Summer Ends

Friday, September 21, 2012 at 11:05 am

Hmmmm....let's see. Was it HOT? Yes, most definitely. Real, real hot. How about EXPLOSIVE? Ehhh, kinda. Silver from $27 to $35 ain't too shabby but not necessarily explosive. HISTORIC? Definitely not. Nothing historic about it. Lots of new longs and lots of fresh paper shorts, happily supplied by The Cartels. So, summer passes without an "HEH" move. Again, hmmmm. I wonder what's next?

I guess there's no sense in me going over the details again. Yes, I expected some historic, explosive price action this summer. Not knowing the true timeframe, I asked for the period 6/21 - 9/21. Nuts. Didn't Hasn't happen(ed). All we can do now is continue to wait. In the meantime, I'm at least gratified by the fact that I pleaded with you all summer to buy and add to your stack while silver was bouncing between $26 and $28. Since there are still folks out there who criticize me for suggesting you buy at $47, I can now rightly claim that anyone who followed me at $27 is just $2 away from being even. (For the mathematically challenged, 47+27 / 2 = 37.) And, rest assured, $37 is right around the corner as is a return to $47 and beyond.

Very soon, acquittal will be at hand and vindication will be ours. In the meantime, we'll just watch the metals grind forward in their Cartel-enforced pattern of "managed ascent". Today, after a week of increasing pressure, the cap installed at 1780 has fallen. Closing above that level today brings 1800-1805 into focus for next week. Silver has finally cleared $35 and only resistance near $35.50 can slow it again before it stabs toward $37.50.

Continuing to underpin the gold market is a real rush to exchange euro for gold. We've been watching the euro/gold chart for weeks now as it has led $/gold. Today, euro gold made a new alltime high. Could $ gold be far behind? http://www.zerohedge.com/news/gold-euros-hits-all-time-highs

And if you have a few minutes today or tomorrow, please take the time to watch this episode of Capital Account with the Lovely, Leggy Lauren. (New acronym "LLL"?) Many folks buy and trade ETFs without giving them a second thought. After watching this video, you might begin to tread more carefully.

Lastly, I'm confident that we will see more than our usual share of trolls today as they will likely emerge from the subterranean abodes to give me grief about my "failed summer forecast". Again, as my Old Man says "Let om." What most can't seem to understand is that, even though my timing was off, the "historic" events are still looming just over the horizon. It will be interesting to see just how many naysayers return to humbly apologize when I am finally proven correct.

I leave you today with some Friday music. I friend of mine introduced me to JD McPherson a few weeks ago and I'm hooked. He's touring the states this fall and I'm very much looking forward to seeing him. In the interim, youtube provides the fix. Have a great day and a relaxing weekend. Watch for closes above 1780 and 35 and then prepare for more excitement next week.

TF

Comments

Bollocks's picture

First!

Submitted by Bollocks on September 21, 2012 - 11:06am.

Ha!

Just as Blythe hammers the metals. FUBM!

I shall celebrate my first first in the only way I know how:

There's a 100-hour version of this on youtube. I kid you not...

Istack's picture

How much longer?

Submitted by Istack on September 21, 2012 - 11:06am.

How much longer can they hold 35?

philly's picture

Because...

Submitted by philly on September 21, 2012 - 11:08am.

My 1st THURD!!

Turd Ferguson's picture

Oh man...

Submitted by Turd Ferguson on September 21, 2012 - 11:08am.
MODERATOR

So, I take an hour or so to type this up and hit send. I then re-open TFMR and see the blatant beatdown of silver, back below $35. All while the dollar is flat. Whatever.

We'll get em next time.

Hard Rain's picture

29.6%

Submitted by Hard Rain on September 21, 2012 - 11:09am.

....move in silver ain't so bad. i will take it.

rain

Mr. Fix's picture

.Sixth

Submitted by Mr. Fix on September 21, 2012 - 11:09am.

I'm loosing my touch.

Dead Canary's picture

Grrrrr

Submitted by Dead Canary on September 21, 2012 - 11:10am.

You maniacs! You blew it up! Damn you Blyth Masters! DAMN YOU ALL TO HELL!

DrkPurpleHaze's picture

Just sign on the dotted line...

Submitted by DrkPurpleHaze on September 21, 2012 - 11:10am.

Sept. 21, 2012, 11:03 a.m. EDT

Spain premier’s bailout fears explained in a photo

Commentary: Rajoy may be trying to avoid a ‘Suharto moment’

By MarketWatch


Reuters

Then-IMF Managing Director Michel Camdessus, left, and Indonesian President Suharto in 1998.

FRANKFURT (MarketWatch) — Perplexed as to why it is taking Spanish Prime Minister Mariano Rajoy so long to sign up for a full bailout from the country’s European partners? Take a look at the photo above from January 1998.

