Catching A Bid

With the gold market rallying the way it is, I thought it might be best to go back and review this:

http://www.tfmetalsreport.com/blog/heed-mavens/406

I would add this to the discussion:

http://www.kingworldnews.com/kingworldnews/Broadcast/Entries/2011/7/11_Andrew_Maguire.html

And this:

http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2011/7/7_Embry_-_Maguire_Correct,_Gold_Silver_Shorts_Will_be_Destroyed.html

And this, too:

http://www.zerohedge.com/article/silver-poised-long-overdue-technical-breakout-fmx-connect-chimes#new

I will have very limited internet/chart access for the next few days so please bear with me. In gold, the key level to watch for today is, quite obviously, the $1559.30 high of 6/22. A close above there would be hugely significant and I have a last of $1556.30. Closing above there would also eclipse the old, all-time closing high if $1558.40 set on 5/2. Who knew today would be such an interesting day, huh?

In silver, the level to watch is still $36.79, also set on 6/22. If silver can get through there and close above, it should have clear sailing to $38 and, beyond there, the critical 39.50 level. Unfortunately, silver is running into some risk-off, general commodity selling which is providing a rather significant headwind. We'll just have to watch and see. Maybe the FMX Connect people will be right.

OK, hang in there and have a fun day. It will be interesting, to say the least. TF

194 Comments

ScottJ's picture

Gold must make new highs

Gold must make new highs verse all major currencies before starting its move to new perception as Sound Money.  Only then will the exponential moves occur with ease... -- Paraphrased philosophy learned from Mike Maloney

Well.... it looks like the super-cycle could be beginning... hold on to your hats folks.  This will be a very unique experience, as the world has never been this integrated/completely dependent on fiat currency...

Euro Price of Gold Closing at record highs (Previous high close 1083.47)

Great Britain Pound Gold Price Poised to Close above all time high (Previous High: 964.41 Pounds/oz)

--

Mike Maloney Tells All on Why Gold and Silver, the endgame of fiat currency.

Turd Ferguson's picture

Straight Down

MODERATOR

Wow, just as soon as I get this posted everything goes straight down. Yikes!

Be careful out there!

Seacap81's picture

Jim Cramer takes Buffet

Jim Cramer takes Warren Buffet to the woodshed and whips his little behind.  Nice to see the old prick from Omaha get taken down a notch or two.  Don't be fooled, Buffet is just another Corporate Welfare Queen.

Must see.

http://www.youtube.com/user/GoldCoreLimited

Dr G's picture

Stupid market. Stupid, stupid

Stupid market. Stupid, stupid market. Flip-flop, waterfalls, etc.

Stack physical so your stomach doesn't hurt. :)

SilverTree's picture

.

WYO Silver's picture

Maguire Audio Interview

Turd posted the audio link to the Andrew Maguire interview on King World News above.  Here are some additional comments from the interview for those who can't immediately access the audio portion:

"I think we just get back to true supply/demand. We haven't ever seen it in silver.  I don't think we've seen it in 20 years.  There's going to be a new third gold and silver fix each morning at 8:00 A.M. Beijing time that is going to reflect REAL WORLD PRICING.  Now, it's going to be real interesting to see the effects of this fix and what it's going to have on the London fixes and the HFT-traded paper selling that often follows the London fix.  We know when we get a quiet after-hour access market, we often see a huge sell-off occur in thin markets.  As volumes migrate to Asia, we will see the price reflected in other currencies and on a much more competitive world stage."

"It's a picture of picking up sand with open fingers.  They (Maguire's  Asian customers) view their dollars as if it were sand and they want to get rid of them, as quickly as possible.  They're looking to buy anything of tangible value.  Gold and silver, of course, is currency."

"When this new dynamic gets vended in here and we see physical demand ramping up, I have a feeling these bids will start moving up rapidly as they compete with the shorts to get out.  I can see triple-digits (silver)."

Stay focused on the longer term, Turdites.

Shill's picture

This is your Captain speaking

"Take me to your High Frequency Traders"

Aronnax's picture

Classic, 2-wave FUTF?

