First?

mahalo   burning food..... gotta go

Last Updated 10/24/2011 06:00 PM

That was my first, first. Anywho, Turd or someone else, would you be so kind as to explain how the heavy blue line on the 8 hour Dec. gold chart became support after it was originally resistance? I'm a little confused by that. Is that because of where the two lines intersect? Like because you are on the other side of the original pennant formation?

Admittedly, I am not that great with the charts yet. Thanks in advance.

I'm feeling the bullishness also.   Oil is telegraphing something going forward and fairly soon.

The EU gets it's business within order in a week, maybe two.

And the Fed. does likewise in some small measure or a obvious backdoor manner that isn't so small.

That's my guess going forward short term.

No charts all over the place saying so either.

Zing! (not directed at the big guy btw )

10% Move sounds good here Turd, think I'll grab a few GDX calls. Dec and Out. But I am holding my Puts as well, even though they are hemorrhaging.

As we all have learned nothing goes up in a strait line forever.

tested without a breakdown then becomes support!

Heres an in depth explanation of the whole concept brother:

http://stockcharts.com/help/doku.php?id=chart_school:chart_analysis:support_and_resistan

James Turk Report - Why Gold Will Go Above $11,000

http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2011/10/24_James_Turk_Report_-_Why_Gold_Will_Go_Above_$11,000.html

With continued uncertainty surround the gold and silver markets, James Turk, Founder & Chairman of GoldMoney put together the following piece exclusively for King World News.  One of the primary reasons why Turk wanted to release this to the KWN readers globally is because he is often asked what is his basis for predicting $10,000 gold and higher in his King World News interviews.  The following extraordinary piece is what resulted...

This made me laugh at the the thread the other day calling out Turk and the other "cheerleaders" on KWN. This piece makes it almost seem as if Mr. Turk were reading the blog here. Or perhaps just a rebuttal to the naysayers. Hmmmmm.

European Circus

http://www.fsmitha.com/h2/map23eu.html

(go to the website if this site doesn't allow the interactive part)

Europe and the Middle East, 1939 to 1942

(the dotted red line represents the boundary of the Soviet Union, June 1941)

GROSS U.S. NATIONAL DEBT as a PERCENTAGE of GDP

The GROSS national debt is the public national debt plus the money that the
government owes itself -- money from the Social Security Trust Fund, et cetera.

10/24/2011

Rescue Plan Details

Euro Backstop to Be Leveraged to One Trillion Euros

DPA

German Chancellor Angela Merkel faces a second vote on the rescue fund on Wednesday.

Chancellor Angela Merkel has provided German party heads some details of the planned euro rescue package set for approval by European leaders on Wednesday. They include a Greek debt cut of up to 60 percent and leveraging the bailout fund to one trillion euros. The measures will be put to a full vote in German parliament on Wednesday.

For reasons of data protection and privacy, your IP address will only be stored if you are a registered user of Facebook and you are currently logged in to the service. For more detailed information, please click on the "i" symbol.

German Chancellor Angela Merkel has told German lawmakers that the financial strength of the euro rescue fund, the European Financial Stability Facility, is to be leveraged to €1 trillion ($1.39 billion), and that a Greek debt cut of up to 60 percent is planned, opposition leaders said on Monday.

The type of leveraging planned remains unclear, with a number of versions being discussed. It emerged earlier on Monday that the controversial measure to increase the firepower of the €440 billion rescue fund will be put to a full votein the German parliament on Wednesday, rather than just a vote by the budget committee as initially planned.

Given the intense public debate on boosting the EFSF, Merkel's center-right coalition decided to seek a broader mandate than just budget committee approval.

In a meeting with leaders of her own coalition and of the opposition parties, Merkel also said that the intended recapitalization of European banks would amount to some €100 billion, with German banks accounting for around €5.5 billion of that, to meet the increased core capital requirement of 9 percent and prepare banks for the writedowns resulting from a Greek debt cut.

Opposition Unsure about Support

The details of the plans were given to reporters by Greens party leaders Cem Özdemir and Jürgen Trittin after their meeting with Merkel.

The measures were discussed by EU leaders at a summit in Brussels on Sunday and are expected to be agreed to at a second summit on Wednesday evening aimed at containing the European debt crisis.

Frank-Walter Steinmeier, the parliamentary floor leader of the biggest opposition party, the center-left Social Democrats, said he didn't know yet how the SPD would vote on Wednesday because the details of the leveraging plans weren't known yet. He said the SPD's position would hinge on whether Germany's portion of the EFSF guarantees would remain at €211 billion despite the leveraging.

Leverage proposals include the EFSF providing partial guarantees of bonds issued by euro-zone states, or creating a special purpose vehicle to attract funds from major emerging countries.

http://www.spiegel.de/international/europe/0,1518,793719,00.html

Built this photography idea off a comment, several weeks ago,
discussing a desire to see inverse charts to gain insight/perspective.
Here's a possible solution, many of us can use. Cheers!

+ 6 month Silver:

From your lips to God's ears TF.

If we realise this Gold target, then Ivars calls, unless my eyes have misunderstood those tiny short term squiggles will have been refuted?

Hat Tip! 0
I have travelled to the USSofA at least 10 times in the last 15 years - but never never again.

I love the Country and the generous people of the interior, however the TSA nazis and sheer incompetence of LAX is mind boggling.

To me it is very true that the sure sign of a crumbling declining empire is how they treat visitors, let alone there own people.

My last trip was 2007 to Vancouver via LAX. What a clusterfuck.

