Fast Market = Fast Update

259
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

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  259 Comments

Tom L
Oct 27, 2011 - 1:35pm

@shill:TBT

I have TBT as well. Calls I bought for $0.13 at $21.20 are now $0.15 at $22.67. Implied volatility has fallen off a cliff with the VIX and so while we're right, the market still refuses to give up any money.

I'm getting really fucking tired of this. HL and SVM calls are up nicely and NGD is up against tough resistance in the face of the earnings rpt. on 10.31.

Ta,

GoldenTurds
Oct 27, 2011 - 1:36pm

SPY Puts --- anyone buying today?

Are we over bought?

Seems like lipstick on those PIIGS....what has changed?

GT....

cpnscarletTom L
Oct 27, 2011 - 1:37pm

Shill, Tom L

Do you think this is a good time to go long VIX (VXX)?

ewc58
Oct 27, 2011 - 1:38pm

Gift wrapped grenade from scumball reuters

It's is just so easy to spot the bullshit, who do these stinking crap logs think they're kidding with this? As if any sane leader would leave his gold with the English if he could instead move it home??? And yet, here's the "ANAL-ysis" from the Crown's pig dogs at reuters "news" service....

"...It is just the latest in a string of grand gestures and controversial plans by the unpredictable socialist leader (HAHAHAHA) that are easier for him to order than to put into practice, and it has set officials scurrying to make it happen.

His political opponents accuse Chavez of planning to use the country's gold to boost his campaign war chest ahead of next year's presidential election, and others say bringing the gold home is a waste of money and effort. (SMEAR via INNUENDO from paid whore bags in service to The City of London)

"It doesn't make sense. It would be cheaper to sell the gold and at the same time buy gold in closer locations," said Russ Dallen of Caracas Capital Markets. ..."(Thanks for that advice Russ. Now make like a good little salmon and go f*ck off)

Here's the whole illuminating "piece":

Venezuela scrambles to bring home gold reserves

* Chavez ordered $11 billion worth of bullion brought home

* Source says ingots with be flown back, beginning in Nov.

By Eyanir Chinea

CARACAS, Oct 26 (Reuters) - At the foot of a dimly lit spiral staircase far below Venezuela's Central Bank, workers prepare for an unusual arrival: 17,000 gold bars being shipped back on the order of President Hugo Chavez.

Repatriating about 190 tonnes of bullion worth more than $11 billion from banks in the West will be risky, slow and expensive, experts say. (HAHAHAHA)

Read more

Shill
Oct 27, 2011 - 1:39pm

Great show for sure F2B, lot

Great show for sure F2B, lot of work though. Hell I can call up Provident Metals or APMEX and buy my gold, and not get dirty or spill any of my beer doing so. :)

RaRaRasputin
Oct 27, 2011 - 1:42pm

Oakland CA beginning to resemble Athens, Greece

Posted on SGS website originally:

Occupy Oakland video: Riot police fire tear gas, flashbang grenades

RaRa

GoldMania3000
Oct 27, 2011 - 1:42pm

I have way too much time on my hands

This thing looks like it's getting stronger as the day progresses.

cpnscarletewc58
Oct 27, 2011 - 1:42pm

Venezu Gold

I thought this whole transfer was supposed to have been done months before the actual announcement was made. More lies and mis-info or were some of our gold "experts" wrong again? What happened when???

REMINDS ME OF A JOKE - "The bartender says 'We don't serve faster-than-light neutrinos here." A neutrino walks into a bar."

Think about it.

ewc58
Oct 27, 2011 - 1:49pm

Can't I please just think about

Daniela Cambone and the PMs instead today?

Welcome to $1,700 Gold
Tom L
Oct 27, 2011 - 1:51pm

@Cpn

I'd say not yet.. It just broke below both the s2 pivot and 288 DMA. It looks like it's returning to the 15-20 range.

https://stockcharts.com/h-sc/ui?s=$VIX&p=D&yr=0&mn=8&dy=19&id=p19914673719

Ta,

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