Fast Market = Fast Update

No time for dillydallying today. Things are rolling so let's get right to it.

Let's start with our two base commodities as the PMs are definitely drawing some strength from them. As I type, Dec11 crude is up $2.41 at $92.61. DrC is charging higher again, too.

paper_10-27amcrude.jpgpaper_10-27amcop.jpg

These two have given a boost to silver which is finally trading back above $34.

paper_10-27amsilv.jpg

Gold is lagging just a bit but the chart suggests that it won't be lagging much longer.

paper_10-27amgold.jpg

That's all for now. I'll have a more detailed update after the close.  TF

1:10 pm EDT UPDATE:

As this epic drop in the POSX continues, look for even more downside tomorrow. As noted in the post from later yesterday, once 76 gave way, The Pig looked to fall into the abyss. As you can see on the chart below, 74 looks likely as a short-term bottom.

paper_10-27ampig.jpg

Dropping to 74 tomorrow or next week would likely be the impetus for gold at 1780 and silver at 37.  TF

259 Comments

GoldMania3000's picture

GO

Lets go already. times a waisting

silvergoldsilver's picture

The Ponzi Continues!

$1.4 Trill freashly minted cotton notes and Gold fucks off.  Ponzi 101.

Dr G's picture

SGS, hello there. You aren't

SGS, hello there. You aren't really stressed about gold, area you? :)

The battle at 1764 will commence soon enough. Let her have a breather prior to that.

Eric King's picture

EU phoria

All the markets are feeling good on the back of the Greek bailout plan. Looks like everything is going to crank upwards for a bit.

backseatdriver's picture

Cotton

The touch, the feel of cotton, the fabric of our lives!! Mmmmmmm, smells so clean!

BSD

spotgoldprice's picture

Nickel?

Does anyone keep an eye on Nickel?

I heard a new perpetual energy machine (the E-CAT) is being tested in Italy tomorrow and uses Nickel and Hydrogen to produce copper and heat (looks like will be back to steam engines again!)

So I just went all in long Nickel just in case our energy problems are solved tomorrow...... (I know, I know) but it would be nice though eh!

I guess a wee open crude short wouldn't be amiss to have tomorrow either!

cheers,

Fred

@spotgoldprice

tekhneek's picture

Short at >$45

Like I commented awhile back during the dip... I don't see it going below $30 for too long, and if it does, buy hand over fist. Yeah we hit $28... then $27.. nearly $26 etc but still. You had to time that perfectly and it was almost always in afterhour trading.

I wouldn't buy this momentum, once it hits $40-$45 range I wouldn't be surprised to see it slammed right back down to where we are to try and create a faux trading zone. I will probably go short if it gets to >$45 within the next 2 weeks.

Then again I wouldn't be surprised if this shit just exploded to $65-$70/oz -- either way don't get caught with your pants down. Play the game that they're making you play, just be sure you stack physical too on a consistent schedule. This manipulation will eventually come to an end.

I'm just happy I bought at $30.

Disclosure: I will most likely NOT open a short position because I don't play around in the paper markets, but, I have tossed around the idea and I think that is where the next takedown will happen. They can't afford for it to hit its recent highs and if they did change sides to the long side of the trade, I don't think we'd be at $34 and change ... we'd probably be at $40 and change if not $50.

Just my two cents.

spotgoldprice's picture

I had forgotten about the

I had forgotten about the 1764 angel! Breath gold, Breath!

TruthPreeminent's picture

What A Joke

A year and a half ago we were in the same situation with Greece.  Then they "fixed" it.  The market shot up.  Now they "fixed" it  again.  Mr. Market, like a bunch of 7th grade girls, gets all giddy and goes flying up again.  "We fixed it!!! We fixed it!!!"  What a joke.  I'm not really that excited about the move in gold and silver.  Gold isn't moving.  We'll see.  My ridiculous guess that they will sooner  or later print 10Trillion for the PIIGS isn't looking so ridiculous anymore.

Chicken Little's picture

Great Panther / Endeavor .......MERGER???

