Saturday Gold and Silver

341
Sat, Mar 2, 2013 - 12:47pm

It looks more and more like the next two weeks or so are going to be significant.

So, where do we start on this fine Saturday? How about with something from Friday? I posted these two charts into the comments section of yesterday's post. They show a classic short/theft tactic. Someone, either an HFT or a Cartel monkey, pulled the trigger on a sell order in silver at the very thin trading hour of 4:00 a.m., New York time. Since silver was sitting right on top of the previous week's lows, the effect was predictable. A host of sell-stops were "harvested" as price quickly fell about 50¢. Note then that price quickly recovered as liquidity returned with the opening of the Comex session.

Why did I start there today, you ask?

  1. Because now $28.40 is a very important level to watch early next week in silver, and,
  2. It is becoming increasingly likely that the same trick is going to get played out on a much larger scale in both gold and silver before a final bottom is put in and price permanently reverses.

Let's next visit our three friends...Crude, DrC and Sylvia. Do they have any clues for us? Why, yes, they do as a matter of fact. All three have come down dramatically and all three give the appearance of having a bit further to go. And if "commodities in general" show additional weakness over the next 7-10 days, you can probably imagine that selling pressure compounding our problems in gold and silver.

So let's start with silver. Running the stops yesterday has fortunately provided us with a very clear level to watch at $28.40. If silver slips below there again early next week, it would be a near certainty that we are going to take at least one trip down below $28. There has consistently been a lot of support there so taking it much lower is going to be a task for The Bad Guys.

That said, I'm beginning to sense that the ultimate goal of this entire event is to harvest the stops below $26. IF this happens...and currently I'd put the odds at about 25%...a quick drop to $25ish would be your final bottom. Price would quickly recover back above $26 and this deliberate beatdown would be over. How can I say that? More on that in a few minutes. First, two more charts:

And gold could very easily suffer the same fate. If The Cartel can engender enough additional spec selling, a veritable cornucopia of sell stops lay waiting for them sub-1530. And you can just imagine the reaction in the media: "GOLD IN BEAR MARKET!!" will be screamed as loudly as possible in the hopes of inspiring even more selling. Like silver, I only give this about 1 chance in 4 of happening but we must be on the lookout and prepare mentally. IF this occurs, you must be strong and BUY, not sell. The spike low will be The Bottom.

Now lets get back to why I am so confident that the selling has already been stretched to unsustainable levels and why, IF a spike low occurs, the metals would quickly recover. It's all in the CoT.

Yes I know that Santa claimed this week that the CoT is fudged and unreliable and yes I know that Santa has forgotten more about the metals markets that I know.....but....Unlce Ted believes in this stuff and so do I. Here's what Ted said in his mid-week newsletter:

"One of the reasons I think the data in the COT are accurate is that every contract has a long and short side. Therefore, to lie in the large trader reporting system that underlies the compilation of the COT, would require two lies; one by the big commercial lying and another by the counterparty holding the opposite side of the contract. I can see JPMorgan wanting to lie on its COMEX holdings, but I can’t see why a counterparty tech fund or speculator would assist in that lie. Please remember that lying on a large trader report is illegal and will be prosecuted by the CFTC (one of the few things they do well)."

With this in mind, here's a c&p of my CoT comments from yesterday:

For the Wed-Tue reporting week, gold was up $10 but total OI fell by 13,432. Silver fell by 17¢ and OI fell by 9,728.
The only interesting thing in the gold CoT was the divergence between LargeSpecs and SmallSpecs. The LargeSpecs went net long 13,000 contracts while the small specs went net short 7,400. This, my friends, is called leading the HFTs by their collective noses. On the bounce, the LargeSpecs covered shorts and went long to the tune of 13,000 contracts. Once fleeced, the "market" rolled back over and now all of those new longs (at 1600+) are under water.
Once again, the real interesting stuff is in silver. Both the Large and Small specs were adding to their shorts. The Large Specs sold a net 4,700 contracts and the Smalls sold a net 2,300. The commercials also sold 1,700 longs, dropping their gross long position back to a still-whopping 52,509. All of this selling allowed the naked short Cartel members to cover a massive 8,769 shorts or about 9% of their total gross short position! Now at 83,395, The Silver Cartel has been able to trim their short position by over 15,500 contracts, from 98,979 just two weeks ago. That's a drop of 16% in two weeks while price fell $2 from $31 to $29. I'm sure that's just good timing and good fortune...at least that's what Cueball and Thunderlips think.

