Grecian Formula

216
Sun, Jun 17, 2012 - 11:18pm

Do you have the feeling that gold and silver were going to get pounded, regardless of how the Greek elections came out? Me, too. And after all the finagling, dealing and double-crossing, did you actually think that the European central bankers and politicians were going to leave anything up to chance? Me, neither.

So, after all the hand-wringing and angst, the Greek people "voted" for austerity. Rrrright. I'm sure they did. It hardly matters, anyway. We've got much bigger fish (and frogs) to fry. The negligible rally in the euro tonight bears this out.

In an absolutely stunning development, gold opened at 1630 and silver opened at 29 before being mercilessly attacked by The Flying Monkeys. Fortunately, buyers once again emerged at the levels where they have been materializing for the past week or so, namely 1610 and 28.30. Let's hope this continues overnight and into Monday.

Attention now turns to the FOMC meeting on Tuesday and Wednesday. ( https://www.futuresmag.com/2012/06/15/fomc-feeling-pressure-for-more-easing). God only knows what those bastards have in store for us this time. The way The Cartels have been using any Fed statement or non-statement to jam the metals lower means that it might take a formal announcement of $20T in new QE to make gold uptick at 12:30 on Wednesday. We'll see.

I'm going to be out for most of the day tomorrow as I am playing in a charity golf event. I'll probably have another new thread by about 4:00 EDT. Until then, hang in there and keep the faith. I am still of the ardent belief that this summer (June 21 to Sept 21) is going to see some explosive moves in the metals, particularly silver. Keep the faith and BTFD.

TF

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turd [at] tfmetalsreport [dot] com ()

  216 Comments

philly
Jun 17, 2012 - 11:21pm

Been a while...

FIRST of all, I'm still stacking...and waiting for SHTF...

philly
Jun 17, 2012 - 11:21pm

...but not that long

SECOND of all, when will this crap finally end?

QE to infinity
Jun 17, 2012 - 11:21pm

1st?

1st?

I must have caught the "first" bug

firstsilver
Jun 17, 2012 - 11:22pm

Heads they win, tails we lose

Gold (and silver) get pounded no matter what happens in Greece ...... exactly.

That's the current MO. And the coming week has more opportunities for the handlers to pound away under the cover of "news" being made by the Fed or G-20.

Time to stay tough mentally and endure in anticipation of the day when fundamentals once again rule.

PuraVida
Jun 17, 2012 - 11:25pm

44

Love me some Grecian formula 44.

Pete Rose for Grecian Formula
¤
Jun 17, 2012 - 11:26pm

Thanks

Try not to mow anyone over with your golf cart. I'll spare everyone a Caddyshack vid ;-)

Maryann
Jun 17, 2012 - 11:31pm

Thanks TF...

Hope you had a wonderful Father's Day and have a fun time tomorrow!

rocoach
Jun 17, 2012 - 11:37pm

How Much Does a Grecian Earn?

When old age shall this generation waste,
Thou shalt remain, in midst of other woe
Than ours, a friend to man, to whom thou say'st,
"Beauty is truth, truth beauty"---that is all
Ye know on earth, and all ye need to know.

Missiondweller
Jun 17, 2012 - 11:37pm

Don't blame me...

I bought another ounce of gold this weekend, removing the backing of 100 ounces of gold derivatives.

Planters
Jun 17, 2012 - 11:40pm

Turdy says "I am still of the

Turdy says

"I am still of the ardent belief that this summer (June 21 to Sept 21) is going to see some explosive moves in the metals, particularly silver. Keep the faith and BTFD."

Well, with all the JPM and CCC action it will take QE3 to move the needle to the up, nothing else is going to overcome the "synthetic gravity " that the PMs have.

Nothing Else...and I think we all know that it isn't coming if at all til after NOV......I see a major beatdown coming in PMs this week ,we are going to test the lows.... just my pessimistic 2 cents.

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