Santa Week

Mon, Dec 19, 2011 - 10:20am

And this time I'm talking about the real thing, not General Jim in Connecticut. Let's get the week started on the right foot by sending a little cheer to our Canadian turdites.

Bob and Doug McKenzie - 12 Days of (Canadian) Christmas

Just a quick update this morning as not much has changed since Friday. In gold, it's quite clear that The Forces of Darkness and Evil would like to see gold stay under $1600 for a while longer. The CoT survey is tomorrow and it covers the period that begins with the beatdown day of last Wednesday. Though we clearly saw some bank short-covering late last week, something tells me that they'll want to cover more of their tracks before the close tomorrow. Therefore, let's see if they hold gold down for most of the day today before relenting. Tomorrow could/should be a "Happy Tuesday" as the EE covers and new spec buyers join the fray.

Silver seems to be fighting a different battle. It seems to me that margins are now so high that a great deal of spec long buying has been removed from the market. Well, maybe not "removed". Let's just say that with margins so high, you can get a much bigger bang for your buck by playing in other sandboxes. This lack of spec buyers is affecting momentum and is making it very difficult for silver to sustain a rally. Uncle Ted is almost screaming about how bullish the CoT picture is in silver and I'm sure he's right. He's studied the silver market a lot longer than I have. However, without buyers, silver isn't going to be heading anywhere very quickly. I fear that silver is simply going to churn along with a negative bias for a while as JPM attempts to extricate themselves from their short position that, sooner or later, the CFTC might actually force them to lessen. I still like the idea that silver found a pretty good bottom last week but, at the end of the day, that doesn't mean much. Silver must be watched closely for further weakness. Hopefully, it holds the 28.60-80 area today and then finally rebounds through $30 tomorrow or later this week.

ZH has a couple of stories that merit your attention. First, this article has some interesting technical information:

Next, you should probably read this but I have to admit, I saw the title and thought: Well, duh. What's next, a TungstenmanSachs research report verifying that the iphone has killed the Blackberry? How about a lengthy missive on whether or not asparagus makes your piss stink?

And lastly, a moment of silence for one of the world's last, remaining Stalinist dictators. Nah, screw that. The little dwarf tyrant is dead and the world is better off without him. There will be, however, some geo-political repercussions, summarized here by the media arm of The Mossad:

By the way, debka also reported over the weekend that Turkish leader, Erdogan, is suffering from colorectal cancer. Not sure how that might affect the MENA calculus but, if true, it's certainly an interesting development.

OK, that's all for now. I'll have more for you later today. TF

About the Author

turd [at] tfmetalsreport [dot] com ()


Dec 19, 2011 - 10:25am

Removed comment

Removed comment.

Dec 19, 2011 - 10:26am

Take off, eh? First, you

Take off, eh? First, you hosers!

(sorry couldn't resist...)

Edit: boo... :(

Dec 19, 2011 - 10:28am

If you snooze... lose. Keep up on your news!

TF...Thanks for the update and upbeat tempo

Dec 19, 2011 - 10:28am

I love the Mail carrier these days...

I feel better about things today already.

Let's all take advantage of low prices as the Fed and TBTF banks are holding down AU and AG prices to keep their fiat system from looking as bad as it is. Their actions are a gift to all of us. Buy this stuff while it is artificially cheap.

Silver is especially on sale at 80% off! It may get cheaper, but will we be able to find it? One of our colleagues here has wisely advised us to buy incrementally all the way down (or up). I would love to load the truck with $19 silver or $1200 gold, but will I be able to get it?

It is available now.

I have not been too adept at buying the dip, but I have no regrets paying $1790 for this little bar two weeks ago. I sleep well at night.

Shill, and others,

BAC at 4 something? Am I correct that it will be excluded from the DOW if it stays below 5 for a period of time? and that if the DOW kicks them out, then various retirement and other funds have to ditch them?

What are all this hyperlinks to ads in my post? Is that from adware on my own computer?
Dec 19, 2011 - 10:34am

Media and Gov. Vs. Gold

That Reuters article about the 20 hedge fund managers concluding gold is going to go down was seriously EVERYWHERE. Sommmebody must really want that gold price to go down.