On the bright side...

  • The total "commercial" long position in silver is actually up over the past two weeks while JPM et al have been covering. On 2/12/13, the gross comm long position was 52,182. As stated above, as of 2/26, it was still 52,509.
  • The Large Specs are racing to get short. On 2/5/13, the Large Specs were only short a record low 6,588 contracts. Three short weeks later, they're short a total 16,016, an increase of 143%!
  • The Large Specs are also feverishly dumping longs. Three weeks ago they were gross long 42,449. As f last Tuesday, that position had been whittled down to 37,753. That's a drop of 11%.
  • And the Large Spec net long ratio, which just 3 weeks ago was totally out of whack at 6.44:1, has fallen all the way back to 2.38:1. Remember, as a general rule, anything under 3 is somewhat bullish and anything over 4 is somewhat bearish. Anything under 2:1 is extremely bullish. For examples, see here: https://www.tfmetalsreport.com/blog/4492/strange-days-indeed
  • Also, all that Cartel short covering has further dropped the Cartel net short ratio. Last week it was 1.70:1 and this week it is 1.59:1. Again, historically, anything approaching 3:1 is very bad. Anything near 1.5:1 is very good.

I don't know if I can pound the table much harder. Could price be forced even lower, taking out $28 and heading toward $26? Yes, of course it can. But, if it does, the silver market will reach and surpass the exact same extremes that indicated bottoms in October of 2011, December of 2011 and August of 2012.

Again, please go back and looks at the "Strange Days Indeed" post from three weeks ago. ( https://www.tfmetalsreport.com/blog/4492/strange-days-indeed) The data is compelling and telling. Both metals, when measured by The Cartel net short ratio, have reached very bullish levels and stop-running spike lows would make them more extremely bullish than any other time that I can recall. Simply put, with CoT history as a guide, there is NO WAY that gold is going to $1200 and silver to $18 or even $22. Not from this CoT structure!

Moving on...Speaking of the CoT, one of your fellow Turdites has constructed a site to help everyone read and interpret the data. It can be found here: https://goldsilvercot.com/charts/cot/index.php

As you know, Santa's company TRX is an advertiser on this site. Someday soon, the miners will turn and I have great faith in Santa and his company for the long term. Last week, they held their annual shareholder meeting and the entire thing was recorded and posted. Here's a link. I think you'll enjoy watching it: https://standrewsclubav.ca/webcast/client_tanzanian/20130228/

And you've probably noticed that we've had to add a captcha to the registration and login process here. Sorry but it was necessary. If you've never run a site before, you simply wouldn't believe the amount and intensity of the spamming effort out there. They really slow site performance so it is hoped that the captcha will help us all in enjoying and learning from the site.

OK, that's it for now. Enjoy your weekend but please be aware of continued volatility next week and do not allow yourself to get all freaked out by the temporary price action. Keep your wits about you and remember the fundamentals. Stay strong and keep the faith. Continue to prepare accordingly.

TF

p.s. Adding these ZH links which were posted Saturday afternoon. Don't want you to miss this: https://www.zerohedge.com/news/2013-03-02/hedging-funds-and-physical-vs-paper-gold. AND YOU MUST READ THIS: https://www.zerohedge.com/news/2013-03-02/why-jpmorgans-gold-vault-largest-world-located-next-new-york-fed

About the Author

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turd [at] tfmetalsreport [dot] com ()

  341 Comments

Swineflogger
Mar 3, 2013 - 5:17pm

Mar 3, 2013 - 5:25pm

And what has more value than sunbeams?

