In this week’s SD Weekly Metals & Markets The Doc & Eric Dubin discuss:

  • Bernanke’s congressional testimony- Bernanke admits he doesn’t understand gold, and that the economy would tank if the Fed actually withdrew QE
  • GOFO negative 10 days and counting- indication of gold shortage of historic proportions
  • 90% silver out of stock at nearly all US wholesalers, shortages again occurring in Eagles, Maples, and even generic rounds and bars
  • Cartel defending $1,300 gold and $20 silver with everything they have because they know a gigantic level of short covering will ensue at prices just above those levels

SD Weekly Metals & Markets With The Doc & Eric Dubin is below:


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“MOPE” As Far As The Eye Can See

By Eric Dubin


Would someone – anyone – like to step-up and point to a federal government economic data series that isn’t massaged into total bullshit?  On second thought, just private-message me and let’s keep the secret to ourselves.  No doubt, as soon as we start publicizing it, the know it alls at the Treasury Department or the Bureau of Labor Statistics will set-up a committee to “improve” the data.


Just consider this “headline level” analysis out of the US Labor Department today, July 18th.  It was reported that initial jobless claims, a proxy for layoffs, fell by 24,000 to a “seasonally adjusted” 334,000 in the week ending July 13th.  Yes!  Break out the champaign, right?  Well, while the media pays attention to that headline, the same report also noted that the number of people that continue to receive unemployment benefits for a week or longer grew by 91,000 to 3,114,000 in the week ending July 6th.  Yes, there’s a one week lag, but so what?  “Initial jobless claims” in simple English means new claims.  We’re supposed to celebrate when there are nearly a third of a million new people filing for unemployment claims  in the week ending July 13th and total recipients continue to be on the rise?  These are government numbers – massaged and manipulated – and yet even with these stats, the bureaucrats can’t even make the MOPE float.


Hedge fund manager Dave Kranzler, the proprietor of the excellent blog, “The Golden Truthserved-up analysis Wednesday that’s worth your time.   I agree with much of his take, and rising interest rates must have Uncle Ben tied up in knots.  I spotted the trend early and reported it to you early May and later that month on SD Weekly Metals & Markets.  We’re now beginning to see the significance of rising rates because that dynamic has much to do with the Fed’s constant flip-flops about stimulus.  He’s terrified that organic demand for Treasury bond issuance is nowhere near adequate at current interest rates, yet he simultaneously faces the fact that a $4+ trillion dollar Fed balance sheet will eventually demand higher rates as well.  As I wrote earlier this month, the Fed is F*cked and there really isn’t much they can do to extricate themselves.  I guess that means we’re stuck with another few months of absurd flip-flopping about stimulus.


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For a Fed that championed the idea of transparency — just like Obama’s now laughable campaign promise to be the most transparent presidency in history  – their performance runs in the exact opposite direction.  Just because their lips are constantly moving doesn’t mean they are speaking the truth.  In the long-run, central banks require “confidence” to be taken seriously by financial markets.  Bernanke may have scored a near perfect 1590 on his SAT, but he’s either a total idiot when it comes understanding what it takes to instill true, long-lasting confidence — or just a con man.  Take your pick.  The results are pretty much the same.


Tune in to the audio segment for the Doc and my take on where we are with precious metals market trading.  The cartel is defending $1,300 gold and $20 silver with all its might because they know a gigantic level of short covering will ensue at prices just above those levels.

PS:  You might also wish to check out “BLS number is BS” penned by New York Post reporter John Crudele.  It’s a great read.


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  1. Just so everyone knows, we recorded this Thursday evening.  With Friday’s trade behind us now, the picture looks even better because silver and especially gold managed to fight their way back still further from the Comex drive-by shooting Wednesday morning, following the London PM Fix and close of the London market.  

  2. Off Topic and seeing it’s Saturday and I’m on duty at the office and BORED.
    But Have You had One Of Those Days When You Feel You Have A Monkey On Your Back? I Guess I Need To Stack Some More Today.

