Cutting Vacation Short

548
Wed, Feb 20, 2013 - 10:04am

This is relentless and unforgiving...and I'm not talking about MrsF.

So bad that I'm cutting my mini-vacation short. I still don't have time for a full post so here are two items for you to read this morning.

ZH has been doing an excellent job chronicling the consistent, daily destruction. Here's the latest: https://www.zerohedge.com/news/2013-02-20/precious-metals-morning-slam-right-schedule

And here's someone who has noticed some of the same "anomolies" that I have: https://www.zerohedge.com/contributed/2013-02-20/curious-case-falling-gold-and-silver-prices

The charts, of course, look terrible. Having failed at hoped-for support, silver looks like $28 and gold, if $1580 fails, looks headed all the way back to the bottom of the 18-month range, near $1550.

This is all highly unusual and indicative of extreme manipulation and panic-level positioning. At the risk of sounding trite and reading like another KWN pumper, I must say it: THIS WILL PASS. THESE EXTREMES WILL BE RESOLVED SOON AND NEW UPLEGS WILL BEGIN. PLEASE BE PATIENT. THE FUNDAMENTALS ARE STRONGER THAN EVER AND PHYSICAL REALITIES WILL SOON REPLACE PAPER SHENANIGANS AS THE DRIVING FORCE BEHIND PRICE.

More later if possible.

TF

About the Author

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

  548 Comments

Byzantium
Feb 20, 2013 - 10:16am

GSR

For those with the means to trade it, the GSR is offering opportunities, as silver is falling faster than gold.

We broke 55 today; I am getting ready to do a little conversion from gold to silver.

Byzantium
Feb 20, 2013 - 10:18am

The plunge

I would imagine that this is just a raid to farm sell stops. Once the booty is loaded, there might be a frenzy of short covering. We'll see.

CaribSurfKing
Feb 20, 2013 - 10:22am

4 year trend gone

Now it could go anywhere. It appears Turd was completely wrong. Surely a paper phyzz divergence is to be avoided by the Fed?

Bobbejaan Dr G
Feb 20, 2013 - 10:22am

Quote:Dr. G said :- In other

Quote:
Dr. G said :-

In other words, the PRICE of silver may drop, but that does not correlate to the VALUE of silver.

Fixed that statement here ....

In other words, the PRICE of PAPER silver may drop, but that does not correlate to the VALUE of REAL silver.

Punk-Assets
Feb 20, 2013 - 10:23am

I don't think this will pass

I don't think this will pass soon. No way. I'm still a long term bull but I don't see how we're going anywhere but down or sideways in PMs until we have a real crisis. I want very much for this to be the final puke where everyone who cant stand the pain sells...bullion, paper. Whatever. I dont care if gold goes down to $1100 as MA is warning. Lets fricken get on with it. I'll still be buying as much as possible. Actually, I like that we have more time to prepare - as painful as it is.

Jasper
Feb 20, 2013 - 10:25am

Yippy; down down down!

Wow! With this type of action, something is going to break. Hoping this is the washout day. Trying to buy some July Silver 34 calls for 26 pennies each. Almost there!

zinlover
Feb 20, 2013 - 10:25am

almost at that load the boat moment...

hey, why not?! of course, it could be the baily's in my coffee spurring me on...

I don't see what is to be gained here, unless some of the shorts get covered. Otherwise, are they TRYING to break the PM market?

brad_pitts_betterlooking_brother
Feb 20, 2013 - 10:27am

this has to be one of the

this has to be one of the most bizarre articles in a field of bizarre articles.

https://www.telegraph.co.uk/finance/currency/9881410/China-loves-the-US-...

billwilson
Feb 20, 2013 - 10:29am

need a catalyst

Just too damn easy. Buy market, short PMs.

Until the market going up (hopium) fades, PMs get killed.

Seriously oversold .. and getting more so. Fed minutes may do the trick.

Interestingly SPY and GLD are now at the exact same level for the first time in bloody ages.

But for now good data, rising markets spells "no worries", no need for PMs. As phony as it all is.

tobydaniel
Feb 20, 2013 - 10:33am

Not desperate, just in total control of price

It's their platform. The bankers can do whatever they please. Enjoy your paper games suckers! Serves any of you right for trading paper. I'll keep reminding you from time to time as silver gets stuck at 27.50 for months on end. Looking foreword to my nice Turd hat:)

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 8/19

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

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

Forum Discussion