Apologies for the length, but there is something theatre of the absurd about the whole exchange. What has more value than sunbeams indeed? I can tell you what has less value than sunbeams - some peoples' brains. And at the end, it is all a sad fantasy ...

Arizona senate votes to make gold, silver, legal currency
  • Posted: Saturday, March 2, 2013 10:49 pm

    State senators voted Wednesday to make gold and silver legal tender in Arizona -- but not copper, cattle, cotton, citrus or climate.

    SB 1439 stems from concerns by some that the paper money being printed by the Federal Reserve Bank is becoming worth less and less. So they convinced Sen. Chester Crandell, R-Heber, to give gold and silver coins created by private, for-profit mints the same legal status to pay bills, at least in Arizona.

    But Sen. Steve Farley, D-Tucson, suggested that if Arizona was going to have merchants weighing and assaying gold and silver to determine its value, perhaps the state should not stop there. So he proposed an "Arizona-centric'' list of additions from the "Five Cs'' for which the state is known.

    He said, for example, there is little difference between trading beef or oranges as commodities versus gold and silver.

    "And what has more value than sunbeams?'' he added, though failing to describe how they could be counted.

    Farley's light-hearted effort to amend the bill met with frowns from supporters.

    ...

    Biggs, however, said there's no parallel between what Farley proposes and Crandell's bill.

    He said gold and silver have long been recognized as the backing for legitimate currency. Everything else, Biggs said, is just bartering.

    And Biggs aligned himself with the thinking of those who want the coins recognized as legitimate.

    "You either have fiat currency which continues to inflate, which is what we have today, or you have something backing up that currency,'' he said.

    The wording of the measure stems from the fact the U.S. Constitution specifically prohibits states from creating their own currency. But supporters contend that does not preclude states from recognizing coins minted by private organizations.

    The legislation would not require anyone to actually accept these coins.

    Crandell acknowledged his legislation probably is unworkable, at least at this point. So he agreed on Wednesday to delay its effective date until after the 2014 legislative session, giving lawmakers a chance to work out any of the kinks.

    A final roll-call vote is needed before sending the measure to the House.

Deaglán
Mar 3, 2013 - 5:25pm

For chart lovers

Here´s a link to a load of charts from the U.S., Europe and China which worry analysts and economists. Some interesting stuff.

When are equities going to tank? I´ve a bet made that DJIA will hit 13000 before the end of the year.

Wall Street's Brightest Minds Reveal The Charts That Worry Them Most

https://www.businessinsider.com/wall-streets-most-worrying-charts-2013-3...
ag1969
Mar 3, 2013 - 5:40pm
MrGuboci
Mar 3, 2013 - 5:56pm

coincidence ?

19. Aug 2012 just before the big spike up we all saw last year the low price was 27.928 at the very start of the spike up - exactly the same low as on last friday Friday that made silver jump so much !!! I believe this is key level to watch for directional clue . If we breach it we might very well see the stop hunting @ just below 26$ level . One thing bothers me with this theory of the 25$ buying strategy - though it makes perfect sense for the cartel to break the 26$ mark in order to buy all the longs that will get dumped in the market and just switch the directional position and let it roll to new highs , simple question - why do this ? I mean if they want to control the price an even more powerful move would be to just allow the market to fall down as it naturally will if 26$ is breached the market will start going way WAY down probably to the point Turd will have to eat his hat ....

The Watchman
Mar 3, 2013 - 5:58pm

Mar 3, 2013 - 6:25pm

Now there's a gap

(green euros, blue usd)


Mar 3, 2013 - 6:47pm

Coiled spring showers bring May flowers?

Definition of 'Coiled Market'

A market that is believed to have the potential to make a strong move in one direction after being pushed in the opposite direction. The idea is that if a market should be headed in one direction based on its fundamentals but is pushed in the other direction, it will eventually make a strong move in the original fundamental direction. This coiled move will often be more substantial than what might have been the case if it had gone in the expected direction to begin with.

