Recalling Last Tuesday

Tue, Jul 26, 2011 - 10:08am

Just a couple of things while we wait for The Wicked Witch...

1) Once again, The Cartel raided the metals in the U.S. overnight. This time, they extracted about $6 in the 5 minutes beginning around 3:25 EDT. This has been their recent pattern. Over the past two weeks, raids have been a frequent occurrence between 3:00am and 5:00am EDT. I do not have the charting capability to print a 15-minute or even an hourly chart that goes back the past 10 days. If anyone does, please post it in the comments below. I'm sure it would be telling.

2) The POSX looks the part today.

The fact that it is close to breaking down through the bottom of its range yet the PMs are NOT rallying leads us to point #3...

3) Be on guard for another Tuesday Globex raid by The Forces of Evil. Recall last Tuesday...They showed their intentions by raiding the PMs in the overnight. They were unable to generate selling traction during the pit session as all commodities were sharply higher. They waited until the pit close (and after the time cutoff for the CoT survey) to raid.

What have we seen today? An early morning raid and a pit gold price that's tough to "assault" because of the extraordinarily weak dollar. Same conditions as last Tuesday.

And with the atmosphere ripe for a headline or even a rumor or some type of "compromise" in D.C., you've got all of the ingredients for an EE beatdown. Oh, and don't forget that today is August gold options expiry.

Be careful out there. A full-scale attack could come at any time. TF

About the Author

turd [at] tfmetalsreport [dot] com ()


Be Prepared
Jul 26, 2011 - 10:27am

Won't See Much Selling

I agree that there won't be much selling today and I can't imagine them being able to get the price level below 1605. However, once they unleash their made up solution to kick this can down the road, I believe we will see some heavy selling pressure before the next major leg up..... and there will be more movement upwards because QE3 isn't that far away from being announced......Happy Tuesday.

Jul 26, 2011 - 10:27am

Just found this...

...hopefully it hasn't made its way here already... :)

Jul 26, 2011 - 10:29am
JohnG JohnG
Jul 26, 2011 - 10:31am


I can make higher res charts if I can upload a bigger file.

This is 1hr 20 days.

Jul 26, 2011 - 10:35am
Jul 26, 2011 - 10:36am

15 min 5 day

15 min 5 day

Jul 26, 2011 - 10:37am

Still aggravated

getting aggravating

Submitted by DarkPurpleHaze on July 26, 2011 - 10:01am. Hat Tip! 2

The way they keep crushing the prices down right before, during and after the market open.

The PM options and their momentum gets flattened out right away and it's another day of "what if?"

The SEC cracking down on the guy who messed around with the palladium and platinum is small fish compared to what the EE does every single day in the much larger gold and silver markets.

When is this going to stop? We obviously do not live in a free and equal society in many ways and fair and equal treatment and justice used to be a founding principal of our country.

What happened to that?

Did it ever really exist or was it a history class lesson that we have been slowly and steadily taught to believe and accept as fact?

I'm almost not even sure why I even try to play the paper markets at all. Am I hoping and dreaming that a long standing and intrinsic part of our financial system is suddenly going to stop being aided by our Fed., Treasury and our Govt.?

Something drastic needs to happen and I hope it happens sooner then later because living in a society with a Govt. that is a nothing but a thinly veiled kleptocracy or whatever it is that is happening to us.

Maybe, just maybe, it's been this way almost forever and I'm just now getting old enough and fed up enough to actually allow myself to accept what I have felt and feared about our country...most of it is an illusion of free markets and justice.

Jul 26, 2011 - 10:39am

ZH nails it, as usual

Indeed, the Founding Fathers' vision of prosperity has been destroyed - and we've gone from the "wealth of nations" to the "debt of nations" - at least in part because our political system has been subverted by non-Constitutional committees and entities.

For example, the country's most powerful "agency" - the Federal Reserve - is actually no more federal than Federal Express. The Fed itself admits (via Bloomberg):

While the Fed’s Washington-based Board of Governors is a federal agency subject to the Freedom of Information Act and other government rules, the New York Fed and other regional banks maintain they are separate institutions, owned by their member banks, and not subject to federal restrictions.

For that reason, the New York Fed alleged in a lawsuit - Bloomberg LP v. Board of Governors of the Federal Reserve System, 08-CV-9595, U.S. District Court, Southern District of New York (Manhattan) - that it was not subject to Federal Freedom of Information Act.

As the long-time Chairman of the House Banking and Currency Committee (Charles McFadden) said on June 10, 1932:

"Some people think that the Federal Reserve Banks are United States Government institutions. They are private monopolies ...."

Jul 26, 2011 - 10:40am

very good

Very good forensic tracking by Turd. Sometimes its much,much more valuable than anything else. Its Turnaround Tuesday. Could all reverse momentum today. If so I will welcome the dips in many issues. Will be watching 10 a.m. Pacific time area closely.

thanks to all, was away at a wedding. It took longer to fly to San Francisco from L.A. then to drive. Thugs and TSA everywhere. 5 checkpoints. What a friggin joke. They should make O'bottom work the naked body scanner 8 hours a day at the International Terminal.

Jul 26, 2011 - 10:42am

letter to elected officials

I must be losing my mind. What's the definition of insanity? Doing the same thing and expecting a different result! Anyway, the letters can't hurt. Then again all the ones to the CFTC have done so much, not!

