven and a viable alternative to fiat currency....particularly fiat currency held within the confines of the banking system. With counterparty risk, negative interest rates and now "shared bail-ins", why would any sensible person continue to store wealth in fiat currency? At all cost, gold must be suppressed in order to promote the impression that it is equally unable to preserve wealth. Do not be fooled by this! Global demand remains extraordinarily strong. Fiat-conversion price will, very soon, begin to reflect this physical demand.
Finally, regarding Cyprus, this article from Ben Davies at Hinde Capital is terrific, written not only from a current, but also a historical sense. Please take the time to read through it. http://www.hindecapital.com/blog/cyprus-oh-the-irony/
And we must touch upon the GLD again today. Remember, the conventional thinking among mainstream analysts is that GLD is seeing a drawdown due to investor selling and asset re-allocation. You and I both know that this is complete nonsense and that GLD gold is being redeemed and withdrawn by large investors seeking immediate allocation and physical delivery.
Well, the mainstream narrative took a major hit yesterday. In the face of Cyprus, fiat and ECB distrust and a rising gold price, GLD had redemptions of 13.55 metric tonnes or more than 1% of the alleged "inventory"!! This brings the "total gold in trust" down to under 1220 mts, down from 1350 mts a/o 1/1/13. One hundred thirty metric tonnes, nearly 10% of "inventory", has been withdrawn since the first of the year. http://www.spdrgoldshares.com/
As I go to close, I see that gold is surging to new highs for the week. This is constructive but, again, I caution you...I see no reason to get overly-excited until gold moves through and closes above $1626, which is the low of the post New Year decline back in January and the break down point from the Chinese New Year raids. Above that level and the smarty-pant, momo-chasing spec shorts will begin to get vehwy, vehwy, nuhvuss.

Silver is rallying, too, but still unable to draw away from $29 and, like gold, until it breaks back above $29.40 or so, it's still simply banging around within the range.

Finally, I just checked ZH to see if I've missed anything while typing. Not much. Only all of this. Remember, this is simply a "one-off" and "no big deal".
Have a great day and remember that the FOMC is meeting this week and Fedlines are due tomorrow. Keep your helmet and airsickness bag handy.


  1. Thanks TF.
    Don't let the site issue's get to you. Enjoy the family first.

    In the meanwhile, the headlines coming out of ZH are revealing.
    The Cyprus thing is competely crumbling apart.

    Somewhere in the Kremlin Putin is smiling.

  2. I can't help but hear Hal9000 in my head when I see the TFMR tab display "Just a moment."

    Daisy, daisy...

  3. Not really wanting a 2008 style meltdown, but sheesh, the SPY chart is really gappy from Dec. Need to get the momo crowd chasing something else, like G&S.

    If Sinclair was right about the bail-ins to stand in as the next QE, the Cyprus vote might be just what we need to shake things up a bit.

  4. Ron texted me that this current outage is "very suspicious". To me this means intentional and malicious.
    Will keep everyone posted.

  5. Turd, if I could cyber-punch them in the nose for you I would. Do we need any more evidence we are on the right path? This only bolsters my resolve as I'm sure yours.

  6. I guess there is just too much truth going on around here.
    The powers that be can't have that, their not done trying to deceive us yet.
    I think it's kind of funny that this site comes with its own backup site.
    It seems to do the job well.
    I have read what I could on Cyprus over the past few days, it appears to me that it is designed to destroy the euro.
    It is starting to look like the powers that be are becoming fractured, and are starting to war against each other.
    I'm wondering how long it will take before the rest of the world gets dragged into this pissing contest.

  7. I just decided to join “Along The Watchtower”.
    This site shows a lot of promise.


  8. WSJ reports that Cyrpus may levy 20-30% against Russian deposits.

    These motherfuckers have lost their minds. This is but a mere pawn in the global chess match. If I was Putin/Gazprom I would shutoff the Europeans gas supply. Then announce that all sales to Europe are now being diverted to China, India.

    I would love to be a fly on the wall in Moscow.

  9. I said it this weekend and with no basis at all to think it...but the site sounds like it's under a soft attack.

    Somehow this doesn't surprise me at all given what's discussed on there (biting truths).

    It's either deliberate from something bigger them we can imagine or simply a pissed off person who was rejected by the site or given a hard time on there who is now vengeful.

    Whatever the case might be something is obviously up and wrong because the persistence of his issue seems bigger then some server issue. I wonder if other sites affiliated with that server are experiencing anything comparable?

