A Significant Day For Silver

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.


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.


About the Author

turd [at] tfmetalsreport [dot] com ()


Swift Boat Vet
Jul 3, 2012 - 12:25pm

Thanks for that special instruction Turd---For Fort and the 4th

My condolences Fort. Our nation has been blessed with so many fine patriots. It is hard to bear their loss. May God bless him and give his family and loved ones His peace.


Katie Rose
Jul 3, 2012 - 12:26pm

I am grateful

for all the soldiers in Afghanistan who are helping to end the slavery of the Afghan women and little girls.

We are celebrating the 4th tomorrow. The women and girls in Afghanistan had no one to come to their aid. Their plight was/is a terrible one.

Courageous men like your friend, Fort, truly earn my respect. I am sorry he is gone.

Jul 3, 2012 - 12:27pm

Be safe!

Never a bad idea to have some safety glasses on while lighting the fireworks. HAPPY 4TH everybody!

Jul 3, 2012 - 12:28pm

Time With Friends and Family...

Is the best time ever spent. These holidays give everyone a break from work, even if only for a short time... use it wisely.

To all: Thank you for having compassion for others.

Gramp out.

Jul 3, 2012 - 12:32pm

Prayers to his family

Lets keep them coming. In the end, its not about silver or gold or what governments do. Its about eternity. Its good to see that many people on this board have the same view. It means we are in good company.

Swift Boat Vet
Jul 3, 2012 - 12:37pm

Dids was an Aussie. Many fine

Dids was an Aussie. Many fine folks from around the globe are supporting the action. All should be kept in our prayers.

Jul 3, 2012 - 12:37pm

Best wishes and prayers to dids and family

and friends. We feel for you.

We are in this together.

Jul 3, 2012 - 12:40pm

Russia Hangs Tough Against US Extortion

Geneva Conference on Syria Ends in Stalemate as Russia Hangs Tough Against US Extortion
Jul 3, 2012 - 12:42pm

"My Big, Fat Italian Wedding"...

...no offense to our Italian Turdites:)


Monday, May 28, 2012

Wise Guy Tom Brokaw On NBC/POLITICO Marriage Merger: 'As if a member of the Gotti family married a member of the Gambino family'

NBC News and POLITICO sanctify the obvious: the Media Families are sleeping together. Mike Allen's POLITICO Playbook gushes:
TOM BROKAW toasted Betsy Fischer, executive producer of "Meet the Press," and Jonathan Martin, POLITICO senior reporter, at their wedding reception last night at the historic Airlie estate in Warrenton, in Virginia Hunt Country: "This is what our life, our culture, our country is all about. We're awakened every day, these days, and reminded about what divides us. But this is what unites us: the idea that two people who care passionately about their country and about the political system that drives it, finding each other, setting out on their married life. ... "I have been thinking about this union of these two most powerful organizations in American political journalism. [Applause] It's ... as if a member of the Gotti family married a member of the Gambino family.
[Laughter, applause] ... Jonathan, ... the bad news is that I think - I'm counting on this - that David Gregory will now start to impersonate YOU at parties instead of me. ... "I want to conclude by giving voice to someone who can't be here - and this is the tough part. And that, of course, is Tim Russert. I'm wearing a TJR tie - we've got the Buffalo Bills, obviously, and Nantucket, and the Capitol. ... I remember the first time he began to tell me about Betsy and what a genius she was, and how much she meant to him. And then we went through the emotional trauma of losing Tim, and Betsy and I formed our own bond. ... Now, if Tim were still with us: He had a little more juice than I do. He probably would have arranged for the Holy Father to bless this. [Applause] I'm just a modest Episcopalian from the prairie. [Laughter] But I do have a couple of religious artifacts that I wanted to share with you. And my partner, Meredith, will come forward with them now. ... This is highly unusual: Meredith and I have been married 50 years. She's never held a microphone for me before. These are Buffalo Bills jerseys, with Betsy, #1, and Jonathan, #1. Tim would think of these as religious artifacts." [Applause] JONATHAN: "On behalf Betsy and I, ... we want to honor our parents and our grandparents, who couldn't be here, but who have meant a lot in the lives of both of us. And we also want to keep in mind that this is an important weekend. Tomorrow is Memorial Day. So we also want to honor our veterans, and those who are fallen." Newsweek ex-editor Jon Meacham (and frequent MSNBC Morning Joe talking head) who gave the opening prayer, presents Jonathan with his wedding present: the Super Big Gulp cup (or "the Holy Grail," as the renowned editor put it) that JMart had spotted Meacham buying in Gainesville on Saturday, prompting 40 emails from Playbookers. Meacham told us: "This is one of the benefits of having won the Cold War - being able to buy a Super Big Gulp in freedom."
Pax Argentum
Jul 3, 2012 - 12:42pm

May God Bless Dids and his

May God Bless Dids and his family and friends. You're in my prayers.

Patton said...

"It is foolish and wrong to mourn the men who died. Rather we should thank God that such men lived."

Godspeed Soldier, from a Navy brother.


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