Terrible Tuesdays
In a stunning development, gold and silver sold off today...just like last Tuesday, and the Tuesday before that, and the Tuesday before that, and the Tuesday before that. In all, that's five consecutive Tuesdays where price has fallen. Hmmmm. Why would that be?
Of course, regular readers and longtime Turdites know why. Tuesday is the day of the Commitment of Traders survey and, as we all know, great care must be taken to "paint" the CoT.
In the past, when The Cartel were active sellers, we referred to these days as "Happy Tuesday". After selling short all week, The Cartel would buy on Tuesday to "cover their tracks" ahead of the CoT survey. This resulted in UP days. Now, however, things have reversed. As I've mentioned here repeatedly, The Cartel is now actively covering shorts (buying) all week. Therefore, the attempt to "cover tracks" for the CoT survey now involves selling, not buying, and now Tuesdays are not so happy.
Regardless, in the grand scheme, this really doesn't mean much. In the end, both Cartels are still at work transferring risk from themselves to the specs (mgd money, hedge funds, etc). The Cartels are not quite net long but their net short positions have been dramatically curtailed. Expect this to continue (if they know what's good for them). In his latest newsletter, Uncle Ted estimated that JPM's net short position in silver is now down to near 10,000 contracts. This is a 75% drop from its peak. Many expect JPM to simply add shorts back on when price reverses. This time, I don't think they will. I've done a lot of homework and talked to a lot of people and this is what I believe. We'll just have to wait and see what happens.
In the short term, today's beatdown was insignificant. Gold shed almost $20 in the final 20 minutes of trading, losing $9 right before the bell. Ho-hum. We've seen it all before. Silver, of course, sold off in sympathy. Whatever. Let's see what happens tomorrow.
Here are some interesting items that I picked up along the way today. First up, some good news for the "Re-Elect The Great Leader" campaign. Remember, anyone that falls off of employment "insurance" is no longer even counted by the BLS. That person just disappears and is no longer part of the workforce. Therefore, less people "collecting unemployment" means that the unemployment rate will go down! Hooray! All our problems are solved! Vote to re-elect The Dear Leader! ( http://finance.yahoo.com/news/u-winds-down-longer-benefits-152809517.html)
But don't look now, the MENA is about to get more unsettled, if this Debka article is to be believed. Russia backing away from Syria would likely allow overt support of the "rebels" to begin. Remember, Syria is pals with Iran, Hezbollah and the like and any moves against them will inflame the entire region. Uh-oh. ( http://www.debka.com/article/22038/Russian-arms-ship-turned-away-from-Syria-President-Putin’s-first-misstep-)
And then you must read this. Not one of our usual sources but maybe it should be. Making gold a "Tier 1 Asset" would be a very good idea and a really big deal. Please read ( http://www.sharpspixley.com/comment/ross-norman-the-next-big-thing-in-gold-possible-purchase-of-1700-tonnes-gold/122544)
OK, that's all for now. Let's see if gold can hold and gain overnight and establish a third, consecutive higher low within the range. More on Wednesday. TF
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Comments
yeah, I believe that Starlight
I recently asked a group of early 20s business students what was more valuable, a barrel of oil or a 1 ounce gold coin?
They all laughed at me and said, a barrel of oil of course!
F$#k me! ...business students, just amazing.
Saratoga
You're probably right. 4 shares of FB has got to be worth a lot more that 3 shares or 3 ASE's either, don't you think? Maybe by next month I can get 50 shares.
I agree with Turd on his Terrible Tuesday thesis
I agree with Turd on why Tuesday has been mostly Terrible for 2012 versus mostly Happy for 2011:
The commercials are trying to hide their buying.
I arrived at the same conclusion a couple weeks ago.
I don't know if we will hold existing levels or drop from here, but we're definitely going higher at some point in the not-too-distant future. (Not exactly sure when that will be -- trying to guess that can get leveraged traders in some hot water.)
For 2012, Wednesday has been a fantastic "buy the dip" day. This has continued strongly in May. We'll maybe try this one again tomorrow.
