Improving

53
Wed, Aug 6, 2014 - 11:30am

Hmmm. Maybe ole Turd's silly little lines and doodles have some merit, after all?

Again, I'll keep this brief and catch up in great detail in the podcast. Let's start with a close-up chart of gold so that you can clearly see the breakout which, if it holds and we close near here, is a very positive development along the path we've been projecting:

Here's an updated look at the one-year chart. Note the breakout. However, unless we close well above 00 and the red line today, there still exists the possibility of falling back and churning through the blue oval. Therefore, watch closely.

Turning to silver...It has recovered back above but it has a lot of work to do and I expect it to wallow and thrash a bit more here. First, it needs to close back above .20 and get out of the black support box. However, only once it gets back above .60 can we sound the all clear.

Just one other item to note...

Once again "The Bond Bears" are befuddled. Just last week, bonds appeared to be rolling over and all of the talk was again how the bond bear market was going to ruin so many folks. Hmmm. Not so fast, my friend. Remember, higher interest rates cannot and will not be allowed. Why? Higher rates bring about the rapid destruction of The Great Ponzi. It's as simple as that.

So, here we are. The Long Bond is back to 139 and the 10-year note is yielding the lowest rate in 13 months. (https://www.zerohedge.com/news/2014-08-06/10y-yield-tumbles-13-month-low...) As I type, the 10-year note is at 2.47% and the 30-year Long Bond is at 3.27%. Certainly not the 4% and 5% that nearly every sell-side analyst was predicting back in January...

As I wrap, I see that the Ukraine/Russia stuff continues to heat up. Here are two, recent headlines from ZH:

https://www.zerohedge.com/news/2014-08-06/more-warmongering-us-secretary...

https://www.zerohedge.com/news/2014-08-06/russian-retaliation-putin-orde...

To that end, last night's Batchelor-Cohen discussion was terrific and I'll work next to get that posted asap.

Have a great and fun day.

TF

About the Author

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turd [at] tfmetalsreport [dot] com ()

  53 Comments

CPE
Aug 6, 2014 - 11:33am

Keep

Stacking!!!!!!!!!!

Looking good Louis!

Aug 6, 2014 - 11:34am

Btw

We discussed wheat in yesterday's podcast. Here's an update:


alivecatbounce
Aug 6, 2014 - 11:38am

Good call ,Turd though ....

Gold @ Resistance @ 1309$ , next resistance @ 1320$ . Chances are we are going lower from here ... Hope I am wrong though

Urban Roman
Aug 6, 2014 - 11:38am

Well, it's true ...

Silver has bounced off your bottom, where you said it would.

But until we hit $20.40 or more, we haven't broken the short term down trend.

mike97
Aug 6, 2014 - 11:38am

Thurd not counting Turd

Thanks - Ag and Au looking good.

Maestro
Aug 6, 2014 - 11:48am
Urban Roman
Aug 6, 2014 - 11:48am

From the text of the post

"Turning to silver...It has recovered back above $20 but it has a lot of work to do and I expect it to wallow and thrash a bit more here. First, it needs to close back above $20.20 and get out of the black support box. However, only once it gets back above $20.60 can we sound the all clear."

alivecatbounce
Aug 6, 2014 - 11:50am

Of course

Getting back above $1320 is very important.

Again, from the text of the post:

"However, unless we close well above $1300 and the red line today, there still exists the possibility of falling back and churning through the blue oval. Therefore, watch closely."

silverflower
Aug 6, 2014 - 11:56am

Wondering

why the Dow is so immune against everything. Now Putin moves closer to the East-Ukr. border, but DJ does not even care. At least not until now. Seems that the Plunge Protection Team is doing a nice job here. Supported by ultra cheap currency.

gearhead_24
Aug 6, 2014 - 11:58am

I guess when Citi Bank, BOA and others.....

quit providing 0% interest checks based on your credit card account 12 to 18 month's out is when we know the interest rates will be going up.

Just a guess.

GH

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