By All Means, Sell Your PMs!

228
154
Thu, Jul 21, 2011 - 3:04pm

Word of a pending "deal" between The Regime and The House sent the metals reeling this morning. This once again proves that WOPR does not have actual, human intelligence...at least, not yet.

Of course the debt ceiling is going to be raised in a package with some phased-in spending cuts and tax increases. That was never in question. The only question has been whether there would be a "plan" such as this or whether O'bottom would simply raise the ceiling by executive order. It's quite clear now what will happen. As partially discussed back on Monday, here's how this will play out:

1) The House cast a vote last night on a "Tea Party" package. It passes overwhelmingly but has zero chance of passing the Senate or receiving O'bottom's signature. No matter. It's all about "political cover". More on that later in point #4.

2) A "plan" emerges, brokered by The Regime and the Republican "leadership". 50 or so "safe seat" Repubs will vote for the plan in the House. Those 40-50 votes plus all of the Dem votes will be enough to pass the plan. All of the Senate Dems plus one or two Repubs will approve the plan in the Senate and O'bottom will sign it.

3) Problem solved.

4) "Tea Party" Repubs are able to claim that they did their best. They'll be "on the record" as having voted against O'bottom but voting for their own plan. This is known as "having your cake and eating it, too". On balance, they will be safely re-elected next year and Boehner will keep his job as SOTH.

5) Every politician wins! You lose. Again.

So with that behind us, let's cut to the chase. The debt ceiling is going to be raised again by another $2T or so... (Don't forget about this chart!)

...And it will only take about a year and a half to hit the ceiling again. With the passage of this "deal", all that will have happened is a kicking of the can down the road until early 2013. Hmmm. Early 2013. Why would that be significant?? Let's see, what happens in late 2012? I know it's something but I can't put my finger on it. Let me get back to you on that.

At any rate, the question you need to ask yourself right now is: "From where will this $2T be coming?".

I know! China! (Nope.)

Russia? (Nope.)

Japan? (Sorry.)

The EU and ECB! That's it! The owe us a few favors! (Negative.)

We'll raid pension plans and IRAs! (Someday soon but not yet.)

QE3QE3QE3QE3QE3QE3QE3QE3QE3QE3QE3QE3QE3QE3QE3QE3QE3QE3QE3QE3QE3QE3QE3QE3!!!!!!!

So, by all means, today's news means you should sell your gold and sell your silver. NOT! I sincerely hope all of you are wise enough now to not continue falling for the manufactured SPIN and MOPE of Washington politics.

TF

About the Author

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turd [at] tfmetalsreport [dot] com ()

  228 Comments

  Refresh
Shill
Jul 22, 2011 - 10:06am
MIDDIE
Jul 22, 2011 - 10:01am

Obama Comment

I just read an AP article where president Obama was quoted as saying that debt limit negotiations give him and Congress "the opportunity to do something big and meaningful." The first reply in the comment section said words to the effect of do something big and meaningful, resign immediately, no notice and do it for US! I got a kick out of that.

Violent Rhetoric
Jul 22, 2011 - 10:00am
Shill
Jul 22, 2011 - 9:57am
SilverTree
Jul 22, 2011 - 9:57am

Dollar, Bernanke, NIA’s agriculture pump & dump stock revealed

Dollar, Bernanke, NIA's agriculture pump & dump stock revealed
Violent Rhetoricewc58
Jul 22, 2011 - 9:56am

I'm with Lou

https://www.bloomberg.com/news/2011-07-22/isda-says-eu-s-aid-package-shouldn-t-trigger-greece-credit-default-swaps.html

Agree with Lou. Buy metals (including lead) and avoid CDS since apparently they don't pay out even in the event of a default.

Key Economic Events Week of 7/6

7/6 9:45 ET Markit Service PMI
7/6 10:00 ET ISM Service PMI
7/7 10:00 ET Job openings
7/9 8:30 ET Initial jobless claims
7/9 10:00 ET Wholesale inventories
7/10 8:30 ET PPI for June

SilverWealth
Jul 22, 2011 - 9:54am

one thing

Turk said something critical.

IF we hold these levels thru OE(price racketeering in Gold and Silver) then we could veryf quickly skyrocket right afterwards.

duckwomanloulouewc58
Jul 22, 2011 - 9:54am

ewc58

I take what you say on board and actually my Dad (who is now dying in France) when he lived in the UK used to have a cupboard full of guns & used to take me clay-pigeon shooting as a kid. I'm not afraid or averse just wouldn't know where to start in the buying process, registering and gun cabinetry that is legal requirement here. I would ask my Dad but he's not in a fit state to give any kind of advice right now. Anybody here who could advise I would be most open to hear what you have to say

Lou

SilverWealth
Jul 22, 2011 - 9:53am

CitiTurd

Interesting that CitiTurd basically has a $100 price target out on Silver now. Is this infighting amongst the Illuminati? Who knows.

Looks like Chinamen may be putting a bid under this thing in the A.M. I cannot pretend to know. But I do know that we are at full on war with China now. Its a trade and currency war played in the money pits and now the stabbing,slashing and bombings will escalate due to the new Hong Kong exchange.

I expect the unexpected. I am definitely in a state of unknowing. This is typical.

stoneeh
Jul 22, 2011 - 9:52am

Why does EE now always make

Why does EE now always make the metals rallye on Friday so that we got nice round numbers going into the weekly close? They've been doing so all year.. only during the May crash there were 2, 3 occurences when PMs were indeed weaker into the weekly close. All those 2, 3 times there was A LOT more weakness the following week.