Investopedia explains 'Coiled Market'

Coiled markets often arise when the market has been held down artificially. This happens in commodities markets, such as gold and silver. Investors looking to capitalize on coiled markets will use both fundamental and technical analysis to identify markets or specific equities that exhibit the characteristics of a coiled market.

The origins of this term relate to the physics of a coiled spring: the more it is compressed, the greater the rebound will be.


Read more: https://www.investopedia.com/terms/c/coiledmarket.asp#ixzz2MWSxy369

Gold monthly:

Silver monthly:

I know it is basic. But it is the basics that will win out in the long run. You can only fight physics for so long.

Larry
Mar 3, 2013 - 6:48pm

Shorting everything MSM touts

So, with reports of massive insider selling by everybody from the likes of Goog CEO and Warren Buffet to everyone else owning stocks in the propped up markets, I'm wondering where to get the most bang for the buck. DOG? BGZ? MWN? RTY? I'm not considering going in big in terms of percentage of my investments... just a little something to add zest to being long silver and gold.

Or are these inverse ETF's manipulated by the same ones that control all paper markets? Not only will timing be key, but choice of short vehicle. Right now I have no clue where to throw a little money. But I have a feeling that the time is near.

WARNING CLOUDS ON HORIZON FOR WORLD MARKETS | Liberty Gold and Silver News Blog


Mar 3, 2013 - 6:50pm
Larry
Mar 3, 2013 - 6:51pm

Supply and Demand upside down

Another good article. Not really news, but a good overview of just how ridiculous it is that silver is where it is in price today.

SILVER PRICES DEFY THE LAW OF SUPPLY AND DEMAND | Liberty Gold and Silver News Blog

Cry Me A River
Mar 3, 2013 - 6:57pm

APMEX JUNK SILVER INVENTORIES

After Tediously Entering "999" Into Each "Add to Cart" Box In Every Junk Silver Category Including "Generic Bags", "Specific Coins" And "Rolls", Here Are Their Totals: (Seems Like They Have Quite A Bit Of Junk)

Meanwhile Tulving is OUT and Goldmart has only $100 Face Kennedy Bags

Dimes: $6651 Face

Quarters: $3130 Face

Halves $5040 Face

Generic Bags $18969 Face

Total In Oz: 24159.85

fast mover
Mar 3, 2013 - 7:08pm

@JakeBlues

24,159oz x $29/oz = $700k

drop...in...bucket

napa698
Mar 3, 2013 - 7:10pm

Mr Fix

Happy Birthday.Enjoy the day with your family and keep posting

SilverSurfers
Mar 3, 2013 - 7:16pm

go figure .....

I have a confidential business plan, undisclosed todate, 200 pages, equations and market analysis up the yang yang, man, for minting for states, proprietary technology, proprietary design, analysis of current minting in view of retail, compatible with current US minting, exactly specifications, patentable, universal in application to the many states, and would be immediately endorsed by this worlds heavy bullion hitters, for retail side lines, or so they promised, and not one nibble from any of the real money states, not one nibble. go figure, to your all amazement, I bring to the table solid engineering experience, with a string of successes, patent law experience, 40 years, and I seriously dont believe anyone ever has or ever will best my success rate before the patent office, and with a healthy case gold bug fever, making the right moves in bullion over 13 years, so, this should be taken seriously, but not one nibble, not one.

Russia's Polymetal and the US IRS thugs

Posted by Derrick Michael Reid on Sunday, March 15, 2009 10:24:48 AM

Sorry Polymetals,

I sit here in the war room, hunkered down, with the doors bolted and barricaded, locked and loaded, defending my home from government intrusion, and wonder if it is treason, to use international global pressure to defeat the US FED bank, the heart of the global fiat money complex, to return the USA to constitutional money, real and honest money, of gold and silver coinage. I may need a shark to advise me, but I dislike any entanglements with the monopolizing licensed dispute resulution sharks that sit beyond the court bars.

