Freaky Friday

Thu, Jul 25, 2013 - 4:51pm

From a distance, it may appear that Friday is just another day. It's not. Keep a close eye on gold all day.

"What's the deal, Turd? The BLSBS isn't until next Friday and First Notice Day is next Wednesday. Why should I care about tomorrow? I'm just looking forward to the weekend!"

I'm looking forward to it, too. It has certainly been a long week. But do you recall how I mentioned last week that gold hadn't had three consecutive UP weeks since last August? That's almost a full year ago!! Yet here we are. As I type, gold is UP about $35 for the week. Can it hold on? For a green candle, we need a close above $1296.

More importantly from a technical standpoint, during the week of April 15, when gold was mercilessly and purposefully driven down through critical support at $1525, gold bottomed at $1321. That low of April 16 held as support for over two months until price was again schemed lower on June 20. We've since rebounded. A weekly close tomorrow back above that weekly low from the original April beatdown ($1321) would be significantly bullish. Furthermore, as of this moment, I show the 50-day moving average for the Aug13 contract to be $1329.70. A weekly close above $1321 and $1330 might be a blow from which the Spec Short Gold Bears may not recover.

However, we must also remain diligent. IF, somehow, price is significantly raided tomorrow and gold were to close below last week's low of $1270....well, let's just say that that would be very bad. Very bad, indeed and it would indicate that a retest of the June lows (at a minimum) was likely in the cards.

Now do you see why tomorrow is "Freaky Friday"?

And I just want to take a moment to reflect upon the ongoing and incredible volatility in the currencies, particularly as it relates to The Pig ($) and The POSX (U.S. Dollar Index).

As anyone who has ever traded Forex will tell you, there was a time when a BIG MOVE in a currency was 20 basis points (0.20%). Heck, 10 basis points was a big, daily move. Now, currencies and indices will move 100+ basis points in a day and no one bats an eye. If anything testifies to the fact that "markets" have been simply taken over by HFTs and algorithmic trading, it's this....but that's a topic for another day.

The main thing I wanted to point out today was the extreme and continued volatility of The POSX. Take a look at this chart. In less than three months, it has round-tripped in a 4-point, 5% range not once but twice!!

I suppose that there are those out there who will apologize for the sorry state of our "markets" and claim that HFT is not to blame. OK. Fine. But then you have to be more than concerned by this:

The U.S. Dollar....which is The Global Reserve fluctuating wildly in value...more so than ever before, with the only comparable period I can find being the 8-9 months centered around The Great Financial Crisis of 2008.

Maybe it's something, maybe it's nothing. Only with the benefit of hindsight will we be able to say with certainty. Regardless, to me it's another indictment of the fiat currency system where the value of your work and savings fluctuates wildly based upon the whims of the "market" and a few, unelected central bankers. At the end of the day, you can keep your dollars. I don't want them. I'll keep my gold (and silver), instead.


About the Author

turd [at] tfmetalsreport [dot] com ()


Jul 25, 2013 - 4:55pm


Thats right mofo...

Jul 25, 2013 - 4:55pm


Have to whip this out (again) to celebrate

Jul 25, 2013 - 4:55pm

And this is very good

I recall seeing Jan on Max Keiser last week and thought she was quite impressive:

H - original
Jul 25, 2013 - 4:56pm


had to say it...

Jul 25, 2013 - 4:58pm

I thought gold and mainly

I thought gold and mainly silver would get a little more bounce with the dollar down so much today.

I remember the days when dollar weakness meant something to markets, seems like that trade ended sometime ago.

Jul 25, 2013 - 4:58pm

It doesn't matter

if Douche Bank or for that matter, any banks defaulting. Gold and silver is not going higher in prices until physical demand overwhelms supply! PERIOD!!!!!

We can have a world war, QEs to infinity, dollar collapse etc but until we control the physical, it will continue to be manipulated. Kapish?

Now if you do agree with that, between gold and silver, which do you think we have a better chance in gaining control. Gold is being hoarded for centuries and we almost have all the gold there's ever been. Not so for silver. Silver, because it is much cheaper, its dwindling supply and of its multiple industrial usage, is our only 'weapon' against this tyrannical forces. If we want these decades of manipulation to end, we the people of this world need to join forces and buy up all the physical silver there is. That is the only factor that will help propel higher silver prices!

While we think in terms of months and years for an event to happen, the EE plans in terms of decades and centuries to fulfill their agenda.

Jul 25, 2013 - 4:58pm

i take strange pleasure

Out of the fact that "first!" "Second!" "Thurd!" bothers some people and i will tell you why: If you take yourself so seriously that something like a little tradition bothers people...then thats there problem...

Jul 25, 2013 - 5:01pm

I've just hired 13 witch doctors

to chant THIRTEEN-THIRTY for the next 30 minutes.

