Deja Vu...All Over Again

386
Thu, Oct 4, 2012 - 10:43am

Shit's gettin' old.

OK, The Bad Guys have been doing their Masters' bidding for three weeks now. Since the introduction of QE∞, the metals have been aggressively capped. Gold has been contained, first below 1780 and, ultimately, 1800. Why? Pull up a long-term chart. Once through 1800, gold will almost immediately press forward to 1850 and then 1900. Silver has been capped, too. The $35 level was defended first but the main target is near 35.50. Once above there, silver will quickly advance toward 37.50.

The Cartel defense of these levels has been consistent and aggravating. But also predictable. I mean, seriously, were you at all surprised by the beatdown earlier this morning? If you were, you haven't been paying attention. First, there was the Globex smackdown of 9/17 followed by similar action the next morning:

We gave it a week and it happened again:

Just three days later, they began attacking during the morning, instead:

The real desperation began this week. Here is Monday:

And Tuesday:

And after taking a break yesterday, they came back again today:

On the bright side, price has since rebounded somewhat while the dollar has continued to slide lower and the London PM fix was again quite busy with new multi-month highs in both $gold and eurogold. The remaining sand is rapidly pouring through the hourglass now and resolution to this seemingly endless capping event is near.

And a heads up. I bought another Dec12 $8 corn call this morning just as I suspected I would earlier this week. I like this chart a lot and we have another crop report due next week (I think). Regardless, a move here through $7.65 should lead to some additional short covering and fresh buying. This should shove corn back toward $7.85 and, once back above there, $8+ will soon follow.

Lastly, just an update on our bullion affiliation with GBI and the Hard Assets Alliance. Though I am still enamored with their platform for buying, storing and even trading metal, I certainly understood the frustration from some regarding their $35 "account setup fee". Apparently they've gotten enough negative feedback now that they've decided to do away with the fee. So, if you haven't already, I invite you to check out the HAA site. Your purchases there help to pay the bills here so please give them your consideration. Thanks!

https://www.hardassetsalliance.com/registration

I hope that everyone has a great day in preparation for what should be a very interesting BLSBS day tomorrow.

TF

About the Author

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

  386 Comments

Dr G
Oct 4, 2012 - 11:17am

I predicted a NY close above

I predicted a NY close above $35. It will happen.

alphamorph
Oct 4, 2012 - 11:18am

My final take on yesterday's dabate

If anyone noticed, Romney tossed a hanky on his podium when he arrived for the debate. Now I know why. It was to clean up after Obama got down on his knees and blew him. (Just to add to all the other compliments he gave Romney during the 'debate'.)

Oct 4, 2012 - 11:26am

Perfect head and shoulders

This:

And this:

jaw777
Oct 4, 2012 - 11:26am

response to robov

It is different this time. The overt QE to infinity has changed the game. There will be major beat downs, but only after the metals have risen substantially from here. When the metals get frothy, they will short and get their money. They hit the metals every day and each time the dips are bought. And they will continue to be bought at these levels. It seems like today's buying has been even stronger than the past couple of days. The chart is going to resolve itself in the next couple of days. I give it 80/20 going upward and I have my money on the board.

balz
Oct 4, 2012 - 11:28am

Aggressive capping

I don't recall such an aggressive capping as silver 35$ right now.

Oct 4, 2012 - 11:29am
Oct 4, 2012 - 11:34am
Oct 4, 2012 - 11:37am
Monedas
Oct 4, 2012 - 11:37am

Deja Vu !

Alphamorph .... what a bizarre, tasteless thing to say .... tells us more about you .... I like it ! Deja Vu for this Turder is special days when I get to "shit" twice ! Monedas 1929 Comedy Jihad Romney Did Mop The Floor With Obama .... and the hanky thing .... Tour

Dyna mo hum
Oct 4, 2012 - 11:40am

Turd

Gore thinks Obama will perform best at sea level. Right?

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