Straight UP, For Once

155
Wed, Jun 15, 2011 - 10:54am

Wow! Isn't it strange to see lines on the gold and silver charts that go straight up? I'd forgotten that that type of action was even possible.

This continues to be a very interesting saga to watch.

https://www.zerohedge.com/article/first-time-total-comex-silver-drops-below-100-million-ounces-physical-deliverable-silver-und

Though it appears that The Comex can raid SLV for paper silver whenever it is necessary, the dwindling supply of "registered" silver is still an extremely significant, ongoing event. That the bullion banks and their customers are choosing to hoard silver by reclassifying it as "eligible" speaks volumes to the very real and very tight supply of physical silver.

Let's start with the POSX today. It is once again benefiting from selling in the euro. Not that the US$ has more tangible value than the euro or any other currency, its position as "global reserve currency" still drives the "safety" trade. For today, with apologies to any vertically-challenged Turdites, it is simply the tallest midget.

Gold decisively broke through 1525 on that spike up this morning. IF it can now maintain its footing above 1527, it looks primed to run back toward 1545.

Silver continues to struggle mightily as it seems as if buyers have called a general strike. There is little if any conviction on the long end, which allows The Cartel to continue pressing it down as there are simply more offers to sell than there are bids to buy. It's good to see support holding at 34.25 or so but we need silver to trade back UP through 36 before anyone will get excited.

OK that's it for now. I'm glad/relieved that so many of you have found the new site to be fun and helpful. Let's keep it up. Please continue filling the forums and the comments with quality information. Have a great day! TF

About the Author

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

  155 Comments

Silver Danny
Jun 15, 2011 - 10:56am

FUBM ;)

The FUBM is in overdrive at the moment, the question is how far do we go on this move, $36, 36.50 or $37+?

Sterling
Jun 15, 2011 - 10:58am

Dunno if it's just me

The chart won't load. Anyone else have this problem?

Silver Danny Sterling
Jun 15, 2011 - 10:59am

It's not just you.

It's not just you.

MIDDIE
Jun 15, 2011 - 11:01am

Me too

No pic for me either.

SilverTree Silver Danny
Jun 15, 2011 - 11:03am

How far?

>$500

lcalama SilverTree
Jun 15, 2011 - 11:04am

chart not loading?

chart not loading?

Eric Original
Jun 15, 2011 - 11:04am

Dow Gold Ratio Forum

I just set up a Dow Gold Ratio forum.

Thoughts?

LongGoldLongSilver
Jun 15, 2011 - 11:04am

Armstrong is right?

Well, wouldn't be too bad if Martin Armstrong gets it his way. A turning point in gold and silver June 13/14 2011 would be the most bullish case for the metals from a cyclical perspective according to him. I have the most respect for him, so let's hope this continues...

Sterling
Jun 15, 2011 - 11:05am

Closing in on $36

Bad U.S. data and we may get past $36 today. it's $35.96 as I type this..

Agophillic
Jun 15, 2011 - 11:05am

A big red "X"

Chart won't load for me either...but it doesn't really matter because we know what it looks like...we look at them every day! Although, I do love the sharpie commentary by "Ours Turdly...I mean Truly".

I love the fact that silver is staying low and the BoS aren't getting excited just yet...I'm still slowly adding to my position on a monthly (sometimes only quarterly depending on business).

tomasaronsson
Jun 15, 2011 - 11:05am

Sweeeeeet! Chart not loading

Sweeeeeet! Chart not loading though..

davefess
Jun 15, 2011 - 11:05am

Change

Does anyone else find it weird that dollar is up, stocks down and PMs up? It typically was dollar down, stocks and PMs up. Are PM's breaking out of that pattern or is this just a one day thing?

sevin
Jun 15, 2011 - 11:05am

Let's get to 36 and shake out

Let's get to 36 and shake out some shorts!!!

SilverTree
Jun 15, 2011 - 11:06am

!

BOING!

Sterling
Jun 15, 2011 - 11:06am

Chart's showing up now

Now I see it!


Jun 15, 2011 - 11:08am

We're working through one

We're working through one little issue with the charts. The first one should be showing now... we'll have the other ones in place shortly. Thanks for your patience!

tallydynasty
Jun 15, 2011 - 11:09am

They don't call silver, the

They don't call silver, the "mule" for nothing!

The sentiment has been so poor that this action is catching shorts off guard, not to mention longs on the sidelines.