I am thinking of contacting Polymetals, Kraznayarks, Russia, to further Putin's plan to dethrone the US FIAT DOLLAR as the world reserve currency, in my attempt to return the USA to its constitutional gold and silver coinage, doing it, through the back door, so to speak, as the political hacks in DC have no backbone to make such a difficult move.

I am more than capable of setting up a gold and silver mints for producing gold and silver coinage for the US domestic market. I am capable of managing the development of new production capabilities, developing new technology by high tech US tooling companies that can be employed for the production of small gold silver items with improved cost-effective custom production methods. Polymetals, located in Kraznayark Siberia and Habarosk in Primorski in the Far East, may just want to engage me in assisting them in setting up custom minting operations there, using US technology for the sale of gold, silver, platinum, and palladium small items for retail sales throughout Russia and the EU, South America, Central Asia, and Southeast Asia. This business would be ripe for the billion dollar oligarchs to multiply gains and wealth. The idea is to put bullion coinage in the hands of the folks, in case the world goes to bullion backed currencies by UN treaty.

Russia, China, as well as the USA, must plan for the inevitable currency turmoil that lies directly ahead of us all. We as a global community have not seen the worse of it, and it is going to get much much worse, making the 1930s style depression look like a cake walk. Putin was in Dovas Switzerland recently, and he is correct, the world must dump the US fiat dollar as a reserve currency, and get all countries on equal fair footing, with honest money, and the only way that happens is by UN treaty outlawing fiat money use, as global community returns to real honest gold and silver money, and here, the USA, Russia and China have very good gold and silver mine production, for that to happen, and it will happen, in time.

If the USA will not lead the way, by hanging on to its global enslavement and power projections using FIAT money, I could help Russia or China, expand their mint capacity with updated modern minting equipment. For example, I could help Polymetals get into minting, on a massive global scale, so as to put bullion in the hands of the folks for profit with a standard honest medium of exchange world wide. I can help extent Russia's bullion business into the cash markets around the world, by setting up Russian owned mints, replicating modern USA tooling and equipment, strategically located in Russia around the globe in five strategically targeted locations, including the EU, South America, Middle East, Central Asia, and Southeast Asia.

What I would propose, is a standard modular transportable high capacity mint production line design, that is readily expandable in quantity, that takes refined large bullion bars, comex acceptable for example, and produces small items using novel automated production processes for sale to the people en mass, and these production lines can be set up anywhere by anyone in any amount, as desired. This would be like Stalin's mass movement of Russia arms production plants to the Urals as the Nazies advanced on Moscow, except modernly, it’s the US FIAT money encroachment into every FOREX reserve account of every major central bank in the world, and hence, the strangle hold, and enslavement. As such, if the USA retains its fiat money, and retains its FIAT status as the world reserve currency, enslaving the world with it and by it, I could assist Polymetals in setting up Russian private mints, for example, three in Russia, such as, St Petersburg, Kraznayarks, Habarosk, and five outside of Russia, South America, EU, Central Asia, Middle East, and Southeast Asia, so as to provide good global coverage in these markets. I could do this for the USA, China, and Russia, and any major player as part of a UN perfected plan to put all nations on an equal monetary footing.

In the out years to come, war and fiat money will be eventually replaced by THE TRADE WARS and REAL HONEST MONEY, gold and silver coinage, where the UN, by international treaty, outlaws fiat money world wide, so that all nations trade fairly as between all nations. You just cant cheat a real gold or silver coin, that has no liability, no counter party risk, and can not just be printed and inflated. My concern is that Treasury or IRS will throw my butt in jail for treason. I think I will stay hunkered down, (for the time being), I have a wife and two kids to feed.

Sorry World. Sorry Polymetals.
Derrick Michael Reid


======

Ag at critical support, 28.50ish, 28.57 low, weekly close 28.58, and just retested support at 28.60 ... O.O

DONT YOU EYE BALL ME MAYO .....

