Zero

1188
127
Fri, Sep 2, 2011 - 9:36am

For this month's version of hilarity, CNBS chose to bring back Wyatt Earp. The guy is seriously bad luck for the status quo Keynesians. The last time we saw him, back in December, the BLSBS came in surprising low. We discussed it then on the old blog:

https://tfmetalsreport.blogspot.com/2010/12/bls-bs.html

Today, Wyatt brings with him not just a surprisingly bad BLSBS, he manages to spread his bad luck back into last month's report, too. And it's not just a lousy payroll number of +5000 or +25000, it's ZERO. ZILCH. NADA. Somehow I think ZERO is even worse.

All of the talking heads (with the possible exception of David Byrne) will be spouting the BLSBS number today in their reports. But instead of the same old nonsense that has numbed virtually everyone who happens to be listening, today the only word people will hear is ZERO. Not "the economy gained 22,000 jobs" or "in August, the economy shed 5,000 jobs". No, today the sheep will hear ZERO. "The U.S. economy added ZERO jobs in August." Ouch. Neither The Shill nor The Coug could spin that one positively. The LIESman Shiny Head Index only hovered in the 3-4 range as even The Great LIESman was unable to find anything happy to say.

In the end, this should only serve to reinforce the prevailing opinion here. Namely, QE to infinity. There is no way out. Tax revenues will never, ever catch back up to the funding needs of government on any level be it federal, state or local. Printing and debasing is the only option. Protect yourself and warn others while there is still time.

Onto the charts. For personal reasons, Mister Hyde finds himself sitting mostly in cash. (His "status" will officially change next Friday so I would highly encourage all single lady turdites to send him a private message of congratulations.) Hyde asked me this morning if it was too late to buy. Two things to know:

1) It is never "too late" to buy the precious metals. Prices will be higher next month. They'll be higher by Thanksgiving. They'll be higher still in 2012. Well...you get the picture.

2) By virtue of today's price action, both charts looks extremely bullish. IF gold can close above 1880 or so and silver can close above 42.50, both metals looks poised to have exhilarating weeks next week. Keep in mind that most everyone will be back from "holiday" then, too, and we will see a significant increase in volume and open interest. With OI already so low in both metals, you can safely assume which side of the OI will expand.

Lastly, I mentioned above the idea of "private messaging". I promised you last month that we would add this feature as well as an "ignore user" function. In case you haven't noticed, both options are now available. The Turd listens and acts! Thanks to the Tech Team for implementing these additions and thanks to all who supported last month's Turdathon to raise the necessary funds to help cover the costs. We are still taking improvement suggestions and I hope to have more projects and Turdathons soon. I'll keep you posted.

I have lasts of 1879 and 42.88 so we definitely have a rooting interest in today's action. Have a great day. Have a fun day. Smile and be happy. TF

About the Author

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

  1188 Comments

Eric Original
Sep 2, 2011 - 9:47am

HUI quotes seem glitchy again

HUI quotes seem glitchy again today. Here's one that works.

https://www.bloomberg.com/apps/quote?ticker=HUI:IND

ScottJ
Sep 2, 2011 - 9:48am

Thanks Turd - Keep up the good work

Your thesis proved its merit, while my warnings came out unjustified. For the sake of my portfolio and my bullishness for metals, I am glad you were right :)

My warnings of a beatdown for NFP turned out to be nothing more than a the wind blowing in the air....

Times are definitely different! The trend is bucking.

I feel like this person right now.... :)

https://www.youtube.com/watch?v=8slEPV9LyS0&

-
Cheers,

Scott J

Dr Gflaunt
Sep 2, 2011 - 9:49am

@flaunt

Mister Hyde is in cash, not the Turd.

From the "Turdisms" link above: Mr. Hyde: My friend who is a regular Dr. Jekyll 99% of the time but 1% of the time, particularly when he is drinking and/or gambling, morphs into Mister Hyde.

[EDIT: Dammit, those stupid ETFs. Of course the metals go rocket and then they dip right as the market opens so I'm not getting any action on SLV]

flaunt
Sep 2, 2011 - 9:52am

NONONO

Not me...Hyde. Hyde is in cash.

My only frustration is that I was hoping to buy more Oct gold calls yesterday at 1810 and I never got filled.

Tom L
Sep 2, 2011 - 9:52am

SVM $8.50

and rising. The volume is not slowing up. It looks like 618-9 is the first resistance test for the HUI> KGC is flirting with the interim high around $17.65. MFN won't push above $17.37.

The level to watch closely is $8.00 on HL. Huge OI on the short side in Sept HL puts. If that busts, HL will run quickly, especially if Silver can stay above the $42.40 level.

Ta,

Tecumseh
Sep 2, 2011 - 9:55am

Miners?

Turd: GDX, GDXJ, SLW. . . any thoughts on where the miners are going in coming days, weeks, months?

Sep 2, 2011 - 9:57am

Since no one has picked up on this yet

Figured I'd add it myself. This was a big sound for The Turd back in 1984. Ole Dave's haircut even reminds me of the style a college-age Turd had, too. Wow, that was a long time ago. Great song, though. Great concert movie, too.

Video unavailable
Tecumseh
Sep 2, 2011 - 9:58am

UP

UP

Tom L
Sep 2, 2011 - 9:58am

@Tecumseh

If the HUI closes above 610 and the XAU above 221 that would be a techincal breakout on the weekly chart out of a massive formation. Embry's call of a double on the HUI then comes into focus.

This is an enormous moment in time.

Ta,

flauntTF
Sep 2, 2011 - 9:58am

Oh sorry man.  Damn it, I

Oh sorry man. Damn it, I seem to be missing things today while reading people's posts. I think I need to just STFU for awhile. :)

Anyway, any thoughts about the POSX? It seems to be confirming yesterday's upside breakout.

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

by lakedweller2, 46 min 13 sec ago
by lakedweller2, 48 min 51 sec ago
by boomer sooner, 1 hour 9 min ago
by SteveW, 1 hour 17 min ago

Forum Discussion

by NW VIEW, 58 min 31 sec ago
by silver66, 6 hours 28 min ago
by Trail Trekker, 8 hours 54 min ago