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Turd Back

Turd back. Turd refreshed. Turd ready.

After giving the printer, the Sharpie and the ruler a few days off, The Turd is back with a vengeance. As you might imagine, I could lay all sorts of charts on you this morning but time limits me to these six. I will certainly have a more comprehensive wrap-up over the weekend.

One More Day

One more day until The Turd is back "on the throne". I promise lots of pretty charts tomorrow. Until then, just this quick update.

You had to expect The Bernank to throw some cold water on the "QE3" excitement. He has doen exactly that and gold is now almost $10 off its highs of near 1595. Silver reached all the way to within 0.05 of the important 39.45 level before falling back. Now, what's next?

WOW!

Well, the doldrums look like they've wrapped up about a month earlier than expected.

Gold is just fantastic. It needs to hold these gains until the Comex close. As stated yesterday, a close above the previous intraday high of 1577.80 would be extremely bullish...as if the chart wasn't already bullish enough!

And This Is Surprising?

From the Fed minutes released today:

Wising Up

As I type this at 11:21 EDT, it appears that the NY gold buyers may have wised up a little bit. Instead of buying ahead of the London fix, it almost looks like some decided to wait until after 11:00. I have a last of 1553.20. Let's see what the good guys can accomplish in the next couple of hours.

Speaking of The Good Guys, how about that lovely little FUBM in gold yesterday? Don't let the acronym fool you. The FUBM is a very important technical feature. It shows two significant things:

Catching A Bid

With the gold market rallying the way it is, I thought it might be best to go back and review this:

http://www.tfmetalsreport.com/blog/heed-mavens/406

I would add this to the discussion:

http://www.kingworldnews.com/kingworldnews/Broadcast/Entries/2011/7/11_Andrew_Maguire.html

And this:

A Big Week Ahead

Next week is shaping up to be significant for the short term charts. Can gold get through 1555 and break out of its summer range? Can silver break 37 and then 37.50 and head off to tackle the last line of EE defense at 39.50? Can crude build a new base above 96 and get ready to make a move at 101? I suspect we'll have most of our answers by next Friday.

Here are you charts:

Three Years On and Things Are Only Getting Worse

The Shill, The Coug and LIESman are "stunned" and "shocked" this morning at the lousy, awful and horrible BLSBS report. Really? Really?? Come down from your ivory towers and visit Main Street every once in a while you dopes! Utterly clueless, status quo, inside-the-box thinking.

I sure hope that, by now, none of this surprises any of you. The U.S. economy stinks on ice and it will continue to. What does this mean?

1) Tax receipts at the federal, state and local level will continue to decline.

Paging Dr. C

Just a quick note to follow up on something we discussed last week.

http://www.tfmetalsreport.com/blog/1172/chartdaddy

If you haven't noticed, DrC is kickin ass and takin names. Up over 2% today alone and it has crossed a very important technical barrier. IF it can consolidate and hang here...and I think it will...it looks to be breaking out and rolling higher at almost exactly the same time as last year. Here, see for yourself:

Silver Outlook

First and foremost, let me state that I currently have no position in silver. No options. No futures. Nothing. I am patiently waiting for silver to break back above $40 before I spring into action. However, many of you have requested an update of the silver charts so here they are. Again, if you must trade, always trade the doldrums with extreme caution. Otherwise, you're going to get your head handed to you.

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