Welcome to the updated TF Metals Report! We hope you enjoy the new experience.

We've changed payment processors, so any existing renewals will need to be re-subscribed after expiration. You will receive an email when this happens. If you have any questions, send a message through the Contact page.

Summer Ends

Fri, Sep 21, 2012 - 11:05am

Hmmmm....let's see. Was it HOT? Yes, most definitely. Real, real hot. How about EXPLOSIVE? Ehhh, kinda. Silver from $27 to $35 ain't too shabby but not necessarily explosive. HISTORIC? Definitely not. Nothing historic about it. Lots of new longs and lots of fresh paper shorts, happily supplied by The Cartels. So, summer passes without an "HEH" move. Again, hmmmm. I wonder what's next?

Frank Sinatra -Summer Wind (1966)

I guess there's no sense in me going over the details again. Yes, I expected some historic, explosive price action this summer. Not knowing the true timeframe, I asked for the period 6/21 - 9/21. Nuts. Didn't Hasn't happen(ed). All we can do now is continue to wait. In the meantime, I'm at least gratified by the fact that I pleaded with you all summer to buy and add to your stack while silver was bouncing between $26 and $28. Since there are still folks out there who criticize me for suggesting you buy at $47, I can now rightly claim that anyone who followed me at $27 is just $2 away from being even. (For the mathematically challenged, 47+27 / 2 = 37.) And, rest assured, $37 is right around the corner as is a return to $47 and beyond.

Very soon, acquittal will be at hand and vindication will be ours. In the meantime, we'll just watch the metals grind forward in their Cartel-enforced pattern of "managed ascent". Today, after a week of increasing pressure, the cap installed at 1780 has fallen. Closing above that level today brings 1800-1805 into focus for next week. Silver has finally cleared $35 and only resistance near $35.50 can slow it again before it stabs toward $37.50.

Continuing to underpin the gold market is a real rush to exchange euro for gold. We've been watching the euro/gold chart for weeks now as it has led $/gold. Today, euro gold made a new alltime high. Could $ gold be far behind? https://www.zerohedge.com/news/gold-euros-hits-all-time-highs

And if you have a few minutes today or tomorrow, please take the time to watch this episode of Capital Account with the Lovely, Leggy Lauren. (New acronym "LLL"?) Many folks buy and trade ETFs without giving them a second thought. After watching this video, you might begin to tread more carefully.

Word of the Day: Exchange-Traded Fund (ETF)
Video unavailable

About the Author

turd [at] tfmetalsreport [dot] com ()


Istack · Sep 21, 2012 - 11:06am

How much longer can they hold 35?

· Sep 21, 2012 - 11:08am

So, I take an hour or so to type this up and hit send. I then re-open TFMR and see the blatant beatdown of silver, back below $35. All while the dollar is flat. Whatever.

We'll get em next time.

philly · Sep 21, 2012 - 11:08am

My 1st THURD!!

Hard Rain · Sep 21, 2012 - 11:09am

....move in silver ain't so bad. i will take it.


¤ · Sep 21, 2012 - 11:10am

Sept. 21, 2012, 11:03 a.m. EDT

Spain premier’s bailout fears explained in a photo

Commentary: Rajoy may be trying to avoid a ‘Suharto moment’

By MarketWatch

Reuters Then-IMF Managing Director Michel Camdessus, left, and Indonesian President Suharto in 1998.

FRANKFURT (MarketWatch) — Perplexed as to why it is taking Spanish Prime Minister Mariano Rajoy so long to sign up for a full bailout from the country’s European partners? Take a look at the photo above from January 1998.

Suharto, the man bending over the desk with pen in hand, was Indonesia’s president. He’s signing an agreement to bring the country $43 billion in aid from the International Monetary Fund after Indonesia was knocked low by the Asia’s financial crisis more than a decade ago. The man looking on with arms crossed, Michel Camdessus, was chairman of the IMF.

The photo soon became infamous. To enraged Indonesians, Camdessus’s pose symbolized humiliation and disrespect at the hands of Western powers. To critics of the IMF, it symbolized a tone-deaf institution whose austerity-first policies often did more harm than good.

Fast forward to 2012. A former colonial power such as Spain can hardly claim to be a victim of Western imperialism. But a similar dynamic writ small exists within the euro zone.

Spain and other “Club Med” countries are looked down on by their northern European partners for a host of fiscal sins both real and imagined. Spaniards, Greeks and others resent the tone and sniff more than a whiff of hypocrisy. 

And for Rajoy, that’s the rub.

While Rajoy and the troika made up of the European Commission, European Central Bank and IMF are surely savvy enough to avoid...


