Random Musings (updated)
As we wrap a fun, fun day, just a couple of random items.
1) It appears that the latest winner of a "Turd Hat" is "dani" from the old site. "dani", if you're out there, please send me an email with your mailing address and I'll put it in the mail.
2) Silver just looks fantastic and there's still plenty of room to run. When silver was peaking in late April, the total open interest on the Comex was around 145,000 contracts. As of Friday, total open interest was only 115,000. That alone should leave you with the impression that silver is going to back to $48-50. Take a look at the chart below and your confidence will only increase.
3) The "debt ceiling talks" are an absolute joke. The House schedules a charade vote simply to get themselves "on the record" as trying to restrain spending. Of course, it would never, ever get past the Senate and/or the Regime. But that doesn't matter. What does matter is giving "political cover" to the worthless, first-term republocrats who rode into office last year on a Tea Party wave. In the end, President O'bottom will raise the debt ceiling by Executive Order. What? You don't think he can do that? Hmmm...Google "War Powers Act" and get back to me. The Regime doesn't care about the Rule of Law or The Constitution. Never forget that, with socialists, the ends always justify the means. The real question you need to answer is: "When the debt ceiling is raised by $2T or so, from where will the federal government get their $2T"? Answer that and you'll have your answer as to why the precious metals are soaring to new highs.
4) Do you remember this post from three weeks ago? http://www.tfmetalsreport.com/blog/1395/paging-dr-c If you missed it at the time, I highly suggest you take time to read it now. The copper chart below looks great and appears to be headed higher again very soon. This would have significant implications on future PM price. Watch ole Dr C very closely this week.
5) I love the PMs right now but I really wish I had some corn on. The chart is compelling and soon the USDA will certainly "revise" their BS acreage numbers from last month. Oh, and did I mention it's hot as hell with no end in sight throughout the Corn Belt?
6) Again, please refrain from "self hat-tipping". The hat tip is our only measure of poster competence and self-congratulation ruins its validity. Thanks for your help with this.
7) Also, please be careful about copy-and-pasting full text from other sites. Links are great and A-OK. Full text runs into copyright restrictions and causes other sites to get all bent out of shape. Again, thanks with this.
8) Later this week we'll be posting a survey of possible site improvements. It will offer you a choice of several, reader-suggested improvements we could make. I will then need to run a "pledge drive" thru the donate button to help defray the cost. In the meantime, please always remember to fully consider our "sponsors".
OK, that's all for now. Here are some very tasty charts for your enjoyment. See you tomorrow! TF
10:30 am EDT Tuesday UPDATE:
The Evil Empire is trying their hardest to raid today but with copper, crude, stocks and grains all up, they're just not having any success at all. IF everything else can hold onto their gains for another hour or so, the EE will be forced to retreat to another day and the PMS will roll back up toward their overnight highs. Don't get ahead of yourself, however. The Forces of Darkness have accidentally "tipped their hand" this morning with the ineffective raids. This only means they are certain to try again as soon when conditions seem more favorable on their end.
Just a word about copper. If you go up and zoom in on the chart above, you can clearly see that today's action is a breakout of the last 10 days of action. This is a very positive development for the future price of the PMs. Copper now looks to be headed next to the area around 456. You might give it a week or so but this should invariably confirm that gold is indeed headed to 1650 and silver to 42.50.
More after the close. TF