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.

paper_8-10pmgold15.jpgpaper_8-10pmgold3.jpg

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).

paper_8-10pmsilvh.jpgpaper_8-10pmsilvd.jpg

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
T · Aug 10, 2011 - 3:37pm

test...first post

test...first post

Andy Dufresne · Aug 10, 2011 - 3:39pm

Anybody see a "cup and

Anybody see a "cup and handle" on the daily silver chart? Not really a chartist so don't know the official "rules" of a cup and handle formation, but it appears that it might be so...anybody? Bueller?

SilverTree · Aug 10, 2011 - 3:39pm

$1787.51 again

$1787.51 again

lostinspace · Aug 10, 2011 - 3:46pm

Don't Forget

Hey guys, don't forget to leave our favorite bankster whore a message on her new blog!

https://blythemasters.blogspot.com/

Found another career opportunity for Blythe once the derivatives bubble explodes...

Whorified! The Search for America's Next Top Whore
ewc58 · Aug 10, 2011 - 3:48pm

Bob Chapman live at 4:05 pm edt

I sure wish he was on TV today. Ever see a 76 year old click his heels? surprise

https://firstamendmentradio.net/FAR24W.asx

FogHorn LegHorn · Aug 10, 2011 - 3:48pm

Na Nah da Boo Boo shorts got sqeezed Na Nah da Boo Boo

I got green on My screen, whoot hooo! A supersonic wedgie and Black Bart Beer fart in shorties general direction! Hardy Har, fu%kin Har, ya dirty rotten weasels! Hem, hem, ahem, I didn't say that out loud did I? Xnay barney, Xnay. :)

LongGoldLongSilver · Aug 10, 2011 - 3:49pm

Consolidation ending? s

The divergence I mentioned a few days ago here: https://www.economicfreefall.com/2011/08/divergence.html seems to be verified today. If gold stocks can keep going and break out for real against the broader stock market, this could be the day we have all been waiting for. Maybe the market finally, finally realizes how superior companies, producing an asset which keeps rising in price, are.

https://www.economicfreefall.com/2011/08/todays-important-chart.html

T · Aug 10, 2011 - 3:50pm

my comment got disolved before I posted

it was very important. first post. long time watcher. I often feel the need to share my insights. but Nothing more important than simply this...... Turd's commentaries, his vision and understanding are truly ....Brilliant.

 and theres nothing I can add at all...... I wish there was. Coming here and required reading every day.... also trader Dan, Nathans economic edge, jim sinclair, and jesse's cafe. All required reading for me.

maravich44 T · Aug 10, 2011 - 3:51pm

@ sheeple.

we are here.

TrollKiller · Aug 10, 2011 - 3:52pm

The Battleships have made it Through!

Argh, How I love the sight of headless trolls floating by on the waves of the big salty. You can be loosenin them ropes now as the waves have settled a bit, and I'm a goin to sharpen the broadsword as killen them nasty trolls earlier a boarden' me fine sloop dulls the edge! You be needin' to bring up some more powder from below and be stacken them cannonballs neat and fine for later on in the wee hours o' the night watch. The witchin hour be a lookin like a good time for hot lead to be a flyin'! The big gold battleships be a gettin' into formation for the grand run. But off in the distance I be a spyin' them buzzards through me lookin glass unloaden their big guns offa their shattered decks and towin em up to the top o' the breakwater. Don't you landlubbers be forgettin' we ridin the good ship volatility now, and there be no way of tellin which way the wind be blowen her forward!

aomegaa · Aug 10, 2011 - 3:53pm

Cup & Handle

No TA expert, except in hindsight, but daily silver does look like a cup and handle with an initial upside of "Turds" 44.

Violent Rhetoric · Aug 10, 2011 - 3:53pm

Stocks are moving lower into

Stocks are moving lower into the close today. 

F_UGLY

Cynicus · Aug 10, 2011 - 3:56pm

Your too much Turd.....

You say your going to try to give predictions with even more accuracy..... careful man, if you get any more accurate I'm afraid I'll have to burn you as a witch.....

ewc58 · Aug 10, 2011 - 3:57pm

Holy crap-533 and falling...

Someone's back maybe got broken today. Glad it wasn't ours!

JamboMamboBill · Aug 10, 2011 - 3:59pm

Looks to me we gona cross

Looks to me we gona cross 1800's over night in Asia. Silver looking good to me as well in accordance with Super Turds projections.

5% inflation hit's the UK! Get ready for phase 2, acceleration to hyperinflation.

Dow 500p downsurprise

3 more days of that and there will be no Dow anymore...

treefrog · Aug 10, 2011 - 4:00pm

thanx to williambanzai17

PROUDLY BANKRUPT by Colonel Flick

"this is the united states of america. we will always be a aaa country."

... barak hussein obama

Shill · Aug 10, 2011 - 4:01pm

10700 has been

10700 has been breached....

Look out below.

You say your going to try to give predictions with even more accuracy..... careful man, if you get any more accurate I'm afraid I'll have to burn you as a witch.....

Now that is funny bro lol

T maravich44 · Aug 10, 2011 - 4:01pm

@ Maravich

...thanks for that.

(is your moniker referencing Pistol Pete ?

I watched him play with the celtics in his last year...floppy socks and all. )

ewc58 · Aug 10, 2011 - 4:02pm
Tom L Shill · Aug 10, 2011 - 4:02pm

@Shill

10718 on the close.

1120 S&P close.

Not quite yet, but close... very close.

Ta,

Notice: If you do not see your new comment immediately, do not be alarmed. We are currently refreshing new comments approximately every 2 minutes to better manage performance while working on other issues. Thank you for your patience.

Become a gold member and subscribe to Turd's Vault

Contribute

Donate  Shop

Get Your Subscriber Benefits

Exclusive discount for silver purchases, and a private iTunes feed for TF Metals Report podcasts!

Key Economic Events week of 12/10

12/11 8:30 ET Producer Price Index
12/12 8:30 ET Consumer Price Index
12/13 8:30 ET Import Price Index
12/14 8:30 ET Retail Sales
12/14 9:15 ET Industrial Prod. and Cap. Utilization
12/14 10:00 ET Business Inventories

Key Economic Events week of 11/26

11/27 9:00 ET Case-Schiller home prices
11/27 10:00 ET Consumer Confidence
11/28 8:30 ET Q3 GDP 2nd guess
11/28 10:00 ET New home sales
11/29 8:30 ET Personal Income and Spending
11/29 10:00 ET Pending home sales
11/29 2:00 ET November FOMC minutes

Key Economic Events week of 11/19

11/20 8:30 ET Housing Starts
11/21 8:30 ET Durable Goods
11/21 10:00 ET UMich Sentiment
11/21 10:00 ET LEIII
11/21 10:00 ET Existing Home Sales

randomness