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 $28.60 overnight after successfully raiding price at about 2:00 am NY time. Stops were triggered and price fell all the way to near $28.20 before recovering and I have $28.62 as I type. Clearly, this recovery needs to hold. At a minimum, silver needs to stay above $28.40 because if it falls again and The Bad Guys are able to take out the March 1 lows of $27.92, we'll then see a drop all the way to the bottom of its 18-month range, near $27. 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 $3.xx gas to affordably get to and fro. We watched crude roll over at $98 back in February. When $96 was broken, we looked for $93 and then $89 and it all came to fruition. Now on the way back UP, we've surpassed $93 and have our sites on $96 again. If crude can one again best $96, it will then move on to challenge $98-100 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 $100+ 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 ()


Code The Plumber FriedEggs
Mar 28, 2013 - 10:13am

@FriedEggs Gold and silver will always be valuable

Gold and silver will always be valuable simply because chicks dig it.

Anonymity will always be valuable because guys dig it.

Civilization could crumble and there would be two phases. Man get food (or trade some of yours for gold), and Man get Woman (or whatever it takes to get gold). That is why PMs have value. The rest about industry, supply, demand, economy, it is all modern fluff. The first two statements above are connected because guys don't want everyone knowing to which girls they're giving gold. Sex and food are the only two foundational commodities. The rest are derivative, including the trinkets of silver and gold.

For the record though, BC value is already supplied a value floor by the cost of electricity and processing. THAT is how much it costs to dig out of the ground.

In terms of "manipulate, pervert, contaminate"... math is math. If the math is sound it should be eternally sound.

Mar 28, 2013 - 10:20am

Up is down, left is right

... and debt is good for you.

GDP misses

Jobless claims miss

PMI tumbles

Madoff says banks were in on his ponzi

Stocks are up

Euro bank stocks up

metals down

Keynesianism needs to die a painful death so nobody will ever be tempted to go down this road ever again. Weimar, Zimbabwe, Argentina all get explained away as anomalies by Krugman and his prostituted think-tank so Bernanke, Draghi, and Abe can keep printing with political idiots believing that the printing press will create prosperity. This system needs to die, ingloriously, Keynesians shamed forever, academics ridiculing them in the textbooks. Until it does, the puppet bankers are in control with shady psychopaths safely giving orders from their posh accommodations while the rest of us are debt slaves.

Keep stacking, check out, keep your head low. Sites like this are the front lines of the propaganda war. If they cannot discredit us, cannot disrupt us with paid trolls, and cannot shut us down with hack-attacks, we still have a chance. We must maintain our integrity and credibility as a web-community so when "seekers" stumble into it, they stick around and learn, one by one.

All y'all knew all this already... I better stop ranting and go do some work.

Mar 28, 2013 - 10:25am

Relentless Little Bastards !

They're going to pound the PMs .... all day long .... while this Cyprus crap (turd) .... is going on .... oh, well .... I'm fully invested .... it's Bernanke who sleeps on a cot in the Gold Suppression War Room .... and get's shaken awake at 3 AM .... when the Cypriot ATMs open .... and at least I got personality .... and am not a boring Canadian looking for a national identity character profile .... nor a Brit Twit .... looking for a dictionary ! Any similarity with fellow posters is intentional and mean spirited ! LOL Monedas 1929 Comedy Jihad If You Can't Laugh At Yourself I'll Be More Than Happy To Do It For You World Tour

Mar 28, 2013 - 10:29am

(No subject)

"Waarom moest iedereen plots opdraaien voor de schulden van de banken?"


Mar 28, 2013 - 10:30am
Mar 28, 2013 - 10:52am

regarding bitcoin

.... about which I am still agnostic (except for aforementioned special-purpose use), highly skeptical, but open-minded, here's an interesting blog:


Mar 28, 2013 - 10:55am

So now letting bankers rob you is the "mature" thing...?

Banks in Cyprus have reopened after a two-week closure amid EU-IMF bailout talks, with orderly queues for cash and strict limits on daily withdrawals.

Branches were replenished with cash overnight and police were deployed amid fears of a run on the banks.

Some queues did form but the mood was calm, and the country's president thanked Cypriots for their "maturity".

The restrictions on the free movement of capital represent a profound breach of an EU principle, correspondents say.

However, the European Commission on Thursday justified the move, saying the "stability of financial markets and the banking system in Cyprus constitutes a matter of overriding public interest".