Anyway, the PM markets are an utter complete joke right now. Just zig zag trading, heavy volatility with nothing to account for it. I normally try to remain emotionless during trading but right now I must say I am sickened. I've been long for what seems forever now and have excellent profits on my accounts and don't use outrageous leverage so they would have to push silver below 30$ to drive me out. So I am not worried the least bit. I am still sickened. This all is an insult to every thinking fiber in my body. Who can make this shit stick? Even an elementary school student should be able to see how blatantly managed this market is. Why is this allowed to go on?

Fuck all of this.

- Markus

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Key Economic Events Week of 7/6

7/6 9:45 ET Markit Service PMI
7/6 10:00 ET ISM Service PMI
7/7 10:00 ET Job openings
7/9 8:30 ET Initial jobless claims
7/9 10:00 ET Wholesale inventories
7/10 8:30 ET PPI for June

Key Economic Events Week of 6/29

6/30 9:00 ET Case-Shiller home prices
6/30 9:45 ET Chicago PMI
6/30 10:00 ET Consumer Confidence
6/30 12:30 ET CGP and SSHW to Capitol Hill
7/1 8:15 ET ADP Employment
7/1 9:45 ET Markit Manu PMI
7/1 10:00 ET ISM Manu PMI
7/1 2:00 ET June FOMC minutes
7/2 8:30 ET BLSBS
7/2 10:00 ET Factory Orders

Key Economic Events Week of 6/22

6/22 8:30 ET Chicago Fed
6/22 10:00 ET Existing home sales
6/23 9:45 ET Markit flash PMIs for June
6/23 10:00 ET New home sales
6/25 8:30 ET Q1 GDP final guess
6/25 8:30 ET Durable Goods
6/26 8:30 ET Pers Inc and Spending
6/26 8:30 ET Core inflation

Key Economic Events Week of 6/15

6/16 8:30 ET Retail Sales
6/16 8:30 ET Cap Ute and Ind Prod
6/16 10:00 ET Chief Goon Powell US Senate
6/16 4:00 pm ET Goon Chlamydia speech
6/17 8:30 ET Housing Starts
6/17 12:00 ET Chief Goon Powell US House
6/18 8:30 ET Initial Jobless Claims
6/18 8:30 ET Philly Fed
6/19 8:30 ET Current Account Deficit
6/19 1:00 pm ET CGP and Mester conference

Key Economic Events Week of 6/8

6/9 10:00 ET Job openings
6/9 10:00 ET Wholesale inventories
6/10 8:30 ET CPI for May
6/10 2:00 ET FOMC Fedlines
6/10 2:30 ET CGP presser
6/11 8:30 ET Initial jobless claims
6/11 8:30 ET PPI for May
6/12 8:30 ET Import price index
6/12 10:00 ET Consumer sentiment

Key Economic Events Week of 5/25

5/26 8:30 ET Chicago Fed
5/26 10:00 ET Consumer Confidence
5/27 2:00 ET Fed Beige Book
5/28 8:30 ET Q2 GDP 2nd guess
5/28 8:30 ET Durable Goods
5/29 8:30 ET Pers Inc and Cons Spend
5/29 8:30 ET Core Inflation
5/29 9:45 ET Chicago PMI

Key Economic Events Week of 5/18

5/18 2:00 ET Goon Bostic speech
5/19 8:30 ET Housing starts
5/19 10:00 ET CGP and Mnuchin US Senate
5/20 10:00 ET Goon Bullard speech
5/20 2:00 ET April FOMC minutes
5/21 8:30 ET Philly Fed
5/21 9:45 ET Markit flash PMIs for May
5/21 10:00 ET Goon Williams speech
5/21 1:00 ET Goon Chlamydia speech
5/21 2:30 ET Chief Goon Powell speech

Key Economic Events Week of 5/11

5/11 12:00 ET Goon Bostic speech
5/11 12:30 ET Goon Evans speech
5/12 8:30 ET CPI
5/12 9:00 ET Goon Kashnkari speech
5/12 10:00 ET Goon Quarles speech
5/12 10:00 ET Goon Harker speech
5/12 5:00 ET Goon Mester speech
5/13 8:30 ET PPI
5/13 9:00 ET Chief Goon Powell speech
5/14 8:30 ET Initial jobless claims and import prices
5/14 1:00 ET Another Goon Kashnkari speech
5/14 6:00 ET Goon Kaplan speech
5/15 8:30 ET Retail Sales and Empire State index
5/15 9:15 ET Cap Ute and Ind Prod
5/15 10:00 ET Business Inventories

Key Economic Events Week of 5/4

5/4 10:00 ET Factory Orders
5/5 8:30 ET US Trade Deficit
5/5 9:45 ET Markit Service PMI
5/5 10:00 ET ISM Sevrice PMI
5/6 8:15 ET ADP jobs report
5/7 8:30 ET Productivity
5/8 8:30 ET BLSBS
5/8 10:00 ET Wholesale Inventories

Key Economic Events Week of 4/27

4/28 8:30 ET Advance trade in goods
4/28 9:00 ET Case-Shiller home prices
4/29 8:30 ET Q1 GDP first guess
4/29 2:00 ET FOMC Fedlines
4/29 2:30 ET CGP presser
4/30 8:30 ET Pers Inc and Cons Spend
4/30 9:45 ET Chicago PMI
5/1 9:45 ET Markit Manu PMI
5/1 10:00 ET ISM Manu PMI

Forum Discussion

by TexasTonto, 3 hours 14 min ago
by ja1920voo, 8 hours 55 min ago
by tork311, Jul 10, 2020 - 3:17pm