A Big Week Ahead

Sat, Jul 9, 2011 - 9:52am

Next week is shaping up to be significant for the short term charts. Can gold get through 1555 and break out of its summer range? Can silver break 37 and then 37.50 and head off to tackle the last line of EE defense at 39.50? Can crude build a new base above 96 and get ready to make a move at 101? I suspect we'll have most of our answers by next Friday.

Here are you charts:

Here are a few things to help you kill some time as we wait for tomorrow at 6:00 EDT. First, I don't know how many of you saw this is the comments of yesterday's blog but this is simply fantastic:

Jim Willie has written a very interesting piece. Please take time to read it.


Trader Dan doesn't post as often as he used to but you need to keep checking his site or your liable to miss some very important information:


I found this link on Drudge. It's 5-6 minutes of silliness. By the way, there was some political "debate" in the comments yesterday. I hope that, by now, we all understand that it is both parties --- The Republocrats --- that have gotten us into this mess. Blaming one over the other is a complete waste of time.


This article needs no introduction. I think you can draw your own conclusions:


Lastly, you know how much I like patterns so you shouldn't be surprised that this got my attention:


That's it for now. Have a great weekend!! TF

About the Author

turd [at] tfmetalsreport [dot] com ()


Jul 9, 2011 - 12:07pm

The Secret of Oz

There are different versions of the Secret of Oz, and if I'm not mistaken, this is the most up to date version:

The Secret of Oz - Winner, Best Docu of 2010 v.1.09.11
Jul 9, 2011 - 12:10pm

Rick Santelli I love you !

Monedas is considering using the word "Wop" with a little less frecuency ! Of course it's been years since I used it as a perjorative taunt in grade school ! My best friend was one ! As a matter of fact, he changed his name ! I now taunt him, you changed your name and now it's cool to be Italian ! Good market timing ! I told him I love Santelli and Bartiromo ! All he could mutter was, "I hear she's got a big butt !". Life is good when you're Monedas 2011 BTW Turd, don't wait for Ag $40 !

Jul 9, 2011 - 12:15pm

Thanks for the post Turd

... and stack it ^
Jul 9, 2011 - 12:19pm

Who owns the gold?

If history is any guide, I'm pretty sure TPTB know that the only way to bring back confidence to the masses after their fiat currency has imploded is to bring out a commodities based currency. Hmmmm, funny that - the elite seem to already own most the gold.... So, yes. A gold backed system is what we are heading for.

Now SILVER on the other hand. Silver is not in their plans and is quite pesky and must be suppressed at all cost, lest we figure out we can save ourselves with it.

Jul 9, 2011 - 12:30pm

Norcini and timing

"the all important 1550 in Gold holds the key to its fortunes", says Norcini, or paraphrasing. I disagree. Anyone consistently buying weakness on his chart in Gold and selling into strength would have continually made profitable trades without all the drama,emotion and 'need' for certain levels to prove themselves and behave the way one wants them to behave. The opportunity cost for those in the gold community who wait for the perfect chart in Gold is huge. Same for Silver. In the meantime, guessing which exogenous factor be it political or economic will cause the chart to do whatever it will do in the future, however much fun it is in the guessing and however addictive that may be, is also the way to madness in my opinion. I am sure the good majority of traders would disagree with this opinion.

If I am in Rome and I am waiting to go to Paris but someone offers me the opportunity to go to Venice first on vacation and from there maybe I go to Paris, what am I going to do? Especially if Rome is the pits, its hot and expensive and no fun. The fearful ones argue "well if you set out for Venice you might end up in Sicily instead, be careful, you might get kidnapped!". True. That is always a possibility. But if I then look at my traveling chart and note the good likelihood of getting to Venice everytime Rome gets discounted then some of that fear is allayed. Then if I know that I am keeping good money as insurance in case I set out North but end up in Naples instead, more fear is accomodated.

It seems the problem is the traveler who demands to go to Paris on his time schedule with a one-way ticket. The problem is not the chart or the economy or the politics. The problem is the psychology of that trader imo.

Just throwing it out there. I'm sure this should attract dozens of detractors but I wanted to say it. Same thing applies to oil, to corn, etc.

Jul 9, 2011 - 1:03pm

It always feels like next

It always feels like next week....

But I suspect in 14 days there will be a vastly different overtone amongst the blog. Sure, metals and miners may be taking off... but where there is fortune there is despair.

In today's society, it is impossible to prepare accordingly, because if there is tyranny, then there shall be no opportunity for you no matter how much you prepare.

Spread the Ron Paul Revolution....
End the Fed...