Mar 28, 2013 - 10:55am

US Govt Policy Decisions / Federal Reserve Seeking More Say

That's just my opinion and some would say they have been doing so for a very long time but imho they will do so in a much more blatant manner that gets no pushback from your current elected lawmakers and representatives in DC. A do nothing Congress might only be too happy to cede some of that policy decision law making ability if QE and the direct monetization of the US becomes the new long term normal. It's already well underway. ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ The Economic Outlook and the Role of Monetary Policy

March 25, 2013

William C. Dudley, President and Chief Executive Officer

Remarks at the Economic Club of New York, New York City As prepared for delivery

See the slides Dudley prepared for this speech.

"It is a pleasure to have the opportunity to speak to the Economic Club of New York again.1 Today, I will focus on the economic outlook and the role of monetary policy. I will argue that the fundamentals underpinning the U.S. economy are improving and monetary policy is gaining additional traction. But this may not immediately lead to stronger growth because of the recent increase in fiscal restraint. As a result, I expect that labor market conditions will improve only slowly and that inflation will remain muted. Consequently, it will be appropriate for monetary policy to remain very accommodative. As always, my views are my own and may not necessarily reflect those of the Federal Open Market Committee (FOMC) or the Federal Reserve System.

Economic Outlook: Tug of War Between Improving Fundamentals and Fiscal Restraint The U.S. economy remains on the slow growth track that has persisted since the recession ended in mid-2009. In fact, in 2012 real GDP grew just 1.6 percent, below the 2.2 percent rate of the preceding two years. This lackluster and disappointing performance masks the fact that the underlying conditions that support growth are gradually improving. However, in the near-term, this improvement in fundamentals is being offset by increased fiscal drag.

Let's first examine the fundamentals, which have improved in at least six ways. First, household deleveraging is now well advanced. Household debt has declined significantly relative to income (Exhibit 1). In the same vein, the household financial obligations ratio has fallen to levels last seen in the early 1980s (Exhibit 2).2

Second, the structural adjustment in housing has largely run its course. Activity and prices are firming, supported by low interest rates. Over the past four quarters, housing starts rose by 33 percent, existing home sales climbed by 12 percent (Exhibit 3), and home prices, as measured by the CoreLogic national home price index, were up over 7 percent (Exhibit 4). Although the pace of recovery varies regionally, the U.S. housing sector as a whole is now clearly rebounding.

I see the recovery in home prices as particularly important. Houses are a significant component of household wealth. In addition, as home prices begin to rise we are likely to see more transactions and more building activity. Moreover, rising house prices are likely to encourage a further loosening of credit and appraisal standards that remain unduly tight.

Third, the international economic outlook has improved somewhat. Global financial market strains relating to concerns about the euro-area have receded since last summer, though recent developments in Cyprus highlight the challenges that remain. Chinese growth appears to be climbing after a slowdown in 2012 and Japan is making renewed efforts to grow faster and exit from a long period of deflation.

Fourth, U.S. corporate profits relative to national income are at an all-time record (Exhibit 5) and cash balances are very high. As uncertainty recedes and the outlook improves, I expect business will increasingly shift towards real investment from mainly buying back shares and hoarding cash.

Fifth, the U.S. is in the middle of an energy revolution marked by a steady rise in oil and natural gas production (Exhibit 6). Just as significant, the sharp fall in natural gas prices in the U.S. has created a huge impetus to investment in energy-intensive manufacturing, such as in petrochemicals. Because the lead times on such investment are long, this impulse will likely persist for many years.

Sixth, financial conditions have become increasingly accommodative, as monetary easing has passed through to a broad range of financial asset prices. Credit spreads have narrowed and the U.S. equity market has risen sharply (Exhibit 7). The price and availability of some types of consumer loans, notably auto loans, has also improved.

So why isn't the U.S. economy growing more quickly? The fact that fiscal policy has turned significantly more restrictive is the most important reason. The impulse from state and local governments that subtracted from growth earlier in the recovery has gone from negative to close to neutral. But this has been overwhelmed by the sharp shift in federal fiscal policy from mild restraint in 2012 to much greater restraint in 2013 (Exhibit 8). The increase in payroll tax rates, the rise in high income tax rates, the increase in taxes associated with the Affordable Care Act, and now the sequester—if sustained—will result in fiscal drag of about 1 3/4 percentage points of GDP in 2013.3

I view this as an unfortunate outcome. While the U.S. must put its public finances on a sustainable footing, this should be done in a manner that best achieves both our near-term and long-term objectives. In my opinion, a U.S. fiscal policy well-suited for the current set of circumstances would start with a very mild degree of restraint in the near-term that would credibly build to substantial consolidation over the next several decades. Of course, it is for Congress to judge what combination of tax increases and spending cuts should be undertaken to achieve this. Nevertheless, the aging of our population and simple math suggest that entitlement reform would need to be part of........."

