Monday, August 6, 2012

SHOCKING SILVER NEWS!


LONDON | Mon Aug 6, 2012 4:51am EDT

(Reuters) - U.S. regulators are set to drop a four-year investigation into the possible manipulation of the silver market after failing to find enough evidence to support a legal case, the Financial Times reported on Sunday, citing three people familiar with the situation.

The Commodity Futures Trading Commission first announced that it was investigating "complaints of misconduct in the silver market" in September 2008 after a group of precious metals investors alleged manipulation, the FT reported.

It said that while the CFTC has not yet formally determined the outcome of the investigation, leaving the possibility that staff could be instructed to dig deeper, the agency does not currently have sufficient evidence to bring a case.

A decision to end the investigation would likely anger some U.S. silver investors, the newspaper said.

"I'm sure it will be met with some concern from a certain group of aggressive silver speculators," one person familiar with the investigation told the FT.

Previous CFTC silver inquiries in 2004 and 2008 found no evidence of wrongdoing, the paper noted.

(Reporting by Jan Harvey; Editing by Alison Birrane)

This news reverberated through the retail precious metals world today creating a sense of disbelief and betrayal. Harvey Organ threatened to serial E-mail Bart Chilton until he cuts his mullet off. Turd Ferguson was aghast and threatened to do a special podcast interviewing himself and establishing another live trading session for only the chosen turdite elites that profess complete obedience to Turdville. Yes .....we have been betrayed.....yet again. Don't worry.....it isn't the first and it won't be the last.

I am growing tired of the lack of movement (other than down) in the metal trade, but that is what a normal correction after a ten year bull move should do. It should tire you out. It should make you sick of the trade and discourage you.There are two sides to this trade......YOU and the other side..whether its JPM/Central bank or the Chinese or the Hedges..... Its the game. Watching the decline and fall of Western Civilization provides more stimulation now, but borders on comedy at times. If you have to listen to one more CNBS cliche on why gold is not a safe haven trade I may barf....but...that is the game. gl and enjoy the comedy.......ya gotta laugh at the incredible joke it all is
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36 comments:

  1. Anyone surprised by this outcome is not in touch will the reality of the situation.

    The answer to their game playing is to buy physical while they are trying to get you to sell it. Same goes for the miners.

    Being aware of what's really going on makes it so much easier to play the game.

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  2. Beginning around 2000, Harry Markopolos repeatedly told the SEC that Madoff was running a Ponzi scheme. But, the SEC could never detect any fraud. Once the Ponzi was discovered and admitted by Madoff, it was my understanding that the head of the SEC stated that they could never adequately investigate Madoff "because they did not have enough staff".

    So, maybe the CFTC does not have enough staff too.

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    Replies
    1. hehehehehe....aint it the greatest ponzi eva....

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  3. All these agencies are WORTHLESS. Actually they're only detrimental as they really only help fuel this corruption by putting on a show and hiding the truth. Pathetic.

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    1. correct Hubz....they have been completely coopted and serve only to protect the current ponzi.....they present an illusion that the sheriff is out there for the peeps.... its truly a grand scheme.......hehehjehheheheheheheh

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  4. This July, Martin Armstrong wrote an article "Regulators Who Regulate Nothing" which is about the CFTC's claim that they lacked a specific tool which was needed to investigate or regulate a specific problem. The article shows a picture of a Swiss Army Knife that is just crammed with every conceivable tool imaginable. But, apparently the tool they needed was not in there.

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  5. Good day to all of you...

    The whole system is corrupt at all levels, we are getting pretty damn close to tipping point...Standard Charter should be not be able to do business in US anymore..

    Right now the VIX is being trampled on, no fear at all...I find this too hard to believe
    I have a feeling Knight trading has something to do with Vix issue...

    That JAG squeeze from .79 has been beautiful...

    I'm going all short after olympics on this phantom games push higher...

    DSCO might be worth a play...

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  6. Got that right its all an ILLUSION!!!!!!!!

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  7. Corruption and Fraud is the order of the day no matter where you look........


    Btw: Where's the heggie's........ heheeeeeeeeeeee

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  8. Joe just brought up ANX.......

    ReplyDelete
    Replies
    1. its a pharma co trading around .64

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  9. put up an ANV chart from a few days ago......note how its moved back into the up channel ...also note the resistance here...should be fun

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  10. Who's paying attention when we can watch BEACH Volleyball?

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  11. http://federalreserve.gov/apps/contactus/feedback.aspx

    Link above is where everyone here should send their thoughts on Standard Charter bank, revoke the license to do anything in the US...

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  12. Gotta admit Beach Volleyball did get my attention.... Wonder how one can concentrate and play the game with a wedgie!!!

