Wising Up

Tue, Jul 12, 2011 - 11:47am

As I type this at 11:21 EDT, it appears that the NY gold buyers may have wised up a little bit. Instead of buying ahead of the London fix, it almost looks like some decided to wait until after 11:00. I have a last of 1553.20. Let's see what the good guys can accomplish in the next couple of hours.

Speaking of The Good Guys, how about that lovely little FUBM in gold yesterday? Don't let the acronym fool you. The FUBM is a very important technical feature. It shows two significant things:

1) EE concern about rising price caused them to violently, maliciously raid. Their nervousness is bullish.

2) Our side's overwhelming demand drives price right back up to where it started. No "running for the hills" or "selling avalanche". Nope. PM bulls are getting their cajones back.

In fact, the selloff was so brazen and the comeback so impressive that I'm about to declare the doldrums to be over. About to...but not yet. Let's see what today brings. Ideally, gold will continue higher in NY (last now is 1553.70) and close near or above the old all-time closing high from 5/2 at 1558.40. IF it can do this, the next target will be to trade through and close above the intraday high of 1578. WHEN that happens, it'll be off to the races. Is it time for optimism? Yes. Could Santa and Turk end up being right? Of course. We'll know very soon.

Silver continues to frustrate and annoy. If I could print a chart for you, it would be a 3-hour silver. You can clearly see the fear in the eyes of Monkeys at 36.80. They'd do anything to keep it below there and, for a while, they'll try. They won't succeed, however, and silver will eventually trade much higher. However, don't get ahead of yourself and act in haste. As hoped, it found really good support around $35.20 but now needs to get back above $36 or it risks rolling back over. A violation of yesterday's lows near 34.80 would likely send it back down toward 33.50. Yikes! So, watch silver closely and stay nimble. The Forces of Darkness are well aware of the importance of keeping silver below $37. Don't be a hero and try to take them out all by yourself.

We are getting good help from DrC and crude, however. Copper was in a little downtrend on the hourly chart but it bottomed right where it should near 432 and now looks OK. Crude fell all the way to 93.55 overnight but is now back above the all-important $96.

As I close, gold continues to hang in there at 1553. Keep a close eye on it. Thank you for your patience with my lack of technical capability this week. Things should return to "normal" by Friday. Have a great day! TF

About the Author

turd [at] tfmetalsreport [dot] com ()


Jul 12, 2011 - 2:28pm

10Y and 30Y bond auction coming up

Will EE sit there taking this gold pounding in their @$$ the next two days?

LaMachinna Tesla
Jul 12, 2011 - 2:28pm


BTW....loved TESLA back in the day...okay dating myself, I know

Thanks for the hat tip.....my very first, me thinks! I'm just a (baby) grasshopper here along all the Sensei's (sp?) and cannot tell you how much I appreciate each of you and......


SRV - ES339
Jul 12, 2011 - 2:29pm

PSLV, SLV, or Comex?

Interesting Seeking Alpha piece on SLV / PSLV and the Comex...


Jul 12, 2011 - 2:31pm


I think that 95% is conservative. I'd go closer to 97-98%,maybe higher, but you are right. It is truly sad.

tmosley Shill
Jul 12, 2011 - 2:32pm

Yes, the weak hands will be

Yes, the weak hands will be separated from their physical prior to the industrial panic. You won't do poorly with gold, but you won't do nearly as well as silver.

I don't know why people are suddenly so offput by silver. It's still up 100% YoY. You can't ask for much more than that in a situation that isn't ruled by unbounded panic.

Economical Disaster
Jul 12, 2011 - 2:33pm

Santa was 100% Correct

Amazing insight SANTA has on world events including the price of GOLD. He is the closest insider on the net. His father actually started most brokerage firms on wall street, many years ago. I have been following him since the 90's.

My hat tip to him..again.

GOLD may be going to Martin Armstrong's $12,500..with this collapse.

Jul 12, 2011 - 2:34pm

Go Baby Go

About freaking time! Now if silver can just tag along, things are just the way we have all been waiting for. Eventually, the truth has to rise.

Jul 12, 2011 - 2:37pm



With the Ratio about 43:1 I think silver has much more upside than gold. Now do i think it'll get to 16:1 or even 20:1 I don't know, but it will be much less than 43:1

Jul 12, 2011 - 2:37pm

Goes to show you how quickly people lose sight

... of big picture. Gold's margin is lowered while silver's is pumped up to lure more people into gold and ease off the stress on silver, and yet silver is declared a speculative pretender. Those of you upset about silver should have never entered this market since you don't understand the fundamentals of silver even after this ride.

Jul 12, 2011 - 2:39pm

100 Dollar Silver Coming Very Soon

Hey guys!

I dont usually post here, just like at the blogspot site, however I try to make my contributions valuable.

Today I received by email a very interesting article about why Silver could be up par to the price of gold.. yep you guessed it, our DD is all over the place however the author does not mention anything about the dollar demise, therefore I believe that this explosion in the price of Silver is just about to take off.

Here I'm sharing with you the whole email article (complete... even with ads -sorry about that-) in a rtf file (text file with imaging and formatting)



Jul 12, 2011 - 2:42pm

The good shi"p" Turd

Therererererer she blows cappin! Off the port and starboard bows About to get very interesting

Jake tmosley
Jul 12, 2011 - 2:44pm

"you won't do nearly as well

"you won't do nearly as well as silver."