    In the meantime, Cyprus is crumbling and Putin is looking for a bottom to enter that picture with a ruble backstop whether it becomes public knowledge or not. I think it very plausible at this point the intent is for it to be a very visible attempt and a deal Cyprus can't refuse and that their citizens might demand especially if no bank levy/haircut is central to the offer.

    I have to almost laugh that some folks thought the euro was invincible given the history of the players involved dating much further back then WW2. Those old animosities will resurface soon I hate to say.

    Good luck to the TFMR tech staff!

  10. Ladies and gentlemen, you are about to witness the collapse of Euro.

  11. USMint Sells Nearly 3/4 Million Silver Eagles in 1 Day Post Cyprus Announcement!
    By SD Contributor SRSrocco

    The USMint reported an astonishing 638,500 silver eagles sold Monday as the Cypriot wealth confiscation news over the weekend has resulted in a massive increase in physical gold and silver purchases throughout Europe and the US.


    Holy Shiznit Batman

  12. Cyprus votes NO on bail-in. There is no current Plan B.
    Do both major banks collapse next?? About to get even more interesting,..

  13. BREAKING: Cyprus parliament just voted and rejected the bank levy.

    It's about to get even more surreal when Russia enters the picture with a public offer in Cyprus' hour of gridlock.

  14. And the metals sell off on The Globex. Why?? Just business as usual for replacing shorts after the weekly CoT survey.

  15. Good to see you posted that quickly while I struggled with the capcha thing. Geez...I can't read that upside down Martian code at times.

    I've got to believe Putin is keeping tabs on this whole thing and at this point the Kremlin has been strangely silent throughout.
    Not for long I think.

  16. I suppose Plan B is the standard infusion of confetti cash. We're really at a point of testing our normalcy biases. A weakened Euro will put downward pressure on US markets. Does anyone think that FOMC minutes tomorrow will point to a robust and strengthening economy?

    US markets are at a critical juncture here with the triple top SPY. There was a lot of juice used to bring the markets to the point of failure. Couple this with the 1.6 billion rounds purchased for domestic agencies, the warning sirens seem to be screaming louder and louder.

  17. DPH - Economic warfare. Right here, right now.

  18. No surprise about the USD strength and the 10 UST dropping about 10 bsp to 1.894. On the upswing a wee bit right now.

    Noticing the 10 german bund and 10 UK gilt plunging also today. It's all in motion right now and right around Ides+7.

    The FOMC should only add to the drama and it gives the Fed perfect cover to help out even if its not publicly known. There is no way they sit on the sideline while this opportunity exists.

    Unless part of the equation is to let the euro weaken (and die slowly at some point) so that the hot money seeks UST protection thus driving rates down.
    At this point a stronger USD is not bad thing for the Fed given the benefit to the 10UST rates

  19. BTW, I am working on rebooting the server right now, but it keeps crashing once it comes up. We have some ideas about what might be happening and are researching it along with the web host team. FYI, we have another site we manage that also covers the financial markets, and their site has been crashing all day too. Coincidence the day after Cyprus hit the news?

  20. I'm not a registered Turdite (sorry!), so I'll take this opportunity to thank you, Turd, for all you do to keep us informed. Blessings be with you.

  21. Erewenguy....you got it.

    Speaking of confetti...I saw the ZH article on the British airlift of cash to Cyprus and thought immediately of Ben's helicopter drop.

    Not the same thing but an airlift of cash abroad is definitely indicative of something.
    In the meantime....I still wonder when those new crisp USD $100's make their arrival somewhere.

    Can it be that far off or are they sitting somewhere waiting for just the right moment they've been anticipating? Or are they already in place in many EU bank vaults waiting for the word or situation to arise that necessitates their distribution if need be?

  22. Thanks Stephanie...that answers my previous question.

    Much appreciation from this Turdite.

  23. Ok....just reading that PIMCO is reducing their exposure to the Euro.

    That sound you thought you heard was Bill Gross taking one step towards the door.

    Expect the pitter-patter of smaller footprints to follow soon.

    How long will it be until a rush to the exit happens? This is evolving quickly.

  24. California give a go at it....


    In December, the state's tax authority determined that a tax break claimed over the past few years by 2,500 entrepreneurs and stockholders of California-based small businesses is no longer valid and sent out notices of payment.

