A New Week Begins

Mon, Jul 1, 2013 - 11:04am

I'm not going to be around much this week, either, but I thought we should start the week in the usual manner.

That very nice, short-covering rally sure felt good on Friday. Let's see where we go from here. I'd say there's a pretty high likelihood that all those who covered on Friday will soon circle back around and attempt to re-apply their shorts so expect some weakness and volatility early this week. If they don't or if their attempts to restart momentum to the downside are thwarted, you can plainly see where these charts begin to have, at a minimum, a temporary bottom.

Gold would first need to move through $1250 but then any rise through $1300 would be very constructive and give hope to all those looking for a bottom.

Silver has a similar chart. Several attempts to break down through $18.50 have been unsuccessful and now $19.50 is holding as support. The key level to regain, though, looks to be about 20.25-20.50. IF silver can clear and hold there, the chart will begin to look like a capitulative bottom with the next major hurdle being a move back UP through $22.

The major event this week with undoubtedly be the BLSBS on Friday. (Jeez Louise, has it been another month already?) Recall that much "changed" after the BLSBS of early May. https://www.tfmetalsreport.com/blog/4713/it-edward Check out these prices from Friday, May 3rd:

Gold: $1475

Silver: $24

10-year note: 1.6% (Now 2.5% and the avalanche of selling continues: https://www.cnbc.com/id/100852546)

DJIA: 15,000 (apparently the only remaining "safe haven" is U.S. equities)

So, we'll see what this Friday brings. Tungstenman Sachs is already on the record, warning The Muppets that the NFP "may disappoint". https://www.zerohedge.com/news/2013-06-30/goldman-we-think-payrolls-will-likely-disappoint This almost assures a strong, LIESman-pleasing number.

The Egyptian situation bears watching this week. This latest series of headlines would seem to point toward some type of resolution soon. I wonder if this will re-embolden the protesters in Turkey? These from ZeroHedge:


Crude is back to $98 on this news. Again, watch the $100 level very closely. Any sustained move through there will be your clue that events are beginning to spin out of control in the entire MENA (Egypt, Libya, Syria, Iran, Turkey, wherever)

And, finally, our friend Alasdair has written an interesting piece over at GoldMoney. While the supposedly "free" and "market-based" economies employ Keynesianism to its inevitable death, the "authoritarians" follow Von Mises to prosperity and eventual domination. Do we live in interesting times or what? https://www.goldmoney.com/gold-research/alasdair-macleod/russia-and-china-building-their-gold-reserves.html

Again, look for more guest posts and assorted other gems as we roll through the week. Keep the faith and persevere. Though the paper price volatility will continue, your physical metal remains invaluable.


About the Author

turd [at] tfmetalsreport [dot] com ()


Jul 1, 2013 - 11:10am



Jul 1, 2013 - 11:11am

And this is interesting

Ned just sent this over. Tells you a lot.

Jul 1, 2013 - 11:12am


have we turned a corner in pm's?

Jul 1, 2013 - 11:16am


4th, for another top tenner, Yeah baby, the week is starting out great!!

By private email, the proposal away:

Tom Ulrich, In House Counsel, Sprott Global Paul Meehl, CEO Sprott Global Rick Rule, Chief Sprott Global Eric Sprott, Chief Sprott Assets Johh Embry, Strategist Sprott Assets Bill Murphy, Operator LemetropoleCafe Turd Ferguson, Operator TFMetalsReport Chris Powell, Secretary Publicist GATA Tom Ulrich, Sir, Thank you for the polite conversation this morning. Please find herewith the proposal for relay to Mr Meehl, Mr Eric Sprott, and Mr Embry for their review. Please excuse the typographical and grammar errors as it was written without secretarial support. Please find below an email written yesterday for your understanding. Sincerely, Derrick Michael Reid ==== ----- Forwarded Message ----- From: Derrick Michael Reid <w2_5hs_3c_xfers[at]yahoo[dot]com> To: LePatron Lemetropolecafe <midasnh[at]aol[dot]com>; Turd Ferguson <info[at]tfmetalsreport[dot]com> Cc: Chris Powell <CXPowell[at]yahoo[dot]com>; Paul Peelh <pmeehl[at]sprottglobal[dot]com>; John Embry <ir[at]sprott[dot]com>; Eric Sprott <invest[at]sprott[dot]com> Sent: Sunday, June 30, 2013 9:46 AM Subject: Starting take down of JPM @Turd Ferguson Brainwave, yeah, sleeping again, when the big power waves strike the beach head. 1) Monday AM, Murphy, Ferguson, Embry, Powell get attack plan from REID by email. 2) Monday PM, Murphy, Ferguson, Powell contact Embry request EMBRY setup a video interview with REID at Sprott San Clemente, REID sends CEO Mind at Clemente the attack plan. 3) Tueday AM Sprott San Clemente sent car to get REID to Sprott San Clemente Conference Room, with CEO Mind, Bullion Mind, Legal Mind present, with Embry Canada, Eric Sprott Canada, Murphy TX, Powell NZ, and Ferguson OZ, all in video conference, REID gives explanation of attack plan, with CEO Mind, Bullion Mind, Legal Mind, Embry, Sprott, Murphy and Ferguson all asking questions of REID at will, CEO mind makes copies of VIDEO and sent to Embry, Sprott, Murphy, Powell and Ferguson. 4) Tuesday PM, Turd places Video at TFMetalsreport pod cast, Murphy places Video in Midas Column, Sprott Asset places Video on YouTude, all three effectively go global. Powell issue GATA release referencing URL of on line youtube video. If all 6 agree, the starting nucleus is formed. Embry Financier and Team Leader Murphy Service Provider Plaintiff Ferguson Service Provider Plaintiff Powell, GATA Broadcaster Reid of counsel legal team commander Eric Sprott Tertiary Expert. The six members forming a starting nucleus of the dream team, with financing in place, starting the snow flake rolling, for taking down JPM and freeing bullion from manipulation to obtain honest price discovery. Gold shoots up $200/oz, JPM share nose dive 20% within days. REID starts execution of attack plan, two weeks early. cc: Sprott Global, Embry, Sprott and San Clemente CEO Mind, Murphy, Powell, Ferguson by email. https://totalcontrol.blogtownhall.com/2013/06/29/usa_freedom_attack_on_s...