See the slides Dudley prepared for this speech.

"The FOMC is committed to the dual objectives of maximum sustainable employment in the context of price stability. Currently we are falling well short of our employment objective and the restrictive stance of federal fiscal policy is a factor. On inflation, we are also falling short, but by a considerably smaller margin. As a consequence, we need to keep monetary policy very accommodative.

I do not claim that there are no costs or risks associated with our unconventional monetary policy regime. But I see greater cost and risk in moving prematurely to a policy setting that might not prove sufficiently accommodative to ensure a sustainable, strengthening recovery. I remain confident that the benefits of a stronger and earlier economic recovery will trump the costs associated with our unconventional monetary policy measures."


Mar 28, 2013 - 10:57am

Canadian Bail in provision 2013 budget

Seems we have too big to fail banks and at risk depositors in Canada.

And Canadians, who think they are immune from theft of funds from their private saving accounts, might want to get their head out the sand and read a little.

Smug bank analysts this also means you.

Canadian 2013 budget has provision for bail-ins like in Cyprus.


Provision In Canadian 2013 Budget For Bail-in’s

This is scary but not terribly surprising…

The official 2013 Canadian budget contains an explicit provision that Canada will pursue the bail-in model for systemically important banks for future bank failures!


From Plan 2013 Page 144: (pg 154 of pdf)
“The Government also recognizes the need to manage the risks associated with systemically important banks-those banks whose distress or failure could cause a disruption to the financial system and, in turn, negative impacts on the economy. This requires strong prudential oversight and a robust set of options for resolving these institutions without the use of taxpayer funds, in the unlikely event that one becomes non-viable.”

Mar 28, 2013 - 11:00am


Amazing to me are the reports of lines not only to take out cash - but also to make deposits. *bangs head against wall*

Mar 28, 2013 - 11:02am

Groaner - Right On!

Your reply to my yesterday's post was SPOT ON. Yes...we (the entire metals blogosphere) seem to be at a point where we all "know somebody who knows somebody" who in the end, knows very little. That includes the trolls, bugs, and experts. And then there are those who think they can chart themselves out of this mess of a planet.

Now I made a big mistake in 2011 concerning Sinclair's miss on 1650 (he only missed by a few weeks), and it has really makes me rethink when to call "You were wrong, weren't you?" However, the biggest nagging doubt/fear in my head is that a month from now, I will have to add Santa to the list of people "who know somebody who knows somebody".

And if that is the reality we are stuck with, the final awful answer will be that the only people truly "in the know" will be the central bankers and their TBTJ bankster minions. They will call the shots and dictate our future...until they can't.

Only objective response - keep stacking (food, fuel, gold, silver, lead). And soon I may add to that list, "Stay off of the blogs."

Mar 28, 2013 - 11:10am

(No subject)

Mar 28, 2013 - 11:15am

Stunning, if

Stunning, if true.aren Hudes, J.D., maintains the Law Offices of Karen Hudes in Washington, D.C. She served as Senior Counsel for the World Bank for 21 years and maintains a web site at www.kahudes.net.


Mar 28, 2013 - 11:17am

I'm getting very nervous

About what might happen after the fix.

Be cautious.

Am beginning a new post to detail this right now.

Mar 28, 2013 - 11:18am

Dr Ron Paul

The reason we are in the ME, is because the US spent 8T$ to civilize this world, to open up free trade sea lanes about the globe, exploits ME oil to support the world economy, and the political correctness gang are a-paul-ed at uneducated women and beheadings.

Yet the US did not allow Women to vote for its first 100 years.

Yet the US would hang a thief in public for its first 100 years.

And this century, they were in NY, and the US is in Afganhistan.

We are not so different, really, as the duality of man exists in all of us. Democracy is a "learned cultured". The ME guys are just behind the civility learning curve, and the US is there to lend them a helping hand, weather they like it or not.



A truck load of Euro's? really. Sound likes an Iraqi truck convoy, moving to syria, when the US went in.


Inflation is supposedly contain in the US, because the printed dollars are flowing over sea, repairing balance sheets, and being hoarded by corporations/banks in uncertain times.