    "How would you feel if you made a decision, which was made four years ago, (and) you absolutely knew was legally correct and four years later a governing body came in and said, 'no, it's not correct, now you owe us a bunch more money. And we're going to charge you interest on money you didn't even know you owed'," Brian Overstreet told Fox News from his office north of San Francisco

  25. Hey Man....howdy!

    If vids we're possible here a Filter song by the same name (Hey Man, Nice Shot) would be visible right now :-)

  26. Under what conditions could the cyprus banks open again. There is no way they can reopen without a run on the banks. Capital controls has to be next right?

    1. Agreed - that would seem to be the next step - open banks would mean bank runs. What a mess.

  27. This is certainly starting to feel like home again. From what Stephanie is saying, it sounds like an effort is underway to stop those of us that are enlightened as to the corrupt financial system from talking amongst ourselves. [And I'm not driven to be a conspiracy advocate - but coincidence? I think not.]

    And so it goes.

    Thanks for the update Turd.

    1. Oh what the heck, go right ahead and be a “conspiracy theorist”.
      Sooner or later, it's the only way to make sense of it all.
      In the meantime, you could always go back to believing in coincidence.

      Since there is no way to reopen the banks without them collapsing,
      we might as well consider them dead and buried already.

      In Europe, all the banks, and all the governments are completely and utterly bankrupt.
      There is nobody to bail anybody out,
      all that is left is just pure unadulterated theft of private property.
      This will not end well, because the stealing isn't over.
      As long as the precious metals are range bound, you know they still have a few more tricks up their sleeve.

    2. I have not been on the Yahoo SPY message board in a while, but usually whenever there was a big drop in the market coming up the board was not functioning, essentially limiting communication among participants. This was a fairly regular occurrence. When the board went dark, time to go short.

      No telling what it means with G&S, but I would suspect that its an effort to lock down information to the curious general public.

  28. Ok....just checked ZH for an update and the Cypriot president is engaging the Kremlin for aid just like we all thought.

    I expect The EU's recent offer of 'never mind' to be rejected in part or in full going forward at some point and for Cyprus to just take whats offered for now because who turns down free money when they might not have to repay it?

    This is beyond significant as Russia is about to buy and own Cyprus outright. From a military standpoint, this is a big deal.

    1. Why stop at Cyprus? I'm sure if they are patient, and give it another few days, they can buy the entire European Union.


    2. I suppose that would give the Russians a whole lot more ocean frontage.

  29. it is amazing when they said that if they do not do this, default is the alternative

  30. The big online bullion dealer here (bullionbypost.co.uk) in the UK just sent me an email claiming that Monday was the biggest selling day they've ever had. Seems like there is plenty of stock but their prices are at around $1700/oz in small quantities. Seems like a pretty big premium, but I haven't been following UK premiums lately.

  31. Hi mickey...good to see you here.

    No shortage of energy from this Cyprus event that isn't even close to being rectified.

    I found the Pimco statement interesting and weighty.

  32. the problem with all of this now is anything can now move a lot in any direction depending on news.

  33. and cash as an alternative is not a fantastic choice

  34. Looks like somethings never change...TFMR down and the world is still falling apart.


  35. Hail hail, the gangs all here. Haha...

  36. We've made some patches and put the site back up...but please know that we're still testing and may need to take the site back down to adjust things. Thank you for your support and patience!

  37. I just had a thought that causally, the hottest money for gold right now is frozen in Cypriot banks. If I were a frozen account holder, I'd be sitting here thinking as soon as I get my hands on my money again I'm not messing around and buying gold.

  38. GOLD!.............bitches

    this tag right now from other site:

    Fatal error: Call to undefined function ad() in /home/tfprod/public_html/sites/all/themes/fusiontf/node-blog.tpl.php on line 53

  39. like high school hanging out behind the gym

  40. prize fighter have we filled the silver gap up 28.68? i think

  41. No, it will most likely drop and fill in the morning in preparation for FOMC. Everything is in hurry up and wait mode.

  42. I'm also waiting to see how long banks will remain closed.

    How do the racketeers stop the bank runs now?
    Dollar the short term winner? By design?

    Fly on the wall in Russia is right.

    I miss the smell of these old books.

  43. TFMR finally back up and running.

  44. feels like old home day; this library is comfortable

  45. TFMR:
    It might be working for you, but for some reason, I can't get there from here.
    I have made multiple attempts at posting today, only to have the site go off-line every time I press “send”.

    Now I don't even know if anything got through, I can't check.
    Sure hope they get it fixed.

