She's Back!

The Wicked Witch returns! As the precious metal bull market resumes in 2012, The Witch and Ruprecht discuss their plans for the year ahead. They only have a few options and none of them are good.

187 Comments

bvwalker1's picture

first

:)

opalboy's picture

nice

You go Turd!

Orange's picture

Finally Turd

Turd. 

Edit: Turd, the witch is not appearing on my screen. Not sure if she has figured out how to hide. 

ReachWest's picture

Love it!!

Thanks, Turd.

Nothing better than being a fly on the wall of the Witch's office!

Paladex's picture

Giants fans?

Turd, what do you think of Martin Armstrong's theory that commodity prices are being pushed down because deflation caused by trillions of dollars in evaporating assets (derivatives going "poof," etc.) is propping up dollar demand?

GoldMania3000's picture

I wonder

when we will se $44 silver again. O let it come..let it come soon

TruthPreeminent's picture

Thanks For the Video Turd

I enjoyed watching it and I hope your analysis is correct.    I'm a little (actually, a lot) more reticent about silver going up so fast in the near term.  OK, if Sprott is really in there buying, well yes, that's a different story.  Also, if the Fed explicitly prints for the benefit of the US (QE 3) then yes, that would be bullish also.  But I guess I see the possible deflationary forces of a Greece default (yes, I know they are already defaulting) and a Eurozone meltdown as still posing a real threat to gold and silver as large entities will most likely run to cash for liquidity.  I think this is still a problem and I think it's still more serious than everyone is giving it credit for and will not be over in the near term.  If the PTB can stay ahead of this fiasco by massive printing then the bullish forecasts will be correct and I will be wrong.  I'm just not sure our problems are behind us yet, not to mention I have more confidence that the EE can still crush the price notwithstanding the points you made in the video.  I've never said it publicly, but thanks for all you do here Turd.  This is a nice community here.  Oh, and thanks for addressing the confiscation possibility in your last interview.  As I've stated before, that is my personal number one concern- that and the possible gigantic tax they will try to impose.   Thanks again.  Have a great night everyone.

Turd Ferguson's picture

Today's OI commentary

MODERATOR

Very interesting, indeed.

Gold, which was UP $14 yesterday, saw total OI fall by almost 2,000 contracts. Lots of Cartel short-covering drove the rally. Between Friday and Monday, gold rose almost $25 in price yet total OI fell by almost 5,000 contracts. We are clearly seeing a continuation of the pattern where gold is rising primarily due to Cartel covering, not new spec money inflows. Look for the resistance area between 1680 and 1705 to hold price in check for a while longer.

Silver lacked excitement, too. Total OI fell by 1,400 contracts even though silver was UP 60 cents on the day. It would seem that the move yesterday was almost entirely upon the backs of EE short-covering and not follow-through buying related to front-running the additions to PSLV. This does not bode well for the very short-term price of silver. $32.80-33.00 will likely continue to serve as a cap for silver price for the time being.

Turd Ferguson's picture

I should clear this up

MODERATOR

I do not expect silver to roll through 33 and 37 and 44 overnight. We will be lucky to make that sort of progress by June.

Margins are extraordinarily high and spec money is reluctant to join the fight after what happened last year and then the raiding of MFG. Silver is going higher again, of that you can be certain. Just don't expect a rocket ride like last April. Be patient and keep stacking. 

Stratajema's picture

Geesh $1,666 again

What message are the demonic asses trying to send by targeting the $1,666 price?

TruthPreeminent's picture

Thanks Turd

Yes, I think you can definitely put me in the camp (a shout-out to Smiddy and T who I think are also in this camp) that maintains that silver is NOT going on a rocket ride in the short term.

JY896's picture

Glossy color guide to the largest tungst... errr, I mean gold...

...vault in the world:

http://www.zerohedge.com/news/where-gold-isnt-new-york-fed-guide-most-valuable-vault-world

Paging Mr. Gruber, Mr. Simon Gruber...

worldend666's picture

I thought you were on the

Hello Turd

I thought you were on the same page as James Turk who expects 70$ by June? (The post where he compares AAPL to Silver)

Turd Ferguson's picture

No I am not

MODERATOR

Though I expect this to be a BIG YEAR for silver, I do not expect $70 by June.

Keep in mind that we began the year near $28. A 50% move, which would be a very good year, would only take silver to $42.

johnboatcat's picture

Ira Epstein shows a 81 year chart study of election year

seasonality of the DOW.  Shows a big May dip starting in early April is common to election years.  Perfect start for new QE.

TheSilverJournal.com's picture

Greek Default and Eurobonds

What is forming is the Lehman model of 2008 reappearing in Europe. Greece is set to be Europe’s Lehman and allowed to fail, while the rest of the countries will be saved with the printing press.

The banking system simply can’t handle a default of a country the size of Spain or Italy. In other words, a Spain or Italy default would cause worldwide currency collapse. The banks own the debt of the sovereigns and the banks own other banks and countries buy other country’s debt, so all of the banks and all of the countries are intertwined. The managing IMF director, Christine Lagarde, put it succinctly by saying, “It is not about saving any one country or any one region. It is about saving the world from a downward economic spiral.” What she really means is that the world’s monetary system is one giant fiat ponzi of which the malinvestments must be kept from being exposed or else the fiat ponzi collapses.

