Same Old, Same Old

Thu, Jul 28, 2011 - 10:00am

 First of all, I want to thank again all who participated in yesterday's "Turdathon". The threshold I hoped to reach has been met and work will begin as soon as possible on the site improvements we discussed.

The criminals are after silver hard today. As that Dave guy pointed out back on Tuesday, the EE likes to raid silver on the two days post gold option expiry. Here's a re-print:

"One quick technical point about the gold market. As of this morning there were about 18,900 open calls at 1600 that expire today on Comex gold futures. Historically, the big bank manipulators write those calls and then drive the market below the price point at which they've written calls in order to keep the premiums. It's not huge money but it's been easy money for them over the last 10 years. Today obviously those calls expired in the money by about $17, which means the holders of those calls will likely exercise their option and take delivery of futures contract. A few months ago this same situation occurred and the manipulators hammered the silver market the day after expiration, likely creating a large number of sellers out of the traders who had taken delivery of their profit-position silver futures. It was a very transparent manipulative move, but effective nonetheless. IF we don't see the manipulators successfully "run the stops" tomorrow or Wed, my bet is that we will likely see $1650 gold very quickly, as this will be a very bullish signal that the gold cartel is losing its ability to manipulate the market at will."

Add to this the fact that silver open interest is finally rising, particularly in the front-month September contract, and you've got all you need to send The Monkeys into action. As I type, gold is down $1, crude is up 0.25 and copper is up 160 points, yet silver is down 70 cents. Hmmmm.


Gold continues quite strong, however. It's quite clear now that The Cartel has drawn a capping line at 1625. Like all lines in the past nine years, this line will eventually fall. All it does it give us a level to root for. As long as gold stays above 1610, it's only a matter of time. IF 1610 fails (like on news of a debt "deal"), look for support near 1600 and again near 1585.


Sorry for the brief update but time is short this morning. More after the close or as conditions warrant. TF

About the Author

turd [at] tfmetalsreport [dot] com ()
Does Feb19 Comex gold close above $1250 on Friday?
Total votes: 192


Much4Him · Jul 28, 2011 - 10:01am

Cant wait for Sept

Cause this sucks.

uptofreedom · Jul 28, 2011 - 10:02am

Thanks for clearing that

Thanks for clearing that up... :P

Dr G · Jul 28, 2011 - 10:02am

What's that Lassie? A

What's that Lassie? A waterfall happening right now you say? Shocking!

Same old, same old indeed. Guess I'm off to the coin shop!

Mudsharkbytes · Jul 28, 2011 - 10:03am


Fifth? Sixth?

Looks like a raid has started.

No surprise there.

Sterling · Jul 28, 2011 - 10:04am

Short, concise, and to the

Short, concise, and to the point.

tmosley · Jul 28, 2011 - 10:06am



stoneeh · Jul 28, 2011 - 10:08am

Every month now they're doing

Every month now they're doing it more obviously, more in the open. I do not know how with all the lawsuits pending against them and so many more people every month wising up to their game, they still insist on doing it. It must be an act of utter desperation.. or complete obliviousness to the consequences (of course, the corrupt courts won't punish them, but who says that WE won't?).

- Markus

bern · Jul 28, 2011 - 10:08am

Flash sale for physical.  Get

Flash sale for physical. Get it while you can find it.

Bro D · Jul 28, 2011 - 10:09am



And they also have interesting charts of the commercials' bullishness and the speculators' bearishness.

Vypuero · Jul 28, 2011 - 10:13am
Colonel Angus · Jul 28, 2011 - 10:13am

Thank you, Blythe

I'm stacking more for less money today. You and I could have a great love-hate relationship. By the way, when I get home from work I'll have to put on my "Kiss my ass, JP Morgan...I have silver and you don't" shirt. Of course the Morgue is probably loading up on the physical as we speak. I am!

Blight Master · Jul 28, 2011 - 10:14am

Yay, physical silver's on

Yay, physical silver's on sale.

Know More · Jul 28, 2011 - 10:15am

BM Must

BM must have a morning meeting today; she's deploying the EE-monkies a little early

knavechild · Jul 28, 2011 - 10:15am

Can't sleep

Up early this morning...felt a disturbance in the force. Sure enough, Blythe was probably up earlier than I was.

debtless · Jul 28, 2011 - 10:21am

Looks like silver & gold are

Looks like silver & gold are on sale today. Must remind myself to pick some up on the way home.

