Bullish Gold in Four Pictures

229
Tue, Sep 20, 2011 - 3:06pm

All four of the charts below paint a bullish picture but it appears that the next 24-48 hours hold the key. Hmmm. Isn't that interesting? What earth-shattering, market-moving news is possible over that time period?

Silver, not so much. Though I'm still extremely bullish long term, for now, silver looks to still be taking baby steps toward recovery.

Further affecting my enthusiasm for silver are the charts for copper and crude, both of which are failing to inspire much excitement or confidence.

That'll have to do for today. The Turd is going to be quite busy through the evening so I doubt I will update again before tomorrow morning. Hang in there. Get some rest as tomorrow promises to be a very interesting day. TF

About the Author

Founder
turd [at] tfmetalsreport [dot] com ()

  229 Comments

NW VIEW Pablo
Sep 20, 2011 - 6:12pm

@ PABLO

If all that we have left our kids is this world to inherit, then I will agree with you. It is not the external things that will make our kids thankful for us but the internal values which will last forever. It is better to have love and peace in the family than a stack of gold. The old quote of "silver and gold have I none, but what I have I give to thee" still is solid as the day it was first said. Lets give the things to your kids that will make them want to be thankful for the lives that we lived with them. jmo

cpnscarlet TF
Sep 20, 2011 - 6:12pm

Turd - All well and good, but...

Turd - KWN's London Trader has been saying things like this about China/Asia traders for many months (if not a year now). Like so many things in the PM world, I think we can all say that we know the plot, we're just not sure what act it is. Sorry, but the only thing that's increasing in a parabolic curve lately is the calls of "Maybe this week", "It should happen next week", "The default will happen in two days", etc etc etc. Even you've had problems lately with "This should be the bottom now".

Keep up the good work and thanks for the forum. We all find a great lack of real, operative news lately that affects markets in a logical fashion. Or at least, claims and "facts" that actually play out on something like the time line presented. How many times have we recalculated WB's "60 day" number? We come back to the same old problem - fundamentals are not working and the crooks are still in control.

Frustrating, frustrating, frustrating.

cpnscarlet NW VIEW
Sep 20, 2011 - 6:15pm

Leaving Our Kids Something

I just hope the day doesn't come when my kids ask, "When you had a chance to stand up and fight, why didn't you?" That would be much worse than not leaving an "inheritance".

The Vet
Sep 20, 2011 - 6:16pm

Physical buyers....

As long as they are getting metal for their fiat, they are happy with the present manipulation as it keeps the price down and makes accumulation cheaper. Real buyers like low prices so don't expect too much until the deliveries start to dry up and the buyers and the sellers start to panic......

¤
Sep 20, 2011 - 6:18pm
TitanAe
Sep 20, 2011 - 6:24pm

Breaking news from cnbc

I do not have a link just got this from my cnbc app

GOP Leaders warn bernaake about further fed action

¤
Sep 20, 2011 - 6:25pm

"...future for gold relies heavily on Ben Bernanke ..."

What Future US Monetary Policy Means for Gold Prices By Sam Kirtley Sep 20, 2011 8:40 am

The future for gold relies heavily on Ben Bernanke and the FOMC's rate decision.

https://www.minyanville.com/businessmarkets/articles/monetary-policy-us-...

Boardwalk
Sep 20, 2011 - 6:28pm

HUI Watchers

Trader Dan had this to say regarding the HUI:GOLD ratio.

"that this particular ratio could move to at least the .50 level before it gets anywhere near being in the "overvalued" camp. Believe it or not that would put the index closer to the 900 level if the gold price were to remain near the current level of $1800."

https://www.traderdannorcini.blogspot.com

redwood
Sep 20, 2011 - 6:31pm

cpnscarlet, I agree the

cpnscarlet, I agree the cartel is still in control and will continue to be, as they have throughout time. If anyone is to succeed, it has to be arrived at within the paradigm that one is handed. Use the forces that work in our favour to diminish those that are not and do it repetitively. It's the only way. David and Goliath is a wonderful metaphor, but it is the ideology of the fantastical.

tburk
Sep 20, 2011 - 6:36pm

Inheritance

See, the thing is that the stacking that I do is all for the heirs. No probate. Easy. Portable. And, by that time, valuable. What else can I leave them/

Zoltan
Sep 20, 2011 - 6:40pm

OMG is this volume correct?

