The Latest Gold and Silver Breakdown
Of course I'm not going to suggest that you attempt to catch the falling knife, however, those still trading may soon see an opportunity to buy.
First, let's look at the long-term chart we've been following for years. Is it possible for price to break DOWN and out of the channel? Of course it is, I just didn't think it would. But, similar to the break UP and out following the S&P downgrade of the U.S. last August, gold can break DOWN yet the overall trend remains in this "managed ascent".
Just for kicks, here is today's 5-minute chart. Roughly 6000 contracts dumped at the Comex open started the whitewash and has left gold clinging to support at the round number of 1600.
As we hold all core positions and use any and all bouts of weakness to add to physical stacks, where might there be a trade? Well, let's look closely at two longer-term charts. First, this daily chart. Note that gold remains in the same, old, $80-range down channel but also note the reflexive short-covering that has occurred on previous drops to the lower extreme of the channel.
And $1575 also looks like the beginning of support in this weekly chart, too. NOT saying that gold can't continue lower, through 1575, as it certainly can. However, anything between 1525 and 1575 sure looks like an attractive entry point for a possible trade.
Lastly, from a LONG TERM perspective, please keep this in mind: On 5/9/11 (May 8 was a Sunday), gold closed at $1503. This equates to a year-over-year return of nearly +7%. For perspective, the S&P 500 ended 5/9/11 at 1346. This equates to a year-over-year return of less than 1%. Stitch that into your clothes, Charlie, you FOAD!
Please hang in there and keep the faith. Your gold (and silver) is your only protection. TF
Print
EmailTF Metals Report is supported by voluntary subscriptions and donations. DONATE TODAY!
Comments for "The Latest Gold and Silver Breakdown"FREE NEWSLETTER
Keep up with the latest TF Metals Report news. Subscribe to "This Week in Turdville" today!
Feed The Turd
TF Metals Report Podcast
-
April 3, 2013 - 3:22pm
-
April 1, 2013 - 5:33pm
-
March 29, 2013 - 10:43am
-
February 28, 2013 - 10:57am
-
February 27, 2013 - 12:29pm
Recent Comments
This Month's Leaderboard
| Username | Hat Tips Earned | |
|---|---|---|
 | Mr. Fix | 2254 |
 | The Watchman | 2149 |
 | ancientmoney | 2017 |
 | Pining 4 the Fjords | 1778 |
 | JakeBlues | 1721 |
 | AlexCojones | 1612 |
 | Gold Dog | 1482 |
 | Texas Sandman | 1435 |
 | Bollocks | 1353 |
| SouthernCross | 1215 |
Comments
Socialism and QE
I just wrote a post over at the SpeakEasy about this and the modern phenomenon of Socialism becoming trendy because of how "mean" austerity is to implement.
It wasn't that long ago, in a simpler and not as much of a credit indebtedness strewn world that common sense said that belt-tightening is the responsible and reasonable thing to do if you fully know the alternative (more spending) isn't a solution but part of the problem. In todays world it seems that belt tightening is out of the question even if it's the wise thing to do long term.
Let the fact that France just went Socialist sink in because it has huge ramifications going forward that absolutely dwarf Greece. The new Socialism is essentially a platform of grow through QE no matter what because austerity is 'mean and unfair".
Greece is about to enter into the land of "no matter what" very shortly.
The Zoo
A few points
I'm not voting for the radical left, I was clear in my post. I don't support them. The left comes in all shapes and sizes here in Europe, center left is not easily distinguished from center right.
@xty
Yes, I agree, a vote for the radical left will bring about totalitarianism. A vote for the status quo will take us to the same place by the direct route. We are half way there already.
As for ADHD, it is cured by smacking, not drugs. Worked for generations. Still does.
@IRB
I think we agree on a lot, I think you are right in the terminology argument. I don't think it crosses the pond well in either direction. I have to say though that there has to be some control over the income divide, it has got out of hand and the only way i know to stop it without the rise of the proletariat is some type of redistribution. I personally don't believe the ceo of a bank works harder than I do and I don't buy the responsibility argument for high wages, they have failed, been bailed and walk away with a lump sum golden handshake. Where is the risk?
