All The Fuss

269
Tue, Aug 30, 2011 - 9:36am

The PMs shot higher this morning after the Chicago Fed Goon was interviewed by LIESman on CNBS. The metals catapulted higher when The Goon admitted that more QE is likely because the economy is in such terrible shape. Really? NO! Whodathunkit?

Because this is a full-service PM site, here is a link to the full "interview":

https://video.cnbc.com/gallery/?video=3000042403

Could LIESman's head get any shinier? In a sort of Pinocchio fashion, LIESman's head gets more more shiny the more he shills and pimps for The Fed. Maybe we need to develop some sort of "Shiny Head Index" to help us all calibrate the degree to which LIESman is propagandizing? I can see it now. "Today's LIESman SHI is a 9. Be very cautious and take everything with skepticism". Hmmm. Have to give that one some thought.

Anyway, back to business. Gold is attempting to hold its gains but is already about $10 off its highs. I'm inclined to do some buying today as I expect the metals to be firm the remainder of the week, ahead of the BLSBS on Friday. Signals that the NFP (non-farm payroll) number will be lousy are already appearing. Namely, this "interview" today and the fact that President O'bottom pushed back his historic "jobs speech" to next week. Again, the logic is: Lousy job report = lousy economy. Lousy economy = more QE. More QE = much higher PMs.

As you know, I'm very excited about silver but I'm trying to pick my spot to enter. Open interest tumbled all of the way back toward 115,000 yesterday which is extremely bullish and pushing me to act in haste. The area around 41.25-41.50 would seem to be the right price as silver looks primed to mount an assault on 42.30 again. Once through there, it will spring toward 44 and, beyond there, 46.

Here are a couple of other interesting items to ingest. First, this guy does an excellent job of summarizing my thoughts toward Venezuela and its gold repatriation. Though El Commandante would certainly and understandably prefer to have his gold in his hands, at its heart this is an act of "financial war", a move to further destabilize the financial system of "the West".

https://www.resourceinvestor.com/News/2011/8/Pages/Gold-Politics-and-Venezuela.aspx

Here's more on "The End of The Great Keynesian Experiment":

https://news.goldseek.com/LewRockwell/1314546712.php

And here are two, interesting reads from KWN. First, here is John Embry of Sprott Asset Mgmt:

https://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2011/8/29_Embry_-_Incredible_Physical_Gold_Demand,_Premiums_Exploding.html

Eric also interviewed Louise Yamada. There are lots of amateur chart-readers in the world, myself included. Louise Yamada is a professional. As a general technician, she has no peer.

https://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2011/8/24_Louise_Yamada_-_Gold_%26_Silver_Still_Solid_But_Avoid_Stocks.html

OK, that's all for now. Gold is 1828 and silver is 41.38. Let's see where we go from here. TF

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  269 Comments

speconomist
Aug 30, 2011 - 9:41am

Thanks Turd, Peter Schiff conference

Thanks Turd, guess we all owe some thanks to Evans (Chicago Fed President) too!

Allow me to repost a conference by Peter Schiff that didn't get much attention in the previous post, it is really BRILLIANT!

Why the Meltdown Should Have Surprised No One | Peter Schiff
Tyler
Aug 30, 2011 - 9:45am

PMs and Food Commodities

Has anyone noticed that since the US downgrade when PMs are up, food commods go down and vice versa? It wasn't like that before.

SilverTree
Aug 30, 2011 - 9:45am

.

.

Tom L
Aug 30, 2011 - 9:50am

HL and SVM from the other Thread

Both look good on the 1 hour chart right now, and if the HUI pushes through 598.7 they are going ballistic in short covering. HL has light resistance at $7.90, from there, it's $8.20 or so.

This morning's action on both stocks busts the multi-week DT line visible on the 1 hour chart. I would say if the HUI is kept under 599 all day, there will be a re-test of the BO levels on these.

Ta,

BostonMatrix
Aug 30, 2011 - 9:51am

Am I too Cynical...

to be expecting another COMEX smackdown after this buildup in price?

which will then get canceled out on the Globex within a few hours?

Tesla
Aug 30, 2011 - 9:51am
survivalwstyle
Aug 30, 2011 - 9:51am

OI for Ag @ 115

right on mrF, thx much. agrEE that this is extremely buLLish. i tOO am not waiting for friday to load the Ag truck. back to the coin shop today, with hopes of an afternOOn ambush.

¤
Aug 30, 2011 - 9:54am

Shiny Head Index

That my friend, was so random, that I almost spit my coffee out and kind of choked it back in. Thanks for the links and the early laugh

The Venezuela thing is big and it's died down for now. The East is out to break the western banking stronghold. Bottomline is, they know it's all about gold and silver for the West.

It's going to get interesting and it hasn't even really begun in earnest yet.

ScottJ
Aug 30, 2011 - 9:55am

The Return of Wise Men - (Mayan)

Great work as always Turd. Silver and Gold look like they could be lining up for a big move, but the $HUI refuses to break out to new highs still (those shorts are pesky). If we can see the $HUI break 610, convincingly and close there on a weekly basis soon.... then I would get really excited, as Turdville will be roaring with new customers (which probably means we should watch out for great volatility on the ride up!).

-

To mix things up, how about a message from Mayan Ancestry?

