An Encouraging Thursday

260
Thu, Sep 8, 2011 - 5:10pm

It what can only be construed as encouraging action, gold flew back higher today, nearly to the level it was before the blatant manipulation of Wednesday. I'll be very interested in the OI numbers tomorrow to see if today was primarily due to continued short covering by The Cartel.

I'll find it quite amusing if it was. To think that the SNB deliberately tried to manipulate gold lower only to be thwarted by the greedy, frightened, short-covering Cartel is wonderful to consider. Sort of like having your two worst enemies declare war upon each other. I'll stay happily on the sidelines while I giggle at my good fortune. At the end of days, survival instinct kicks in and everyone turns on each other. Perhaps that's what we're seeing here.

Regardless, The Turd is quite pleased with where we stand at this moment. Absent margin hikes or further intervention, the PMs look certain to trade higher this evening and into the overnight. (President O'bottom discussing the idea spending more money that we don't have should help provide the bids.) IF they can survive the usual 3:00 am LBMA beatdown, they will be poised for a stellar day tomorrow. Perhaps they will even finish with a green candle on the chart.

And if you haven't read this yet, I suggest you do it now. There's no sense in me commenting on it as I would imagine you can easily envision what I would say. (Something like "duh" or "ya think?" comes to mind.)

https://www.zerohedge.com/news/goldman-head-gold-trader-speculates-about-authority-intervention-gold-sees-gold-pushing-higher

Have a great evening! TF

About the Author

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turd [at] tfmetalsreport [dot] com ()

  260 Comments

tpbeta
Sep 8, 2011 - 5:21pm

first?

bah.

So is it Ok to buy yet?

flying monkey
Sep 8, 2011 - 5:23pm

U.S. To Trade Gold Reserves For Cash Through Cash4Gold.com

https://tinyurl.com/3x2h9h4 U.S. To Trade Gold Reserves For Cash Through Cash4Gold.com Treasury officials say the gold has just been in the bottom of some vaults at the US Bullion Depository anyway, and the government needs the money NOW. Been lurking on here for months, thought I'd go ahead and say something. Thanks Turd.

Vincent
Sep 8, 2011 - 5:28pm

Thanks TF!

Thanks TF!

Eric Original
Sep 8, 2011 - 5:33pm

Ah, gotta love "The Onion"!!

Ah, gotta love "The Onion"!!

GregGHflying monkey
Sep 8, 2011 - 5:34pm

Great link FM .... the cash

Great link FM .... the cash for gold link is going to a few of my friends that just can;t 'grasp' why anyone invests in PM's - thanks for sharing

Greg

sevin
Sep 8, 2011 - 5:38pm

I was talking with a friend

I was talking with a friend today who is not invested in PM's at all, but is a very smart business man and we were talking about the market and he mentioned gold has ran up huge as of late and I asked him if he thought Gold/Silver were in a bubble and his response was "why would someone want to pay $50 for an ounce of silver when it has no industrial use, but gold does?" I gave him a list of many uses for silver and he seemed stumped. He later went on to say that "Gold has the highest conductivity of all metals" and I said did CNBS give you this info? I'll keep on stacking!

ohiometalman
Sep 8, 2011 - 5:39pm

jobs plan

gotta pay for that jobs plan, might as well pull out some of that dusty gold in the basement to put america back to work!

margaritatime
Sep 8, 2011 - 5:39pm

rearflank, cpn, rara

I responded to the plat on the previous thread, here

needadeel
Sep 8, 2011 - 5:40pm

Speech

Could there be any downsides to the speech for gold? The only thing I can come up with is if we cut taxes or spend money that we don't have in the name of job creation (without any overt "easing"), the markets may perceive it as positive for: jobs, gdp and the stock market, which could send gold lower?

ohiometalman
Sep 8, 2011 - 5:42pm

@sevin

I have friends like that too. They will be the ones that get wiped out when it hits the fan. Don't waste time on them, you did your part. Talk to the next one and see if you can help them. I have a hit rate of about one in twenty. Good luck.

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

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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

Key Economic Events Week of 10/28

10/30 8:30 ET Q3 GDP first guess
10/30 2:00 ET FOMC fedlines
10/30 2:30 ET CGP presser
10/31 8:30 ET Personal Income & Spending
10/31 8:30 ET Core Inflation
10/31 9:45 ET Chicago PMI
11/1 8:30 ET BLSBS
11/1 9:45 ET Markit Manu PMI
1/1 10:00 ET ISM Manu PMI

Key Economic Events Week of 10/21

10/22 10:00 ET Existing home sales
10/24 8:30 ET Durable Goods
10/24 9:45 ET Markit flash PMIs
10/24 10:00 ET New home sales
10/25 10:00 ET Consumer Sentiment

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.

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