historic eventsDON’T MISS THIS ONE:We are on the cusp of something historic happening on the Comex,” says TF Metals Report’s Turd Ferguson.
In this SGTReport roundtable discussion which also includes the Doc from Silver Doctors, we examine the strange recent purchase of gold contracts with a $3,000 strike price in 2015. We cover the PROVEN Gold and Silver manipulation with the London fix, we chat about the new gold-backed crypto-currency known as e-gold, and we finish with the gripping story of the very real drain of PHYSICAL from the Comex.
According to Turd, ‘We know that for the first time anyone can remember, the US banks are net long Comex gold futures, US banks meaning JP Morgan. And net long to the point of having CORNERED the paper gold market in New York because the position is so large. I’m talking the extent of 20% of open interest. And now we’re heading into the December delivery period

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Maples Sale(2)

    • Comex doesn’t need to wiggle, just the shorts. I think the holiday has impacted the mkt more than people think, we’ll see if that is true tonight.

    • @MaryB
      “If you haven’t already started stacking ammo good luck, store shelves are mostly empty.”
      Indeed they are, Mary.  I keep my eyes open when shopping at this or that store, particularly if they have a sporting goods section, but the pickings are very slim these days and the amounts that one can buy are limited to a mere handful of cartridges.  It is likely that we will soon see people buying ammo whether or not they have guns that can shoot it just so they can trade it to others who might have something they can use.
      The good news is that there are ammo sellers on-line who will fill decent sized orders.  I just got a 1,000 round case of AK ammo at a good price… 26c a round, shipped.  
      If only I could order 4-5 of those 500 round bricks of .22 LR ammo.  Those are scarce as hen’s teeth, as Gram used to say, and cost a small fortune when one finds one for sale.  It wasn’t THAT long ago that these were on sale every 6 weeks or so for $18.99 each.  Wish to heck I would have bought a couple of dozen of them when they were everywhere and cheap.  :-/
      I have managed to be at WalMart at just the right time a few times and was able to get a few boxes of AK ammo and .22 LR ammo.  They limit the AK ammo to 3 boxes of 20 per person per day and the .22 LR is limited to 1 box of 100 or 3 boxes of 50 per person per day.  While the amounts that one can get via local stores is very limited, it is the essence of stacking to buy what we can whenever we find it.  It is helpful to have a family member or two to assist in the effort.
      Anyway, I have found a few good buys and been helped by friends, so have a decent ammo stash.  It’s not nearly what I want but it’s not bad.  I have  good supplies of 9 mm, .45-ACP, and 12-ga. #4 & 00 buck, plus a few slug rounds.  A couple of boxes of .357 mag ammo and maybe 1000 rounds of .22-LR.  The AK is my primary defensive weapon and I keep it well fed with about 2500 rounds.  I keep 6 30-round mags loaded for it at all times.  I also keep my 9 mm, .45, and two 12-ga. shotguns loaded and ready to go.  Next purchase will be a couple of 50-round 12-ga. bandoleers.  They are a convenient way to carry ammo to a defensive position without lugging a box full of the stuff.  I will leave that to the ammo bearers.

  1. The 3,000 call is interesting, For a price of $4 per oz they buy the right to own gold at $3,000 and the person they traded the option with has the obligation to provide them the gold at $3,000. Cheap way to bet on inflation? Clearly the buyer thought this was a good deal, the seller obviously thought the same thing. (though i think I’d prefer the defined $4 / oz risk vs unlimited risk)

    • Ballsy move, those calls.  Unless they get sold or rolled before 2015, they may be problematic if comex isn’t around when settlement day comes…  or sooner!  Imagine getting cash settled on that position…

    • low risk purchase, worst case out $4.  I’d be much more worried about gold. not trading $3000 than i would be about comex not being around,  comex has been around for decades on decades, gold has been over $3,000 never.

  2. I do like the idea of taking some gold or silver and converting it to a crypto-currency.  
     It was only in the last 3 decades  silver and gold started in the process of being RE-recognized as real money. 
    In that evolution, and with  the advent of electricity and silicon in their nearly infinite manifestations, gold and silver as an electronic currency seems like it may have a future.
    I would not want to be a first adopted but with a trusted fiduciary, this might attract my attention and a pinch of my phyzz

    • “I would not want to be a first adopted but with a trusted fiduciary, this might attract my attention and a pinch of my phyzz”
      Agreed, AG, there could be merit in such a thing for a portion of one’s holdings.  The trick is to find a “trusted fiduciary”.  By definition, a person should be able trust a fiduciary but it is tricky determining whether a company just says that it is a fiduciary or really is one.  If they are, then they WILL manage one’s holdings with strict regard to protecting them and investing them in the client’s best interest and without regard as to what impact that has on them or their business.  This seems to be getting more rare with time.  I am sure that those who invested with MF Global, PFG-Best, and Sentinel thought that they were fiduciaries but the end results indicates that they were not.  
      I have had excellent service from Vanguard, which is the only true mutual fund custodian IMO, and have invested with them for nearly 2 decades.  I don’t know if they would ever consider offering such a service but if they did, I might try a small wager on it.

  3. JP Morgan is net long Gold but I thought that nobody liked JP Morgan so why are we talking about riding their coattails?  I was thinking about selling my Zappa collection to buy some crypto currency. I’m not into his music anymore.  Yeah maybe I”ll throw a couple of hundred bucks at litecoin.org and let it ride for awhile.  

  4. Was watching CNBC at the close yesterday and every other afterhours stock symbol at the close was gold and gold miner stocks(especially NUGT). Now they may have been selling off but someone was certainly there to scoop them up. Sure feels like these guys are bottoming(that feeling could be gas).

  5. The price of silver will either rocket overnight in terms of dollars, or it will do it over a short period of time.  If it takes it’s time, I’d suspect the mining stocks will start going up first.  Money won’t chase a company that can’t make a profit.  And since the money knows silver and gold are poison right now, they will all eventually rush in at the last minute.
    And I’ll take the credit for the $150B a month prediction, that I posted over at USAwatchdog a week or so ago.  Taper!  Yeah, right!  More like Tape Worm

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