Also, 1shotak.
Sorry, I admit to my own accusation. Why do all us lefties think the right are all rich? My bad.
Still, i don't come here to teach, I come here to learn, about myself sometimes.
@Number 47
Perhaps I didn't make myself clear, as it wasn't meant to sound derogatory towards Scotland ... I love it.
What I meant was ... That after coming back to the UK from the wilds of Africa after a decade or so, I found it VERY hard to adapt back into life in the south of england where we had family ---> WAY too crowded for my tastes (even though I largely grew up & went to college/uni/work down there in my younger days, and I loved every minute of that), and WAY too many "nutters per square mile" compared to what I remembered before I left the UK ... In other words, I found "civilisation" to be "most uncivilised".
We didn't want to raise our kids in what we personally perceived as a largely "low quality of life environment", so we decided it was either back to Kerry or go to Scotland ..... My personal views + big-mouth + Genetic-Irish "Stubborn Streak" always tended to make me something of an anti-christ to the overly religious & authoritarian bureaucracies/PTB in Ireland (AND also bearing in mind the extremely expensive 2-way ferry costs), so we decided on Scotland as the second best thing .... Which actually worked out to be THE best thing (life is generally pretty good & free-&-easy in my area), and I'm damn glad we didn't end up back in Ireland (and not JUST because of the current financial krap over there).
.
Would that be the Scumdee near Perth ? ... If so, there's not a lot of choice around that way (in fact, the whole of Scotland is pretty limited AND fairly expensive for in-person metal-purchases) .... although you would probably enjoy going to the regular [weekly/fortnightly] village roups/small-auction-halls which are common in many areas, at which you CAN sometimes pick up a few "good steals" or the occasional "Eureka" item. ... If you confirm the area/town (via PM if you prefer), I'll do little research for where you're going.
You flying, ferrying, or swimming ?
You never know ... depending on our respective plans, schedules, & locations, we might possibly even be able to arrange a meet or "talk turkey" IF you fancy the idea, as I live about 90 miles or so from where I THINK you're going.
I do understand 47's point
It is wrong for the French to profit by virtue of British people needing to drink water. This is exactly what happened when water was privatized. Ought not to be for profit. Yes the peeps paid for it and yes it was given away to feed the coffers and the rich and the money was spent to secure more votes. Yep - trains too.
However - private companies are much more efficient than state run, they allocate capital much better. How to run a state outfit as a efficiently as private model. Also - there needs to be some forward thinking - it come to a time were the pipes are all so shot that it would be easier to walk away then repair it all. Who is John Galt?
I do not think 47 is looking for the tit. (financial government one). He seems to want some more equality.
Like tribes/villages of old. Everyone mucked in with what they could do for the good of the group as a whole. It was personal and small and folk were accountable with peer pressure etc.
I suspect the answer lies in small, self sufficient, personal groups. At the moment - so many can get away with producing nothing of value. Yet they need things of value in order to live. Therefore some creating value are forced to give some of what they produced to others who have no intention of giving anything of value back. This is actually a form of corrupt socialism.
something must be coming
This is making me sick. Silver getting clobbered round the clock and gold getting smashed when it ought to be functioning as a safe haven during a time of crisis. I know it's a good stacking opportunity, but it still pisses me off that the market isn't free. I am pissed. The douchebag vermin that manipulate these markets (and the ones who turn a blind eye and allow it to happen) must be brought to justice.
Something big must be coming. QE 3 must be around the corner.
47
actually, I used attention and home-schooling. Smacking strikes me as a short cut too, like sharing the wealth instead of contributing to it.
You seem to have opinions that I do not share, along with my 'wealth' I hope. If you are happy considering yourself a leftie, and see nothing wrong with that, then have at it - that is why it is nice that there are different countries.
@harlan07... it isn't what is
@harlan07... it isn't what is coming, it's what is NOT coming. Namely, formal QE hasn't been announced. Look at the charts and see things look miserable. These moves shouldn't be a surprise unless you have been tied at the waste to James Turk.
