Mid-Day Update

With everyone waiting for the action in Greece tomorrow, today is pretty quiet (dull). As such, The Turd feels the need to make himself useful in other ways.

First, here are the only three charts I'm watching right now. Gold is stuck in a little range...unable to go higher but unwilling to go lower, too. When this range breaks, it will give you a feel for the near-term trend. The POSX is at a seemingly critical juncture, too. I've mentioned before that I think the pig will be rangebound all summer in an area roughly bounded by 76.50 on the top and 73.50 on the bottom. A drop over the next day or so would confirm that for me. And in silver...Even though there are still 26M+ open contracts three days before July first notice and, even though The Death Star only has enough registered silver to settle 5,600 of those contracts, no one seems to care.

paper_6-28gold.jpgpaper_6-28.jpgpaper_6-28silv.jpg

Speaking of the silver Comex, if you'd like to follow the open interest "situation", this link is updated each afternoon with new info. You might want to keep an eye on it.

http://www.cmegroup.com/trading/metals/precious/silver_quotes_settlements_futures.html

Ok, then, here is a nice summer afternoon reading list. Some of these I found on my own, some of them were emailed to me. I, as your host, have deemed them all worthy of your time and attention. First up, on the subject of Europe, there's this:

http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2011/6/27_Ben_Davies_-_Revolting_PIIGS.html

But never forget, The U.S. is in just as bad of shape, if not worse:

http://gonzalolira.blogspot.com/2011/06/dream-little-dream-how-long-would-it.html

And this doesn't involve any reading, just watching and listening.

http://video.cnbc.com/gallery/?video=3000030250

Two interesting bits on last week's oil dump. Again, this didn't happen at crude $150, it happened at crude $95. Why? Why now?

http://www.zerohedge.com/article/guest-post-iea-oil-dump-disaster-making

http://www.bullionbullscanada.com/index.php?option=com_content&view=article&id=21107:bankers-declare-war-on-commodities&catid=48:gold-commentary&Itemid=131

Regarding the PMs, taxation and future confiscation, take some time to ponder this:

http://www.zerohedge.com/article/guest-post-dont-forget-deadline-come-clean-thursday#comments

And lastly, just for fun, take a look at this. You know how much The Turd likes patterns and correlations so you can probably imagine just how interesting I found this "research" to be:

http://www.gold-eagle.com/editorials_08/weytjens062411.html

OK, that's all I have for now. Thanks again for being a part of the site and spreading the word! TF

94 Comments

beardeus's picture

SMEAGLES?!

SMEAGLES?!

Vypuero's picture

First?

First - nope, 2nd to Smeagles

SilverTree's picture

~

Turd Ferguson's picture

How bout how that dude's

MODERATOR

How bout how that dude's plastic shield is coated with red paint?

Its about to get real mucking fugly there.

Response to: ~
mrgneiss's picture

Best week of the whole year to buy silver, according to chart

I know many of you have seen it already, but for those that missed it, the 37 year seasonal chart of silver, up to 2007:

http://www.seasonalcharts.com/classics_silber.html

The gold intraday chart is fascinating as well:

http://www.seasonalcharts.com/intraday_metalle_gold.html

If you were trying to make gold look like a bad investment, at what time of the day would you slam it?

SilverTree's picture

Baron Rothschild

"Buy when there's blood in the streets, even if the blood is your own."

beardeus's picture

I am hoping it drops sub $30.

I am hoping it drops sub $30. That would be a delight.

Honestly, this whole thing sucks. Sure I have a significant core position for a 25 year old but lack other things such as a homestead. I have been making some bomb bread lately and have been able to knead bread rather well.

I figure, given my roots are in the boot, when everything collapses and I have to get a REAL job, haha, I will either become an artisan, with food, or a sculpture. A Michelangelo if you will minus the talent.

I plan on getting married at the end of the year and am stressing about a "once in a lifetime event" that I am not looking forward too unless silver explodes far beyond my expectations.

After a long day why is the Lord of the Rings so comforting to me?

Shill's picture

IMF

  1. 1:30p

    BREAKING

    Lagarde wins 5-year term as head of IMF

ginger's picture

Relax. We have PLENTY of time..

. .......Or, said another way, do they really think we are this dumb. indecision

This from FutureMoneyTrends.Com: (emphasis mine)

Central Banks Buying Gold

"According to the World Gold Council, central banks are on pace to make their largest annual purchases of bullion since the collapse of the Bretton Woods system in 1971. Central banks have been net buyers of gold in the last several years and have purchased about 151 tonnes of gold year to date.