Even though we were transiting with a connecting flight, these bureaucratic motherfuckers made us go through 5 hours of customs, immagration, touch ups, photos, thumb prints, luggage collection, then back through the same schmozzle to get to Canada.

So they take passengers that allready have been screened, luggage that is safe that hasn't blown up the airplane, release us into USSof A soil, then have to reaffirm the now potentially unsafe luggage.

Useless motherfuckers! Any half baked country understands the quaranteening of transit passengers.

I will never again travel this wonderful Country until the citizens wake up and change their Government's ways.

I've now repeatedly heard people state that silver margins are too high and the assumption that the CME will lower them. They will not. Of course at some point they will lure the trend chasers into silver again to punish them again, but I think that will be via price rises which will eventually need to happen, not via margin decreases. But the silver price rises will make the contract price to margin price ratio more attractive. Overall though I believe right now and for the foreseeable future they will need to continue cooling investor interest into silver, since hardly any investors are interested in silver right now and we're still above 30$.. if the paper investors come back in we would move through 50$ like nothing (which would be a price rise so small it would only be remotely of interest to anyone who knows the true supply and demand of silver, but very very damaging to the EE's management of perception programs).

Not sure if anyone cares to know all the detail, but here you will find an article with a link to an Australian website called Silver Stackers.

http://goldchat.blogspot.com/2011/10/why-are-there-shortages-at-mint.html

In the linked part of Silver Stackers you will find, starting on page 4, a detailed conversation between Bron Suchecki (who works at Perth Mint) and various people regarding all the issues behind the recent difficulties that Perth Mint has had in supplying silver bars.  

In summary, it's no simple thing for a mint to just ramp up production whenever demand increases. 

This part was interesting:

"Sales of PMs are usually related to the metal price. The normal relationship is if the price is up, demand is up because people are optimistic and think prices will continue to rise. However, this recent increase in demand coincided with a fall in the silver price. Point is, forecasting is not easy because it requires forecasting metal prices, and I don't see any guru who gets that right all the time. [Not even Turd!]

The key problem we have is estimating how long will this PM bull market continue? If it is 2 years vs 10 years then that makes a huge difference to how much money you spend on equipment. Keep in mind also that for a number of years after the tail end of the peak Mints can expect almost zero demand as sales back from sellers will exceed demand - dealers will buy little from us as they just resell what they buyback."

what I'm getting from your signal hunch Turd, is  that  yes,another patern may be in the works here. you could very well be right. But the resonating feeling from this idea thats sticking with me, is the same concept I see in the analysis of other pundits as well, like Jeff Neilsen,  who theorized that there must be some kind of geopolitical  secret deal/agreement between China and the US,that china will sit on the sidelines for a while and not keep buying  the dips and propelling the metals higher ....for now.... (my paraphrase,hope  I'm not misconstruing that all up)...and what other pundits say about the market manipulation,really severe manipulation and suppression of the metals and miners.  the grand theme I'm sensing here is that   if  the world is engaged in a global monetary/currency/economic crisis,like it is, and the precious metals (and miners) are an integral part of that whole process..... then Nothing Major will Happen  in the metals and miners....Unless  the Big Boyz/govt/PTB/  want it to happen....and the Timing will be When they want  it to happen....  that it is under Their control...not anybody elses.

and that metals will go up if the Bankers are wanting to play it like this. It will go down if they want to fake everyone out . it will go down again IF they want it to go down.  and All major movements in currencies, metals, oil, commodities,  what else...bonds...everything.... government statistics, everything.... will be made to look   whatever way they want it to look.

They paint the charts. They continue to do so.  and while we're all waiting for QE3,  The PTB know exactly what they plan to do.... and we are just left guessing all the time.

Before gold gets to 1780 ,there is strong resistance to overcome at 1720 area. I could easily see the metals get pushed up just   like youre saying .

Youre saying the bankers did this thing a while back, and the set up looks the same for them to do it again.... ...but just as easily  I could see another slam down  from a resistance at 1720 whipsaw down to 1620.....and then  the wave going up to 1780.

Even with insight into patterns like what you see so well... this whole rigged game remains nothing but  a guessing game  at best.

Right now, the numbers in the wave structure price points are  S+P  1070 low....1170  key middle and targeting a 1270 top. why not.  its nice easy math. my whole point is.....umm i have no point. thats my point. I have no point. there IS no point. there is only a rigged game.

I'd love to just know for certain that this is the next play the bankers  have set it up and its on the launch pad now...and we can sit back and enjoy the ride up to 1780  nice and easy. But  I fear a whipsaw and  slam down at 1730. Ive been watching  that resistance for months now. if not weeks.

Up nearly 2%, all of the move in the last 30 minutes

It's still not obvious we've hit bottom. It is encouraging that each test made (and I count three of them) since that hammer candle - made higher lows.

Higher highs + higher lows = bull market

And combine that with the CoT data and the OI data, and I agree - I think it's reasonable the chance we're past the bottom is  - maybe not high, but significant.

Breaking through that 1680 resistance will be the key though. Gotta punch through 1680 to get a new first down to use a football analogy :)

Here's a modern day prospector working a placer claim in the Sierra Nevada mountains outside of Placerville Ca.

He's got all the right gear, his pan, metal detector, and A BIG YELLOW HAT..   Thanks TF, its one hardworking hat.

Way, way off topic...but has anyone been watching Netflix stock?  It just got completely obliterated in after hours trading (down like 30%)  If it stays in freefall mode I may just pick up a few shares for the hell of it.

BARFFFFFFF!  

They have all gone freakin' nuts and evil..... (I mean, I know they're evil, but it gets worse???)

Machinna stepping of her freakin' barfin soapbox...