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!

About the Author

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

  258 Comments

Dr G
Aug 16, 2011 - 8:03pm

Sorry all, I sort of started

Sorry all, I sort of started the 9/11 thing, but I just am getting around to reading the comments. Something about me having to work and see patients today .

Good comments all around--that's why we love this Turdland.

Back to the metals--Kitco's charts are apparently busted, as has been noted. I also believe that Kitco will fall apart one of these days. Too much corruption going on behind the scenes over there, methinks.

Oh what I wouldn't give for 640 acres of farmland! Heck, I'd take the 20!

FriedEggs
Aug 16, 2011 - 8:09pm

I have one thing to say

Only puny secrets need protection. Big discoveries are protected by public incredulity.

~Marshall McLuhan (The Medium is the Message)

puff*puff*pass...

Fried(e)

Shill
Aug 16, 2011 - 8:15pm

Heres a thought!

Lets feed the TURD!

Go ahead I dare ya. :) Agreed I love the topic but we do have a forum for that. Lets keep the credibility of the blog on a high note.

Cheers to you all

Tesla
Aug 16, 2011 - 8:20pm
Shill
Aug 16, 2011 - 8:32pm
Tesla
Aug 16, 2011 - 8:33pm

Ahaha

Yeah man! Laughed my ass off... couldn't help myself from posting. I thought of our Canadian bakin' friend when I saw it.

Save_America1st
Aug 16, 2011 - 8:38pm

Congrats Eric O!

Any pictures of your new gear to post? Don't leave us hangin' man!

Ham update: I posted earlier today that I fell victim to the Ham Denial when Walgreens emailed me stating I wasn't going to get even 1 can of ham from my order of 24 on Sunday. The Ham-pede ran me down and I missed out.

Bothered the heck outta me the rest of the day, so after work I went into my local Walgreens and limited out on 3 cans 'o ham plus one of the cans of the pink Alaskan salmon (just to see how it would taste).

Haven't cracked into the ham yet, but it's gonna happen in 3-2-1 go!

Let's see a picture of that new Double Eagle!

Eric Original
Aug 16, 2011 - 8:40pm

stoneeh

I was going to click on the Dubya video you posted because I think I would have liked it, but I just couldn't do it because just thinking about that bastard gives me the fucking dry heaves. Literally, if I see his fucking face or hear his fucking voice I just throw up right on the spot.

ScottJ
Aug 16, 2011 - 8:41pm

Tipping Point

Glad to see so many Turdites supporting the message of liberty.

The tipping point is near.

Video unavailable
¤
Aug 16, 2011 - 8:46pm

Layoffs and unemployment

Thanks for all the info Shill.

It looks like with all the Postal Service workers and Verizon and various muni/govt. workers getting laid off soon that the jobs topic should be front and center in the Prez. elections next year.

Which almost guarantees that it won't be. Can you say Iran?

Icarus Save_America1st
Aug 16, 2011 - 8:48pm

Waterfall collapse tonight or tomorrow

Copied this from Harvey:

Just trying to connect the dots. Look at this and tell me I'm nuts!!!

A Gata member analyzed certain mining companies and this is what he discovered:

Here are some numbers for yesterday(Aug. 15, 2011) of short sales as a percentage of total volume traded:

AEM 48%; GG 35%; RGLD 46%; AG 42%; NEM 58%; SLW 33%; PAAS 47%

AEM=== Agnico Eagle
GG = Goldcorp
RGLD = Rangold
NEM = Newmont
SLW= silver weaton
PAAS= Pan American silver.

This means that the miners prices were destroyed again today, on a day that gold AND silver were up. The big boys printed up (sold shares they did not own) almost half of all the shares bought in these equities today!!!! They just made them up and sold them! The demand to buy was there, but the price didn't go up with this increased demand, because the buyers were given (unawares) IOU's instead of actual shares of stock. They flooded the market with IOU's to prevent the price rise!!! CRIMINAL!

This is a prelude to a massive smackdown in the price of gold and silver tomorrow. The banksters got word of a raid tomorrow so instead of selling the metal (can't do that or they'll be thrown out of the club) ahead of the collapse, they sell the miners, knowing that the illegal waterfall dump is coming and the miners will collapse tomorrow with the metals!!!!! They will cover their shorts (IOU's) by buying the shares tomorrow at firesale prices.

I CAN'T STAND THIS SHIT ANYMORE!!!!!!! (I hope to hell I'm wrong about this)

Icarus

¤
Aug 16, 2011 - 8:49pm

Ok, maybe or not

Uncle Fester... The USD is what I'm talking about and it's convertibility here into fiat in exchange for gold redemption. Not gold for fiat redemption. Big difference. If other countries and their citizens want to turn their gold into fiat then I'm sure the big banks would accept their gold also.

I don't see the TPTB giving up gold for fiat, ever. Unless the price gets so high that they try to devalue it and go onto some other monetary scheme but that's way ahead of where we are presently. If ever.

And I see no correlation to 40 years ago as this would be much different in what I loosely laid out. Maybe you have something in mind that I'm not grasping or a different angle. Cool.