Jul 1, 2013 - 11:17am

And for those of you needing

And for those of you needing a Jackass fix:

Jul 1, 2013 - 11:17am


Waiting at an airport for a canceled flight. Just when everything was looking black. Louie scored a first! Since we are all stacking at reduced prices how about increasing your monthly contribution to the Turd? Egypt will not re- ignite Turkey. The AK Party is in power because the majority of the people support them.

Jul 1, 2013 - 11:17am

We Are the Pea

The political air lies thick and heavy upon us, like the subtropical wedge of atmospheric sludge that has bogged down the northeast USA for weeks of soupy gray days when there is nothing to do but wonder when things will become unstuck. If the world is an organism, something is wrong with its blood. That blood is money, which allows the “developed” nations to run their advanced techno-industrial economies. Only the “money” is not exactly what we suppose it is, that is, colored paper coupons representing claims on future work or tangible collateral. The “money” is a matrix of counterparty entanglements so abstruse and impenetrable that all the vicars of Christendom (plus the mullahs of Islam, the monks of Mahayana, and the Op-Ed flunkies at The New York Times) would not avail to describe its metaphysical substance. Rather, a cosmic shell game is being played and we are the pea.


Jul 1, 2013 - 11:21am

1050 target according to pundits

I called bottom at 1186 on Friday.

In the last 12 hours, Bloomberg, CNBC, and others have published stories about 1050 being the target.

Someone apparently faxed all the reporters simultaneously with the same message.

Gee, who would that be?

Meanwhile, international instability continues to build and the bond market continues to look weaker and weaker.


I think not!

Jul 1, 2013 - 11:24am

double entry

deleted double entry

Jul 1, 2013 - 11:25am

Gold, silver up on sustained buying, global cues

By PTI | 1 Jul, 2013, 03.50PM IST While gold rose by Rs 45 to Rs 26,475 per 10 grams, silver by Rs 200 to Rs 41,200 per kg on increased offtake by jewellers and coin makers.While gold rose by Rs 45 to Rs 26,475 per 10 grams, silver by Rs 200 to Rs 41,200 per kg on increased offtake by jewellers and coin makers.

NEW DELHI: Both the precious metals, gold and silver, today rose further in the bullion market here on sustained buying by stockists amid a firm global trend.

While gold rose by Rs 45 to Rs 26,475 per 10 grams, silver by Rs 200 to Rs 41,200 per kg on increased offtake by jewellers and coin makers.

Traders said sustained buying by stockists and retailers amid a firm global trend where gold advanced as the drop to the lowest level in 34 months last week lured buyers mainly influenced the sentiment.

Gold in Singapore, which normally sets the price trend on the domestic front, rose by 1.1 per cent to USD 1,248.12 an ounce and silver by 2.3 per cent to USD 20.10, the highest since June 24.


Mr. Fix
Jul 1, 2013 - 11:29am
Jul 1, 2013 - 11:31am

Top Ten!

Have a GREAT vacation, Turd And Family!

Thanks for the new Jim Willie podcast!


Jul 1, 2013 - 11:31am



The Watchman
Jul 1, 2013 - 11:39am
Jul 1, 2013 - 11:39am


If the shorts try to cover ... not many folks around to sell to them. What a great time for a squeeze.

boomer sooner
Jul 1, 2013 - 11:41am

Top 20 yeehaa

Sittin in camp just north of Durango and find more reading for tonight!

