Feeling Good, Louis!

258
Tue, Aug 16, 2011 - 4:19pm

The Turd has had himself a couple of nice days. With Sep silver near 38.50, I gave you $44 by Labor Day. It remains to be seen if it will make it but I've already made a tidy little profit. Gold has been even better. I gave you a bottom near 1725 late last week and, since, gold has rallied over $60. That'll work for daddy, too. I sincerely hope you've been able to make a little fiat along the way, also. Now, the $18,000,000,000,000 question is...where do we go from here?

The way the gold chart looks, I can't imagine that it won't trade up to and even through 1800 overnight or tomorrow. Headline risk can, of course, change everything. However, there is absolutely nothing on the chart to stop it so I expect it to happen. Typically, when something rolls to a peak like gold did last week and then hits a speedbump, you get a rally to a potential double-top. This is exactly what I expect to happen. Gold will get to 1800, maybe even 1810+ and then The Cartel will unleash the monkeys is an attempt to paint the double top. They'll most likely be successful, at least for a few days. I'd expect gold to tap the ceiling and then pull back later this week or early next into solid buying support near 1775. From that base, when all the top-calling douchebags are out in full force, gold will reverse and charge to new highs. This is what I'd typically expect but, as you know, nothing about this late summer rally has been typical so don't set it in stone. It's simply something to watch for. Either way, gold is headed higher. Don't listen to the bubble nonsense. Don't listen to the double-top nonsense, either. Gold is going higher. Period.

Silver is subject to some manipulation here, too. I'm getting the distinct impression that, like late June, The EE is trying to keep "deliverables" in September to a minimum. You may recall that the silver rally from 34 to 42 happened in July, once trading in the "delivery month" July contract was off the board. It feels the same way here. Do not be surprised to see the Forces of Evil attempt to keep a lid on price through late next week. They need to have as few stand for delivery in September as possible. With this in mind, two things:

1) I sold my Sep calls at a small loss today. They expire next Thursday and they were far enough out of the money that I didn't want to jack with them any longer.

2) Clearing the Sunday 8/7 evening highs of 40.40 will send silver immediately back toward 42. I would imagine that The Wicked Witch would like to avoid this at all costs so she will send the monkeys to defend 40.40 with significant amounts of unbacked paper. Look for a potential pullback all the way to 39.50 or even 39. From there, I'll be an aggressive buyer. We'll see. Ole Turd can't be right all of the time...just most of the time.

That's all for now. Turd's got a busy night ahead of him so I might not check in again until tomorrow morning. Until then, keep the faith and enjoy the ride. TF

p.s. I'm still looking for a mailing address for "Two Gun Tobin". Tobe, I need to send you your hat! Email me with the info. Thanks!

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  258 Comments

¤
Aug 16, 2011 - 6:03pm

View from abroad>Today's London Telegraph

Barack Obama is 'greatest threat to US', says Rick Perry

Rick Perry has denounced President Barack Obama as "the greatest threat to our country" and called for him to be replaced by a new commander-in-chief "who is passionate about America".

By Toby Harnden

6:50PM BST 16 Aug 2011

In his opening attack on Mr Obama following his entry into the race for the Republican nomination last weekend, Mr Perry, the governor of Texas, who served as a US Air Force pilot, said that American servicemen and women would "really like to see a person who's worn the uniform" in the Oval Office.

"Go ask your veterans if they'd rather see somebody who's never served as the commander in chief," Mr Perry said as he visited the Iowa State Fair in Des Moines.

Asked specifically about Mr Obama, he added: "The president had the opportunity to serve his country. I'm sure at some time he made the decision that isn't what he wanted to do."

The tough rhetoric from the new 2012 Republican candidate came as Mr Obama came within barely 10 miles of him in Iowa when the president's bus tour arrived in the state.

However, he had to share the limelight with the outspoken Mr Perry, who also caused a storm by suggesting that if Ben Bernanke, the chairman of the Federal Reserve, printed any more money between now and the presidential election next year he might be guilty of treason.

"If this guy prints more money between now and the election," Mr Perry said during his first full day campaigning. "I don't know what y'all would do to him in Iowa, but we would treat him pretty ugly down in Texas. Printing more money to play politics at this particular time in American history is almost treasonous in my opinion."

Karl Rove, former chief adviser to President George W. Bush, joined Democrats in denouncing Mr Perry. "You don't accuse the chairman of the federal reserve of being a traitor to his country, of being guilty of treason," he told Fox News Tuesday.

"And, suggesting that we treat him pretty ugly in Texas. You know, that is not, again a presidential statement."

The Perry campaign declined to walk back from the comments, which will be welcomed by many Republican primary voters but could alienate centrists in a general election, saying that it was an expression of "frustration" with out-of-control federal spending....(cont.)

https://www.telegraph.co.uk/news/worldnews/us-election/8705158/Barack-Ob...

silverwood
Aug 16, 2011 - 6:05pm

Vote for Ron Paul on Fox news poll

Go over to this link and vote for Ron Paul to let msm know who the real boss is! Ron is kicking ass there, yeah Baby! Ahhahahaha!

https://www.foxnews.com/on-air/americas-newsroom/index.html

bullwhip29
Aug 16, 2011 - 6:09pm

A dose of reality...

Folks, remember who we are dealing with here. 9/11 was no accident. Neither was the stock market meltdown of 2008. This market is clearly being jerked around again. It's anyone's guess how far they will take things this time around. The final outcome will likely be different than what most expect. Many people will get slaughtered in the markets in the coming months and will lose everything and a lucky few will wind up with the whole stack of chips...once again. What does this have to do with the PM's? Maybe nothing, maybe everything. All we can do is sit and watch...


https://beforeitsnews.com/story/931/331/WNL/Exclusive:_Last_Man_Out_Makes_Shocking_9_11_Disclosure.html

Dr G
Aug 16, 2011 - 6:13pm

@bullwhip29

Sorry, you lost me at "9/11 was no accident".

You may or may not go on to share good information, but I can't stomach anything past that first statement. Just my two cents, and you are certainly entitled to yours.

TheGoodDoctor
Aug 16, 2011 - 6:14pm

@DPH Why post that? Perry is

@DPH Why post that? Perry is a Bildeberger puppet!

Shill
Aug 16, 2011 - 6:15pm
TheGoodDoctorsilverwood
Aug 16, 2011 - 6:15pm

@silverwood Unlikely that

@silverwood Unlikely that they will use the poll when he is pulling 77% of the vote. High-larious though!

PS I do love Ron Paul. What he should do is this "Either you make me the Republican nominee or I run third party."

Dr G
Aug 16, 2011 - 6:18pm

What happens to the value of

What happens to the value of our PMs when Dr. Paul becomes president?

We can dream and wonder, right?

Dr GShill
Aug 16, 2011 - 6:19pm

@Shill

It can't be "breaking" if it was printed 3.5 hours ago, right? :) Just kidding, thanks for consolidating a lot of these headlines for us. We love you!

Aronnax
Aug 16, 2011 - 6:19pm

@Two Gun Tobin

The email address you are looking for is tfmetalsreport (at) gmail (dot) com.

https://www.tfmetalsreport.com/about

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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
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10/18 10:00 ET LEIII
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Key Economic Events Week of 10/7

10/8 8:30 ET Producer Price Index
10/9 10:00 ET Job Openings
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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
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Key Economic Events Week of 9/23

9/23 9:45 ET Markit flash PMIs
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9/17 9:15 ET Cap Ute & Ind Prod
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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
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9/12 8:30 ET CPI
9/13 8:30 ET Retail Sales
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