Back In The Saddle

90
Fri, Jun 17, 2011 - 3:54pm

I apologize for my absence over the past 24 hours. Mrs F and Mrs Sweetness planned a little, overnight golf and gambling extravaganza for Sweetness and I last night. The location was rather remote and I had very little internet access. Doesn't look like I missed much, anyway.

Here are some updated charts. Crude is quite intriguing as the spread of WTI vs Brent is about $20 or 21+%. I don't know if that is some kind of record but it has to be pretty close. Gold is trying to escape the clutches of that nasty "dome" pattern that it found itself in earlier this week and silver is about as exciting as Free Metamucil Day at Ridgecrest Manor.

paper_6-17pmcrude_0.jpg

paper_6-17pmgold.jpg

paper_6-17pmsilver.jpg

Lastly, Trader Dan has found that his limited free time is making his blog difficult to keep current. When he does post, however, its usually a doozy. He just wrote a terrific summary on several of the items we cover here. I encourage you to head over and check it out.

https://www.traderdannorcini.blogspot.com/

I promise a more "extensive" weekly review tomorrow, complete with some interesting longer-term charts. That's it for now, however. Turd needs a nap. TF

About the Author

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

  90 Comments

Anonymous · Jun 17, 2011 - 3:57pm

Removed comment

Removed comment.

Tesla · Jun 17, 2011 - 4:01pm

Thanks - glad you got in some

Thanks - glad you got in some RnR !!!

Jim · Jun 17, 2011 - 4:03pm

posting charts

Turd:

What is the secret to posting charts?

Thanks,

Jim

Mra · Jun 17, 2011 - 4:17pm

charts

Hey Turd

Thanks for the new site. Charts arent so bad - if you click on it as an icon it opens up nice and big in the browser.

Thanks for your wisdom!

ned braden · Jun 17, 2011 - 4:17pm

Good for you !

Turd, Sweetness and the Ladies. Hope y'all had fun

Blue Sky · Jun 17, 2011 - 4:25pm

Orko on Fire!

Orko just shot up .41 cents to 3.25 CAD in the last 15 seconds of trading. Humongous volume of almost 4m shares . They got it back to 2.96 in the last seconds but the excitement was palpable. Earlier it traded @2.58 and the traders must have gone home. I hope Scott88 still has his position.

Finally I was starting to feel like a broken record or a pumper but I'm just a" believer I couldn't leave her if I tried" .

I did take profits three times but I had to get back in.

Sorry if I'm overly excited but I'm thinking some of those ORKO shorts might need a dram of that metamucil.

Cleburne61 · Jun 17, 2011 - 4:26pm

TF, do you think that the

TF, do you think that the July month approaching fast, that it will keep a floor under silver during the final important hours of the wedge that has been building the last 6 weeks? Welcome back sir!

D E · Jun 17, 2011 - 4:26pm

Was just checking in and read

Was just checking in and read the Trader Dan post. I think he makes a great point looking at these markets in different currencies. I thought the point about relative performance of gold vs. silver in inflationary/deflationary scenarios very good too. Also in looking at oil across different markets, especially since the WTI contract can get a bit funky due to its specifics. I just checked the chart page here, and maybe an addition of Eurogold, GBPgold, Yengold and Yuangold and Rupeegold (?) would be helpful to seeing the big picture: the continued race to the bottom for all the fiat currencies.

I know others have posted before on where to find these for free. What do you think, all?

Eternal Student · Jun 17, 2011 - 4:30pm

Thanks for the Trader Dan "heads up"

Trader Dan usually posts good articles. That one is a gem. Worth reading at least once.

KK · Jun 17, 2011 - 4:41pm

"Needs to get back above 1545

"Needs to get back above 1545 before I get interested", do you mean that above this level the uptrend is resumed...

We don't know when the EE strikes again, but I am more inclined to consider short positions above 1545. I don't expect an announcement of QE3 in the next weeks as well.

(Haven't read trader Dan's post yet).

