Wrapping Up

364
Sat, Jul 21, 2012 - 12:23pm

The Turd is wrapping up his relaxation extravaganza this weekend and he'll be back at his post bright and early on Monday. Until then, here's some stuff for the weekend.

First of all, some charts. Let's start with the metals. Both have flat-lined, which is interesting because a flat-line usually precedes some type of dramatic move, either up or down. We see this sometimes on the short-term charts. We rarely see this play out over days on the hourly charts but here we are. My personal feeling is that we are very close to a significant break OUT and UP. We'll go into more detail on this on Monday.

And you should probably listen to this:

EXCLUSIVE- Bill Murphy's London Source: "Big Gold & Silver Moves Coming in August"

And the grains are, quite literally, ON FIRE. Though they are susceptible to a sharp pullback here, the forecast isn't getting any better. And it's still July. Yikes. Here's the latest forecast for Kansas City, Missouri. Right in the middle of corn and soybean country.

And here are your weekly charts showing new all-time highs in both corn and beans. The DAG, which we first discussed here a few weeks ago near $9, is closing in on $15, too.

The latest CoT was kind of a bummer. For the reporting week, gold rose $9 and silver rose 44c. In the face of that, The Gold Cartel added over 6000 new net shorts and The Evil Empire added just over 1000 new net short in silver. Not a disaster but not real encouraging, either. The only positive in the report is in the LargeSpecShortSheep category for silver where the LSSS added another 1,123 gross shorts. This brings their total up to over 20,000 at 20,775 and lowers the LargeSpec net long ratio to just 1.37:1. Again, for perspective, on 4/5/11, the LargeSpec net long ratio was 4.04:1 based upon 48,890 longs and just 12,105 shorts.

Three items of reading material for you. First, this interesting piece from John Aziz. It's worth considering. https://azizonomics.com/2012/07/21/why-is-the-fed-not-printing-like-crazy/

Next, Detlev Schlichter has written another excellent article: https://papermoneycollapse.com/2012/07/happy-interventionists-the-economists-attack-on-your-property/

And, finally, some interesting perspective from KWN's "London Trader". Note that there are no price targets or forecasts. Just a simple and concise analysis of demand fundamentals. https://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2012/7/20_London_Trader_-_The_LBMA_Gold_Price_Fixing_Scheme_Is_Over.html

OK, that's all for now. I hope everyone has a safe and relaxing weekend and I look forward to getting back to "business as usual" on Monday.

TF

p.s. When I return, I expect the "Main St" thread comments to return to "normal", too. Main Street is where we discuss the metals, the economy and issues dealing with the end of The Great Keynesian Experiment. It is not the place for subjects like Zionist conspiracies and Chemtrails. All are certainly welcome to discuss those items here but it needs to be done in the forums. https://www.tfmetalsreport.com/forums/conspiracy-theories. Thank you in advance for your cooperation.

About the Author

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turd [at] tfmetalsreport [dot] com ()

  364 Comments

Bongo Jim
Jul 21, 2012 - 12:24pm

But

What about smores?

Silver Monkey
Jul 21, 2012 - 12:25pm

I hate The Bernanke!

How the hell can he say no inflation! Has he been to the super market or the gas station? Oh that's right, someone else does that for him. I spent nearly $500 at the grocery store last trip and that was with no booze!

iceman321_2k2
Jul 21, 2012 - 12:30pm

Nice Wrap Up!

Check this out...

Companies such as Odyssey are willing to go to such great lengths to recover precious metals, because hard assets such as gold and silver tend to hold their value exceptionally well over the long-term. The SS Gairsoppa sank in 1941, a year in which the average silver price was 35 cents per ounce. However, in 2011 the average price of silver was $35 per ounce...

https://wallstcheatsheet.com/stocks/silver-the-metal-of-sunken-treasure-and-champions.html/

Colonel Angus
Jul 21, 2012 - 12:37pm

Shorts...

...so, if it weren't the cartel, shorts would seem to be a good thing. Later we have more demand on the covering of said shorts. I'm still thinking with all the stuff going on in the world that we have to see the PMs move higher soon. The only fly in the ointment is the euro, against which everyone seems to measure Pigatha. Even though the dollar is in trouble, DXY looks to be in good shape because of the euro's weighting. Ideas? I'm still stacking and almost all in at this point. (Yes, I've seen the warnings that we might see 24 per ounce on silver, 1425 per on gold, but I'm not buying it. I'm not from the KC area or slightly east, but you'll still have to SHOW ME.)

