11/11/11

290
Fri, Nov 11, 2011 - 10:21am

Just a short update this morning as The Turd has a big weekend planned and it all gets underway in a couple of hours.

First of all, your charts. We seem to have survived the quick, 48-hour selloff/correction/setback...whatever you want to call it. Though I had hoped gold would hold 1750, it did find support between 1740 and 1750 and, with the benefit of hindsight, you can clearly see that support should have come in there. As to where we go from here, we finished last week at 1756 so anything above there would be terrific. From the looks of the charts this morning, I imagine we'll finish the day somewhere around 1775 or 1780.

Silver held in quite well this week and simply needs a close above $34.08 to close the books with another UP week. Always remember, "what had been resistance becomes support and vice versa". $33 is a magic level for silver. After the September correction, it took silver 5 weeks to crawl back above that level. It has now used 33 as support for the two weeks since. Look for this to continue. In fact, support for silver is from 33 down to 32 so only a dip and close below 32 would signal a trend change and cause me to rethink my $39-41 target.

You might enjoy this next item. Back on Tuesday, I had the honor of being a guest for one of Chris Martenson's podcasts. I was a little worried about how it would turn out as I has strained my back on Sunday and I was into the muscle relaxers pretty good. I'm happy to report that it seems to have come off OK. I hope you agree.

Turd Ferguson: The Inexorable March Higher For Precious Metals
Taps

TF out.

About the Author

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

  290 Comments

Perfidious Albion
Nov 11, 2011 - 10:44am

Peace to all

Peace to all

remember who those who chose were really dying for.

¤
Nov 11, 2011 - 10:45am

Oh shit!

I completely forgot!

I'll do some math and have some numbers later.

Thanks everyone for an amazing year!!!!!!!!!

ScottJTF
Nov 11, 2011 - 10:48am

Thanks Turd!!!

It has come a long way since "1600 gold by 10/31/2010 or I will shut down my website"

I am glad you did not keep your promise!
Thanks for all of the time you have invested and compassion for others that you share. I am grateful for everything that you have done. You sir are a person of integrity. Your family is lucky to have such a great father!

Be sure to go outside and enjoy yourself this weekend!

-

Scott J

Boardwalk
Nov 11, 2011 - 10:48am
¤
Nov 11, 2011 - 10:48am

Yep...I thought so....

...but I didn't.

Thanks dude, for everything!

And hey...what about those metals and crude right now?

If the marketplace makes it mostly intact after this debt/liquidity chaos abates, then it's off to the $2000/$50 races in the PM's and $100 in crude happens way before then. Today?

RedRover
Nov 11, 2011 - 10:49am

thank you

Thank you for a great year, Turd. It's been a great pleasure to be here.

cwavec
Nov 11, 2011 - 10:53am

Jesse's Cafe Reports

With regard to MFG, segregated funds, etc., Jesse's Cafe Americain reports yesterday

as follows:

"It's Official: Wall Street Firms May Legally Steal From Their Customers - Rationalizations to Follow"

It's actually a commentary on a report by Robert Lenzner at Forbes and there are other items to boot.

see:

jessescrossroadscafe.blogspot.com for this and more.

Today's item begins:

"MF Global Update - Why the Puzzling Delay and Lack of Disclosure?"

and you can scroll down for "It's Official" and more, including Bart Chilton's comment as

of yesterday.

Go have fun.

Drifter
Nov 11, 2011 - 10:55am

Oh hell yes

"This day is NOT about politics and it is NOT about the uselessness and waste of war. It IS about remembering those who gave their lives, either voluntarily or by conscript. As you go through this day, please be mindful of their sacrifice and be thankful that you have not been asked to do the same."

it makes me cringe when I realise that that beach scene that opened Saving Private Ryan not only happened, but was far worse then portrayed

ClinkinKY
Nov 11, 2011 - 11:04am

11-11-11

Thank you to any and all veterans for your service.

Virabhadra
Nov 11, 2011 - 11:04am

Dollar?

I mean besides being printed out the electronic sphincter, what is going on with the dollar? These fluctuations are such a joke. Dollar bad/good/bad/good...repeat many times everyday, day after day. Same with the Euro, and then there's the SDR. Can we just please quit all the shenanigans and get back to gold. For the love of god, this is just tiresome.

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