Eric Original · Jun 17, 2011 - 4:46pm

Dome

Yeah, I think that "Dome" thing is already busted.

jlee2027 · Jun 17, 2011 - 4:46pm

Trader Dan and Turd

Maybe you guys should combine blogs and share the work? Just call this my extremely stupid idea of the day. Both of you are probably too ruggedly independent though.

SilverTree Anonymous · Jun 17, 2011 - 4:46pm

.

John Clark · Jun 17, 2011 - 4:49pm

Friday, Time to open a Samuel Adams...

Friday, Time to open a Samuel Adams and kick back with Kid Rock. The new site is great which is now my #2 favorite starting with DRUDGE REPORT, TF Metals Report, Zero Hedge, USA Watchdog, SurvivalBlog, several YouTube favorites and Bloomberg before hitting the sack during the work week. The weekend is 'off the grid' time.

Thanks for starting the new site.

JC

"Hope for the best and plan for the worst" 

Bay of Pigs · Jun 17, 2011 - 4:49pm

resistance levels

$1545-1550 level is a very big deal. Once breached with authority, $1600-1700 is in the bag, and probably quickly.

Eric Original · Jun 17, 2011 - 5:01pm

Sounds like the Turd is

Sounds like the Turd is hungover again. C'mon Man! The weekend is just getting started!

TheGoodDoctor · Jun 17, 2011 - 5:11pm
Merc · Jun 17, 2011 - 5:14pm

Gold priced in all currencies.

I have often looked at turds analysis while also looking at other currencies. When turd has pointed out possible negative chart patterns in USD I simply checked out other currencies. It usually calms my fears. Im glad dan mentioned this perspective also. Gold IS acting as a currency and in a global contest for monetary debasement all currencies should be closely watched. I think it would be great to see turds analysis of gold charts in other currencies at least once in awhile. Love the new site and all the work you've done.

ramon Blue Sky · Jun 17, 2011 - 5:23pm

Some other Juniors doing the same

@ Blue Sky

Yes, I've noticed that several juniors were up significantly at the very last minutes of the trading day on very high volume (Record breaking volume on the charts that I was looking). This could mean that some of the shorts are beginning to cover or maybe somebody big is stepping in (or a fund buying).

Jerome · Jun 17, 2011 - 5:41pm

Mining Stocks

I am stubbornly hanging onto my mining shares (TKRFF), fearing that I might miss the announcement of drilling results and the immediate pop in price that is expected. But holding is painful. Thanks for the post from Dan Norcini, Turd. Sometimes I forget to go over and read his site. 

Got Silver · Jun 17, 2011 - 5:41pm

I am holding my mining shares

I am an investor and not a trader. I began investing in mining shares, particularly silver, over eighteen months ago. Needless to say, a great deal of my paper profits have vanished. Each time I go to sell, I remind myself - what has changed. If anything, the US economy has gotten weaker and the politicians do not have the political will to do what is necessary to save the dollar. If you think the riots in Greece are telling, imagine what will happen here.

I like what Trader Dan had to say about silver out performing gold should QE3 become a reality. I am betting there will be QE3. Am I crazy?

Art Vandelay · Jun 17, 2011 - 6:16pm

Forex discontinues metals trading for US residents ?

  We wanted to make you aware of some upcoming changes to FOREX.com’s product offering. As a result of the Dodd-Frank Act enacted by US Congress, a new regulation prohibiting US residents from trading over the counter precious metals, including gold and silver, will go into effect on Friday, July 15, 2011. 

In conjunction with this new regulation, FOREX.com must discontinue metals trading for US residents on Friday, July 15, 2011 at the close of trading at 5pm ET. As a result, all open metals positions must be closed by July 15, 2011 at 5pm ET. 

We encourage you to wind down your trading activity in these products over the next month in anticipation of the new rule, as any open XAU or XAG positions that remain open prior to July 15, 2011 at approximately 5:00 pm ET will be automatically liquidated. 

We sincerely regret any inconvenience complying with the new U.S. regulation may cause you. Should you have any questions, please feel free to contact our customer service team. 

