WOPR Sells. Turd Buys.

Sun, Jul 31, 2011 - 10:29pm

In a surprising development <sarc on>, The Regime and The Republocrats are on track to reach a "grand compromise" that raises the debt ceiling by about $3T (buys enough time to put this issue away until after the next election). The plan also has no immediate spending cuts or tax increases (why piss off your voters before the next election?).

W.O.P.R. is running wild tonight and selling PMs. The Cartel is anxiously anticipating a cascade in gold big enough to spur some margin hikes. Will they get it? Who knows? Who cares? The United States of America, originator/printer of the world's reserve currency, just decided to increase its national debt by another 20%! I will buy what WOPR is selling. I'll take delivery of it and stack it with the rest. If you have any doubts tonight, the chart below is the only one that matters. Rest well knowing that you are doing all you can to protect yourself from the heinous criminals in Washington. More in the a.m. TF


Man, oh man. This is definitely something that you do not want to be messing with today.

This is crazy and it will rip your head off if you play with it. If you must trade, do so with as much time in your pocket as possible. For example, the only options I own expire near Thanksgiving,

As stated above, all of the hoopla regarding the "compromise" needs to be ignored. All that matters is that the world's largest debtor nation (and provider of the reserve currency) has just allowed itself to go another 20% deeper into debt. Over the next two years! This is what the end of The Great Keynesian Experiment looks like. As we drop deeper into the "funnel", debts rise exponentially and the "coin" spins faster and faster until the bottom simply drops out. Again, let WOPR and the day traders sell their PMs. Take advantage of today's "sale" and add to your stack. TF

p.s. If you need some comic relief to get through the day, I give you this. From the always-brilliant Motley Fool site:


About the Author

turd [at] tfmetalsreport [dot] com ()


Jul 31, 2011 - 10:34pm

Thanks Turd!

Hope you had a good weekend man.

Jul 31, 2011 - 10:36pm


Thanks, Tesla. Mrs F and I were celebrating another anniversary.

Jul 31, 2011 - 10:40pm

what a shocker

I always open kitco on Sundays at 3 PST and expect a big selloff. Thanks for another buying opportunity EE, I really appreciate it. I'm planning to buy as much as possible before Tuesday debt ceiling is reached.

Jul 31, 2011 - 10:40pm
Jul 31, 2011 - 10:42pm

Yep you got er right

2.5 trillion $ in cuts over 10 years, seems far too little and way too late. Wont touch their deficits unless they get control over military spending and banksters paychecks, ( loopholes allow them to pay little in tax)

Gold dropped from a record as President Barack Obama said that U.S. lawmakers reached a deal to increase the nation’s debt limit and cut the federal deficit, averting a default tomorrow and eroding demand for haven assets.

Gold for immediate delivery lost as much as 1.3 percent to $1,607.45 an ounce, and traded at $1,613.35 at 9:45 a.m. in Singapore. Spot gold, which reached an all-time high of $1,632.80 on July 29, advanced 8.5 percent last month on concern that sovereign-debt crises in the U.S. and Europe may derail the global economic recovery.

“Gold reached a record because U.S. politicians didn’t seem to be getting anywhere with their negotiations and now that they have an agreement, gold will be knocked back a little,” said Steven Zhu, operations manager at Yinjian Futures Co.

Republicans and Democrats may vote today on the measure, which would raise the $14.3 trillion debt ceiling through 2012, cut spending by about $1 trillion and call for enactment of a law shaving a further $1.5 trillion from long-term debt by 2021. Lawmakers should “do the right thing,” Obama said from the White House late on July 31 in Washington.

“We all knew the U.S. politicians would reach a deal by Aug. 2,” Zhu said from Shanghai. “However, problems still exist within the economies of the U.S. and Europe and that will keep gold’s uptrend intact.”