If it can stick a strong close today things could get interesting.

aha69
Jun 15, 2011 - 11:10am

happy days are here again

well at leat upto $37 anyway. Who knows perhaps even $42-43 is not out of the question before the end of June. At least the Greeks are doing there bit to help us

letey petey
Jun 15, 2011 - 11:10am

I think the robin outside my

I think the robin outside my window is long silver.

letey petey
Jun 15, 2011 - 11:12am

admin, I love you.

Seriously, I so love your avatar. And I really do have a helicopter for you somewhere in the basement.

Jordski
Jun 15, 2011 - 11:12am

http://www.kitco.com/ind/Rado

https://www.kitco.com/ind/Radomski/jun142011.html

Funny to look at this next to the gold chart which is vertical!

Shill
Jun 15, 2011 - 11:13am
Silver Danny
Jun 15, 2011 - 11:13am
Ultra86 davefess
Jun 15, 2011 - 11:15am

I also find it strange...

It seems the PM's are showing a lot of strength despite a rising dollar. Seems very bullish to me but I'm no Turd Ferguson. I've got a good bit of dry powder ready dump on the cartel. Was going to wait for a dip towards $33 but if we head back towards $40 I think I'll pull the trigger. Either way I'm a buyer, just trying to pick up the most oz's for my fiat.

Ultra86
Jun 15, 2011 - 11:17am

Hmm, my reply isn't attached to the comment I was replying to

Just FYI Turd and crew. My message above was a reply to:

Change

Submitted by davefess on June 15, 2011 - 11:05am.
SilverTree Silver Danny
Jun 15, 2011 - 11:17am

How far?

>$500

agNau
Jun 15, 2011 - 11:19am

Dollars true value?

It is "The Turd that Floats!" For the time being.

tmosley
Jun 15, 2011 - 11:19am

Time to Get PHYSICAL

Don't be too surprised if the silver market breaks down in a big way over the next two-four weeks. There are likely to be a lot of dirty tricks as the EE attempts to weed out the OI, even as their inventory crashes to zero. This story is the SINGLE MOST IMPORTANT STORY right now.

We have a good chance of seeing the COMEX go bust before the end of next month, and a VERY good chance of seeing it go bust by the end of the year. Now is the time to pull out of ALL paper investments, including miners, and go all in physical. The prices aren't bad either.

ChiTownHustler
Jun 15, 2011 - 11:20am

silver inventory

Jim Comiskey from lindwaldock seems to think the inventory numbers are higher, he also dose not know the difference between eligible and registered, check out his june 10 and june 15 you tube clips.

june 15

Video unavailable
Video unavailable
MountainMan
Jun 15, 2011 - 11:22am

50 Day MA

Gold put in a solid bounce off of its 50 day moving average, silver should follow on its tail.

Martin Armstrong's Economic Confidence Model put June 13/14 as the turning point for the next up cycle. Did we just see the lows? Time will tell...

https://armstrongeconomics.files.wordpress.com/2011/06/armstrongeconomic...

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 5/13

TWELVE Goon speeches through the week
5/14 8:30 ET Import Price Index
5/15 8:30 ET Retail Sales and Empire State Manu. Idx.
5/15 9:15 ET Cap. Ute. and Ind. Prod.
5/15 10:00 ET Business Inventories
5/16 10:00 ET Housing Starts and Philly Fed
5/17 10:00 ET Consumer Sentiment

Key Economic Events Week of 5/6

5/9 8:30 ET US Trade Deficit
5/9 8:30 ET Producer Price Index (PPI)
5/9 10:00 ET Wholesale Inventories
5/10 8:30 ET Consumer Price Index (CPI)

Key Economic Events Week of 4/29

4/29 8:30 ET Pers Inc, Cons Spend, Core Infl
4/30 8:30 ET Employment Costs
4/30 9:45 ET Chicago PMI
5/1 8:15 ET ADP jobs report
5/1 9:45 & 10:00 ET Markit and ISM Manu PMIs
5/1 10:00 ET Construction Spending
5/1 2:00 ET FOMC Fedlines
5/1 2:30 ET CGP presser
5/2 8:30 ET Productivity and Unit Labor Costs
5/2 10:00 ET Factory Orders
5/3 8:30 ET BLSBS
5/3 9:45 & 10:00 ET Markit and ISMServices PMIs

Recent Comments

by Mickey, May 19, 2019 - 10:21pm
by Ozymandias, May 19, 2019 - 9:21pm
by imfd, May 19, 2019 - 8:43pm
by lakedweller2, May 19, 2019 - 8:08pm
by zman, May 19, 2019 - 7:34pm