Suharto, the man bending over the desk with pen in hand, was Indonesia’s president. He’s signing an agreement to bring the country $43 billion in aid from the International Monetary Fund after Indonesia was knocked low by the Asia’s financial crisis more than a decade ago. The man looking on with arms crossed, Michel Camdessus, was chairman of the IMF.

The photo soon became infamous. To enraged Indonesians, Camdessus’s pose symbolized humiliation and disrespect at the hands of Western powers. To critics of the IMF, it symbolized a tone-deaf institution whose austerity-first policies often did more harm than good.

Fast forward to 2012. A former colonial power such as Spain can hardly claim to be a victim of Western imperialism. But a similar dynamic writ small exists within the euro zone.

Spain and other “Club Med” countries are looked down on by their northern European partners for a host of fiscal sins both real and imagined. Spaniards, Greeks and others resent the tone and sniff more than a whiff of hypocrisy. 

And for Rajoy, that’s the rub.

While Rajoy and the troika made up of the European Commission, European Central Bank and IMF are surely savvy enough to avoid...

http://www.marketwatch.com/story/spain-premiers-bailout-fears-explained-...

tobydaniel's picture

Good morning taxpayers out there!

Submitted by tobydaniel on September 21, 2012 - 11:10am.

I wonder how much taxpayers currency went into this raid today?

MrSteed's picture

According To The Knee-Jerk

Submitted by MrSteed on September 21, 2012 - 11:11am.

According To The Knee-Jerk Market, South Africa Mines Silver

 
Tyler Durden's picture

Submitted by Tyler Durden on 09/21/2012 11:08 -0400

Moments ago, a stray headline crossing Bloomberg was the catalyst for violent selling across the precious metal complex. The headline in question is this:

  • SOUTH AFRICA GOLD PRODUCERS TO CONSIDER BRINGING FWD WAGE TALKS
  •  
ivars's picture

I was away, happy that

Submitted by ivars on September 21, 2012 - 11:11am.

I was away, happy that nothing happens, now what we see! 10:40 A.M. has some special meaning in this..witch day?

On other hand, end of long log periodic wave (15 aug-today) is forming nicely, may be will end with an inverted hammer.

Before that,silver managed to hit my buy order at 35,22 1000 Oz. So I have more oz now. have to wait again for this shocker to be returned back to return to >35.

Turd Ferguson's picture

75c in 10 minutes

Submitted by Turd Ferguson on September 21, 2012 - 11:14am.
MODERATOR

Business as usual. Just be patient. Their days are numbered. BTFD.

Big Dutch's picture

Blatant

Submitted by Big Dutch on September 21, 2012 - 11:14am.

That beatdown was so blatant I'm sure CNBC will be all over it.  Going to sit down in front of the TV and wait for a special report.  I'll get back to you guys and let you know what they say.  Be back soon  .........................................................................................................

Pining 4 the Fjords's picture

Beware of flying monkeys

Submitted by Pining 4 the Fjords on September 21, 2012 - 11:15am.

The man who stole a leopard's picture

KWN or TFMR Podcast Suggestion: Interview World's Richest Kid

Submitted by The man who sto... on September 21, 2012 - 11:17am.

JOINING US NOW IS LEGENDARY RICHIE RICH, SON OF FANTASTICALLY WEALTHY PARENTS AND THE WORLD'S RICHEST KID... RICHIE, WITH THE RECENT RUN UP IN GOLD AND SMACK-DOWN THIS MORNING, I NEED TO ASK... WHAT WAS YOUR MOTIVATION TO GOLD PLATE YOUR DOG?!

HeNateMe's picture

The Entire World Is Easing...

Submitted by HeNateMe on September 21, 2012 - 11:17am.

So I don't give a rat's ass about this triple witching day whimper of a beat down.  You have to buy on dips with QEternityXtheWorld. 

Let me say it again.  The Entire World Is Easing. 

'Nough said.

HeNateMe

reefman's picture

We HAVE to hold $34.33 or

Submitted by reefman on September 21, 2012 - 11:18am.

We HAVE to hold $34.33 or else we will be back at $32.50 before lunch time. 

Turd Ferguson's picture

(No subject)

Submitted by Turd Ferguson on September 21, 2012 - 11:18am.
MODERATOR

So now, the only reason gold has been going up, the only reason that it is being bought, is that some miners in RSA are on strike. And a rumor of a possible offer to end the strike is reason to smash silver for 75c.

Rrrrrrrrrrrrriiiiiiiiiiiggggggggghhhhhhhhhttttttttttt.........

News Headline Summary

South Africa gold producers to consider bringing forward wage talks; were due to be held last year

Update details:

- Unrest and tension between unions and gold producers have seen large-scale mining strikes in South Africa. This began at the Lonmin platinum mine and has since spread to gold mines causing upside in precious metals. These latest comments suggest a an agreement between the unions and employers is nearing.