Gold for December delivery in New York shed as much as 1.4 percent to $1,608.20 after rallying to an all-time high of $1,637.50 on July 29. Exchange-traded product holdings climbed for a fifth day on July 29, reaching a record 2,152.222 metric tons, Bloomberg data show.

Cash silver fell as much as 1.2 percent to $39.41 an ounce. Spot platinum gained 0.9 percent to $1,796.13 an ounce, while palladium rose 0.6 percent to $836 an ounce.

Of note Asia is running green so far tonite, so i suspect we may see green markets , no matter where the metals head, and despite the abhorrent state of the economy in the US and Europe.

Downgrade coming on US debt, this deal solved nada.

Jul 31, 2011 - 10:43pm

Time to ride the roller

Time to ride the roller coaster.

rckymtnPuck Smith
Jul 31, 2011 - 10:49pm

Want to add some gold/silver

Want to add some gold/silver soon. Is tonight a good time to buy? Already rumblings of several groups in the Senate and House that don't think this. What happens if it doesn't pass?

I figured a deal would be announced tonight and they would try to hammer both gold/silver at the same time. I'm thinking though by morning if lots of the dems and/or gop are bashing this and saying they won't vote for it, that the metals will take off again.

So wondering if tonight is the time to buy some like 1/2 or 100% of my available PM cash./

Jul 31, 2011 - 10:56pm

sell off

I guess there will be more of the Fire Sale once Indian Markets open up.Also,when the US markets open up today.Good time to BTFD.Seems like the SilverHorse is all saddled up to romp home!!!!!!

Jul 31, 2011 - 10:58pm


I LiKE iT!

YESSSSS I like it!

1580 or lower please!

Jul 31, 2011 - 11:00pm

Once Upon A time

Seems like we are gonna see Silver in the 30's for a very short time...and then just like that it will be Hisssstttoooorryyy...good bedtime stories it will make for my Grandkids....Once upon a time We had Silver In the 30's....BTFD

Key Economic Events Week of 10/14

10/15 8:30 ET Empire State Fed MI
10/16 8:30 ET Retail Sales
10/16 10:00 ET Business Inventories
10/17 8:30 ET Housing Starts and Bldg Perms
10/17 8:30 ET Philly Fed MI
10/17 9:15 ET Cap Ute and Ind Prod
10/18 10:00 ET LEIII
10/18 Speeches from Goons Kaplan, George and Chlamydia

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Key Economic Events Week of 10/14

10/15 8:30 ET Empire State Fed MI
10/16 8:30 ET Retail Sales
10/16 10:00 ET Business Inventories
10/17 8:30 ET Housing Starts and Bldg Perms
10/17 8:30 ET Philly Fed MI
10/17 9:15 ET Cap Ute and Ind Prod
10/18 10:00 ET LEIII
10/18 Speeches from Goons Kaplan, George and Chlamydia

Key Economic Events Week of 10/7

10/8 8:30 ET Producer Price Index
10/9 10:00 ET Job Openings
10/9 10:00 ET Wholesale Inventories
10/9 2:00 ET September FOMC minutes
10/10 8:30 ET Consumer Price Index
10/11 10:00 ET Consumer Sentiment

Key Economic Events Week of 9/30

9/30 9:45 ET Chicago PMI
10/1 9:45 ET Markit Manu PMI
10/1 10:00 ET ISM Manu PMI
10/1 10:00 ET Construction Spending
10/2 China Golden Week Begins
10/2 8:15 ET ADP jobs report
10/3 9:45 ET Markit Service PMI
10/3 10:00 ET ISM Service PMI
10/3 10:00 ET Factory Orders
10/4 8:30 ET BLSBS
10/4 8:30 ET US Trade Deficit

Key Economic Events Week of 9/23

9/23 9:45 ET Markit flash PMIs
9/24 10:00 ET Consumer Confidence
9/26 8:30 ET Q2 GDP third guess
9/27 8:30 ET Durable Goods
9/27 8:30 ET Pers Inc and Cons Spend
9/27 8:30 ET Core Inflation

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

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