    • M45,
      Maybe I am wrong but believe you are in Real Estate and on phone property duty. I sold real estate with every housewife in my town that had a real estate license. One Saturday when I was on property duty I was bored as well. Frequently on any given Saturday a vendor would drop by selling frozen sea food. I never bought any, but asked the vendor when I noticed a broken off lobster claw and asked about it. “Oh you can have that he told me” He, he, he, my wicked mind turned to removing a ceiling tile in the women’s toilet area and putting the thawing lobster claw up above. Now, come Monday the entire office smelled like the shit house door on a shrimp boat and there were contractors in the office searching all over as to where the Foul Oder was coming from!….Just a thought if you are really bored M45!

  3. Aw crap Charlie, I was all crankied up this AM and you post this. You got floor time. LOL Other than office meetings, floor time’s  the biggest impediment to human evolution since internet porn.
     Ok;  laugh on and  sarc off. I got that out of my system with a post earlier this AM.
    But, a few thoughts occurred to me after listening to Eric and Doc. That’s code for another long post. If you are interested, get a cuppa Joe. If not, then go weed the garden and walk the monkey. Or weed the monkey and walk the garden.
    Charlie’s monkey needs a lobotomy IMO so please post that after you complete the job, Charlie. I suggest a weed wacker.

    Over the last few days I’ve been trying to get my head wrapped around the reason why there is no tangible substantive investigation into the PM price manipulation, or, in the case of Chilton and Gensler, nothing to see after 4 years of research. We’ve seen that virtually every other market and investment mode has been rigged, investigate AND prosecuted.  The Brits are going after the LIBOR monkeys with criminal charges.
    Yes, the prosecutors levy a fine but it represents a pittance when compared to the overcharges, thefts and profiteering taken in by the banks like JPM, B of A, Wells, HSBC, UBS and HSBC, to mention a few. Once the charges are settled, the offending bank pays, at most, 1 basis point penalty or fine compared 100 to 1,000 basis points of illegal profiteering and theft by these TBTF banks.

    It makes you wonder why no one is going to jail
    Because it’s in the interest of the government to extract fines from $10 million to $1.7 billion and then allow the bank to continue business as usual, setting themselves for another regulatory action 5 years from now, but not before taking another $100 billion, fleeced from the marketplace. The unwitting investment population forgets they were taken by these bankers and their fraudulent actions. So once the heat is off and the con is back in place, the government vultures once again swoop in, prosecute and walk away waving their scalps, telling the aggrieved parties that these terrible people were ‘brought to justice and held accountable’ and only then send maybe 10 cents on the dollar to the people who lost money: The government pockets the rest.
    The politicians who are bought and paid for by the same banks they fined can tell their constituents they are doing their jobs, whoo hoo!; prosecuting the bad guys, whoopie!; and then ask us to vote them back into office based on their Elliot Spitzer-like zeal. It’s almost like the Special Olympics for attorneys. Everyone wins a prize but we all know who really won. The banksters.

    The implicit statement made by these political whores is that we, the people, are stupid, must be protected and when the scalps are flying on the mast, we must vote for them again and again.
    All the while, the bankers are paying for the prosecutors $4,000 an hour hookers. But I digress.

    I drew on my vast knowledge of quantum physicals and mathematics in an attempt to get a handle on this phenomenon. 

