Fast Market = Fast Update

Thu, Oct 27, 2011 - 10:39am

No time for dillydallying today. Things are rolling so let's get right to it.

Let's start with our two base commodities as the PMs are definitely drawing some strength from them. As I type, Dec11 crude is up $2.41 at $92.61. DrC is charging higher again, too.

These two have given a boost to silver which is finally trading back above $34.

Gold is lagging just a bit but the chart suggests that it won't be lagging much longer.

That's all for now. I'll have a more detailed update after the close. TF

1:10 pm EDT UPDATE:

As this epic drop in the POSX continues, look for even more downside tomorrow. As noted in the post from later yesterday, once 76 gave way, The Pig looked to fall into the abyss. As you can see on the chart below, 74 looks likely as a short-term bottom.

Dropping to 74 tomorrow or next week would likely be the impetus for gold at 1780 and silver at 37. TF

About the Author

turd [at] tfmetalsreport [dot] com ()


tread_w_careEconomical Disaster
Oct 27, 2011 - 1:11pm

@Economical Disaster - thanks

I forgot myself there for a few minutes . . . shew :).

Luckily the site is imploding under the weight so I never got past the shopping cart.

Things happen for a reason . . .

Its probably the worst investment one can possibly buy. If/WHEN the SHTF, it will be worth the silver content like ALL numismatic coins will be. I say NEVER buy these types of coins. I bought a 1936 DOT QUARTER in 1992 for $650, I just sold it for $650. Had I bought a normal SILVER coin for the going price of SILVER, I would have made 10 times the money.
Oct 27, 2011 - 1:12pm

WHY ??

Why aren't silver stocks moving with silver ????? Something maybe amiss !!! I want to be positive but just odd !!!!!

Oct 27, 2011 - 1:12pm

ED this is the beginning

ED this is the beginning stages of a Global reflation. If you ever wondered or Tin foiled over the fact "does the NWO exist" or not, well your seeing the first stage of its coming out right here.

Even though us conspiracy theorists always knew it existed since the Clinton era, but were just conspiracy buffoons.

The biggest challenges going toward is INCOMES need to rise with this flation as well, or yes! THE SHIT WILL HIT THE FAN. Your already hearing noise of this with the current refinance program TPTB are trying to implement. The thing with this program is, it does very little to raise actual incomes, it takes from Peter ( You and me ) and gives to Paul ( the douche bags who got in over their heads ). So unless this is a level playing field where we ALL benefit from it, this will just end up being another epic failure, but it will be good for the math and the books, nothing more.

Oct 27, 2011 - 1:14pm

blog updated

with a new POSX chart

Oct 27, 2011 - 1:16pm

Turd POSX ?

Didn't the raid silver and gold when it got to these levels ????

Oct 27, 2011 - 1:20pm

Europe Thoughts from Bix

Bix Weir just sent out an email with comments regarding the "European Deal" - I found his points quite interesting - so will C&P here ..

The new "Deal" coming out of Europe is a lose-lose-lose-lose agreement!

The real problem is not the Greek debt but rather the Greek CDS market which towers over the Greek bonds issued. The bond holders and "system gamers" bought massive amounts of CDS's to cover their exposure but with the "voluntary" 50% payoff nobody knows what to do with the CDS payouts. Here's the latest:
Greek Accord Won't Trigger Credit-Default Swaps, ISDA Rules Say

The ISDA knows that their damned if they do and their damned if they don't trigger the CDS payouts! Now all those banks that said they had no exposure to Greek debt have to admit that they actually WERE NOT hedged properly with CDS's after all.

If the CDS's don't payout let's look at the losers:

- Greece still has to pay 50% on bonds issued and has no future prospects for issuing new debt or coming out of their economic woes.

- Greek bond holders are only going to get 50% return on their "safe government" investments and will have to take an immediate writedown.

- Credit Default Swap holders likely will NOT get paid out because this "mandated" deal is classified as "voluntary"

- Banks that claimed to have hedged their Greece exposure with CDS's now have to declare their true exposure that has already been devalued by 50%

- The CDS market, which was already a shaky part of the Quadrillion dollar derivative complex, has now proven to be an unreliable hedging mechanism

And on and on and on...

This "Stability" that the EU has just provided should only last a matter of DAYS before the world is turned upside down!

Oct 27, 2011 - 1:21pm

QE all over the place

Yep, it will happen to all of those countries also one by one.

And what shill just said will apply because that's all they can do OR it will all unravel completely and TSHTF will happen. They either inflate everything to make incomes proportionate or they reduce the debt loads (somehow) to make the existing income levels more palatable.

Were starting to go deeper into the QE spiral and at some point QE will not be so unique or feared and loathed etc. because it will become normal after awhile. It's already happening and if TPTB could actually just QE with no lip from anybody they would just print, print, print like no tomorrow. We all know this.'s taxi service about to pull away.

