Narcoleptic Tuesday

Tue, Jan 22, 2013 - 11:12am

With the holiday yesterday, I figured that today would be either Happy or Terrible. I sure didn't expect this snoozer.

Even though the U.S. economic data was lousy today, the metals seem stuck in neutral. Oh well. Actually, it's kind of nice, for once. A nice, bland and boring far. However, I'll be watching for that same, evil Globex algo to rear it's ugly head at around 1:00 EST. Let's see if gold then drifts lower into the close and loses another $6-8 between 1:30 and 4:00.

Here are some charts as you start your week. First up, here are the hourly finviz charts. Note that since the miserable, contrived beatdown of 1/3-1/4, both metals have moved up nicely, contained within broad, upward-sloping channels.

And these daily charts that I printed yesterday neatly summarize where we are in the bigger picture:

OK, here are some other, random items...

Anyone following along in the comments to yesterday's thread would have seen this story already. It seems that the Indian government would like to discourage gold investment by its citizens. As ZH rightly points out, with items like gold, you often get the opposite effect. If anything, the post contains a very instructive chart that I've copied below.

While at ZH, I found this fantastic new piece from JS Kim. I agree wholeheartedly with many of his conclusions, particularly the ones about "financial advisors". Though there are a very select few out there who "get it" and are actually trying to help their fellow man, most are simple snake-oil salespeople who are driven by commissions and fees. Years of self-reinforcing behavior have convinced them that they are the smartest people in the room and that their "advice" is valuable and worthy of your hard-earned dollars.

Earlier today, The Doc (who isn't sleeping much these days so he has some extra time on his hands) posted this first-hand account of metal demand in China. Admittedly anecdotal, it nonetheless tells a story you simply won't hear anywhere in the MSM.

And here's another reminder...Paul Coghlan is hosting a FREE charting webinar again tomorrow. The one last month received rave reviews for its value so I would encourage you to sign up. Like the previous one, this webinar will also be recorded and posted for later review if you are unable to watch it live. However, you still have to register to view it. You can do so by clicking here:

And, frankly, that's it for today. Short and sweet. As I wrap, I see that the metals are moving a bit higher. This is nice but they need to sustain these moves. Silver is still battling its 50-day moving average, currently near $32.04 on the Mar13 contract. Besting that, its next goal is horizontal resistance and the 100-day MA near $32.65. Gold, too, is butting up against its own 50-day, currently near $1697 on the Feb13. Keep an eye on those levels with crossed fingers.

Have a great day!


About the Author

turd [at] tfmetalsreport [dot] com ()


Jan 22, 2013 - 11:16am


I shall celebrate with a proper cup of coffee.

Jan 22, 2013 - 11:16am


well, fifth.

Jan 22, 2013 - 11:16am

the fifth

ill take a fifth--single malt

Jan 22, 2013 - 11:18am

first hand account - China

the premiums people pay for silver in China are ridiculous!

The sellers know it and almost never let you weigh the silver item that you're interested in.

I've seen 1-kilo Perth Mint coins sell for almost twice of spot!

It really is time for the retail-public to have access to fair-priced silver in China; when is NASE coming online? any news on this, Turd?

Jan 22, 2013 - 11:21am


Hurdle????? Looks like boredom may be ending.

Jan 22, 2013 - 11:23am

stupid question

This may sound stupid and probably over-thinking things, but what exactly do foreign countries buy US debt with? So Japan says they are buying US bonds for example, are they handing over Yen that they printed? Does our Treasury deposit the Yen? What happens at maturity then? I'm probably making this more complicated but forgive me, gold and silver is just so easy to understand :)

Jan 22, 2013 - 11:25am

Eighth is still top ten!

Picked up a bit more Ag yesterday. Been trying to pick up anywhere between 5 and 25 ASE's every two weeks...Really wish I could afford a monster box at these prices. If Ag goes on the anticipated 2013 run up in price, it'd sure be cheaper! As it is, I have to proceed like a turtle toward accumulating my weight in silver...begins to look like the only way I'll ever get there is by fasting!!!

Jan 22, 2013 - 11:25am


it's good to be at near the top of the turd-stack!

i stack solely because of silver's anti-bacterial properties

The Green Manalishi
Jan 22, 2013 - 11:25am

Looking forward to your appearance on the Keiser Report

  1. - sure would have you on if you made it to London! Or anywhere!

Following Turd Ferguson@TFMetals

Stacy, thank you. It would be an honor. Please email me tfmetalsreport at gmail if you'd ever like to set something up.

Mr. Fix
Jan 22, 2013 - 11:25am

Funny, I was just going to take a nap.

And then you put up a new post, to let the fun continue.

How great is this place?!

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

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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

Key Economic Events Week of 9/9

9/10 10:00 ET Job openings
9/11 8:30 ET PPI
9/11 10:00 ET Wholesale Inv.
9/12 8:30 ET CPI
9/13 8:30 ET Retail Sales
9/13 10:00 ET Consumer Sentiment
9/13 10:00 ET Business Inv.

Key Economic Events Week of 9/3

9/3 9:45 ET Markit Manu PMI
9/3 10:00 ET ISM Manu PMI
9/3 10:00 ET Construction Spending
9/4 8:30 ET Foreign Trade Deficit
9/5 9:45 ET Markit Svc PMI
9/5 10:00 ET ISM Svc PMI
9/5 10:00 ET Factory Orders
9/6 8:30 ET BLSBS

Key Economic Events Week of 8/26

8/26 8:30 ET Durable Goods
8/27 9:00 ET Case-Shiller Home Price Idx
8/27 10:00 ET Consumer Confidence
8/29 8:30 ET Q2 GDP 2nd guess
8/29 8:30 ET Advance Trade in Goods
8/30 8:30 ET Pers. Inc. and Cons. Spend.
8/30 8:30 ET Core Inflation
8/30 9:45 ET Chicago PMI

Key Economic Events Week of 8/19

8/21 10:00 ET Existing home sales
8/21 2:00 ET July FOMC minutes
8/22 9:45 ET Markit Manu and Svc PMIs
8/22 Jackson Holedown begins
8/23 10:00 ET Chief Goon Powell speaks

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

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