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 ()


Jul 26, 2011 - 2:50pm
Jul 26, 2011 - 2:49pm

@ Cali

There is definitely something to what you say. Here's a snippet from FOFOA.

To collectors, however, the most interesting Saudi gold coins weren’t coins at all; they were “gold discs” Similar to coins, they were minted by the Philadelphia Mint in the 1940’s for Aramco, and bore, on one side, the U.S. Eagle and the legend “U.S. Mint, Philadelphia, USA” and, on the other side, three lines on the fineness and weight. They looked like coins, they were used as coins, but, technically, they weren’t coins.

In the 1950’s, numismatists were puzzled by these “discs” until - in 1957 – the story emerged in The Numismatist. Aramco, required to pay royalties and other payments in gold to the Saudi government, could not obtain the gold at the monetary price fixed by the United States so the U.S. government specifically began to mint the “discs” – actually bullion in coin form for these payments. In 1945, for example, the mint turned out 91,210 large discs worth $20, and, in 1947, 121,364 small discs worth $5, according to The Numismatist.
(Saudi Aramco World, 1981 print edition)

The coins were struck in Philadelphia by the United States Mint in 1945 and 1947 to satisfy the obligations of the Arabian American Oil Company, or Aramco, which had been set up in Saudi Arabia by four American oil companies. The company was obliged to pay the Saudi Government $3 million a year in oil royalties and its contract specified that the payment be made in gold.

The United States dollar at the time was governed by a gold standard that, at least officially, made the dollar worth one thirty-fifth of an ounce of gold. But the price of gold on the open market had skyrocketed during World War II.

For a time the Saudis accepted payment in United States currency, but by 1945 they were insisting that the payments in gold be resumed. Aramco sought help from the United States Government. Faced with the prospect of either a cutoff of substantial amounts of Middle Eastern oil or a huge increase in the price of Saudi crude, the Government minted 91,120 large gold disks adorned with the American eagle and the words "U.S. Mint -- Philadelphia." (New York Times, 1991)

US Mints ‘Gold Disks’ for Oil Payments to Saudi Arabia

here's the link

Jul 26, 2011 - 2:42pm

Tells you it all

move along to the second half of vid......with the interview ......the whole enchilada.........and HE KNOWS

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Jul 26, 2011 - 2:39pm
Jul 26, 2011 - 2:35pm

Cool. Just found out my

Cool. Just found out my August gold CFDs expired today. But options expiry is still a few days out (Thursday), isn't it?

- Markus

Jul 26, 2011 - 2:34pm

Gold to Silver; Gold to Oil; Oil to Silver = Magic Ratio

@DPH: See, they cannot attack one without directly affecting the others. I tell you, there is a dynamic link to these ratios. Who here can do a mathematical analysis and positively prove this theory? Please? I am calling it the Magic Ratio.

Remember, the Magic Ratio which seems to be at play now is Gold:Silver is 40:1. Gold:Oil is 16 to 1. Thus, Oil:Silver is 2.5 to 1. Together, these all form the Magic Ratio. It seems that TPTB want these priced in dollars all relative to one another at this Magic Ratio. Whether it is TPTB, or market forces, or some combination thereof, it is readily apparent that these ratios, for now, are certainly in place. How long they will stay there, I don't know.

So, assuming (which is dangerous, but oh well) that silver is to reach $100 per ounce, that means that oil has to reach $250 per barrel. Is that likely without an actual NEW shooting war breaking out? I certainly do not think so.

I do think a NEW war will break out, very soon, which is almost certain to occur based on the unsustainable debt the US and the rest of the Western central banks, et al., have racked up. Debt default is THE ONLY SOLUTION short of a war. We all know that such default will not occur under the present system. So, when a NEW war does break out, then I also believe it is not unreasonable for gold to get north of $4,000, which would keep all three (Gold, Silver and Oil) at their respective Magic Ratios. The Magic Ratio will align all of these together as they are priced in dollars.

Perhaps they fall in terms of dollars, due to a new currency, or SDR, or something. But, it sure seems apparent that the Magic Ratio will link them together.

So, for me, it is now something I look at to guide my forecasting on what and when to accumulate.