Mudsharkbytes
Mar 3, 2013 - 7:19pm

illogical

It was postulated earlier in this thread that if the GS ratio ever dropped below 20 you wouldn't be able to swap your silver for doodly because everybody else would be trying to do the same thing.

I disagree. If the GS ratio drops that far, then the reason HAS to be silver has experienced some sort of breakout and in all likelihood investors are chasing it.

In my opinion, if the ratio ever drops that low, you'll have dealers falling over each other trying to outdo each other to offer you the best possible gold swap for your silver because silver'll be in uber short supply.

¤
Mar 3, 2013 - 7:34pm

Nothing to see here

Just saw the following headline on AOL...

Mild Quake Rocks Pope Emeritus' Home

First it was lightning, now a small rumbler. If a insect-like plague or meteorite crashes in Rome soon I'm officially concerned.

Bollocks
Mar 3, 2013 - 7:42pm

Silver Shortage. Nah.

Once again, the UK's largest bullion seller is out of all of the most popular silver coins:

Maples
Eagles
Philharmonics
Brittanias

and Antelopes

Well, nobody should be buying as it's obvious from the declining spot price that there's no interest in silver. No interest at all.

Zilch. Nada. Neiner-Weiner.

Move along.

https://www.bullionbypost.co.uk/silver-coins/



Mar 3, 2013 - 7:45pm

WOW, ZH is absolutely

WOW, ZH is absolutely crushing it this weekend!

Read this now for more info on the brutal JPM:

https://www.zerohedge.com/news/2013-03-03/did-jpms-cio-intentionally-and...

ReachWest
Mar 3, 2013 - 7:50pm

Santa Sunday

Jim Sinclair's latest missive is banging the drum to ensure PM holders do not capitulate and sell their bullion in the upcoming period of volatility that he is anticipating.

Jim is an anchor - but I really have trouble sometimes understanding some of what he says...

Santa wrote:
There is a writer made famous in the gold community in their rare ability to feel the pain of another who wrote a now famous article while un-free titled, "Gold $5000." He is now scaring his benefactors by calling for gold to return to a very long term uptrend line at lower prices. Should that occur, he is willing to sell you his system as a computer program for $20,000,000 US dollars. Knowingly or not, he is a tool of the Gold Bank’s banks to create unprecedented volatility in the gold price. Join my Comet New Normal Gold Resistance Movement, a true non violent but armed militia. This is the way to protect yourself and thereby get to the other side still holding the preeminent currency.

Who is this writer that Santa refers to? And what is this $20Million computer program? And - is the word "another" a veiled reference to that person that FOA and FOFOA are so obsessed with? This part has me scratching my head.

Sounds like those of us that are long-term stackers get to join Jim's Comet Gold Resistance Movement - complete with signed certificates from Jim - cool.

jolidacrown ReachWest
Mar 3, 2013 - 7:57pm
HappyNow
Mar 3, 2013 - 8:00pm

ReachWest

It sounds like Martin Armstrong that Santa is referring to in that article. Martin used to be on Santa's good guy list when he was right about gold going up. Not so much on the list since talking about gold going down (and being pretty right about it as far as predictions go). Do a little googling on Martin to understand the $20 million software, etc etc.

To the folks talking about silver supply and demand. The law of supply and demand is working just fine for silver. The futures price is being manipulated to be sure but supply and demand have nothing to do with it right now and have not had for at least the past 2 years.

twippers
Mar 3, 2013 - 8:00pm

Trader Dan on pigitha

Teader Dan's thoughts don't portend we'll for gold and silver in the near term

https://traderdannorcini.blogspot.ca/2013/03/strong-weekly-close-for-us-...

Bollocks
Mar 3, 2013 - 8:43pm

Via Chris Duane

Our Money Is A Joke

Video unavailable
johnnydow
Mar 3, 2013 - 8:59pm

Hey TF, ZH hasnt crushed

"LMAO. Close to what I've been thinking.

