New Highs Today

418
Fri, Apr 5, 2013 - 10:36am

No, not in gold or silver, of course. Nope, today saw a new high in the LSHI!

Of course, longtime Turdites know what the LSHI is but, if you need a refresher, you can find the definition on the Turdisms page. https://www.tfmetalsreport.com/glossary

Oh boy that was fun. Joe Kernen throws it to "Hampton Pearson at the Labor Department" and ole Hampton proceeds to drop a bomb on the Fort Lee crowd that left them speechless. He might as well have blasted some 14-megaton flatulence the way the room went silent in shock! The Shill looked like a deer in the headlights. Austen Goonsby went into SPIN overdrive and, of course, LIESman began to sweat profusely.

What does it all mean? The U.S. economy sucks and it ain't getting any better. Period. End of story.

And please, please, please...DO NOT BUY THIS GARBAGE ABOUT QE∞ ENDING. It can't and it won't.

And recall....and I say this with 100% certainty because I heard it with my own two ears...The Bernank said that:

  1. He might look at "slowing the asset purchases" when unemployment falls to 6.5%.
  2. He doesn't expect 6.5% unemployment until mid-2015, at the earliest.

And, regardless, it doesn't matter. QE∞ isn't about growth or jobs or anything economic. It's about providing a constant bid in the bond market so that rates stay at 2% or lower. Again...Period. End of story.

I could go into the specifics of the lousy data but why? You've probably read about it elsewhere and if you haven't, I can just give you this link. It pretty much tells you all you need to know: https://www.zerohedge.com/news/2013-04-05/people-not-labor-force-soar-663000-90-million-labor-force-participation-rate-1979-le

So let's turn the discussion back to gold and silver. That they haven't exploded higher today is due to several factors, one that I'll show you below. Primarily, though, sentiment is lousy and momentum is all to the short side. Therefore, it's very difficult to turn things around in one day. IT WILL TURN. AND SOON. But it's always going to be unlikely that such a major shift can occur in one day. So, we wait. And we continue to buy at these deeply-discounted prices. And we add to our stacks.

Now check this out. This is outrageous! When the headlines hit at 8:30 EDT, gold prices immediately jumped as new orders hit and a few buy-stops were triggered. Then, while we were still between 8:30 and 8:31, gold sharply reversed and fell back by $14! There is only one way for this to have happened so quickly: A huge sell order was placed above the market BEFORE the news with the intent of capping any surprise rally and blunting the momentum. If you ever wanted direct evidence that the metals are manipulated and managed, there you have it. And sadly, it worked. Halting the rally at 1575 emboldened the shorts to drive it back down and now, as I type, gold is still just $1565 and silver is up a measly 19¢ and barely over $27.

So, here we sit. The metals should be screaming higher but there not. So what else is new? They should have been screaming higher since October. And though we've bounced a bit today, we are clearly still not out of the woods for a drop below $1525 and $26. Today's action helps and I suppose that The Washout is slightly less likely today than it was yesterday. But we must remain guarded and on the lookout.

The first thing gold needs to do is to hold these gains and close today back above $1560. It then needs to stay above $1560 next week. Still, though, it would be foolish to "call a bottom" before gold gets back above $1625. Silver, too. As you can see on the chart below, every time this year it has had a chance to form a bottom, it has failed. Now our first target is $28. Don't even think about getting excited/optimistic until that level is regained and, frankly, don't get confident that a bottom is in until price is back above $29.40. That's a long way from $27.

Anyway, the moral of the story remains the same: Just stay patient and keep adding to your stack. You are on the right side of this. The end of the Great Keynesian Experiment continues to unfold right before our eyes. Do not lose courage or be swayed by the day-to-day machinations of the Cartel-controlled "markets". They don't matter. All that matters is that you continue to add to your financial protection by the accumulation of physical precious metal. One more time...Period. End of story.

TF

About the Author

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

  418 Comments

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SilverSurfers
Apr 5, 2013 - 9:35pm

Concerned

I see on TV ads for gold plated coins, but this concerns me.

Face and back images are oriented same (eagle and head up, authentic are opposite) and 2000 date slightly smaller in size than authentic ASE date. Fake coin is minimally thicker and minimally smaller in diameter. Non magnetic also.

In reading eagle and head up, i take it to mean eagle and liberty heads are both pointing up, which is obvious to spot (no pun) and goes to fraud on TV. plated coinage or even obvious fakes, should not even be allowed, as encouraging fraud. Oh I forgot, gov is more concerned about printing counterfeits than stopping commercial fraud of counterfeits. This is so so messed up.

https://www.golddealer.com/ shows front and back with heads aligned.

not paying attention, but AGE silver has eagle and liberty heads up, so the average joe would have no clue?? messed up, I tell you

every silver coin is in a green box, sealed, probably safe, but ....