Ummmmmm... Me thinks something is amiss.

Z


Sep 20, 2011 - 6:46pm

Speaking of Ponzi Schemes . . .

All I can say is . . . Jesus!

(Reference to Chris "Jesus" Ferguson, who I hope, is not related to our distinguished Turd Ferguson).

The article is here:

"The online poker world in the United States was brought to a halt in April as PokerStars, Full Tilt Poker and Absolute Poker were charged with bank fraud, illegal gambling offenses and money laundering. On Tuesday, the Manhattan U.S. Attorney has motioned to amend the forfeiture and civil money laundering complaint to highlight that Full Tilt Poker and its board of directors operated the company as a "massive Ponzi scheme".

The amended complaint explains that while FTP maintained player funds were safe, the company never actually had the represented cash on hand as a result of crediting users' deposits without actually receiving the money. There was a shortfall of approximately $130 million as a result of that process.

The complaint further states that as of March 31, FTP owed players around the world $390 million, but only had $59 million on hand.

"As the proposed amended complaint describes in detail, Full Tilt was not a legitimate poker company, but a global Ponzi scheme," Manhattan U.S. Attorney Preet Bharara said in a statement. "As a result of our enforcement actions this alleged self-dealing scheme came to light. Not only did the firm orchestrate a massive fraud against the U.S. banking system, as previously alleged, Full Tilt also cheated and abused its own players to the tune of hundreds of millions of dollars. As described, Full Tilt insiders lined their own pockets with funds picked from the pockets of their most loyal customers while blithely lying to both players and the public alike about the safety and security of the money deposited with the company."

Additionally, the complaint assesses that the company used player funds to pay board members and other owners more than $440 million.

In addition to Ray Bitar, who was named in the initial complaint, three high-profile players were also named as board members in the DOJ's press release: Howard Lederer, Chris Ferguson and Rafael "Rafe" Furst. According the U.S. Attorney's Office, they've "restrained five accounts associated with those individuals."

The complaint also maintains that the aforementioned board members are liable to the government "in an amount that is no less than $40,954,781.53 for Bitar; $41,856,010.92 million for Lederer; $25 million for Ferguson; and $11,706,323.96 million for Furst."

In total, the four board members and estimated 19 additional owners of Tiltware, LLC received $443 million in distributions since April 2007.

The Alderney Gambling Control Commission suspended Full Tilt Poker's license in June and a hearing was held Sept. 19 and 20 to discuss a possible reinstatement. Since that time, there has been no activity on the online poker site.

Full Tilt Poker was previously a sponsor of poker programming on ESPN.

Andrew Feldman is the poker editor for ESPN.com. Gary Wise contributed to this report.

Follow Andrew Feldman on Twitter: "

redwood
Sep 20, 2011 - 7:10pm

Europe's debt crisis prompts

Europe's debt crisis prompts central bank to provide liquidity. Three auctions Oct., Nov. and Dec. will allow banks to "borrow" these emergency funds. Max and Stacey at their finest. Worth the watch.

https://maxkeiser.com/2011/09/20/kr186-keiser-report-dollar-trapped/

¤
Sep 20, 2011 - 7:10pm

GOP warns Fed more QE would hurt economy

Sept. 20, 2011, 6:38 p.m. EDT

GOP warns Fed more easing would hurt economy

By Greg Robb

WASHINGTON (MarketWatch) - The congressional Republican leadership sent a letter this week to Federal Reserve Board Chairman Ben Bernanke urging him to refrain from any more easing moves, saying that the American economy should be driven by consumer confidence and worker innovation and not central-bank policy. Such moves could hurt the U.S. dollar, the letter said. "We have serious concerns that further intervention by the Fed could exacerbate current problems or further harm the U.S. economy," the letter from the GOP congressional leaders added. The letter was sent to Bernanke on Monday as he prepared for a two-day meeting of the Federal Open Market Committee, which sets monetary policy. With interest rates, the Fed's traditional policy tool, stuck near zero, the Fed has been considering unconventional steps to revive the economy. The FOMC's decisions are expected to be announced Wednesday afternoon.