The Mayan New Dawn Dr.Carl Johan Calleman interviews Don Alejandro a Mayan Shaman

***

Added Schedule of Events for the week, courtesy of Jesse. Fed Minutes @ 2PM.

https://jessescrossroadscafe.blogspot.com/

¤
Aug 30, 2011 - 9:56am

Tesla

LMAO.....thanks!

Key Economic Events Week of 1/27

1/28 8:30 ET Durable Goods
1/28 10:00 ET Consumer Confidence
1/29 10:00 ET Pending Home Sales
1/29 2:00 pm ET FOMC Fedlines
1/29 2:30 pm ET Powell presser
1/30 8:30 ET Q4 GDP first guess
1/31 8:30 ET Pers Inc and Spending
1/31 9:45 ET Chicago PMI
2/2 10:00 pm ET Chiefs win SB LIV

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Key Economic Events Week of 1/27

1/28 8:30 ET Durable Goods
1/28 10:00 ET Consumer Confidence
1/29 10:00 ET Pending Home Sales
1/29 2:00 pm ET FOMC Fedlines
1/29 2:30 pm ET Powell presser
1/30 8:30 ET Q4 GDP first guess
1/31 8:30 ET Pers Inc and Spending
1/31 9:45 ET Chicago PMI
2/2 10:00 pm ET Chiefs win SB LIV

Key Economic Events Week of 1/13

1/14 8:30 ET CPI
1/14 9:00 ET Goon Williams
1/15 8:30 ET PPI and Empire Fed
1/16 8:30 ET Retail Sales and Philly Fed
1/17 8:30 ET Housing Starts
1/17 9:15 Et Cap Ute and Ind Prod

Key Economic Events Week of 1/6

1/7 8:30 ET US trade deficit
1/7 10:00 ET ISM Services PMI
1/7 10:00 ET Factory Orders
1/8 8:15 ET ADP employment
1/9 8:00 ET Goon Chlamydia speech
1/9 1:20 ET Goon Evans 2:00 ET Goon Bullard
1/10 8:30 ET BLSBS
1/10 10:00 ET Wholesale Inventories

Key Economic Events Week of 12/16

12/16 8:30 ET Empire State Manu Idx
12/16 9:45 ET Markit flash PMIs Dec
12/17 8:30 ET Housing Starts and Bldg Perms
12/17 9:15 ET Cap Ute and Ind Prod
12/19 8:30 ET Philly Fed
12/20 8:30 ET Final guess Q3 GDP
12/20 10:00 ET Pers Inc and Spending
12/20 10:00 ET Core Inflation

Key Economic Events Week of 12/9

12/10 8:30 ET Productivity and Unit Labor Costs
12/11 8:30 ET CPI
12/11 2:00 pm ET FOMC fedlines
12/11 2:30 pm ET CGP presser
12/12 8:30 ET PPI
12/13 8:30 ET Retail Sales
12/13 10:00 ET Business Inventories
12/13 11:00 ET Goon Williams speech

Key Economic Events Week of 12/2

12/2 9:45 ET Markit Manu PMI
12/2 10:00 ET ISM Manu PMI
12/2 10:00 ET Construction Spending
12/4 9:45 ET Markit Services PMI
12/4 10:00 ET ISM Services PMI
12/5 8:30 ET Trade Deficit
12/5 10:00 ET Factory Orders
12/6 8:30 ET BLSBS
12/6 10:00 ET Wholesale Inventories

Key Economic Events Week of 11/25

11/25 8:30 ET Chicago Fed Nat'l Idx
11/25 7:00 pm ET CGP speech
11/26 8:30 ET Advance Trade
11/26 9:00 ET Case-Shiller home prices
11/26 10:00 ET New home sales
11/26 10:00 ET Consumer Confidence
11/27 8:30 ET Q3 GDP 2nd guess
11/27 8:30 ET Durable Goods
11/27 9:45 ET Chicago PMI
11/27 10:00 ET Pers Inc & Cons Spndg
11/27 10:00 ET Core inflation
11/27 2:00 pm ET Beige Book

Key Economic Events Week of 11/18

11/19 8:30 ET Housing Starts & Bldg Perms
11/20 2:00 ET October FOMC minutes
11/21 8:30 ET Philly Fed
11/21 10:00 ET Existing Home Sales
11/22 9:45 ET Markit November Flash PMIs

Key Economic Events Week of 11/11

11/12 Three Fed Goon speeches
11/13 8:30 ET CPI
11/13 11:00 ET CGP on Capitol Hill
11/14 8:30 ET PPI
11/14 Four Fed Goon speeches
11/14 10:00 ET CGP on Capitol Hill
11/15 8:30 ET Retail Sales
11/15 8:30 ET Empire State Manu Index
11/15 9:15 ET Cap Ute and Ind Prod
11/15 10:00 ET Business Inventories

Key Economic Events Week of 11/4

11/4 10:00 ET Factory Orders
11/5 9:45 ET Markit Services PMI
11/5 10:00 ET ISM Services PMI
11/6 8:30 ET Productivity & Labor Costs
11/6 Speeches by Goons Williams, Harker and Evans
11/8 10:00 ET Consumer Sentiment
11/8 10:00 ET Wholesale Inventories

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