Change of Plans

Wednesday, August 22, 2012 at 1:22 pm

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.

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Comments

uno

Submitted by gjervis on August 22, 2012 - 1:22pm.

uno

And an interesting spike of

Submitted by Turd Ferguson on August 22, 2012 - 1:23pm.

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.

Dip

Submitted by Istack on August 22, 2012 - 1:24pm.

i wanna buy

i really like mercury dimes

Holding on

Submitted by El Gordo on August 22, 2012 - 1:25pm.

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

PIMCO added more Gold below $1600

Submitted by Money By Trading on August 22, 2012 - 1:27pm.

Reports Trader Dan:

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

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.

Turd for president

Submitted by Jasper16 on August 22, 2012 - 1:28pm.

I'm writing your name in.

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

Mid-week Charts on Gold, Dollar

Submitted by Money By Trading on August 22, 2012 - 1:28pm.

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

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

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

Submitted by Really- on August 22, 2012 - 1:29pm.

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

SI 240

Submitted by rtabit on August 22, 2012 - 1:30pm.

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

http://www.screencast.com/users/RandyTabit/folders/Silver/media/9072f7f3-9596-4297-b451-65728d27d7d2

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.

Turd for President?

Submitted by Really- on August 22, 2012 - 1:30pm.

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!!!

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

Submitted by Mr. Fix on August 22, 2012 - 1:36pm.

I like the sound of that!

i think turd has the midas

Submitted by babodonk on August 22, 2012 - 1:37pm.

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

Free fall in gold, silver is

Submitted by Mr. Fix on August 22, 2012 - 1:40pm.

Free fall in gold, silver is holding.

LATE SUMMA!

Submitted by SV on August 22, 2012 - 1:41pm.

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

So what is your prediction?

Submitted by Protonhead on August 22, 2012 - 1:44pm.

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!

This is BIG!

Submitted by Dagney Taggart on August 22, 2012 - 1:52pm.

A Tech just sent me this.....

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

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.