I'm Late, I'm Late, I'm Late!!

I'm know I'm overdue. I'm really in a stew.

Sorry for the late start today. Turd was up too late last night watching basketball. Because of the time, I'll dispense with the usual commentary and head straight to the charts.

First of all, I'm pretty sure that gold bottomed yesterday. Almost everything points to a bottom and, with that last piece of the puzzle (spot vs front-month backwardation) having fallen into place on Wednesday, all that we need now is some chart confirmation. Well the charts look pretty good to me! At this point, gold just need to move back above 1665 and hold for a while. This will trip some buy-stops and send gold toward chart resistance and the 200-day moving average near 1680. Once back above there, we'll be back in business.

paper_3-23amgold4.jpgpaper_3-23amgold12.jpg

Silver is also forming a bottom. Notice the emphasis on forming. Though yesterday could have been the bottom for silver, I can't rule out a couple more stabs at $31, maybe even a few hours below $31. Nonetheless, with gold trading higher, the pressure on silver will lessen and the bottom will be in there, too.

paper_3-23amsilv4.jpgpaper_3-23amsilvd.jpg

With the HUI at severely beaten down levels, I thought that today might be a good time to re-visit a few of our favorite miners. I don't have the the time to discuss all of them but these three have been Turdite favorites for some time now and all three look to be rather attractively priced right here.

paper_3-23amgoldstock.jpgpaper_3-23amego.jpg

paper_3-23amexk.jpg

Lastly, I mentioned this several times in the comments section yesterday and I'm going to do so again here. This is your homework project for the weekend. Because of the recent backwardation in both gold and silver, it is imperative that you make every effort to understand what backwardation means and what the implications of backwardation are. The best explanation I've found is this FOFOA post from summer 2010. As with most FOFOA articles, it can be a bit overwhelming in detail but I urge you to study it and read it several times if you must.

http://fofoa.blogspot.com/2010/07/red-alert-gold-backwardation.html

OK, that's it. As I close, I see that the metals have charged higher while I've typed. What a pleasant surprise! It sure is nice to give everyone a "bottom call" and then see higher prices right away. I'll be around on the blog this afternoon as I am very interested in both the OI numbers from yesterday and the CoT report. I'll add any observations I have into the comments section of this post. Have a great Friday and a great weekend!  TF

p.s. I might as well just post this before DPH does.

148 Comments

Be Prepared's picture

Many Firsts

The road ahead will be filled with highs and lows....  the whipsaw will not even be close to what you imagine.... it will be worse....

First, we are a Community dedicated to learning and preparing for this terrible storm....

First, we must learn new skills to ensure that we are as flexible in our abilities to meet the future uncertainties.....

First, we need to get to know our neighbors for one alone can't stand as strong as many....

There are many Firsts and many Truths.....

And a shout out to Pining 4 the Fjords.... for the "First" Club

Pax Argentum's picture

The bottom is in

And I'm buying this morning from Apmex.

Seems I'm not alone, as I'm getting 'Server Too Busy' messages trying to complete the transaction!

Thanks Turd, for what you do.

Good weekend all!

Pax

Feed the Turd

Larry L's picture

Silver

I am part of our local Tea Party and I took a few ladies that were interested in buying silver. We went and they bought coins for the first time!

Animal Sacrifice's picture

3rd

precipitous; i was late

Animal Sacrifice's picture

4th

Forth

Big Dutch's picture

Noodling

I stack, but I can’t resist the action of the paper markets. I need action. It keeps me alive. I am starting to get a little geeked about the reverse head and shoulders forming in gold. If it’s the real deal it should see gold break $2050 or higher. Here’s my question. What is a likely time frame from when gold starts to break higher to when it hits $2050 on a multi month formation like we’re hopefully looking at? More to the point, I’m noodling with how far out I might need to place my bets (options) if/when I do. All comments welcome and appreciated.

¤'s picture

Thanks Mad Hatter

Dr G's picture

That gave me a seizure.

That gave me a seizure. ;)

Hopefully silver has bottomed here. A Crimex close above 1665/32 would be a plus in my book.

Larry, sounds like a fun outing. What did they buy and how much?

Larry L's picture

Silver

When my friends and I went to the Pawn Shop one of them had bought junk silver coins (pre 1965) that were not silver. None of us looked at the edges of the coins before leaving (my fault) for not verifying before we left. But the Pawn Shop was very understanding and corrected the error for her.

Verify before you leave the place of business. Not everyone will correct that error.

Start stacking NOW!!! 

BagOfGold's picture

Dr G...

That gave me a seizure. ;)

Hopefully...all of your silver & gold did not get seized!...Sorry...I couldn't resist!!!...

Bag Of Gold

ReachWest's picture

What's in a Name?

@DPH - (er, IndigoStar7) What happened to your name?? Everywhere I look it's a new name. That's going to take a bit of getting used to.

Number 47's picture

A lot of strangeness around today.

