Drifting Down Dismal River

366
Thu, Sep 27, 2012 - 9:50am

Not a fun place to be, even though they say it's beautiful this time of year.

Wow! What a bunch of lousy economic data we got this morning! Just terrible. I mean...I suppose it could be worse. GDP could print a negative number and really freak out LIESman but +1.25% is pretty terrible, especially when you consider the trend. Over 4% in Q42011, 2.0% in Q12012 and now this. It looks like "output" keeps getting cut by half with each, successive quarter. And you wonder why The Bernank couldn't wait to start QE∞?

https://www.cnbc.com/id/49192514

Having both data points released near the Comex open provided a brief surge in the metals this morning. However, a concerted effort continues to keep both metals down for the week. Take a look at these charts:

So, we'll see what happens today. First Notice Day for the Oct12 gold contract is tomorrow so expect some volatility as current holders are "coerced" out of standing for delivery. Support still looks quite firm below 1750 so, as yesterday showed, I think it's doubtful we'd fall much through there. And Silver is very firm above 33.50 and is being purchased in size at that level in London. So, hang in there. Let's just get through this week and see where we go from here once the new quarter begins next week.

Have a great day!

TF

p.s. There really is a Dismal River. It runs through the sandhills of Nebraska. Here are a few pics.

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  366 Comments

Patrancus
Sep 27, 2012 - 9:52am
Patrancus
Sep 27, 2012 - 9:54am

Take me to the river

Take Me To The River - Talking Heads
Nana
Sep 27, 2012 - 9:55am

Down By The River

Peace and quiet, serenity...

Be Prepared
Sep 27, 2012 - 9:58am

Quote of the Day....

The government never worked for us. It just used to have far less power to work against us.

Dr G
Sep 27, 2012 - 10:01am

Thanks for the chillax update

Thanks for the chillax update :)

Nice to see both metals holding steady in the face of capping. If this week was an attempt to push both metals lower, it didn't work too terribly well. Sure, they are both down, but not by much. I'll take that.

Maybe with a bit of luck we can close green for the week. Baby steps sometimes.

SamSchlepps
Sep 27, 2012 - 10:03am

Acting Man and Lassonde PDF - FYI SRSrocco

I always find worth a read and a bonus PDF on gold

https://www.acting-man.com/?p=19776#more-19776

direct link to Pierre Lassonde Monday 10th September 2012 Denver Gold Forum

https://static.gowebcasting.com/documents/files/events/event_00001123_Mg...

boatman
Sep 27, 2012 - 10:06am

THE GREAT GAME.......reprint from end of last thread

The Great Game

An astute reader from Atlanta named Ken wrote the following in a letter to me:

"It seems that the game plan (for financial heavyweights) is to buy assets, real things that can't be papered away by the government, and pay back with depreciated dollars."

Ken gets it. Ken understands the Great Game as it is being played at the highest levels of our monetary system. The Game has two halves: going long the real, and short the symbol. That is, going long real assets by owning them, and going short the dollar and the financial system by selective and advantageous borrowing. That way if you are a hedge fund manager, CEO or "private equity" investor who has essentially gambled the world monetary system on your speculations, and you collapse the financial markets and the value of the dollar when you guess wrong - you don't jump out the office window. Instead, you enjoy an extraordinarily lucrative early retirement.

the rest at:

https://www.safehaven.com/article/27072/the-great-game-gold-arbitrage-and

boatman
Sep 27, 2012 - 10:07am

@sam_____

Pater is THE defacto eurozone expert.................imo.

Be Prepared
Sep 27, 2012 - 10:07am
Katie Rose
Sep 27, 2012 - 10:07am

adding to my dismal future projections by

adding another half ton of grains with hulls for my animals. I'll be sprouting them over the Winter and into the Spring so the farm animals can have fresh, vitamin rich greens.

So far my Redneck Fodder Experiment is showing me that there is a reason the pros are charging $4000 + for their automated systems, but I am not going to give up!

So as things unwind, don't forget to prep for your animals! I don't know what I'd do without my wonderful dog.

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

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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

Key Economic Events Week of 8/12

8/13 8:30 ET Consumer Price Index
8/14 8:30 ET Retail Sales
8/14 8:30 ET Productivity & Labor Costs
8/14 8:30 ET Philly Fed
8/14 9:15 ET Ind Prod and Cap Ute
8/14 10:00 ET Business Inventories
8/15 8:30 ET Housing Starts & Bldg Permits

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