Had to say howdy from thr cool mountains of Colorado. Now off to jeep some trails between Silverton and Ouray.

Btw- anyone know of an lcs up here? Under 20 got to get some.

Thanks Turd for the info while on vacation, played Dalton Ranch yesterday and shot triple digits, humbling track. Playing Pinion in Farmington on Tues, same course designer, Pete Dye.

Jul 1, 2013 - 11:42am

2% reached..........that it

2% reached..........that it for the day ? We shall see.......

Jul 1, 2013 - 11:43am

Jackass fix

Yes I did, and it so happens that I've got another, longer fix right here. Jackass rulez.

Dollar Devaluation!
Jul 1, 2013 - 11:46am

Dennis Gartman: Technicals Say Gold Could Hit $900

Dennis Gartman's bearish view contrasts with Jim Rogers' bullish view. Which guru is right?

Jul 1, 2013 - 11:50am

Funny how that always happens

Since we know the gold and silver prices trade in perfectly controlled & manipulated tandem, it's strange to see one metal move without the other one moving in the same direction to the same degree. I've seen it a couple of times now, and it's so telling that a few days later that always corrects itself, meaning the other metal catches up. On Friday, silver went up, today goes gold. It's almost like having a crystal ball, you know it's going to happen.

Jul 1, 2013 - 11:51am

Easy, Jim Rogers is right

Next question?

Jul 1, 2013 - 11:57am

Please don't call the

Please don't call the douchebag, Gartman, a "guru". He's a shill and a con artist.


Jul 1, 2013 - 11:58am
Jul 1, 2013 - 12:01pm

"Every time a bell rings,

An analyst gets his wings."

--paraphrased quote from Zuzu Bailey, "It's a Wonderful Life"


Will be interesting rest of the summer and fall.

Jul 1, 2013 - 12:06pm


can chill a little now. First I had to proposed national long term solutions, then I had to solve the problem of ending bullion manipulation leading to a defeat of totalitiarism and the FRN and the Gold Cartel and Evil Empire, and now I get to chill out and get back to real important stuff, like playing with toys with the two boys.

"March Of The Toys" - from "Babes In Toyland"
Jul 1, 2013 - 12:10pm
Jul 1, 2013 - 12:16pm

Why I Love Silver NOW

I rarely recommend selling gold for silver or silver for gold. But I am reconsidering it now. It now takes almost 63 ounces of silver to buy one ounce of gold. I expect the ratio to move back toward 40 to 1. At that ratio, you will increase your dollars by over one-third, by owning silver instead of gold. We just went through a large loss of over 30% in the metals and here is a way to capture it back. Talk to one of our brokers and they can explain what has to be done. We will not charge you a commission on the buy back on any gold you have purchased from Miles Franklin and only a small commission on the silver you purchase to replace it. This is not a “like for like” trade so there are tax considerations, but chances are, you can sell the gold at a LOSS and have no tax issues other than a write-off. I plan to do this with my portfolio. It is a great time to re-balance and position yourself for superior gains.


Jul 1, 2013 - 12:20pm

Asia isn't buying gold's fall this time ????

today's wall street journal has an article with the title "Asia is not buying gold's fall this time".

It basically says that retail buyers of gold in China and India are holding back and not buying like they did in the spring. It said that gold consumers in those countries are afraid that gold will go lower. Consumers in China are buying smaller pieces of jewelry. Traders in Hong Kong report slow buying interest.

How does this story makes sense with what we know about global demand? The Journal is normally accurate.

Is this article accurate or is it spin?

Jul 1, 2013 - 12:22pm


You nailed that one spot on, Turd. wink

Jul 1, 2013 - 12:35pm

Funny how

When you save a PM site article, it always turn out to be BS in hindsight.

From May 13th:


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Key Economic Events Week of 1/14

1/15 8:30 am ET Producer Price Index
1/15 8:30 am ET Empire State Mfg. Index
1/16 8:30 am ET Retail Sales
1/16 8:30 am ET Import Price Index
1/17 8:30 am ET Housing Starts
1/17 8:30 am ET Philly Fed
1/18 9:15 am ET Capacity Utilization and Ind. Prod.

Key Economic Events Week of 1/7

1/7 10:00 ET ISM Services Index
1/7 10:00 ET Factory Orders
1/9 2:00 ET December FOMC minutes 
1/10 Speeches from CGP, Goons Bullard and Evans
1/11 8:30 ET CPI

Key Economic Events Week of 12/31

1/2 9:45 am ET Markit Manu PMI
1/3 10:00 am ET ISM Manu Index
1/4 8:30 am ET BLSBS
1/4 9:45 am ET Markit Serv PMI

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