Irresistible Force vs. Immovable Object

280
Wed, Nov 14, 2012 - 3:44pm

I decided we need a new thread to discuss the obvious and blatant capping in gold which is occurring in the face of confirmed fundamentals.

First up, the charts. They need no further commentary.

And why is 1730-1740 so important? One look at the daily chart and it all comes into focus.

In the face of this nonsense, we have the confirmed fundamentals. First, just yesterday, The Fed announced and re-iterated its plans for QE∞, none of which should come as a surprise here in Turdville as I have been telling you all of this since September (for example, see here: https://www.tfmetalsreport.com/blog/4202/brass-tacks). Here is a news article with details: https://wallstreetexaminer.com/2012/11/13/fed-announces-it-will-buy-35-billion-in-mbs-reinvestment-program-in-next-month/ and here is the link from The Fed, itself: https://www.newyorkfed.org/markets/ambs/ambs_schedule.html. And, a little over an hour ago, we got the release of the FOMC minutes from late last month. No surprises here, either. Just a simple confirmation of everything we've been discussing. https://www.zerohedge.com/news/2012-11-14/fomc-minutes-show-fed-members-expect-more-unsterilized-monetization-after-twist-ends.

Of course, to The Cartel and their unwitting short-momo accomplices, none of this matters. All they see are threatened positions which must be defended at all costs. The eventuality of their destruction matters little so long as they can win just one more day and share one more evening of laughs at Cheetahs.

Anyway, fear not. Laugh at their pettiness and greed. They will, most assuredly, be overrun soon and each additional short they supply now will only add fuel to the squeezing fire that is about to consume them.

With all attendant scorn and ridicule: "You don't frighten us you New York Pig-Dogs. I blow my nose at your so-called Wicked Witch and I fart in your general direction. Your mothers were hamsters and your fathers smelt of Elderberries."

TF

Monty Python and the Holy Grail - The Insulting Frenchman

p.s. Silver is showing great resilience and looks poised to make a run to and through $33 very soon. It's next, obvious resistance point is near $33.30 where it will encounter both horizontal resistance and its 50-DMA.

p.p.s. Fetchez la vache!

10:15 am EDT UPDATE:

If you're wondering what the hell just happened, it was this: I was texting with our friend, Andy, at the time and he noticed one, single dump of 25,000 gold contracts. That is the paper equivalent of 77 metric tonnes of gold, roughly the total amount of reported holdings of Australia or Kuwait! This is blatant manipulation as every honest market participant seeks to always receive the most efficient execution.

This wholesale dumping of 25,000 contracts is disgusting and deliberately manipulative. These criminals know no boundary and have an obvious contempt for law and regulation. My sincere hope is to one day soon expose them for the lying, thieving bastards they are. Until then, just buy the freaking dip.

About the Author

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

  280 Comments

Icarus
Nov 14, 2012 - 5:27pm

Silver Wheaton

Any idea why Silver Wheaton down 4%+ today?

Submitted by Maximillion on November 14, 2012 - 3:04pm.

Has anyone any idea why Silver Wheaton down 4%+ today? Worries me in case it's a prelim to another smackdown!

Max,

In addition to all miners getting creamed today, along with the markets in general, there is more here.

I think it might have to do with Barrick announcing the shutdown of the prestripping activities at Pascua Lama. It shuts down prestripping but not mine construction. Many read 'shut down' and panicked. (Understandable because Pascua Lama has had LOTS of problems). Silver Wheaton is scheduled to get 2 million ounces a year out of that project down the road, and it would be a big hit to SLW's growth should the project be delayed or cancelled. And yes I do know that Barrick must provide silver from other mines for a certain period of time should there be a delay.

The bottom line is that if Pascua Lama doesn't pan out, SLW takes a long term hit on their growth plans.

Regards,

Icarus

Patrancus
Nov 14, 2012 - 5:27pm

Obama Bucks

Obama Bucks invented by a card a carrying liberal from Minnesota, last seen around North Branch, Minnesota on the lam from his own parties wise guys, which of course everyone knows eat their own.

Al Huxley
Nov 14, 2012 - 5:34pm

Re:Silver Wheaton

First Majestic was down MORE than Silver Wheaton today, and to the best of my knowledge their future is completely unrelated to anything ABX does or doesn't do at Pascua Lama. I think all that's happened today is

- miners were doing a normal sideways consolidation after a capitulation low in the spring.

- normal sideways consolidations NEVER happen with the miners, because they're illiquid and dominated at the margin by gullible retail traders.

- the big markets got hammered today, which provided great cover for killing the miners

I agree with Turd's comment above - tomorrow about 10 minutes after the open, as all the overnight 'sell at market' orders are closed out is probably a good time to buy. RSI's down near 30 for a lot of them, and overall, for mining stocks this has been a pretty docile correction.

SilverDog66
Nov 14, 2012 - 5:46pm

Manipulation Grrrrrrrrr

Has anybody else seen the last min fat finger sell off before close?!