The bad news? Silver down $1.00 in 13 minutes. 

The good news? The last time we saw similar desperation during COMEX hours, these episodes were often followed by $1+ FUBMs.

Shill's picture

EXK

Down .71 in seconds. wow and still caving.

CauseChange's picture

Strong weekly breakout of descending wedge = continuation?

pgd73's picture

Good Timing

What a timing Turde!!!!!

Tesla's picture

Hope there's a trampoline at the bottom of this cliff!

Turd Ferguson's picture

Classic Raid

MODERATOR

So, what suddenly changed? Nothing. The London PM fix is all.

Classic raid by the Forces of Darkness to crash and reset price. Pathetic.

Zoltan's picture

Monkeys Unleashed

Guess the risk trade is off cause of all the good news from the Euro zone and getting the debt ceiling settled.

/sarcasm off

Z

ewc58's picture

Turd, it goes with the turf bro...

PMs, thy name in the year of our Lord 2011 is...

Volatility

1555 to 1543 in minutes

Ag whacked for a buck in no time.

Gotta keep the looneys on the path...

Turd Ferguson's picture

No shit

MODERATOR

I hear ya! As soon as I got that note posted, the raid began!

Response to: Good Timing
Shill's picture

Poker face

Are we going to go bear trap --> bull trap again?
I dunno, this looks like the point in the poker game where someone pushes in a stack of chips and your mouth goes dry.

LJ's picture

takedown

THAT was an impressive move....

SilverWealth's picture

gold spikes

As warned on previous thread, each time Gold spikes to a critical area the Empire attacks it and brings everything down. Responding to price now. Counterpunching is critical in my opinion. There is no telling on price. We could ride down 40 pts today under attack or hold here, who knows?

bullwhip29's picture

same ol' crap, business as usual

Looks like the EE is just picking their spots again. Market sliding lower all morning, then they come out guns blazing roughly 15 min ago as the prospect of new highs (yet again) was staring them straight in the face.

Shill's picture

Euro

1.3991

Look at Italy crash

Turd Ferguson's picture

FUBM

MODERATOR

Just need to wait and watch. If a FUBM can develop today, you can take it as a very encouraging sign.

However, when gold touched 1559 on 6/22, it traded as low as 1510 on 6/23! 

Be very careful out there!

Tesla's picture

Bounce Baby Bounce!

tpbeta's picture

Didn't see that coming...

If only someone with decent TA skills had warned us about the Doldrums Whipsaw.

Dr G's picture

Business as usual, indeed.

Business as usual, indeed. Gotta defend that 1550 / 36.50 line. Makes you wonder what would really happen (technical analysis aside) if we had a close above those lines.

CauseChange's picture

Gotta get things down before O'bottom speech

Obottom is about to talk about the debt cieling and how we have to raise it asap,....... it can't be seen to be bullish for the metals..... cuz it really really is!

¤'s picture

Flying Monkeys Unleashed

Just like we all knew would happen...Whamo! (animated Batman punch) EE take down. They waited until TF posted.  Don't ya love it, TF? 

They can't afford to lose control and they continue to write worthless paper to squeeze real price appreciation out of the PM/Commodity markets. 

They must sit in their little EE monkey nests and watch the market steering they are responsible for and just grin...doesn't rhat just make you sick to think about? A grinning Blythe and grinning monkeys hopping around with their little hairy wings all a flutter...(lol)

The 11:00 a.m. daily beatdown couldn't wait today and they struck pretty much at 10:30 instead. Too early at this point to see what effect it had on anything else at 11:00 to detect a price reversal or halt in direction just yet.  

Tesla's picture

O- bottom pre speech prep...

...Time to drain the pool / swamp

Pablo's picture

Good News, Everyone!

I have created a poster to summarize my commentary on today's $1.00 drop in silver and $12.00 drop in gold...

ewc58's picture

Hey wait!

Mr. Obama is speaking (reading). There's hope!

For much higher PM prices. If little else.

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