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    Replies
    1. I've noticed that too ........guess it gets you to jump higher

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  13. for those that want a big boy and less stress try this Seeking Alpha big boy

    . Kinross Gold Corporation (KGC)

    Price: $7.72
    Market Cap: 8.79B
    Proven/Probable Gold Reserves: 62.57 Million ounces
    Market Cap / Gold Reserves: ~$140.48
    At a valuation of $140.48 per OZ of gold reserves (pdf), Kinross Gold is the cheapest major gold miner in terms of reserves / market cap. The market is valuing the company's reserves at a significant discount to peers because Kinross overpaid for its $8B 2010 acquisition of Red Back Mining Inc. and had to write down its value by $2.49B 17 months later. On top of its significant gold reserves, Kinross has Silver (84.87M ounces) and Copper (1.444B pounds) reserves as well. Cash costs per ounce of gold mined stood at $596 for 2011.

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  14. Hey what do you know we got some rain here last night about two inches it's about time. The corn is done and is drying down and being chopped now for cattle feed. Some farmers are starting to get a little harvested one field near here did 10 bushels per acre! another around 60 the corn crop is going to be bad I'm still thinking the national avg will be around or even a little less than 100 bushels per acre when all is said a done. Beans are hurt but are getting better with rain. I see a national half crop on them. That is just a guess. Are 20 dollar beans coming?
    I don't know. But 10 dollar corn is coming.
    http://finance.yahoo.com/news/10-corn-coming-top-fund-214133900.html
    I feel a good beat down in stocks are coming. I'm bullish gold to 1550 if that breaks yikes..
    The Fed's are up to something and things don't smell good right now. They might be able to hold this thing together until the elections but it's starting to get long in the tooth..
    Matt

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  15. Honest,

    I thought about acting on your suggestion re: Standard Charter Bank but it seems NY beat me to the punch!


    http://www.cnbc.com/id/48564453


    Just gotta laugh at their reaction when you pull back the curtin.....

    On the other end this sharade we have this;

    http://www.smartmoney.com/borrow/student-loans/grandmas-new-financial-problem-college-debt-1344292084111/


    What's better then Selective Enforcement......

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  16. Matt, great to hear about the rain.

    Not meaning to pump, but ZLCS looks interesting. It had a good day yesterday at twice normal volume and appears to be breaking out of a triangle-like pattern. It is up in the premarket today. I am in @ 1.10 and might buy more.

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  17. this is joes comment on KGC...
    I just saw the comment in your blog in regard to KGC, I disgaree that KGC provides less stress than the selective junior sector and the reason is you can not just look at their reserves and the size of their mines, you need to look at their overall financial structure which includes outstanding shares, cash available, and I can not emphasize this enough and that's the issue of DEBT. Look at KGC profile and you see outstanding shares of 1.14B and that's negative since strategically that means they have acquired mines which cost them a lot and does not generate enough margin ( profit), their cash available is around 1.49B which is nice but then you look at their DEBT and ooooopppps that's 1.6B and that 's a RED FLAG, also the management and especially the CEO and the CFO are INCOMPETENT and not managing the business well and that tells me KGC is not a good INVESTMENT from buy and hold perspective. Just because a company happens to be big does not mean it will be a good growth story. Investing requires lots of home work besides understanding the manipulation and what moves a particular stock.

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  18. Check out JAG... been running hard lately. Wish I had been aboard that train.
    The gambler in me wanted to try a PCLN OTM put last night but didn't since my KCG burn... doh! :(

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    Replies
    1. Hubz, I mentioned JAG at .79 as short squeeze about to happen just 7-8 days ago...

      what a whopper...your welcome Joe...

      Delete
  19. ZLCS taking off.....great call Doc

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  20. I added an SLW chart above.....very interesting now above key resistance....look for confirmation this week....this is the type of action to keep your eye on for life in the PM equities

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  21. Great hearing from Joe, thanks. I just knew you guys would be watching beach volleyball, ;). ANV and SLW have still been my biggest winners over the last 3 yrs. Actually bought the first 500 sh. slw in 2/09 @6.83!!!!! Held thru thick & thin.

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    Replies
    1. the next up move in SLW will be an all time new high.....alas.....i just cant tell ya the timing......hehehehheheehe......

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  22. Once again, the Keystone Speculator is posting their Gold chart with TA. Keystone is still feeling that gold should fall (Descending Triangle), but does admit that there is a bullish case for gold and the descending triangle pattern could be nullified.
    This is the first time this year I believe that they admitted bullishness was possible.

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    Replies
    1. That's scary in one way..I wonder if it's a dollar weakness moving metals higher?
      I'm in ZLCS in big way..expecting run to 2

      Also of interest would be ROSG, they just filled raise at $5.00, have cash in bank now, still low float, fda approved and below offer price...could be easy change in next 2 weeks...

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    2. I'm in ROSG with stop at today's low...

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  23. http://jessescrossroadscafe.blogspot.com/2012/08/banks-offer-full-range-of-services-from.html

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  24. no rain here and not enough in the 10day to have meaningful impact

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    Replies
    1. finally a good rain but too much too fast......will do little for crops

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  25. Plenty of rain here this summer, just drove through S.C. where the corn & soybeans looked great but farms are probably not large enough to help in a meaningful way. Alert: Gartman calling for breakdown in gold before a move "substantially higher." Has he ever been right?

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