It's Tuesday?

Tue, Jul 5, 2011 - 10:27am

I don't know about you but I'm having real trouble with this being Tuesday. These Monday holidays always mess me up.

I've received several emails enquiring about the end of the summer doldrums. "How will we know?, they ask. "When will it be safe to get back in the water?", they want to know. Frankly, the end will start like today. A massive, short-covering spike on no real news that catches everyone off guard.

Could today be the end? I doubt it. If it were a month from now or if we were closer to doing some serious, bullish technical damage to the shorts, I'd be more inclined to believe it. For now, just enjoy seeing all of the green. Here are charts of the Big Three. Crude is the main one to watch today as a close back above $96 would make me very nervous if I was short and crude moving back toward triple digits will provided added strength to the PM bid later this week.

PLEASE take time to read this today, too. I don't know who this author is. I've never met or corresponded with him. However, not only does he have a 100% spot-on take on the Evil Empire and all its ugliness, he's 100% correct on the fraud that is the financial planning industry, too. Yes, there are good investment advisors out there but they are very few are far between. If you are currently working with one and he/she is advising you to "diversify" and "asset allocate" to "manage risk", while at the same time disparaging gold, silver and hard assets, RUN DON'T WALK out of this person's office.

I have lasts of 1510, 34.97 and 96.48. A nice way to start the week. More later. TF

About the Author

turd [at] tfmetalsreport [dot] com ()


Jul 5, 2011 - 10:32am
Jul 5, 2011 - 10:39am

excellent comments

Glad to see the TF back posting on this blog.

I agree regarding the price action of gold and silver in the short term, and I am also pleased to see gold holding the $1500 line and silver the $35 line.

People need to get used to this pricing level before we can get an acceleration into higher pricing ranges.

TF, I appreciate your comments about the financial planning industry. I am seeing alot of propaganda rolling out of that industry right now. They are trying to construct various names for it, but it always looks pyramidal to me.

Any other traders monitoring the GLD and SLV options contracts?

It appears that some 401k's do not allow options on futures contracts. They only allow options on ETF's and other stocks.

Has anyone found a mechanism to buy futures in a 401K that is not typically self-managed?

The only answer I seem to find is the PIMCO commodities fund, but I can not identify the asset allocation in that PIMCO fund either.

Jul 5, 2011 - 10:47am

Norcini whipsaw

I am selling some gold,silver,grains,corn,miners now to anyone who is still waiting for 'relative strength'. What's down shall be up, what's up shall be down. Its fear which allows bounces to happen and despair and frustration. The despair and frustration last week was palpable. Yes it could have gone down further today. And yes it still can but to me that is not the point. Gold has just bounced 35 points off its last lows. To me its all about money management. I ain't ever going to time this thing well and as the volatility gets more and more crazy over the next years I don't think many will.

Natural gas is selling nicely after gapping up. Its on sale again. The chart doesn't look too good. Time to buy.

Jul 5, 2011 - 10:49am

New highs in gold coming by

New highs in gold coming by end of July on US dollar lows as the political spectacle of the raising the debt ceiling stops becoming theory, instead law. Also, Alex Jones is calling for ground troops in Libya within the next several weeks, but he cited Debka for several of his points, so we will have to see...

They knocked down crude oil to make room for a new invasion in the middle east and to neutralize inflation fears going into the debt ceiling "decision" (it has all been orchestrated already).

The commercial shorts are covering....


Watch out for a accelerated inflation once the debt ceiling is digested... as the inflation trade will be what everyone is talking about for the next year and a half as the Federal Reserve Note crumbles....


As for the rest of the day...

Remember that gold has never closed above 2% on a day, and at 1512 it was up something like 1.99%... so this is probably all we have for the day... unless history was about to change, but don't count on that (just yet).


But let us not forget where we have come in the last 40 years....

Jul 5, 2011 - 10:49am


Silver's seasonal chart has silver bottoming the last week in June. And if last fall is repeated which I suspect it will, we all should enjoy riding the silver rocket ship from now till the end of December. I urge everyone to get physical at these prices while they last.......don't be the one saying in October, "damn, I knew it.....why didn't I buy silver at 35 bucks during the summer doldrums."

Chinese Proverb: Man who has silver coins never go hungry. Man who has gold coins has many friends. Man who holds paper needs to wipe ass.

Warren Peace
Jul 5, 2011 - 10:49am

Gold looking good by this

Gold looking good by this chart from TD.

BTW, anyone see the story about federal RICO suits against the EE JP Morgue, and HSBC?

I Thought these suits were kind of old news... from November 2010?

Is there new developments in this case, or are these new suits?

Northern Border
Jul 5, 2011 - 10:52am

Its always safe in the water when your stacking physical

Can you believe that I actually was able to convince 3 more people in this crowd over the weekend to start stacking physical?!/photo.php?fbid=2040974756752&set=a.1251816108279.37320.1615815065&type=1&theater!/photo.php?fbid=2040974756752&set=a.1251816108279.37320.1615815065&type=1&theater

I am hoping those links work. Could not figure out how to upload the files but regardless, I got 3 more people into the life boat over the long holiday weekend!


Jul 5, 2011 - 10:54am


Those are great takes my friend. Good insights imo. Stay strong.

Jul 5, 2011 - 10:58am

agree Turd

Financial advisors are lazy cons. A rung in Hell should be reserved for them.

Jul 5, 2011 - 11:05am

$1515 gold

I think TF is right and this may only be a short term knee jerk reaction to the craziness we witnessed late last week. Basically we're back to where gold was at on Wednesday before the bottom fell out on Thurs/Fri. For now, it doesn't look like we get back to $1515+ (but we got pretty close).

I'm looking for the EE to lay everyone out once again maybe later today or overnight and push prices well below $1500. Lord knows they wouldn't want this rally to gather any steam, so extinguishing this fire ASAP makes perfect sense. What really spooks me is that we are only a matter of weeks into this blatant (not to mention systematic and calculated) attempt by TPTB to kill commodities and the damage done already is significant. Remember, the "blatant, systematic and calculated" attempt by the TPTB to keep this rigged, stock market ponzi scheme from imploding is now into it's third year (and counting). I think we are in unprecented territory and anything and everything (whether legal or not) is possible. Anyone that actually believed we'd be standing here today talking about the possibility of the S&P going to new highs again is simply a liar.

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