    In physics and quantum mechanics there are clear and obvious elements and matters that cannot be seen by conventional means.  The scientists know that this ‘thing’ is there but they know this only by inference, not direct observation. Even if a thing cannot be seen can be inferred by its influence on other things. 
    Black holes cannot be observed directly but they are known by how they affect neighboring spatial bodies. 
    The Higgs Boson, nicknamed the GOD particle and aptly named since no one has seen God either, can be inferred by its influence on other particles. Its visual absence does not mean it doesn’t exists. We know it exists by inferrence. The Hadron Collider may have shown its existence in recent experiement.  
    It’s estimated that  Dark Energy and Dark Matter comprises 80-90% of the weight of our universe. We can’t see it or touch it but it’s there because we can see its affects on other celestial bodies.
    If we bring this down to the planetary level,  we can now look at some earthly phenomenons that we cannot see directly but can conclude their existence by inference. We know rigging occurs every day. We may not be able to see it, as it’s hidden in vast arrays of high frequency trading at the nanosecond level. The manipulators can conceal their work through offshore accounts. Proxy traders conceal their actions. But we still know it goes on.
    Why do these excesses and criminal actions get punished only lightly, with no jail time and little more than a miniscule fine?
    Because it is in the interest of the government, taking the role of the researcher and scientist, to disclose only enough to the viewing public so that it is possible for a prosecutor to wage his little war against JPM, while, in the full knowledge that the real story is infintely deeper. A scientist does his research in the hopes of grants and revenues to support his research. It could be concluded that he only pursue his research at a certain pace so that he can be assured a continued source of grant income.
    These prosecutions involved the people from whom billions were stolen but the need of the government is greater and therefore it allows the crimes to continue and even grow.Crime pays to both the uber-criminal as well as Law Enforcement. Both want job security. A good con man knows never bankrupt his mark. The victims are good for the con time and time again.
    The government can prosecute its allies and partners in crime at any time and for no other reason that $1 billion can be extracted; the criminal prosecution can be rolled out as a success story; and the scalps flap in the breeze.
    It’s like prosecuting the Mafia. A don or two goes down but the enterprise continues to thrive. Prosecutors need job security and a leg up the ladder so criminals most be allowed to leave the scene, breed more criminals and thrive once again so they can be sheared by law enforcement just as the con men shear the sheep. Every one prospers; banks, criminals, attorneys and the government. Its a win-win for all except the marks who suffered predations by these people.

    Which brings to my conclusion.

    Of all the markets that can be manipulated and all the markets that can and must be investigated, if for no other reason than government fining income and scalp retrieval is such a big deal, there is one market that cannot be touched.
    Note that nearly every prosecution results in a win and fine except this market.
    The front page of the July 18 WSJ, above the fold, announced that BIG BANK STARING AT RECORD FINE OVER ENERGY. JPM, hand found in cookie jar, pays out $500 million for rigging energy markets.
    Hmmmm, how much did they profit from these markets when Kleptofornia got hosed with 300% energy price increases?
    More than $500 million I bet
    Note that the only situations prosecuted are those which affect the Average Joe or Jane. The banks steals from Average Joe or his brokerage proxy. The government prosecutes. These are pursued with great zeal. Senators and Presidents are elected on their lawyerly abilities. But when the dust settles JQ Citizen ends up poorer and with no compensation for their loss. All they get is another set up for the next scam. They lose every time. And the important fact is that Average Joe is the ONLY one who loses. So the game rolls on ad infintum.
    These Average Joes are sheep; expendable and replaceable. But the one market that can never be prosecuted is the market where the government ends up being the sheep. The government is in the precious metals market. That market belongs directly to the government. That market must be suppressed because if it is not, the government is screwed.
    Legal beagles, attorneys general, and private lawyers cannot get a handle on this manipulation; they cannot be allowed to find the bodies and levy fines because the government cannot allow it. The government is the market, manipulates the market and this game MUST continue.
    Average Joe can be hosed early and often. The government cannot.
    Crime pays but only if the government gets its toke and rake. The reason government is so profitable is that it is the Capo Di Tutti Capi. The head shed. The top dog. Anything that takes away from that is not permissible. Thus the prosecution of Precious metal rigging cannot be permitted.
    If Silver and gold see their real price in the real world, the one entity that will be smashed by this reality, this Higgs Boson that comes to lurches to life like some Zombie, is our government. This reality is just as distinct at dark energy and black holes. All of these phenomenon are there, but no one can actually see them. They hide in plain sight. You have to look closely to see their existence.
    Our government must conceal this truth from the public and thus must never allow a successful prosecution of precious metals rigging. We’ll never a nickel of tribute paid to the US treasury based on a prosecution based on PM rigging. It will never happen because it is in the government’s desperate interest to conceal this Higgs Boson of price manipulation. Even their doppleganger bank, JP Morgan, will never be prosecuted for metal price supression because they are nothing more than the proxy for the Fed and the US Government.
    The only real action ever taken against precious metals took place 33 years ago with the prosecution of the Hunt Brothers and their attempt to corner the silver market.
    That action got away from the government. The prices went up 20 to 40 fold before the US government crushed this metal price surge. It couldn’t be allowed to happen because then, as now, the government spending was out of control, FIAT debt and printing was out of control and thus the price of precious metals threatened the very existence of our governmental fraud.While silver was the focus of the action, gold exploded up 2,000% It was NOT being manipulated by the Hunt Brothers but it went parabolic because gold was the real issue, the canary in the mine field and gold was calling out the government and said BULLSHIT.
    Gold at $800 an ounce was very effective in telling the people the US government was out of control, just like shouting fire in a theater when the curtains were in flames was a clear warning it’s time to flee. Or better yet, the little kid who said the emperor had not clothes. Gold was saying the emperor was naked and being gang banged in the village square.
    If our government was found out and if they were stopped by the bulwarks and ramparts of silver and gold, it would have cost the government billions if not trillions in their graft, taxes and theft from the people. And exposed the government for what is really is today: A world-spanning criminal exterprise involved in virtually every bit of dirty business it can get it’s hands into. Armed with a military larger than the next 10 armies, thousands of nukes, and an ability to peer into the computers and phones of every person on the globe, this, our government, cannot be seen for the criminal enterprise it is.