(loved uncle fester in the adam's family)

¤
Aug 16, 2011 - 8:56pm

Icarus

I can attest to the absolute weirdness that SLW and GG are displaying in their trading action.

I follow them both closely and they are absolutely getting worked over IMHO by the EE or whomever is pulling this crap on a daily basis.

Which tells me that they are way undervalued and that the EE knows this and either fears their true market valuation or they are setting themselves up to profit wildly when the short action comes off at some point.

Either way, I'm ready and positioned into the future and I am patient and sitting tight for now. I will admit that it has been frustrating to watch both of them totally under react or do the complete opposite of what the underlying PM is doing on any given day.

Sprott said it best..."It's some type of counterintuitive algo program possibly to throw traders off and out of the market..." (paraphrasing)

I know I'm right about GG and SLW and I'm a patient man.

Nigel Black Icarus
Aug 16, 2011 - 8:56pm

@Icarus

I think you are correct. I fully expect to see a PM smackdown tomorrow. I'll be in there buying if it does happen ...

stoneeh
Aug 16, 2011 - 8:59pm

Eric

Yeah, the video is even worse than the preview picture, so it's probably good you didn't watch it. But it really helps make the point. That bastard sounded just like Obama and now Perry, BEFORE the presidency. If people fall for the same BS every 4 years and all the while almost completely ignore individuals who really care about the country (like Ron Paul), it really tells you something about them.

I mean, actually, it's not really constructive to let out one's hate at the puppets, they are merely statists in all of this. Bush, Obama, Perry, they do not really matter, they're all reading the same scripts the EE mass psychology experts (and those guys really know their stuff) write for them. I mean, can you believe that not a single one of all those gun nuts hasn't picked off for example Rockefeller or Kissinger with a sniper rifle yet? That's how well the distraction works. Because it would be very easy to get rid of lots of the EE/Bilderberg guys, a single person could probably pull it off without even getting caught, if that person would put just a few weeks or months of info gathering and planning behind it.

- Markus

Eric Original
Aug 16, 2011 - 9:00pm

Save-Am

I'm not all that techologically savvy like you to be able to post my own pics. I think my server space on the blog is already almost full with useless crap and you can't delete anything.

I'll surf the net and find a pic that is really really close and post that. Internet pics are easy to post.

It's a 1922 St Gaudens $20 Gold Piece, a Double Eagle. Super de duper nice condition. By far the nicest one that I have. My coin shop guy, who I totally trust said that if he sent it in for grading he was sure it would be about MS-61. Sold it to me for $1,900 bucks, which was only about 10% over melt at the time. I couldn't say no. Swapped a pile of 90% dimes for it. He gave me $26 per $ for the dimes which I thought was fair as a selling price too.

Fact is I bought two coins today. The Saint, plus a XF condition $10 Liberty 1881. Total cost was $100 face of 90% dimes, 4 silver rounds, and $40 cashola.

I really need to apologize to all the silver fans on the blog. Rationally, I understand it. I get the whole thing about the limited amount of silver available and all that. I get the idea of waiting for a better GSR. But still, for me, I just love gold. Period. I have no emotional attachment to any of my silver, no matter how nice. My Mexican Libertads, My old school Engelhard 10 oz bars, My Eagles. Someday they are all going bye bye for my precious.

It's who I am. Can't help it.

Shill
Aug 16, 2011 - 9:01pm
Eric Original
Aug 16, 2011 - 9:03pm

gotta go

Daughter O is giving me the evil eye to get the heck off the computer. I'll go take a sauna, and a whiskey, and see if I can find a nice Double Eagle picture later on.

FriedEggs
Aug 16, 2011 - 9:08pm

@Tesla

lol - Thanks - nice pic. That Mom seems pretty cool.lol We could probably have a smoke with her;-)

A comment for yesterdays 40th anniversary...

Chuck Butler, our bullish for gold/currency analyst friend at Kitco...

CB-Then there was this… From my long time/ good friend, Frank Trotter… “I am a little surprised that an important 40 year anniversary has generally gone unnoticed. On Sunday August 15th, 1971 President Nixon went on national television to announce that the U.S. was withdrawing the U.S. dollar from convertibility to gold, floating the value of the U.S. dollar, and imposing wage and price controls. In the succeeding years of good and bad and ugly we have been presented with a case study of what happens when government is no longer constrained by anything but it’s own judgment. It is almost poetic that almost to the week forty years along we find ourselves in a Keynesian Conundrum with out of control fiscal and monetary policy and a much deserved credit rating downgrade. And as reported by the Wall Street Journal over the weekend based solely on the CPI (which we think understates the impact of inflation) the purchasing power of a U.S. dollar has dropped by 82%. What a great change in policy.”
https://www.kitco.com/ind/Butler/aug162011.html

Fried(e)

ClinkinKY
Aug 16, 2011 - 9:09pm

Precious Metals

Some days I come on here and see so many posts about Alex Jones, Ron Paul, 9/11, etc that I think I must have "taken a wrong turn" and ended up on infowars.com. Depressing.

