TF Metals Report Blogs

Euro Crush

A nasty flight from the euro is causing selling in everything today. Pretty brutal stuff. Isn't it amazing how things can change in just 24 hours?

1550 holds again

Yes, the LBMA pm fix was 1552. Yes, the Comex close was the 3rd highest ever at 1553. No, that didn't stop the weasly, sissy, cheapshot artist, soulless monkeys from attacking on the defenseless Globex and bringing gold back down under 1550. The monkeys are like the worthless, coward criminal from a B-movie western. Our hero saves the day and kills all the bad guys but the coward criminal plays dead and then, when our hero turns to walk away, the coward shoots him in the back. 

Updated Big 4

I'm going to be out most of the day today so I thought I'd give you a comprehensive update on our Big 4 - gold, silver, the POSX and crude.

Turd Makes A Move

The action in gold has proven to be too much for me to take.

I had a massage appointment this morning. I was supposed to relax. Instead, I found my mind drifting back to Greece, the PIIGS, the euro and the impact on gold. The more I thought about it, the more I was convinced that any eventuality in Greece is gold-positive. When the massage ended, I raced to my car to check the gold price and found that it had once again been thwarted by the EE, at a price just below 1550.

G-Day

With the looming "confidence" vote in Greece, I expect the PMs to be rather quiet again today. Greece, however, will not likely be quiet. Here are three articles to consider.

First, Gonzalo Lira sums up the situation quite nicely:

http://gonzalolira.blogspot.com/2011/06/if-greece-defaults-what-happens-to.html

Next, the BBC questions whether the Greeks will make a move for outright revolt:

Monday Charts

Yawn. That pretty well sums up the day, doesn't it. Actually, after the Sunday Night Massacre and the ensuing, margin-induced madness, days like today are somewhat refreshing. Of course, we did get a margin reduction in gold last week but, as we all know by now, it meant very little.

http://www.zerohedge.com/article/cme-lowers-gold-margins-hikes-corn-hogs

Start Your Week With This

Trader Dan, Santa and Eric King had a conference call over the weekend to discuss the miners and PMs in general. Listen to this right now. It will get you ready for another wild week to come.

http://www.kingworldnews.com/kingworldnews/Broadcast/Entries/2011/6/19_KWN_Special__Jim_Sinclair_%26_Dan_Norcini.html

Watch the 1543-45 area in gold today. IF it can get through there, 1550 will be in play again.

More later. TF

An Interesting Next Two Weeks

Hi, welcome back. I hope that everyone had a great weekend.

Just a quick post here on Father's Day in the U.S. Back on Friday, I promised you some interesting charts and they are shown down below. As you know, a debate is raging as to whether this summer will bring the usual "doldrums", where the PMs languish and drift lower or whether current geopolitical and economic events will drive a "flight to safety" trade that will, instead, lift the PMS higher.

Turd Confused

When I first read this last evening, I was confused by its meaning. After thinking about it all day while working outside, I still have no idea. It would seem to be a possible first step toward a crackdown on PM trading and speculation. Banning OTC PM trading would also serve to drive more business toward the crooked Comex. I don't know maybe I'm reading too much into this. Since one of the original purposes of Dodd-Frank was to regulate OTC derivatives, perhaps this is nothing sinister at all. Again, I don't know.

Back In The Saddle

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.

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