Quick Monday Morning Update

75
Mon, Jul 30, 2012 - 11:27am

Just a quick update. I'll try to come back with something more substantive later today.

As we begin what will certainly be a wild week, gold is coming back from its European lows while silver has surged higher for the fourth, straight day. With gold already near the top of its now 3-month range, there's not much to talk about. It will either break out soon or it won't. Silver, on the other hand, is quite interesting.

Take a look at these charts. All signs point toward silver heading back to the top of its range, as well. The first step is clearing the highs set in early July, near $28.50. Once that level is bested, it should head straight back toward $29 and the top of the range. From there, the key level will be 29.80-30.00. If there is going to be a Cartel line of defense, that is where you will find it. I for one, can't wait to see what happens!

"Turd's Army", led by Brigadier General Maguire, is having another outstanding month. Those able to precisely follow Andy's trades have pocketed another 5 AGEs and a tube or two of ASEs. I've mentioned before that plenty of very big dollar hedge funds, sovereigns and HNW individuals subscribe to Andy's services simply to get his weekly commentary. As a member of "The Army", you are privy to that information, too. This past weekend's commentary was fantastic but, of course, I can't c&p it in entirety here. I asked Andy, though, if I could copy the passage below and he obliged.

In this section of his commentary, Andy discusses the decline of The Comex and the rise of bullion banking in China and he references a note he wrote on 1/8/12. Great stuff.

"Another important aspect. We have noted some of the many ways China is moving to become the global centre for bullion trading, the latest factors being the upcoming introduction of international facing fully backed rolling spot contracts purposefully designed to compete directly with the LBMA bullion banks and soon the introduction of a Beijing gold and silver fix. This is all part of China’s bigger plan to move the RMB into the world stage on its way to being the world’s reserve currency. Since 2010, we have been reporting an accelerated move by China to purchase gold in order to facilitate the RMB becoming an internationally respected currency. This has been far above the quantities reported in the media. The reason for this accelerated move to purchase gold reflects Chinas biggest concern, not just the rate that the US is devaluing its currency but worst case, what if it is forced to devalue? For this devaluation to be sufficient (for the USA), it would likely be affected at a rate of $10 for $1 in order to front run a move to back the $ ahead of China as a global gold backed currency. It is no coincidence that in 2010 the China Business news wrote and expressed concerns on exactly this subject.
Another bullish piece of the bigger picture. After the MFG collapse we started to see an exodus of money leaving the CME exchanges. To save time I copied this form my Jan 8th Commentary...


"This change remains unnoticed and as I reported directly after my UK hedge fund meetings on the 3rd January, the bulk of the true ‘International investment’ funds that traditionally populated the Comex futures and options markets were, and now have, moved their very sizable flows into the spot and international markets. This continues to fly under the radar for most US centric participants. Spot, although somewhat opaque and difficult to discern, provides a much better read than Comex which is increasingly less reflective of wholesale activity. What is also missed by commentators is that it is for risk/compliance reasons a lot of prior fund demand has now migrated from the CME exchanges directly to the spot markets but what is particularly unnoticed, into EUR Gold and Silver. This has had and continues to have the effect of drawing down a lot of physical supplies and leaves Comex analysts scratching their heads as to why, without apparent long open interest, prices have risen, when in January they were forecasting prices $100’s below the December closing levels….”

Again, if you are an experienced trader or if you are interested in receiving Andy's insights on a weekly basis, just click the link below and we'll get you started.

https://www.coghlancapital.com/daytrades-application?ak=turd_army

A couple of other items...For those that missed it, I was interviewed back on Thursday by Kerry Lutz. I met Kerry at FreedomFest and he seems like a decent fellow. I apologize for the quality of the audio on my end. We'll work on that for next time.

The Giant Sucking Sound In The Paper Gold-Silver Markets-Turd Ferguson--26.July.12

And if you haven't yet, I encourage you to have a listen to my Friday podcast at TTM. So much stuff going on that I thought I'd make it a freebie. (Obviously, I hope it inspires some to join, too)

https://www.turdtalksmetals.com/736-2/

And that's all for now. I see that silver is still hanging around $28 and gold is nearly unchanged while the grains are kicking some serious butt. I'll be watching the grains closely this week to see if they double-top or charge to new highs. Just another compelling issue for this very exciting and consequential week.

TF

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  75 Comments

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edvardd
Aug 1, 2012 - 12:44am

@babaganoush2307

I paid for a coin at the time the euro in 1100

Gold Dog
Jul 31, 2012 - 10:40am

" The Bernank and his cronies

" The Bernank and his cronies are lying pieces of shyte"- Plato

IcarusMonedas
Jul 31, 2012 - 9:21am

Moneda's asks:  "PS Didn't

Moneda's asks: "PS Didn't Icarus fall from the sky when he flew too near the sun and suffered waxy build up on his wings ? Moneda's asks:"

Yes he did. And like the Icarus of mythology, I too have also had my wings clipped and crashed and burned. (it's a long story)

Regards,

Icarus

Short StackQE to infinity
Jul 31, 2012 - 9:13am

@Urban Roman Re: Kleptocrasy

I would agree the actions of denying someone the rain-water is an act of kleptocracy IF it were one neighbor denying his neighbor of the water, such as damming a river.

But, when a government (even a local government) does it, kleptocracy just does not fit.

Monedas
Jul 31, 2012 - 8:59am

Every significant PM rally deserves a name - like a hurricane !

I dub thee The Ebola Outbreak Rally ! Monedas 1929 Comedy Jihad Having Too Much Fun PS Didn't Icarus fall from the sky when he flew too near the sun and suffered waxy build up on his wings ?

winemaker
Jul 31, 2012 - 8:12am

@ Mariposa de Oro

Thanks for spiking my blood pressure this morning!

These halfwit statists need to just shrivel up and die. (Can I still say that on the internet?)

I Run Bartertown
Jul 31, 2012 - 8:02am

Mariposa de Oro

If we obey, this will be our childrens' future:

https://patdollard.com/2012/07/genocide-watch-issues-alert-south-africa-in-early-stages-of-white-genocide/

Stanton said he was on a fact-finding mission regarding the extraordinarily high numbers of cruelty displayed during attacks and murders against white farmers, their families and workers; and also interviewed community leaders about the widespread anti-Afrikaner discrimination and hatespeech emanating from the ANC-regime.

“We at Genocide Watch have enough suspicion that there may be an organised effort at a genocide in South Africa, and we will continue to monitor the situation closely’...He had spoken to many Afrikaners from all walks of life and is returning with hitherto-unknown details about atrocities.

He also urged the Afrikaners to ‘fight back using the courts and the policing system, and ‘for God’s sake don’t ever give up your guns, despite the gun laws.’

The courts are complicit.

The international community is complicit.

​It really comes down to having (and eventually using) guns. Once you lose those, all kinds of 'unthinkable' things can follow.

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Mariposa de Oro
Jul 31, 2012 - 4:37am
ivars
Jul 31, 2012 - 2:41am

Yesterday, GSR in accord with

Yesterday, GSR in accord with silver price development, made quite decisive move towards the uptrend support with a small break for the first time since March, so after straying away and up bit its back quite fast. That is encouraging and there is kind of triple top formation at resistance level 59,07.

At least this chart now is setting up for a serious breakout upwards for silver more and more with each day passing.

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