Wednesday cinema & library (updated Thur 230 am HST)

12:36 pm (Hawaii) Man on man, some great video today from vloggers plus Peter Schiff, 22 minutes of testimony before Congress along with some academians who are talking out of their asses.

Also, video of bigdad06, Nigel Farage (going off again on the Euro dunderheads). Gotta run but I'll have more, more, more later today.

Blogs

(new) Reggie Middleton: Enter BNP Paribas (Sept 14)

> "There's no better indicator that someone is lying than when they do the opposite of what they say."

(new) Turd Ferguson: (pm) Your fourth and final contest (Sept 14)
> Charts Gold Dec hourly | Silver Dec 8-hour
(new) Peter Tchir: Credit is from Mars, stock are from Venus, or another reason why this market looks increasingly like 2008 (Sept 14)
> "For all the talk that Greece is priced in, the reaction after the erroneous headline about Austria approving EFSF shows that is unlikely true."
(new) Turd Ferguson: (pm) The latest from Sprott (Sept 14)
> Sprott: "The world is still dramatically underexposed to gold. We believe the equities will offer more upside than the bullion over time."
(new) Zero Hedge: A declassified Jon Huntsman on China's terror of a gold-pegged dollar (Sept 14)
> "Huntsman: If we [China] use all of our foreign exchange reserves to buy US Treasury bonds, then when someday the US Federal Reserve suddenly announces that the original ten old US dollars are now worth only one new US dollar, and the new US dollar is pegged to the gold - we will be dumbfounded."
(new) Zero Hedge: Here come the statements following Greece-Merkozy three way (Sept 14)
(new) Turd Ferguson: (pm) Contest #2 (Sept 14)
Turd Ferguson: (am) Let's give away some hats (Sept 14)

> "The metals had me quite optimistic when I retired for the evening. Alas, they could not hold their strength through the criminal LBMA session."

Jeff Nielson: New bankster 'weapon' against gold, silver (Sept 12)

> "The bullion banks appear to have come to the realization that they can still frighten many investors to the point where they will be too timid (or remain) in these wildly oscillating markets."

Financial Sense: Precious Metals Tsunami (Sept 14)

> The mid-900s appear to be a realistic target for the HUI Index into year-end or into early 2012. $52 to $56 should be achievable for silver, with $58 to $62 as real possibilities. The next run upward in gold suggests the $2,250 level followed by $2,500 with the potential for $3,000 or a bit higher now on the radar screen."

Bob Moriarty: Abandon hope all ye... (Sept 14)

> "I am very nervous about the general market for juniors and until the mess in Europe is sorted out, I think right now is a dangerous time to invest in anything."

Bill Bonner: Passing the gold bar (Sept 13)

> "It's time for a rest for gold and a test for the metal lovers ... before moving in the final stage of the bull market."

Vlogs

(new) Keiser Report: Debt carpet bombing (Sept 15)

(new) MoneyBags73: Silver is by far best performing asset since 9/11/2001 (Sept 14)

(new) kevinmcdshotday: Starbucks CEO campaign contributions to prevent corruption (Sept 14)

(new) Jim Comiskey: Daily market insights - Metals futures (Sept 14)

silverfuturist: Who is Max Keiser? (Sept 14)

endlessmountain: Banking rant, XLF $12, currency creation (Sept 14)

endlessmountain: The Silver Log (Sept 14)

Alexiscom1: My ideas about history of trade from Keiser Report (Sept 14)

Alexiscom1: Beautiful animal, life continues despite economic collapse (Sept 14)

James Turk: Guest John Brimelow (Sept 14)

> Interview on Aug 4

ScrapGoldBusiness: The stimulus plans are deflating everything (Sept 14)

Endeavour Silver: The real value of silver vs. paper! (Sept 14)

bigdad06: Decade of deception (Sept 14)

> Guest Chris Duane (Silver Shield)

Realist News: Comet Elenin (Sept 14)

Al Korelin: No long-term downward movement in PMs (Sept 14)

(new) anonopsgerman: Banksters war against people Krieg gegen Menschen OP Electro (Sept 11)

(new) RebelTruth77: Federal Reserve is run by criminals! (Sept 10)

Audio

(new) Louis Navellier: The Fed is never raising rates (Sept 15)

Peter Schiff Radio (Sept 14)

Blog commentary

exiledbear: I agree (Sept 14)
> Gold chart
benroberts13: Technicals v. fundamentals (Sept 14)

> "All (Clive) Mound achieves is sending those who rely exclusively on technicals right into the hands of the EE to be manipulated. ... Please Mr. Mound, tell your readers the truth, the whole truth, and nothing but the truth."

