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An Encouraging Thursday

It what can only be construed as encouraging action, gold flew back higher today, nearly to the level it was before the blatant manipulation of Wednesday. I'll be very interested in the OI numbers tomorrow to see if today was primarily due to continued short covering by The Cartel.

In The Woods

The overnight action is the PMs is certainly encouraging and it would seem as though the half-life of central bank gold intervention is now about as long as central bank currency intervention. We all know, however, that it is still too soon to let our guards down. The quick recovery may only serve to embolden our increasingly desperate adversary, so, much caution is still warranted.


I think it's quite clear now why gold responded yesterday in the opposite direction from what you would have expected. With central banks actively managing a debasement of their currencies, we are now seeing them also attempt to actively manage a debasement of gold. Be careful. Be very careful.

Three Great ZH Reads

As most of us "met" each other through ZeroHedge, it's probably unnecessary for me to point out articles from there which you need to read and study. However, many Turdites are unfamiliar with ZH and most Turdites are often so busy that some of the days events are easily overlooked. Therefore, I present to you these three, terrific articles for your review and consideration.

I Hope You're Ready

This is certainly setting up to be a wild and wooly week. Traders around the globe are back from "holiday" and realizing that things are seriously messed up. The latest symptom of which is this:

Labor Day Charts

Here in the U.S., it's a holiday. The end of summer. The end of the doldrums. Well, not really. If history is any guide, however, we are about to see an increase in volatility and not just in the metals. If you thought August was wild, you're really going to love September.

Ten Years On

As we approach the 10th anniversary of the events of September 11, 2001, I thought it wise to start the week with this notice. It is not set up for commenting and I am going to leave it as a "sticky" at the top of the page all week.


For this month's version of hilarity, CNBS chose to bring back fat, old, balding Wyatt Earp. The guy is seriously bad luck for the status quo Keynesians. The last time we saw him, back in December, the BLSBS came in surprising low. We discussed it then on the old blog:

Today, Wyatt brings with him not just a surprisingly bad BLSBS, he manages to spread his bad luck back into last month's report, too. And it's not just a lousy payroll number of +5000 or +25000, it's ZERO. ZILCH. NADA. Somehow I think ZERO is even worse.

Thursday Morning Update

While the site is actually up and running, I thought I'd take a few minutes to create a quick update. It seems that the site is going down with greater frequency these days. However, "with a firm reliance on the protection of Divine Providence", we go forward.

The PAGE Is Turning

Our Australian friend, "Turdle", recently brought all of this to my attention. What we are about to discuss will truly have significant and consequential effects on the global trading and pricing of gold and, by extension, silver. Pondering the potential impacts of the Pan Asia Gold Exchange will require some time and mental clarity. If you feel you currently have appropriate levels of both, then let's proceed with the discussion.

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