In one form or another, Europe will have to print many more Euros in order to backstop Italian and Spanish debt. Whether it’s through a vehicle called Eurobonds, or through something else (perhaps a multitude of vehicles), the result will be the same..printing money to buy European debt. Surprisingly, when the EU fully commits to backstopping debt and a ton of Euros are printed, the Euro will likely rise. The reason being that the main scare for the Euro is a breakup of the currency bloc, not the amount of Euros being printed. A committed backstop of Italy and Spain will take the spotlight off of Europe and shine it fully on the US, which is in much worse shape the Europe.

TheSilverJournal.com

TruthPreeminent's picture

Turd

As long as it's slow around here and you are lurking-- I noticed a slingshot formation on the 1 hour and 2 hour chart for silver.  That should mean some downside action.  What  do you think?

Smiddywesson's picture

@TruthP

Yes, I think you can definitely put me in the camp (a shout-out to Smiddy and T who I think are also in this camp) that maintains that silver is NOT going on a rocket ride in the short term.

Ditto.  I see lower prices over the short term, but I don't do much short term trading anymore, the market is too manipulated and volatile.  That was the point about my previous post saying I don't buy in size and I don't buy right away, I leg in because these trends are so long they allow you to trade that way.  No disrespect to those who are trying to make quick cash.

Dr Jerome's picture

keep stacking

I would love to see silver up over 44 by April. But really, I am also happy to keep stacking in the low 30s. Let them impede AGs inevitable rise. I can wait.  I am allocating a set amount each payday to buy physical.

Nice job on the video series Turd. I think Blythe and Ruprecht are more helpful than the SGS bears

TruthPreeminent's picture

Hey Smiddy

I don't do ANY trading anymore in this or any other markets.  They just don't make sense anymore do they?  Enjoyed your post the other night.  Take care.

TruthPreeminent's picture

@ Dr Jerome

Yes, that's exactly the way to do it.  That way even if it does crash, you'll catch some of the cheap price also.  Very sage strategy in a secular bull market.  Have a great night Doc.

Smiddywesson's picture

Silver over 44 by April

With so many indications that the collapse or revaluation is nearing, we may just blow past $44 because of an announcement that gold and silver aren't tradition anymore.  If China and Russia and India are indicating they are willing to trade gold for oil, they must know the big reset is around the corner anyway or they'd pay in fiat.  When do those agreements go into effect?

ggnewmex's picture

Dr Jerome

Agreed, yeah, I would love a higher price too, but it is a great time to be stacking. I am not the only one who is stacking I am sure. This just bodes well, and better and better for our future. What silver miner is gonna spend the money it takes to get a mine going when the price is so low? Eventually, yes, people will try to mine.

Interesting conversation with a customer today. He claimed that there is a finite amount of recoverable resources ( elements) in the world, and the day is drawing nearer when its extraction will become too much.

It would be interesting to see this is a study. It piqued my interest

The Green Manalishi's picture

Just back from Spain

Just back from Spain to see my parents - the traffic on the roads is a fraction of what it was there, lots of empty shops, unfinished buildings and empty apartments.

It never ceased to amaze me though how much spending has gone on over there over the years on the infrastructure, their road building projects are something else. They have just completed a new Malaga bypass road - goes on for miles through hills and mountains. Tunnels/bridges - not easy or cheap to build. Malaga Airport has recently doubled in size (still not quite finished) but I reckon has half the Air Traffic it used to.

All apparently funded from Brussels. We in the UK never got projects like this, but our contributions to the EUSSR paid for it.

¤'s picture

Good stuff

The vids are always welcome. Thanks!

The $40's would be a nice spot by years end for silver given the volatility we see is possible. I think we spike over $50 by May 1st but then it settles backwards, like last year to $40 and languishes a bit.

Margin hikes at some point will tamp down any enthusiasm if recent history is any indicator.

Blythe and her monkeys....

(if it doesn't open, click the link)

TruthPreeminent's picture

Silver Retrace

The slingshot formation really shows up on the 30 min chart for silver.  This should mean some downward pressure from yesterday's recent highs where it kind of double-topped (to form the slingshot).  It has already shown some of that downward pressure, but a 38.2% fib retrace (from yesterday's highs to the 26.14 low) would take it right back to the recent breakout point of 30.24.  We'll see.

Silver at $32.11 at time of this post (edit).

¤'s picture

Davos 2012 By The Numbers

DAVOS 2012

TheGoodDoctor's picture

India to pay gold instead of

India to pay gold instead of dollars for Iranian oil. Oil and gold markets stunned

http://www.debka.com/article/21673/

More on the gold for oil transactions from Debka.

GoldMania3000's picture

the wicked witch

she's kind of sexy Turd. ya know..id take a evening with her 

GoldMania3000's picture

im buying

some far out call silver options. im going to sleep with the wicked wittch and get all dirty and make some fiat and buy some HARD stuff. ya know what i mean

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