Bad Day To Quit Sniffing Glue

It's also a bad day to be traveling, which I am. So I will be out and unavailable all day. I would heartily suggest you stop by the chatroom or "pailin's trading corner" in the forums if you're looking for ongoing discussion.

I can offer you a couple of pieces of advice here:

1) Gold and silver are still your only protection against the madness and chaos.

2) Remember, trading the PMs takes courage. To do it successfully, you have to curb your greed and your fear. The only consistently successful strategy is to sell some when everyone is buying and buy some when everyone is selling.

3) When buying physical, try doing it on a regular and scheduled basis. Sort of like the dollar-cost averaging your stockbroker used to talk about. That way, instead of always buying at the highs, you'll also catch a few lows.

The charts below are only a few minutes old but they are already obsolete. Crazy volatility will do that to you. Be patient. Don't make emotional decisions today. Let this all play out. Ask yourself: "Is QE over? If so, where will all the funding for the massive government deficits come from?"

Hang in there. More this evening. TF

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632 Comments

Tabberto's picture

Chilton

Donde 'good cop' Chilton?  Time for him to appear on tv and make some half-baked comments accompanied by the requisite hand-signals.....

SilverTree's picture

Big trouble in a tube.

Tripel_Play's picture

Safe travels!

Safe travels!

Looner's picture

What happens if...

silver breaks through $37?

TitanAe's picture

Oh brother

This is tough to watch!!

reefman's picture

Looner, it just did...

Looner, it just did...

WheelerSilver's picture

If Silver breaks through 37..

Look out below. I'm hoping not but if my unbiased non silver working self is talking, yes look out below! We have major support at 33... ouch... but look at it like a  SALE!!!

___________________

http://www.wheelersilver.com

~Handmade Quality Bullion~

illyasviel's picture

I really hope ~1740 will

I really hope ~1740 will hold,

xibalba's picture

That's the silver I know.

That's the silver I know.  Physical demand, meet JPM papergods.  I wonder if Apmex will drop the premiums on those dragons now....

Perfidious Albion's picture

Stand &

Stand & deliver....................................... 

WheelerSilver's picture

Dry Powder

Sure am glad for DRY POWDER in a case like this. All of the posts regarding that recently were RIGHT, congrats you guys.

_______________________

http://www.wheelersilver.com

~Handmade Quality Bullion~

saxyanimal's picture

The strong hands for burnt?

The strong hands for burnt? the gold silver ratio is like almost 47 now.....

Dr Jerome's picture

Stock futures down

the /ym futures (DJI) are down 300. Looks like Wall Street is giving Bernank their vote again. Lately, stocks seem to drag the PM with them whichever way they go

Drut's picture

well...

haven't seen the bottom yet...take some days/ weeks  though, depends upon which one yu are talking about....take it iz...

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Tabberto's picture

all good.....or at least not all bad

Sutton's picture

Gold/Swiss Chart

Turd,

Your chart showing the reaction of gold to hitting the trendline in Swiss was eyeopening .

It got me out of Gold.  Please repost.  Thanks

AlienEyes's picture

WTF?

Woe is me. I hope we don't land in the basement.

ohiometalman's picture

wb?

Looks like today will be the day we find out if the WB is for real or just a bunch of BS!  Silver looks poised to take out $36 here real soon.

Wish I has some dry powder left today, but sadly I do not.....it's all stacked up :)  Best of luck to all, the end of this ride is going to be hard, hope your ready!

Looner's picture

Re: Stock futures down...

It seems there is a major wreck up ahead. Choose your lane wisely. I'll go with phys and Pb and personal high velocity Pb delivery systems.

PaPaSpeed's picture

Thanks for the reassuring

Thanks for the reassuring words Turd.

Even though the PM are getting pounded now, they still have to be the the long run "safe haven". I'm holding on to my miners and Sprott funds. I may even order some more physical today.

Have a safe trip.

Tabberto's picture

as per above all good

argent rampant's picture

Follow the big dipper!

Still learning to be patient here. Good news is, the positions I opened yesterday were small and far enough out to recover before expiration. The gooder news is that I have dry powder to buy the dip. However, I will be very cautious before I commit.

Grading myself:

controlling greed:  C-

controlling fear:     B

Keep smilin'

LIVE WELL, LOVE MUCH, LAUGH OFTEN, LEARN ALWAYS.
Gramp's picture

Yikes...

Good to hear from folks this a.m

:takethat:

Guess I will be adding a bit more to the stack here... :fear:

Wizard's picture

Today a Gift ?

I am looking at todays developments as a gift from Bernank and Operation Twist, BTFD type of day, or even possibly BUTT (Back Up The Truck) LOL

mouser's picture

Still rubbing my eyes

just had a look at the gold, silver and copper prices and they are real ( or supposedly real paper prices)

The US $ up bigtime , the canadian loonie down, as for some reason the worlds biggest debtor , who is unable to pay their bills, is the safest place to be?

Some days i just dont get it. Really looks and smells like an engineered push up on the US dollar and a more than gentle push down  on the commodities and stock markets.

Asia was red last nite, and i guess that was the signal for the PPT to smash gold and silver today. Not sure what to expect for tomorrow.

Michael222's picture

Update BrotherJohnF

Tabberto's picture

charting

silver squirrel's picture

Wow

I seriously thought I wouldn't be able to stack much more after this latest foray into the sub 40's. Heading down to the corner coin shop again today. Winter is coming so must put more away for the long cold spell :)

Cleburne61's picture

No one else has said it

So I will....

Wynter Benton has said for the past 3 months or so, that JP Morgan is tied to derivatives in silver, that trigger enormous losses if silver can close above $36 for two consecutive months.

WB said if silver closes above $36 throughout September, JPM stock will be early 30's, maybe the 20's.  They said this at a JPM stock price of $39.  Yesterday, JPM stock closed at $30.26.....just 27 pennies from the 20's.  Check.

They said if silver reached October 5th, without breaching $36, the derivative bomb would be triggered.  We're just about 10 trading days from that point.

Silver was a freakin champ this morning, being nearly $39.80 until LBMA open, upon which the enemy carpet bombed us.  Then, at the Comex open, they went nuclear.  This has come out of nowhere.  They're doing this as if their life depended on it.  I think their life does depend on it.

Anyone who still laughs at the story of $36 silver derivatives...needs a possible professional mental exam.  I'm not saying it's a proven fact, but no one can deny the case gets more compelling by the day. Months ago, Turd himself, wrote a post called, "the Curious Case of 36"....and now we know why it was curious.  It STILL is curious.  This is a plausible explanation.  Watch carefully to see if the BOS or WB(if they are who they say they are) can defend $36....and if they can't, and we close under $36 just one day....let's see if even more curiously...silver then launches to the moon.

TheBaker's picture

I hate to be negative

But it seems it's fighting to bounce back from $1730s..

It's likely it will go down a bit further to $1705..

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