Gold 2000$ by end of 2011, Silver $120 by end of 2011.... but remember this is only a representation of the death of the dollar (physical gold and silver are not doing anything they haven't done in the past thousands of years... well maybe silver (technology)).... it is the currency they are priced in that is faltering.

SilverWealth SilverWealth
Jul 9, 2011 - 1:14pm

the train to Paris

I forgot to add as well that those waiting only for the train to Paris and climbing onboard as that train appears to confirm its destination might realize two things- 1. the train has already come hundreds of miles North and 2. Say the train crosses the border into France but then 'unexpectedly' runs right off the tracks and must reverse,reset and dump passengers out at that border? and god forbid that number 3 happens, 3. conductors and drivers of the train to Paris are actually banksters who love to play with the transmission of the train, dump passengers out on the way and steal their luggage.

The real pressing question for people l is what if the government pursues confiscation of Gold and Silver, high taxes on it and prison terms for those in possession. Jim Rickards in his interview today seems to indicate that this is the course they will take.

Free Citizen
Jul 9, 2011 - 1:43pm

The whole world will have to selloff..

The whole world will have to selloff on Monday and Tuesday, including commodities and stocks, or Euro gold and pound gold will make new highs. They will not go sideways and if they make new highs dollar gold will not be far behind. A big week indeed

Jul 9, 2011 - 1:43pm

Bravo Silverwealth

Excellent Analogy, very well said.

Warren Peace
Jul 9, 2011 - 2:45pm

Watch the shares

The shares have led the way up on this rally, which is a really good sign. We can predict an EE attack by watching the behavior of the shares. If the shares are down 2-3% any day next week while the PMs are steady to up, this is the signal to all the EE tag a-shorts to pile in for an attack the next day. If that happens, we will head back towards the lower end of the trade range. If the shares continue to lead next week, then we will break through the upper trend line. After that we can further watch the shares to telegraph any attempted capping action by the EE. Just remember, the signal is when the PMs are steady to up, and you look at a basket of the shares, and they are down 2-3% average. When you see that...... run..... and go flat paper trades. Reload on the next day that the shares are noticeably outperforming the PMs. And always keep a substantial amount of physical, cause no one knows when this suckers going to crack up.

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Key Economic Events Week of 9/16

9/17 9:15 ET Cap Ute & Ind Prod
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9/19 8:30 ET Philly Fed
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Key Economic Events Week of 9/9

9/10 10:00 ET Job openings
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Key Economic Events Week of 9/3

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9/5 10:00 ET Factory Orders
9/6 8:30 ET BLSBS

Key Economic Events Week of 8/26

8/26 8:30 ET Durable Goods
8/27 9:00 ET Case-Shiller Home Price Idx
8/27 10:00 ET Consumer Confidence
8/29 8:30 ET Q2 GDP 2nd guess
8/29 8:30 ET Advance Trade in Goods
8/30 8:30 ET Pers. Inc. and Cons. Spend.
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Key Economic Events Week of 8/19

8/21 10:00 ET Existing home sales
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8/22 9:45 ET Markit Manu and Svc PMIs
8/22 Jackson Holedown begins
8/23 10:00 ET Chief Goon Powell speaks

Key Economic Events Week of 8/12

8/13 8:30 ET Consumer Price Index
8/14 8:30 ET Retail Sales
8/14 8:30 ET Productivity & Labor Costs
8/14 8:30 ET Philly Fed
8/14 9:15 ET Ind Prod and Cap Ute
8/14 10:00 ET Business Inventories
8/15 8:30 ET Housing Starts & Bldg Permits

Key Economic Events Week of 8/5

8/5 9:45 ET Markit services PMI
8/5 10:00 ET ISM services PMI
8/6 10:00 ET Job Openings
8/8 10:00 ET Wholesale Inventories
8/9 8:30 ET Producer Price Index

Key Economic Events Week of 7/29

7/30 8:30 ET Personal Inc/Spending & Core Inflation
7/30 10:00 ET Consumer Confidence
7/31 8:15 ET ADP employment
7/31 2:00 pm ET FOMC Fedlines
7/31 2:30 pm ET CGP presser
8/1 9:45 ET Markit Manu PMI
8/1 10:00 ET ISM Manu PMI
8/2 8:30 ET BLSBS
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Key Economic Events Week of 7/22

7/23 10:00 ET Existing home sales
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7/24 9:45 ET flash Markit PMIs
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7/16 10:00 ET Business Inventories
7/17 8:30 ET Housing Starts and Building Permits
7/18 8:30 ET Philly Fed
7/19 10:00 ET Consumer Sentiment

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