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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  263 Comments

Shill
Aug 15, 2011 - 12:29pm
The Hat Tip
Aug 15, 2011 - 12:29pm

Russia is dumping its dollar holdings

Russia is dumping its US Treasury holdings:

Safe Haven? Record Dump Of US Treasurys By Non-Central Bank Foreigners In June

https://www.zerohedge.com/news/safe-haven-record-dump-us-treasurys-non-central-bank-foreigners-june

Maybe Mr. Andrey Bykov, who attended GATA Gold Rush 2011 conference, upon returning to home debriefed Mr. Putin and they decided to continue on the path of getting rid of the debt of a "parasite".

question
Aug 15, 2011 - 12:34pm

ScottJ

"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!"

"instead I only am only trying to spread awareness"

Exactly! Awareness is the key. The more awareness there is the more difficult it is to continue behavior that is not in our best interests. There will always be "competition" but labels blind us to our common humanity-and indeed our ties to the earth system itself-and that blindness allows atrocities to be perpetrated that in a rational "aware" mind would not be considered much less performed.

Thanks ScottJ

Shill
Aug 15, 2011 - 12:34pm

As crazy as it sounds, if I

As crazy as it sounds, if I do not watch the GDX she climbs, so that is me helping out folks LOL. ( Shuts monitor ) :)

exiledbearShill
Aug 15, 2011 - 12:37pm

My case for $32345 gold

Based on a dream I had when gold was around $1600. Normally I wouldn't pay attention to my dreams, except that sometimes they have been quite precognitive. If I were you, I would not take this as trading advice, I certainly do not.

JamboMamboBill
Aug 15, 2011 - 12:47pm

Seems to me that the dollar

Seems to me that the dollar is accumulating energy for a break out.... Dow breaking upwards towards 11500 and Oil up 87. Where gold is gona go now...

Italy's love for pizza goes extreme, MAMA MIA !

ewc58
Aug 15, 2011 - 12:55pm

No problemo, happy to share

Glad it came at a good time. I love Andy, the dude is a completely fearless observer and commentator. He goes way back with GATA and is a legend among those who've followed him and have seen how right he's been for so long. While so many others have been dead wrong. Andy will get your head put back on straight for you, that's for sure.

But folks, really, we're doing just fine. Stop sweating daily "price action", it is meaningless for the purposes of 90% of the posters here. That is NOT how one prevails in the PM space, especially the Ag space.

We all know where this is going. So let's chill and start acting like we've been in the End Zone before. We are winning the game. And guess what? Team Gold's best half (by far) is the second. That means it's nearly....

Clobberin' Time!!!

SilverWealth
Aug 15, 2011 - 1:00pm

Granny selling at premium

Granny is happy people are wearing underwear again and is peeling off some of her BAL bought on sale over last week in honor of this occasion.

Granny also peeling off some GDX into strength but not too much, some CDE and SLW all of which are rocket ships best balanced into strength unless you have an astronauts stomach which Granny does not.

Selling some PHYS into strength as well.

Gripping physical holdings with an arthritic fist though.

Johnny Holmes, that nasty boy from down the block has been back all morning chasing Granny around the Grocery store demanding that she sell at premium to him everything she bought on sale last week. Granny will only let him get to 2nd base though, maybe. She loves the Holmes boy since he brings so much excitement into her life.

Meanwhile all the Bedoin men who were arguing last week about lows in Gold to 1650 and that they would wait and 'be sensible' are now lined up around the block to buy in at 1755 since they are now convinced without a doubt that its going to the moon. They have crowded Granny out of the store and taken a chunk of her shares off her hands. They are wise men and only buy once price action is 'confirmed'. Afterall this is what all the trading textbooks published by the big Houses that are owned by the Banksters tell them to do.

Shill
Aug 15, 2011 - 1:07pm
Simon
Aug 15, 2011 - 1:14pm

CASH IS TRASH!!!

Sen. Rubio: "Save the Whole House or It Will All Burn Down"

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