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 - 2:56pm


Own Gold and Silver!
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

Picture this a double top in daily gold chart!

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

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 - 2:54pm


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.

Tom LEconomical 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.


FogHorn LegHornLaMachinna
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

Jul 12, 2011 - 2:48pm

  High of $1,573.11

High of


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 - 2:46pm

Gold strong like a Bull

on the Clear AND the Cream!

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

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