  46. main site is down for me right now too (7:35pm). I'm only getting the cached version from March 9th right now.

  47. Just a quick note here since the site is down, scroll past if this is not your thing. A number of different signals suddenly looking very dangerous for silver here- I am now 100% fully hedged and market neutral as of today. JMO, but something just isn't right... it may be time to stand aside and live to fight another day. And if we get a sale, average-in- no telling how long something nasty will last in this environment.

    Good luck out there, folks. Stay nimble.

  48. Been trying to post this on the main site but its down again. Only one way to settle the debate about bitcoins. Fight!!! Silver versus bitcoins. Silver is getting trounced so far https://bitcointalk.org/index.php?topic=155095.0

  49. I'm holding onto my dry powder right now as well. I was pretty damn surprised that after the whole Cyprus deal that gold and silver didn't take off like crazy. TPTB let gold rise a little, but it looks like they concentrated some serious effort to keep silver right under 29 where they've wanted it for a while now.
    If they can and are doing that with this Cyprus deal, then I'm wondering if a bigger smack down is right around the corner that will give us a better stacking opportunity.
    I'm glad you said something...makes me trust my still weary instincts a little better right now.
    Hope more people stop by "this old house" while Main Street is down. I miss the old bookshelves and basics...kinda like prepping for when the SHTF, lol...at least we still have our old redoubt to chat with.

  50. Having another try to see if my link can work.

    Fight!!! Silver versus bitcoins

  51. For those who might wonder about Shill, ewc58, Tesla and Tom Luongo, they are all doing well and hanging tough. Tom writes some good stuff over at Seeking Alpha these days. Peace and Aloha,

    Bay of Pigs

  52. Lets see possible Euro collapse, false flag report of Syrian chemical weapons, Fienstien gets the finger, The anointed one visiting Israel, next thing you tell me TF Metals will be down all day due to monkey business. Wheww a plan B. Thanks Turd!!

  53. Folks, we may keep the main site closed for maintenance for a little while so we can work on things. Thanks for your patience.

  54. Rumor of huge interest rate hike tomorrow. Whats that gonna do for gold and silver?

  55. Traditionally, rising rates are bullish for PMs as it's a sign that inflation is getting out of control. Rising PMs with declining IR these past years has been the anomaly.

    Then again, I heard a rumor that your rumor was bullshit so now what?

  56. Evening all....I see the site is down for hopefully some fine tuning before it's up for awhile.

    Either it's a fairly serious server problem or a very unbalanced and messed up individual(s) is behind it. The two possibilities don't necessarily have to be exclusive of each other.

    As far as silver goes, we've witnessed many things over the years and have seen some startling smashes and spikes (not enough of those) but this period where $29 is like some kind of brick wall with a magnet behind it is incredible to see day after day no matter what happens in the markets or world.

    Someday this will make sense but for now $29 is an opportunity to buy that might be gone in a blink when that magnet is turned suddenly turned off.

  57. This comment has been removed by the author.

  58. True that DPH...but I sure hope none of our phyzz ever turns out to be "magnetic" ;) lol

  59. Sup BoP! Thanks for the update. Just when you thought you were out...

  60. This whole fucking sham is a "crime in progress"....and the cops are paid to stay in the donut shop

  61. A couple cynical and jaded thoughts.....

    1.) I find it curious that the Syrian govt. is claiming that chemical weapons were used in a rocket attack against them.
    While this is very possible, as the West has warned as being possible, those weapons more then likely would've been procured within Syria itself. That seems likely.

    2.) The claim by Syria about weapons being used against them actually gives them cover to use them on their own and then to deny it because they've publicly denied it in public and are playing the victim. Maybe they are.

    3.) I came across a YouTube vid showing the inside of a Syrian hospital or something like that and the images there looked very staged an not a emergency situation in the way you might think that victims of these so-called chem attacks would appear to be.
    People who were supposedly exposed to chemical agents would not be surrounded by dozens upon dozens of non-hospital personnel milling around in a super crowded situation.
    It was laughably staged imho and once I get a chance to post the vid I'm sure you'll agree.
    The victims did not look injured or to be in any visible distress.

    4.) If this is staged then why was it staged and does it give Syria plausible deniability to escalate their attacks on their own citizens or rebels soon?
    Given the fact that Assad has no problem leveling his own country and seemingly no problem with being left to rule over rubble I sense that regime is capable of anything at this point including the fabrication of that attack and hospital scene.