MSM reports

(new) Wall Street Journal: For French banks, problems abound (Sept 15)

(new) Financial Times: Treasuries are the new gold (Sept 14)
(new) Financial Times: HSBC dropped from silver price suppression lawsuit (Sept 14)
(new) Reuters: EU issues 5 bln Euros in Portugal aid (Sept 14)
(new) TheStreet: Rosen law firm announces investigation of Silvercorp (SVM) (Sept 14)
Wall Street Journal: Trump's new gold standard (Sept 14)

Business Insider: E-mails suggest White House pressured OMB to make $535 million loan to bankrupt solar company (Sept 14)

Business Insider: Why Bill Ackman's big bet on HK dollar is perfect (Sept 14)

Financial Times: Facebook puts off IPO until late 2012 (Sept 14)

Business Insider: The ugly part of today's rally (Sept 14)

Spiegel: Greeks vow to rebel against new 'monster tax' (Sept 13)

MSM video

(new) MSNBC: 3 of the people who lifted burning car off motorcycle rider (Sept 15)

(new) Reuters: Rogue trader hits UBS investment bank (Sept 15)

(new) Reuters: French banks downgraded by Moody's (Sept 14)

(new) Reuters: Italy austerity protestors clash with police (Sept 14)

Nigel Farage: Greece under Commission-ECB-IMF dictatorship (Sept 14)

Peter Schiff: Full testimony before Congress on Obama Jobs Bill (Sept 13)

(new) Standard Rebellion: CodePINK greets banksters and Bush (Sept 13)

(new) Bill Cavuto: Real estate massacre (Sept 13)

(new) RT: Hartmann: How is keeping banks from gambling with our money 'Anti-American'? (Sept 13)

(new) Dylan Ratigan: Inside Job: Doc exposes how banksters steal our money (Sept 30 2010)

Frontline: Inside the meltdown (trailer) (part 1) (part 2) (part 3) (part 4) (part 5) (part 6) (full program, pbs.org) (Feb 12 2009)

> Bear Stearns CEO lies on air?

Metal bling

ScrapGoldBusiness: My favorite 20-gram .999 silver ingots (Sept 14)

BullionCatalogue: Silver - African Monkey - 1998-2004 - 1 oz (Sept 14)

Prophesifantastical?

11:40 am (Hawaii) Here we go. Brother Turd is not, in any way shape or form, guaranteeing this. But he sees a possible spike higher in gold and silver. In silver, a break over 42 should be a winner. In gold (see his stunning "reverse pennants"), a run overnight could spark a return to $1,900/oz and beyond.

I've never traded based on any person's forecast, but nobody grasps space and time in the near term like Brother Turd. Nobody. Between the puppetry of the CME mafia and various wafflers chattering on TV about the demise of metals, Turd Ferguson cuts through and reads the price action without peer.

I am still inclined toward scaling into AGQ and/or DGP here despite today's gain; DGP dipped to 60 just a few sessions ago. But the after hours spread is wide. AGQ 222.50/bid 222.43/ask 222.89, DGP 68.13/bid 68.11/ask 68.42.

Update 12:29 pm Couldn't help noticing that silver/AGQ has been taken down almost regularly the past week between 11 am and noon Eastern time. A somewhat similar price action exists in gold/DGP, just less drastic. Of course, as I notice this, the pattern/trend is probably done with. If it continues, then buying the dip at lunch time and selling the rip late morning may earn a few shekels. To buy more physical.