BTFD
I just decided to bite the bullet and BTFD, but the MF keeps on dipping. WTF.
To get rid of my devaluating Euros
Just bought 1 oz Krugerrand. Did not have that one yet.
USDx 82,72. New personal best.
As thick as thieves. WTF does this portend?
The Rothschild and Rockefeller dynasties have joined forces, the two families have announced this morning. They are combining their investment businesses in a deal which sees RIT Capital Partners , chaired by Lord Rothschild, take a 37pc stake in Rockefeller Financial Services.
David Rockefeller, Honorary Director and retired Chairman of Rockefeller & Co., stated: “Lord Rothschild and I have known each other for five decades. The connection between our two families remains very strong. I am delighted to welcome Jacob and RIT as shareholders and partners in the ongoing development of our investment management and wealth advisory businesses.”
Makes me think of:
If the American people ever allow private banks to control the issue of currency, first by inflation [bubbles], then by deflation [recession or depression], the banks and corporations that will grow up around them will deprive the people of all property until their children wake up homeless on the continent their fathers conquered.” Thomas Jefferson
the inventer of the creidiot default swap
was blythe masters.
creidiot----hows that for a new Turdism?????
if andy's service
can make 5000$ in THIS CHOP..............its a winner.
sideways chop is the hardest to trade.
from MERK
in disclosure, they do have a new gold etf tho[but why not?]:
"Going forward, we consider that central banks around the world are likely to err on the side of further monetary policy easing. Our analysis finds that the composition of voting members on the Fed’s Federal Open Market Committee (FOMC) is more dovish in 2012 compared to 2011 and is set to become even more dovish in 20131. We therefore consider it very likely that rates will be kept low for an extended period of time in the U.S. and, should economic fundamentals deteriorate, further easing policies may be put in place. Elsewhere, the Bank of Japan appears committed to generating inflation via easing policies, while the Bank of England appears to be more concerned about deflation despite the existence of what we deem to be elevated inflationary pressures (as measured by the consumer price index). We consider it likely that the Bank of England announces further stimulus measures should economic growth in the United Kingdom disappoint. At the same time, there is renewed pressure on the ECB to purchase periphery nation debt to stave off further fiscal deterioration in the region. While ECB President Draghi appears committed to provide the banking system with unlimited levels of liquidity (through the two three-year LTRO facilities), pressure is mounting to intervene directly through the Securities Market Program (SMP) and buy the likes of Spanish debt. Notwithstanding, the ECB is likely to do everything in its power to stop the financial industry from collapsing, which may mean further liquidity provisions, such as the LTRO’s already seen."
the rest at:
http://www.merkfunds.com/merk-perspective/insights/2012-05-30.html?regis...
US ten yr. bonb is at
1.68!!!!
hey-oooo.
10 year note yield 1,682
Moving deeper into the negative real interest territory.
But in silver, I think we may be nearing another 26 support testing sharp down shoot today, with a bounce back.
Yawn
A suggestion to the woodwork-crawler-outta's on days like yesterday - can you just condense the posts to a single one to save the trouble of scrolling - I've taken the trouble of preparing a template for your rather predictable pattern (much like your paymasters):
Poster1: I'm a stacker, a real one of 'us' around here but, you know, just starting to have my doubts. Just sayin.
Poster2: @Poster1 - you know, I've been thinking the same, don't worry, you're not a troll just for expressing views somewhat oddly out of place on a site of this nature. Maybe this is the end of Gold & Silver - no one can say for sure that they're not going to zero - maybe even LESS!
Poster3: Yup, TA doesn't help you, fundamentals don't help you, all information doesn't help you...err...except my information which says all your study and reasoned premises about this being a juggernaut bull market which at the very least has the parabolic still to go is wrong, just sayin.
Poster1 & Poster2: Unfortunately, can't argue with that. Wish it weren't so...
Poster4: Hear hear fellow Turdites - I even suspect this guy of being a pump merchant - I mean he is making all this money selling us gold & silver...oh wait...he isn't selling anything...but ignore that part. Definitely something wrong here still, I'm a free thinker you see, not a sheeple like some around here.