Dead Canary · Sep 21, 2012 - 11:10am

You maniacs! You blew it up! Damn you Blyth Masters! DAMN YOU ALL TO HELL!

tobydaniel · Sep 21, 2012 - 11:10am

I wonder how much taxpayers currency went into this raid today?

Mr. Fix · Sep 21, 2012 - 11:10am

I'm loosing my touch.

MrSteed · Sep 21, 2012 - 11:11am
According To The Knee-Jerk Market, South Africa Mines Silver Tyler Durden's picture Submitted by Tyler Durden on 09/21/2012 11:08 -0400

Moments ago, a stray headline crossing Bloomberg was the catalyst for violent selling across the precious metal complex. The headline in question is this:

Bollocks · Sep 21, 2012 - 11:12am


Just as Blythe hammers the metals. FUBM!

I shall celebrate my first first in the only way I know how:

Nyan Cat [original]
· Sep 21, 2012 - 11:14am

Business as usual. Just be patient. Their days are numbered. BTFD.

Big Dutch · Sep 21, 2012 - 11:14am

That beatdown was so blatant I'm sure CNBC will be all over it. Going to sit down in front of the TV and wait for a special report. I'll get back to you guys and let you know what they say. Be back soon .........................................................................................................

· Sep 21, 2012 - 11:15am

The man who stole a leopard · Sep 21, 2012 - 11:17am



HeNateMe · Sep 21, 2012 - 11:17am

So I don't give a rat's ass about this triple witching day whimper of a beat down. You have to buy on dips with QEternityXtheWorld. 

Let me say it again. The Entire World Is Easing. 

'Nough said.


reefman · Sep 21, 2012 - 11:18am

We HAVE to hold $34.33 or else we will be back at $32.50 before lunch time. 

· Sep 21, 2012 - 11:18am

So now, the only reason gold has been going up, the only reason that it is being bought, is that some miners in RSA are on strike. And a rumor of a possible offer to end the strike is reason to smash silver for 75c.


News Headline Summary

South Africa gold producers to consider bringing forward wage talks; were due to be held last year

Update details:

- Unrest and tension between unions and gold producers have seen large-scale mining strikes in South Africa. This began at the Lonmin platinum mine and has since spread to gold mines causing upside in precious metals. These latest comments suggest a an agreement between the unions and employers is nearing.

reefman · Sep 21, 2012 - 11:19am

Are you high??

¤ · Sep 21, 2012 - 11:20am

Try not to sweat it TF.

I've seen us go from $1550 to $1785 and $27 to $35 in a very short time.

When your interpretation of HEH happens (and I'm confident it eventually will) it'll be a memorable moment for sure. We probably have too much political and market inertia for a reasonable timeline of events to allow what your HEH is all about at this time. All in due time and not before I guess.

I get the distinct feeling that the ground underneath the entire market complex is heaving and it's just a matter of time before it blows. We're in a rare and historic market/monetary territory and they're keeping it glued and taped together...but for how long?

Warren Peace · Sep 21, 2012 - 11:20am

They can't have silver closing over 35 on a weekly basis for goodness sake!

I miss the really good beatdowns, where I can stack and stack. Maybe we'll get another??

Dr G · Sep 21, 2012 - 11:21am

Complete rape job happening. Unbelievable.

EDIT: LOL at Turd asking a poster if he is high.

ivars · Sep 21, 2012 - 11:24am

I was away, happy that nothing happens, now what we see! 10:40 A.M. has some special meaning in this..witch day?

On other hand, end of long log periodic wave (15 aug-today) is forming nicely, may be will end with an inverted hammer.

Before that,silver managed to hit my buy order at 35,22 1000 Oz. So I have more oz now. have to wait again for this shocker to be returned back to return to >35.

Bollocks · Sep 21, 2012 - 11:27am

"...rumors are flying that some very, very bad news for JP Morgan is coming out at the end of this month. Bart Chilton over at the CFTC said he’s announcing updates for the ongoing silver manipulation investigation but I’m hearing rumors of news that is supposed to rock JPM."


HEH anyone?

tpbeta · Sep 21, 2012 - 11:27am

Clearly Turd was wrong on the HEH summer but (it may subsequently prove) for the right reasons. Conversely he was right about buying at $26 but for the wrong reasons. We all know the EE had a huge can of wup-ass to open up if Bernanke had not done QE, which was what most expected, including Turd. That said, right is right. Wish I'd listened.

Beginning to see the psychological wisdom of the stacking mentality. Following the daily ins and outs of silver is so brain frying, it hurts.

HeNateMe · Sep 21, 2012 - 11:28am

I sold my silver at $26.00 because I was high.

I dumped my mom's Mercury Dimes because I got high.

I loaded up on FRN's and bought Facebook stock because I got high.

