Is Silver Winning The Battle?

184
Tue, Feb 28, 2012 - 10:27am

Very impressive price action so far today in the metals. Though gold is still being restrained below $1785, silver is rolling and is currently trading above the all-important $36 level. The is all well and good but, as you might imagine, it's what happens next that matters.

This is The Battle Royale. Longtime Turdites will recall the significance of past duels with the number 36. In this instance, we also have the convergence of two, powerful and significant lines of resistance in the same area. Moving through and closing above $36, when it happens, will be immensely significant and will lead to an even greater acceleration of momentum to the upside. $40+ silver awaits.

Gold would also be at its Battle Royale level this morning were it not for the three, consecutive 2:20 pm Globex trim-jobs that were described in the previous thread. $1800 - $21 = $1779 (current price). You may think I'm crazy or over-stating things a bit but you must remember: Silver is JPMs problem. Gold is the problem for every central bank in the world that relies upon unlimited fiat creation. In the micro, The Cartel is attempting to keep gold below 1800 as they know that any close above that level will induce even more spec money into the pit and rapidly drive gold back toward its all-time highs. If they can stall this momentum for a few days, perhaps The Bernank and LTRO will "disappoint" and gold will move lower on its own volition. We shall see.

Just a couple of news items for you today. First, Jeff Nielson wrote the piece below last week. YOu may have missed it. If so, please double back and read this very important article:

https://www.bullionbullscanada.com/us-commentary/24220-the-15-trillion-money-laundering-mystery

And I don't often cite Greg Hunter here because he is usually posted and linked in so many other places. However, in this instance, he's right "in our wheelhouse".

https://usawatchdog.com/gas-prices-signal-tsunami-of-inflation/

As I close, gold is surging to 1785 and silver is 36.36, even while The Pig is rallying, ostensibly because of this, I suppose:

https://www.zerohedge.com/news/ireland-mentions-r-word-eur-plunges

Hold onto your hats. This day keeps getting crazier! TF

About the Author

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turd [at] tfmetalsreport [dot] com ()

  184 Comments

survivalwstyle
Feb 28, 2012 - 10:29am

in the club

with mrF

Pokersensei
Feb 28, 2012 - 10:33am

Shares

The mining shares are still performing horribly. Crazy on a day like this!

Vagabond
Feb 28, 2012 - 10:38am

Where's the Numbers

Anyone have a link to H's spreadsheet? It looks like the metals are trying to make a move towards my targets to win me a yellow hat!

xaviercromartie
Feb 28, 2012 - 10:38am

Silver made a smaller inverse

Silver made a smaller inverse head and shoulders at 35.00-35.60 that took it to 36.20. Then it completed a Fibonacci move to 36.40. It moved into the upper portion of the Andrews Pitchfork with this move. Retracements have been only 23.6% lately. It might not drop below 36.08 from here.

PaullyMoore
Feb 28, 2012 - 10:39am

Central Banks

I would add silver is also a central bank problem since it competes against both gold and paper. Remember, Central Banks control most of the world's physical gold and infinite paper, but do not control physical silver. Central banks' number one objective is control.

lairdwd
Feb 28, 2012 - 10:39am
Torpedo Fish
Feb 28, 2012 - 10:44am

trap

feels like a trap to me

Titus Andronicus
Feb 28, 2012 - 10:46am

Dear $36, this is for you.

Video unavailable

(I know it's not a sure thing, but I grew up on this 70s soul music and I love this song. It was going through my head as I was watching my the nice numbers on my trading platform. And it sure looks to me like silver does not want to go back down.)

Eric Original
Feb 28, 2012 - 10:47am

I know I had 1792.47 in the

I know I had 1792.47 in the gold contest. I'm feeling pretty groovy right now....

Fred Hayek
Feb 28, 2012 - 10:48am

Is this a reluctant to have all their shorts on record Tuesday?

Hasn't there been a suspicion that Tuesday's generally show a strong rise in prices because any new shorts dumped on the market then can't be covered before the commitment of traders report comes out?

Between this and Ben Bukkake speaking tomorrow, well, that's a fair dose of rocket fuel.

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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