It's RamaHanuKwanzMas Time!

160
Tue, Dec 18, 2012 - 10:34am

While we wait to see if Tuesday will play out Happily or Terribly, it's time for today's holiday treat. Designed to accommodate (and offend) nearly everyone, it's RamaHanuKwanzMas!

Happy RamaHanuKwanzMas! - HD Version

Not much going on today. The metals aren't going up but at least they're not going down, either. To that end, I thought I'd give you some charts with support levels to watch. As stated yesterday, I do not expect a major selloff here as open interest is already quite low in gold and the RSI is moderately oversold. It is the light volume holiday season, though, so anything is possible. For now, just watch the levels on these charts while you sit back, relax, enjoy some down time and prepare for 2013.

The only item of "news" I'd like you review today is this: https://www.zerohedge.com/news/2012-12-17/charting-us-debt-and-deficit-inception. It's a very well-written piece from ZH that details the history of debt-to-GDP in America. The entire article is noteworthy but I've taken the liberty of a C&P of a few of the salient bullets. Gee, where have you heard these before?...

  • This is not a political issue: politicians on both sides of the aisle are perfectly aware that setting the US on a sustainable fiscal course would mean massive pain for the common citizen, and an immediate termination of all existing political careers: after all the myth of the welfare state is at stake. It is in everyone's interest - both GOP and Democrat - to perpetuate the unsustainable deficit status quo indefinitely. Any theatrics out of the GOP demanding fiscal conservatism are therefore just that - theatrics.
  • There is no question that it is unsustainable: US GDP is currently growing at a pace of 1.5%-2.5% at best. Total 2012 US debt will have risen at a rate of 8%, and will continue rising in the 6%-8% range.
  • More disturbing is the influence of the Fed, whose policy of ZIRP and outright debt monetization (recall even JPM has now admitted the Fed will monetize all US debt issuance in 2013) is the only permissive factor that has allowed the US to delay the inevitable moment of reckoning as long it has.
  • Indicatively, a modest rise in the average US interest rate, which is currently at all time blended lows, to just 5%, would mean that in 3 years the US would spend, pro forma, $1 trillion in cash interest each year. At that point the US will approach Japan status, where the government needs to borrow just to fund interest outlays. Actually, instead of Japan, Weimar would be a better analogy.

Just a couple of other items before I conclude this brief post (MrsF has designs on my time again today).

  1. I'd like to personally thank again all who have "donated" money to the site (me) this year. Each gift is invaluable, regardless of size, as it helps defray the cost of the site and compensates me for my time and effort. A special thank you, too, to all of you who automatically donate a few dollars each month through the recurring donation button. Your ongoing support is greatly appreciated. Additionally, at tax time, it is vitally important that you realize your donations to TFMR are NOT tax deductible. TFMR is most certainly a for-profit endeavor and your donations are only considered gifts toward the cause. (To that end, please be sure to remember TFMR in your will and other estate planning methods ) (that's a joke, btw)
  2. I also want to thank our "sponsors" for their ongoing support, which is equally vital in keeping the site online. Santa's company TRX, MiningStockValuator.com, JMBullion and Provident Metals all sponsor this site and deserve your support and attention. Google also places ads on this site and that is a significant source of revenue, too.
  3. If you're still looking for gift ideas for that Turdite in your life, please be sure to visit the TurdMart by clicking this link: https://www.tfmetalsreport.com/store. From there, you can also be directed to Amazon where anything you buy, after being sent there from this site, generates a small commishkey for moi. Also, there are still plenty of t-shirts available at this site: https://www.ebay.com/itm/330840151512?var=&ssPageName=STRK:MESELX:IT&_trksid=p3984.m1555.l2649. The site makes $5 for every shirt purchased so please consider stuffing a few stockings with this lovely item.

So, there you go. I see that in the time it has taken me to write this up, the metals have seen another algo-induced plunge. <Yawn>. Just watch the levels I gave you and relax. It's RamaHanuKwanzMas! Smile and be happy!

TF

About the Author

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

  160 Comments

wtfdik
Dec 18, 2012 - 10:37am

Nice shirts!

i like em

agrock
Dec 18, 2012 - 10:37am

thurd

thurd

Dr G
Dec 18, 2012 - 10:41am

They will let gold have $1700

They will let gold have $1700 over their dead bodies. Sheesh. Asia likes it. London likes it. NY? Not so much. Drip, drip, drip.

rl999
Dec 18, 2012 - 10:42am

Awesome title

All inclusive, therefore offensive to none.

top ten. Bazinga!

rpboxster
Dec 18, 2012 - 10:43am

I think we're going sideways for a while...

No catalyst for significant movement. Who knows? I'd like a good smash down in Au to convert some end of year fiat.

Whipped up my first batch of bacon whiskey jam on Sunday. It takes the better part of a day. But, it's been pure joy smeared on home made bread these last two mornings. Mmmm. I'm giving small jars to some family members next week.

¤
Dec 18, 2012 - 10:45am

84 Lumber

I see the JPY is still knocking on that 84 door.

Once the BOJ and Abe meet in the coming days that 84 door will be kicked in.

Friday?

https://www.marketwatch.com/investing/currency/usdjpy

Groaner
Dec 18, 2012 - 10:46am
Marcus ¤
Dec 18, 2012 - 10:48am

And check out the price of

And check out the price of gold in Japanese yen. Think the US will stand idly by as Japan devaluates its currency?

hammerman
Dec 18, 2012 - 10:48am

bobbay... geta to da gym

but dont waste all your time talking....bubs... talking aint working it out... weeee turd who did you have in the unwatchable game last nite? jets jets jets

Mr. Fix
Dec 18, 2012 - 10:53am

Okay, when were you going to tell me?

And to think I was actually sitting at the “old thread” patiently waiting to see what happened next,

and it never even occurred to me to check for a “new thread”.

I usually get the announcement, today somebody forgot to send it.

Now that I'm here, thank you Turd for the great job you do,

and thank you everyone else for keeping it interesting,

I must now leave you after reading today's update as I have much work to do.

I'll check back tonight, to see how it all turned out.

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 8/12

8/13 8:30 ET Consumer Price Index
8/14 8:30 ET Retail Sales
8/14 8:30 ET Productivity & Labor Costs
8/14 8:30 ET Philly Fed
8/14 9:15 ET Ind Prod and Cap Ute
8/14 10:00 ET Business Inventories
8/15 8:30 ET Housing Starts & Bldg Permits

Key Economic Events Week of 8/5

8/5 9:45 ET Markit services PMI
8/5 10:00 ET ISM services PMI
8/6 10:00 ET Job Openings
8/8 10:00 ET Wholesale Inventories
8/9 8:30 ET Producer Price Index

Key Economic Events Week of 7/29

7/30 8:30 ET Personal Inc/Spending & Core Inflation
7/30 10:00 ET Consumer Confidence
7/31 8:15 ET ADP employment
7/31 2:00 pm ET FOMC Fedlines
7/31 2:30 pm ET CGP presser
8/1 9:45 ET Markit Manu PMI
8/1 10:00 ET ISM Manu PMI
8/2 8:30 ET BLSBS
8/2 10:00 ET Factory Orders

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

Forum Discussion

by sierra skier, Aug 17, 2019 - 7:14pm
by sierra skier, Aug 17, 2019 - 8:30am
by Boggs, Aug 16, 2019 - 7:46pm
by Boggs, Aug 16, 2019 - 7:07pm
randomness