Change of Plans

I was going to wait until after the FOMC minutes to write up a new post but I can't help myself. I need to get this published beforehand.

Again, as you all know, so far this year any public appearance, testimony, press conference, headline and/or meeting by The Fed or The Bernank has been met with program selling by the Forces of Darkness. In about an hour, we get the minutes of the latest Goon meeting from three weeks ago. Since we already saw the "fedlines" post-meeting, there really shouldn't be anything earth-shattering in the minutes.

However, look at these charts. Tell me that they don't look set up for a fall. The charts give me the impression that it matters little what the minutes say. The Cartels are going to sell paper metal regardless. Freaking Bernanke himself could show up to proclaim that The Fed began printing $100,000 bills at warp speed this morning and the Cartel algos will still dump paper metal as soon as the info hits the wires.

http://online.wsj.com/article/BT-CO-20120822-701198.html

But here's the the thing: Let 'em. They can bash and cajole all they want. Paper price may briefly fall but I expect it to almost immediately rebound. Fundamental changes are coming to the current structure. This process has likely already begun and the Monday and Tuesday performance of silver is testament to it.

Look for a dip regardless of the "news". Buy the dip and take delivery.

IF a dip does not develop and the "market" chooses, instead, to focus upon the future and not the past, both metals are clearly poised to blast out of their 100-day ranges and accelerate higher. Buy the rally and take delivery.

I'm still planning another, more comprehensive post for later this afternoon so please check back later.

TF

91 Comments

gjervis's picture

uno

uno

Turd Ferguson's picture

And an interesting spike of

MODERATOR

And an interesting spike of buying into the Comex silver close again right now.

This makes three days in a row...every day this week...where this has occurred.

Istack's picture

Dip

i wanna buy

i really like mercury dimes

El Gordo's picture

Holding on

Holding on for some direction.  Been stacking all along.  We'll see soon enough if it's time to drain the lake.

Money By Trading's picture

PIMCO added more Gold below $1600

Reports Trader Dan:

http://traderdannorcini.blogspot.com/2012/08/pimco-buying-gold.html#comment-form

Nice to see those value buyers stepping up down there.  A dip below $1547 before the end of the great secular bull would be a true shocker.

Jasper16's picture

Turd for president

I'm writing your name in.

To hell with it, if I can't have Paul then I'll gladly take the Turd.

Money By Trading's picture

Mid-week Charts on Gold, Dollar

http://moneybytrading.com/2012/08/22/mid-week-gold-dollar-thoughts/

Please know that the dollar is due to bounce any day now.

Really-'s picture

"Hot, Explosive Summer"......

Turd you're awesome! Love this site! Great call!!

rtabit's picture

SI 240

SI 240 support areas I see if we get a drop at FOMC minutes, I'm thinking we don't get a drop at all but is good to be prepared, but I'm currently flat SI and want to join the party so I hope we do get a drop.  Support areas are red circles.
 
29.20
28.94 <= My prediction if we fall
28.62
27.50 <= My second prediction, also maybe 27.65 area from daily
 
EDIT: Turd, we made same post, I'm predicting 28.94, you're predicting 28.50.  If I'm closer you owe me a hat, if you're closer I'll feed the Turd.  The price must hit prediction, if we get to 28.60 you lose, it's like a reverse prices right.
Really-'s picture

Turd for President?

I think this is a great idea!

Turd is a genius. I love this site and him. I'd vote for him AND contribute to his campaign!!!

Mr. Fix's picture

Turd for President.............

I like the sound of that!

babodonk's picture

i think turd has the midas

i think turd has the midas touch. soon as he posts, and down she goes...laugh

Mr. Fix's picture

Free fall in gold, silver is

Free fall in gold, silver is holding.

SV's picture

LATE SUMMA!

Its late summer, they can't do anything about this now! The election is almost here and then so too will be the cliff!
http://silvervigilante.com

Protonhead's picture

So what is your prediction?

Turd, doesn't this basically allow you to claim to be right no matter what happens?  So if metals tank you are right and if they instead go up, well hey you said that might happen too! Love it!

Dagney Taggart's picture

This is BIG!

A Tech just sent me this.....

From: http://www.foxbusiness.com/technology/2012/08/22/from-blood-diamonds-to-blood-smartphones/

From Blood Diamonds to Blood Smartphones?

You’ve heard of ‘blood diamonds.’

Add ‘blood smartphones’ and ‘blood oil’ to the list.

The Securities and Exchange Commission voted Wednesday to finalize sweeping new rules that would effectively force companies to tell the world about their business in ‘conflict minerals' with the Democratic Republic of the Congo or an adjoining country.

Specifically, the rules force new disclosures of the use of  four ‘conflict minerals’ -- tantalum, tin, gold or tungsten -- commonly used in computer chips and electronic gadgets. These could include smartphones, cameras, video-game consoles and music players, even cars.

.

.

Goodbye Gold. Hello Silver.

Turd Ferguson's picture

So now you're "protonhead"?

MODERATOR

You used to be "kaisersose" and "chuckd".

Seriously, you're going to have to get more creative. Simply re-registering under the same IP will not get you through.

¤'s picture

Thanks...

....for the update.

Is it just me, or does it seem quieter then normal today ( & the past week) in the media leading up to this FOMC? I don't expect anything new at all.

I hope to be wrong and if we're lucky Beranake will come down with Tourettes Syndrome and say too much and the wrong thing. ]:-o

tmosley's picture

Love it when they are

Love it when they are registered for all of 15 minutes.  lol

Also funny that they demand that you be Nostradomus rather than analyzing potential scenarios.

treefrog's picture

SILVER!

one min chart at netdania looks like a goosed golem!

....there goes gold too!

a_guy_in_hainesville's picture

big initial reaction so far

big initial reaction so far

proton777's picture

For the record

We are not related. Different Protons

Turd Ferguson's picture

LIESman says

MODERATOR

"Minutes indicate that The Fed is this close (fingers an inch apart) to doing QE3. Either in September or later this year."

The main thing is a line where economy needs "substantial improvement" or else more "measures" coming.

Fired's picture

Over the last few days we

Over the last few days we have also seen a departure from the usual pattern of up after hours and smack at the open of NY. Clearly something going on like positioning for an event.

El Gordo's picture

Mini woody?

Is that a little woody peeking out on that chart there?

adi's picture

up we go

iacta alea est

Bollocks's picture

djventy nayn sheventy

nice!

MrC's picture

so how much of the up move is

so how much of the up move is down to the pig free falling? I'm not convinced yet.

thesandbox's picture

Equities...

seem to have this priced in already? Words only seem to have lost their mojo....I guess the real thing will have to come next.

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