One More Day

Thu, Aug 30, 2012 - 10:28am

Well, it's Thursday. This can only mean two things: 1) Just one more day until The JacksonHoleDown and 2) College football season begins tonight!

For all intents and purposes, here's the only thing that seems to matter right now:

8/31/12 Speech--Chairman Ben S. Bernank
Monetary Policy Since the Crisis
At the Federal Reserve Bank of Kansas City Economic Symposium, Jackson Hole, Wyoming
10 a.m. EDT

I suppose I could wax philosophic and even poetic about momo algos and Cartel capping but what would be the point? For today, I'm confident that we will simply trade back and forth between 30.60 and 30.80 in silver and 1660 and 1670 in gold. <yawn>

Look, I don't have a crystal ball for Fed-speak. The only person who knows what The Bernank will mutter tomorrow is The Bernank, himself. (Well, and maybe his butt-boy, Hilsenrath.) However, I can tell you this:

  • The fundamentals for the metals are overwhelmingly positive
  • The charts look poised for another leg higher

Might I be wrong? Of course. However, I'm confident that any Cartel-inspired Fed gaming tomorrow will be met with considerable bids for physical metal at discounted prices. This unceasing physical demand will continue to provide a floor for paper price and, consequently, any dip tomorrow must be bought.

That said, they may not be a dip to buy. Look at these charts. First, here are the daily charts showing that, after the runup last week, prices are simply consolidating in the zone where you would expect them to:

But now look at these 4-hour charts that include the 4-hour Relative Strength Indices. Remember, RSI is simply a measurement that allows you to assess the degree to which a market may be "overbought" or "oversold", in the short-term. The sideways action this week, though enfeebling and frustrating, allowed us the time to work off some RSIs that had worked well into the short-term overbought area. Note that, on the charts below, the RSIs have now retrenched back to the levels last seen before the big blastoff two weeks ago. This is a very positive sign that the markets are poised to move higher again and I would expect that move to begin very soon.

Have a great day!


About the Author

turd [at] tfmetalsreport [dot] com ()


Aug 30, 2012 - 10:43am

Just because...

...why not?

The Beatles-Number nine

Thanks for the update TF...I hope you realize that 99% of the site supports/appreciates your efforts all the time. We live in strange and stressful times for sure and it's times like these that will fortify and harden our collective resolve going forward.

Aug 30, 2012 - 10:46am

Turd I want to apologize...

The other day I wrote a simple note asking if you thought this move was still the HEH or a fake-out....I don't think you took it as anything more than it was meant, and you responded, and for that I thank you.

But, it seems my innocent question opened the floodgates last night for what became a shocking display of demands, insults, and arrogance directed towards you. I wasn't trying to start something, I was just curious is all.

I also later had severe hat tip regrets. Have y'all ever felt that? You ever experienced "Hat Tip Remorse"? When you weren't finished reading something that you tipped, but by the end, you wished you'd withheld your tip until you'd finished? Or you'd tipped something, but after thinking about it for a few wished you could get it back? That was me.

Turd, I know what it's like to keep a promise of secrecy to a friend, especially over something very discrete. I daresay most of us here wouldn't begrudge you that. So, I'm sorry if I was the stone that got the avalanche going.

Mr. Fix
Aug 30, 2012 - 10:46am
Wallace Hartley
Aug 30, 2012 - 10:47am

Silver Lease Rates

Lease rates continue to leak lower (-0.33)...the EE has increased their short thinks they are setting up another raid fairly soon...tread cautiously my friends.

Aug 30, 2012 - 10:48am

a lil pregame drop

Just like college football tailgating looks like the Cartels are getting in a little pregame tailgating drop, 60 cents just got shaved off in 20min or less.

Wait for the big kick off - or of dick kick off tomorrow.

Aug 30, 2012 - 10:48am

Looks like a good day for popcorn

What's up (and down) with metals today?

1770 contracts traded in one minute to take us from 30.70 down through resistance to 30.40. No manipulation here... keep moving.

In fact, we haven't seen any massive takedowns in a long time--just these 30-50 cent slapdowns, almost nightly, regularly. they add up, but it is harder to defend the manipulation thesis.

Tomorrow should be very interesting

Aug 30, 2012 - 10:50am

Damn Waterfalls

They're getting my lottery tickets all wet!

Aug 30, 2012 - 10:50am

To my frustrated fellow troops

To my frustrated fellow troops;

Stop the frkn whining, do NOT even go there~!

Please recognize that your frustration is EXACTLY what TPTB are striving for~~!!

Sorry to be so direct, but, we are at war here.

The war , as much as ANYTHING

is a war first and FOREMOST for your consciousness.

Do not despair - or they win.

HOLD your positions guys~!

Aug 30, 2012 - 10:51am


I was almost starting to miss them. NOT. Waterfalls like this show the cartel remains in control of things. Damn.

Beastly Stack
Aug 30, 2012 - 10:51am


Anyone questioning no QE is an absolute moron at this point.Look at these addicted markets,they need their fix,CANNOT FUNCTION without it.You really think Bernanke is going to disappoint and Obama is going to watch the equities implode.


The markets have these guys playing PUPPET!

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