Sometimes it's good to be "documented wrong 99% of the time".
As I mentioned in the podcast from Saturday (Have you listened to it yet? If not, why not?), though I am still wary of another "Gold Delivery Month Beatdown", the charts were actually looking pretty good and all of the fundos are flashing green. Perhaps, once a dope like me spots the trend of mid-Dec, mid-Fed, mid-April and mid-June beatdowns...well, maybe that trend is over. Additionally, given:
- GOFO negative for 26th consecutive day
- JPM absorbing 71% of all August gold deliveries so far and 95% of the deliveries last week
- The latest Bank Participation report showing U.S. banks net long 59,500 Comex gold contracts
- JPM being net long a minimum of 85,000 contracts and effectively cornering the Comex gold market
Well, maybe just maybe the need to crush price has passed and it's time for the bull market to resume.
Here are the charts that show it all. Both metals have moved well clear of their 5-day, 10-day, 20-day and 50-day moving averages. If I was short, I would be getting awful nervous 'round about now. The next key and primary tests will come at the points I've marked on the charts and the critical 100-day moving averages. For Dec gold, the 100-day MA is currently at $1393 and falling. The 100-day in Dec silver is also still falling and currently at $22.59.
Let's start with silver, as you can see it is making great progress. However, as I've consistently stated since breaking down two months ago, the key for silver will be getting back above and closing above $22. Why? Because $22 marks the bottom from April 16, when all of this madness began. A close back above there would be a signal to me that this is all finally over. A further close above the 100-day MA would cement that idea in my mind.
Gold is also looking positive and a close today or tomorrow above the $1335 and $1337 closes of 7/22 and 7/23 would be another step forward. A close above the 7/23 high of $1349 would be another big step. Our next target would be the declining 100-day MA, currently near $1393.
Finally, today, an update on the subscription stuff. I had expected things to start up over the weekend but we wanted to make things 100% right before we got started. So, we decided to hold on the launch pad for about 48 hours. All systems are "go" but we just want to do a beta-test double check first. For now you'll notice that nothing has changed. Frankly, once everything goes "live", not much is going to change, either, except for a bunch of additional content.
Thanks again for your patience as we work through this process. I assure you that it will all be worth it in the end. TFMR isn't going anywhere. In fact, it is only going to grow and expand. This community is unlike anything else in the PM blogosphere and our best days are ahead.
p.s. I was on with Dr. Janda again yesterday. I think it went pretty well. You should listen to it.