Waiting for The Bernank

295
Wed, Dec 12, 2012 - 9:57am

A nice little rally this morning. Hopefully, it's not a headfake. We'll know soon enough, I guess.

In honor of our rally this morning, let's have a Hat Contest!! Only one category today and that's silver. The winner must correctly guess the final closing price for spot silver on the Kitco chart in the homepage. This price closes at 5:15 EST before trading resumes at 6:00. Please use the comments section below for your guess. I'll close this thread at 12:30 p.m. EST, when the Fedlines are announced.

Speaking of the Fedlines....they are all that matter today. Everything else is just noise. Back in September, the Fedlines came out at Noon EST but today it is apparently 12:30. My guess is that LIESman complained to The Bernank that, back in Spetember, he didn't get a lunch break. It was Fedlines and then jet across town for The Bernank Gobbledygook Press Conference. With the extra half hour today, LIESman will be able to pound his baloney sandwich in peace before the big news.

https://www.washingtonpost.com/blogs/wonkblog/wp/2012/12/12/five-things-to-look-for-out-of-the-fed-today/

So, anyway, things are liable to get pretty dicey around here later. Hopefully, the servers will hold up through all of the traffic spikes. As far as price goes, silver might see resistance at 33.80, 34.40 and, if we really get rolling, anywhere over $35. If The Bernank "disappoints", look for support at 32.60 and 31.80. Gold will encounter resistance at the old "Iron Dome" of 1735-1740 and, of course, our latest highs of 1750-1755. The 1750+ level would also represent the old buggaboo of a 2% daily cap so that level would be worth watching later today. If a gold cascade develops, look for support near 1705 and then 1680.

OK, that's it. I'll have a new thread for you shortly after the Fedlines are released. Good luck with the Hat Contest!

TF

About the Author

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turd [at] tfmetalsreport [dot] com ()

  295 Comments

Sandiaman
Dec 12, 2012 - 10:36am

Silver

33.49

proton777
Dec 12, 2012 - 10:37am

Silver

Silver 33.09

wildstylechef
Dec 12, 2012 - 10:38am

silver price

I say 35.1998

and what the hell gold @ 1789.838

gold bless us gold bless us everyone

atomic180
Dec 12, 2012 - 10:38am

Yellow Hat...

$34.66

Liberty Ranger
Dec 12, 2012 - 10:39am

Waiting on Bernank

Hello to all ! Been lurking since the Watchtower days and have enjoyed following the blog and the characters sharing within . I'm hoping for $35.01 today

Cheers

SRSrocco
Dec 12, 2012 - 10:40am

BLOOMBERG'S COSTS ARE OUTDATED

GOLD COSTS RISE 23% IN 2011, BUT SILVER COST FALL 7%... SO WHAT, ITS OLD NEWS

This was the data put in an article Restless investors tell gold CEOs to fix slump. Maybe silver production costs may have fallen in 2011 compared to 2010 due to the huge increase in price paid for silver and base metals in 2011. I have not looked into the data to see if it was true, but I can show you what is going on in the first nine months of 2012:

Here are some cost percentages from the top silver miners first nine months 2012 compared to 2011:

MINE PRODUCTION COST INCREASES FIRST NINE MONTHS Q3 2012

2011 PAN AMERICAN SILVER = 38.3%

2012 PAN AMERICAN SILVER = 51.3%

2011 COEUR D ALENE = 40.1%

2012 COEUR D ALENE = 51%

2011 HOCHSCHILD FIRST 6 MONTHS = 39.3%

2012 HOCHSCHILD FIRST 6 MONTHS = 49.2%

These percentages are just the direct cost of mining silver. So, we can see that from the top silver miners, SILVER MINING COSTS have increased significantly since last year. Bloomberg needs to update its information on the cost of gold and silver mining. I know of no mining company that is calculating their earnings in 2012 on LAST YEARS COST STRUCTURE.

UNMANIPULATED PRICE = $150

MY GUESS TODAY = $33.66

ltcolkilgore
Dec 12, 2012 - 10:41am

silver close

$32.12

tobydaniel
Dec 12, 2012 - 10:41am

Anyone going to short 10 minutes before??

With a 2 percent upward cap as always, why not? I'm shorting 10 minutes before and will cover 2 minutes into Bernanke's speech no matter what. The most you are most likely at risk loosing is 2 percent. Put a buy stop at 2 1/2 percent. I freaking love these days. Looking foreward to our as usual flash crash from our bankers.

Xeno
Dec 12, 2012 - 10:41am

Fed Confused

and lost so will doubletalk and convince everyone no further action. No money for beatdown and a 5:15est close at 33.359

Tomorrow? Look out above.

Louie
Dec 12, 2012 - 10:42am

$33.68

Louie puts his marker on $33.68 If I don't win how about you put an autographed hat up on ebay with an ending date of 12/21? Could provide some nice Christmas cash for Mrs. Ferguson.

295 Comments on Waiting for The Bernank

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