That'll fix it. Just watch .

Jul 25, 2013 - 5:08pm


I disagree. All that "furst, second, thurd" stuff is totally immature, reveals a lack of intelligence, and destroys all integrity in those do that sort of childish stuff. That kind of behaviour is quite unacceptable to me.

There, I've said it.

no, wait...

Jul 25, 2013 - 5:09pm


I have been going over the data from the U.S. Mint, and I have to say... investors are buying a whole lot more silver eagles in volume and in dollar terms compared to gold eagles. So far in July, silver eagles are selling at a staggering 95 to 1 ratio. I also have compared global gold investment compared to silver in my newest article:

SILVER: The King of Future Investment Gains

Key Economic Events Week of 10/21

10/22 10:00 ET Existing home sales
10/24 8:30 ET Durable Goods
10/24 9:45 ET Markit flash PMIs
10/24 10:00 ET New home sales
10/25 10:00 ET Consumer Sentiment

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Key Economic Events Week of 10/21

10/22 10:00 ET Existing home sales
10/24 8:30 ET Durable Goods
10/24 9:45 ET Markit flash PMIs
10/24 10:00 ET New home sales
10/25 10:00 ET Consumer Sentiment

Key Economic Events Week of 10/14

10/15 8:30 ET Empire State Fed MI
10/16 8:30 ET Retail Sales
10/16 10:00 ET Business Inventories
10/17 8:30 ET Housing Starts and Bldg Perms
10/17 8:30 ET Philly Fed MI
10/17 9:15 ET Cap Ute and Ind Prod
10/18 10:00 ET LEIII
10/18 Speeches from Goons Kaplan, George and Chlamydia

Key Economic Events Week of 10/7

10/8 8:30 ET Producer Price Index
10/9 10:00 ET Job Openings
10/9 10:00 ET Wholesale Inventories
10/9 2:00 ET September FOMC minutes
10/10 8:30 ET Consumer Price Index
10/11 10:00 ET Consumer Sentiment

Key Economic Events Week of 9/30

9/30 9:45 ET Chicago PMI
10/1 9:45 ET Markit Manu PMI
10/1 10:00 ET ISM Manu PMI
10/1 10:00 ET Construction Spending
10/2 China Golden Week Begins
10/2 8:15 ET ADP jobs report
10/3 9:45 ET Markit Service PMI
10/3 10:00 ET ISM Service PMI
10/3 10:00 ET Factory Orders
10/4 8:30 ET BLSBS
10/4 8:30 ET US Trade Deficit

Key Economic Events Week of 9/23

9/23 9:45 ET Markit flash PMIs
9/24 10:00 ET Consumer Confidence
9/26 8:30 ET Q2 GDP third guess
9/27 8:30 ET Durable Goods
9/27 8:30 ET Pers Inc and Cons Spend
9/27 8:30 ET Core Inflation

Key Economic Events Week of 9/16

9/17 9:15 ET Cap Ute & Ind Prod
9/18 8:30 ET Housing Starts & Bldg Perm.
9/18 2:00 ET Fedlines
9/18 2:30 ET CGP presser
9/19 8:30 ET Philly Fed
9/19 10:00 ET Existing Home Sales

Key Economic Events Week of 9/9

9/10 10:00 ET Job openings
9/11 8:30 ET PPI
9/11 10:00 ET Wholesale Inv.
9/12 8:30 ET CPI
9/13 8:30 ET Retail Sales
9/13 10:00 ET Consumer Sentiment
9/13 10:00 ET Business Inv.

Key Economic Events Week of 9/3

9/3 9:45 ET Markit Manu PMI
9/3 10:00 ET ISM Manu PMI
9/3 10:00 ET Construction Spending
9/4 8:30 ET Foreign Trade Deficit
9/5 9:45 ET Markit Svc PMI
9/5 10:00 ET ISM Svc PMI
9/5 10:00 ET Factory Orders
9/6 8:30 ET BLSBS

Key Economic Events Week of 8/26

8/26 8:30 ET Durable Goods
8/27 9:00 ET Case-Shiller Home Price Idx
8/27 10:00 ET Consumer Confidence
8/29 8:30 ET Q2 GDP 2nd guess
8/29 8:30 ET Advance Trade in Goods
8/30 8:30 ET Pers. Inc. and Cons. Spend.
8/30 8:30 ET Core Inflation
8/30 9:45 ET Chicago PMI

Key Economic Events Week of 8/19

8/21 10:00 ET Existing home sales
8/21 2:00 ET July FOMC minutes
8/22 9:45 ET Markit Manu and Svc PMIs
8/22 Jackson Holedown begins
8/23 10:00 ET Chief Goon Powell speaks

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