Monday Lows?

Overbought has become oversold. (A public post.)

Mon, Mar 4, 2019 - 9:58am

Comex Gold is down again this morning in follow-through selling on the heels of Friday's smash. But the POSX and bonds are stable so the action today may mark a low for now.

For now. I repeat that because this is going to be a long week. There will be no shortage of news and datapoints and it will all end Friday with the latest BLSBS. See below:

Comex silver is flat and, as noted above, bonds and the POSX are mostly flat, too, so what you saw earlier today was simply a reaction in London to what happened in New York on Friday:

Thus, even with this being BLSBS week, I'm somewhat optimistic that you are seeing the lows (or very near the lows) for the week. And what basis is there for this? Do you recall how we've been monitoring the RSIs for the past month or so? And do you recall how the RSI in Comex gold hit an overbought 76 two weeks ago? Well, as of this morning, it's down to an equally-oversold 36. In fact, that's the lowest daily RSI reading since October 1 of last year! The area around $1285 appears to offer some support, too. See below:

And check the RSI of the May19 silver. It's down to 34, which is the lowest since last September 28! If I see a dip to $15 later this week, I may not be able to avoid buying a call.

Also mentioned above is the non-action in both bonds and POSX today. The 2-year note and 10-year note are both flat at 2.55% and 2.74%, respectively. And the POSX is mostly flat, too, despite Trump signaling again hos disdain for the stronger dollar and dislike of CGP. See this from Saturday:

Here are a couple of links to read this morning:

Of course, as I've typed, the metals have been hit again with CDG down to $1285 and CDS at $15.08. Keep in mind that less than two weeks ago, Comex silver was $16.20 and the only remotely fundamental negative was the GDP print last Wednesday. Overall, the POSX is flat versus the February 20 FOMC minutes yet "silver" is now down 7%. What a scam.

Before I hit send, just one programming note. This afternoon, I will be heading back to MamaFerg's and will remain there the rest of the week as it's my turn to care for her and Thursday brings chemo treatment #3. It's a long drive and I'll be busy as soon as I get there so I will not be able to record a podcast today. Instead, I am going to record a brief interview with Ronni Stoeferle later this morning. I'm going to ask Ronni about 2010+9 and see how that jibes with the general themes of this year's In Gold We Trust report, which will be due out in about 90 days. Look for that audio to be posted this afternoon and thanks again for your patience and understanding as I deal with these personal issues.


About the Author

turd [at] tfmetalsreport [dot] com ()


Mar 4, 2019 - 10:09am


Good luck with your Mom.

Mar 4, 2019 - 10:20am

My pea was working overtime...

OK, here's the current thinking...

1. Most of us think gold is manipulated, I'll leave it at that.

2. Basel 3 is at the end of the month and physical gold becomes a tier 1 asset.

3. March is often the worst month for gold.

4. There is extra motivation to drive the price lower this year.

This is a perfect time, with added motivation to crush price. My dream? Banks are forced to restrict their paper gold dealings because of the reclassification due to Basel 3.

Mar 4, 2019 - 10:27am


Because, you know, why not take a 10% haircut in two days?

Mar 4, 2019 - 10:45am


I’ll stake the claim.

Mar 4, 2019 - 10:56am

KL dump

This KL dump makes perfect sense these days when markets are sooo reliable. IF any of the larger mining operations or just about any miner for that matter KL can still have kick ass profits with this fraudulent pricing scheme and it's down 6% today. WTF

Mar 4, 2019 - 11:04am

A Nation of Hucksters!

The older generations, usually spot a huckster from a long distance. Now, they have taken over almost everything and are the perverted norm. Looking down around the bend, as hucksters rule, the younger generations will lose their drive to succeed, looking for the government freebee, as a way of life. This will be the end of the dreams of the inner drive of the ones who came through Ellis Island. Nothing will rise up to restore the land once blessed and the entire world will suffer at our demise. jmo Jim

Mar 4, 2019 - 12:13pm

Buying a Call

The hardware store is running a sale on ropes and pitchforks. Calls falling to 2nd place on the agenda.

Mar 4, 2019 - 12:21pm

Scheme of The Month

Banker to Hedge Funds: We are running a sale this month on miners. Feel free to short your "favorite" as you will be able to buy it back cheaply soon and personally contribute to its low price.
Mar 4, 2019 - 12:33pm

Silver Eagels are sold out vs low price of silver

Whenever the mint is out of silver eagles, the price of silver seems to go way down. How nice it must be for the mint to not have to sell at these low prices. From now on, when I read that the mint is out of eagles, I will know that the price of silver is about to get smashed.