UBS recently did a survey of central bank reserve managers in which more than half of the bankers said that the dollar would be replaced by a portfolio of currencies within the next 25 years. FutureMoneyTrends.com would have to assume the bankers have included lots of padding in that prediction, or it could have been the way UBS asked the question. In our opinion, the dollar making it another 25 months as the reserve currency should be in question, heck with all the spending needed in order to pretend there is a recovery, even 25 weeks isn't guaranteed."

I simply see this as just another attempt to keep the public in the dark where gold and silver are concerned ..meanwhile they are buying up all they can. They know what is ahead ..but they sure don't want you to know ..until they are ready for you to know which of course would be too late for you to prepare and certainly too late for you to buy S&G.

Vypuero's picture

How is the market up?

Is everyone on drugs?

Shill's picture

TBT bitches.

Turd just seen your post over at ZH, hows that TBT treating you :)

Hey Buddy...ha ha ha NICE!!!

Cleburne61's picture

Greek Situation

Thanks TF, we'll see if folks start caring about silver available for delivery after 10 to 15 million oz get sucked out this July.  Inventories approaching 10 million oz would be too irresistible a force for investors to ignore going into the fall.

Btw, if any wish to see history in the making in Greece, a great link to live protests in Athens can be found underneath.

http://www.livestream.com/stopcarteltvgr?utm_source=lsplayer&utm_medium=embed&utm_campaign=footerlinks

NB-The chat section to the right has lots of unsavory folks cursing up a storm, and flinging racial insults.

Hackswell's picture

Correction

Turd, I think you meant that as of yesterday there were 26K+ contracts open for delivery.  Not 26M+ contracts.  The 5,600 (5.6K) contracts available for delivery looks correct.

Kiwi's picture

Market up on Hopium and Unicorn gas

I sit here, grinding my teeth about all the $ I could be making if I could just disconnect my rational thinking and follow the momentum..... but my rational side knows it could/would crash about 5 minutes after I bought a big position.

All I can figure is that TPTB has gotten so used to pushing the market up on minimal good news that now they will push the market up on the faintest whiff of hope.... that and trying to not be the last sucker to buy...

ggnewmex's picture

Greece, Silver and price

I cannot believe I that I have not read this anywhere else yet.  Turd, have you heard this?

GREECE,,   NATIONAL SILVER...... price

Reading a story about the disaster that Greece is on Drudge.... low and behold, it appears as a condition of Greece getting their aid package, is that they sell of there national silver.

Read this attached portion.....

Prime Minister George Papandreou begged lawmakers Monday night to back his plans to slice 28.6 billion euros from government spending by 2015, and sell off the national silver to meet EU and IMF demands for reform.

Hey, I am a huge believer in the silver story, own PM, but seeing this, makes me curious how much they have.  Certainly, this would have an immediate affect, (not long term)

Thoughts

Greg

tmosley's picture

The next four and a half

The next four and a half weeks are critical.  I suggest you be smart unlike me, and have some dry powder available.  I'm looking for some more good bargains in silver, including physical, prior to a likely paper washout come the end of July as physical and paper decouple in a major way.

¤'s picture

TF, what if they lose control?

On ZH

picture-15220.jpg
by Turd Ferguson
on Tue, 06/28/2011 - 13:15
#1409273

Let's see...

No QE = higher rates

Higher rates = death to The Great Ponzi

Death to The Great Ponzi = loss of power for TPTB

Conclusion: QE can't and won't ever end.

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

TF, I agree with your reasoning, but what if they simply lose control and can no longer maintain the massive ponzi they have been doing for so long?

Short of killing us all, at some point QE ends. Hopefully, well short of that.  

This whole website and the way you/we view PM's (and preparedness) is recognition that it is going to end, just not soon. QE for awhile for sure, but it will end quicker then anything thinks. There is no blueprint how this unfolds as we are not 1920's Germany or Zimbabwe. Having said that and recognizing that there is no blueprint, it could go on for quite some time relative to the present.  Maybe 2-3 more years...5...10 years?  20??? No one knows, and even if "they" did know and were trying to control such massive global economies and prices etc. they will eventually just lose control. I think that's what were seeing the beginnings of.

It's spiraling on them right now. They are putting out debt fires by printing and creating new one's. If you keep starting enough small fires to create fire lanes and breaks in a forest fire you eventually start another bigger forest fire, and lose control.

At some point it simply can't continue and it will be time to pay the piper. All great Empires at some point collapse when they completely lose or disregard the roadmap that brought their society and civilization to the point of how they got to their pinnacle and then something changed from within that started them on their decline. 

