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

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  260 Comments

¤
Sep 8, 2011 - 6:35pm

Well...just read that debka article

This whole Turkey/Israel thing has been brewing for a little while now and I've been wondering why and there it is...oil/energy. Suprise!

We toss around the term black swan a lot. I don't know anybody that has seen this coming and is talking about it. Think what you want about debka or Israel if you're so inclined but the reality of the reporting or perspective over there is a lot closer to the truth probably then what were getting here or would even want to believe.

I don't like the sound of this at all and it has been deafeningly quiet over there.

TheGoodDoctor
Sep 8, 2011 - 6:37pm

Turd is the new Nostradamus!

Turd is the new Nostradamus!

Even though I live in WI and hate the Pack, I am picking the Pack by 10. Turd what is your prediction of the future for the game tonight? Or any Turdites?

Bohemian TF
Sep 8, 2011 - 6:45pm

@Turd...

Debka was wrong many times already. This whole thing is just a little spectacle for the media. The real story is, that we made a deal with Turkey and we will have the Radar over there, just next to Iran, the early-warning radar system (the one we should have in the Czech republic before). We will monitor Iran and Syria, and Russia, their southern missile system/corridor. It's quite clear that Turkey will have to deal with unhappy Putin and leaders from Iran and Syria, so -- they're playing a bit the Israel card.

schmederling
Sep 8, 2011 - 6:45pm

Thoughts....

I am still looking at the DOW, DXY and WTI and would expect to see a short-term lift with the confidence that Mr.O is doing something - regardless if it costs further dollars. QE3 is already upon us with zero interest increases over the next 2 years. Although we have already see this implemented I do not see further easing after the next speech scheduled in a couple weeks.

We have Margin's rises coming in tomorrow in the Asian market effective the 9th perhaps this will have little effect - we will have to wait and see. I would also keep in mind the Sept 13th HK bank holiday coming up as well ( Tuesday next week) once this passes we may have the worst behind us.

Still this one needs to be careful over the next few days and into early next week before making any larger moves.

Just my 2 cents...

33 and a turd
Sep 8, 2011 - 6:46pm

tax raises?

any truth in this, I wonder?

The price tag on Obama’s job plan? $450 bln, according to Fox.

But don’t worry, it’s all gonna be paid for. How? A 48% top marginal tax rate.

https://www.forexlive.com/blog/2011/09/08/paging-dr-keynes-dr-keynes-to-capitol-hill-stat/

SilverWealth
Sep 8, 2011 - 6:50pm

Turd

Imo the tipoff to the Debka article is "the Turkish Prime Minister is counting on Washington's backing in a military clash with Israel"

I don't think you can write worse propaganda than that. If you want to see how high Obama really can jump just watch what kind of fire AIPAC puts under his bony ass the minute Turkey raises a finger against Israel.

Debka is mostly a constant flow of militaristic provocation. Take it from one who has family that lives in Israel and has spent time there himself. Debka functions well as a fundraising arm for all things military in Israel by constantly raising the spectre of fear from every corner.

Frankly if its fiction I am watching or reading I prefer Russ Meyers "The Valley of the Vixens".

¤
Sep 8, 2011 - 6:53pm

More

To follow the foot steps backward a bit as this resonates.

The U.S. needed Turkey's help and restraint in going after the Kurds in Iraq at one point. It got pretty contentious. Then that whole thing died down. You hear practically nothing about the Kurds.

Then we have a split or a fracture it seems in the U.S./Israel alliance where Israel is openly wondering what the heck is going on during this so called Arab Spring. Then we have the Egypt thing and the Sinai worries from Israel. Then actual Israel/Sinai problems. Deaths even.

Now we have this huge Turkey/Israel fissure from a diplomatic recall a week ago to swords being displayed verbally and in the open and in each others face. To the point of armed warships escorting PLO sympathizers with probable contraband is about to happen.

Israel is on record as stating that they will not let those ships through. Period.

Now we have turkey making a bold committment that essentially says they won't let the ships be stopped. Something has to give. Probably the price of crude for the at least the short term and possibly much, much longer.

Something big happened somewhere along the line in U.S./Israeli relations when Obama took office. Is it suprising that a guy that is self named Barack Hussein Obama, and was raised partly in a mosque setting in Indonesia, has a hard on for the Israeli's?

Did Obama make a deal with Turkey to help keep the peace in northern Iraq so that the U.S. (Obama) could make good upon their withdrawl promise? Now, we have a sudden and huge drawdown to almost 3,000 troops announced just recently for Iraq. What gives? Where are they headed?

Jasper Puddlemaker
Sep 8, 2011 - 6:54pm

Dammit...

If this metals bull market gets cut short by Armageddon I'm going to get really upset :(

tranquillity
Sep 8, 2011 - 6:57pm

Hey turd =) What about the Pig?

Is it only me? or has it been a while since we had a bit of info on the POSX?

I am curious as to what you see happening in that part of the playing field. it seems very strong, is it all due to the CHF washout?

//Tranquillity

¤
Sep 8, 2011 - 6:59pm

SilverWealth

I wasn't responding to your comments btw. You bring up good points and perspective.

I'm not sure what to believe at this point. Too many things don't make sense. This debka stuff kind of makes sense if you let the theory fill in some of the stuff that we just don't know about.

I hope it's completely without merit but my gut says otherwise. Something big is going on over there in MENA as a whole and it all seemed to come about way too quickly and then went kind of silent.

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