Catching A Bid

Mon, Jul 11, 2011 - 10:40am

With the gold market rallying the way it is, I thought it might be best to go back and review this:

I would add this to the discussion:

And this:,_Gold_Silver_Shorts_Will_be_Destroyed.html

And this, too:

I will have very limited internet/chart access for the next few days so please bear with me. In gold, the key level to watch for today is, quite obviously, the $1559.30 high of 6/22. A close above there would be hugely significant and I have a last of $1556.30. Closing above there would also eclipse the old, all-time closing high if $1558.40 set on 5/2. Who knew today would be such an interesting day, huh?

In silver, the level to watch is still $36.79, also set on 6/22. If silver can get through there and close above, it should have clear sailing to $38 and, beyond there, the critical 39.50 level. Unfortunately, silver is running into some risk-off, general commodity selling which is providing a rather significant headwind. We'll just have to watch and see. Maybe the FMX Connect people will be right.

OK, hang in there and have a fun day. It will be interesting, to say the least. TF

About the Author

turd [at] tfmetalsreport [dot] com ()


Jul 11, 2011 - 10:42am

Gold must make new highs

Gold must make new highs verse all major currencies before starting its move to new perception as Sound Money. Only then will the exponential moves occur with ease... -- Paraphrased philosophy learned from Mike Maloney

Well.... it looks like the super-cycle could be beginning... hold on to your hats folks. This will be a very unique experience, as the world has never been this integrated/completely dependent on fiat currency...

Euro Price of Gold Closing at record highs (Previous high close 1083.47)

Great Britain Pound Gold Price Poised to Close above all time high (Previous High: 964.41 Pounds/oz)


Mike Maloney Tells All on Why Gold and Silver, the endgame of fiat currency.

Why Gold & Silver? - Mike Maloney - Silver & Gold Investing

Jul 11, 2011 - 10:46am

Straight Down

Wow, just as soon as I get this posted everything goes straight down. Yikes!

Be careful out there!

Jul 11, 2011 - 10:47am

Jim Cramer takes Buffet

Jim Cramer takes Warren Buffet to the woodshed and whips his little behind. Nice to see the old prick from Omaha get taken down a notch or two. Don't be fooled, Buffet is just another Corporate Welfare Queen.

Must see.

Dr G
Jul 11, 2011 - 10:47am

Stupid market. Stupid, stupid

Stupid market. Stupid, stupid market. Flip-flop, waterfalls, etc.

Stack physical so your stomach doesn't hurt. :)

Jul 11, 2011 - 10:48am


Video unavailable
Jul 11, 2011 - 10:54am

This is your Captain speaking

"Take me to your High Frequency Traders"

Jul 11, 2011 - 10:56am

Classic, 2-wave FUTF?

The bad news? Silver down $1.00 in 13 minutes.

The good news? The last time we saw similar desperation during COMEX hours, these episodes were often followed by $1+ FUBMs.

Buckle your seatbelt Dorothy, 'cause Kansas is going bye-bye!"
WYO Silver
Jul 11, 2011 - 10:56am

Maguire Audio Interview

Turd posted the audio link to the Andrew Maguire interview on King World News above. Here are some additional comments from the interview for those who can't immediately access the audio portion:

"I think we just get back to true supply/demand. We haven't ever seen it in silver. I don't think we've seen it in 20 years. There's going to be a new third gold and silver fix each morning at 8:00 A.M. Beijing time that is going to reflect REAL WORLD PRICING. Now, it's going to be real interesting to see the effects of this fix and what it's going to have on the London fixes and the HFT-traded paper selling that often follows the London fix. We know when we get a quiet after-hour access market, we often see a huge sell-off occur in thin markets. As volumes migrate to Asia, we will see the price reflected in other currencies and on a much more competitive world stage."

"It's a picture of picking up sand with open fingers. They (Maguire's Asian customers) view their dollars as if it were sand and they want to get rid of them, as quickly as possible. They're looking to buy anything of tangible value. Gold and silver, of course, is currency."

"When this new dynamic gets vended in here and we see physical demand ramping up, I have a feeling these bids will start moving up rapidly as they compete with the shorts to get out. I can see triple-digits (silver)."

Stay focused on the longer term, Turdites.

Jul 11, 2011 - 10:57am


Down .71 in seconds. wow and still caving.

Jul 11, 2011 - 10:59am

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