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More Charts

As we start the week, I wanted to give you even greater detail on the gold and crude markets.

First, here's a weekly gold chart that takes us back almost three years. Again, note that the trend from the bottom has continued unabated but that every six months or so, price reverts back to the trendline.


Saturday Stuff

Hello there. Sorry I was AWOL yesterday. I had lots and lots to do plus I needed a break. I didn't open my Lind-Waldock account all day. Also, I wanted to leave the last post from Thursday up all day so that as many as possible would read it. I guess it worked as the total is now approaching 10,000.

First of all, before we consider the events of this week, please go back and read this:

What Now?

What an interesting seven weeks it's been. From the jubilation of late April to the frustration of early May to the despair of today, we've certainly ridden the trader rollercoaster.

I've tried to lead the way through the darkness but this sorcerer/soothsayer stuff is pretty challenging, particularly when you're dealing with a criminal enterprise on the other side of your trades. Regardless, let's recap so that we can begin to decide where to go from here.

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.


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:

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.

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.

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

More later. TF

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