Travel Day

Thu, Jan 3, 2013 - 12:06pm

Between packing and heading to the airport, I thought I'd squeeze in this post.

Not much happening today ahead of the FOMC minutes and the BLSBS tomorrow. The metals are consolidating their recent rebound gains and poised to add another leg higher if we can get the headlines we're looking for.

The FOMC minutes will be interesting in that they will be from the meeting back in December when QE∞ was formalized. They'll be released later today so be sure to check ZH or some other news source for the stories.

For now, the metals are hanging around some moving average levels that need to be watched, particularly in silver. I've got the 200-day MA at 30.85 and, so far, that level has acted as support. Let's hope that it holds above there and begins to move higher after all of the news. The 20-day, 50-day and 100-day are all in the 31.50-32.50 area and that is where the next level of resistance will be found if the rally can extend higher.

Lastly, everyone needs to watch the 10-year and the Long Bond over the next few days. Both are sitting at critical support levels which, if broken, will lead to lower prices (higher rates). As you know, QE is all about providing buying support for the treasury market and, if the bond market begins to break down, it would be a sign that the current $85B/month isn't sufficient for this purpose. I have no doubt that the $85B/month level will need to be increased in 2013 given the current run rate of a $1.7T+ federal deficit. A falling bond market might make this happen sooner rather than later.

Have a great day. Tomorrow it's back to business as usual and there will be a full, new post sometime after the BLSBS at 8:30 EST.


About the Author

turd [at] tfmetalsreport [dot] com ()


Mr. Fix
Jan 3, 2013 - 2:02pm

It's a different day, .......... same old shit.......

I just looked at the charts for the day, on the US dollar, gold and silver.

There can be no doubt that the Evil Empire is still firmly in control,

all we can speculate on is how much longer it will last.

Jan 3, 2013 - 2:05pm

Gold hit 38 level and falling

Add to that daily, weekly, monthly stochastics pointing down. Weekly and monthly MACD pointing down.

Jan 3, 2013 - 2:06pm

Silver trade

Shorting silver from 30.90

Jan 3, 2013 - 2:08pm

Silver ...

... hmmmmm - back-testing the 'island reversal' from year end consolidation - tempting for the trading side of my investment outlook

Jan 3, 2013 - 2:08pm

FOMC MOPE: QE could end in 2013

You just knew EE won't let gold have a smooth ride for long.

Jan 3, 2013 - 2:10pm

Take Delivery

Though I've been reading this blog for a while and learning much from Turd and many of you, I'm a new member and this is my first post.

I like the idea of all of us putting pressure on the CRIMEX and standing for silver delivery at spot but the workings of distributing to all the participants is a bit much, a very big much. Besides, how much of a dent does it put on their supply? {whether they've got it or not}. 5000 oz is a drop in the bucket.

I've read others making reference to other sizeable pro-silver groups on youtube, those who read other blogs or watch tv shows, etc

I've seen many posts about 'what if all the silver lovers across the globe bought just one ounce ....' What I'm proposing is that it be done in an ORGANIZED MANNER.

Here's my idea ....

We ALL ... Turdites, youtube silver bugs, followers of Max K, KWN, Andy Mc, Harvey Organ, Zero Hedge, Chris Duane ... the list goes on and on ... buy a quantity of silver, be it bullion or coins or junk silver from whatever source ... any bullion supplier, the US Mint, lcs, ebay, etc REGULARLY on the SAME DAYS EACH MONTH ... Let's say, for example, the first and third Monday each month

Granted, we'd all be paying over spot but, wouldn't this type of ORGANIZED buying of silver and publicizing it make quite a statement as well as taking the supply out of the market? And then the suppliers would be scrambling to replenish their stocks.

Some may be discouraged when they found the lines at the lcs's too long on those days but, hey, think of all the online 'ship it to me' sources available

It would be best for all the 'influentials' to be behind this and publicize it. Can't you see Max K telling his viewers 'Here's the plan' and then 'We're doing it!!' And Turd being interviewed by Lauren Lyster and getting the idea across to Capital Account viewers. Chris Duane, KWN, ZH, Ed Steer, Harvey, and any number of blog writers promoting this.

I think this ORGANIZED silver buying spree over time, involving so many more than us Turdites, would do more than one or a few contracts we could put to Crimex and stand for delivery

Your thoughts?

BTW.. What's HEH?

Jan 3, 2013 - 2:14pm

See, I warned everybody on the last thread…

…whenever I make an online purchase, we get either a waterfall or weeks and weeks of a slow downward grind.

Both suck, but I prefer the waterfall, and here it is, right on cue.

Jan 3, 2013 - 2:21pm

Fed announcement is BS

No one will ever buy bonds except them.. MOPE they bomb after comex closes, how convenient

Jan 3, 2013 - 2:21pm

Comex Crap Rounds !

If the Comex gets wind that we want to make Turd rounds .... they'll probably deliver their worst shit .... .995 Ag ? .... I'm in for one share if we use the crap they deliver .... to highlight their low standards and to be genuine Comex Crap Rounds ! Monedas 1929 Comedy Jihad Genuine Comex Crap Coins Collector's Edition World Tour

Jan 3, 2013 - 2:27pm

Come on, get under thirty and....

Provident has a tube of 2013 maples with my name all over it.

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