I Hope You're Ready

228
Tue, Sep 6, 2011 - 9:37am

This is certainly setting up to be a wild and wooly week. Traders around the globe are back from "holiday" and realizing that things are seriously messed up. The latest symptom of which is this:

https://www.zerohedge.com/news/guest-post-immediate-effect

Now, the proper question to ask yourself is "why?". Why would the Swiss attach their currency to the dreadful and soon-to-be-meaningless euro? What do they know that we don't know? What are they afraid of? I suppose we'll have our answers in due time.

To no one's surprise, The Cartel used the Swissie headline as cover to initiate their usual 3:00 am raid. As you can see, gold was immediately bid back up.

Speaking of being bid back up, gold made new alltime highs before the raid, topping out at $1923.70. This gives us a rather interesting statistic:

1) Gold margins were hiked on 8/11 with the price at 1818. After a quick 5% correction, price had fully recovered one week later and was trading back above 1818 on 8/18.

2) Gold margins were hiked again the day after gold reached 1918 on 8/23. After a quick 10% correction, price has fully recovered nine days later.

Hmmm. I guess we know to buy the dip the next time gold margins are raised. Probably in another week or so or once gold trades through $2000.

For today, expect lots of volatility and wild swings, even on the 1-minute chart. Price may dip again into the targeted area shown below and I'll be waiting for it if it does. By the way, there is no double-top. That talk is all EE-inspired nonsense. Remember, the Forces of Darkness will always attempt to create selling by painting double-tops, reverse H&Ss, ORDs, etc. Do not fall for this foolishness. Gold is going higher.

Silver is once again caught up in the whole "is it a currency or is it a commodity" thing. Today, the world apparently thinks its a commodity as it is down about $1 in sympathy with stocks, crude and all of the other "risk off" trades. Whatever. BTFD. For today, if I get a chance to buy it under $42, I'll be all over it like stink on sht, like white on rice, like ugly on an ape, like...well, you get the picture.

That's all for now. Gotta go. More after the close. TF

About the Author

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  228 Comments

agNau
Sep 6, 2011 - 9:39am

Check

Been ready!

33 and a turd
Sep 6, 2011 - 9:41am

Would love to know what the

Would love to know what the Swiss are at. Expensive esperiment

I’m just reading some research estimating that the SNB will need to spend $500 billion to $1 trillion in order to keep the CHF at 1.20 if the Eurozone crisis continues. You have to question the wisdom of pegging your currency to a something that may be in the early stages of collapse.

https://www.forexlive.com/blog/2011/09/06/a-trillion-here-a-trillion-there-2/

agNau
Sep 6, 2011 - 9:46am

Global QE.

They all know what is at stake. "if we all don't hang together, surely we will all hang separately!" A concerted denial of the truth. All the while increasing their "insurance" policy. (buying physical) They are stacking.

DeltaCharlie
Sep 6, 2011 - 9:49am

Swiss Cheese

Nothing but a desperate attempt to save their banks... and the Hungarians, etc. who all took out CHF loans at close to 0% interest. Strength of the CHF would have put all those poor, misguided home owners with CHF loans underwater, risking a major housing default.... again, it's saving the banksters, putting at risk the welfare of the nation. It's print or its Swiss Cheese for the bankers.

Irene
Sep 6, 2011 - 9:49am

The Swiss:  educated into

The Swiss: educated into insanity. Seriously sick.

Larry
Sep 6, 2011 - 9:50am

Got it

"if I get a chance to buy it under $42, I'll be all over it like stink on sht, like white on rice, like ugly on an ape, like...well, you get the picture."

Like flies on... uh, you know. :)

agNau
Sep 6, 2011 - 9:50am

Check out the HUI.

The run for the door by the increasingly well informed has begun. More fiat for my stacking. :)

OC15
Sep 6, 2011 - 9:52am

More Wynter Benton

When will The Morgue be in the 20s? 5-Sep-11 10:24 am

before or after silver is above $50? Any guesses?

Will the Morgue even be in the 20s after it reports earnings in Oct? Will it be "deaded" before the end of the year?

Stay tuned ladies and gents, The Morgue is about to go bye bye!!

Revenge is a dish best served cold. - suggesting that emotional detachment and planning ("cold blooded") are best for taking revenge. No colder than Blythe when she fired her traders!!

...........do da do da............
bigmark99
Sep 6, 2011 - 9:52am

sitting tight for now, watch the show.

think I'm gonna sit tight, in fact I'm gonna play golf, have fun girls and boys.

The Vet
Sep 6, 2011 - 9:54am

Gold - All time highs

Have any of these high points ever been set during COMEX trading hours...

So which markets are the price setters?

I can't recall it ever happening but somebody with a better memory than mine may....

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