"You can't ask for much more than that in a situation that isn't ruled by unbounded panic."

Well Said! Hat Tip!

CNBS Saying Fed Talked about Renewed QE---CNBS Called it QE3. It's Official, The Shills are on Board! Having bought silver in the 33-34 range is a great feeling!

James Brown - I Feel Good
Jul 12, 2011 - 2:44pm

Short Gold (Short Term Trade)

Trust me, I am in for a large sum of money on Gold but this is an obvious play. Gold will continue to Sky rocket until the debt ceiling is raised in the next 4-5 days and then you will see a $100 swing down in gold. It will then stabilize because people will realize that nothing has really changed, and then by August gold will start its run to 1800 by year end. Don't fall for this trap. It is a FEAR trade that will fall apart as soon as they announce the debt ceiling will be raised. The politicians are only playing games.

Dr G
Jul 12, 2011 - 2:45pm


It's great to be excited, but remember that what is pumped up in rapid time will usually be deflated quickly as well. We want a nice solid and sustainable run in our metals, so here's to hoping for that.

Bay of Pigs
Jul 12, 2011 - 2:45pm


Looks like this is it boys and girls, which is why I listen to people like Turk, Embry, Santa and Turd. These guys get it. There is no reason to listen to any of the PM skeptics. They are wrong and will continue to be wrong.

I suppose it's possible we could see another down draft but with what is going on in Europe and the US debt ceiling , I seriously doubt it.

Another day or two around here and the next leg up is confirmed. $1600-1650 next levels to overcome.

Jul 12, 2011 - 2:46pm

Gold strong like a Bull

on the Clear AND the Cream!

Love those rocket shots Tesla, nice work! Many HT's to you.

Jul 12, 2011 - 2:48pm

How sweet was that??

There's nothing quite like a breath-taking upward surge in the PM's to make your day. This is just the first of many market spasms as this debt ceiling showdown comes to a head.

You can almost hear George Soro's smacking his lips at this point.

Jul 12, 2011 - 2:48pm

  High of $1,573.11

High of


FogHorn LegHorn LaMachinna
Jul 12, 2011 - 2:52pm

tesla could have changed the world

Tesla invented broadcast electricity,free wireless electricity for the masses, imagine.He was one if not the most important inventor geniuses of all time. He died a pauper crushed by the EE. Humanity has been cheated, his ideas stolen or twisted into evil pursuits.Goodness will prevail.The EE will reap what they sow.--oops got carried away there for a moment, Sorry!! -- @ laMachinna a hat tip to you seniorita @Tesla luv those graphics!! bit of cliffy there norm.Cheers

Tom L Economical Disaster
Jul 12, 2011 - 2:53pm



I found Sinclair aroun 2003 or so, just before he started jsmineset.com. He's been absolutely invaluable to me. If I had any real talent as a trader I'd be rich. It sucks really.

Armstrong, btw, feels that there's a correction coming in gold... at least that was the inference in this report:


I'm not sure how that factors in vis a vis his 6/13-14 inflection point. We'll see. No correction could mean things unravel even faster than he's expecting, or that the unraveling will be even worse than he is currently considering.


Jul 12, 2011 - 2:54pm


Those of you upset about silver should have never entered this market since you don't understand the fundamentals of silver even after this ride.

Been doing this for well over 15 years how about you? This is not a weak hands thought, I am just not finding silver attractive as I once did. Besides, trust me when I tell you I am over weight in the Grey Mare, I'll say no more.

Economical Disaster
Jul 12, 2011 - 2:55pm


Obama says he cannot guarantee Social Security checks will go out on August 3.

.Meaning QE3 is on the way...


Jul 12, 2011 - 2:56pm

Picture this a double top in daily gold chart!

Does anyone see a double top being painted in the daily gold chart?

Jul 12, 2011 - 2:56pm

Looks like the dam has sprung a leak

Another interesting day. The turn around yesterday was also impressive and encouraging. For the chart watchers out there, we are right back to where we were on April 29 - the day before the May hail storms began.

Believe it or not, I am bracing for a full on "shock and awe" style $hitstorm as it looks like we are on the verge of setting some more records...and I am guessing the EE does NOT wan't that. Given that they ultimately failed to keep things contained at $1550-60 (after multiple attempts to breach this level, however), maybe they are finally starting to lose control of the wild golden colored beast (while the silverback gorilla remains caged up for the time being)?

Yes, some encouraging signs, but I am not planning on popping corks and dancing on tabletops anytime soon. In fact, I haven't even put the champagne on ice yet.

Jul 12, 2011 - 2:56pm


Own Gold and Silver!
Silver Danny
Jul 12, 2011 - 2:57pm

So I came back to this screen

So I came back to this screen after lunch...... I was getting ready to haul butt to top off my supplies!

Economical Disaster
Jul 12, 2011 - 2:59pm
silverwood FogHorn LegHorn
Jul 12, 2011 - 3:00pm

Good video on Tesla

Foghorn Leghorn, I just watched this documentary on Tesla and I totally enjoyed it, if you haven't watched it do so...https://topdocumentaryfilms.com/nikola-tesla-the-genius/

I Am The Unknown Comic
Jul 12, 2011 - 3:03pm

Short Squeeze?

Anybody else but me expecting short covering rally in silver and gold at the end of today?

Jul 12, 2011 - 3:07pm

sold all my SLV and flipped it for HL

I figured would be maybe neutral and I want OUT of propping up the bastards in SLV.


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