Why not just buy more physical now? I noted a few times recently that AGQ ran from 220 to 380 when spot silver went from 40 to (nearly) 50. A 74% gain versus a 25% gain. The math is simple, though new factors are present, like the tempered speculation in this post-5-margin-hikes era. Maybe AGQ tops out at 300. That's still a 37% gain. On balance, more fiat to buy more physical ... unless somehow the physical market surges. Can you see that happening with central banks and ordinary, fellow peons like me grabbing up hard metal? I can. For now I'm leaning toward a scale-in of paper silver and/or gold.

AGQ simply eaten alive between 11 am and noon lately

The lunchtime takedown isn't as severe in gold/DGP

Barometer: AAPL

8:33 am (Hawaii) Less than 90 minutes left in the session and the indices are up big. However, I'm not chasing here. AAPL is up to 389 — anybody remember the Steve Jobs retirement dip to 352 last week? — and that seems great. But look at the volume. Horrendous. Less than half of last week's trade, which tells me that traders and investors are cautious and it's mostly machines that are bidding price up and down in most equities.

What else is higher on very low volume? BIDU, GOOG, LULU, even LVS. But momentum vehicles like NFLX (slightly up) and GSVC (-2.1%) are also middling. This market looks and feels fake to me.

Financials are heavy green. My Debt Spiral list is entirely green, led by NBG (+36%) on the Greek bank news. FAZ is down nearly 11% to below 53. By my rule of thumb, FAZ has been a buy below 55 in the past month. But this is why I don't dip into these waters often. Anything can happen overnight, over a weekend, and finnies explode despite a real core of toxic assets. The roots of the system are rotting and dying, and nothing changes that in a week, a month, a year, maybe a decade. The will to stop this financial meteorite from destroying our monetary system as we know it just doesn't exist. In other words, I won't touch finnies, and when they run out of momo, I'll park a little bit in FAZ.

If 0% interest turns out to be QE3 and we have another meltup-on-low-volume rally, I'll probably miss a chunk of the gains. But fundamentally, what has changed? Not a single constructive solution back home. As Brother Turd Ferguson forecasted, with London on holiday, thin trading has spot gold and silver down slightly today. DGP is down 3.5% (64.98) and AGQ is down 4.7% (213.73). I'm prepared to buy on this dip, not sure if I'll do it yet. I remain all cash for now.

Update 9:27 am As I noted earlier, thin volume today has a very sketchy feel for a lot of watchers. Here's a note from Karl Denninger at Market Ticker.

Nobody is talking about this. That's 27 - twenty-seven contracts - on the bid at 1146.75. During the trading day. There's less than a thousand up and down the stack through the entire visible portion.

This is a tiny fraction of normal liquidity and those sub-100 numbers are more-akin to what you expect in the middle of the night when everyone's sleeping!

All that's left is the computers. The humans have gone home.

Hypnotized?

7:19 am (Hawaii) Frazzled? Bedazzled? Ehhh just walk away. I laid there in bed an hour ago, barely conscious, watching DGP and gold. Maybe it was time to sell again. It had run to 65.57 early while I was still asleep, but had sold off. Brother Turd Ferguson notes that gold is in the midst of a probable near-term double top and a pullback is par for the course.

For my near-term trade in DGP, a sell would be okay. But instead of mircomanaging, I did some household stuff, watered the plants, etc. Now DGP has lifted to 65.15 on a big buy a couple of minutes ago. I noticed earlier that the banksters were doing well again despite slightly negative market (DJ -0.4%, Nas -0.9%, S&P -0.3%), but FAZ was rallying off its low of 55.24. Now near its high of the day at 58.38.

Silver continues to be robust. AGQ now at 215.11, not far off its HOD 217.93. CME mafia took silver down hard when spot started to lift above 40.50. Spot now 40.26.

Doesn't seem to be any catalyst. Strange. Maybe FAZ and the bank stocks trade in this range until Jackson Hole (26th). Or maybe the move in gold and silver have more to do with 1:00 pm Eastern (traders back from lunch) on a semi-low volume day like this.

Weekend cinema & library (updated Sun 10 am HST)

Hanalei Rice Mill

6:07 pm (Hawaii) DOWNGRADED! Big news or late news? Seems big to me, though the anticipation of a downgrade by S&P of the US wasn't high.

