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

silverbonz
Sep 8, 2011 - 7:18pm

Sociopathic Narcissits (O'Bottom Speech)

Everyone one in that room are, especially the three on camera now (minus the very select few). It really is stomach turning, the Founders are turning in their grave. It's time for Atlas to Shrug.

Tom Lgrt_trading
Sep 8, 2011 - 7:18pm

@grt_trading

If we were going to see $1725 we would have seen it yesterday. Unless they plan on dumping 20k in 90 seconds this time that gap at $1665 is not going to be filled. Not all gaps fill. [1] A 61.8% retracement is generally a bullish to me. If it were a 50% or 38% RT then I'd be more worried about an over-night selloff.

As Turd says every Friday, would you really want to be short or out of Gold going into a weekend under these circumstances?

Ta,

[1] - I get tired of hearing about gap filling. It becomes an excuse for being short-term bearish.

beardeus
Sep 8, 2011 - 7:22pm

Obama's speech:

Pass this bill. Pass this bill. Pass this job bill. If you pass this jobs bill. Pass this jobs bill. We must pass this job bill. Pass this bill right away! We must pass this bill! Pass this bill. Pass this jobs bill. (Obama changes voice tone here) Pass this jobs bill! Pass the bill! Pass it again! Pass this jobs bill. Pass this bill. Pass it. Do it. Do it! DO it! DO IT! PASS IT! PASSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS THISSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS BILLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL! - Obama

Oh by the way, PASS THIS BILL RIGHT AWAY!

GamerAndy
Sep 8, 2011 - 7:22pm

HLLXF crazy price action?

Hey turdites - I've got some HLLXF and today it moved up 68% on seemingly no news... Anybody have any clue whats up with Hellix Ventures? Went from $.91 to $1.50 in about 6 hours.

Northern Border
Sep 8, 2011 - 7:23pm

O bottoms speech

Are you kidding me ????

This is not even presidential.

How many times has he said "you gotta pass this bill right away"?

I have heard north of 20 so far and its only ten minutes into the speech.

Same lies, same BS.

NB

cpnscarlet
Sep 8, 2011 - 7:23pm

@Doc - Israel Gas and Oil

If Israel has so many resources, why have I lost a a bundle on ZN? They've been looking for years and that's going nowhere. Oh yeah, they found enough oil to fill a Ball jar.

If Israel has a real oil reserve, it has yet to be found. I'm not selling my ZN stake, but it is getting frustrating.

BTW - Darn! You beat me to the announcement of Santa's new YouTube Channel.

¤
Sep 8, 2011 - 7:24pm

Listening to Obama...

...from another room. No desire to watch this at all.

It sounds incredibly weak and almost embarrassing for him to reach so far with so little for him to offer. He has no solution. Never did.

What a terrible speech. He wanted everyone to wait 4 weeks for this? Weak.

What is it they are actually clapping for? I'm not sure they know either, as the whole rhythm seems off.

The metals are not reacting...yet.

Mikey
Sep 8, 2011 - 7:26pm

There it was: "We're asking

There it was:

"We're asking the corporations and the wealthiest Americans to pay their fair share".

cpnscarletsilverbonz
Sep 8, 2011 - 7:27pm

@silverbonz - well I

@silverbonz - well I "shrugged" in February, but I still haven't been invited to the Gulch yet. If silver doesn't break 50 soon, I might just go ahead and look for a job to put another few years in.

FriedEggs
Sep 8, 2011 - 7:27pm

AJA

- at least it won't add to the deficit - its paid for.

Fried(e)

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