Wild Wednesday

376
119
Wed, Aug 10, 2011 - 3:18pm

Well, that was fun, wasn't it? What a day! I hope that you, my dear reader, had as much fun following the PMs as I did today. Now, get ready for tomorrow and, especially, Friday. As we approach the weekend, there is no doubt that things will get even more volatile.

There is a lot going on in the world and the PMs are going a lot higher. Let me explain. No, there is too much. Let me sum up.

1) France is on the verge of losing their AAA rating.

2) Italian banks are on the verge of collapse.

3) In the U.S., Bank of America looks to also be on the edge of the abyss.

4) The Fed signaled yesterday that rates will stay at zero for the next two years.

5) Rioting and civil unrest seems to be on the increase globally.

We were all watching The Cartel vigorously defend the 1770 level since Monday. Many smartypant shorts were watching, too, hoping against hope that the Forces of Darkness would not let them down. To their surprise (not mine), The Cartel failed and, once gold tripped by 1782, it quickly surged almost $20 to $1801 as all the smartypant bootlickers got squeezed and stopped. Predictably, gold has pulled back from $1800 as profit-taking set in. Equally predictable, The Cartel used some equity strength to sell gold on the Globex, too. The resultant dip stopped right on schedule at 1770 and gold has since solidified. I have a last of 1777. Look for another night of fireworks in Asia. If you doubt me, ask yourself what happened today to lessen overnight Asian demand. Anything? Nope. Look for gold to trade back to and, probably, exceed 1800 overnight.

Silver is doing great, too. As discussed last evening, it appears that the bottom of the recent correction in the commodities was achieved yesterday. Looks for this rally to continue, in spurts, for the next 3-4 weeks. This will be a favorable environment for silver to return to an uptrend. The chart looks like a bottom was found yesterday and yesterday's OI was likely the low, too. All of this just makes me even more confident that silver will trade to $44 or higher before Labor Day in the U.S. (Monday, Sept 5).

I hope you are slowly making back some of the fiat lost back in May. My goal is to do a better job of helping navigate this latest bout of craziness. Be patient but be diligent. You now know that a desperate and wounded C/C/C can and will change the rules in their favor anytime they feel truly threatened. Be cautious but be brave. We are on the right side of the math, the facts and history. Now is not the time to be distracted by MSM pundits and shills who cling to the power that the status quo bestows upon them. Trust your instincts but do not get cute or get greedy. In the end, this is about survival, not profit.

More later if I can stand it. After today, I may need to shut the MacBook down for a few hours! TF

7:15 EDT UPDATE:

As expected, the criminal C/C/C just announced this evening a margin hike in gold, effective at the close of business tomorrow. Read more here:

https://www.cmegroup.com/tools-information/lookups/advisories/clearing/files/Chadv11-279.pdf

As you might expect, gold has pulled back on the news. After a high of 1818, it has pulled back to 1804. I doubt that big money Asian and European investors give a rat's ass at this point about Comex margins but you never know. Watch carefully this evening as this is sure to heighten volatility.

Though we all remember the 5 consecutive silver margin hikes in May, don't forget about the first silver margin hike last November. Silver corrected from $29 to $25 in five days but, as you know, it went on to double from there over the next six months.

TF

About the Author

Founder
turd [at] tfmetalsreport [dot] com ()

  376 Comments

Aug 10, 2011 - 3:26pm

Inigo

He's been mostly dead all day
Louie
Aug 10, 2011 - 3:26pm

First?

First?

First!

First! First! First! First!

sevin
Aug 10, 2011 - 3:28pm

Finally the miners showed

Finally the miners showed some strength and reacted to silver rather than the overall market. I wonder what they would have looked like today if the market was a kermit.

PaPaSpeed
Aug 10, 2011 - 3:30pm

Thanks for all your hard work

Thanks for all your hard work Turd. Take that well deserved rest.

Stack'em high!

LongGoldLongSilver
Aug 10, 2011 - 3:31pm

Bald Ben

"Bald bankster Ben Bernanke bolstered banks' balances by buying bad bonds beside bailouts. But because Ben blows blatant bubbles, bucks buy barely bread n' butter. Brain-dead Bernanke's bank better be banned before bringing bondage beyond bureaucratic burden."

https://www.economicfreefall.com/2011/08/bald-bankster-ben-bernanke.html

Gibboslv
Aug 10, 2011 - 3:33pm

I must say I do like the last

I must say I do like the last sentence, "In the end, this is about survival, not profit." Very true. Love all your insight it's very helpful, I have not got the cash to help in the cause as such to buy silver futures but I am doing a few spread bets on silver and converting my profit/winnings..... not sure what to call it, into physical so I guess I am contributing in a roundabout way!! Anyways here is to a very profitable autumn for us all....... "To help us survive"...... LOL writing that reminds me of the speech that Bill Pullman made in Independence Day... If I have a few more beers I may do a silver adaptation on it!!

If I do please excuse the spelling as it may be all over the place!!

Gibboslv
Aug 10, 2011 - 3:35pm

WOW

@ economicfreefall!! You celebrating too ????

Shill
Aug 10, 2011 - 3:35pm

Thank you TURD

Trust your instincts but do not get cute or get greedy. In the end, this is about survival, not profit.

Words to live by brother.

Thank you for all you do sir.

Violent Rhetoric
Aug 10, 2011 - 3:37pm

Moneyball

Moneyball

Shill
Aug 10, 2011 - 3:37pm

dow 10,790.17 -449.60 -4.00%

dow

10,790.17 -449.60 -4.00% Wow
Key Economic Events Week of 10/21

10/22 10:00 ET Existing home sales
10/24 8:30 ET Durable Goods
10/24 9:45 ET Markit flash PMIs
10/24 10:00 ET New home sales
10/25 10:00 ET Consumer Sentiment

Subscribe or login to read all comments.

Contribute

Donate Shop

Get Your Subscriber Benefits

Private iTunes feed for all TF Metals Report podcasts, and access to Vault member forum discussions!

Key Economic Events Week of 10/21

10/22 10:00 ET Existing home sales
10/24 8:30 ET Durable Goods
10/24 9:45 ET Markit flash PMIs
10/24 10:00 ET New home sales
10/25 10:00 ET Consumer Sentiment

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

Recent Comments

Forum Discussion

by NW VIEW, 21 min 37 sec ago
by sierra skier, 8 hours 39 min ago
by NW VIEW, 8 hours 42 min ago
by Trail Trekker, 10 hours 2 min ago
randomness