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

About the Author

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

  269 Comments

Magpie
Aug 30, 2011 - 10:20am

@22tlane

Really big, really beautiful (I bought 2 to put away for the g-kids for this Christmas):

https://www.apmex.com/Product/61585/2011_New_Zealand_10__Fiji_Taku_5_oz_...

Eric Original
Aug 30, 2011 - 10:20am

22tlane

Big, Shiny, and Special? For a 7 year old? I don't know how you could go wrong with a brand spanking new American Silver Eagle. He'll love it!!

If you want to go even bigger, consider the America the Beautiful coins. He could start collecting the set!

https://www.providentmetals.com/bullion/silver/us-slv/america-the-beauti...

Red Pillspeconomist
Aug 30, 2011 - 10:21am

Schiffmeister..

good page here with all his best vids in one place, the mortgage bankers speech before the crash is my fave i think :)

https://buygoldsilver.org/invest/peter-schiff/

mrgneiss
Aug 30, 2011 - 10:21am

@ BostonMatrix - I know what

@ BostonMatrix - I know what you mean, I like the price to come to me as well. I've been in and out of SLV calls since the end of June where my seasonal charts predicted a yearly or near term bottom. But as we get closer to the strong Fall season everytime I sell I think - will I be able to get back in again before the next big run-up? So I pretty much went all in on the spec trade side of my accounts last week near the low, and will sit on my positions for a while. You can't go wrong buying Phyzz!

Timber Tim
Aug 30, 2011 - 10:21am

Thanks Turd

Full service PM'S site,I like it Turd.A small spoon full of honey in my tea please.While I analyse what would go in an ETF that tracks the "SHINY HEAD INDEX".But never forgot Turd that in a survey of a large number of women.It was found that 85% of them said that bald men are great lovers.I suppose nature always finds a balance.I can't wait to be bald.Nor can my wife after reading the survey.

Remembering a story in Greece about the increased demand for gold and silver during the protest earlier this year.It is starting to feed through the system.Bigger banks,bigger control.They will start to restrict what you can do with your savings soon enough.Your money,the money you sweated for.Creep is the enemy and the banks are always creeping around chipping a way at this and that,till you are stripped to the bone.

"We congratulate this latest improvised moment in can kicking: in the meantime, we hope to shortly update readers on the €10 or so billion in deposits pulled out of Greek banks in the most recent month as the NBG data is updated."

https://www.zerohedge.co/news/greece-ups-tbtf-ante-merger-alpha-bank-and...

Tom L
Aug 30, 2011 - 10:21am

@DPH Oil

Those were my thoughts exactly, re: war, earlier in the morning. There's something seriously up in the Oil markets. This needs to be watched like a hawk.

Ta,

OC15
Aug 30, 2011 - 10:22am

Gold H&S

Is looking awful. Looks more like H&S with a growth that needs to be looked at by doctor.

maravich44Tom L
Aug 30, 2011 - 10:23am

@ Tom L. Boundaries.

We are being pushed and tested.

Strongsidejedi
Aug 30, 2011 - 10:24am

Painting tape continues (front running of the citizen traders)

Repeat posting from last thread.

I'd like to hear some answers to these points.

It seems to me that retail investors are at a clear disadvantage in today's markets.

Look at the chart from yesterday. If you got up like most regular Americans and went to your trading program at say 7 AM PST or 10 AM EST and you put in a trade, you would be behind their HFT algo's on the ride down. So, they would be consistently buying and selling ahead of you. Your options would lose quite a bit and you'd be unable to get out of that position at your best price. You'd be stuck with losses as their server front runs your interest.

Now, forward by 24 hours. You want to build position more but when you wake up, they spike the price of gold BEFORE you can get back into position. The spike occurs prior to even them posting updated pricing info through ETrade, Fidelity, and others.

If you are into options trading on futures, which houses do you use? Lind-Waldock is not Lind-Waldock, its another company now. Do you really trust this new company? What other companies are there to trade in these papers?

More importantly, are you seriously going to tell me that the paper Comex price of $1790 was real?

It really seems more like the paper writing liars in Chicago and NYC wrote $1790 as a number into their HFT algo. They then just pushed the number into their machines 24 hours prior.