Standard & Poors: USA long-term rating lowered to 'AA+' (Aug 5)

Los Angeles Times: S&P downgrades US credit rating (Aug 5)

Zero Hedge: S&P downgrades US to AA+, Outlook Negative (Aug 5)

Paul Krugman: S&P and the USA (Aug 5)

Update 6:53 pm Reading Reggie Middleton for the first time in many months is an eye opener. His expertise with options is phenomenal, but coupled with his analysis of banksters and flawed economic policy, it's remarkable to read. (Too bad I don't trade options.) In fact, I have questioned myself for doubting myself. I'm wishing I'd kept a small position in FAZ today, even at 62 or 63. There's a possibility I'll be able to get back in at that level, or even lower, early in the coming week if Bernanke says nothing to curb market fears when the FOMC meets on Tuesday.

Otherwise, it's a long 17 days after that until Jackson Hole.

Here's what Middleton says about the probability of Euro bank runs in the very near future. It's enough to make me want to move my little sacks of moola out of my local bank first thing in the morning. Because of him, I have learned a new, terrifying word: Eurocalypse. I have little doubt that when bank runs seize Europe, fear in the US will start to simmer and then boil, and it'll be a wicked time for those of us who aren't willing to trust Uncle Sam. We might still have time to get our fiat currency out, but one minute too late and the lines will be out the door, and things will be ugly when these domestic banks tell us all they don't have the dollars on hand, in the vault, to satisfy our demands.

It might never happen. But this is getting uglier by the day and I'd rather be a fool holding his cash and metal for safekeeping than see it all disappear in a shitstorm.

More from Reggie Middleton

Reggie Middleton: ECB as European lender of last resort (Aug 5)

RT: Snow globe of denial, Reggie Middleton (May 17)

> Middleton on Bernanke, EU, US and China at 21:00

Reggie Middleton: The potential of a Euro banking crisis (Apr 14)

Reggie Middleton: As the world turns, the contagion spreads (Aug 5)

Update Sat 6:10 pm (Hawaii) So is this what Joe Biden meant when he stirred the pot nearly two years ago?

ABC (video): Joe Biden: Mark my words, international crisis if Obama wins (Oct 20 2008)

ABC (blog): Biden to supporters: 'Gird your loins,' for the next president, it's like cleaning Augean stables (Oct 20 2008)

Update Sun 7:10 am (Hawaii) Just posted by Gold Money News, an interview by James Turk of Jim Sinclair at the GATA Conference in London. Must see. Click here.

Update Sun 9:20 am (Hawaii) One of the better interviews of Peter Schiff I've seen right here. The interviews by Silver Circle are a refreshing change: No time constraints or ridiculous denials by opposing voices. Also, a "lightning round" Q&A by Silver Circle with Schiff here.

Video

(new) MSNBC: Greenspan on Meet the Press (Aug 7)

> Greenspan enters 25:25

RT: Jim Rogers (Aug 5)

ABC Australia: Jim Rogers (Aug 5)

Bloomberg: David Beers, head of S&P sovereign credit ratings (Aug 6)

Bloomberg: Roubini: Jobs number was 'pretty lousy report' (Aug 5)

Bloomberg: Marc Faber (Aug 4)

(new) SilverCircleMovie: Interview with Kevin Innes - Liberty dollar 'criminal' (July 1)

ABC Australia: Clarke, Dawes ask million-dollar questions (May 22)

(new) Silver Circle: Q&A with Peter Schiff (Feb 24)

(new) Silver Circle: Peter Schiff interview (Feb 17)

(new) Fox: US finds $1 trillion in mineral deposits in Afghanistan (June 14 2010)

Vlogs

(new) pdlumina: Israeli markets crash, trading halted within minutes! (Aug 7)

(new) GoldMoneyNews: Jim Sinclair interviewed by James Turk (Aug 7)

(new) Alexiscom1: $100 silver bullion in 2011, US Euro AAA debt crisis (Aug 7)

(new) endlessmountain: Silver log - Technical analysis (Aug 7)