Mar 4, 2019 - 12:53pm


45 degree walk up is only effective if you look at short term charts. Otherwise, the USD/CNY is down yearly. Therefore if technicals or fundamentals mattered, miners would still be headed to higher ground. But no, we have to pretend that there is some information from the "alternate universe" that has a controlling influence. Only criminality controls. Do you know where your Legislator is...

Mar 4, 2019 - 12:58pm

Trade Balance

One of the "DELAYED". It's going to be bad, so why delay it? Just increase the false CPI so the serfs can get a pay raise and then pay the bill for the tariffs.

Mar 4, 2019 - 12:59pm


Picked up a few Mar 15 $35 strike calls for $0.65 with my gambling (err poker) money.

Guy Fawkes
Mar 4, 2019 - 1:47pm


Shocked to see my Pretium up decently and even First Majestic went green!

Mar 4, 2019 - 2:35pm

OT: Health costs

I had a cataract removed and the total hospital reimbursement from insurance payments and my co-pays was less than 9% of the initial $21000+ hospital charge with the insurance discounts being $19000+. Recent Texas court ruling that the cost to an insurance company for a procedure was not a proper matter for discovery in a case where an uninsured was being sued by a hospital for medical bills. Anyone wonder why the deplorables can't get out of the trap?

Mar 4, 2019 - 2:44pm

Feels like a good day

Picked up some St. Gaudens pre-'33's today along with doubling my HL position. Bam! Feeling motivated to kick the banksters in the ass today.

Blackshook Ozymandias
Mar 4, 2019 - 3:36pm

Ozymandias ...Cataract

Hi.. are you saying in US a cataract 'removal' has that high a charge? So a circa 15 minute operation involving replacing the lense in the eye with a new manufactured one (the correct strength and alignment), minimal anaesthetic and straight out and home.... all fine the next day (few eye drops ) really cost that much in US??? I just had both eyes done in UK on National health but with a highly skilled consultant (actually enjoyed the experience) and after decades .. super vision the next day ! What is going on ?!! Hope you genuinely enjoying the improvement as much as I am ..

Mar 4, 2019 - 3:50pm

Speaking of healthcare

You're in for a surprise:

Bought some more HL and more Paas (from Taho takeover). I never learn.

Mar 4, 2019 - 3:50pm

Ozy - Health

Our Medical Schools - medical treatment - hospital costs - etc.

Have to be completely overhauled from the TOP to the BOTTOM

It's a total scam - like everything else

Angry Chef
Mar 4, 2019 - 4:13pm

Newmont Board Rejects Barrick's $17.8 Billion Hostile Offer

Newmont is going to have to learn you don't reject " The Company "...otherwise known as the CIA.

Mar 4, 2019 - 4:18pm

Medical insurance

If you had car insurance in the same way you have health insurance, an oil change would be $400, it`s a F`ing scam !

Ferd Torgerson
Mar 4, 2019 - 4:25pm

Cataract Removal

Had a cataract removed from left eye on January 22. Second cataract removed from right eye on February 18. Out of pocket cost for each eye was $225. Received excellent treatment as out-patient in their ambulatory surgery center on both occasions.

As noted by another poster, each procedure took about 15 minutes after anesthesia. Vision has been much improved. When I saw my tv screen the morning after the second procedure, it was like seeing one of those fancy new screens at Costco.

Am now on second week of the eye drops for the most recent procedure required to facilitate healing. The drops are the most aggravating aspect about the entire process.

My only real complaint is that the procedures have greatly accelerated my aging. When I look in the mirror each morning, the handsome youngish-looking devil I saw before has disappeared, leaving a guy staring back at me with a 73 year-old face.

Was also surprised to learn that my refrigerator has a “water filtration system”- not a “water flirtation system”. Won’t be hanging around the ice-maker so much in the future.

In any event, I’d advise anyone facing cataract surgery not to worry too much. Undesirable side effects are very rare and except for the aging part I have experienced none thus far.


Mar 4, 2019 - 4:48pm

disgusting and angry

I had to calm down quite a bit before writing this. Absolutely disgusting. Lost a ton just on options and miners of course.

look at the gap for GDX AND GDXJ around the 200 day MA. That's another 6% DROP for miners before maybe the final bottom. Absolutely disgusting.

