Waiting for The Bernank

A nice little rally this morning. Hopefully, it's not a headfake. We'll know soon enough, I guess.

In honor of our rally this morning, let's have a Hat Contest!! Only one category today and that's silver. The winner must correctly guess the final closing price for spot silver on the Kitco chart in the homepage. This price closes at 5:15 EST before trading resumes at 6:00. Please use the comments section below for your guess. I'll close this thread at 12:30 p.m. EST, when the Fedlines are announced.

Speaking of the Fedlines....they are all that matter today. Everything else is just noise. Back in September, the Fedlines came out at Noon EST but today it is apparently 12:30. My guess is that LIESman complained to The Bernank that, back in Spetember, he didn't get a lunch break. It was Fedlines and then jet across town for The Bernank Gobbledygook Press Conference. With the extra half hour today, LIESman will be able to pound his baloney sandwich in peace before the big news.

http://www.washingtonpost.com/blogs/wonkblog/wp/2012/12/12/five-things-to-look-for-out-of-the-fed-today/

So, anyway, things are liable to get pretty dicey around here later. Hopefully, the servers will hold up through all of the traffic spikes. As far as price goes, silver might see resistance at 33.80, 34.40 and, if we really get rolling, anywhere over $35. If The Bernank "disappoints", look for support at 32.60 and 31.80. Gold will encounter resistance at the old "Iron Dome" of 1735-1740 and, of course, our latest highs of 1750-1755. The 1750+ level would also represent the old buggaboo of a 2% daily cap so that level would be worth watching later today. If a gold cascade develops, look for support near 1705 and then 1680.

OK, that's it. I'll have a new thread for you shortly after the Fedlines are released. Good luck with the Hat Contest!

TF

295 Comments

Pining 4 the Fjords's picture

First, y'all!

Guess:   Silver 31.92...   less QE than expected = an old-school beatdown.

FleetFeet's picture

Silver

$32.96

tmosley's picture

Silver @ $36.22

Silver @ $36.22

TJeffson's picture

Old Bennie

it's too bad we can't just get rid of the guy (and the whole FED while we're at it).   Hopefully, things go well for those of us here.

Silver @ 33.67

Dagney Taggart's picture

Yawn.....

I wouldn't miss "International Print Fiat Currency Day" for the world.

37.11

Deshman's picture

Silver @ $34.24

Silver @ $34.24

El Gordo's picture

Wait,

wait, wait.  Anybody think he will say anything substantive at all.  Or anything resembling a truthful statement?  Who knows, but time will tell, shxt will smell, etc.

$33.26

SIlverbee's picture

$33.59

unfortunately

more fun might be to guess how much it will tank in the moments before? Will we hit $32.50

RTMoney's picture

Silver @

34.21... I hope

mack's picture

Hi Ho Silver

Gettum up Scout

$34.44

Revelation's picture

12/13/14

Price prediction on Gold & Silver.

Priceless in dollars due to hyperinflation...

¤'s picture

Looking good...

Nice one P4 yes            

Today's hat guess...finds it way back down to $33.20 no matter what no

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My guess about buying at $32.80 yesterday a.m. is looking good right now. (Blind squirrel thing)

My pretend stop would be $33.50 that I would execute myself depending on what was said today and I'd cut loose my pretend SLV options today (later this afternoon) or by weeks end maybe. I think $33.70 is reachable. Hopefully we blow right past it towards $34 cool

I'm glad to be out of any paper investments right now. I sleep better and don't have a bunch of unforeseen and whimsical sound bites to worry about or contend with that have nothing to actually do with the market per se'.

We're all Pavlonian subjects right now and Ben speaking is the stimulus.

(Ivan Petrovich Pavlov)

uewb_08_img0547.jpg

Big Ben 10 years from now.

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My earlier guess. If I'm wrong I might as well  be wrong twice. blush

I'm going with the general consensus that the Fed replaces the Twist with bond buying instead.

I also think they'll increase the overall total to $100 -110 billion to round it off and not go too much higher then the psychological $100 bln. barrier at this time.

I'm not sure if they'll add that extra $15-25 bln. and split it among the MBS and bond buying evenly at $50-55 bln each or if they'll use my guessed upon increase of $15-25 on some other mortgage related purchase.

But if they do something new and unique I'm guessing it has with something to do with fannie, freddie, ginnie mae etc. that's separate from the already MBS they engaged in just recently with QE3.

I'm not sure how much their willing to do while this 'cliff' talk is still going on and the environment might not lend itself to increasing the Fed's purchases this month...but next month/year is a whole other story.

fast mover's picture

Silver @ 35.14

cheers!

gold69member's picture

Silver

$33.88

rocoach's picture

Silver

$32.36

and I'll be buying hand over fist

ClinkinKY's picture

Silver price---$123.45

I don't care about the hat. I just want to be right:)

Mudsharkbytes's picture

My guess:

$33.72

small_potatoes's picture

silver@

32.67

Nigel Black's picture

$33.81

if it falls to support ... BTFD

2nd Dan Fred's picture

Today's Close

$33.87

VAT Man is Robbing's picture

Silver close

I'll take a stab at 32.07.

Not liking the look of this pre Fed rally

Ripon2013's picture

23.17

23.17

Hondo's picture

AG. 34.21

fun!

boatman's picture

silver

33.97 close today

after a trip to 34.++ on over 45bil$  bond purchases to replace TWIST now that we're TWISTED as far as far as we can go.

i still like the AAPL /SILVER cross hat contest.

my guess:        189$.......................nov 2015    

Big Buffalo's picture

Silver

$32.41

Just A Regular Guy's picture

Hi-Ho Woody, Hi-Ho Pecker!

Silver $34.64

Mmmm baloney sandwich....

BagOfGold's picture

Philipat...Your ad hominem attacks on Groaner & Bollocks...

Now...

Bag Of Gold

Swift Boat Vet's picture

Let's be Optimistic -----

--- but not too much !

How about $ 33.93

Swifty

thatguy007's picture

Down then up

Crash to 32.95 before and up to 33.60 after

Dobocop's picture

Wtfdik

34.51

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