(new) theeastwatch: Rabbits and garden update (Aug 7)

(new) namone11967: Online coin stores gearing up w/ higher spot prices (Aug 6)

(new) Tony Sagami: China downgrades and tongue lashes US debt (Aug 6)

1beinki: 10 trillion dollars to fund my savings account (Aug 6)

Peter Schiff: S&P AA+ rating on US debt not low enough (Aug 6)

College Humor: E-Trade baby loses everything (Aug 6)

slim2open: Hilarious commercials! (Aug 6)

SafeArmsReview: Debt, dummies, the coming collapse and you (Aug 6)

ScrapGoldBusiness: Gold killing the value of diamonds? (Aug 6)

endlessmountain: Investment classes by the numbers (Aug 6)

BrotherJohnF: Silver update - Black Monday and silver algos (Aug 5)

Jim Comiskey: Daily market insights - metals futures (Aug 5)

silverfuturist: Silver down compared to what? (Aug 5)

SGS: Part 7: The EPIC weekend has arrived (Aug 5)

michaelsam9: Last great naked silver short starts (Aug 5)

(new) SilverCirleMovie: Max Keiser in NYC (Aug 5)

(new) GoldMoneyNews: James Turk interviews Eric Sprott (Aug 4)

(new) Larry Edelson: Which markets to touch, and which to avoid... (Aug 4)

> Gold to $7,700; silver very dangerous, will move to 42-43, then collapse to 28-30.

BrotherJohnF: Silver update - Deflation scare redux (Aug 4)

SGTbull07: James Anderson: Greatest wealth transfer in history (part 1) (part 2) (Aug 4)

Freedomain Radio: The short, unhappy lives of fiat currencies (Aug 3)

Rick Rule: Cash will give you the courage (May 11)

Audio

(new) Debt Deflation: Steve Keen debate with Chris Caton (Aug 7)

(new) Jim Puplava: Interview with Bert Dohmen - Gold should be over $9,000/oz (Aug 6)

King World News: Weekly metals wrap with Bill Haynes, Dan Norcini (Aug 6)

King World News: Jim Rickards (Aug 6)

King World News: Doug Casey (Aug 6)

King World News: Rick Rule (Aug 5)

Blogs

(new) Zero Hedge: G7 preparing statement to support dollar, EU before Asia open (Aug 7)

(new) Turd Ferguson: Re: Tonight. I have no idea. (Aug 7)

(new) Zero Hedge: S&P explains why the '$2 trillion error' is irrelevant (Aug 7)

(new) Zero Hedge: Citi battens down hatches, prepares for global risk offenses in a few short hours (Aug 7)

(new) Zero Hedge: Apmex on hiatus until Asia open (Aug 7)

> From Apmex.com: *Attention - Due to the uncertainty in the global precious metals markets, we will not be able to accept any additional orders until the global markets re-open in Asia. We expect to be accepting orders around 6:15 pm EST, Sunday August 7th, 2011, following the market open.

(new) Silver Shield: Apmex warning (Aug 7)

(new) Silver Shield: Retire off of $30,000 (Aug 7)

(new) Alasdair Macleod: Keynes vs Hayek (Aug 7)

(new) Brandon Smith: America 'makes the cut' - so what happens next? (Aug 7)

(new) Jesse's Cafe Americain: It's the unfunded wars, financial fraud and unwillingness to reform (Aug 7)

(new) Debt Deflation: Steve Keen debate with Chris Caton (Aug 7)

(new) Luc Vallee: The two faces of China (part 1) (Aug 7)

(new) Harvey Organ: S&P downgrades USA debt (Aug 6)

(new) Silver Shield: Turk, Sprott and silver (Aug 6)

King World News: Norcini - How S&P downgrade of US debt will impact markets (Aug 6)

> "I expect the reaction to the news in Asian trade Sunday evening will be the US Treasury markets open lower with gold opening higher from the get go."

