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.

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  290 Comments

WORD of GOD speak
Nov 11, 2011 - 2:41pm

I apologize for the technical

I apologize for the technical glitch-here it is now with the lyrics.

silverbleve
Nov 11, 2011 - 2:41pm

happy anniversary TF

I've been here since day one and loved every post! Thank you so much for the insights this year. You may be happy to hear thanks to MF global I am back in %100 physical, just as I was one year ago.

Feels good. Lots of good stuff from Ted Butler coming out about the mfglobal right now, he is a beautiful rant articulator. I wish I had something else positive to post, it seems like everyone is a little Debbie Downer lately, but Turds 1 year is reason for celebration enough for me. Heading over to the forums now to keep the main page posts short.

Good luck out there everyone in paper and tip of the glass to Turdtown's first year. (Drinking an appropriate beer right now, Sierra Nevada's 'Celebration' which I am lucky enough to have a kegerator full.)

Cheers!

Bleve

Bsong
Nov 11, 2011 - 2:51pm

The Bernank

This Turd has issue with The Bernank traveling to a military base to speak to the troops about managing money. What is the real message here? As I can't buy into the way it is being reported. I guess the troops will now have a cordial attitude towards an institution they prior to had none at all. Something more to this IMO.

WORD of GOD speak
Nov 11, 2011 - 2:54pm

(No subject)

Video unavailable
WORD of GOD speak
Nov 11, 2011 - 2:56pm

Sorry, I should have posted

Sorry, I should have posted the song with the lyrics as this video has-enjoy!!!

Newsboys - Save Your Life (Born Again - Miracles Edition 2011)
atarangi
Nov 11, 2011 - 2:58pm

Ouch! - - -

"People of privilege will always risk their complete destruction rather than surrender any material part of their advantage." -J. K. Galbraith

cpnscarlet
Nov 11, 2011 - 3:03pm

@Bsong - You got it! At a

@Bsong - You got it! At a minimum, this is a goofy stunt to show how well "educated" the military is about their finances and government operation. But I think you nailed this as a "get to know your controllers" tour. It may be that the military has been getting wind of parts of the gov't that the troops are getting wise to. Over the last few years, watching the the young officers come through the "lab" (my old customer) has gotten a little discouraging. There is so much they have to go through now that looks like indocs from the political officers. Originally it was just "political correctness" things. Now it seems like "know your commissars".

maravich44Bsong
Nov 11, 2011 - 3:05pm

@Bsong. Agreed. ..

.. and sadly enough later in life they will look back and remember that he was a major factor as they watch their pensions circle the drain. Don't get me wrong I have a great friend in active military and he fully expects this to happen, but he is probably one among few. ..

cpnscarlet
Nov 11, 2011 - 3:09pm

Gold follows Silver

Well, good to know I can still put two and two together and get 100. Gold is following silver nicely after hours as soon as the CRIMEX closed down. The cartel's attempt to keep gold down to help make Italy's troubles look small and manageable could only go so far. We're either flat or slightly higher by COB today.

Remember - There are 10 types of people. Those who understand binary and those who don't.

Orange
Nov 11, 2011 - 3:10pm

@ zilverreiger

Pity or Respect?

Interesting point, as pity would imply what they did was not worth it while respect would imply the opposite.

When the Canadians liberated Holland after WWII, I can tell you with certainty my parents and grandparents had the utmost respect for them. Pity would never enter their minds. Pity does not belong to the veterans of that era.

Likewise, I rather doubt the Kurds view their liberation as feeling pity for the US soldiers.

It is a complicated issue, as a lost life for an unjust cause, in one's own opinion, could perhaps lead to a feeling of pity. As soldiers are not, in most circumstances, involved in the question of why, I suggest RESPECT can be the only answer.

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