Jul 21, 2012 - 12:55pm

At some point...

All of this:

Is going to lead to this:

And it might just be sooner than you think ;-)

- 2012 Dead Parrot Guerilla Art Comedy Jihad

Beez
Jul 21, 2012 - 12:55pm

My local financial/radio guy again...

on Bernanke, the markets, oil & corn...

Well we sit and wait for Sir Ben to speak. He speaks and says nothing so the markets stay flat. He DOES promise us he WILL act if jobs don't somehow pop up some day soon so its pretty much baked into the cake another round of drinks... ugh, I mean "stimulus" or should we just call it what it is, funny money from air to be paid to.... guess who........ the banks of course. That is all these programs are, no matter what they are called. "Asset purchases" just mean the FEDS print up money and buy US Treasury debt and bad mortgages from either the banks or Fannie and Freddie. (The mortgage giants now owned by the Feds.)

Its just money to buy debt. The buying of bank debt, Fannie and Freddie debt I hate the most as that is just bank bailout pure and simple. If you to want to know when that occurs, just look for term mortgage securities. Thats BAILOUT.

The markets know Ben will act sooner or later so a down market hard is probably not in the cards until he does act. That being said you can start looking into once again nibbling. (dividend payers is what I am considering). Only small amounts though.

I think it is sad we now depend on Bernanke to move markets. Keep in mind thats all he moves with these programs are stocks and interest rates. But only 10% of Americans own stocks, the rich 10 %. Most poor people don't own stocks so they only get stuck with the resulting inflation Ben generates. Thats the unfortunate part. Inflation is sure to pick up quickly if he doles out another program and look to gold to run heavy with the news when it comes. Refinance NOW with dirt cheap rates and contact me if you need a great loan guy! He was FANTASTIC!

Oil is rising again due to Iran issues once more and my UCO covered call position is doing nicely. I also sold calls on CORN (the fund with this symbol CORN). The drought now forces food costs up as well as Ben's printing presses so a double whammy for inflation. Looking to add more PM and AGNC for dividends. Both have done stellar but I am only adding a small amount and still fear a fall market crash if the Euro issue implodes which may happen at any time. GGN and NDRO are still being added for dividends as well as physical gold any time! Stay safe and look to savings, I BONDS, any new EVERBANK Market Safe stuff and similar no risk scenarios! I hate bonds and bond funds however except small amounts of foreign hi grade corporate and government funds, not individual issues though.

I opened up a Canadian Bank account. I might cover that in the show this week so tune in. If you want a contact up there, email me!

I am also looking to Everbank for a new Market Safe No Risk CD but no news yet. They do have a nice account for checking with guaranteed high rates.

Nana
Jul 21, 2012 - 1:05pm

Thank you all

First time poster long time reader, watchtower days...

First, thank you Turd, second thanks to all the community.

Don't know if this will help you Katie but is worth a look.

https://www.scratchandpeck.com/

https://www.handhsoyfreechickenfeed.com/Home.html

Both are GMO free.

Big Rocks
Jul 21, 2012 - 1:18pm

Bought some calls

Just couldn't resist laying in some au bull call spreads. If a breakout is coming as it appears and Turd says, I figure it's most likely up. Add to that tensions in Syria and Iran, Israeli response to the bombing in Bulgaria and the potential for a terrorist attack during the Olympics and I just couldn't resist. Even if none of that plays out I expect the economic reports to be worsening and more calls for the fed to do something. Bought sept, oct and dec.. Calls. AU, AG

Stoxxman
Jul 21, 2012 - 1:32pm

Turd's Army versus the Cartel

Army of Darkness (4/10) Movie CLIP - Little Clones (1992) HD

https://www.pennystockjournal.blogspot.ca/

ACM
Jul 21, 2012 - 1:35pm

Summer of Our Discontent

I never imagined how much this year would suck. We are continuously ripped and stomped by the criminal cartels of Ivy League shitheads from Wall St. and now we have had a murderous attack against us by a deranged Occupy Wall Streeter.

The wheels are coming off. Stack what you can, metal and all other supplies. We regular folks will be attacked from both sides with increasing intensity.

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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