Happy Anniversary

263
Mon, Aug 15, 2011 - 10:31am

In case you missed it, today is the 40th anniversary of the decision by the great republocrat criminal, R. Milhous Nixon, to remove the U.S. from the "gold standard". The Turd was only five when it happened so I cannot be held responsible for my inaction.

Nixon Ends Bretton Woods International Monetary System

I wrote about this some time ago. For your enjoyment, here's a link:

https://tfmetalsreport.blogspot.com/2010/12/preparing-accordingly.html

OK, enough of that. All of the commodities are up this morning but gold is down. That is about to change so let's get started. We have a few things to cover.

First up, gold. In January, near the bottom of a nasty correction and with gold near 1340, I gave you "1600 by 6/10/10". When the call came up either $22 short or six weeks early, depending on how you look at it, I took a rash of sh*t from people who, apparently, expect perfection. Several weeks ago, when gold broke through 1600, I gave you "1800 by Halloween". That seemed to work out pretty well. Hmmmm. Lots of crickets out there. Now, I'm on the line with "$44 silver by Labor Day". Lord help me if silver only makes it to 43.92. Anyway, back to gold. As you can see on the chart below, it is clearly forming a short-term bottom. It has twice tested and held key support between 1725 and 1730 and has since gone flat. This won't last long. Your first clue that gold is heading back to 1800 will be a breach of 1750. Watch that level closely.

Silver faces a moment of truth later today. It is getting ever-so-tightly wedged into a pennant. All signs point to silver breaking UP and out of the pennant. The fundos are extraordinarily strong and on a short-term basis, all of the other "commodities" are up today. Watch the 39.50 level for clues.

Lastly, I found this earlier today on ZeroHedge. As you know, I have a penchant for historical trends and patterns. As Shakespeare said, "what is past is prologue". In the case, the author has found some startling similarities between the current day U.S. and the late stages of the French monarchy. Before getting started, I suggest a stout cup of coffee or some other mental stimulant. Though the information is well-researched, I found the manner in which it is presented to be somewhat challenging. But, what do I know? I'm just a turd.

https://www.zerohedge.com/news/sun-chairman-whats-future-prologue-and-why-second-french-revolution-coming-america

At any rate, here's the paragraph the bast relates to what we do here. If you're still living in some dream world where you follow the "stock market" in the hopes of growing your "retirement account", the passage below should help raise you from your slumber:

"Painted in oscillating shades of red and green on our dealing screens, we can also see the full, epileptic frenzy of our broken financial markets, no longer evidence of the rational allocation of hard-spared capital to the enriching process of patient and diligent entrepreneurship, but a wild, computer-driven video arena where countless billions swarm into and out of the sea of tickers from one micro-second to the next, with each successive ebb and flow of this leveraged flood further reducing the informational content of the associated prices and so defeating the very purpose of the capital market itself."

I have lasts of 1745 and 39.51. It's going to be a very interesting day. More later. TF

About the Author

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turd [at] tfmetalsreport [dot] com ()

  263 Comments

scone
Aug 15, 2011 - 10:34am

but why did

tricky dick fuck us with fiat?

rassillon
Aug 15, 2011 - 10:34am

That hurts.

That hurts.

averagejoe
Aug 15, 2011 - 10:34am

hey

gm. Thanks turd

Sry had to. FIRST

SilverTree
Aug 15, 2011 - 10:37am
Shill
Aug 15, 2011 - 10:40am

POS$

Is certainly living up to its expectations.

ScottJ
Aug 15, 2011 - 10:40am

Hourly Silver.... What a

Hourly Silver....

What a time to be alive, as we are the generation/population that will confront what could play out as the greatest challenge humanity has ever been faced with.... drop the labels, spread awareness!

https://thehardrightedge.com/wethepeople/

Hello to my fellow brethren across all stretches of land, no matter which/what/who you are labeled as, each of us are independent co-inhabitants of the Earth. Labels we associate with such as country of origin, religion, race, education level, wealth, sport teams, and countless other human-created labels are what I consider the root mental barrier in which separates man from working with one another. Instead, we live in a world of perpetual competition with one another. Who said it has to be this way?

What if these labels did not exist? What if we as people were able to drop the labels we have assigned to each other? What if we looked past the generalizations of human diversity, and focused our energy in a new direction? Could the simple focus of awareness to the ancient power-harnessing philosophy of Divide and Conquer be the solution in achieving freedom from those who lust for power? Are you presently aware that there are those who lust for power over you and I, acting without the best interest of you and I, and the overwhelming majority of the world's inhabitants?

"It was curious to think that the sky was the same for everybody, in Eurasia or Eastasia as well as here. And the people under the sky were also very much the same--everywhere, all over the world, hundreds or thousands of millions of people just like this, people ignorant of one another's existence, held apart by walls of hatred and lies, and yet almost exactly the same--people who had never learned to think but were storing up in their hearts and bellies and muscles the power that would one day overturn the world."
- George Orwell, 1984, Book 1, Chapter 10

... continued

Josephj36
Aug 15, 2011 - 10:42am
Over55
Aug 15, 2011 - 10:46am

Yeah and ever since then we

Yeah and ever since then we been on a slow decline.

https://www.dailyjobcuts.com

Gold and silver are going to only go up. Yeah there may be regulation and stop ya from selling/buying, But that only confirms more the need to have it.

grvdigga
Aug 15, 2011 - 10:46am

hmmmm

Things do look strange, and its eerily quiet right now. Methinks the EE is cooking something up.

cpnscarlet
Aug 15, 2011 - 10:47am

Engineering for PM Analysts

Turd - Engineers always get around "perfection" with TOLERANCE. We know there is no perfection in building machines and there is none in calling markets. Just use a fudge factor and all's well -

$44 by Labor Day Give or Take...whatever. So easy to do, and you financial guys don't have to be as near as precise as us gearheads.

I just wish Santa had done that with his $1650 call and I would have saved myself an ulcer.

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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