Further, every market is manipulated. Our entire lives are manipulated. Don't waste your energy on something that doesn't affect you at all. Would you rather have $100 silver right now? I'd rather have $28 and be able to purchase 3x as much
Number47
Remember too, that America is BIG, and there are groups of people far enough away from each other who cannot imagine what the other ones see.
I live in Baltimore. My work gives me a grand view of the underbelly. I see every desperate and degenerate aspect of the welfare state. There is no one 'in need'. The cash FLOWS from all sorts of activities. And the goods are cheap (billions shoplifted and sold from vans). Everyplace takes the EBT cards. Welfare abuse (as profitable business) beyond just free (home, utilities, food, cash, cell phones, car, repairs, meds, mentors, therapists, special programs, legal aid, and all around ungodly expense) abounds. There is an army of social workers PUSHING new programs on people, completing the paperwork, etc. The amount of expendable income wasted is astounding. Expenses that you wouldn't dream of wasting money on. Hungry? Pfft. Nowhere on the planet will you find junk-food litter piled higher. A sea of trash and liquor bottles.
Is this the poverty you picture in the 'heartless' USA, Number47?
So close to $28 that I can
So close to $28 that I can smell it! You know what's after $28? $26.50. Yeee-haw!
And just to be extra clear.
I have skills, today I swapped out the motherboard in my laptop, I have built a car from the ground up, I taught myself and I am proud of it, I left school at 14 and have had no training since then. I'm about as resourceful as a man can be. I don't need any hand-outs. (Although some would say I have received them in the past) I grew up in the care of the state, to me, anyone who got a car from their parents got a hand out, had their college paid for, got help with a deposit on a house, got some cash when they were broke etc. I guess it is perception. The difference being, I don't hold it against them.
I believe in small government, I wish the fuckers would realise they work for us, that they don't have any money, it is ours.
My leftist views are solely down to wealth distribution and the lack of opportunity for the common man. At least the left pretends they will do something about it, not that I believe they will.
I think we need a hard reset. As a nation, as a race. Everything. Let's be honest here. On a level playing field the 1% wouldn't last 5 seconds. If we all had to start with empty pockets right now, they would be the ones on food stamps. Not me.
Last word
"The moment Government starting taking responsibility for people, people stopped taking responsibility for them self’s."
The Markets.......
This Modern World
The WONDER of it all!
Oh-My-Freakin-Gawd. Silver just cracked the 28.xx barrier!
Avast ye scurvy dogs! Heave-to and prepare to be boarded! Run-up the Rodger and sound All Hands!Give 'er a broadside wicked and low! Bank of America is about to go belly-up! So says I!
Har!
@Indigo
>Let the fact that France just went Socialist sink in because it has huge ramifications going forward that absolutely dwarf Greece. The new Socialism is essentially a platform of grow through QE no matter what because austerity is 'mean and unfair".
France has always been socialist though. If anything, the Sarkozy experiment was one big stray from the norm. I see this as France returning to its roots.
Doesn't mean it's going to help Europe out any of course. The reality for Europe is that, whether austerity or socialism, it is f-ed. The path it takes really doesn't matter in terms of end result.
Gold's Back Below $1600
Not looking good overnight:
( closes in 18 hrs. 14 mins.)
-9.70
-0.60%
Jim Willie says raid will end when asia says so
jim willie's hat trick letter is out tonight- he says the raid won't end till asia is good and satisfied with their gold purchases
http://www.silverdoctors.com/jim-willie-gold-cover-clause-guidance/
The propaganda against gold has intensified with Munger and Gates, unqualified to be sure
that jewelry demand is down actually confirms the gold bull
investment demand is much greater than jewelry demand
to claim that gold supply is insufficient to accommodate a gold standard is rubbish
the argument actually highlights the gargantuan expansion of the monetary base
which urges a gold price an order of magnitude higher, like near $12,000/oz
a 5% gold cover clause would be perfect to set a new global trade currency in motion
actually, several new gold-backed currencies could simultaneously be launched
that way, the new currencies form the core and the US & UK would be outside looking in
the gold market is in a pitched battle still, with enormous orders being filled
the Eastern Coalition continues to drain Western cartel member banks of their gold
the cartel banks are insolvent and lately, they are suffering from illiquidity
they have wrecked sovereign bond positions and off-side FOREX positions
in the margin call, they are being forced to sell out their gold reserves for the precious cash
the gold price will rise when the East is satisfied with their gold raids in the current round
All My Life
"Sick Of..."
