Back To Business

149
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. https://www.tfmetalsreport.com/blog/4287/terrific-new-stuff-sprott

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!)

TF

About the Author

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

  149 Comments

  Refresh
The Watchman
Oct 31, 2012 - 11:50am

US Mint-another 175,000 ASEs sold

Updated sales numbers-I hope you are buying your share

2012 Silver Sales Totals
(in ounces / number of coins)
Month One
( oz. / #coins )
January 6,107,000
6,107,000
February 1,490,000
1,490,000
March 2,542,000
2,542,000
April 1,520,000
1,520,000
May 2,875,000
2,875,000
June 2,858,000
2,858,000
July 2,278,000
2,278,000
August 2,870,000
2,870,000
September 3,255,000
3,255,000
October 2,759,000
2,759,000
Total 28,554,000
28,554,000
Big Buffalo
Oct 31, 2012 - 11:49am

Should haves and could haves

I should have bought silver at $4.00, then sold it at $49, then bought it back at $26.57.

darn it to heck man, I never catch the swings.

Torpedo Fish
Oct 31, 2012 - 11:48am

@Big Buffalo

Because the REAL market price is above 70$

GroanerBig Buffalo
Oct 31, 2012 - 11:42am

More huge ups than downs..

plus upsides are always capped, where the downs are not,, % falls can be way over 2%..where ups are never.

SilverTree
Oct 31, 2012 - 11:42am

Good Q BB!

Good Q BB!

Torpedo Fish
Oct 31, 2012 - 11:42am

bottom confirmed ?

I guess silver has really bottomed and now we can start to build our silver pyramids from here... Is that right Ivars ?

Key Economic Events Week of 5/25

5/26 8:30 ET Chicago Fed
5/26 10:00 ET Consumer Confidence
5/27 2:00 ET Fed Beige Book
5/28 8:30 ET Q2 GDP 2nd guess
5/28 8:30 ET Durable Goods
5/29 8:30 ET Pers Inc and Cons Spend
5/29 8:30 ET Core Inflation
5/29 9:45 ET Chicago PMI

Big Buffalo
Oct 31, 2012 - 11:38am

Question

Why do we call it manipulations when the price goes from 32.37 to 32.17 in seconds, but don't call it manipulation when it goes from 32.17 to 32.37?

Oct 31, 2012 - 11:38am
Groaner
Oct 31, 2012 - 11:36am

Anyone just hear a few minutes ago Santelli on CNBC

letting Corzine have it, being well connected?? And the money going to JPM??

I wonder if Rick keeps that up, will he get the boot..

I cant wait to see what happens when the Peasants find out that all their gold was given to the FED, a private for profit bank stole their gold to suppress it to keep their money making scheme going...BLAHHHH HJAAHHHHHAAAAa IDIOTS

How will the history books read?? Well it depends on who writes them but...

Yup, as Doctor Paul Craig Roberts stated, the US is the most corrupt government in all of human history.

What really destroyed the US was their money creation scheme where they sold out to the Cartel BAnkers who guaranteed the Government all thte money they ever needed and would never need to let the people vote on what should be done with spending and WARS.. Just give us your gold and we will take care of the rest.. HAHAHA I still cant believe they did it..

MrGuboci
Oct 31, 2012 - 11:27am

Bart WHO?

His name should be Bart Shillton as per the definition from wiki . And NO , I don't think he is THAT stupid . He just has zero selfrespect and does not care as long as he continues to take the money under the table just like all other prostitutes who were given the power to "regulate" and enforce the law .

A shill, plant, or stooge is a person who publicly helps a person or organization without disclosing that he has a close relationship with that person or organization. The person or group who hires the shill is using crowd psychology, to encourage other onlookers or audience members to purchase the goods or services (or accept the ideas being marketed). Shills are often employed by professional marketing campaigns. Plant and stooge more commonly refer to any person who is secretly in league with another person or organization while pretending to be neutral or actually a part of the organization he is planted in, such as a magician's audience, a political party, or an intelligence organization (see double agent) .

Unfortunately the only solution is going to be the market force and we won't see a resolution to the manipulation before that . Relying on one powerless individuals compared to the US gov and the FED is absurd . I have a feeling we are very near to this "event" though. Just talked with my silver suppliers and they said that the last 12 months were the busiest since the company exists and their clients have TRIPLED since then and the orders have been huge and they cannot satisfy the demand as perth mint is having silver problems . What was the silver price doing while the demand was at least triple for the past 12 months ? CONSOLIDATING - HAHAHA !

edit: Silver and Gold just broke the resistance !!!

