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 - 11:24am


Is going down I am seeing spike all around.

POSX is breaking down big time.

Jul 26, 2011 - 11:28am

POSX - kill it with fire

POSX - kill it with fire

Jul 26, 2011 - 11:35am

@ Blue Sky

Re: Not much of a raid

This morning's action is encouraging (esp the last few minutes), but day is FAR from over (and the week has only begun). We have built ourselves a reasonable cushion, however. The EE would have to do something completely looney tunes insane to crash price back to prev high or lower today, which is what they really require (a retest of the 1580's is no big deal and isn't enough to cause serious damage IMHO). As I said a few days ago, maybe they pull a fast one today, get everyone to go all in as we soar to higher highs and then do the full on shock and awe routine afterwards (say, this Sunday evening)?

Jul 26, 2011 - 11:41am


Maybe it has something to do with the margin hikes on the T-Bills that the CFTC is going to implement?

I don't know how everything is interconnected (does anyone?) but the WH and the Pols have almost been daring the markets to make a move lately.

Sooner or later they'll respond. It's almost hard for me to believe the markets didn't react more negatively on Sunday night right from the beginning. Maybe the Fed. or the BOJ or some other central bank intervened on our behalf and now they've stopped. London markets just closed at 11:00 I think.

Jul 26, 2011 - 11:42am

Doc J, just a sobering post.

Doc J, just a sobering post. I hadn't thought of the analogy of Obama being the equivalent of really...a bum with hat in hand begging for money. ....One of the things that has been so difficult for me to absorb over this past year is the realization of what our leaders have done/are doing to us as opposed to what I thought they stood for. I still wonder at the evil that has over taken this country/world. I can't believe how many people still don't see the system for what it is. We sleep because we can't/don't want to face the truth I suppose.

President Obama. Complicit in the destruction of mankind's freedom. Any who don't work in whatever ways available to them to thwart this destruction are likewise complicit. Every effort counts.

Jul 26, 2011 - 11:47am

Ag still strong/rising: $40.53

I hope Turd is wrong about about an after hours Globex raid. But for now, the SS Argento is heading in the right direction. I still can't see the EE paying out on more options than usual. It will look especially icky and heavy handed to take Ag under 40 after today's price action. Oh yeah, like that would stop 'em.

They may wait until later in the week, so be careful. Not out of the woods yet.

Jul 26, 2011 - 11:49am
Jul 26, 2011 - 11:53am

the debt thing

The entire debt discussion and drama is a hot turd being passed around in a circle.

Until they discuss massive cuts in the Military Welfare Complex and huge tax increases for monolithic corporations it is all just so much hot air.

Since neither of the above two options will happen until full implosion or a Revolution, the entire discussion remains irrelevant to practical consideration.

Oh and NuttyYahoo over in the sandlot is getting set to attack Iran in September. All talk of debt ceilings will quickly be ash-canned at that time should Robert Baer be right and that happens. Then we will see a true and breathtaking parabola in Gold price.

Jul 26, 2011 - 11:55am

Gold,Oil Turn Higher As POSX Weakens

SAN FRANCISCO (MarketWatch) -- Gold and crude-oil futures changed course in midday trading Tuesday, gaining as the dollar weakened. Gold for August delivery /quotes/zigman/700181 GC1Q +0.11% added $1.50, or 0.1%, to trade at $1,613.70 an ounce on the Comex division of the New York Mercantile Exchange. A close around these levels would be a record for the metal. September crude oil /quotes/zigman/2075827 CL1U +0.08% rose 22 cents to $99.41 a barrel on the Nymex.

Jul 26, 2011 - 11:58am


LMAO! Thanks for that one.

Now all we need is a picture of the Planters Peanut guys face inserted onto a "NuttyYahoo's" political photo op. (hint, hint)

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