 
DrkPurpleHaze's picture

HEH

Submitted by DrkPurpleHaze on September 21, 2012 - 11:19am.

Try not to sweat it TF.

I've seen us go from $1550 to $1785 and $27 to $35 in a very short time.

When your interpretation of HEH happens (and I'm confident it eventually will) it'll be a memorable moment for sure. We probably have too much political and market inertia for a reasonable timeline of events to allow what your HEH is all about at this time. All in due time and not before I guess.

I get the distinct feeling that the ground underneath the entire market complex is heaving and it's just a matter of time before it blows. We're in a rare and historic market/monetary territory and they're keeping it glued and taped together...but for how long?

duct_20tape.jpg

Turd Ferguson's picture

No we won't

Submitted by Turd Ferguson on September 21, 2012 - 11:19am.
MODERATOR

Are you high??

Warren Peace's picture

Nope!

Submitted by Warren Peace on September 21, 2012 - 11:20am.

They can't have silver closing over 35 on a weekly basis for goodness sake!

I miss the really good beatdowns, where I can stack and stack. Maybe we'll get another??

Dr G's picture

Complete rape job happening.

Submitted by Dr G on September 21, 2012 - 11:20am.

Complete rape job happening. Unbelievable.

EDIT: LOL at Turd asking a poster if he is high.

DrkPurpleHaze's picture

Blythe: Me and My Flying Monkeys

Submitted by DrkPurpleHaze on September 21, 2012 - 11:21am.

.

B. Bernanke: "QE is necessary....the benefits outweigh the costs." Jackson Hole ~ 8/31/12
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
SpeakEasy,NewsTicker,iCandy-Vids http://www.tfmetalsreport.com/forums/frivolity-forum

Bollocks's picture

Keiser just said this about JPM...

Submitted by Bollocks on September 21, 2012 - 11:27am.

"...rumors are flying that some very, very bad news for JP Morgan is coming out at the end of this month. Bart Chilton over at the CFTC said he’s announcing updates for the ongoing silver manipulation investigation but I’m hearing rumors of news that is supposed to rock JPM."

http://maxkeiser.com/2012/09/21/whats-damaging-jp-morgan-news-coming-end...

HEH anyone?

HeNateMe's picture

Because I Got High...

Submitted by HeNateMe on September 21, 2012 - 11:27am.

I sold my silver at $26.00 because I was high.

I dumped my mom's Mercury Dimes because I got high.

I loaded up on FRN's and bought Facebook stock because I got high.

Because I got high

Because I got high

Because I got high.

HeNateMe

tpbeta's picture

Fascinating period

Submitted by tpbeta on September 21, 2012 - 11:27am.

Clearly Turd was wrong on the HEH summer but (it may subsequently prove) for the right reasons. Conversely he was right about buying at $26 but for the wrong reasons. We all know the EE had a huge can of wup-ass to open up if Bernanke had not done QE, which was what most expected, including Turd. That said, right is right. Wish I'd listened.

Beginning to see the psychological wisdom of the stacking mentality. Following the daily ins and outs of silver is so brain frying, it hurts.

Byzantium's picture

Eurogold

Submitted by Byzantium on September 21, 2012 - 11:29am.

Let's say that there is a district of Sydney, Australia, where real estate is doing really well in principle, but at record highs when viewed in Euro terms. This Euro chart tells us that demand for real estate in this district of Sydney, is at a record high among the investors in Euroland.

Nah.

Like many, I am pretty sure that record gold prices in Euro terms, must be spurring Euro investment, especially in the way that it is not a price spike / bubble in Euro terms.

I think that corners are routinely skipped in explaining why a strong Eurogold chart signifies strong gold demand in the Eurozone. I believe that it does, but it is the context behind the chart, rather than the chart in isolation, that suggests such a conclusion.

thurd aye's picture

Jeez! The emotional level

Submitted by thurd aye on September 21, 2012 - 11:29am.

Jeez! The emotional level some of you get to with a beat-down is just ridiculous. If you are in metals ,esp silver,it's gonna be that way all the way up,every month,every year.Get used to it ,it's not a crying game.smileyfrownsmileyfrownsmileysmileysmiley!

Vypuero's picture

HFT algos did this and there is buying at these levels

Submitted by Vypuero on September 21, 2012 - 11:32am.

http://stocktwits.com/message/9630665

Air Garcia's picture

turd - i bought at 47 - and 27 (the first time)

Submitted by Air Garcia on September 21, 2012 - 11:32am.

think i bought at 49.  And 37.  And 19.  And 21.  Keep on Keepin' on, bro. 

I'd have bought at 27 the second time but i didn't have any funds. 

The haters aren't in it for the long haul, nor do they understand the fundamentals in my opinion.

No worries. 

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