Keeping The Faith

Tue, Aug 28, 2012 - 11:22am

We've had a tremendous rally. We're due to consolidate. Can we extend higher?

It has been a busy morning so I'm sorry for the late start. I'll have to keep this post brief, too. But be confident and happy. We are winning and vindication is right around the corner.

It's Tuesday so you know what to expect. Right now, The Cartels are busily adjusting their public-facing positions in order to "paint" this week's CoT in whichever light they choose. With the likely addition of so many fresh shorts late last week, I was expecting a somewhat "Happy Tuesday" today as The Cartels cover a few of their tracks with buy orders. So far, this is exactly what we've seen.

Yesterday's Globex raid provided them a lower platform from which to launch today's buying program. Gold traded as low as $1659 overnight but I have a last of $1673. The Cartel will be careful not to cover too many more here as they risk tripping buy-stops above 1680. Therefore, I suspect that the current range will hold today. The Globex will likely see active Cartel selling again today as shorts are put back on post-survey. Let's hope the bottom of the range holds again. It likely will and we'll probably stay within this 1660-1680 range until The Bernank speaks on Friday. Only a fool would expect a repeat performance of JacksonHole2010 where The Bernank signaled the QE2 program which was to begin in November. He's held off everything all year, why would he change now? It would be logical to then expect a Cartel-inspired selloff post-JacksonHole. How deep and for how long are the two questions. But, who cares? Just btfd.

Silver seems a little tired after a 10% rally in eight days and some follow-on buying yesterday. However, support between 30.25 and 30.75 held overnight and I still think that 31.50-32.00 looks like a more logical staging zone for EE resistance. But you know doesn't matter. Just keep buying it. Please don't use margin or anything with a tight time limit that might force you to take losses based upon shenanigans. Just keep buying the dips and taking delivery. If attempting to trade , do not over-extend yourself and be sure you allow for plenty of time. Historic shifts in market dynamics can sometimes take slightly longer to play out than anticipated and you do not want to be caught without your oars in the water.

Have a great day!


About the Author

turd [at] tfmetalsreport [dot] com ()


Aug 28, 2012 - 11:25am

Faith Is Good

But lately very frustrating

Aug 28, 2012 - 11:27am


gee, second?

Aug 28, 2012 - 11:28am

2ND!! (No now 3rd oh still medalled)

Sorry have not read the post yet title looks go though yeah!! get in there.

Silver Alert
Aug 28, 2012 - 11:29am


is good. But I ended up with copper?

Aug 28, 2012 - 11:29am

My 200+ pounds of Ag is doing

My 200+ pounds of Ag is doing just fine.

Aug 28, 2012 - 11:29am

Thanks Turd

I appreciate your wisdom and guidance with these charts. Bernanke will disappoint, no doubt at J Hole.

The real drama is the presidential polling, the conventions, the probable fizzling of drama from Isaac, which then leads to a massive beatdown on Labor Day weekend.

I sure hope I am wrong, although, I could use the opportunity to stack.

Thanks again.

Aug 28, 2012 - 11:32am

weekly options

and I love to buy the weeklys on friday am before expiry--low premium and a huge delta.

Aug 28, 2012 - 11:35am

Great Advice!

Plain and simple, play like its your last hand!

Thanks Turd!

Aug 28, 2012 - 11:36am

A little more reading ...

Great work as always, Turd. Since this post was on the short side, here's some recommended reading: "Debt Destroys Everything" by Martin Armstrong. He'd be a great guest for a TFMR podcast, by the way!

Nick Elway
Aug 28, 2012 - 11:44am

Yamada on board for $5000 gold by 2018

August 27, 2012, at 4:11 pm by Jim Sinclair

Dear Jim,

A $5000 goal for the metal is her most bold forecast. Carries weight.

Harry Schultz

My Dear Friends,

Louise Yamada is an accepted amongst establishment commentators. It is nice to see her on the same page as we are.


Louise Yamada predicts $5200 gold by 2018
Key Economic Events Week of 10/21

10/22 10:00 ET Existing home sales
10/24 8:30 ET Durable Goods
10/24 9:45 ET Markit flash PMIs
10/24 10:00 ET New home sales
10/25 10:00 ET Consumer Sentiment

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Key Economic Events Week of 10/21

10/22 10:00 ET Existing home sales
10/24 8:30 ET Durable Goods
10/24 9:45 ET Markit flash PMIs
10/24 10:00 ET New home sales
10/25 10:00 ET Consumer Sentiment

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

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