¤
Aug 16, 2011 - 9:14pm

Joe Delivers Message to Chinese Crudely

Biden to Offer Reassurance to Chinese Leaders

By Kate Andersen Brower - Aug 16, 2011 12:00 PM ETTue Aug 16 16:00:00 GMT 2011

Vice President Joe Biden is carrying a simple message with him as he arrives in Beijing today: Your money is safe with us.

At the outset of his three-nation Asia tour, the vice president will seek to allay concerns being expressed in China - - the biggest foreign holder of U.S. Treasuries -- that the deficit deal struck by Congress and the Obama administration earlier this month doesn’t go far enough to rein in the nation’s long-term debt and that U.S. growth will stall.

“The last few weeks have put a new item on the Chinese agenda,” said Jeff Bader, who was senior director for Asia affairs at the National Security Council until April and is now a visiting scholar with the John L. Thornton China Center at the Brookings Institution. “The Chinese will be looking for an explanation of the broad future of the U.S. economy.”

Biden’s arrival in China later today follows sharp questions from Chinese leaders about U.S. economic leadership in the world amid persistent tensions over trade and currency. A day after Standard & Poor’s downgraded U.S. debt to AA+ from AAA, China’s official Xinhua News Agency issued a warning: “The U.S. government has to come to terms with the painful fact that the good old days when it could just borrow its way out of messes of its own making are finally gone.” (cont.)

https://www.bloomberg.com/news/2011-08-16/biden-carrying-message-to-chin...

No Mercy Dojo - Martial Arts
exiledbear
Aug 16, 2011 - 9:16pm

Eh, it's just part of the scene

You can't own gold and not be a bit of a conspiracy theorist. There is a small basis behind every stereotype, you know. A small basis that is amplified way beyond reason.

And hey, if they really ARE out to get you, you're not paranoid.

As far as national political theater, it's entertaining to some. That's about all you'll get from the national level. There are no solutions in the politicial world, only entertainment - and problems.

¤
Aug 16, 2011 - 9:19pm

Kitco

Back up and running. I'm seeing the same slightly negative PM action that seems to be typical when Japan opens up.

Why is that so consistent?

exiledbear
Aug 16, 2011 - 9:19pm

I like how they try slipping lower ranking flunkies to China

And hope we don't notice. I betcha that bloomberg story will be run just once on the wires and then will promptly disappear. And they hope that nobody notices what's going on.

Can't send the president to China, too many people would notice that, but ol' Biden, he's perfect. Nobody will care.

There's more going on behind the scenes here than meets the eye.

Larry
Aug 16, 2011 - 9:20pm

Waterfall? EE head fake?

Whatever. Just be on the boat. Music calms the nerves.

Modest Mouse - Missed The Boat (Official Video)
Larry
Aug 16, 2011 - 9:21pm
¤
Aug 16, 2011 - 9:27pm

It's a slow night

Ted Nugent - Stranglehold Live @ Rockpalast - 1977
Shill
Aug 16, 2011 - 9:27pm

Looking at last years and 09

Looking at last years and 09 charts miners wise, we seem to be due for a major up swing coming real soon.

UncleFester
Aug 16, 2011 - 9:29pm

DPH

No problems here man, we're cool. Let me try to explain, first some backdrop info. All fiat currencies are tied to the $ via FOREX. The bankers know this is not good, unfair advantage to the US. They print when we print and constantly monitor their fiat's value relative to the $. Big overhead costs, no? The dollar's primacy is in oil. The currency (T-bills, bonds and other $ denominated debt) that other countries hold in reserve is because oil is priced globally in $. As long as oil bids for $s, then $ debt is purchased and held by others. Oil is the real physical currency of the global marketplace and $s are the paper representation of that. When others hold $, they are really holding paper promises for future oil! This is fine for oil importers, but bad business for oil exporters, no? An exporter is trading current oil production and delivery to the global market for their own future production and delivery! When the gold window closed what happened? Stagflation and oil crises in the 1970's followed closely by PM moon launch (Hunt help notwithstanding). The bankers started working on an alternative, while forcing Volker into the 20%+ and the LBMA/COMEX paper ponzi carry trade to buy some time. That alternative is exactly what you proposed, the Euro!

The Euro does not require naked paper shorts to make it "look" valuable relative to gold. It marks-to-market to gold! It is transparent and freely traded/swapped with market gold and openly reported every quarter. Meanwhile "Gold To Go", a German company, begins to install vending machines and Europeans are encouraged to save in gold by swapping their paper currency (Euros) for gold on the street! If the ECB prints too much, their reserve rises in Euros. If they print too little, their reserves fall in the paper price. They now have a true measuring stick on how well they monitor their own currency, not the $. This is the reason why China supports the Euro while encouraging its people to buy gold, this is the reason why India encourages its people to buy gold, this is the reason why Saudis are now in the BIS business. The pieces are falling into place, the transition from the dollar to the Euro as oil-to-gold trade (currency).

PS. Of course, this only works in the absence of paper ponzi naked short-selling, but that is coming from Wall St, no?

IFester

¤
Aug 16, 2011 - 9:31pm

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