A Significant Day For Silver

526
Tue, Jul 3, 2012 - 12:12pm

Just a few things before I take some time away.

Tomorrow is Independence Day here in America. The markets will all be closed. I will be traveling and out of action until mid-day on Thursday. With that, here are a few things to ponder.

Today's move in silver is potentially quite significant. On the surface, it's just a 3% short squeeze. However, take a look at these long-term charts. Silver has been following the downtrend line from the Leap Day highs for over 4 months. Today, it broke out. Do you recall a few days ago when I mentioned that you should beware of "descending triangles"? They are a bit of an optical illusion as the diagonal line always seems to look more powerful than the horizontal line. In this case, though, the horizontal line connects multiple bottoms and goes back over 9 months, or about twice the duration of the diagonal line. The idea that price would break UP and not down should NOT be surprising. Now, before we get excited, it's only one day. Silver needs to confirm the breakout by not only holding its gains but advancing further. A move through $29 would be great and set up a move back toward $29.50. Then, IF we can get a lousy NFP number on Friday, the stage will be set for a run at $30 and the buy stops set above there.

Of course, silver is getting a shove, too, from some powerful action in the grains and in crude. Keep an eye on crude, by the way. Tensions are heating up again in The Gulf and a move through 88 and then 90 would likely signal a run back toward 100.

The gold chart looks solid, too. I expected some Cartel capping above 1620 and we got it today. That's OK. It is what it is. Let's see what we can do tomorrow without Comex interference. Thursday will be a setup day for Friday and Friday, IF THE BLSBS IS LOUSY, could be a tremendously significant day.

A couple more things. First, if you haven't yet done so, take some time over the holiday to listen to this BBC radio piece regarding a return to "the gold standard". A very interesting discussion.

https://www.bbc.co.uk/programmes/b01k9qd8

I did an interview yesterday with The Doc at SilverDoctors. He hasn't posted it yet but I suppose he will over the next few hours. You'll be able to find it here: https://www.silverdoctors.com/ though I imagine someone will also post a link into the comments section of this thread.

Lastly, our good pal "Fortinbras" informed us today of the death of one of his good friends earlier this week in Afghanistan. As you celebrate and relax over the next 2 days, you might send out a prayer for "Dids" and his family. Below is a picture of him, relaxing with a cold one, taken about two years ago. We here at TFMR are always grateful to those willing to make the ultimate sacrifice and, clearly, this one hits pretty close to home.

I hope everyone has a safe and relaxing, mid-week vacation. See you Thursday.

TF

About the Author

Founder
turd [at] tfmetalsreport [dot] com ()

  526 Comments

Jul 3, 2012 - 12:14pm

Attn Mods

Please keep an eye on this thread. I DO NOT want any bullshit, anti-US or anti-military propaganda to pollute it following the mention of Fortinbras' friend.

Thanks for your help.

sevin
Jul 3, 2012 - 12:17pm

Fortinbras

We are praying for "Dids", his family, and everyone who knew him!

Istack
Jul 3, 2012 - 12:18pm

Dang

Lord help me... all last night I was dreaming of a yellow hat

and in remembrance... and a tribute to simpler times

Video unavailable
survivalwstyle
Jul 3, 2012 - 12:20pm

yes it is

and let me be the first to say ~~ those who voluntEEr to serve in the US military have one on me. RIP "dids"

edit: dang. Istack these anyway

Short Stack
Jul 3, 2012 - 12:22pm

Diddo.

The feeling is expressed even if not spoken. Words here fall short sometimes, paltry things, words.

Stoxxman
Jul 3, 2012 - 12:23pm
SV
Jul 3, 2012 - 12:24pm

HAPPY FOURTH OF JULLYYY

Constitutional Money is making its stand here on the day before the last 4th of July ever as we head into the Mayan's End of An Age! I predict a resort back to the Constitution and then beyond as humanity breaks the chains from its ancient banking basturds!!!

The Bankers are Plotting Behind the Scenes But Turd's Army Isn't Thinking In Terms of USD - that's the old paradigm.

Happy Fourth Everyone! Let's Hope We don't get into a war with Iran!

The markets are practically closed, and we are winning! Sit Tight and be Right, as Livermore said!

-SV

Free Silver @ Silver Liberation Army Forum

Silver Danny
Jul 3, 2012 - 12:24pm

COMEX Silver Futures Skewed Short, Potentially Explosive

I recommend everyone watch this video regarding the very bullish conditions in silver.

COMEX Silver Futures Skewed Short, Potentially Explosive

HOUSTON – At the request of colleagues we respect and admire* and as a courtesy to our GGR blog readership, we are sharing below the video portion of the full Got Gold Report. We released the report below on Sunday, July 1, to Vultures (Got Gold Report Subscribers).

As we noted in a short note posted on the blog on Friday, the GGRPrivate Video comments on what we viewed as a potential inflection point for the COMEX silver futures market, and “suggests a market skewed short as of Tuesday, June 26, which is contrary bullish and can lead to explosive volatility in our simple way of looking at the COT.” (Commitments of traders reports.)

Got Gold Report for July 1 2012
bernard
Jul 3, 2012 - 12:25pm

Strength and Honor my Friends

The end game for this ridiculous price suppression is near... the CoT ratios are aligning with the stars. it's about to get real Dulce in here. Sweet like candy for those who had the cajones to stack at $26. Good luck to everyone and all I can say is-- take what's happened in Washington and Virginia as a warning: IF YOU AREN'T STOCKING CANNED FOOD / SUPPLIES... you are an ignoramus.

Take heed about what is going on in Iran with the military flexing their missile array on "mock-up" foreign military bases. It seems that these psychopathic humans (not the Iranian people, mind you, but their "Generals") are hell bent on causing a lot of pain and suffering for millions. Maybe it is only appropriate that June Gloom 2012 would contain such decimating precursors for... who only knows what? Strength and honor, my friends, and we will all make it through to July 2013.

-Cordially yours,

Bernank

CompareSilverPrices.com

Desert Fox
Jul 3, 2012 - 12:25pm

Two Hats?

Come on Baby, Daddy needs a couple of Hats.

Fortinbras, I don't know you, but I feel for you and your friends family.

Not many winners, just survivors.

Godspeed

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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