Instead of a BANK HOLIDAY, have a DIVIDEND HOLIDAY, issue a huge tax on Corporate Balance sheets for cash on hand (yes its confiscation, but give them 90 days for the surprise tax to take effect), and have a neutral NO TAX on dividends or capital gains, under 100K per person. You will immediately move money from Corporations to shareholders. Talk about a wealth affect!!! in so doing, velocity picks up, and corporations fullfill their fiduciary obligation to return profits to the shareholders.

Im sorry, but Santa/KWN scaring banks, through MSM MOPE, to increase the velocity, using Cyrpus' deposit confiscation, on it surface, is, well, HOGWASH milking the press.

Mar 28, 2013 - 11:27am

Well Monedas

Your not a Brit, your not a Canuck, but are you a moneyed ass insertnationalityhere?

And where is the mano festo the publisher wand the advance back.

Identity searching fog engulfed hoser's want to know:0)

edit ouch! look out below!

ps. I know you meanspirited on the outside but deep down,

Ur a softy, jus look at the puppy pic, can nay fool this fool.

Mantis TF
Mar 28, 2013 - 11:29am

Early warning

The race for first spot begins. Now to go to the home page and keep hitting page refresh :D

Mar 28, 2013 - 11:30am

Getting nervous.

Well is not that their intent? To stampede the bulls.

point well taken, we are not seeing smack downs, but a modest roll over, indicating retreating bulls, and not dumpster naked shorts.

Turd is just screwing with us, keeping everyone online, at the switch, for a new post, to be fiurd, secontrud, and thrud, for some excitement, is this slow market action.


next post. You bet, we got Turd wired. LOL!!!!

Mar 28, 2013 - 11:32am

Hot Links - get Your Hot Links

Since everyone here also seems to go to ZH, (Then posts the links here), I thought I'd post a couple pithy comments from there.....


What blows me away is how 90% of the people have no clue about the evil men behind the curtain.

We got 1% at the top who are behind the curtain.

We got 9% who see and know about it and are preparing.

The rest are completely clueless.

Sound about right?


Well, let's not get carried away, 90% of people are clueless about any single given subject/reality in this life/world.


Mar 28, 2013 - 11:43am

Oil at elevated numbers fuels

Oil at elevated numbers fuels the au somewhat. Just have to wait and see I guess.

Mar 28, 2013 - 11:54am

trader dan's buddy Garrett

How long this confidence game can go on is subject to debate. To my knowledge, there is no real clear answer until there are indications confidence is lost and the bond market is in a defined bear trend. Until then, we wait.


Mar 28, 2013 - 12:16pm

The Mob is going after the silver, the silver.. their enemy..

Just making a sale for the East to buy at bargain prices.

Mar 28, 2013 - 12:38pm

Sub Oceana

@ 28.30 and 1595, GSR is 56.3, nearing 6 month highs.

Gold leading. Just now, there are 0 days below 1600 and 28.57.

We are on the edge, gold holding up silver, but treading water ....

beating the tom tom, boom boom, keeping the beat going ...

until 3 days under water, we are still treading water, hope we dont go suboceanana.

Tom Tom Club - Suboceana

For those not awares at the time, in 1979-83, when MTV and the music vid when global, it was another wonderful switch in the music industry. The musical golden years, 1957ish to 1995ish, the different styles coming out, bang bang, chi boom boom.

Mar 28, 2013 - 1:26pm

Bobbing For Turds In The Toilet Bowl !

Foggybottom, I can't fool you .... nor anyone .... when is this friggin volcano gonna blow .... I would like to see them bomb North Korea .... just to break the monotony .... something happen soon .... please .... this suppression of the gold price .... is driving me crazy .... all I want to do is to sell just one little Maple Leaf .... is that asking too much .... does Bernanke have to stand all creation on it's head .... just to deny me a little pleasure .... meanwhile, I'll just have to continue my Karankawa Kamakazi rant .... striking out and hurting anyone who gets in my way ! Aaaaaaarrrrggggghhhh ! Monedas 1929 Comedy Jihad Am I The Only One Who's Feeling A Little Bitchy World Tour

DayStar Doctor J
Mar 29, 2013 - 7:17am


Dr. Jerome, all paper assets valued in dollars will assume room temperature with a value of zero. Don't expect GDX to either be valuable or be available in the far term when you would expect to use it. Just be glad you are now in a safer place and don't count on that GDX stock ever doing you any good, SS shares or not. They are going to blow up the system and turn off the lights. No paper asset will be of value, because it will be in a burned out computer system with no power in a banking system that no longer functions.



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