These mother**$********* are going to TRY TO GET US TO FILL THAT GAP

We bounce off this 50 day support for both gdx/gdxj....can we PLEASE CALL THIS THE BOTTOM? CAN WE PLEASE CALL THIS THE F******* BOTTOM?

Is that too much to ask? to go through this every 2 months for 8 years straight?

I would love for 1285 to be turd mention great points above but the miners being above 50 day MA...rallying is a very small glimmer of hope

But man...would not SURPRISED me if they went for that gap.

I will buy more miners when that gap fills but my goodness i just hope this IS the bottom because i am getting PTSD watching this over and over and over and over and over for 8 years

Deja VU. I wrote a nasty email to cftc, DOJ, every government branch but they never listen. Just BS

I wish i was the hulk and just can turn green and destroy wallstreet and strangle these U($UUFIJDjdjsnfkjdsjJSFNDKFNKNFDKNFKSDNDS

MrOnline kenmasters675
Mar 4, 2019 - 7:24pm

Thank you for writing this

I was going to write similar post. Now I dont have to. Thank you!

Got so pissed at the BS this last Friday. I hate the banks.

Mar 4, 2019 - 9:35pm

G&S down HUI up and some PDAC winners

Some miners picked up 5 to 7 percent after PDAC. While KL got hammered GBR, KNT, MONT and IRV were up 6 percent. Bob Moriarty reiterated his recs on Quinton Henighs stocks - NVO, IRV and MONT - this weekend on Proven and Probable or 321Gold.

Mar 4, 2019 - 10:34pm

Coming to Grips With the Reality of the PM Markets

The system has already been exposed for the fractional and unallocated fraudulent system that it actually is. I do not see how the current palladium situation is going expose something that is already exposed. Charles Ricci made it crystal clear that the CFTC is complicit in the fraud. Nothing is being done and nothing will be done. Not now or 10 years from now. JPM has not accumulated vast quantities of silver because they see its future value as an investment. They have accumulated it in order to have enough in storage so that they can freely manipulate it in perpetuity without getting in trouble with the CFTC. They intend to have adequate amounts of silver in their coffers 50 years from now to enable them to continue their fraud.

The ONLY WAY for this to end is through true physical demand breaking confidence in the pricing scheme. I do not see the path to breaking it. There are no tools to break it. There are not enough people on our side of the fence to make it happen. We will continue to be steamrolled by JPM and the others involved in this criminal activity. Being worried about running out of the physical metals and forcing the hands of the manipulators seems to be a concept that makes logical sense but has very little basis in reality.

Different criminals manipulate gold just as JPM manipulates the silver price. They are not going to stop either. They are acquiring vast amounts of wealth through legally stealing from others. Those "others" are you and me.

Some folks have asked the question, "What if the Central Banks are successful in holding the PM markets together for another ten years or more?" Given the things we have been discussing here, it does not appear to me to be a "What if" circumstance. It is almost certainly a "Since the banks hold all the cards they will continue to manipulate the markets in perpetuity." PM profits are unlikely to ever increase the 100, 200, 300, or 400 fold that some of us have been anticipating. For those of us who bought bars and coins at $1285 for gold and $16 for silver, when gold gets back to $1800 and silver to $20, it should be time to take a profit. Then, when the prices are crushed again and go back to $1285 and $16, we do it all over again. Just like the manipulators do. Or, we get out with a modest profit and find another investment vehicle where the regulators are not in bed with the manipulators. Rules out the stock market too right?

As of now, I must stop chasing the unicorn of fantastically high PM profits. They are not going to come about. Modest profits?? Yes. JPM and the others must allow gold and silver bugs to make some modest profits from time to time. The carrot and stick approach keeps the appetites of the bugs whetted just enough that they keep playing the game. But big profits?? The kind of percentages that JPM makes by screwing us with their schemes? Those are not within our reach and never will be.

AKA AuAgforever AIJ
Mar 5, 2019 - 12:31am

Remember the Oroville Dam?

It's now above 83.53 feet above full pool of 728.10 with more rain and record snow melt on the way. Sure hope they did that new spill way right this time.

Angry Chef
Mar 5, 2019 - 10:20am
Angry Chef
Mar 5, 2019 - 10:24am

MEDIA SILENCE CONTINUES: Clinton Foundation Connected AGT...

...Forwarded Top Secret US Intel to RUSSIA – Made Bribes to Seal Deals – FBI/DOJ Covered It Up – Part VI

Any "Q" followers here ? If I continue to " trust the plan " when is this %$#T going to be hung ?


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