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 ()


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

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.

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.

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).

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.

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? :-)


Dr Durden
Jul 28, 2011 - 10:26am

$39.52 I <3 you Blythe.


I <3 you Blythe.

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