    Given this jaded view by myself I'll stick with my comment a year ago that at some point soon we'll see the hill top Syrian presidential palace with smoke coming from it when Assad is eventually targeted just like Iraq and Libya's leaders were.

    At this point with this level of threat and (false?) accusations being leveled I wouldn't be surprised If Obama never makes it to Israel or cuts his visit short because of a threat (or attempted disruption during his visit) in the area around him.

    Jaded? Maybe.

    Realistic. I think so.

    1. Wow!
      You can do cynical and jaded really well when you try.
      Congratulations, and welcome to the dark side.

    2. Even if your kidding, I decline the welcome or invitation to the dark side. Sorry.

      I realize we all have our own prisms on life that we view it from or how that prism was shaped and mine is far from rosy but it's not blackened or shattered nor am I looking forward to it becoming so in order to "get it over with".

      To me that represents a defeatist attitude and not one that is willing to fight for change or trying to preserve the standard of living that we enjoy now. I should preface that by saying I like my life and surroundings as presently constructed.

      It's comfortable on many levels albeit not lavish by any stretch. I realize some might have a very different life experience and I respectfully acknowledge that.

      In the future (and present) this country will need soldiers among men who look forward to climbing the hill instead of looking for hand grenades to throw themselves on ASAP because their pain or misery is greater then life itself.
      If or when things get really tough this dog will not roll over because I have no quit in me on any level. To each his own.

      I could very well be totally wrong in my views but that's ok because I'm not trying to be right. But I am a survivor and will continue to be so and nothing can change that until nature eventually takes it toll on me.

      Fight the good fight and seek the light Mr. Fix because the darkness around you that you have acknowledged and capitulated to is a strength draining weakness that will not serve you or anyone well when or if things get really tough.

      Stay strong and seek the light in life and never give so much credit to the dark side of life unless that darkness has become your guiding light.

      Good luck.

  62. So you've all heard me say that gold and silver could not rise in value until after a systemic collapse. The powers that be will never release the price, until there is no metal left.

    Well, here's the good news: the systemic collapse is upon us.
    By all accounts, there are no solutions to the Cyprus conundrum. So I have a question:
    Why exactly is everyone assuming that Cyprus is ever going to open the doors to its banks?
    According to today's vote, the bankers will not be able to steal 10% of the deposits.
    Has it occurred to anyone yet that they already have 100% of the deposits?
    All they have to do is keep their doors closed, and they take it all.
    More interestingly, who is going to stop them?

    I think we are much closer to a collapse in the Euro Zone than anyone is ready to admit.
    The collapse of the Federal Reserve notes, ( the dollar), will arrive a few weeks later.

    Then, maybe, but just maybe, the price of gold and silver will begin to rise.
    It's also just as likely that it will be made illegal.

    Sooner or later, the Evil Empire needs to be defeated.

    1. I'm not sure why any of that would be good news on any level.

      Chaos is not my preferred manner of living nor is the possibility of gold/silver confiscation because then all you would be left with in that scenario as described above is....nothing, nada, zip.

      The Cyrpus banks will re-open at some point if Russia gets the deal it wants. Cyprus will take any short term cash from the ECB and the Fed will prop all or some of it up quietly with no fanfare or attention.

      The Euro will eventually break apart and the German Mark will return.

      The Sterling Pound will get stronger because of all of that and they might possibly be the one to break away from the EU and start the stampeded if it's imn their own best interest.

      And the USD will exhibit strength like none think is possible or just.

      At that point or shortly before or thereafter the Yuan will make it's introduction as the Yen melts away relative to where it once was only a short year ago.

      None of this takes into account a the very real possibility in my opinion of a greater war fought in Syria/ME region or the one that might start up in Korea.

      That above all else is the bigger part of the eqauation imho. If that happens (hopefully not) we'll have much more to worry about then gold or silver or if the USD is viable or not because it's not going away anytime soon.

      The hoped for or anticiapted collapse and ensuing chaos that would result in the hope that gold and silver can spike in price is not a scenario I'm hoping for or think will happen. In that scenario food, supplies, safe shelter and guns/ammo etc are your PMs with gold and silver playing a part in that Mad Max situation.

      Cue the entrance of the Humongous among us.
      Time will tell.

    2. I should have put “good news” in quotes, as I was being facetious.
      I do not see what is coming as good news at all, I also see it as completely unavoidable, as it has been carefully planned and orchestrated.