    We see this price rigging indirectly through statistics and speculations but we never see attempts to stop it. It will never stop because so long as this government continues its present course, precious metal prices have to be supressed because it’ll be the government who needs to hold them down, keep their criminal actions secret and by this concealement, be allowed to continue the game as long as silver and gold are in the dog house.
    And this government, acting simutaneously as the CLIENT, PROSECUTOR AND MANIPULATOR, must never be found at the scene of the crime. It must never even be seen leaving the crime scene.
    Bernanke is just one in a long line of pet monkeys, capering around the halls of the Federal Reserve building, muttering stupid little monkey chatter, leaving us to starve while our houses burn.
    Sorry about the long post. I needed to get this off my chest.

    • AGXIIK,
      Dang you write some long stories. I need to tell you my life story. If You want to hear it, let me know, I will start off by telling you two things. I was the 1941 Carnation Baby of the year and born a poor Black child. Became white after 6 years old after being force fed with Clorox for over three years. You won’t believe the rest!

    • Darn after reading all that @AGXIIK it’s gotten me pissed off, good write-up.  That Ben Bernanke, can kiss my Scottish Ass. Lol wait a minute, he kisses it every day. LMAO

    • @AGXIIK
      I agree with BoP, superb post.  I can even verify your understanding of QM.  lol   We also cannot see the wind but we can see trees moving, leaves and dust blowing along, and feel it on our skin. We KNOW that it is there even if it cannot be seen.
      As to PM market manipulation, it is even more clear to us than is the wind.  There is absolutely ONLY ONE reason that the bullion banks dump huge amounts of paper silver and gold into the market at the most thinly traded times of the day.  They want a dearth of buyers because that makes it easier to saturate the market with paper and manipulate it.  We all know how supply & demand vs. price work and that they tend to work as reciprocals… for any given item, supply moving higher causes price to move lower and vice versa.  As price falls, demand picks up.  When there is a HUGE amount of something available, prices fall quickly so that sellers can attract more buyers and move it.  Lower prices entice buyers to either buy or buy more than they otherwise would have.  This is the purpose for dumping a huge amount of paper into a market that has a minimal number of buyers.  The buyers get swamped by the supply of paper PMs, resulting in an immediate price drop as buyers cannot absorb all of the available supply.  If prices fall to levels that entice them to buy or buy more, the market starts coming back.  We have seen this a number of times, with prices returning to the pre-attack levels quite quickly as the excess supply is absorbed by BIG money buyers… probably in Asia.  
      The timing of this manipulation is critical because if there are plenty of willing buyers available, they will suck up the available supplies offered and the price dip will be minimal.  We never see, for example, large amounts of paper PMs dumped into the market at any time between 8 AM and 4 PM US Eastern time, when the buyers are out in force.  No, we see this happening in the wee hours when there are few buyers around… as planned.  Additionally, the time when these raids are orchestrated cluster around certain hours of the day and are not the least bit random as one would suspect if this were “mere free-market activity”.  It isn’t and inferring that it isn’t does not take a Ph.D. from a prestigious university, a Nobel prize, or anything other than an inquiring mind and enough time to observe the PM market data for the past few years.  This is not difficult as such data IS readily available for anyone who cares to look at it and who can click a mouse a few times.
      Apparently, this prestidigitation is beyond the capability of the CFTF commissioners… or is it?  No, it is FAR more likely that they are not seeing it because they do not want to see it.  It is just so much easier AND more profitable to hear, see, and speak no evil.  We can only wonder at the riches that will soon be showered upon them by their bankster masters as they exit from the CFTC and return to their banking roots at the big NY banks.  I predict that they will all receive new jobs at BIG salaries, many perks, and bonuses that would make a pirate sheik blush.  Nope, this is not QM or even rocket science.   In fact, it is damned obvious.  :-/

