No Real Change

As we get back to business on this Monday morning, I'm sorry to report that I have nothing interesting to report. Today's charts look like Friday's which, in turn, looked like Thursday's.

Though you'd rightly expect the PMs to be rallying here, two things are keeping them in check:

1) The continual presence of The Cartel. I know this can get challenging to grasp but they are still in there, banging away. Though it's clear that their current goal is to lessen their shorts, this does not stop them from raiding from time to time. By adding new shorts, they hope to drive price to positions where they can cover both new and old shorts for less cost.

2) The destruction of the euro and the swissie is causing a flight to The Pig and countless hedgie algos are programmed to sell PMs when they see Pig strength.

So, here we sit. If you're looking to buy, the levels we identified last week are still attractive. Namely, 1820-25 in gold and 40.50-41 in silver.

paper_9-12amgold.jpgpaper_9-12amsilv.jpg

More later, after the close. TF

230 Comments

Vincent's picture

Thanks TF!

Thanks TF

opalboy's picture

so far

anti-climactic

is that a word?

speconomist's picture

40.50 being tested right now,

$40.50 being tested right now in silver.

_

Also Jim Rickards in CNBS this morning:

http://video.cnbc.com/gallery/?video=3000045044

unky's picture

No real change?

look at the PM prices in Euro,  or just the euro itself,  already touched below 1.35 today.  or the DAX touched below 5000 points today. not a very nice developement

Tesla's picture

Morning Turd, Happy FUTF (FUBM lets hope soon) Monday

Sheesh this gets old! Time for some coffee with whiskey? (kidding)

ericplatham's picture

Gold is testing the bottom line (again)

But that shouldn't be unusual for this chart

33 and a turd's picture

PM's priced in euro

Are just the PM prices in USD divided by the EUR/USD exchange rate.

I do not understand why people talk of PM's in EUR as a separate thing

Tom L's picture

Gold Hourly

https://picasaweb.google.com/lh/photo/4UTzcNyTe3sJDRRNn-6GmOnzKyZMeQQzg4...

Silver has broken down on the 5 hour chart but is oversold on the RSI and may bounce off of the triple bottom at $40.50.

Ta,

Tom L's picture

If these formation hold all week

then the HUI will be subjected to the winds of the general market I should think.  That puts a number of stocks who have made good gains at risk of a sharp correction.  I'd be happy to be wrong about this.
 

Ta,

¤'s picture

Same old, same old ( PM smackdown)

The more things change, the more they stay the same.

Patience, Grasshopper.

swampman's picture

EXK & other silvers

may be on sale today. I saw EXK down $.67 in pre-market. If it goes into the the mid/upper $11 range I'm buying a bunch. I doubt whether silver has much further to fall.

BagOfGold's picture

Tesla...

Why have just whiskey...when you can have some Bailey's Irish Cream!...Very nice for your morning coffee!...This ones on me!!!...
 

 

 
Bag Of Gold
 
 
swampman's picture

Gold just hit new record

priced in Euros

¤'s picture

Yum...

...wish I had a wee spot of Baileys in mine right now.

ScottJ's picture

Greek Bonds

You don't see this everyday:  The Greece 1-yr Bond:

http://www.bloomberg.com/apps/quote?ticker=GGGB1YR:IND

In the chart below, for all intents and purposes, green means red. Also, the probability of Greek default according to at least one data service is a little over 100%.  (Quote Here from Zerohedge)

Number 47's picture

not sure what charts you guys are using

Mine show gold down nearly 1% in Euros.

Shill's picture

Morning Turds. and best of

Morning Turds. and best of luck today.

¤'s picture

No real complaints about the PM's...

...and how they are acting, even if it sounds like it at times. It just gets tiring to watch the obvious, day after day.  Maybe that ends soon, maybe not.

In the big picture of patience, it's nice to see higher lows and higher highs as the trend.

Turd Ferguson's picture

A little help?

MODERATOR

I rec'd this email over the weekend. Can anyone help?

"Hi Turd
Congrulatulations for yor site!!!
I want to buy physical gold and silver in a trusted site
Where I can to go?
I need to send to Spain
Best regards
Excuse me, my english is very bad"

CauseChange's picture

The only silver chart that matters

We are sure to see a strong weekly break out this week.  If the pattern repeats as in the chart we are good to go today or tomorrow!

¤'s picture

Greece

Something's got to break pretty soon you would think.

How long can they play this string out?

33 and a turd's picture

RE: A little help

www.coininvestdirect.com are a German PM dealer. Both coins and bullion.

I have bough both Gold and Silver from them and have no complaints. They deliver anywhere in Europe.

SilverBoy's picture

EUR/GOLD makes new highs so we should see new highs USD/GOLD

in next 2-3 weeks. Be patient.

Tesla's picture

Thanks BoG!

That used to be my favorite breakfast when I worked on the boats up north a few decades ago.

Looks like silver is still holding above the 144 day SMA... I'm gonna lay off the booze until I really need it I think surprise

Number 47's picture

@ the spanish emailer

I have used www.suissegold.ch for a few years. They are offering allocated storage or delivery, just don't use the fedex delivery option or you will get hit for any import costs. There is still a chance of getting a VAT bill with the swiss post option but it's a gamble. No VAT on gold so buy away.

I will stick my neck out and recommend them, I have bought gold, silver, platinum and palladium from them without any issues. (except fedex) They accept payment in dollars, euros or swissie. Buy back prices are good and they answer questions by email quite quickly.

I have no interest in this company. I'm just a customer of theirs.

Eric Original's picture

Two answers in just a few minutes!!

That's why Turd Town Rocks!!

OC15's picture

PPT

holding up the markets so far.  Really really terrible stuff going on in Europe right now.  No reason the Dow should not have opened down atleast 300.

Fulgurite's picture

Spanish request

Is this guy for real Turd?!?! Or is he just real lazy and illiterate?

My Spanish is quite rusty, but spending 10 seconds Googling "comprar oro en españa" showed me this:

http://portaloro.com.space2u.com/yaf/default.aspx?g=posts&t=5

The first two sites listed in the reply from "Goldbug" still work;

http://www.orodirect.es/productos.html

http://www.ciode.net/

Tom L's picture

Huge Volume in MFN this morning.

Up $0.18 on no news.  Just posted the chart in the HQM forum.

http://www.tfmetalsreport.com/comment/49152#comment-49152

A break of the red line could send this puppy up to $19.60.

Ta,

¤'s picture

Was a BOJ interventuion announced...

...or did they just do it without any fanfare at 1:00 a.m.? 

It's pretty obvious something took place from that point on. Little wonder the broader market has erased most of it's pre-market losses from the opening bell.

What a curve ball the pre-open futures can be in a lot of instances.

http://www.marketwatch.com/investing/index/DXY

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