The Great Raid That Wasn't

169
Thu, Aug 4, 2011 - 10:05am

The Turd doesn't like being wrong. However, in this case, I don't mind so much.

Not sure what to make of this, though. Yesterday had all the markings of an impending Cartel raid. As we now know, it didn't happen. Why? That is the question of the day.

1) Are they saving dry powder for Friday?

2) Are they simply being overwhelmed by the overall demand and do not wish to get in the way?

3) Are they sucking in as many new longs as possible so that they can pull a "Sunday Night Massacre" in gold later this month?

I think it's a combination of 1 and 2 but I'm not foolish enough to rule out #3. All I know is that I've got $1683 in Dec gold right now and with the stock market in the shitcan again, it looks to go even higher today. IF we get a lousy BLSBS number tomorrow, gold will charge straight through $1700 and, beyond there, there be dragons.

Silver is trying to come along for the ride today. I have a last of 42.20 and it seems a bit stuck and unable to charge through the resistance of 42-42.50. However, if gold keeps slogging higher today, the strong hands that currently own silver may add to their positions and drive silver through 42.50 and on toward 43. At or near 43, silver looks like 45 is next.

So, here we are, another consequential day in the PM trade. I'm not looking to add anything today. I'm sitting tight and enjoying the theater while I wait for 8:30 EDT tomorrow and the monthly sob-fest of The Coug, The Shill and LIESman.

More later as conditions warrant. TF

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  169 Comments

Aug 4, 2011 - 10:14am

ZH servers overloaded

I'm familiar with that. I just hope that it's accidental.

tmosley
Aug 4, 2011 - 10:17am

It seems to me that there is

It seems to me that there is simply no way for them to stop this train with all the currency devaluation going on around the world right now. They will stand back and wait for it to relent before attempting a raid.

Remember, sane people stay away from paper. Buy physical ONLY, unless you just love gambling, especially at the Cheapo Casino:

Vegas Vacation 1997 - Cheapo Casino
junoroland
Aug 4, 2011 - 10:18am

other trade for the day

i was with you turd. im looking at oil and a short dollar instead for the day. might be a bit of a headache trade to morrow but ts gone bizarro world again

exiledbear
Aug 4, 2011 - 10:20am

What's this "stock market" you speak of?

Is that a new game on the floor of the Bellagio? If you play it, does that mean you get free drinks and a slot in the buffet?

silver_hunter
Aug 4, 2011 - 10:23am

I don't mind either, my GLD Aug 170 Call

got a double today. I cashed out leaving other ITM untouched.

SilverTree
Aug 4, 2011 - 10:23am

.

.

Violent Rhetoric
Aug 4, 2011 - 10:24am

Let's make a deal

I'll take door number three.

1) Are they saving dry powder for Friday?

2) Are they simply being overwhelmed by the overall demand and do not wish to get in the way?

3) Are they sucking in as many new longs as possible so that they can pull a "Sunday Night Massacre" in gold later this month?

ginger
Aug 4, 2011 - 10:24am

I think we will head thru

I think we will head thru $1700 and then get hit with a pretty good takedown all within the next couple of weeks. We will probably spend time building back up to get back thru to whatever high we had last but then at that point all bets will be off as to the highs in early Fall thru the end of the year. ...These thoughts are not arrived at by any expertise of my own.. ..but by reading EVERYbody here and out there, researching into the wee hours, and I have to say that Morris Hubbartt (recommended to me by Kumanari) ...is making so much sense and these are pretty much his projections from 321gold.com article. I think that the next round of QE gets figured into all of this as well over the next few weeks.

I am trying to position to take advantage of a Fall rally. I have 10 august calls that I want to get out of profitably if I can.. but after that.. I am adding calls for early year expiry and trying to build those positions along with miner shares.

MrSam
Aug 4, 2011 - 10:24am

Miners going down ... I'm

Miners going down ... I'm staying away from this right now.. Closed XAGUSD longs few hours ago.

¤
Aug 4, 2011 - 10:24am

Here's a curve ball

IMF's LaGarde: Probe Into Abuse Of Authority

marketwatch.com 8/4/11

By Val Brickates Kennedy

BOSTON (MarketWatch) -- A French court has ordered a probe into whether the new head of the International Monetary Fund, Christine Lagarde, abused her authority while serving as France's finance minister, according to the BBC. At issue is whether Lagarde used undue influence in handling a dispute between the former state-owned bank Credit Lyonnais and businessman Bernard Tapie, who had been a political supporter of French President Nicolas Sarkozy during his 2007 campaign. The BBC added that the investigation could take months or even years to complete.

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