    • CUP of Joe???
      That one requires at least 1/2 a POT!
      And it’s almost midnite, so I’ll read this Tomorrow… 
      And please, will someone define MOPE? 
      One that I missed, apparently!

  4. the anti-Christ luciferian media has mesmerized mostly all chronic viewers like a powerful  New Orleans Voodoo spell ,and became mindless Zombies .If I offered A 1000 once bar of Silver or a $1000  fiat dollars most would take the paper .The rich and powerful Jews offered Silver to Judas not currency .

  5. Here’s the irony of your video 4 OZ.  The shark is Dimon. He never gets caught while stealing the fish.  The fish were bought by the tax payers money. The trolling boat, run by some  POS Greenpeace  wing bat grad student, like the moron in Jaws,  is paid for by a government grant. 
    And there are no hooks on the lines. Ain’t that special.   Lovely. Just lovely.  Our government in action

  6. Well Charlie, that is funny.  Take that head, combine it with one of those lobster claws Ranger’s talking about, let it ferment for a few days, stick in the loo and we’ll have as good a resemblance of the DC crap fiesta as I can think of. 
    Ranger—if you want to give me a call send Doc an email and he can  give you my contact number and regular email address.   I stay in touch with some of the usual SD suspects that way. We have a few good laughs too boot. Being born the carnation baby of 1941 and a poor black child? That takes some doing. Who’d your parents have to bribe. Betsy the Cow?
    I was born the 1952 Tarnation baby, a poor copper colored child. After my mother used lots of Brasso for the ass***, I was lily white. Being white was required to live in Canada in the 1950s. That way our parents could bury us in the snow and we would not be found until spring. Or that’s the way it was explained to me.

    Here is some food for thought. 
    As Governor of Lake Tahoe, I am sure I can arrange some fun stuff if folks want to rally here in the ‘vil.  Just sayin, but one of the SD homies and his wife paid a visit. We had a good time. It’s pretty nice during the summer. 
    And as for Mammoth  No worries, wooly, your fur is safe around here.   I save the best punishment for the truly diabolical—most of whom living near the Pottymac river.
    PS I’m in a really good mood. Wifey and me won $60 on our favorite slot machine.
    Slot machines—divine punishment for those who are bad at math. And now you know

    • I repaired slot machines, and changed the chips that control the payback percentage. No way in hell wold I play a slot, it is like betting in the stock market.

  7. PS Ranger  Long posts are called Blogo-rrhea
    And you are so right about slot machines Mary B. The odds are rigged to pay or lose with a click of a mouse. It reminds me of the banking enterprises. At least at the casino you get a free drink. I’ve yet to see a banker serve a glass of wine or gin and tonic while we play.
    When the house is full, nothing pays off. Those machines can be programmed from a little room off the floor.
    We got this little system. Go in when few are in the house, put in a magic $20 and leave at any time we’re over $20. We are well ahead.
    But rest assured, we know slots are for people who are bad at math.
    EdB can testify to that in my case.
    He’s caught me off by a factor of 10. And I still can’t tell between barrels and ounces. Sheesh.

    • I caught your X10 mistake also, but was trying to be a good buddy and email you about it. 
      By the time I had found the post again, to copy and paste, Ed_B had blindsided you! LMAO!!!

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