Precious metals needs to purge itself of its cult disease before any next (elliot) wave can begin. Silver needs to crash below very strong support just enough to spark that panic that will trigger a final selloff. The pump&dump guru cult leaders need to recede back into the shadows and move on to their next gimmick, and all this doomsday stack-tard propaganda needs to die off. Some peace and quiet, room to breath. And then finally..rally."

¤
Mar 3, 2013 - 9:00pm

ReachWest

I'm pretty sure you're right about Santa's reference to 'another' is the one and same at FOFOA. I think JS has mentioned something about FOFOA previously but in his typical veiled reference way.

Regardless of anyone's views on FOFOA one way or another it does lend itself to a certain element of intrigue that for whatever reason at this point also has Jim Sinclair's attention to the point he is speaking of it openly if not vaguely. I have no problem with FOFOA nor should I and it's like anything else, if it gets overbearing and is forced on you then it's resisted. Otherwise, whatever Santa deems important or interesting enough to mention is good enough for me. At this point I'm pretty sure Santa is speaking about Armstrong in terms that are stronger and more obvious then 'another'.

It goes without saying that at this point that JS and some others have put themselves out there with their calls for Marches end of the month 'event' and maybe for good reason. A big player like JS knows so much more then we can even realize right now. Large powerful forces are at work in multi-billion or potential trillion dollar deals everyday that effect many things that hang in the balance and remain in the cross-hairs of those who have the juice to effect that balance.

No matter what's going on, it's starting to get really exciting and the only thing that could make it any better (besides $55K gold/ $1K silver) is an anonymous person of international intrigue with a thick German or Russian accent or maybe even a Chinese one.

¤
Mar 3, 2013 - 9:07pm

johnnydow

Are you posting from solitary confinement somewhere?

ReachWest
Mar 3, 2013 - 9:11pm

johnnydow

johnnydow seems to like popping in to Turdville on Sunday evenings. Maybe that's when he gets his computer access privileges.

Texas Sandman
Mar 3, 2013 - 9:15pm

Likely we've turned

Just gut feel at this point based on the way SI is reacting to overbought conditions. Will wait til I get a 1-2-3 in my favorite MACD, but if we close anywhere near where we are now, it's in the bag. As of Friday close, it was close & moving the right way, but no cigar.

Finally, I note turd has started sounding bearish, talking about a potential crush to 26. That's bullish.

Silver Danny
Mar 3, 2013 - 9:19pm

Some Gold Thoughts

Jim,

Gold is much more well behaved and has made consistent new highs per this log chart since 2003 before QE or any of these politics. So, it says within 2 months we will be at new all time highs and 3000 plus in 2014.

The pattern of numeric lows has deviated slightly and this is worth noting, however, numbers that have worked for a decade should be respected no doubt.

We will wait and see,
CIGA Duncan

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Key Economic Events Week of 3/18

3/19 10:00 ET Factory Orders (Jan)
3/20 2:00 ET FOMC Fedlines
3/20 2:30 ET CGP presser
3/21 8:30 ET Philly Fed
3/22 9:45 ET Markit PMIs
3/22 10:00 ET Existing Home Sales
3/22 10:00 ET Wholesale Inventories (Jan)

Key Economic Events Week of 3/11

3/11 8:30 ET Retail Sales (Jan)
3/11 10:00 ET Business Inventories (Dec)
3/12 8:30 ET CPI (Feb)
3/13 8:30 ET Durable Goods (Jan)
3/13 8:30 ET PPI (Feb)
3/14 8:30 ET Import Prices (Feb)
3/14 10:00 ET New Home Sales (Jan)
3/15 8:30 ET Empire State Manu Index
3/15 9:15 ET Cap. Util. & Ind. Prod.

Key Economic Events Week of 3/4

3/5 9:45 ET Markit and ISM services PMIs
3/5 10:00 ET New home sales (Dec)
3/6 8:30 ET Trade Balance (Dec)
3/7 8:30 ET Productivity and Unit Labor Costs
3/8 8:30 ET BLSBS
3/8 8:30 ET Housing starts (Jan)

randomness