Updated Gold and Silver Charts

Wed, Mar 27, 2013 - 12:47pm

A busy morning combined with another brief outage has left me behind the eight-ball again.

Therefore, here are some charts. Maybe another post later today with extra analysis of all that's going on. One quick thing, though...How is it possible to institute capital controls when your banks are all closed and, it doesn't matter anyway because they don't have any money regardless? https://www.zerohedge.com/news/2013-03-27/cyprus-capital-control-details-revealed

OK, first here's an updated look at gold. After another failed beatdown earlier today, price has rebounded through $1600. This is, of course, good. That said, these daily charts kind of bug me. One thing for certain I don't like: A spike high that is then followed by a rounded, failing double-top. This is rarely a good sign but that's exactly what we have (for the moment) on these charts. Does this imply all hell breaking loose? Of course not and as long as price stays above $1585, all is well. But we must remain cognizant of the risk of a drop back toward the $1550-1560 low of the 18-month range.

The Forces of Darkness were finally able to break silver down through .60 overnight after successfully raiding price at about 2:00 am NY time. Stops were triggered and price fell all the way to near .20 before recovering and I have .62 as I type. Clearly, this recovery needs to hold. At a minimum, silver needs to stay above .40 because if it falls again and The Bad Guys are able to take out the March 1 lows of .92, we'll then see a drop all the way to the bottom of its 18-month range, near . Yikes!

So....how about some good news? Would you like some of that for a change?? On the bright side, I spent some time this morning speaking with our friend, AndyM. He informed me that today saw the largest London allocation of physical gold year-to-date. He also saw an extremely large, tonnage allocation for silver. If you're wondering why price reversed and headed higher today...well, there's your answer. You know, it's odd. It used to be that The Cartel was mainly concerned with long-term management and suppression of price. Recently, though, it seems that they are in a near-panic, managing things not only daily but intra-day. Desperation? Almost certainly. Are we very near the end? Perhaps. All I know is that global physical demand is unrelenting and growing, regardless of the wishes of the BIS and the Bullion Banks. Panic and capitulate if you want but I ain't selling anything.

Further good news emanates from the crude pit. Well...not so good news if you're a consumer who needs .xx gas to affordably get to and fro. We watched crude roll over at back in February. When was broken, we looked for and then and it all came to fruition. Now on the way back UP, we've surpassed and have our sites on again. If crude can one again best , it will then move on to challenge -100 again and, this time, the chances would be very high that it would break through. Why does this matter if you're not trading crude? Because 0+ crude will definitely be supportive of higher metals prices. No doubt about it.

One last thing, I want very badly to begin getting interested in the miners here but I just can't quite pull the trigger yet. GOLD, EXK, AUY, TRX and several others all look interesting here but until the HUI gets back above 375 at a minimum, I'm staying on the sidelines.

Finally, a few days ago I received another "care package" from Ron that included all the stuff that has been sent via snail mail to his office in Texas. There were Christmas cards and letters plus an assortment of silver coins and half-dollars. All of this is very much appreciated so I just wanted to thank those who took the time to send everything along. It means a lot.

Have a great rest of your day!


About the Author

turd [at] tfmetalsreport [dot] com ()


Mr. Fix
Mar 27, 2013 - 4:27pm

No, he's still around

He hasn't been deleted or moderated or blocked or anything. Just taking a short break, I believe.

Cry Me A River
Mar 27, 2013 - 4:31pm

Bang The Close!

These Mobsters Are So Predictable!

Mar 27, 2013 - 4:34pm

Since Feb 20th.......Gold/USD

Since Feb 20th, Gold is up from 1555 to 1605.00 USD is up from 80.30 to 83.23.

Gold's relative strength has been very good......all considered.

And God only knows what's really happening in the physical market......


Loud Noises
Mar 27, 2013 - 4:35pm

Junk Silver

About half of my stack is junk silver and its what I consider the "core" of my PM's. Aside from silver content, 90% coins will likely have numismatic value one day. It may be a long time from now, but as something that can hopefully be passed down through generations, it would be virtually inevitable once they have been out of circulation for 100+ years.

The fact that they can be treated as bullion until that happens gives it the edge over generic bullion in my opinion.

But honestly, after seeing the movie "Looper" I have just been having bar lust so bad that I haven't wanted any more 90%.

Mr. Fix
Mar 27, 2013 - 4:41pm


I apologize if you found that offensive, that was not my intention.

I have a mailbox full of unsolicited opinions that say what I just stated.

I only posted it, because I agree with them.

I am not here to win a popularity contest, and I realize that DPH has many friends, and is held in high regard.

That is exactly why what I'm saying has not been stated on Main Street before.

I'm not here to win a popularity contest, but I do offer out-of-the-box analysis on all kinds of things,

why should this be any different?

It's just what I do.

I am probably on a lot of ignore lists by now,

so be it.

Mar 27, 2013 - 4:42pm
Southern Cross
Mar 27, 2013 - 4:43pm


Sad if we lose DPH. He possessed intelligence. His comments and news article posts were worth reading. If you read this DPH, the community benefits from your friendship. Take a look at who received more hat tips in the last 12 months. DPH is one of our All Stars. This is like our all star pitcher had a heart attack the night before the world series.

Each of us face outside pressure, for some almost unbearable pressure and suffering, and we come here to be accepted, vent, gain knowledge, or just share a friendship. DPH is a huge part of our community.

Anyone have DPH's email?

Mar 27, 2013 - 4:44pm

Worth a look, if not already posted

Santelli On The End Of Paper Gold's Reign

Submitted by Tyler Durden on 03/27/2013 15:56 -0400

Central Banks remain aggressive accumulators of the precious metal as we noted last night, as their actions outweigh their words; but as CNBC's Rick Santelli notes today, there is a big difference between the physical bullion they are buying and the 'gold bug' trading currently going on in our markets:


Has interesting charts contrasting the high demand for the PMs v. their low prices.

Cry Me A River
Mar 27, 2013 - 4:46pm
Mar 27, 2013 - 4:48pm

Do I find trying to discredit a fine person

through innuendo offensive? Yes.

Outside the box - outside the pale.

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