Because I got high

Because I got high

Because I got high.



Byzantium · Sep 21, 2012 - 11:29am

Let's say that there is a district of Sydney, Australia, where real estate is doing really well in principle, but at record highs when viewed in Euro terms. This Euro chart tells us that demand for real estate in this district of Sydney, is at a record high among the investors in Euroland.


Like many, I am pretty sure that record gold prices in Euro terms, must be spurring Euro investment, especially in the way that it is not a price spike / bubble in Euro terms.

I think that corners are routinely skipped in explaining why a strong Eurogold chart signifies strong gold demand in the Eurozone. I believe that it does, but it is the context behind the chart, rather than the chart in isolation, that suggests such a conclusion.

thurd aye · Sep 21, 2012 - 11:29am

Jeez! The emotional level some of you get to with a beat-down is just ridiculous. If you are in metals ,esp silver,it's gonna be that way all the way up,every month,every year.Get used to it ,it's not a crying game.smileyfrownsmileyfrownsmileysmileysmiley!

Vypuero · Sep 21, 2012 - 11:32am
Air Garcia · Sep 21, 2012 - 11:32am

think i bought at 49. And 37. And 19. And 21. Keep on Keepin' on, bro. 

I'd have bought at 27 the second time but i didn't have any funds. 

The haters aren't in it for the long haul, nor do they understand the fundamentals in my opinion.

No worries. 

¤ · Sep 21, 2012 - 11:32am

Gold Seen Luring Wealthy as Central Bankers Expand Stimulus

By Glenys Sim - Sep 21, 2012 11:00 AM ET

More high-net-worth individuals are seeking to buy gold to protect their wealth from the risk of rising inflation after central banks boosted stimulus, according to Deutsche Bank AG’s asset and wealth-management unit.

“Gold has historically been considered to be a store of value and an inflation hedge and increasingly it is being utilized as a monetary instrument,” said Mark Smallwood, head of Asia-Pacific wealth-management solutions. “There is a growing interest among our clients to gain exposure,” he said, with an increased preference for physical holdings.

Gold is in the 12th year of a bull run, 13.5 percent higher this year, as investors seek to hedge against weaker currencies and the threat of rising consumer prices. Holdings in gold- backed exchange-traded products expanded to an all-time high yesterday, and Bank of America Corp. and Deutsche Bank are among banks forecasting that the price will rally to a record.

“With the movements by the central banks globally in the last few weeks, there is considerable investor concern as to the long-term effects of the liquidity infusions,” Smallwood said by phone from Guilin, China yesterday. “As a result of that, private clients are concerned about the possible future effects of inflation and the means of hedging that risk.”

Immediate-delivery gold reached $1,779.50 an ounce on Sept. 19, the highest price since February, after central banks took further steps to bolster their economies hurt by Europe’s debt crisis. The metal, which reached a record $1,921.15 on Sept. 6, 2011, gained 0.4 percent to $1,774.85 at 5:30 p.m. in Singapore.

Central Banks

The Bank of Japan said Sept. 19 it will expand a fund that buys assets following the U.S. Federal Reserve’s announcement last week of a third round of so-called quantitative easing, or QE, by buying $40 billion of mortgage-backed securities a month. China’s government has approved infrastructure plans to support the second-largest economy and the European Central Bank gave details this month of a program to buy debt of member states....


Notice: If you do not see your new comment immediately, do not be alarmed. We are currently refreshing new comments approximately every 2 minutes to better manage performance while working on other issues. Thank you for your patience.

Become a gold member and subscribe to Turd's Vault


Donate  Shop

Get Your Subscriber Benefits

Exclusive discount for silver purchases, and a private iTunes feed for TF Metals Report podcasts!

Key Economic Events Week of 11/12

11/14 8:30 ET Consumer Price Index
11/15 8:30 ET Retail Sales
11/15 8:30 ET Philly Fed
11/15 8:30 ET Empire State Fed
11/15 10:00 ET Business Inventories
11/16 9:15 ET Industrial Prod and Cap Utilization

Key Economic Events week of 11/5

11/5 9:45 ET PMI Services
11/5 10:00 ET ISM Services
11/6 US Mid-term Election Day
11/8 2:00 ET FOMC Fedlines
11/9 8:30 ET Producer Price Index
11/9 10:00 ET Wholesale Inventories

Key Economic Events week of 10/29

10/31 8:15 ET ADP employment
10/31 8:30 ET Employment Cost Index
11/1 8:30 ET Productivity
11/1 10:00 ET ISM Manu Index
11/2 8:30 ET BLSBS
11/2 8:30 ET Balance of Trade
11/2 10:00 ET Factory Orders

Recent Comments