Dear Elected Official,

After watching the President and the Speaker last night this is my take.

1) All elected officials in the 3 branches work for the multinational corporations and the banking industry.
2) The US government has been purposely slowly devaluing our currency in order to be able to pay back unpayable debt.
3) The debt ceiling is nothing but political theater. Even if Congress could come up with $4 trillion dollars of cuts over 10 years
(which they can't), what does that accomplish? Our yearly deficit is $1.4 trillion. Over 10 years that's $14 trillion. So now you are going to "save" $4 trillion? My math teacher taught me that I just spent an additional $10 trillion that I had to borrow.
4) I have been self employed for 30 years. I pay over 15% in SS and medicare tax. I have paid over $250,000 into the fund. I may never get back the nominal value, let alone the inflation adjusted value.

Cuts need to be made in subsidies to the multinationals. They need to stop being protected from paying taxes from off shore havens. The military needs to be slashed 50%. Homeland Security is a joke and needs to be slashed.

Bottom line is our money system is broken. Nothing can be fixed without sound money. We were sold out in 2008 with Paulson. TBTF, should fail. They should not be to big to prosecute either. Those white collar criminal bankers should go to jail.

Edit: strong letter to follow

Subscribe or login to read all comments.


Donate Shop

Get Your Subscriber Benefits

Private iTunes feed for all TF Metals Report podcasts, and access to Vault member forum discussions!

Key Economic Events Week of 9/16

9/17 9:15 ET Cap Ute & Ind Prod
9/18 8:30 ET Housing Starts & Bldg Perm.
9/18 2:00 ET Fedlines
9/18 2:30 ET CGP presser
9/19 8:30 ET Philly Fed
9/19 10:00 ET Existing Home Sales

Key Economic Events Week of 9/9

9/10 10:00 ET Job openings
9/11 8:30 ET PPI
9/11 10:00 ET Wholesale Inv.
9/12 8:30 ET CPI
9/13 8:30 ET Retail Sales
9/13 10:00 ET Consumer Sentiment
9/13 10:00 ET Business Inv.

Key Economic Events Week of 9/3

9/3 9:45 ET Markit Manu PMI
9/3 10:00 ET ISM Manu PMI
9/3 10:00 ET Construction Spending
9/4 8:30 ET Foreign Trade Deficit
9/5 9:45 ET Markit Svc PMI
9/5 10:00 ET ISM Svc PMI
9/5 10:00 ET Factory Orders
9/6 8:30 ET BLSBS

Key Economic Events Week of 8/26

8/26 8:30 ET Durable Goods
8/27 9:00 ET Case-Shiller Home Price Idx
8/27 10:00 ET Consumer Confidence
8/29 8:30 ET Q2 GDP 2nd guess
8/29 8:30 ET Advance Trade in Goods
8/30 8:30 ET Pers. Inc. and Cons. Spend.
8/30 8:30 ET Core Inflation
8/30 9:45 ET Chicago PMI

Key Economic Events Week of 8/19

8/21 10:00 ET Existing home sales
8/21 2:00 ET July FOMC minutes
8/22 9:45 ET Markit Manu and Svc PMIs
8/22 Jackson Holedown begins
8/23 10:00 ET Chief Goon Powell speaks

Key Economic Events Week of 8/12

8/13 8:30 ET Consumer Price Index
8/14 8:30 ET Retail Sales
8/14 8:30 ET Productivity & Labor Costs
8/14 8:30 ET Philly Fed
8/14 9:15 ET Ind Prod and Cap Ute
8/14 10:00 ET Business Inventories
8/15 8:30 ET Housing Starts & Bldg Permits

Key Economic Events Week of 8/5

8/5 9:45 ET Markit services PMI
8/5 10:00 ET ISM services PMI
8/6 10:00 ET Job Openings
8/8 10:00 ET Wholesale Inventories
8/9 8:30 ET Producer Price Index

Key Economic Events Week of 7/29

7/30 8:30 ET Personal Inc/Spending & Core Inflation
7/30 10:00 ET Consumer Confidence
7/31 8:15 ET ADP employment
7/31 2:00 pm ET FOMC Fedlines
7/31 2:30 pm ET CGP presser
8/1 9:45 ET Markit Manu PMI
8/1 10:00 ET ISM Manu PMI
8/2 8:30 ET BLSBS
8/2 10:00 ET Factory Orders

Key Economic Events Week of 7/22

7/23 10:00 ET Existing home sales
7/23 10:00 ET Richmond Fed Manu Idx
7/24 9:45 ET flash Markit PMIs
7/25 8:00 ET Count Draghi/ECB policy meeting
7/25 8:30 ET Durable Goods
7/25 8:30 ET Wholesale Inventories
7/26 8:30 ET Q2 GDP first guess

Key Economic Events Week of 7/15

7/15 8:30 ET Empire State Fed Index
7/16 8:30 ET Retail Sales and Import Price Index
7/16 9:15 ET Cap Ute and Ind Prod
7/16 10:00 ET Business Inventories
7/17 8:30 ET Housing Starts and Building Permits
7/18 8:30 ET Philly Fed
7/19 10:00 ET Consumer Sentiment

Recent Comments

by Blackwatersailor, 1 min 14 sec ago
by silver66, 7 min 16 sec ago
by lakedweller2, 37 min 43 sec ago
by Blythesshrink, 6 hours 57 min ago

Forum Discussion