Some Charts

283
Thu, Dec 20, 2012 - 12:15pm

I've received several requests to "do what I do". So, here you go. (Keeping in mind that you should probably do the opposite.)

First of all, these hourly charts are astonishing. Just six, short trading days ago, The Fed confirmed QE∞ at a minimum of $85B/month, all needed to fund the ongoing U.S. federal deficit. Instead of rallying, the metals have been slaughtered. Why? Hmmm...We've seen this phenomenon in crude before (https://www.zerohedge.com/news/curious-case-post-qe-oil-hangovers) & (https://www.zerohedge.com/news/2012-10-09/why-oils-post-qe-plunge-may-be-over) and apparently it's worked so well there that The Fed and Their Cartel have decided to give it a go in the metals, too.

And now, mainly, I'm just mad at myself because I didn't see this coming. Of course The Fed is going to instruct their minions to crush the PMs. The Fed had no choice but to initiate QE∞ and the last thing they needed was an immediate, perceived quid pro quo with rising metals prices. The metals had to be crushed. It's all a part of their ongoing strategy of MOPE and SPIN. Duh! (Jeez, the more I type the more stoo-stoo-stoopid I feel. Better stop here.)

All that said, there is no reason to think that it's over, that the 12-year PM rally is kaput. I'm sure that the metals will stop and reverse, just like last year. The only question is, where? Since nothing has changed and the fundos are, in fact, even stronger than last year at this time, why would we expect prices to break any lower than they did a year ago? (Keeping in mind that the last sentence was typed by a guy who didn't see this selloff coming.) Sometime soon, the metals will reverse with a sharp, short-covering rally. That rally will likely stall and the momo-shorts will be emboldened to take another stab at the downside. Then, after failing to take things markedly lower, a bottom will form and price will begin to recover. If compelled to trade paper in this environment, here are some charts that show a striking similarity to the action of a year ago.

Hang in there. Good luck.

TF

About the Author

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

  283 Comments

kn33bar
Dec 20, 2012 - 3:17pm

Buy more ASE'S

They made decide to never resume the ASE'S and then you'll be kicking yourself that you didn't buy today.

Dec 20, 2012 - 3:17pm

Please allow me to state this

Please allow me to state this again, as clearly as possible.

The Creditor Nations are all racing to exchange their rapidly devaluing fiat currency reserves in preparation for the next global economic paradigm.

Are you going to do the opposite and instead convert your hard assets back into fiat? That would seem foolish.

https://www.zerohedge.com/news/2012-12-20/brazil-doubles-gold-reserves-last-3-months

Dec 20, 2012 - 3:19pm

Welcome and nice job

This is for you:

Video unavailable
The Watchman
Dec 20, 2012 - 3:20pm
tmosley Patrancus
Dec 20, 2012 - 3:25pm

Patrancus: Speaking of the

Patrancus:

Speaking of the white whale, I feel like doing this every time I see manipulation like that of today. If only the CFTC met in my living room.

Condor
Dec 20, 2012 - 3:28pm

Pre Planned Attack

There's not even the pretense of an honest market anymore. It's an attempt to obscure real price signaling ahead of some unknown event. Take heart Turd, you very well may be right about a historic 2013.

Anytime gold plummets on not one, not 2, but on 3 rapid-fire hyperinflationary events (QEinfinity, QE unlimited, and the fiscal cliff stalemate) it can only be manipulation. In fact gold is so badly manipulated I can't think of a single bullish development that would lift it. If the Treasury announced an instant 30% devaluation in the dollar they would still crush gold, saying it was less than the 50% devaluation pundits were expecting. THAT's how absurd it has become.

Something BIG surely must be coming to justify the ferocity of the cartel. We will wait and see, and wonder where they are getting the physical to pull this off. Non-physical gold investors may come to better understand the phrase "getting Corzined".

James McShirley

https://www.zerohedge.com/contributed/2012-12-20/james-mcshirley-there-no-doubt-past-month-has-been-pre-planned-coordinated-at

Money By Trading
Dec 20, 2012 - 3:31pm
Cononish1314
Dec 20, 2012 - 3:33pm

Balzac channelling information

Interesting to know. Looks like boring old Chard and the Birmingham boys from now on.

agNau
Dec 20, 2012 - 3:33pm

@turd,

I think you are correct @ the $28-28.50 buys. I also think buys at those levels MAY be on spike downward moves. The indicator I am watching should hold the weekly close above those levels. *Edit And a wink ;) out to "Destroyer"....you see it bud!!!!!!!!! Missed yours while I was processing my comment.

DollarMenu2
Dec 20, 2012 - 3:33pm

FWIW...

The silver auctions I'm watching on EBay are closing from $39 to over $50 per oz. I guess they don't know there is a sale on at, at, at...now just where is it one may obtain physical silver for the current 'market' price? What is the market? Manipulated numbers we see on a screen or cash transactions on EBay?

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