Byzantium
Apr 5, 2013 - 9:31pm

Not an all time high in Yen

@ XTY,

there were nearly 300 yen to the dollar in 1980.

The All time high yen price was around 250,000 yen per ounce, in 1980.

Holders of Yen from that time saw astonishing appreciation in their currencies since then. For decades, it did what we hope gold will now do.

Dyna mo hum
Apr 5, 2013 - 9:30pm
Apr 5, 2013 - 9:28pm

re all time high in Yen

the way of the future:

Close enough for horse shoes. I say the Euro goes before the USD, but those jaws will close. The takedown is over in Yen, sure looks like.

The Watchman
Apr 5, 2013 - 9:20pm
Bugzy
Apr 5, 2013 - 9:14pm

So,,,,,,,

Without the "take down" earlier this week, Gold would have made an all time high in Yen today. Not bad for a tradition/barbaric relic.

I think re Korea, I have info overload with everything else and second guessing multiple other scenarios.

tyberious
Apr 5, 2013 - 9:02pm

Ben Stein

Thought he was a annoying in the 80s, thought was as a prick in the 90s, thought he was dead in Ots, so now hes an annoying, walking dead, prick!

Karankawa
Apr 5, 2013 - 8:59pm

Fatty Rolls ...

I have never heard the term and I've been watching the market since the late 90's. Watching has always left me wondering why different years of ASE's commanded different prices. I always just 'assumed' it was a function of how many were minted.

But check out the prices on APMEX for the 2005 boxes.

Thank you wouldyoubelive!

Karankawa

Edit:

Link: https://www.apmex.com/Category/1206/Silver_American_Eagles_Sealed_Monste...

Southern Cross
Apr 5, 2013 - 8:48pm

@DPH

Thanks. Your IQ must be off the charts. The comments are filled with deep incite. Have you considered being a moderator, having your own site, or being a paid contributor on a site. I think you easily could. I try to read all the comments you post. Thanks again.

Southern Cross
Apr 5, 2013 - 8:45pm

Food For A Crisis

Last week we traveled to the local LDS (Ladder Day Saints) Home Storage Center 4 times to pickup canning supplies and dehydrated food. Wheat, oats, carrots, rice, apples, milk, sugar, flour, pasta, potato, onions, and three types of beans. I am not a LDS. Non church members are welcome. To find one near you use the link below to scroll, point, and click. Canning is dry canning using #10 cans and lids sealed with a press loaned for free. Highly recommend to everyone doing this. Mylar pouches can also be used and the supplies is available through the same centers. The pouches keep the dehydrated food safe and fresh just as long. The only draw back to the pouch is if rodents eat through the pouch. We went with #10 cans. Cans cost about $1.00 for materials and pouches cost about .50 cents per pouch. The food is an additional cost depending on what you want. Pouches hold a quart of so more than a can. The apples and carrots are so delicious we ate them for a snack.

https://providentliving.org/self-reliance/food-storage/home-storage-center-locations-map?lang=eng

The food is highest quality and lowest price. The people are very helpful. I strongly disagree with LDS doctrine, but am thankful for all their help. Our Home Storage Center loans out the can sealers and mylar sealers for free. The shelf life of the food we bought is 30 years. I can't stress enough to everyone the importance of being ready with food. Gold and silver are wealth storage, but the body has to be fed. Does anyone want out of necessity to venture out to find food when events unfold?

To view the order forms including prices used by LDS Home Storage Centers use the link below and scoll to the bottom of page. Click the appropriate form version.

https://providentliving.org/self-reliance/food-storage/home-storage-center-order-form?lang=eng

Most of you know how much better you feel about having stored wealth. Food storage brings the same feeling of secure independence.

As for costs. I checked sites. LDS Home Storage Center is lowest. Costco is second. LDS for 2 adults and 3 teens worked out to under $3000.00 for one year with generous portions. Costco came in at $5,000.00 with adequate portions. Other sites run as high as $25,000 for one year for my family. Much depends upon how prepared the food comes. We bought a hand grinding mill. The wheat can also be sprouted if needed to provide greens. The local Costco has honey on sale right now. We picked up 60 pounds for about $150.00 including tax. I wonder how much this food will cost 30 years from now? Should be a good investment as well as a safety net. Hope everyone considers this. My teens won't eat gold and silver.

Given North Korean propaganda, anyone know best place to buy biohazard suits, masks, and filters. I have never been afraid to die, but living maimed or having a family member maimed would be horrible when a mask or suit would have prevented the injury. Who says our own gov. does not gas us at some point to force us into the streets or off the streets and into FEMA camps. Be wise and prepare.

Have a great weekend everyone.

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