Thursday Morning Update

Thu, Sep 1, 2011 - 10:21am

While the site is actually up and running, I thought I'd take a few minutes to create a quick update. It seems that the site is going down with greater frequency these days. However, "with a firm reliance on the protection of Divine Providence", we go forward.

I never did get filled on any new trading positions yesterday. I was hoping to buy some October gold calls but I never quite got the dip I was looking for. I'm going to give it another try today. Since The Cartel usually tries to raid the PMs on the day before the BLSBS report, I like my chances. As you can see on the chart below, a dip toward 1800-1805 looks to be a pretty good buying opportunity.

Silver looks to have stout support just north of 41, in the vicinity of 41.25.

The Turd has a long day ahead so I may not be able to update again until later this afternoon.

Have a great day! TF

About the Author

turd [at] tfmetalsreport [dot] com ()


Sep 2, 2011 - 4:01am

Lloyds Bank takes a hit from

double post sorry

Sep 2, 2011 - 4:01am

Commerzbank takes a

Damn my computer. Sorry folks

Sep 2, 2011 - 4:03am

Royal Bank of Scotland and

Royal Bank of Scotland and other banks looking like they are reporting taking hits from Greece from the links at the bottom of this page. Slightly earlier news than today re the US but it all adds up in the end.

Sep 2, 2011 - 4:07am
Sep 2, 2011 - 4:09am

Swiss bank UBS sheds 3,500

Japanese business cuts back investment

UK outlook for 2011 cut

Eurozone manufacturing output shrank in August

The list is endless today.

Blight Master
Sep 2, 2011 - 5:08am

Holy chart boners batman.

Holy chart boners batman. Looks like the raid all you guys were expecting came... but they pressed the wrong button.

Sep 2, 2011 - 5:12am

and more Euro news...

Talks between Greece and EU/IMF/ECB inspectors on whether it has met conditions for a new aid tranche have been put on hold, a Greek official said on Friday, a day after Athens admitted it would miss its budget deficit targets this year.


...inspectors visiting Athens feel Greece is not pursuing reforms vigorously enough, while Greek officials say the main reason for the overshoot is a worse-than-expected, austerity-induced recession.

Sep 2, 2011 - 5:18am

ohhh...and ona side note...

"The United States has called upon the international community to escalate the pressure on Syria's Bashar-al-Asad regime, including by imposing strong new sanctions targeting energy sector to deny the government the revenues that fund its campaign of violence.


...Everyone who lives in Syria today must be part of the new Syria that should be developed in the months ahead. The people of Syria, like people everywhere, deserve a government that respects their rights equally and without discrimination. Syria's transition to democracy has already begun. It is time for President Asad to acknowledge that and step aside so the Syrian people themselves can decide their own future, Clinton said. " (I guess she knows something...hmmmm)

Chris P. Bacon
Sep 2, 2011 - 5:21am
Dr G
Sep 2, 2011 - 5:23am

Undoubtedly the US NFP data

Undoubtedly the US NFP data was leaked early as well.

Sep 2, 2011 - 5:27am

Just in case...

  • Friday, September 2, 3:28 AM In response to a Fed request about what it could do if its situation worsens, BofA (BAC) has provided a number of options, including issuing a separate class of shares tied to the performance of Merrill Lynch, the bank's most profitable unit. The move would raise cash but is only theoretical - for now.
Sep 2, 2011 - 5:31am

Euro Bonds backed by Gold ?

'If sales are off the table, there are other ways for gold to be of use to heavily indebted countries. For example, former Italian prime minister Romano Prodi, writing in Italian newspaper Il Sole 24 Ore in August, proposed the creation of a euro bond backed by member states' gold reserves.'

duckwomanloulou churchill
Sep 2, 2011 - 5:51am
duckwomanloulou duckwomanloulou
Sep 2, 2011 - 6:02am
Sep 2, 2011 - 6:08am

Not sure if this has been

Not sure if this has been posted but it looks like somebody has shot themselves in the foot ...

see ....

'The SPDR Gold Trust (GLD) may have sought to defuse conspiracy theorists by opening up its massive London gold vault to CNBC, but instead it opened up a new line of inquiry.'

then read this ....'We’re happy to announce that we found the bar, but just not in the GLD data. The bar currently belongs to ETF Securities.'

I Am The Unknown Comic
Sep 2, 2011 - 6:11am

Pailin's Patient Canned Ham Dip Recipe

Pailin's Patient Ham "BTFD" Dip


  • 1 cup sour cream
  • 1/2 cup canned ham
  • 1 teaspoon Sherry (can substitute Cheryl, or Shirley, or a little bit of each ;>0)
  • 1 1/4 teaspoons prepared must"turd" - one must be prepared
  • 1 teaspoon grated onion


Do not buy fresh milk and do not buy fresh cream. Wait until cream rises, and then sours, and then buy from crazed cash strapped margined farmers desperate to sell. Don't buy on margarine.

