Wallowing In The Mire

126
Wed, Aug 17, 2011 - 9:31am

What the true proverb says has happened to them: “The dog returns to its own vomit, and the sow, after washing herself, returns to wallow in the mire.” 2 Peter 2:22

Ole Turd ain't much of a biblical scholar but I'm pretty sure Saint Peter wasn't prophesying about the decline of the U.S. dollar when he wrote this. But...

Ole Pigatha sure is living up (down) to her name today. We are getting very close to a test of the lows from back in early May. IF those lows fail, the Pig will rapidly decline toward critical and final support around 72. If you're wondering, the all-time, spot low is 70.81, found back in March of 2008. Not coincidentally, this was when gold was breaking the $1000 level for the first time. If it heads back there again soon, and it looks like it might, it will likely correlate with gold tackling the $2000 level for the first time.

The PMs reached my short term objectives overnight. Yesterday, I told you to look for a test of the 1800 level and we got an early morning peak today of almost 1798. I also mentioned that silver would catch some EE-inspired resistance at 40.40. It reached 40.38. They both since tailed off and I'd expect that to continue.

Now, don't get me wrong. Nothing would make me happier than to see the metals catch a bid this morning and plow right through those levels. They might. Someday very soon, they will. I just don't think that today is the day. A typical advance from this type of technical position would be to pull back a little here. Gold could drop back toward 1770-75. It might even see 1760-65. From there, though, I look for the next advance that will carry it through 1800 and beyond. Silver is the same. The 40.40 level is all that stands between silver and a retest of the resistance near 42. It will take solid effort to get through there and I don't think that the momentum is there today to pull it off. Let's look for a pullback under 40, maybe to 39.75 or so. From there, silver should catapult forward and break the EE line at 40.40.

The general commodity rally we forecast last week is certainly in full swing. Crude is back up to 88.50 this morning and the December corn just made new contract highs yesterday. Expect this rally to continue for another 2-3 weeks.

Lastly, someone emailed me this link. Probably more than a few of you will find this interesting:

https://www.activistpost.com/2011/08/4-ways-to-break-silver-manipulation.html?utm_source=twitterfeed&utm_medium=twitter

Have a great day! TF

About the Author

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

  126 Comments

swampman
Aug 17, 2011 - 10:39am

A Big Round Number $15Trillion

The national debt is approaching a big psychological round number. It should be big news accompanied by talk of future debt increases. This should fuel fear buying in PM sector. Hey Turd. Love ya' man.

Tom L
Aug 17, 2011 - 10:42am

Silver Chart

Update: 30 minute chart.

https://www.flickr.com/photos/29681681@N06/6052577489/

Looks like $40.80 or so is resistance over the next hour. Support @ $40.40. yet more significance of that level. A successful re-test would be awesome.

Ta,

cpnscarlet¤
Aug 17, 2011 - 10:43am

US Att General

@DarkPurple...

"Does the U.S. have a working Attorney General?" NOOOOOOO!!!!!!

Funny you should mention that, but this is one of the MAIN reasons I quit the system. Eric Holder is an enemy of good, moral Americans and decency. He is the main poop in the gov't punch bowl IMHO. As far as I see it (warning: Bible stuff coming), Rom 13 contains a caveat - if gov't does NOT uphold the good and punish the wicked, then it is not "instituted by God" and we no longer owe allegiance. ERIC HOLDER is the EPITOME of BAD GOVERNMENT - supporting evil and punishing good.

I can't believe I went to the same high school with him and Axelrod!

Tom LMikey
Aug 17, 2011 - 10:46am

@Mikey

In my case I was 250+ miles away. Living away from home during the week. I left a gov't job at a University for a shot at a promising startup (aren't they all) that lasted 5 years. Great opportunity that ran out of time.

I'm very happy to be home even if my margin for error is nearly zero.

Ta,

D Eeobet
Aug 17, 2011 - 10:50am

eobet, cotton

traded limit up for the dec contract, 107.85, today. Cannot go any higher this session -- unless they change the rules...

Good to see you're still callin' 'em like you see 'em, Turd. Keep up the good work!

GLTA

ewc58
Aug 17, 2011 - 10:53am

Heads up, full version of Mike Maloney's new preso...

Is now available. It's 90 minutes, I'll be done by lunchtime.

Go Gold! Go GATA! Go Turd!

The Case for $20,000 oz Gold - Debt Collapse - Mike Maloney - Silver & Gold
Slick
Aug 17, 2011 - 10:55am

Debt Collapse - The Case For $20,000 Gold - Mike Maloney (FULL P

Don't know if someones already linked it here, came out last night I guess.

Debt Collapse - The Case For $20,000 Gold - Mike Maloney (FULL PRESENTATION)

The Case for $20,000 oz Gold - Debt Collapse - Mike Maloney - Silver & Gold
Slick
Aug 17, 2011 - 10:56am
ScottJ
Aug 17, 2011 - 11:04am

The Girl Who Silenced the World for 5 Minutes

The girl who silenced the world for 5 minutes

Don't necessarily agree with everything she says, but damn is this a great video.

Northern Border
Aug 17, 2011 - 11:06am

feeding my crack addiction

Morning Turd,

I could not resist feeding my crack addiction this morning so while I was drinking my coffee waiting for the morning turd, I ordered up another 600 Morgans. All in as I say. I tell my friends who think I am crazy, that I want to be wrong on my call for why I stack PM's for the sake of the other 99 percent of the population. I keep telling them if I am wrong, I will melt down all my PM's and make the most expensive boat anchor on the planet.

NB

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