No Joy in Mudville

166
Thu, Oct 30, 2014 - 11:19am

Like you, I was hoping that we could file away these longer-term charts with the downward price targets. Unfortunately, the price action of yesterday and today means that we have to revisit them.

Let's start with the HUI. We've been repeatedly mentioning that there was a likelihood of the index falling all the way back to the lows seen in 2005 and again in 2008. Well, here we are. I've got a low so far today of 167.92. Not quite the 160-165 that we've been discussing but awfully close.

And, just so you know, things don't have to stop here. Perhaps the ultimate goal is to bankrupt the entire industry but shorting them to death and damnation. Maybe. Check the chart below. Could the HUI fall to 100 or lower? That seems laughable and unlikely but, in the end, WTFK? I know that many of you own these damn things and I've suggested nibbling away at these levels but you must be cognizant of the fact that greater forces than Turdville are at work here and if they want to sell these poor companies down to zero they're going to try to do it.

And here are your 5-year, weekly gold and silver charts. Earlier this month, we figured that The Cartel and the spec algos that are short had to be absolutely salivating at the prospect of running the stops below 80. They were unsuccessful back then but look to be ready to try again soon. The question becomes: Does this set off a waterfall similar to April 2013, where price almost immediately falls to 50? Perhaps, instead, it's a fake out and price almost immediately reverses near 55? Something tells me we may not have to wait long to find out...

And silver is just awful. Like the miners, it has been shorted to death with absolutely no care for fundamentals or economics. Seriously, it's now down over 5% on the day. Why, exactly? Just a handful of hedgy algos piling on the paper shorts, chasing the downward momentum to lower and lower lows. At this point, and especially if gold plunges through 80, it sure looks like silver is headed to the early 2010 lows near .65.

So there you have it. It is what it is. Instead of an A2A today, I'll be in the TurdTalk chatroom beginning at Noon EDT where I'll be glad to attempt to answer any and all questions you have.

TF

About the Author

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

  166 Comments

goldcom
Oct 30, 2014 - 11:20am

Hello

Where is everyone?

huiaid
Oct 30, 2014 - 11:21am

Third

Third

alivecatbounce
Oct 30, 2014 - 11:22am

Perfect

Here we go again ! Another big down move and probably it has not even started . PERFECT for stackers and people who know this whole market action is only an illusion and very temporary . KEEP STACKING .

Mickey
Oct 30, 2014 - 11:24am

feh

eom

afraid to sell dust dslv dgld and jdst--was actually net short metals in portfolio for a while so I had to sell som eof inverse.

btw--when I go so heavily inverse etfs, as do others, guess who is fueling this downdraft?

bert3798
Oct 30, 2014 - 11:35am

Capitulation

Is this the capitulation stage or are we just experiencing tax-loss selling? SOMEONE

nadgeskaul
Oct 30, 2014 - 11:41am

I stated in the last post...capitulation

I believe this is it, or very near it for the miners. Not so for the metals, as they tend to lag.

Seriously, getting a stock for $3 when it traded at $75 with gold at $1800 is absurd.

Be selective, but this is the time to buy...very little left on the downside.

Mr. Fix
Oct 30, 2014 - 11:41am

using charts to make predictions:

Since the powers that be clearly paint their charts in any which way they please,

we can paint our charts as well, as mine just keep creeping lower until they fall off the cliff.

Although I can't place a specific date on where the precipice is, it's not all that far off into the future, and things will become clearer next week.

Just like all paper assets, prices are destined to approach zero, so paint your chart accordingly.

This is the endgame, there will be no rebound.

Just pray that your stack can be traded for something of value in the next system, it sure as heck won't be going up in this one.

Prepare accordingly.

tread_w_care
Oct 30, 2014 - 11:45am

Premiums are the highest

I remember seeing them in the last, oh, let's see . . . ever?

I bought a lot of generic rounds from Apmex back in the day around a spot price of $17 for $0.69 over spot, any quantity. Sadly lost those while canoeing the New River.

https://comparesilverprices.com/

Watching to see where this thing might bottom out and hope there's some left when the music stops.

goldcom
Oct 30, 2014 - 11:46am

Just checked Chat

I don't have microphone or camera so can I listen?