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

On Eve Of Critical FOMC Decision, Republicans (Re)Send Letter To Bernanke Demanding No More QE Submitted by Tyler Durden on 09/20/2011 18:49 -0400

https://www.zerohedge.com/news/eve-critical-fomc-decision-republicans-re...
Economical Disaster
Sep 20, 2011 - 7:12pm

re:Speaking of Ponzi Schemes . . .

Government is mad because they don't pay the extortion fee: TAXES.

The only group allowed to keep a PONZI scheme going are..GOVERNMENTS and their PARTNERS.

¤
Sep 20, 2011 - 7:14pm
¤
Sep 20, 2011 - 7:17pm

Egypt resumes gas flow to Jordan – but not to Israel

Egypt resumes gas flow to Jordan – but not to Israel

DEBKAfile Exclusive Report September 20, 2011, 9:27 PM (GMT+02:00) Tags: Egypt Israel Jordan Sinai Palestinian Jihad Islami Egyptian gas Egyptian gas pipelines - one runs dry

Egyptian natural gas is flowing again to Jordan – but not to Israel, debkafile reports. Cairo and Amman are keeping quiet about the resumption of supplies through the Sinai pipeline which was sabotaged five times since February. Cairo has broken off negotiations with Jerusalem on new prices - so making sure that supplies to Israel are cut off for good. As Egypt pulls away from peace ties with Israel, security is breaking down on their common border and the Israeli ambassador's return to Cairo indefinitely postponed.

https://debka.com/article/21319/

bensgone
Sep 20, 2011 - 7:19pm

Thanks too all !!!

I wish to thank all for the kind responses and compliments to my posts. It is very much appreciated and inspiring. Thanks !!!

Shill
Sep 20, 2011 - 7:25pm

Doc G, how is the little one

Doc G, how is the little one doing? Well I hope, and growing like a weed no doubt.

Bay of Pigs
Sep 20, 2011 - 7:25pm

HUI/XAU

Two of the finest gold and silver experts in the world, John Embry and James Turk, at the GATA Gold Rush 2011 last month.

Breakout at 600 for the HUI says Embry (already done) while Turk says 230 for the XAU (not confirmed). Sensational interview.

John Embry interview with James Turk at GATA's Gold Rush 2011
RuNuts
Sep 20, 2011 - 7:28pm

Dupe

Lagging server...

Awake
Sep 20, 2011 - 7:28pm

Has anyone posted this yet? 

Has anyone posted this yet? I'm not able to visit this site as much as I'd like to. There has been a peaceful occupation of wall street since September 17. Here's the livestream video feed link for the protest:

https://www.livestream.com/globalrevolution

RuNuts
Sep 20, 2011 - 7:29pm

Is a link too much to ask?

I see articles posted that I'd like to flash/share with others but unless you add a link the info is almost useless not to mention a disservice to the source. /just sayin //thanks!

SilverWealth
Sep 20, 2011 - 7:32pm

Turd

I think today its also important perhaps to mention the breakout on high volume of Newmont mining.

It got good press over at MarketWatch. It led the GDX up nicely. We could finally being seeing hedgies start to run for cover here if enough attention comes into this trade to get the heat-seekers,crackheads and momentum boys chasing NEM.

Great projected earnings. Duh.

Shill
Sep 20, 2011 - 7:40pm

Ben great post, very accurate

Ben great post, very accurate and blatantly truthful.

Cheers

It got good press over at MarketWatch. It led the GDX up nicely. We could finally being seeing hedgies start to run for cover here if enough attention comes into this trade to get the heat-seekers,crackheads and momentum boys chasing NEM.

Very Bullish M8, even if Ben caves I am hoping Miners catch a bid and the Hedgies dive in face first. 7 handle HUI is a long time coming.

Boardwalk
Sep 20, 2011 - 7:47pm

silverwealth

action in NEM is more about their announced dividend policy than projected earnings. Today at least. See also, Hecla. Nice bounce after they announced they'd be issuing a divvy linked to price increases of metal.

Zoltan
Sep 20, 2011 - 7:49pm

Awake live stream

Thanks for the link "Awake".

Unfortunately "Yahoocare" thinks it is "spam" and will protect you from seeing it. You can still read the tweets.

Thank you brothers and sisters for your efforts on all our behalf.

Z

edit: whoops, tweets have been "cleared" by moderator.