Subscribe or login to read all comments.

Contribute

Donate Shop

Get Your Subscriber Benefits

Private iTunes feed for all TF Metals Report podcasts, and access to Vault member forum discussions!

Key Economic Events Week of 5/25

5/26 8:30 ET Chicago Fed
5/26 10:00 ET Consumer Confidence
5/27 2:00 ET Fed Beige Book
5/28 8:30 ET Q2 GDP 2nd guess
5/28 8:30 ET Durable Goods
5/29 8:30 ET Pers Inc and Cons Spend
5/29 8:30 ET Core Inflation
5/29 9:45 ET Chicago PMI

Key Economic Events Week of 5/18

5/18 2:00 ET Goon Bostic speech
5/19 8:30 ET Housing starts
5/19 10:00 ET CGP and Mnuchin US Senate
5/20 10:00 ET Goon Bullard speech
5/20 2:00 ET April FOMC minutes
5/21 8:30 ET Philly Fed
5/21 9:45 ET Markit flash PMIs for May
5/21 10:00 ET Goon Williams speech
5/21 1:00 ET Goon Chlamydia speech
5/21 2:30 ET Chief Goon Powell speech

Key Economic Events Week of 5/11

5/11 12:00 ET Goon Bostic speech
5/11 12:30 ET Goon Evans speech
5/12 8:30 ET CPI
5/12 9:00 ET Goon Kashnkari speech
5/12 10:00 ET Goon Quarles speech
5/12 10:00 ET Goon Harker speech
5/12 5:00 ET Goon Mester speech
5/13 8:30 ET PPI
5/13 9:00 ET Chief Goon Powell speech
5/14 8:30 ET Initial jobless claims and import prices
5/14 1:00 ET Another Goon Kashnkari speech
5/14 6:00 ET Goon Kaplan speech
5/15 8:30 ET Retail Sales and Empire State index
5/15 9:15 ET Cap Ute and Ind Prod
5/15 10:00 ET Business Inventories

Key Economic Events Week of 5/4

5/4 10:00 ET Factory Orders
5/5 8:30 ET US Trade Deficit
5/5 9:45 ET Markit Service PMI
5/5 10:00 ET ISM Sevrice PMI
5/6 8:15 ET ADP jobs report
5/7 8:30 ET Productivity
5/8 8:30 ET BLSBS
5/8 10:00 ET Wholesale Inventories

Key Economic Events Week of 4/27

4/28 8:30 ET Advance trade in goods
4/28 9:00 ET Case-Shiller home prices
4/29 8:30 ET Q1 GDP first guess
4/29 2:00 ET FOMC Fedlines
4/29 2:30 ET CGP presser
4/30 8:30 ET Pers Inc and Cons Spend
4/30 9:45 ET Chicago PMI
5/1 9:45 ET Markit Manu PMI
5/1 10:00 ET ISM Manu PMI

Key Economic Events Week of 4/20

4/20 8:30 ET Chicago Fed
4/21 10:00 ET Existing home sales
4/23 8:30 ET Weekly jobless claims
4/23 9:45 ET Markit flash PMIs
4/24 8:30 ET Durable Goods

Key Economic Events Week of 4/6

4/8 2:00 ET March FOMC minutes
4/9 8:30 ET Producer Price Index
4/10 8:30 ET Consumer Price Index

Key Economic Events Week of 3/30

3/31 9:45 ET Chicago PMI
4/1 8:15 ET ADP Employment
4/1 9:45 ET Markit manu PMI
4/1 10:00 ET ISM manu PMI
4/2 10:00 ET Factory Orders
4/3 8:30 ET BLSBS
4/3 9:45 ET Market service PMI
4/3 10:00 ET ISM service PMI

Key Economic Events Week of 3/23

3/24 9:45 ET Markit flash PMIs
3/25 8:30 ET Durable Goods
3/26 8:30 ET Weekly jobless claims
3/27 8:30 ET Personal Inc and Spending

Key Economic Events Week of 3/9

(as if these actually matter)
3/11 8:30 ET CPI
3/12 8:30 ET weekly jobless claims
3/12 8:30 ET PPI
3/13 8:30 ET Import Price Index

Recent Comments

Forum Discussion

by Green Lantern, May 30, 2020 - 11:03pm
by 11IMIX, May 30, 2020 - 2:08pm
by 11IMIX, May 30, 2020 - 1:54pm
by sierra skier, May 30, 2020 - 9:05am
by lairdwd, May 30, 2020 - 8:43am
by SteveW, May 30, 2020 - 12:22am