Blight Master · Jul 28, 2011 - 10:21am

CME head on CNBC right now,

CME head on CNBC right now, amazing timing I say.

tyberious · Jul 28, 2011 - 10:22am


If you are not comfortable with the volatility that is inherent in junior silver miners then I would suggest buying the iShares Silver Trust (NYSEArca:SLV - News).

ewc58 · Jul 28, 2011 - 10:24am

Friends, this is a great day

to buy jan or feb 2012 Calls on silver miners. Take what the D-fence give you, and what they're giving us is stupid low prices on a bunch of solid companies with ooooodles of Ag in the ground.

Same applies to gold miners. This is ridiculous. A great case in point, today, with gold at 1600+, a super premium producer like Agnico Eagle (AEM) is now THIRTY FOUR % off its 52wk high.

Don't despair, don't be deceived. What's real is real, illusions are transitory.

ewc58 · Jul 28, 2011 - 10:26am


You do understand that you could be ridden out of Turd Town on a rail for making a statement such as that, right? :-)

SLV = broken heart

Dr Durden · Jul 28, 2011 - 10:26am

$39.52 I <3 you Blythe.


I <3 you Blythe.

Jive Dadson · Jul 28, 2011 - 10:28am

poop, poop, poop, poop, pop

I have been Witch-watching, using a flash screen that updates the prices real quick. The down ticks come in bursts, fractions of a second apart. Poop, poop, poop, poop, poop. Then a pause. Then an up-tick or two. Then another burst down. It is as though (gasp), every few seconds, someone is hitting a lot of bids.

· Jul 28, 2011 - 10:28am

It getting so...

...a fellow could set his clock by these people.

I don't think they really understand the anger that is building in the people whose wealth they are attacking.

Tesla · Jul 28, 2011 - 10:30am

EE Draggin PMs Down

FUBM goes here! (thanks)

Tesla · Jul 28, 2011 - 10:35am


Yes, this is a classic FUBM setup. No fundamental change, just blatant EE selling. Crude and copper both UP. The 39.52 low print in Sep silver was likely the bottom. Let's build the FUBM from there!

Violent Rhetoric · Jul 28, 2011 - 10:41am

More dry power is going in if

More dry power is going in if we hit 90 DMA @ 38.33. Probably won't get that low but if we do another buy for moi is coming. If not 38.33 I'll wait for the expected (my expectation - could be wrong) debt announcement sell off.

Long term silver & gold is going higher (again IMHO) since Congress cannot to get control of spending no matter what may be reported.

CauseChange · Jul 28, 2011 - 10:42am

If it stops soon..

We could get a nice rally if it turns around soon. Downside Technical damage would not help


Or at least to here.... Bounce Baby Bounce!!!!

bernard TF · Jul 28, 2011 - 10:45am

This should be a great

This should be a great FUBM.

Look at that, in 1 minute /SI sold off 2,000 contracts.... or 10 MILLION ounces of silver. Or roughly HALF of what is even in the COMEX. lololol.

Fuck them!

Shill · Jul 28, 2011 - 10:50am

Take notice folks

It is now very clear a Debt Ceiling deal has been inked. Take down the metals and Miners markets in anticipation of ramped up inflation IE: Creating even more money out of thin air. But first we must chop a few dollars off of the existing prices to make it look like all is just swell. Very easy to see through all of this.

This sale is a welcomed gift thank you to TPTB.

KK · Jul 28, 2011 - 10:52am

@ Puck T. SmithMy house is

@ Puck T. Smith

My house is for sale. I intend to buy for 300k € on physical silver. How's that for anger.

My biggest fear is that silver will be far higher than currently priced by the time my house is sold and I have received the cash.

Mickey · Jul 28, 2011 - 10:53am

GDP tomorrow

typical hit before bad news. 

The debt ceiling plans have very little the way of cost cutting. The existing long term "budget" calls for high (5% roughly ) growth and we would be lucky to see 2% including inflation. Tax revenues will not nearly meet budget and spending will exceed.

So whatever happens in the next few days you can be assured little being done to stem the deficit growth. They could have done over the past several months-the original drop date date was March-but Congress had recesses to attend to and so geithner played around to buy time. Now I think congress wants to go on recess in august so we will have a plan soon -it wil raise ceiling, not increase taxes, and not really cut spending.

Probably the remaining open issue is will the debt ceiling be raised high enough to get past the election or not because all of the other stuff is relatively the same except of course who gets the credit for making this POS happen.

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