A Couple of Positive Fundos

57
Fri, Apr 10, 2015 - 10:30am

For once, some fundamentals are actually making a difference in the paper gold "market" this morning. Fine with me...I'll take it. Now the question becomes, can we eek out a technically-positive close by 1:30 pm?

So, as I type, both gold and silver are near their highs of the day. I have a last in the June gold of $1208.30 and a last in the May silver of $16.59. A rally? Seriously?? Why???

  • First of all, The Pig has eased a little since reaching a high of 99.69 a few hours ago. I have a last of 99.23.
  • However, here's a fundamental factor that seems to be in play. Gold imports into India more than doubled in March vs March of 2014. The reported total for March was 125 mts. As Ruprecht would say, that's a lot. https://in.reuters.com/article/2015/04/10/india-gold-imports-idINKBN0N11...
  • And then check this out...The Apple iWatch, fancy-schmancy gold edition, completely sold out in China within an hour of its introduction and release. These babies were selling at about $20,000 or 127,000 yuan and they were all gone inside of an hour. Maybe Apple really will soak up 400 mts of gold in selling these things?!? https://www.businessinsider.com.au/apple-watch-edition-sold-out-in-china...

So, now, here we go into the weekly close. Last Thursday, gold closed at $1201. This means that, after all the angst and grinding of teeth this week, we actually have a chance now to paint a green weekly candle onto the chart. Additionally and far more importantly, gold actually has a chance now to make a weekly close above its key moving averages. For the June contract, the 50-day MA is $1204 and the 100-day is near $1211. Again, closing above there...on a Friday no less...would be encouraging so watch these levels closely today.

And there are several levels to watch in silver, too. We've been as high this morning as .65 (hmmm, where have we seen that level before?). Closing above this level would be very nice and would make Turd happy. Of course, the same MAs are far more important and, conveniently, a somewhat lower bar. For the May contract, the 50-day is .53 and the 100-day is .60. After all we've been through this week, including the 6% intra-week decline, to still eek out a weekly close above those two MAs would be a very encouraging signal.

So hang in there and keep the faith while we see what the rest of the day brings. I'll be adding thoughts to this thread as the morning goes along and we'll have a full podcast summary and review later this afternoon.

TF

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turd [at] tfmetalsreport [dot] com ()

  57 Comments

waxybilldupp
Apr 10, 2015 - 10:32am
Apr 10, 2015 - 10:36am

@Turd

You asked me on Tuesday the o/u for when things would start again. After last night/this morning, the under is a sure bet.

The next round has started.

J
Apr 10, 2015 - 10:44am

Ugh. I had no idea.

Please provide an update with more details whenever it's convenient.

Mr. Fix
Apr 10, 2015 - 10:47am

Why do fundamentals matter today?

They haven't meant squat for years.

Marchas45
Apr 10, 2015 - 10:48am

That's OK

Waxybilldupp there's plenty of room for you at the top.

I'm waiting for a guy to show up to see what he want's to sell me and can you believe it, every time I buy the spot goes up and when I sell it goes down. Sheeeeezzzzzzzzzzz I guess the moral is: Don't Buy and Sell. LMAO Have a Great Weekend Everyone.

Barfly
Apr 10, 2015 - 10:48am

A close above

A pretend price in pretend money on a pretend chart in a pretend "market" is ultimately meaningless. Manipulate it up to create false hope and then crush it to discourage the sheeple from buying it. Keep it up until it is absolutely disfunctional and the vaults are empty and the price is zero. I'll buy it all the way down.

perdman
Apr 10, 2015 - 10:52am

Looks Like A Cap and Smells like a Cap?

Well it probably is a cap!

Trading action very blunted like it was on April 6. If HUI stays around the 169-170 area it appears it will be set up for a Head and Shoulders Top. Perhaps this is what the cartel wants to paint going next week. But clearly the momentum on the HUI seems like an awful lot of selling going on in the 169-179 area like what happened on the 6th. Doing some day trading on miners and these crooks are clearly capping this rally...So obvious how these guys operate...Who else would be selling the rally so hard?

Apr 10, 2015 - 10:56am

More good reading from Goldcore

Covers NIRP, which we often discuss here, as well as gold in other currencies:

https://www.goldcore.com/us/gold-blog/positives-for-gold-negative-and-ri...

Apr 10, 2015 - 11:00am
pforthJ
Apr 10, 2015 - 11:02am
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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