Ryder Cup Friday

Fri, Sep 28, 2012 - 10:31am

I try to be here every day but The Ryder Cup only comes around once every two years.

So, today's post is going to be a bit brief. The Home Squad is currently trailing and they are in desperate need of my support from my sofa.

All you need to know about the metals is everything you've learned over the past two weeks. The Cartels are desperate to contain price below $1780 and $35. Knowing this, the specs are reluctant to drive price through those levels for fear of reprisal. The latest attempts to "storm the hill" at 1780 resulted in mass casualties and a pound back to 1770. Who wants to be next? Anyone? Anyone??

The rally in the euro/decline in The Pig yesterday helped crude find a bit of a short-covering bottom. Unless it reverses and makes new lows soon, it likely won't see the 85-87 area. More probable is a pullback to $90+ and then a breakout higher, back through $94. At that point, you'd have a sweet little reverse head-and-shoulder bottom off of a textbook 10% correction. We'd also have a pretty attractive buying opportunity on our hands. Watch closely over the next week.

And my corn is jumping back today after a very bullish USDA report showing that the level of previously-harvested corn "in the bins" is down 12% from a year ago. Just wait until the magnitude of the losses from this year are finally revealed! At any rate, a reversal in corn looks to be at hand. (Again, I am the proud owner of two Dec12 $8 calls so I definitely have a vested interest in a rebound/rally.)

And today is the last trading day of September and the end of the 3rd quarter. Some time ago, Thunderlips had promised us that he'd conclude the 4-year silver "investigation" by the end of September. Hellooo?? Thunderlips! Anybody home?!? Helloooo...

Cricket Sound

And, finally, I was interviewed again last night by Rahul at Alt-Investors. This time was a bit different as The Doc from https://www.silverdoctors.com was on the call, too. I was also into my third Goose Island "Summertime" when we began the call so if I sound a bit more giggily and groggy, I apologize. This was fun nonetheless and I think you'll enjoy it.

Video unavailable

As I close and go to hit send, I see that the only U.S.-associated item that is rallying is The Pig. The metals and The Ryder Cup team are both getting spanked. Oh well, keep the faith. I'll have a new podcast interview for you later today so please check back for that as well as some instant analysis of the CoT numbers, which might be kind of interesting this week.

Have a great day!


About the Author

turd [at] tfmetalsreport [dot] com ()


Sep 28, 2012 - 10:36am

yoyo time

metals up and down in a tight range.

frustrating day

wow - 4th! I reckon I would have been first if i had skipped reading the post. Silly me. I'll learn.....

H - original
Sep 28, 2012 - 10:41am

Top Ten on Ryder Cup Weekend!

Good omens for metals and the European team :D

Sep 28, 2012 - 10:41am

Double bogie 5

In the hole

Mr. Fix
Sep 28, 2012 - 10:41am


Now I can get back to lurking.

Short Stack
Sep 28, 2012 - 10:41am

Turd's up early this mornin'

Saw gold pass 1780 last night but this morning back to 1771.+ so I guess those in China and India aren't too happy with the higher spot prices.

Still looking for two more beat-downs between now and Friday next week. But if they're anything like the last one, the spot should recover nicely in a short time.

Now, where's that dry-powder ?

JJ Butler
Sep 28, 2012 - 10:47am

Mass Casualties

"The latest attempts to "storm the hill" at 1780 resulted in mass casualties and a pound back to 1770."

Too funny!

Sep 28, 2012 - 10:47am


FIRST AT LAST MAY THE GOLD gods grant me many ounces!

thanks Turd!

Looks to me that perhaps the fed is feeding the pig as to combat inflation because that's a number of days where the pig has made spectacular gains at the US open for no reason, well other than the fact that perhaps Europe is realizing they are a disaster and Geitner’s gift to Europe of unlimited US dollar swaps so Europe gets to buy as much US currency as it needs every time they are looking like the disaster that they are

Sep 28, 2012 - 10:48am

more world taxes....

https://www.foxnews.com/world/2012/09/27/as-un-opens-its-general-assembl... A 1 percent tax on billionaires around the world. A tax on all currency trading in the U.S. dollar, the euro, the Japanese yen and the British pound sterling. Another “tiny” tax on all financial transactions, including stock and bond trading, and trading in financial derivatives. New taxes on carbon emissions and on airline tickets. A royalty on all undersea mineral resources extracted more than 100 miles offshore of any nation’s territory. The United Nations is at it again: finding new and “innovative” ways to create global taxes that would transfer hundreds of billions, and even trillions, of dollars from the rich nations of the world — especially the U.S. — to poorer ones, in line with U.N.-directed economic, social and environmental development....MORE

Sep 28, 2012 - 10:49am

I sure hope 34.50 is not the new 27.50

Remember folks, we touched 27.50 over 50 times..... Gosh I hope we do not repeat!!!!

Sep 28, 2012 - 10:49am

The JPM Cotton Fine

Guys, the $600k fine on JP Morgan today for violating speculative position limits in cotton back in 2010 isn't finely the point.

The point is, silver position limit enforcement begins in 2 weeks' time, and notice the language used at the end: the CFTC just issued a cease and desist order to JP Morgan on further violations of position limit statutes.

To me this is a big deal. It comes right before October 12th, it's not about the money, it's about the strongest possible language used in this warning to the perpetrators.

Let's see what the next several weeks brings, shall we?

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