Back To Business

Tue, Oct 30, 2012 - 3:38pm

It will be weeks before we know the true impact and effect of the epic storm that hit New York yesterday. Regardless, trading resumes tomorrow and, with it, expect a return of liquidity and volume to the metals pits.

Though the metals have been trading for the past two days, the lack of market participants has led to a holiday-like feel. The only entities trading have been HFTs which scour the books, hunting for stop orders to exploit on either side of the trade. The resulting charts are just had been anticipated, namely, rangebound within a tightening pattern of lower highs and higher lows. Because of this, we are set up for a volatile and consequential Wednesday. I was expecting a bottom this week and I think I'm about to get it.

First, I look for these pennants to finally conclude with a break out and UP. Initial resistance will come in near $1720 in gold and $32.25 in silver. Sensing a turn in the momentum, some shorts will begin to cover and the metals will then move toward $1730 and $32.50. Once above there (Friday?), even the dumbest algo will be able to see that staying short means risking being caught on the wrong side of the trade and the urge to cover becomes irresistible.

This is what happened in late January of 2011 when the Large Spec Short position declined from 10,473 to 7,203 in one CoT week (1/25/11 - 2/1/11). Could we be set up for a similar drop in the next CoT from tomorrow through next Tuesday? We'll see...

Just a couple of other items. First, if you haven't yet read the earlier post which included the latest Sprott newsletter, please make the time to do so.

Next, Bill Murphy's at it again. In this interview, he answers some interesting questions but certainly seems to raise a few more. He raises the specter of some explosive, new allegations against JPM et al and he eloquently places things in their historical context.

Video unavailable

That's all for now. Look for a total resumption of daily Turdville activities tomorrow. Until then, I think I'll go bury all my dough in the backyard. (Psyche!)


About the Author

turd [at] tfmetalsreport [dot] com ()


Oct 30, 2012 - 4:16pm

Turd, That Was Such a Sad Read

Our life boat is full of holes and poor Bart hasn't even one oar in the water.

We're all New York now (except NY can rebuild).

Prayers to the east coast.

Oct 30, 2012 - 4:25pm


Problem is those in charge of "sovereign" countries. They "personally" are doing quite well.

What you are suggesting is that those currently sucking off the teats would swap their lot at the top of the tree for a principle - in which THEY (individuals) risk all for their country. How many of them are really bothered?

Chavez thrives in sticking it to Uncle Sam. Indeed - it gives him street cred.

Germany squeaks that it only wants 50 ton per year (got to give them time to acquire it - cannot ask for all at once).

One can only hope that the masses can encourage the political oppositions to demand repatriation. However if Uncle Sam whispers, we aint got it. To those PTB then they are likely to say nothing and keep their status quo.

Risk rebellion by speaking truth.......hmmmm think not.


Oct 30, 2012 - 4:29pm
Oct 30, 2012 - 4:33pm


You ought to send back to Chilton your properly editorialized version, just as noted. Maybe he'd get the message (or not). Anyway, my sentiments exactly.

He must have a 13 year old daughter messing with his silly blond head to write publicly in such a sophomoric way. I can't believe I pay taxes to keep him in his $100k+ cushy job. And, he's one of the better, smarter ones, they say. Yikes.

Ilya Repin
Oct 30, 2012 - 4:38pm

Get some

Daily XAG chart looks like a wall sits beneath 31.80. no penetration, nothing. this is unheard of. Silver stocks screaming higher. Ominous.

Oct 30, 2012 - 4:52pm

"Pop Goes The Evil"

Hilarious comments Turd!

Oct 30, 2012 - 5:11pm

Removed comment

Removed comment.

Oct 30, 2012 - 5:12pm

I agree with turd

The editorial from Bart is over the top absurd. I really don't understand it at all--is he really as dumb as he sounds? Or is he doing a bad job at playing dumb? I don't get it.

Oct 30, 2012 - 5:14pm

Removed comment

Removed comment.

Oct 30, 2012 - 5:21pm

Canadian Silver

Seems Turkey and Vietnam and India are attempting to have the central planners owning the peoples real wealth.

Canada hopes to raise how much! By when! Why the rush I wonder?

Are they going to phyzz put all that Silver away - in such a short time? - competing directly with Sprott?

There again- those negative lease rates? Are they going to outlaw the precious and nobody wants it (including the Canadian mint)

Lots of confusion.

Help me please.


Edit Or is Canada doing a China and encouraging folk to own wealth. Then there was the piece about Scotia Macotta taking delivery of a big chunk of Silver.

I have no idea what to think right now.