Man, they are efficient.

pbreed
Sep 20, 2011 - 7:50pm

Stimulus Package

It's a cold day in the small Nevada town of Pumphandle and Streets are deserted. Times are tough, everybody is in debt, and everybody is living on credit.

A Traveler comes to town and lays a $100 bill on the hotel desk saying he wants to inspect the rooms upstairs to pick one for the night.

As soon as he walks upstairs, the hotel owner grabs the bill and runs next door to pay his debt to the butcher.

The butcher takes the $100 and runs down the street to retire his debt to the pig farmer.

The pig farmer takes the $100 and heads off to pay his bill to his supplier, the Co-op.

The guy at the Co-op takes the $100 and runs to pay his debt to the local prostitute, who has also been facing hard times and has had to offer her "services" on credit.

The hooker rushes to the hotel and pays off her room bill with the hotel owner.

The hotel proprietor then places the $100 back on the counter so the traveler will not suspect anything.

At that moment the traveler comes down the stairs, states that the rooms are not satisfactory, picks up the $100 bill and leaves.

No one produced anything. No one earned anything...

However, the whole town is now out of debt and now looks to the future with a lot more optimism.

And that, is how a "stimulus package" works.

rowdyboy
Sep 20, 2011 - 7:53pm

A horrible unprecedented September for PMs

Who's your daddy? benroberts13 is your daddy!

Thanks for a another quality turd take.

Farpdinkle
Sep 20, 2011 - 7:53pm

A Toast to the Turd

Mr. Turd, (I say "Mr." out of a deep respect)

I registered here so I could give you my thanks. I've been in PM's since 1962, so I know trends when I see them. What I don't know, or rather, understand well, are day-to-day and week-to-week movements that can bring in a few hundred $$ here and there, lol. For this reason, I read PM news from many sources. I do this for one thing: PERSPECTIVE.

What's interesting is that you reference several sources, such as Trader Dan, Santa, and others who I have found to be trustworthy. But your PERSPECTIVE is unique--hence my thanks here.

What you bring to the table is a reader-friendly, easily=understood summary with PERSPECTIVE, plus the BONUS OF USING GOOD INFORMATION TO LOOK TO THE FUTURE ON THOSE DAY-TO-DAY AND WEEK-TO-WEEK MOVES I FIND TOO DIFFICULT TO UNDERSTAND ON MY OWN.

No, I do not use your perspectives on their own--I balance your thoughts with my own take; but you continually lend clarity to the obfuscations present, consciously or not, from the other experts with their cloudy lexicons and ambiguous weaslings. Your lucid narratives are a breath of fresh air; and, quite frankly, demonstrate the gift you have and are willing to share. Yes, it is a gift.

This is why I trust you will continue to move ahead with enthusiasm, damning the torpedoes that always attempt to assail such a gift.

I won't post much, but I wanted you to know how well your message is being received by someone who has been at it...and making profits...a looooooong time.

Thanks again,

The Farpster

Contribute

Donate Shop

Get Your Subscriber Benefits

Exclusive discount for silver purchases, and a private iTunes feed for TF Metals Report podcasts!

Key Economic Events Week of 5/20

5/20 7:00 pm ET CGP speech
5/21 10:00 ET Existing Home Sales
5/22 2:00 ET FOMC minutes
5/23 9:45 ET Markit PMIs
5/24 8:30 ET Durable Goods

Key Economic Events Week of 5/13

TWELVE Goon speeches through the week
5/14 8:30 ET Import Price Index
5/15 8:30 ET Retail Sales and Empire State Manu. Idx.
5/15 9:15 ET Cap. Ute. and Ind. Prod.
5/15 10:00 ET Business Inventories
5/16 10:00 ET Housing Starts and Philly Fed
5/17 10:00 ET Consumer Sentiment

Key Economic Events Week of 5/6

5/9 8:30 ET US Trade Deficit
5/9 8:30 ET Producer Price Index (PPI)
5/9 10:00 ET Wholesale Inventories
5/10 8:30 ET Consumer Price Index (CPI)

Recent Comments

by Libero, 58 min 26 sec ago
by Turd Ferguson, 59 min 56 sec ago
by matt_, 1 hour 37 min ago
by SteveW, 2 hours 27 min ago
by streber, 2 hours 32 min ago