Poster3: Yup, nice guy but just doesn't get it like me and you. We're smart, anyone who doesn't accept our words without thought is stupid. Turd tells people to study and think about all this, dumb ass, not to be trusted. Just sayin.
Poster5: What about that really controversial thing that has absolutely nothing to do with this thread and indeed this site - has to be true, eh?!?!
Poster6: Idiot. Not true at all.
(various posters do the 'tis/tis not'...)
Poster7: I bought a minute ago and the metals are down 0.0001% already - where's the nearest roof to leap from?!?
etc, boring etc...
Hulbert on the Euro - worth reading
http://www.marketwatch.com/story/time-to-bet-on-the-euro-2012-05-29?siteid=rss&utm_source=tf
I like Hulbert. He has made a living for 30 years or so pointing out short term extremes. Can't hurt gold.
Last stab down,
or no last stab down - that is the question:
whether 'tis nobler in the mind to suffer
the missing of an outrageous opportunity (1550)
or to wait and take arms against a sea of troubles (1450)...
those 'hammer' lows like to happen
quick n when u can't buy, 99th.
just sayin.
and is there any doubt the euro's don't pull at least one more [if not 5] rabbits out of the hat?
Umm...
Pretty decisive pop in gold at a crucial moment!
ivars , shar up right now :)
ivars , shar up right now :)
Something's up
something's up..something just happened..everythins shootin up
Financial terrorism and Syrian President Assad
I didn't read all the comments on this thread, so I am sorry if this is repetitive. Syrian President Assad's wife Asma Assad is a British born former Investment Banker for ******wait for it*****JP Morgan! As our good friend Jim Comiskey always says, "you can't make this stuff up folks". I guess true terrorists flock together. No pun intended.
WTF was that??
WTF was that??
May be this is the reason for the sudden pop
EU Says It Is Willing To Envisage Direct ESM Bank Recapitalizations
http://www.zerohedge.com/news/eu-says-it-willing-envisage-direct-esm-bank-recapitalizations
WTF Was That?!?
I'd say it was manipulation...to the upside!
Edit: 2 million ounces in 3 minutes.
MONEY PRINTING IN EUROLAND
another rabbit pulled out of the hat!!!!!
its their only weapon, afterall.
only reason to have CNBS on in the background n low volume.
LME
As the world’s leading consumer of commodities, gaining influence over the pricing and warehousing of those commodities is crucial to China and owning the LME would be a huge help in that.
But it is very surprising that no one in Europe or the UK has realised that the number one price formation mechanism for industrial metals, including a unique global warehouse network, which is a vital part of the commodity markets, is close to coming under the control and influence of a government which is also the largest consumer of strategically important commodities. The advantages to Chinese industry, over rivals, are obvious.
http://www.telegraph.co.uk/finance/comment/damianreece/9299754/More-reas...
Hey Turd!
Was that you just trying to prove your theory about Terrible Tuesday/Wonderful Wednesday?
@ Orange
Alasdair MacLeod has suggested China may be JPM's client given they refine most of the world's silver...
Do you think they remember the Opium Wars?
Yup, Tuesdays were up,, and Wed.s down..
Now they changed it..
Looks like euro land needs to get the printing presses running 25 hours a day now..
Does gold smell inflation???
The Cartel has done a number on me.. They win the mental battle.. Need to regroup for the counter attack.
Whats the difference with todays news and yesterdays? What a joke! Gold and silver going up on the very bad news..
John Butler on today's RT with the Lovely Lauren Lyster
John Butler on the dollar liability and gold's role as insurance
http://rt.com/programs/capital-account/john-butler-dollar-insurance/
S Roche
There is no doubt in my mind they remember the opium wars. We are now in a financial war and the Chinese will become the new world reserve currency. The US made its last and final move by banning the Iranians from the Swift system. The Chinese would have likely wanted more time to get more gold, however that was not to be.
I would wait another 4-6 hours
I would wait another 4-6 hours or 28,8 before saying anything about positive price movements during the Bloody Wednesday.
It would be good if it ends > 27, 8.