We are wayyyyy off course and a sharp correction is going to happen economically and socially, whether they can keep control of it, (or the consequences of not being able to) is another matter.

The dreaded auction failure seems to be close at hand and with the debt ceiling issue still at hand and a probable double dip recession happening (oh yeah, and 2-3 wars) and a Presidential election in the near future....I don't see the focus or leadership that would prevent them from losing control or power. They seem to have already done so.

We're just seeing it unfold in slow motion in the present.

tmosley's picture

@ggnewmex WOW!  Anyone know

@ggnewmex

WOW!  Anyone know how much silver they have?  I was unaware of any national stockpiles outside of China.

If this is true, and they enforce it, then that may well push our timeline back.

lostinspace's picture

beardeus

Don't get married yet.  You'd be buying high.  Once the SHTF guys like me, with Gold, Silver, Guns, and Ammo will be the most eligible bachelors.  Women for the most part are still pop culture intoxicated, materialistic sheep.  Once reality sets in, I'm going to buy low, blondes, brunettes, redheads.....

Swift Boat Vet's picture

Greek Silver

I saw that earlier this morning and fired off an email to Turd.

I've now begun a search on the size of their stockpile.  Does anyone have a clue?

SilverIsKing's picture

Greece Silver - Comments

Here's the Drudge article that mentions Greece offering to sell their silver.

http://www.france24.com/en/20110628-greece-braces-grounding-general-strike-unions-parliament-austerity-measures

We may get some form of QE3 sooner rather than later.  The way the equity markets are ramping, the dismal 5 year auction, and PMs being shorted down could be a sign of something sooner than people expect.

The can't let it get so bad where people are begging for QE3.  Obama will have lost by then and they can't let that happen.

Shill's picture

Here it is

http://www.commondreams.org/headline/2011/06/28

Prime Minister George Papandreou begged lawmakers Monday night to back his plans to slice 28.6 billion euros from government spending by 2015, and sell off the national silver to meet EU and IMF demands for reform.

Interesting.

...and then they came for the national silver and I said nothing...

ginger's picture

Sometimes one wishes there

Sometimes one wishes there was the capability to take hat tips away.

indecision

humahuaca's picture

uh guys

'national silver' is a common euphemism for 'core assets'

It's not meant to be literal.

¤'s picture

TF stated..... "......Even

TF stated.....

"......Even though there are still 26M+ open contracts three days before July first notice and, even though The Death Star only has enough registered silver to settle 5,600 of those contracts, no one seems to care."

DPH states: "Holy Shit!"  

(Something has to give way at the Comex sooner then later I would imagine. The EE's plan seems to have gone awry)

What could their back-up plan possibly be to not having enough physical silver to deliver to cover contracts? Sounds like were going to find out pretty soon.

SilverLeaf's picture

Don't know how big Greece silver reserves are

But it looks like the IMF is going after all of its commodities and mines - petroleum, coal, silver mines. No wonder people rail against the IMF as being evil incarnate:

http://rmiglobal.org/2011/05/26/imf-to-sieze-greek-gold-mines-mineral-reserves-cheapest-way-to-pay-down-debt/

The greek people are being robbed blind to pay debts to the bankers who enslaved them in the first place.

Hickerydooo's picture

Nigel Farage

http://www.nujij.nl/economie/nigel-farage-de-klungels-in-brussel.12826062.lynkx

This link leads to a speech of an EU MP called Nigel Farage...( following him for years now)

Barrosso (near the 4th minute of the short movie) waves his finger and tells about there is no plan B...in fact he says that anyone who is speculating off a plan B will be responsible for the masacre...

Link came from a dutch newssite.

Regards and have fun watching Nigel...

California Lawyer's picture

USA Officially has Mercenaries

Turd:

I jumped on some of your sites you mentioned, including Zerohedge, one of my favorites anyway.

I read a comment about overseas federal worker jobs.  I clicked around, and found this:

http://www.cpms.osd.mil/expeditionary/cew-home.aspx

My take:

This is officially a US govt-run mercenary force!!  Read the FAQ's.  It requires the "civilian" workers to wear military uniforms, and even carry weapons.  This is some scary stuff.  Not only is the military budget huge, but now the govt gets to lie about troop levels, staffing, etc., because the boots on the ground ARE ACTUALLY CIVILIANS!!

Holy shit this is scary!!

¤'s picture

Buy a Greek Island...Fire Sale!

I would consider it if it were a 2 for 1 sale maybe. I wish!

Desperate times call for desperate measures.

Coming to a U.S. State near you, soon.

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