Dr G
Oct 27, 2011 - 1:24pm

The raid wasn't in relation

The raid wasn't in relation to the POSX, the POSX merely reflected the raid. The raid was a manipulated event to ruin the safe-haven status of the metals, since the Franc had been devalued.

Who knows when we will be hit again. Could be tomorrow. Could be two months. Small drop, big drop. Dunno. I'm stacking this stuff to the ceiling.

Dr G
Oct 27, 2011 - 1:28pm

Looks like the battle over

Looks like the battle over $1764 will come in electronic trading followed by Sydney and Asia. Should be another great evening to watch the metals action.

I see magnets acting in that area. Pulling gold down to 1740 and pulling gold up to 1780. Which will win?

Oct 27, 2011 - 1:32pm

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Key Economic Events Week of 11/11

11/12 Three Fed Goon speeches
11/13 8:30 ET CPI
11/13 11:00 ET CGP on Capitol Hill
11/14 8:30 ET PPI
11/14 Four Fed Goon speeches
11/14 10:00 ET CGP on Capitol Hill
11/15 8:30 ET Retail Sales
11/15 8:30 ET Empire State Manu Index
11/15 9:15 ET Cap Ute and Ind Prod
11/15 10:00 ET Business Inventories

Key Economic Events Week of 11/4

11/4 10:00 ET Factory Orders
11/5 9:45 ET Markit Services PMI
11/5 10:00 ET ISM Services PMI
11/6 8:30 ET Productivity & Labor Costs
11/6 Speeches by Goons Williams, Harker and Evans
11/8 10:00 ET Consumer Sentiment
11/8 10:00 ET Wholesale Inventories

Key Economic Events Week of 10/28

10/30 8:30 ET Q3 GDP first guess
10/30 2:00 ET FOMC fedlines
10/30 2:30 ET CGP presser
10/31 8:30 ET Personal Income & Spending
10/31 8:30 ET Core Inflation
10/31 9:45 ET Chicago PMI
11/1 8:30 ET BLSBS
11/1 9:45 ET Markit Manu PMI
1/1 10:00 ET ISM Manu PMI

Key Economic Events Week of 10/21

10/22 10:00 ET Existing home sales
10/24 8:30 ET Durable Goods
10/24 9:45 ET Markit flash PMIs
10/24 10:00 ET New home sales
10/25 10:00 ET Consumer Sentiment

Key Economic Events Week of 10/14

10/15 8:30 ET Empire State Fed MI
10/16 8:30 ET Retail Sales
10/16 10:00 ET Business Inventories
10/17 8:30 ET Housing Starts and Bldg Perms
10/17 8:30 ET Philly Fed MI
10/17 9:15 ET Cap Ute and Ind Prod
10/18 10:00 ET LEIII
10/18 Speeches from Goons Kaplan, George and Chlamydia

Key Economic Events Week of 10/7

10/8 8:30 ET Producer Price Index
10/9 10:00 ET Job Openings
10/9 10:00 ET Wholesale Inventories
10/9 2:00 ET September FOMC minutes
10/10 8:30 ET Consumer Price Index
10/11 10:00 ET Consumer Sentiment

Key Economic Events Week of 9/30

9/30 9:45 ET Chicago PMI
10/1 9:45 ET Markit Manu PMI
10/1 10:00 ET ISM Manu PMI
10/1 10:00 ET Construction Spending
10/2 China Golden Week Begins
10/2 8:15 ET ADP jobs report
10/3 9:45 ET Markit Service PMI
10/3 10:00 ET ISM Service PMI
10/3 10:00 ET Factory Orders
10/4 8:30 ET BLSBS
10/4 8:30 ET US Trade Deficit

Key Economic Events Week of 9/23

9/23 9:45 ET Markit flash PMIs
9/24 10:00 ET Consumer Confidence
9/26 8:30 ET Q2 GDP third guess
9/27 8:30 ET Durable Goods
9/27 8:30 ET Pers Inc and Cons Spend
9/27 8:30 ET Core Inflation

Key Economic Events Week of 9/16

9/17 9:15 ET Cap Ute & Ind Prod
9/18 8:30 ET Housing Starts & Bldg Perm.
9/18 2:00 ET Fedlines
9/18 2:30 ET CGP presser
9/19 8:30 ET Philly Fed
9/19 10:00 ET Existing Home Sales

Key Economic Events Week of 9/9

9/10 10:00 ET Job openings
9/11 8:30 ET PPI
9/11 10:00 ET Wholesale Inv.
9/12 8:30 ET CPI
9/13 8:30 ET Retail Sales
9/13 10:00 ET Consumer Sentiment
9/13 10:00 ET Business Inv.

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