Gold and Silver in Dullsville

Mon, Mar 12, 2012 - 4:14pm

So much for the expected volatility. After all the wailing and grinding of teeth over Greece, the market impact was negligible. U.S. stocks and bonds have been in a quiet, tight range all day. Yawn. However, the lack of buying enthusiasm allowed The Cartels to press their advantage in the PMs and down they went.

Really, it seemed that the only things moving today were crude, gold and silver. I guess I can kind of see a scenario where one might sell both crude and gold but silver, too?? It just wreaks of the continued, repressive and nasty manipulation scheme we are all sick of. If gold and silver were simply left to trade freely, today might have held the same boring, flat trading that we saw in stocks. Instead, when crude sold off, The Cartels attacked and tried to shove both metals down and away from the resistance levels against which they were beginning to press up. Fortunately for us, both metals eventually found some significant buying support and now those levels should serve to contain further Cartel advances later tonight.

With today behind us, the question becomes: What will the rest of the week hold? Well, keep in mind how rarely the metals trade in the same direction all week. If Monday and Tuesday are UP days, Wed-Fri usually feel some pressure and vice versa. Last week was your latest example. Today, the metals we pressed lower BUT they both found solid buying support. This should make the remainder of the week set up favorably. I'm still highly confident that the lows for this "manufactured correction" are in at 1680 and 32.80 but, clearly, in this post-Greece environment, anything remains possible so we must remain on guard.

Only one news item for you and it is linked below. Again, all the talk about resumption of overt QE is just simply nonsense. QE is ongoing and infinite as the U.S. government ran a $232B deficit in February alone!

That's it for now. Today was so boring that I simply don't have the enthusiasm to continue. More later if conditions warrant but I'll most likely file another update in the morning. TF

About the Author

turd [at] tfmetalsreport [dot] com ()


Mar 12, 2012 - 4:15pm



Mar 12, 2012 - 4:17pm
Dr G
Mar 12, 2012 - 4:18pm

Good on ya, bellyacre!

Good on ya, bellyacre! No movement today, seems like everybody is sitting on the sidelines. Waiting for the FOMC meeting tomorrow? Who knows.

Crude sold today, but I think the long-term chart is ultra bullish. Big moves coming in crude.

Mar 12, 2012 - 4:19pm

AAPL up another 1.25%...

....all is well in Ponzi land!

Mar 12, 2012 - 4:22pm

Number 5, earliest for me yet!

Cool, number 5. Im waiting to see if I will ever be 1.

TA makes my head spin and all the other stuff I read day in and day out. Now back to reading... and waiting to get my head above water even after buying all the dips, so sad.

Mar 12, 2012 - 4:23pm

The "Sucker Punch"

One cannot deliver a sucker punch if the victim is expecting it. The most effective way would be to lull the target with thoughts of calm and joy, rising stock prices, and little problem with those pesky Greek defaulters. After all, CDS's didn't mean a thing and we cleaned up well behind AIG, right?

Most of you won't be fooled into complacency, but that does appear to be the order of the day.

"...paper is paper and money is money." - Thomas Paine

Dr G
Mar 12, 2012 - 4:28pm

Yeah, except AAPL is THE most

Yeah, except AAPL is THE most undervalued company out there. The P/E ratio is ridiculous. In reality the stock should be over 700.

They make products that people want. People line up for days to purchase their products. We all have their products and use them on a daily basis. So many people want their products that they can't make them fast enough! I don't get the bashing. They provide employment, and their products have bettered my life.

My new iPad will be at my house on Friday, and I will thoroughly enjoy using it. My kids will love using it. It will be a blast.

I'm all for hacking on the worldwide ponzi scheme, but Apple isn't a part of that for me. I'll rip on BAC and financials all day long. AAPL isn't destroying our world.

EDIT: on February 2 some Turdites were discussing shorting AAPL. I told them they would be crazy to do so. I hope they didn't do it.

Mar 12, 2012 - 4:29pm


Dr. G: AAPL should easily be over 700 a share. I think Apple TV has a chance to push the company to a $1 Trillion Market Cap.

Mar 12, 2012 - 4:35pm

Bulls Still Strong

"According to Bloomberg, hedge funds decreased bets on higher commodity prices for the first time in seven weeks. This comes shortly after China cut its official economic growth forecast to 7.5 percent this year, the lowest since 2004. While money managers slashed bets on copper by the most in two months, demand for precious metals remains strong.

Data from EPFR Global, which provides fund flows and asset allocation data to financial institutions around the world, shows that investors placed more than $200 million into commodities in the week ending March 7. However, investors placed $404 million into gold and precious metals funds."

I agree with Dr. G on AAPL, far worse companies out there than Apple. At least the consumers know what they are getting with Apple. Bank of America customers have no idea what's going on. lol

ClinkinKYDr G
Mar 12, 2012 - 4:38pm

@ Dr G--Yeah, except AAPL is THE most...

I wish I'd listened to my son last year. He buys the "fruit". I buy the metals.

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Key Economic Events Week of 10/21

10/22 10:00 ET Existing home sales
10/24 8:30 ET Durable Goods
10/24 9:45 ET Markit flash PMIs
10/24 10:00 ET New home sales
10/25 10:00 ET Consumer Sentiment

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
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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

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