Grind canned ham with a fork every day for weeks, preferably while chewing the fat. Grate onion until you find yourself crying, and that's when you know it's time to be buying. Mix all ingredients; chill thoroughly, and chill out for a very long time
Makes about 1 1/2 cups. Set aside, chill and wait a little longer until ham and cream has soured before telling people they can buy this fantastic dip (BTFD). Best served with S3 and garnished with a paltry sprig of RSI. Dip with your daily bread and drink the wine. Best Way To Eat: Wait, then take a nibble, then wait, then a small bite, then wait, then nibble a bit more, then wait. Take a bigger bite. Best when shared with newfound friends and/or total strangers. (some folks say that this is the Mother of All Buy The Dip Recipes)
Sep 2, 2011 - 6:18am

Gold is down $223 according

Gold is down $223 according to Y! Finance, at $1602, morons, can't get the price right,

look here

Sep 2, 2011 - 6:29am

U.S. said ready to sue big

U.S. said ready to sue big banks over mortgages - MarketWatch

6 years too late. Our own Government the Co-conspirator.

Hey everyone look over here, never mind the jobs, look here. Think OJ

Sep 2, 2011 - 6:32am

A little fun song for those

A little fun song for those across the pond as they wake up this morning....more tea vicar ? :)

The Cityboy Song
Mikey California Lawyer
Sep 2, 2011 - 7:04am

@Ca Lawyer, Don't think you

@Ca Lawyer,

Don't think you can do a 1031 with gold to property as the two are not considered like kind for an exchange.

Blight Master
Sep 2, 2011 - 7:08am

Leg 2 underway

Leg 2 underway in silver

Sep 2, 2011 - 7:08am
Sep 2, 2011 - 7:22am


We've been patient long enough. With a huge run through the end of the year and more epic bank collapses, our time starts now.

Sep 2, 2011 - 7:22am


Must have been the Liberty Oil rig starting up.

Sep 2, 2011 - 7:23am

The benefits of organic gardening!!!...

Yesterday...I was digging out a patch of dandelions in my garden...& what did I find?...

I don't know why...I keep finding these things!!!...

Magnetic Boy Attracts Electronic and Metal Objects


Bag Of Gold

Fortinbras Mikey
Sep 2, 2011 - 7:28am

@Mikey & CaLawyer re1031

Mikey is correct, they are not "like kind" for a 1031 exchange... I had my accountants and lawyers really look at it. Real estate for real estat, and gold for silver (or vice versa) is fine. The only thing close that you could play with without tax implications like that would be a truly self-directed IRA.

stoneeh 71185208
Sep 2, 2011 - 7:30am

It's really a pity CFD's are

It's really a pity CFD's are not permitted in the US. Can be quite a convenient way to get leverage on a stock in smaller amounts and not suffer so much from time decay...

I love CFDs, but I trade in FX (XAG/USD) as well to be diversified (who knows in which way regulations and exchanges are going to fuck up).

Sep 2, 2011 - 7:35am
Sep 2, 2011 - 7:37am

Why the European Union Could be Dead Within a Week

Repeat the following quote in Rod Serling's Voice, an intro to this week's episode of The Currency Twilight Zone, cue theme music by the Grateful Dead and Merle Saunders....

Twilight Zone Intro (1985)

"Think of the Eurozone as a minefield full of bombs that have long lay dormant, but are all still very active. Now, Germany's court ruling - itself a single bomb timed to go off next Wednesday - could ignite a massive chain reaction...

Investors need to keep their ears pinned to news reports about the German court's rulings next week. And they need to be ready to short the euro, European and American banks, and European, American and Chinese stocks if broken laws lead to a breakdown in Europe's monetary support mechanisms."

Why the European Union Could be Dead Within a Week

This could be critical info for traders next week. GLTA

Sep 2, 2011 - 7:40am

"Ted Butler keeps focusing on

"Ted Butler keeps focusing on the low COMEX gold and silver volumes and suggests it's because of the massive losses the shorters had in the recent gold run up to >$1,900. He thinks they are too scared to keep shorting. "

It's because Ted Butler isn't very smart. The reason is a different one. Do you really think the recent 4$ (from 42 to 38) and 5$ (from 44 to 39) drops in silver were anything else than naked shorting by the usual suspects? Because of the low OI and high margins we can conclude that everyone who's long in the silver futures market right now is still strong hands. They didn't sell. So who else is left?

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