Heed The Mavens

196
Thu, Jun 16, 2011 - 9:26am

I'm not megalomaniacal enough to think that they are responding to me directly and I'm not foolish enough to ignore them.

James Turk and Santa have both forgotten more about the precious metals markets than I'll ever know so, when they issue statements like the ones below, they must be listened to. First up, please take the time to listen to Eric King interview Mr. Turk. It's a wide-ranging interview that gives you more credible information in 12 minutes than you'll get in a week of watching CNBS. I particularly like it when he describes the central banks as "barbarous relics"!

https://www.kingworldnews.com/kingworldnews/Broadcast/Entries/2011/6/16_James_Turk.html

Next, Eric also posted an interview of Santa. He, too, is expecting a summer rally. Check it out:

https://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2011/6/16_Sinclair_-_Youre_Out_of_Your_Mind_If_You_Sell_Gold_Assets_Now.html

That said, we should know in the next two days whether or not the "dome" pattern we noticed yesterday is going to serve to send gold down toward 1500. I still think that this is going to happen. There is no question that further quantitative easing is coming, not just here but globally. The Fed/EE will take any opportunity at this point to push PM prices lower so that they start their next, QE-induced rally from a lower point.

Lastly, just a quick comment on the Greece situation. Right now, it appears that the Germans are trying to buy some time.

https://www.zerohedge.com/article/greek-cds-hits-ridiculous-1900-bps-total-chaos-over-what-happens-next-ongoing-greek-ruling-p

IMHO, they are buying time as they, the Finns and other "Nordic" countries frantically scramble to conclude negotiations on the formation of a new "Nordic" euro. Countries such as Greece, Portugal and Italy will be left to fend for themselves. These countries will be forced to cover their debts in drachma and lira so that the "new" euro can be relatively unaffected. Ultimately, the Nordic Euro will become one of three, regional reserve currencies along with an Asian/Australian SDR and a revamped dollar/amero. More on all of that at a later date as I don't have the time to get into it now.

Have a great day and watch that gold very, very closely. TF

About the Author

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turd [at] tfmetalsreport [dot] com ()

  196 Comments

MetalMike
Jun 16, 2011 - 9:34am

Chart too small

Need to fix that graphic chart Turd, no can read. Good morning and thanks

Aronnax
Jun 16, 2011 - 9:34am

Your trademark charts are not readable, TF

Thanks for the update, Turd. When/if you get a chance, pls. take a peek at how your charts are being embedded in your posts - they are getting too small to read. While this is getting repetitive, thank you again for the site.

Urban Roman
Jun 16, 2011 - 9:35am

Gold at 1500

Still, if it sends gold to 1500, compare that to a few years ago.

In the long term, what does everybody already know?

Shill
Jun 16, 2011 - 9:40am

Weiner


  1. Rep. Weiner plans to step down: NY Times

  2. Anthony Weiner tells friends he'll quit: Report

bernard
Jun 16, 2011 - 9:40am

I've been gobbling up all the

I've been gobbling up all the 1964 silver I could get my hands on :) at these prices i'm buying all day baby

maple
Jun 16, 2011 - 9:41am

Yes, I could see a summer PM

Yes, I could see a summer PM explosion to the upside if certain events occur, but on the other hand I also see a significant chance of a major pullback (gold 1450, silver 30) if those events do not come to pass. We know what's coming but making a call on timing is essentially guesswork.

caramel
Jun 16, 2011 - 9:42am

probably last chance to get

probably last chance to get gold around $1500 before it takes off. May go lower but concerned about the ounces. Amazing to think this will be considered cheap in the medium/long run.

treefrog
Jun 16, 2011 - 9:43am

it would be nice if the

it would be nice if the charts were clickable/enlargeable as they were on the old blogsite.

bensgone
Jun 16, 2011 - 9:44am

You could not be more correct Turd

I totally concur with everything in this post. Great analysis Turd, considering the diverse opinion and experience of some of the most prestigious players and advisors in this PM bull. It seems that there is a convergence of negative factors that are negative in the short term for the PM's. Boy, we just can't wait until this month is over. I hope that the bull renews it's march to new highs starting at least by the middle of next month. The question is when will the perception change with respect to the fact that QE really will not end at the end of this month. What a fictitious head fake and game these rotten pukes play with the market psychology. But, this recent divergence in the price of PM's and the rest of the markets is very encouraging. Dollar up, Stock market down, copper down, oil down, euro down, yet the PM's are not being crushed and even advance a little. It means that no matter what inflation or deflation PM' march higher. We seem to be repeating yesterdays bullish divergence. This month will tell if and how soon the resumption of the PM bull will begin this summer.

bernard
Jun 16, 2011 - 9:44am
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

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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

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

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