Dec 19, 2011 - 10:36am

Mr Christmas list

Santa, if it's not too late, can I have ....

1) Some apparent resolution in Europe, so we can stop the daily news whipsaw of the problem is solved, no it's not, yes it is, no it's not. (Of course, Santa, I understand even if it supposedly is solved, it isn't, but it gives the investment lemmings comfort).

2) Understanding to pass around to my friends and acquaintances that the U.S. is Europe on steroids when it comes to debt burdens, we're just not in the spotlight. Yet!

3) A prosperous and happy new year for all residents of Turdville.

Dec 19, 2011 - 10:38am

Gold Price

Are TPTB smashing down the gold price in the paper market in order to flush out the naive (paper) gold investor, while covering their shorts and going long physical? If so, this would be in line with a media blitz decrying gold as a bubble while is bursting.

I have read that central banks have been net BUYERs of physical since 2010. Anyone have any more recent numbers?

Good Day to all and have a great Christmas week!


Dec 19, 2011 - 10:47am

ECB Chief Mario Draghi Pours

ECB Chief Mario Draghi Pours Cold Water On The Latest Bailout Dreams In Europe

ECB chief Mario Draghi still believes in fairies -- the confidence fairy that is.

FT: Coming to the fiscal pact, what is your answer to those who say there is excessive concentration on budgetary rigour at the expense of competitiveness and growth and that actually what is being created is a “stagnation and austerity union”?

MD: The answer is that they are right and wrong at the same time. They are right because there can’t be any sustainable economy without growth and competitiveness and job creation. They are wrong if they think that there is a trade-off between the two. There’s no trade-off between fiscal austerity, and growth and competitiveness. I would not dispute that fiscal consolidation leads to a contraction in the short run, but then you have to ask yourself: what can you do to mitigate this?

Dec 19, 2011 - 10:54am

Not been here for a while...

And some muppets still feel the need to do this amazingly annoying "FIRST!" thing.....

Is it only me who gets an irresistible urge to hunt down whoever posted "FIRST" and beat the living crap out of them for being such an annoying piece of shit??

/rant over

Bay of Pigs
Dec 19, 2011 - 10:55am


is full of crap. That makes no sense whatsoever. No trade off? LOL.

All we need to know is that he a former Goldman Sachs guy. You know what master he serves.

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

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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.

Key Economic Events Week of 9/3

9/3 9:45 ET Markit Manu PMI
9/3 10:00 ET ISM Manu PMI
9/3 10:00 ET Construction Spending
9/4 8:30 ET Foreign Trade Deficit
9/5 9:45 ET Markit Svc PMI
9/5 10:00 ET ISM Svc PMI
9/5 10:00 ET Factory Orders
9/6 8:30 ET BLSBS

Key Economic Events Week of 8/26

8/26 8:30 ET Durable Goods
8/27 9:00 ET Case-Shiller Home Price Idx
8/27 10:00 ET Consumer Confidence
8/29 8:30 ET Q2 GDP 2nd guess
8/29 8:30 ET Advance Trade in Goods
8/30 8:30 ET Pers. Inc. and Cons. Spend.
8/30 8:30 ET Core Inflation
8/30 9:45 ET Chicago PMI

Key Economic Events Week of 8/19

8/21 10:00 ET Existing home sales
8/21 2:00 ET July FOMC minutes
8/22 9:45 ET Markit Manu and Svc PMIs
8/22 Jackson Holedown begins
8/23 10:00 ET Chief Goon Powell speaks

Key Economic Events Week of 8/12

8/13 8:30 ET Consumer Price Index
8/14 8:30 ET Retail Sales
8/14 8:30 ET Productivity & Labor Costs
8/14 8:30 ET Philly Fed
8/14 9:15 ET Ind Prod and Cap Ute
8/14 10:00 ET Business Inventories
8/15 8:30 ET Housing Starts & Bldg Permits

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