The gold price was surpressed by that swing (and last week) in order to permit these bullion banks to sell gold into the market at the lowest possible price at options / futures roll over dates.

I can only conclude that the gold and silver price is manipulated by these people at the cost of the consumer and the government.

The time decay curves of the options on gold and silver or GLD and SLV are interesting aren't they?

I'm very frustrated with observing this behavior. It's locking out most of the American savers from the market and the utter absence of any CFTC or SEC activity to defend the interests of the citizens is nauseating. I really have no idea how you guys can feel comfortable knowing that this type of clear manipulation and fraud continues.

tburk
Aug 30, 2011 - 10:26am

Back In

After standing aside for a while I have put the $ back t work in CEF, PHYS, GDX, and GDXJ. Now in I plan to stay in. Powder left. Also bought AUG on the usual sell off of the purchaser. And SVM. Thanks to this community for your insights.

Subscribe or login to read all comments.

Contribute

Donate Shop

Get Your Subscriber Benefits

Private iTunes feed for all TF Metals Report podcasts, and access to Vault member forum discussions!

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
10/17 8:30 ET Philly Fed MI
10/17 9:15 ET Cap Ute and Ind Prod
10/18 10:00 ET LEIII
10/18 Speeches from Goons Kaplan, George and Chlamydia

Key Economic Events Week of 10/7

10/8 8:30 ET Producer Price Index
10/9 10:00 ET Job Openings
10/9 10:00 ET Wholesale Inventories
10/9 2:00 ET September FOMC minutes
10/10 8:30 ET Consumer Price Index
10/11 10:00 ET Consumer Sentiment

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
10/4 8:30 ET US Trade Deficit

Key Economic Events Week of 9/23

9/23 9:45 ET Markit flash PMIs
9/24 10:00 ET Consumer Confidence
9/26 8:30 ET Q2 GDP third guess
9/27 8:30 ET Durable Goods
9/27 8:30 ET Pers Inc and Cons Spend
9/27 8:30 ET Core Inflation

Key Economic Events Week of 9/16

9/17 9:15 ET Cap Ute & Ind Prod
9/18 8:30 ET Housing Starts & Bldg Perm.
9/18 2:00 ET Fedlines
9/18 2:30 ET CGP presser
9/19 8:30 ET Philly Fed
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
9/11 10:00 ET Wholesale Inv.
9/12 8:30 ET CPI
9/13 8:30 ET Retail Sales
9/13 10:00 ET Consumer Sentiment
9/13 10:00 ET Business Inv.

Key Economic Events Week of 9/3

9/3 9:45 ET Markit Manu PMI
9/3 10:00 ET ISM Manu PMI
9/3 10:00 ET Construction Spending
9/4 8:30 ET Foreign Trade Deficit
9/5 9:45 ET Markit Svc PMI
9/5 10:00 ET ISM Svc PMI
9/5 10:00 ET Factory Orders
9/6 8:30 ET BLSBS

Key Economic Events Week of 8/26

8/26 8:30 ET Durable Goods
8/27 9:00 ET Case-Shiller Home Price Idx
8/27 10:00 ET Consumer Confidence
8/29 8:30 ET Q2 GDP 2nd guess
8/29 8:30 ET Advance Trade in Goods
8/30 8:30 ET Pers. Inc. and Cons. Spend.
8/30 8:30 ET Core Inflation
8/30 9:45 ET Chicago PMI

Key Economic Events Week of 8/19

8/21 10:00 ET Existing home sales
8/21 2:00 ET July FOMC minutes
8/22 9:45 ET Markit Manu and Svc PMIs
8/22 Jackson Holedown begins
8/23 10:00 ET Chief Goon Powell speaks

Key Economic Events Week of 8/12

8/13 8:30 ET Consumer Price Index
8/14 8:30 ET Retail Sales
8/14 8:30 ET Productivity & Labor Costs
8/14 8:30 ET Philly Fed
8/14 9:15 ET Ind Prod and Cap Ute
8/14 10:00 ET Business Inventories
8/15 8:30 ET Housing Starts & Bldg Permits

Recent Comments

Forum Discussion

by Solsson, 14 hours 5 min ago
by Pete, 17 hours 58 min ago
by SteveW, 18 hours 41 min ago