The Assault Continues

109
Wed, Jul 20, 2011 - 10:01am

Seemingly not content with the havoc they wrought on the Globex yesterday, The Cartel continued their evil ways overnight.

Silver was actually trading around 39.30-40 at around 4:00 am EDT but then The Monkeys began to arrive for their morning shift on the desk and, just like yesterday, down she went, reaching a low of 38.32 by 5:20. Nice work, boys. Gold was hammered, too, but global demand is creating a "compressed spring" look to the gold chart. As gold approaches 1580, the amount of bids increase and it gets more and more difficult for the Forces of Evil to drive it lower. Crude and copper both look fine, too, which is further complicating matters for them. Look for this to continue. If it doesn't, we'll have a problem. Until then, so long as gold stays above 1576-78 and silver stays above 38, all we have is a protracted Cartel raid that will run its course in due time.

Now, here are a few other items to help you kill time while the storm passes. First up...I found this last night while flipping through the channels, trying to fall asleep. Recall yesterday that the cover used by The Cartel to begin their raid was the "deficit deal" proposed by the "Gang of Criminals" in the Senate. As you recall from civics class and Schoolhouse Rock, a bill must be drawn up and passed by both houses of Congress before it can be sent to the president for signature. Watch this clip of Congressman Ryan of Wisconsin and ask yourself if passage of both houses sounds likely:

https://www.foxnews.com/on-air/hannity/index.html#/v/1066282529001/exclusive-rep-paul-ryan-on-debt-negotiations/?playlist_id=86924

Just for fun, I lifted this chart from an article on ZH this morning. Pretty much says it all:

Ambrose Evans-Pritchard is back from and better than ever. You'll enjoy this:

https://www.telegraph.co.uk/finance/comment/ambroseevans_pritchard/8638644/Return-of-the-Gold-Standard-as-world-order-unravels.html

Lastly, my buddy Gonzalo in Argentina has typed up an excellent summary of the current state of decline. None of this is any fun and it is certainly disturbing but the truth hurts. We are where we are.

https://gonzalolira.blogspot.com/2011/07/full-spectrum-decay.html

He asked that I add this, too. An invite to his free webinar:

https://gonzalolira.blogspot.com/2011/07/week-in-words-3.html

OK, that's it. Hang in there and keep your chin up. Watch those levels closely and have a great day! TF

About the Author

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turd [at] tfmetalsreport [dot] com ()

  109 Comments

Vernon Wormer
Jul 20, 2011 - 10:03am

Turd Rules

Keep up the great work. I appreciate it. Thanks.

magis00
Jul 20, 2011 - 10:08am

QuickDraw McSilverTree -- "."

Thanks Turd -- you're the man. It's more than a little amazing that I can read your post without a dictionary . . . and there's no way that would happen without the community you've created. Can't say thanks enough.

Let's get the bastards!!

agNau
Jul 20, 2011 - 10:13am

I hope this is not a repost.

Turk has presented this before, I feel it is well worth a reread, and very relevant for our times. It is said that over 50% of our population( US ) is a government employee. Either employed or receiving benefits from the government. So we truly are at an epic turning (decision) point. This is why the push is on to create more "employees" as this is the moment of truth for the EE to gain total control. It is much more difficult to complain about an overarching government when they put food in your mouth and clothes on your back. https://www.kitco.com/ind/Turk/turk_jul112011.html

primetimeglick
Jul 20, 2011 - 10:14am

Why would anyone sell now?

The great crescendo of the precious metals bull market run is coming. To look at a chart of silver or gold over the past 12 years should make perfect sense why.

Since this market began we have seen nothing but grave financial “miscalculations” throughout the world. With each passing near emergency gold and silver have appeared more and more appealing.

Now I have a question for you.

Why would anyone decide to sell them NOW? Minutes from Midnight on what everyone has feared can happen in the blink of an eye sinceLTCM, then reminded by dotcom, and then being slapped in the face with a “lay off” of your job and home in the credit bubble. So now we are left just staring at a few precariously swaying dominos (and by a few I mean Greece, Italy, Spain, Portugal, Syria, Yemen, Iraq, Iran, Afghanistan, Egypt, Tunisia, Japan, The USA, China). So why we wait for the next strong breeze to blow through I am going to be stacking metal.

We tried leaving our money in the hands of our banks and our leaders and they ended up spending all the money on themselves. Now it’s gone and I am not going to rely on them the second time around.

Gont
Jul 20, 2011 - 10:14am

takeoff

Can we really have a real takeoff before QE3 is announced ??

silver_hunter
Jul 20, 2011 - 10:15am
SilverTree
Jul 20, 2011 - 10:19am
SilverWealth
Jul 20, 2011 - 10:21am

OE

OE in Gold coming up what next Tuesday? If you go on Jesse Crossroads site you see where he has plotted the strong tendency for Gold to sell down into OE and then bounce strongly. That would seem to be the setup here. Small trades off lows for bounces maybe but until next Tuesday I think the criminal racketeers want the price lower. This is because they want to vaporize all those retail calls bought a while back.

Just my two cents but I always respect the OE trade no matter how irrational the price movement at the time because it is criminally motivated. Reversals of momentum often happen about a week out from OE as we had suddenly yesterday.

¤
Jul 20, 2011 - 10:23am

A Bill Named Bill

Thanks for the thread and info TF.

This is pretty much what they are doing to the process and our country.

Family Guy's I'm just a bill song
SilverTree
Jul 20, 2011 - 10:25am

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