One More Day

369
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!

TF

About the Author

Founder
turd [at] tfmetalsreport [dot] com ()

  369 Comments

rpboxster
Aug 30, 2012 - 10:52am

Direct Registration System - help

My post got buried in the middle of all the banter on the last thread. All the MS implosion talk, and rehypothecation, etc. has me very interested in holding my "paper" in my name via the Direct Registration System rather than street name. I like ETFs for my stock/bond holdings. The problem is finding ETFs that are DRS eligible. Anybody come across a list of DRS eligible ETFs or know whether any of the mainstream index ETFs are DRS eligible? The DRS website is a disaster, and none of the fund info on brokerage sites informs whether an issue is DRS eligible. Help me Turdville, you're my only hope.

abguy4
Aug 30, 2012 - 10:54am

There's not a dime's worth of difference

An almost totally forgotten assassination attempt; "There's not a dime's worth of difference between the Republicans and the Democrats" George Wallace, 1968

Why is it that telling the truth, will get you shot , in this country ??

Every time.

Just asking.......................................

Big Buffalo
Aug 30, 2012 - 10:57am

Silver $30.20

Let's see how silver reacts at $30.20. Support?

HeNateMe
Aug 30, 2012 - 10:58am

Thank You Jesus!

Thank Buddha for this new thread. A picture I took to brighten your day:

HeNateMe

SilverTreeHeNateMe
Aug 30, 2012 - 11:02am

Looks like a golf course in

Looks like a golf course in Hawaii.

HeNateMe
Aug 30, 2012 - 11:04am

@SilverTree

Correct! More specifically on Maui. Kaanapali Beach area.

Just A Regular Guy
Aug 30, 2012 - 11:04am

Paper Raid

Wow nice looking charts into the London close. I'm 55%-45% that we'll see some announcement RE:QE tomorrow.

Is this yet another indicator? In this bizzaro world, the miners/Au/Ag get smashed before politico-stuff that is bullish for them is announced. I'm only relatively new to the trading game, however, I have seen this happen on stocks a lot related to the PMs and from what I have gleaned around here I have seen it in the charts before announcements from central-bankers before.

As I said i'm 55-60% there will be stimulus announced tomorrow. Why? Remember in the race to the bottom, if the EU prints, and Draghi has basically said a month or so ago they are going to buy bonds, then the US prints. It seems that the EU is going to print, the US is just going to get in about a week or two early.

Peace guys.

SilverTree
Aug 30, 2012 - 11:05am

@henateme

Nice!

I was stationed in Pearl Harbor on a Submarine.

Silver_investor
Aug 30, 2012 - 11:08am

What happened?

Was there some headline at 10:30 that caused the cartel to slam the metals? Man, this crap is really getting old. After waiting patiently for over a year, I was just starting to feel relieved when gold and silver started making some gains recently. I even made a large purchase last week thinking that the next round of easing is imminent which would start the next leg up. I think I need to take a 12-month vacation to the middle of nowhere--some place so remote that the internet isn't accessible.

Aug 30, 2012 - 11:09am

Henateme

Fabulous photo!

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10/15 8:30 ET Empire State Fed MI
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10/2 China Golden Week Begins
10/2 8:15 ET ADP jobs report
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