Wizdum
Oct 30, 2014 - 11:51am

Well...

Who's buying?

Subscribe or login to read all comments.

Contribute

Donate Shop

Get Your Subscriber Benefits

Private iTunes feed for all TF Metals Report podcasts, and access to Vault member forum discussions!

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

Key Economic Events Week of 8/12

8/13 8:30 ET Consumer Price Index
8/14 8:30 ET Retail Sales
8/14 8:30 ET Productivity & Labor Costs
8/14 8:30 ET Philly Fed
8/14 9:15 ET Ind Prod and Cap Ute
8/14 10:00 ET Business Inventories
8/15 8:30 ET Housing Starts & Bldg Permits

Key Economic Events Week of 8/5

8/5 9:45 ET Markit services PMI
8/5 10:00 ET ISM services PMI
8/6 10:00 ET Job Openings
8/8 10:00 ET Wholesale Inventories
8/9 8:30 ET Producer Price Index

Key Economic Events Week of 7/29

7/30 8:30 ET Personal Inc/Spending & Core Inflation
7/30 10:00 ET Consumer Confidence
7/31 8:15 ET ADP employment
7/31 2:00 pm ET FOMC Fedlines
7/31 2:30 pm ET CGP presser
8/1 9:45 ET Markit Manu PMI
8/1 10:00 ET ISM Manu PMI
8/2 8:30 ET BLSBS
8/2 10:00 ET Factory Orders

Key Economic Events Week of 7/22

7/23 10:00 ET Existing home sales
7/23 10:00 ET Richmond Fed Manu Idx
7/24 9:45 ET flash Markit PMIs
7/25 8:00 ET Count Draghi/ECB policy meeting
7/25 8:30 ET Durable Goods
7/25 8:30 ET Wholesale Inventories
7/26 8:30 ET Q2 GDP first guess

Key Economic Events Week of 7/15

7/15 8:30 ET Empire State Fed Index
7/16 8:30 ET Retail Sales and Import Price Index
7/16 9:15 ET Cap Ute and Ind Prod
7/16 10:00 ET Business Inventories
7/17 8:30 ET Housing Starts and Building Permits
7/18 8:30 ET Philly Fed
7/19 10:00 ET Consumer Sentiment

Key Economic Events Week of 7/8

7/9 8:45 ET Fed Stress Conference, three Goon speeches
7/10 8:30 ET CGP Hump-Hawk prepared remarks
7/10 10:00 ET CGP Hump-Hawk House
7/10 10:00 ET Wholesale Inventories
7/10 2:00 ET June FOMC minutes
7/11 8:30 ET CPI
7/11 10:00 ET CGP Hump-Hawk Senate
7/11 12:30 ET Goon Williams
7/12 8:30 ET PPI

Key Economic Events Week of 7/1

7/1 9:45 ET Markit Manu PMI
7/1 10:00 ET ISM Manu PMI
7/1 10:00 ET Construction Spending
7/2 6:35 ET Goon Williams
7/3 8:15 ET ADP June employment
7/3 8:30 ET Trade Deficit
7/3 9:45 ET Markit Services PMI
7/3 10:00 ET ISM Services PMI
7/3 10:00 ET Factory Orders
7/4 US Market Holiday
7/5 8:30 ET BLSBS

Key Economic Events Week of 6/24

6/25 10:00 ET New Home Sales
6/25 1:00 pm ET Chief Goon Powell
6/25 5:30 pm ET Goon Bullard
6/26 8:30 ET Durable Goods
6/27 8:30 ET Q1 GDP final guess
6/28 8:30 ET Personal Income and Consumer Spending
6/28 8:30 ET Core Inflation
6/28 9:45 ET Chicago PMI

Key Economic Events Week of 6/17

6/18 8:30 ET Housing Starts and Building Permits
6/19 2:00 ET FOMC Fedlines
6/19 2:30 ET CGP presser
6/20 8:30 ET Philly Fed
6/21 9:45 ET Markit flash June PMIs

Recent Comments

by It'stheBankers, Aug 24, 2019 - 10:04pm
by jack3617, Aug 24, 2019 - 9:04pm
by Marcus, Aug 24, 2019 - 8:58pm
by mavens, Aug 24, 2019 - 7:15pm