SGS: Epic weekend news #3: Germany says, f--k it, Italy is on its own (Aug 6)

Zero Hedge: Germany says Italy is too big for EFSF to save (Aug 6)

Zero Hedge: Emergency meetings galore (Aug 6)

NIA: Shocked by S&P downgrade of US debt rating (Aug 6)

Gary North: The Yellow Fever Economy (Aug 6)

King World News: Jim Rickards - Who 'really' controls the gold (Aug 5)

Dan Norcini: Riding in the kangaroo pouch (Aug 5)

SGS: Epic weekend news #2: White House says, 'Go f--k yourself' to downgrade (Aug 5)

SGS: Epic weekend news #1: SP downgrades US debt (Aug 5)

Sean Hyman: US govt could take 14% of your wealth... overnight (Aug 5)

Zero Hedge: S&P downgrades US to AA+, Outlook Negative (Aug 5)

Scott Blier: What's it gonna be, near-term? (Aug 5)

> Chart: QE2 rally

SGS: W>T>F>is>this? (Aug 5)

Turd Ferguson: (pm) Three weekly charts (Aug 5)

Le Fly: (pm) What does it all mean? (Aug 5)

Le Fly: (pm) The bottom is in (Aug 5)

Le Fly: (pm) New plan (Aug 5)

Turd Ferguson: (am) Post BLSBS (Aug 5)

Intel Hub: Costly US power grid tests approved without public consent (Aug 5)

(new) Roman Baudzus: Greek central bank adds to gold reserves (Aug 4)

Dan Norcini: Extreme volatility in gold as market digest rumors (Aug 4)

Reuters: Italy says Asia asking why ECB isn't buying bonds (Aug 4)

Turd Ferguson: It has to be said, so I'll say it (Aug 4)

Turd Ferguson: Overnight and tomorrow (Aug 4)

Le Fly: On second thought, today was not my worst day (Aug 4)

Washington's Blog: The average life expectancy for a fiat currency is 27 years (Aug 2)

Jack Barnes: The $1 billion Armageddon trade placed against the US (July 25)

Blog commentary

stingbee30: In these environments, you need to throw away the technicals (Aug 7)

GoldistheFuture: Jim Sinclair: 'This will result in producing gold mining shares becoming the utilities of 2016 onward' (Aug 6)

pailin: FU Italy :) (Aug 6)

Reports

(new) Bloomberg: Big foreign buyers likely to stick with Treasuries (Aug 7)

(new) Bloomberg: Greenspan sees stocks falling after S&P cut (Aug 7)

(new) Bloomberg: G-7 finance chiefs talk amid Euro, US turmoil (Aug 7)

(new) Bloomberg: Muni market prepares for lost AAA ratings (Aug 7)

(new) Bloomberg: Israeli stock index tumbles most since 2000 (Aug 7)

(new) Bloomberg: France's AAA rating may be vulnerable (Aug 7)

(new) Bloomberg: Dubai shares drop most since February (Aug 7)

(new) Bloomberg: Japan official warns of more yen selling (Aug 7)

(new) Standard and Poor's: Clarifies assumption used on discretionary spending growth (Aug 6)

AMEinfo: Saudi market crash raises fears over domino effect in GCC (Aug 6)

Reuters: China blasts US over debt problems (Aug 6)

Reuters: World leaders confer on debt crisses this weekend (Aug 6)

US Dept of Treasury: Just the facts: S&P's $2 trillion mistake (Aug 6)

Reuters: Fund managers see tough times for Treasuries (Aug 5)

Xinhua: NATO planning military campaign against Syria: Russian envoy (Aug 5)

Los Angeles Times: S&P downgrades US credit rating (Aug 5)

WSJ: Gold: JP Morgan 'loves' it big time (Aug 5)

WSJ: Italy speeds its path to balanced budget (Aug 5)

ABC: Govt officials: US expecting S&P downgrade — based on 'serious mistake' in analysis (Aug 5)

(new) MarketWatch: Harry Schulz's last testament (Jan 10)

(new) ABC: Not-so-safe deposit boxes: States seize citizens' property to balance their budgets (May 12 2008)

Metal bling

richardbask4321: Silver collection 153 oz (Aug 6)

Metal shop

(new) DelValleySilver.com: Silver Circle Movie round (Aug 7)

> Also, DVS silver token (1 oz)