Sincerely, 
The Team at FOREX.com 
Art Vandelay · Jun 17, 2011 - 6:17pm
Phantom · Jun 17, 2011 - 6:28pm

Mining shares

I Also Posted This in the Silver Mining Forum.

Here's what I have noticed with the miners, in particular CDE, etc. The ETFs which are mining based, sold their holdings in early April. Just after they made their March filings. Therefore, the institutional ownership stated on most financial sites is wrong. My opinion is that the ETFs preempted the summer doldrums by selling very early. For example, take a look at the Van Eck filings for GDXJ and GDX. They once held 13 million shares of CDE combined. Today its something like 3 million.

https://www.vaneck.com/funds/GDXJ.aspx (fact sheet on the right side shows the holdings)... NO CDE holdings here

https://www.vaneck.com/funds/GDX.aspx (fact sheet on the right side shows the holdings)... CDE holdings here

By the way, Van Eck was not the only seller.

Fast forward to today, and you look at the after hour trades on CDE. And the action makes you wonder, are these ETFs trying to buy back in before the next filing at the end of the quarter in 2 weeks? 

https://www.nasdaq.com/aspxcontent/ExtendedTradingTrades.aspx?selected=CD...

Phantom

recaptureamerica · Jun 17, 2011 - 6:35pm

Art Vandelay... Do u have a

Art Vandelay... Do u have a link for that incredible news? TYIA

Art Vandelay recaptureamerica · Jun 17, 2011 - 6:39pm

It was an email...

...that I got from forex.com.

Of course, they sent it after the market closed. How much you want to bet this causes another crash Sunday night when the market opens?

I hope the new rule doesn't effect the futures, options, and etf's. 

Kuros Bay of Pigs · Jun 17, 2011 - 6:54pm

I concur sir

I concur sir

SilverIsKing · Jun 17, 2011 - 7:01pm

FOREX e-mail

I also received the same e-mail regarding the end of spot metals trading from FOREX. I also have an account at Saxobank in Europe and they are closing the accounts of all U.S. residents because of Dodd-Frank. I opened the FOREX account because of the forthcoming closure of my Saxo account. Now I'm going to close my FOREX account and trade at Monex which is more costly and allows for a lot less margin. Also, I worry about holding too much money at Monex in light of what happened to Kitco in Canada last week.

This is all so fucking ridiculous but what I am going to do is buy more physical metals and convert some USDs to CHF (Swiss Francs).

Why did Dodd and/or Frank feel that spot metals trading needed to be curbed?

I'm really feeling the need to move the fuck out of this country.

SilverIsKing · Jun 17, 2011 - 7:03pm

FYI - I've known about the

FYI - I've known about the Saxobank closures for over a month now so it's interesting that with Dodd-Frank being passed a long time ago, why FOREX waited until now to tell us.

Notice: If you do not see your new comment immediately, do not be alarmed. We are currently refreshing new comments approximately every 2 minutes to better manage performance while working on other issues. Thank you for your patience.

Become a gold member and subscribe to Turd's Vault

Contribute

Donate  Shop

Get Your Subscriber Benefits

Exclusive discount for silver purchases, and a private iTunes feed for TF Metals Report podcasts!

Key Economic Events week of 12/10

12/11 8:30 ET Producer Price Index
12/12 8:30 ET Consumer Price Index
12/13 8:30 ET Import Price Index
12/14 8:30 ET Retail Sales
12/14 9:15 ET Industrial Prod. and Cap. Utilization
12/14 10:00 ET Business Inventories

Key Economic Events week of 11/26

11/27 9:00 ET Case-Schiller home prices
11/27 10:00 ET Consumer Confidence
11/28 8:30 ET Q3 GDP 2nd guess
11/28 10:00 ET New home sales
11/29 8:30 ET Personal Income and Spending
11/29 10:00 ET Pending home sales
11/29 2:00 ET November FOMC minutes

Key Economic Events week of 11/19

11/20 8:30 ET Housing Starts
11/21 8:30 ET Durable Goods
11/21 10:00 ET UMich Sentiment
11/21 10:00 ET LEIII
11/21 10:00 ET Existing Home Sales

randomness