TF Metals Report Blogs

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

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.

Open Thread. Turd Unavailable until 3:00 EDT

Heed The Mavens

I'm not megalomaniacal enough to think that they are responding to me directly and I'm not foolish enough to ignore them.

The Safe Havens

Wow, what a lousy day for just about everything. Crude down $4. Corn down nearly the limit. Dow down 178. The only things higher were the "safe havens" of the PO$, gold and silver. Yikes! And if you think that's scary, wait until you see the gold chart. More on that later.

First, take a look at this incredible rally in the POSX. It should encounter some tough sledding between 76.60 and 77 but, who knows? If the euro continues to fall apart, anything can happen.

Syndicate contentFront page feed