Bats gone mad, aapl halted, euro bonds back in demand. It appears everything is breaking, gold and silver back above 1250 and 24 euros, happy days. Should be seeing those t.i.t.s perking up next week.

@optics guy.

Missed the sarc/ seems I am in need of a sense of humour transplant. Sorry bud.

Be Prepared's picture

@LarryL - The First Silver is...

the best Silver!.......    that is until you get a chance to buy your Next Silver.....  it's addicting..... just you wait.... you and the ladies will be at the LCS monthly before you know....

FleetFeet's picture

Countermeasures??

         A coordinated world-wide effort to suppress the price and popularity of gold has been high-lighted by several recent news articles.  India's import tax on gold has been doubled.  The Turkish government is beginning a campaign to get citizens to deposit their gold in government-managed bank holdings.  PAGE was sabotaged, and we are left wondering if the Chinese government is going to cool down its encouragement of private ownership of gold. 

           I did not write down or remember details, but last year Japan instituted a new tax or a higher tax on gold transactions.  Most of the attention on this forum focuses on the prices of the PM's.  Perhaps we need to give more attention to what are really more basic issues -- the right to purchase and hold gold, the right to trade gold, freedom from excessive taxation, and freedom from threat of confiscation. 

Is there any organization or network (GATA?) intent on identifying and busting the interbank/intergovernmental plan to undermine freedom of gold ownership by private individuals worldwide?  That conspiracy obviously exists, with official governmental support and denial.  The Utah legal tender act is one small countermeasure.  I wonder what more can be done. . . .  

dudestacker's picture

Mistake!

Take it from me, you just don't want to google "Grace Slick today photos".

ClinkinKY's picture

@ dudestacker

Mistake!

Take it from me, you just don't want to google "Grace Slick today photos".

"One pill makes you larger"?:)

SRSrocco's picture

NEED A LAUGH TODAY.....

Turkey, India and Vietnam govts. wary of gold

The governments of all three countries are facing weakening currencies and trade deficits and all three feel gold should bear much of the blame

Author: Ben Traynor
Posted: Friday , 23 Mar 2012

HERE'S the scenario: a falling currency, a widening trade deficit, and a population buying more and more gold. What's the result? Well, it tends to be an unhappy government - followed by a policy response.

We've seen it Vietnam, where central bankers continue to make noises about "mobilizing" the country's privately held gold, having last year handed an effective monopoly to a single refiner (later "administratively acquired" by the central bank).

We're seeing it in India, where the government has quadrupled import duties since the start of the year.

-------------------------------------------------------

Ain't that a KICK in the pants.  Gold is to blame for a weak currency and trade deficits.  I would assume with this sort of mentality we can blame a GUN for killing people and FOOD for making people fat.  Of course it's not the people who are to blame..... its GOLD, GUNS & FOOD that are the real culprits.

CENTRAL BANKS around the world are completely INSANE.

Swift Boat Vet's picture

White Rabbit

Song sure brings back memories.  Very shortly after it came out (Summer 1967) I was activated and sent to that sunny paradise, Vietnam.

Swifty

P.S.  Don't let anyone tell you reservists weren't activated and sent in-country then to collect their $2 per day combat/'hazardous duty' pay.  The lamestream media earned their disinformation stripes there.  I had to return home to discover we 'lost' Tet '68.  Rot in hell Cronkite.  

Of course, we had the added benefit of buying cigs at $1 per carton.

P.P.S.  Pulling the trigger with half of available FRNs  for some 90% this weekend.

gatortrader's picture

Its not over yet

I think your on the money with your previuos call of Mon or Tues bf options exp. It gonna double bottom first

SRSrocco's picture

JEEESH....I JUST BUSTED A GUT ON THIS ONE....

The reason why I am laughing so much is this fits my wife and I perfectly.  I think I am the real smart one of the two, but my wife knows how to put me in my place.  I have to come clean.... I have the ARCHIE BUNKER syndrome.... at times, I say one thing but it means another.   It is a curse, but it makes for good laughter between the two of us.

Turd Ferguson's picture

Perhaps

MODERATOR

I'm just quite sure that gold won't go much below 1640 from here, if at all.

Response to: Its not over yet
Wizard's picture

Fun Thought Before the Weekend

Since the WOPR has been referenced as the Algo's lately

When it comes to the paper game I have been recently been reminded of the Immortal Words of the WOPR.

The only winning move is not to play wink

One other reason I am a Stacker

 The video closely reminds me of the different current market scenarios that we run through continuously  and we are the ones doing the learning  LOL

Gold Dog's picture

GC and SI

I loaded up on futures this morning.....getting some TP to trade for actual money.

Gold and Silver Dog

BagOfGold's picture

Will gold come back?...

You betcha!!!...

Bag Of Gold

Velocity's picture

"The Bottom Is In" ...???

As one of the Worlds worst investors i should really crack an oar over my knee and chuck it away rather than throwing my oar in but, but, but...