      The outcome of the Cyprus scenario is actually rather predictable, the banks are toast, and since the collapse is unavoidable, the so-called “ bail in” has been contrived for the sole purpose of creating a bank run and crashing the European banking system.

      The whole point is, the collapse is not an accident, or a byproduct of mismanagement. It is the goal, and the trigger is on purpose.

      Now I will grant you, I am being cynical and jaded,
      but I am also being realistic.

      As far as calling it “good news”, I would just as soon get it over with.

      A collapse is inevitable,
      as far as I'm concerned, the sooner the better.

      The longer it is put off, the worse it will be.

      The Evil Empire still needs to be defeated.
      I hope they are as unprepared for what is coming as most people are.
      That would greatly increase humanity's chances for prosperity in the future.

  63. the cyprus banks are toast. they are/will be insolvent. if account holders take a 5% or 10% hit or not, they will withdraw whatever balance they have capital controls be damned. no country is going to lend the amount of euros needed to keep them solvent. and printing isn't an option. the awakening of people is happening. Who is likely to leave they life savings in a bank for .2% interest and subject to new "taxes".
    personally i am debating to close my IRA take the 10% penalty and pay taxes and be in control.

  64. Private minter resurrects Liberty Dollars


    Guy wants 50 bucks per coin...that's kinda steep, but I bet he still sells a good amount of them...


  65. also i heard a rumor that the web is loaded with rumors that are bullshit so i will be surfing the waves of bullshit for a bit and bring back the rumors that are not bullshit. i hope main street will be back up. tfmr got my posting cherry almost 2yrs ago. now TPTB know where i am..

  66. t mack.....yep, they know where you're at. Me to.

    Just don't let them follow you back to The Speak ;-)

    Good night all.

  67. I need to go get a cold beer in the SPEAK, but the whole street is currently in lockdown - can't even get near it.

  68. Things must be bad - they keep pounding Turds site to take it down. Bastards.

  69. This is kind of like when the electricity goes out, we light a few candles, and talk into the night waiting for the power to come back on... Or not! ;)

  70. TF, thanks for the kind words. I am disappointed like all that the Morgue escapes again from scrutiny. Only a powerful sovereign, backed by military might, or many tons of gold can possibly shake the truth out of JPM. So, no, no surprise here that some old codger, lifetime appointed federal judge ruled to protect another too big to fail institution. Next up? CFTC ends silver manipulation case and that is that.

    What is the lesson, really? Stack and prepare. Feed the Turd.

    And to the gang, I love this place! Thanks for being here!

    Mr. Fix, I agree that we are witnessing an historic, seething, writhing beast fully trapped in a death spiral of no return. Stay away from all moving parts, keep at a safe distance, wait for the crowds to disperse from boredom, then move forward in the new paradigm.

    The new era will be far more equitable, but there is no room for freeloaders.

    In the near term, tribal groups are the new normal. Nomads will be vulnerable. Bond with like minded folks, and try to weather the storm. Mr. Fix, get out west and you can stay with me anytime, no questions asked.

  71. Argentina Turns To Gold As Inflation Tops 26%
    Submitted by Tyler Durden on 03/20/2013 - 09:05
    With Argentina printing pesos to finance itself, the growth of pesos in the economy has rose 38% in the past year, leading analysts to predict that the currency will depreciate 12.9% through year-end, the highest of currencies tracked by Bloomberg. Banco Ciudad is the only bank left that trades in gold after Fernandez banned the purchase of certified 99.99% pure gold for savings in July. The bank sells it at 99.96% purity, according to Carlos Leiza, who oversees the lender’s gold trading. There is a 35% gap in the prices to buy and sell physical gold at Banco Ciudad, while there’s no premium to sell the country’s benchmark 2017 dollar bond in the local market, according to the Buenos Aires-based Open Electronic Market, known as MAE. Gold sold by Banco Ciudad also isn’t recognized internationally, making it more difficult to determine its value, he said. The cost of 100 grams of gold in Argentina as of last week was 36,646 pesos. In New York, the same amount based on the benchmark troy ounce (31 grams) sold for about $5,126. The bank multiplies that price by 0.95 to account for the lower quality of the gold to get a dollar price of $4,870. “Historically, gold has been seen as a store of value, so as long as options for doing that in Argentina are limited, people are going to keep buying it,” Banco Ciudad’s Leiza told Bloomberg.


  72. TFMR *AND* ZH down at the same time? Woof!

  73. Thanks for providing good information,Thanks for your sharing.