Another Winner!

153
Mon, Jul 18, 2011 - 10:29am

I've got the re-crossing of $40 silver at about 3:09 EDT last night. Someone just won another autographed yellow hat. But who? I have no idea, frankly. I know someone out there in TurdLand has a spreadsheet of all the picks. Please post the winner in the comments section of this blog.

Our precious precious metals are sure looking fine this morning. Copper, crude and the grains are all down so it is clear that the world is looking at the PMs as safe haven plays...which they are. It's nice, too, to see that silver has shrugged off the "commodity" tag and is soaring alongside gold. Look for this to continue.

Now that silver is back above $40, look for the big money that left the pit back in May to come pouring back in. Not right away but in stages. IF silver can hold its position today and close above $40, the stages will be set for a run toward 42-42.50. It may briefly pause there before continuing higher. A close through $43 will force more dollars off of the sidelines and back into silver. Like April, we will likely see an accelerating move toward 48 and even 50. Do not think for a minute that the Forces of Darkness won't try everything in their power to paint a double-top at/near $50. Be very careful as price approaches that level. However, that's a topic for another day. For today, just enjoy the fact that silver is back above $40 and looks poised to mount another run toward 50 and...eventually...beyond.

Of course, gold looks fabulous, too. Hanging in there just above $1600 as I type. The simple fact that raiding and profit-taking at the psychologically significant sixteen hundred level hasn't occurred is interesting. If gold stays above 1600 for another hour or so, you may see buyers gain confidence that a quick drop will not be forthcoming. IF this happens, gold should skip away toward 1610. In either event, this is big news! Gold above 1600 is headline-grabbing material and it is sure to attract attention. It will help provide bids for the miners and it will provide spillover strength into the silver pit. A virtuous cycle, so to speak. Let's watch and see.

Have a great day. Rejoice and be happy. We are winning! TF

About the Author

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turd [at] tfmetalsreport [dot] com ()

  153 Comments

sevin
Jul 18, 2011 - 10:57am

I was thinking about the

I was thinking about the yellow hat. Since the competition was on the old site and besides the few whom we all know, there are a lot of users who have different names from before. Here is the link to the final results. It looks like Dani won with a date of 7/3/2011 at 2:37a.m. and Michiel got second with a date of 8/2/2011 at 10:00 pm. Both were 15 days apart. Here is link to final guesses. Thanks to H(Original):

https://spreadsheets.google.com/spreadsheet/ccc?hl=en_US&hl=en_US&key=te...

Here is the post from turd with the final guesses:

https://tfmetalsreport.blogspot.com/2011/05/empty-suits.html

Here is the contest post from turd:

https://tfmetalsreport.blogspot.com/2011/05/really-good-day.html

speconomist
Jul 18, 2011 - 11:00am

I think I predicted $40 at

I think I predicted $40 at some point in July (under the nickname Dani), I'll look for that spreadsheet. The email I used for that comment and the one used for registering this account is the same.

Also, please everybody be careful with your longs on Thursday & Friday as the debt ceiling is raised.

Wingy
Jul 18, 2011 - 11:05am

Dow is getting hammered

As we , err, type the DOW is getting it's a$$ kicked. Down 149.5 at 11:00am. Safe haven? HA!

First post.

Economical Disaster
Jul 18, 2011 - 11:07am

DEAL or No Deal?

Default 'Off the Table,' Debt Deal Will Be Struck: Geithner

https://finance.yahoo.com/news/Default-Off-the-Table-Debt-cnbc-270209907...

Jimbio
Jul 18, 2011 - 11:08am

Speconomist, Its pretty easy

Edit: i cant read.

MrSteed
Jul 18, 2011 - 11:09am

Wow.  Looks like yellow and

Wow. Looks like yellow and white got another kick up!

Monedas
Jul 18, 2011 - 11:11am

Monedas spake.....

.......and the $1600/$40 glass cieling was penetrated ! Traders and Hoarders rejoice ! Adm. Mullen is coordinating with Chinese to take down Iran ! When the smoke clears.......we dump the Iro-Negrish president ! Monedas 2011 A hat for your cat !

ScottJ
Jul 18, 2011 - 11:12am

People Get Ready

Video unavailable
tyberious
Jul 18, 2011 - 11:16am

Iro-Negrish

I thought we have concluded that is doesn't matter who is president, the outcomes will be the same! Don't be confused!

Vypuero
Jul 18, 2011 - 11:18am

silver more than half way to $41

Trading at like $40.6 to $40.7

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