TF Metals Report Blogs

Preparing For Sunday

With just a little over 24 hours to go until the Globex re-opens, I thought I would chime in with what I expect tomorrow night. Many are concerned that current circumstances in gold resemble silver from the first weekend of May. If you're not sleeping well out of concern for tomorrow, I'm here to put you at ease.

Ahead of an Interesting Weekend

Well, don't you wonder what the world will look like come Monday? So many unpredictable events are coming that it makes the job of being Turd significantly more challenging. However, The Turd is up to the task and willing, once again, to attempt to predict the unpredictable.

Looking Better

As predicted (hoped), both metals found some buying today after a successful test of overnight lows. Silver consistently found buyers near 39 which is right near that upsloping trendline on the 6-hour chart. Gold triple-bottomed at 1705 and has since rallied almost $60. I'd expect these rallies to continue into tomorrow. But, what happens next?

This Ain't Horseshoes

They say close only counts in horseshoes and hand grenades. That certainly applies here. Monday evening, I projected that a margin hike was coming this week in gold. I thought (hoped?) that gold would be allowed to run a little bit farther before the smashdown began. I was looking for the margin hike to be tonight, not last night. If it had been, we'd have had Tuesday as a peak, not Monday, and many of us would have been able to lock in gains before the fireworks began. Alas, I was off by a day. Nuts. Close. But close doesn't count.

Turd Tips His Hat

As you know, we moved from blogspot to this dedicated site for many reasons. The primary reason, however, was to capitalize on the collective knowledge and wisdom of Turdtown. I, The Turd, can only take you so far. I knew we needed a platform through which we could more efficiently share information. To see the effectiveness, all you have to do is look below.

Shenanigans

In what can only be consider option expiry shenanigans, a pleasant overnight was abruptly ended by the monkeys and the algos this morning as trading opened on the Comex.

It's Good To Be Turd

If you've been a Turdite for a while, you know how amazing I find all of this. A year ago, I'm just this dope with a MacBook and a few strongly held opinions. Now, I'm MacBook-toting dope who runs one of the Top 5 PM-themed websites in the world. Seriously, how weird is that?

On Shaky Ground

I feel like I must apologize for doing this to you. No sooner did I hit the "enter" button last evening on the previous update did the PMs begin to swoon. In hindsight, it's clear that last evening was when word began to trickle out.

So, What's Next?

Sorry that I've been MIA most of the day. I've been spending a lot of time in thought, trying to decipher where we are going from here. This evening gold has charged through $1900 and silver has spent some time above $44. I feel I've got a decent handle on where we're headed, so, let's get started.

Relief

At approximately 5:05 EDT, the Sep11 silver contract reached the $44 level. A few minutes later, it traded as high as $44.09. Thereby, another Turd prophesy has been fulfilled:

http://www.tfmetalsreport.com/blog/1993/silver-44

I'm just glad that's over with. I was in no mood to take another rash of sht from the losers at Kitco.

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