..there's a downtrend since $48 Dollars that ain't been broke yet ..so until further notice and we break significantly above it i wouldn't count your chickens boys

I hope at least we see a double-bottom before we get on Hopium as well

Remember what happened last time, we and Jim Sinclairs flock were fleeced

And regards the "Silver in backwardation" issue i've been reading quite abit about the previous bubbles blown in Silver and the Monopolist Manglers are adept at deceipt moving Silver from London to New York etc to give that exact impression.

What if we all found out Silver was not in shortage and it was all a bubble-blowing pile of BS from the zillions of shills these robber banks rent-a-liar for the job?

Don't count your chickens boys, you might get plucked (again) ..our record here at Turdville is pretty crap and the carnage from the last wrong call is still fresh roadkill ....just sayin

Remember BTFD not Hopium ...hedge yourself if ya can or sit on the sidelines and wait for the trend then hop aboard

the Trend is Your Friend ..right now it's on a 'blown bubble' deflation path (until further notice)

 
 
 
boatman's picture

bottom?....i don't see it

that way at all.

ScottJ's picture

Re: Venturing into the Unknown Truths

Does Time Exist or is it a figment of our imagination?

All we really ever have is the now...

(Just for fun... as I have been personally journeying on quite a spiritual/mental path lately... yes I know my assumptions are vague)

Assuming the universe is made up of vibrational frequencies, and numbers are a direct representation of such core frequencies/vibrations which have conditioned responses in the human mind, (string theory esque), do the words we all speak contain the past/present/and future on a combined conscious and subconscious energy level both individually and collectively, affecting every human being in a mathematically orderly but clouded vision of our perception of the now?

Time is known to be linear in our every-day life (throughout history for that matter), but what happens when the collective jumps ahead of the "now" and is living in future or higher levels of consciousness (the internet being the catalyst)? That is where we seem to be at today (people predicting things that haven't happened yet but they believe it to be true at a future time).... but with limited common focus for meaningful purpose... as the amount of information being transmitted from each individuals internal intentions of every human being conflicts with the balance of others... creating the chaos we have within the greater world today.

Further assuming that letters are nothing more than a variation of numbers, can we replace the letters with the numerological equivalent and interpret the past/present/future with careful and diligent understanding with respect to the time & space of each idea/event (even still muddled and hard to make sense of, admittedly.. I am just playing with the concept of this).

It is interesting that the English alphabet has 26 letters, which I translate into (start of duality [self]) -- (duality of equality [harmony, peace, balance]).... --> the first position is a "2" and the second position is a "6" ... positioning of the numbers counts... similar to people reading from "left to right"...

Could the creators of language be aware of this, or even more interestingly, subconsciously aware of this? ("Awake vs Asleep").

Interestingly, the word god (just a concept man has created to keep us friendly to one another and to explain our existence), can be translated into (7) (15) (4), which all numbers added together equals 26... and my rough translation being (start of wisdom), (duality of manmade healing power), (trinity [mind/body/soul] liberation)....

Could it be that these words and frequencies are just an higher variation of "mating calls," (have we forgotten we are animals of nature at the root of our ancestry?).... Could it be that the meaning of life is nothing more than to experience and to create a better world for ourselves as well as the others journeying with us?

If this theory has any basis... then every action, every thought, every bit of intention you speak with... will manifest itself and return equal and opposite "highs and lows" based on what you are observing...

Apologies for the disconnect of thought within this post... I am still wrapping my head around how to explain what I am thinking about these days.

-
Scott J

Weeee it's 2012...

Everything is a code....? This is the interpretation I have been working with, but is always open to change. I found this information on the internet, so maybe I am convincing myself of something that doesn't exist :P, but I have had some interesting experiences so I am just going with it these days :p

0 - Imaginary (man-made concept)

1 - (A) - Start of the Universe

2 - (B) - Duality

3 - (C) - Trinity/"Three-in-One"/Soul

4 - (D) - Liberation

5 - (E) - Healing Power

6 - (F) - Equality

7 - (G) - Wisdom

8 - (H) - Infinity

9 - (I) - Completion

10 - (J) - Man-made (0 = imaginary)

11 - (K) - Man-made enlightenment

12 - (L) - Man-made duality

13 - (M) - Man-made rebirth

14 - (N) - Man-made liberation

15 - (O) - Man-made healing power

16 - (P) - Man-made equality

17 - (Q) - Man-made wisdom

18 - (R) - Man-made infinity

19 - (S) - Man-made completion

20 - (T) - Duality of man-made universe

21 (U) - Duality Start

22 (V) - Duality Enlightenment

23 (W) - Duality Rebirth

24 (X) - Duality Liberation

25 (Y) - Duality Healing Power

26 (Z) - Duality Equality

ivars's picture

Just bought American Buffalo 1Oz.

What else to do?

Beez's picture

No disconnect ScottJ

I have been practicing the Law of Attraction for 4 years and it works!  "thoughts become things, so think the good ones."

Syndicate contentComments for "I'm Late, I'm Late, I'm Late!!"