Mon, Aug 22, 2011 - 10:37am

At approximately 5:05 EDT, the Sep11 silver contract reached the $44 level. A few minutes later, it traded as high as $44.09. Thereby, another Turd prophesy has been fulfilled:

I'm just glad that's over with. I was in no mood to take another rash of sht from the losers at Kitco.

OK, back to business. The Forces of Darkness are in deep trouble in silver. This morning, silver is above all of its upwardly-pointing moving averages. This, when combined with the very friendly chart, is serving to bring all sorts of TA-oriented longs back into the pit. In a desperate attempt to contain the runaway, the EE predictably beat down silver in the wee hours of the morning. They were trying to close the gap on the chart from last night's open and they succeeded. Hurray for them. What did they accomplish? They're short a fresh boatload of silver contracts and the Sep11 is now back above 43.50. Whatever. Wait until tomorrow at this time. Or even Wednesday. I think we could see $45 before the shenanigans surrounding option expiry on Thursday begin.

As you can see below, gold has been subject to its traditional manipulation, as well. The seminal study of this phenomena was written by Adrian Douglas and it was posted to ZH about a year ago. If you have the time, I highly encourage you to read this:“fixed”-it’s-rigged

In its present form, the manipulation discussed in the link above looks like this:

Like I said above, relax and smile. The PMs are headed higher today. Tomorrow, too. Gold came within a whisker of $1900 overnight. It will break that barrier soon, probably overnight tonight.

Have a fun day! TF

About the Author

turd [at] tfmetalsreport [dot] com ()


Aug 22, 2011 - 10:39am


First Woopee

Aug 22, 2011 - 10:41am
Aug 22, 2011 - 10:42am


Thank you Turd for everything you do here. Wish I had more guts a few weeks ago. Now I need to reestablish where to go from here with my dry powder (does anyone still have some or am I the only one? .. lol )..

Air Garcia
Aug 22, 2011 - 10:44am

Gold Shorting Question

The gold chart looks pretty much like the silver chart before it got hammered down to $35. Is there a gold hammering coming up quickly? Does anybody feel that is in the works here sooner rather than later? There's a big gap around 1675 or so ... but i don't know sh*t from shinola as compared to many (most) of you around here. . . looking for some opinions.

Tom L
Aug 22, 2011 - 10:46am

FUBM in Silver

Underway. $43.88 and rising.














Aug 22, 2011 - 10:46am

return of the FUBM

Nice FUBM this morning. Feels good, it has been awhile since we've seen such a beauty.

Aug 22, 2011 - 10:46am

Fourth for Smeagles!

Fourth for Smeagles!

I have 54 and 72 January SLV calls and they are doing nicely.

In 54 calls at .95 and currently $1.86.

In 72 calls at .27 and currently .49.

Aug 22, 2011 - 10:47am

Whew! Relief is right

Ok... the smoke has stopped coming out of my ears and I'm a bit calmer.

Maybe the EE heard me......haha. Glad to see the PM's took right off again.

They're still bastards!

Dr G
Aug 22, 2011 - 10:48am

I just love these new posts.

I just love these new posts. Often they are one of the highlights of my day. Not just for the content, but because they are so honest--so truthful and raw. Downright hilarious at times as well. A real pleasure to read. Thanks again to the Turd!


Aug 22, 2011 - 10:51am

$HUI Breaking out?

Will take a strong weekly close before it really can be confirmed. However, previous high was ~609.22.

If this can happen, miners should be feeling some loving... EE dependent...

**I would still be playing it safe here... wait for a definitive move if you are trying to be safe, as the waters are still shark-infested**

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