I too am sick of the gubment "officials" selling off the public assets (water/sewer/toll roads/ports etc) to the highest bidder. Most times they sell it off to foreign global entities. So your tax dollars and fees leave your community/country and so does the control over prices, use of the assets, and local accountability. They do that because they are broke. And those assets are part of the collective, right? So they sell them to keep all of the social programs going.
But that, my friend is GLOBALIZATION, not capitalism, nor the result of letting private companies compete against the government monopoly to provide government services. GOVERNMENT is the biggest monopoly!
In fact, I would go so far to say that because of globalization, and the push for a world without national borders, that gubment officals no longer feel a need to serve its own citizens, their fiduciary responsibilty is to serve the global collectivist system.
Search youtube for the Technocracy movement, Agenda 21, Public/Private Partnerships. Know that they are purposely destroying the old economic order for a new economic order based on energy. And surprise!, its a global energy monopoly. You will pay a global carbon tax to an unelected global bureacracy. And everything you do is monitored and tracked, so that you will only be allowed to use your fair allotment of energy, no more. And you may only consume your fair ration as well. Must be fair.
Who do I blame? Its on us. We the people must wake up and assert our rights and take control back from the statist global governments. Liberty starts locally!
Foo..........
most excellent
bam
You're right about the France/socialist part of it. I should've said 'at this point in time'.
Thanks for adding the right historical angle to that.
Pardon Me
Bio-diesel
Just got my first agreement as a source for free used veggie oil. My friend is a general manager at a restaurant. He said they usually pay to get rid of the oil and have been giving it to someone making bio-diesel.
So yes, I feel bad I'm taking it from someone else, but my friend said he'd rather help a friend out then a stranger. Good for me, bad for stranger.
Look forward to making bio-diesel and an old truck, VW, or Benz. So even though I get 49 miles per gallon in my Prius @$3.75ish per gallon, I much rather get 28-30 miles per gallon @$0.75 per gallon.
Got my gardens, my aquaponics system, working on bio-diesel, then maybe solar cells, diesel generator.
Oh, a part of me wants gold low $1500, silver $25-$26. (Although it's a bit painful to watch.)
@bobbejan
I meant to put a wink in there. It was the barbarian bit!
Dundee, yes. Actually a small town in Perthshire now after some gerrymandering but it is Dundee as close as spit would travel.
I'm flying, (well, ryanairing anyway) with 2 small kids on my own. So I'm limited to travel although I'm thinking I might rent a car but having trouble finding anyone to accept a debit card. (I got rid of the credit card ages ago)
1ShotAk
We don't need to have people hungry. Sometimes, you don't need a kick in the arse to act, but simply a helping hand first.
This is Peak Oil. We are all into this.
Falling EROI. We can't escape.
At least, let's not blame ourselves for that. We'll have lot of time to do that later.
47
Have to respond to the comparison between a parent giving their child money and the state giving someone money. I understand that you seem to have been raised by the state - which is great, but I wish there had been a better solution. But if you take my money so I can't give it to my kids, and give it to someone else's kids, I won't make any more money. Atlas IS shrugging - there will be no wealth to distribute.
@XTY
Who is John Gault? :)
balz
I understand, sorry if I offended a hardworking man down on his luck. I'm the first one in to help that man. My point is to rely on your self first, your neighbor second. And if you are going to rely on the Government well, good luck.
47
You have to understand that over here, there are only two political schools of thought: the right wing, and the monster-raving-looney right wing. So if for example, Eisenhower were alive today, they'd be calling him a communist for wanting to build an interstate highway system.
The only public works project is the war machine. Any other program is considered welfare, and is therefore equivalent to Stalinism.