No Real Change

230
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

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  230 Comments

Vincent
Sep 12, 2011 - 9:01am

Thanks TF!

Thanks TF

opalboy
Sep 12, 2011 - 9:02am

so far

anti-climactic

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:

https://video.cnbc.com/gallery/?video=3000045044

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

https://picasaweb.google.com/lh/photo/4UTzcNyTe3sJDRRNn-6GmOnzKyZMeQQzg4...

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.

Ta,

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.

Ta,

¤
Sep 12, 2011 - 9:15am

Same old, same old ( PM smackdown)

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

Patience, Grasshopper.

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