No Real Change

Mon, Sep 12, 2011 - 9:00am

As we get back to business on this Monday morning, I'm sorry to report that I have nothing interesting to report. Today's charts look like Friday's which, in turn, looked like Thursday's.

Though you'd rightly expect the PMs to be rallying here, two things are keeping them in check:

1) The continual presence of The Cartel. I know this can get challenging to grasp but they are still in there, banging away. Though it's clear that their current goal is to lessen their shorts, this does not stop them from raiding from time to time. By adding new shorts, they hope to drive price to positions where they can cover both new and old shorts for less cost.

2) The destruction of the euro and the swissie is causing a flight to The Pig and countless hedgie algos are programmed to sell PMs when they see Pig strength.

So, here we sit. If you're looking to buy, the levels we identified last week are still attractive. Namely, 1820-25 in gold and 40.50-41 in silver.


More later, after the close. TF

About the Author

turd [at] tfmetalsreport [dot] com ()


Vincent · Sep 12, 2011 - 9:01am

Thanks TF!

Thanks TF

opalboy · Sep 12, 2011 - 9:02am

so far


is that a word?

unky · Sep 12, 2011 - 9:06am

No real change?

look at the PM prices in Euro, or just the euro itself, already touched below 1.35 today. or the DAX touched below 5000 points today. not a very nice developement

Tesla · Sep 12, 2011 - 9:09am

Morning Turd, Happy FUTF (FUBM lets hope soon) Monday

Sheesh this gets old! Time for some coffee with whiskey? (kidding)

ericplatham · Sep 12, 2011 - 9:09am

Gold is testing the bottom line (again)

But that shouldn't be unusual for this chart

speconomist · Sep 12, 2011 - 9:09am

40.50 being tested right now,

$40.50 being tested right now in silver.


Also Jim Rickards in CNBS this morning:

33 and a turd · Sep 12, 2011 - 9:10am

PM's priced in euro

Are just the PM prices in USD divided by the EUR/USD exchange rate.

I do not understand why people talk of PM's in EUR as a separate thing

Tom L · Sep 12, 2011 - 9:13am

Gold Hourly

Silver has broken down on the 5 hour chart but is oversold on the RSI and may bounce off of the triple bottom at $40.50.


Tom L · Sep 12, 2011 - 9:14am

If these formation hold all week

then the HUI will be subjected to the winds of the general market I should think. That puts a number of stocks who have made good gains at risk of a sharp correction. I'd be happy to be wrong about this.


¤ · Sep 12, 2011 - 9:15am

Same old, same old ( PM smackdown)

The more things change, the more they stay the same.

Patience, Grasshopper.

swampman · Sep 12, 2011 - 9:17am

EXK & other silvers

may be on sale today. I saw EXK down $.67 in pre-market. If it goes into the the mid/upper $11 range I'm buying a bunch. I doubt whether silver has much further to fall.

BagOfGold Tesla · Sep 12, 2011 - 9:25am


Why have just whiskey...when you can have some Bailey's Irish Cream!...Very nice for your morning coffee!...This ones on me!!!... Bag Of Gold
swampman · Sep 12, 2011 - 9:25am

Gold just hit new record

priced in Euros

¤ · Sep 12, 2011 - 9:30am


...wish I had a wee spot of Baileys in mine right now.

ScottJ · Sep 12, 2011 - 9:31am

Greek Bonds

You don't see this everyday: The Greece 1-yr Bond:

In the chart below, for all intents and purposes, green means red. Also, the probability of Greek default according to at least one data service is a little over 100%. (Quote Here from Zerohedge)

Number 47 swampman · Sep 12, 2011 - 9:31am

not sure what charts you guys are using

Mine show gold down nearly 1% in Euros.

¤ · Sep 12, 2011 - 9:34am

No real complaints about the PM's...

...and how they are acting, even if it sounds like it at times. It just gets tiring to watch the obvious, day after day. Maybe that ends soon, maybe not.

In the big picture of patience, it's nice to see higher lows and higher highs as the trend.

· Sep 12, 2011 - 9:35am

A little help?

I rec'd this email over the weekend. Can anyone help?

"Hi Turd
Congrulatulations for yor site!!!
I want to buy physical gold and silver in a trusted site
Where I can to go?
I need to send to Spain
Best regards
Excuse me, my english is very bad"

Shill · Sep 12, 2011 - 9:36am

Morning Turds. and best of

Morning Turds. and best of luck today.

¤ · Sep 12, 2011 - 9:37am


Something's got to break pretty soon you would think.

How long can they play this string out?

33 and a turd TF · Sep 12, 2011 - 9:40am

RE: A little help are a German PM dealer. Both coins and bullion.

I have bough both Gold and Silver from them and have no complaints. They deliver anywhere in Europe.

SilverBoy · Sep 12, 2011 - 9:42am
Tesla · Sep 12, 2011 - 9:42am

Thanks BoG!

That used to be my favorite breakfast when I worked on the boats up north a few decades ago.

Looks like silver is still holding above the 144 day SMA... I'm gonna lay off the booze until I really need it I think surprise

Number 47 · Sep 12, 2011 - 9:46am

@ the spanish emailer

I have used for a few years. They are offering allocated storage or delivery, just don't use the fedex delivery option or you will get hit for any import costs. There is still a chance of getting a VAT bill with the swiss post option but it's a gamble. No VAT on gold so buy away.

I will stick my neck out and recommend them, I have bought gold, silver, platinum and palladium from them without any issues. (except fedex) They accept payment in dollars, euros or swissie. Buy back prices are good and they answer questions by email quite quickly.

I have no interest in this company. I'm just a customer of theirs.

Eric Original · Sep 12, 2011 - 9:51am

Two answers in just a few minutes!!

That's why Turd Town Rocks!!

OC15 · Sep 12, 2011 - 9:51am


holding up the markets so far. Really really terrible stuff going on in Europe right now. No reason the Dow should not have opened down atleast 300.

Tom L · Sep 12, 2011 - 9:54am

Huge Volume in MFN this morning.

Up $0.18 on no news. Just posted the chart in the HQM forum.

A break of the red line could send this puppy up to $19.60.


¤ · Sep 12, 2011 - 9:55am

Was a BOJ interventuion announced...

...or did they just do it without any fanfare at 1:00 a.m.? 

It's pretty obvious something took place from that point on. Little wonder the broader market has erased most of it's pre-market losses from the opening bell.

What a curve ball the pre-open futures can be in a lot of instances.

Pablo · Sep 12, 2011 - 9:56am

The Euro is Failing

The Euro is failing.

All fiat currencies are failing.

It's a race to the bottom and the only question is who will get there first.

OC15 · Sep 12, 2011 - 9:56am


stop running to the dollar and start running to gold and silver.

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