This will be interesting!

http://www.stockhouse.com/Columnists/2011/Oct/26/Mexico-silver-junior-seeks-victory

Regards,                Chicken

Shill's picture

Thanks for the Update

Thanks for the Update Turd

Appreciated

tmosley's picture

The E-CAT is supposed to be a

The E-CAT is supposed to be a catalytic fusion device (ie cold fusion), not a perpetual motion machine.  Nickel and hydrogen are the fuel for the process, and copper is the waste.

Also note that the amount of energy produced is so huge that nickel would likely fall in price, as mining would become all but free.  You could power your home for a month with just a single US nickel.

Shill's picture

Speaking of majorhere's

Speaking of major

here's ISDA's input

FYI ISDA GGB CDS CYA | ZeroHedge

Check out the wings on TBT :)

http://www.marketwatch.com/investing/fund/tbt

cpnscarlet's picture

Ag Fire - Ho Hum

Seems to me that Ag is simply following the rest of the commodity world today. Nice moves in energy (except natgasangry) cotton, soybeans. Also like those moves in UST rates. Is reality getting a hat tip or is it just more EUR nonsense?

GROUPIES? I'd like some. How about at least we make SASHA TIREBITER the official Turdville mascot????

Shill's picture

CPN, LNG is on a

thesandbox's picture

good read....funny I just

good read....funny I just sold some of my EXK and bought more GPL.

RaRaRasputin's picture

Fast market = fast update = fast show

Greek news channel today:

RaRa

¤'s picture

almost last post syndrome, again

Thanks Big T.

Appreciate the effort.

http://www.tfmetalsreport.com/comment/77501#comment-77501

exiledbear's picture

Like Turd mentioned

higher highs + higher lows = bull market

Sometimes, it really is that simple.

cpnscarlet's picture

Oh Sure

@Shill - all my gas in UNGangry

beardeus's picture

So if this is a EURO bailout

So if this is a EURO bailout then why is the EURO rising and the USD dropping?

henry's picture

Boo !

Trick or Treat...

1agoct09.gif

agoct10.gif

agoct11.gif

exiledbear's picture

Here's to you Angela Merkel

WheelerSilver's picture

TY TF

Thanks for taking time to update on this crazy upswing morning. Go Metals Go!

______________________

http://www.wheelersilver.com

~Handmade Quality Bullion~

Shill's picture

@Shill - all my gas in

@Shill - all my gas in UNG

Ahh I see, you have bad Gas.

MaryP's picture

Catholic Priest on "Vatican World Bank" Statement

Here's a good piece from the Wall Street Journal by an Austrian economics Catholic priest regarding to the so-called "World Bank" statement made by someone in the Vatican. Pretty good:

http://online.wsj.com/article/SB10001424052970203554104576655052604890180.html?mod=WSJ_Opinion_LEADTop

Aram's picture

Fascinating comment from previous thread

Submitted by DarkPurpleHaze on October 26, 2011 - 9:11pm.

"The one thing that somewhat fascinates me and appears to be a game changer that we've possessed for quite awhile are the Predator drone systems in place and how they've evolved and what it allows us to accomplish."

Never mind the illegal assassinations and the thousands of civilian casualties.

Together with the almost daily peddling of the "Iran war" from articles by his friends over at Debka, the EE seems to have here a powerful ally.

onealpha's picture

25th Anniversary SAE Set to

25th Anniversary SAE Set to go on sale at the US Mint in 30 Minutes.  Limit 5 per customer.

http://catalog.usmint.gov/webapp/wcs/stores/servlet/ProductDisplay?catalogId=10001&storeId=10001&productId=16626&langId=-1

Shill's picture

Just doing some reading of

Just doing some reading of the GDP BS, and well a GDP of 2.5% on a $14.5T USA Budget = $400B profit. Our debt is $8B / day.

$400 / $8B = 50 days or less than 2 months. 10 months of the year is all down hill.

This is so lopsided, it is hard to believe the stock market likes 2.5%?  We are at $14.95T in debt---about ready to surpass $15T in days.

Got Gold

SLV GOING VERTICAL!

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