When i first become aware, and started stacking a year ago i read alot of material and of course manipulation was a hot topic in the metals. At first yes i was like what a load of baloney! But, the more i read into it open minded the more i believed. What i didn't realize was you can actually see it happening!

I'm not sure what markets close, but Gold and Silver just shut here in the UK and just before close bang it goes down! I've seen this so many times lately. What really grinds at me is lately we have had two big manipulation scandals hit the MSM here in the UK. LIBOR and just the last few days gas and electricity prices. The whistle blower was interviewed, and he said how the last few minutes the market had moved drastically when it hadn't moved to that level all day. What I'm getting at is i believe in Turd and all that he says! I believe we all aren't completely mad, and for one i truly believe it will be found out, maybe not tomorrow or the next day, but the free market or whatever you want to call it will make this call. Gold and Silver to the moon! Just believe.

القراع عصفور
Nov 14, 2012 - 5:52pm

auf Deutsch

pig dogs are called Schweinhunds. i think that sounds worse. can that be a new Turdism?

usk
Nov 14, 2012 - 5:54pm

BREAKING ZH ON TWITTER

CHINA MAY START INTERBANK GOLD SPOT TRADING FROM DEC

Steinbacken
Nov 14, 2012 - 5:55pm

BSI Report - Retail Inventory Low

BSI Report
I have not made a data entry to the BSI, Backenstein Silver Bullion Retail Inventory Index since July 19th, so I cannot do much to analyze the new current entry for today, not having monitored the retail market in so long.

The BSI now stands at a WHOPPING 62! This from the last entry on 7/19 of 142. Today's reading of 62 is lower than the previous low of 84 on 5/30/12. The Index has a basis from 2/3/12, and includes about 20 species normalized into 4 class components.

Inventory is lower than I've seen it
, since tracking began in February. This data does not necessarily imply anything about the full market in the metal, as retail is only a small sector within it.

Nov 14, 2012 - 6:01pm

Take it for what it's

Take it for what it's worth...an indicator of something...

The total OI of the Comex silver complex, as of yesterday, came in at 144,567. This is the highest total of 2012 and the highest since early April of 2011 (pre two, separate 30% smashes, MFG and PFG).

Hmmm..................

AgAuthaChristie
Nov 14, 2012 - 6:16pm

Racism is never funny, Bag of Gold

Please, spare us the ignorant prejudices. There is plenty to fault Obama over ( I certainly didnt vote for him) but using pictures of fried chicken and watermelon to do it is truly low class.

The Watchman
Nov 14, 2012 - 6:16pm

@ballyale

GREAT Post-I would give you 100 Hat Tips if it were possible.

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 11/18

11/19 8:30 ET Housing Starts & Bldg Perms
11/20 2:00 ET October FOMC minutes
11/21 8:30 ET Philly Fed
11/21 10:00 ET Existing Home Sales
11/22 9:45 ET Markit November Flash PMIs

Key Economic Events Week of 11/11

11/12 Three Fed Goon speeches
11/13 8:30 ET CPI
11/13 11:00 ET CGP on Capitol Hill
11/14 8:30 ET PPI
11/14 Four Fed Goon speeches
11/14 10:00 ET CGP on Capitol Hill
11/15 8:30 ET Retail Sales
11/15 8:30 ET Empire State Manu Index
11/15 9:15 ET Cap Ute and Ind Prod
11/15 10:00 ET Business Inventories

Key Economic Events Week of 11/4

11/4 10:00 ET Factory Orders
11/5 9:45 ET Markit Services PMI
11/5 10:00 ET ISM Services PMI
11/6 8:30 ET Productivity & Labor Costs
11/6 Speeches by Goons Williams, Harker and Evans
11/8 10:00 ET Consumer Sentiment
11/8 10:00 ET Wholesale Inventories

Key Economic Events Week of 10/28

10/30 8:30 ET Q3 GDP first guess
10/30 2:00 ET FOMC fedlines
10/30 2:30 ET CGP presser
10/31 8:30 ET Personal Income & Spending
10/31 8:30 ET Core Inflation
10/31 9:45 ET Chicago PMI
11/1 8:30 ET BLSBS
11/1 9:45 ET Markit Manu PMI
1/1 10:00 ET ISM Manu PMI

Key Economic Events Week of 10/21

10/22 10:00 ET Existing home sales
10/24 8:30 ET Durable Goods
10/24 9:45 ET Markit flash PMIs
10/24 10:00 ET New home sales
10/25 10:00 ET Consumer Sentiment

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

Recent Comments

by SWKNIGHT, 14 min 21 sec ago
by Turd Ferguson, 18 min 34 sec ago
by Studs Egon, 22 min 8 sec ago
by Turd Ferguson, 26 min 21 sec ago
by Marcus, 1 hour 1 min ago

Forum Discussion

by Pete, 1 hour 6 min ago
by Green Lantern, 3 hours 45 min ago
by Green Lantern, 5 hours 31 min ago
by CongAu, 6 hours 7 min ago
by CongAu, 6 hours 25 min ago