Edit 2: A flash of inspiration. Do not give government money, we stack because we do not trust them.

Subscribe or login to read all comments.


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 7/22

7/23 10:00 ET Existing home sales
7/23 10:00 ET Richmond Fed Manu Idx
7/24 9:45 ET flash Markit PMIs
7/25 8:00 ET Count Draghi/ECB policy meeting
7/25 8:30 ET Durable Goods
7/25 8:30 ET Wholesale Inventories
7/26 8:30 ET Q2 GDP first guess

Key Economic Events Week of 7/15

7/15 8:30 ET Empire State Fed Index
7/16 8:30 ET Retail Sales and Import Price Index
7/16 9:15 ET Cap Ute and Ind Prod
7/16 10:00 ET Business Inventories
7/17 8:30 ET Housing Starts and Building Permits
7/18 8:30 ET Philly Fed
7/19 10:00 ET Consumer Sentiment

Key Economic Events Week of 7/8

7/9 8:45 ET Fed Stress Conference, three Goon speeches
7/10 8:30 ET CGP Hump-Hawk prepared remarks
7/10 10:00 ET CGP Hump-Hawk House
7/10 10:00 ET Wholesale Inventories
7/10 2:00 ET June FOMC minutes
7/11 8:30 ET CPI
7/11 10:00 ET CGP Hump-Hawk Senate
7/11 12:30 ET Goon Williams
7/12 8:30 ET PPI

Key Economic Events Week of 7/1

7/1 9:45 ET Markit Manu PMI
7/1 10:00 ET ISM Manu PMI
7/1 10:00 ET Construction Spending
7/2 6:35 ET Goon Williams
7/3 8:15 ET ADP June employment
7/3 8:30 ET Trade Deficit
7/3 9:45 ET Markit Services PMI
7/3 10:00 ET ISM Services PMI
7/3 10:00 ET Factory Orders
7/4 US Market Holiday
7/5 8:30 ET BLSBS

Key Economic Events Week of 6/24

6/25 10:00 ET New Home Sales
6/25 1:00 pm ET Chief Goon Powell
6/25 5:30 pm ET Goon Bullard
6/26 8:30 ET Durable Goods
6/27 8:30 ET Q1 GDP final guess
6/28 8:30 ET Personal Income and Consumer Spending
6/28 8:30 ET Core Inflation
6/28 9:45 ET Chicago PMI

Key Economic Events Week of 6/17

6/18 8:30 ET Housing Starts and Building Permits
6/19 2:00 ET FOMC Fedlines
6/19 2:30 ET CGP presser
6/20 8:30 ET Philly Fed
6/21 9:45 ET Markit flash June PMIs

Key Economic Events Week of 6/10

6/11 8:30 ET Producer Price Index
6/12 8:30 ET Consumer Price Index
6/13 8:30 ET Import Price Index
6/14 8:30 ET Retail Sales
6/14 9:15 ET Cap Ute and Ind Prod
6/14 10:00 ET Business Inventories

Key Economic Events Week of 6/3

6/4 All day Fed conference in Chicago
6/4 10:00 ET Factory Order
6/5 9:45 ET Markit Services PMI
6/5 10:00 ET ISM Services PMI
6/6 8:30 ET US Trace Deficit
6/7 8:30 ET BLSBS
6/7 10:00 ET Wholesale Inventories

Key Economic Events Week of 5/28

5/28 10:00 ET Consumer Confidence
5/30 8:30 ET Q1 GDP 2nd guess
5/31 8:30 ET Personal Income and Consumer Spending
5/31 8:30 ET Core Inflation
5/31 9:45 ET Chicago PMI

Key Economic Events Week of 5/20

5/20 7:00 pm ET CGP speech
5/21 10:00 ET Existing Home Sales
5/22 2:00 ET FOMC minutes
5/23 9:45 ET Markit PMIs
5/24 8:30 ET Durable Goods

Recent Comments

by streber, 43 min 44 sec ago
by lakedweller2, Jul 22, 2019 - 11:58pm
by SteveW, Jul 22, 2019 - 11:54pm
by zenharmonics, Jul 22, 2019 - 11:32pm
by Turd Ferguson, Jul 22, 2019 - 10:09pm

Forum Discussion

by HappyNow, Jul 22, 2019 - 11:49pm
by SteveW, Jul 22, 2019 - 10:05pm
by UncleFester, Jul 22, 2019 - 9:45pm
by SteveW, Jul 22, 2019 - 9:40pm
by Green Lantern, Jul 22, 2019 - 7:28pm
by NW VIEW, Jul 22, 2019 - 4:24pm