Good luck to all! Stay nimble!

Key Economic Events Week of 8/10

8/10 10:00 ET Job openings
8/11 8:30 ET Producer Price Idx
8/12 8:30 ET Consumer Price Idx
8/13 8:30 ET Initial jobless claims
8/13 8:30 ET Import Price Idx
8/14 8:30 ET Retail Sales
8/14 8:30 ET Productivity & Unit Labor Costs
8/14 8:30 ET Cap Ute and Ind Prod
8/14 10:00 ET Business Inventories

Jul 26, 2011 - 2:31pm

@ Silverwealth

Don't be silly, I wasn't concerned.

Give Granny my best. Wait a minute, after Holmes that's not going to cut it. Additionally it's a little sick.


Jul 26, 2011 - 2:25pm


@silverwood : thanks for waking me up. Bought 500 ZSL ($12.84$ ) while silver on 40.9(!) to protect my silver stash on one cent higher of ZSL's 52week low :)
Already making profits :) I think I keep it until default day passed well.

Jul 26, 2011 - 2:22pm


Murph, I was being sarcastic. Having been arrested at one time or another myself I realize the importance of standing up for everyone. We are barreling down a road into a new dark age with plenty of surprises as the elites attempt to control the populations.

Meanwhile, Cotton is up off the floor 4.5 points and in Johnny Holmes mode. Granny is very pleased but may not have the energy for another day like this.....

Jul 26, 2011 - 2:21pm

Economy will be worse tomorrow

I bet the economy will be worse tomorrow then today...

When Turd and the loyal Turdites among others - start saying it might be (better tomorrow)...then we can start working on the next step... But as it sits...we haven't even come close to turning that corner yet - we haven't even seen the on-ramp nor the

Now they are starting to get the Serbs all rev'd up in Kosovo again..

More Christian vs. Muslim issues...


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Key Economic Events Week of 8/10

8/10 10:00 ET Job openings
8/11 8:30 ET Producer Price Idx
8/12 8:30 ET Consumer Price Idx
8/13 8:30 ET Initial jobless claims
8/13 8:30 ET Import Price Idx
8/14 8:30 ET Retail Sales
8/14 8:30 ET Productivity & Unit Labor Costs
8/14 8:30 ET Cap Ute and Ind Prod
8/14 10:00 ET Business Inventories

Key Economic Events Week of 8/3

8/3 9:45 ET Markit Manu PMI July
8/3 10:00 ET ISM Manu PMI July
8/3 10:00 ET Construction Spending
8/4 10:00 ET Factory Orders
8/5 8:15 ET ADP employment July
8/5 9:45 ET Markit Service PMI
8/5 10:00 ET ISM Service PMI
8/6 8:30 ET Initial jobless claims
8/7 8:30 ET BLSBS for July
8/7 10:00 ET Wholesale Inventories

Key Economic Events Week of 7/27

7/27 8:30 ET Durable Goods
7/28 9:00 ET Case-Shiller home prices
7/29 8:30 ET Advance trade in goods
7/29 2:00 ET FOMC Fedlines
7/29 2:30 ET CGP presser
7/30 8:30 ET Q2 GDP first guess
7/31 8:30 ET Personal Income and Spending
7/31 8:30 ET Core inflation
7/31 9:45 ET Chicago PMI

Key Economic Events Week of 7/20

7/21 8:30 ET Chicago Fed
7/21 2:00 ET Senate vote on Judy Shelton
7/22 10:00 ET Existing home sales
7/23 8:30 ET Jobless claims
7/23 10:00 ET Leading Economic Indicators
7/24 9:45 ET Markit flash PMIs for July

Key Economic Events Week of 7/13

7/13 11:30 ET Goon Williams speech
7/13 1:00 ET Goon Kaplan speech
7/14 8:30 ET CPI for June
7/14 2:30 ET Goon Bullard speech
7/15 8:30 ET Empire State and Import Price Idx
7/15 9:15 ET Cap Ute and Ind Prod
7/16 8:30 ET Retail Sales and Philly Fed
7/16 11:00 ET Goon Williams again
7/17 8:30 ET Housing Starts and Permits

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

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