The Phaserl



by Turd Ferguson, TF Metals Report:

As we begin 2017, it’s more important than ever to be clear about what we discuss here. To that end, today we add two new acronyms to the TFMR glossary…CDG and CDS. No longer will be discuss the paper derivative price of “gold” or “silver”. Instead, we will refer to these issues as CDG (Comex Digital Gold) and CDS (Comex Digital Silver).

Let’s just cut to the chase. When you regularly observe charts such as this one…

…isn’t it appropriate to ask yourself just what you are following? How in the world can anyone continue to call what you see trading on the Comex “gold”? It’s not gold. Instead, it is simply an electronic derivative contract that HFTs and hedge funds utilize to give themselves “gold exposure” or a “hedge”. No physical metal ever changes hands. Even the bi-monthly “delivery” process is nothing but a Bullion Bank circle jerk where warehouse receipts and warrants are shuffled to and fro.

So, why should we continue to refer to what is traded there as “gold”? Well I, for one, will no longer do so. Oh sure, I may slip up from time to time and, by force of habit, still call what is discovered on Comex the “gold price”. However, going forward I will make every effort to instead refer to it as CDG for Comex Digital Gold. As the same situation exists in silver, henceforth the Comex silver price will be referred to as CDS for Comex Digital Silver.

Will this catch on over time? Maybe but who cares. As long as you and I are truthful, honest and accurate about what we’re discussing, everyone else in the gold community and financial media at large can piss off. The Comex price of “gold” is no more connected to physical reality than the value of my shoe is connected to the price of oranges. What I’m saying is that the Comex price and the physical reality are completely unrelated. As you’ve heard me repeatedly state: “Gold and silver are priced as if they are physically abundant when they are not. Instead, what is abundant is the paper derivative.”

Therefore, from this day forward, we shall refer to the Comex/LBMA/Globex price as CDG and CDS.

To that end, CDG is back down a little today as the USDJPY and bond market react to another utterly worthless US jobs report (BLSBS). Not only did the US allegedly add 156,000 “jobs” in December, but now they tell us that wages are rising, too. Uh-huh. Maybe not:

And about those 156,000 “new jobs”…It appears that 155,000 are completely imaginary as they came into being from BLS seasonal adjustments:

Here’s a fun idea. Go out today and stop at a Walmart or Aldi. Find some poor soul with a handful of foodstamps and tell them that all will soon be better as they were just hired for a BLS seasonal adjustment job. Full benefits, paid vacation…the works! See how that goes over.

What a freaking joke and scam this all is.

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