Straight UP, For Once

Wed, Jun 15, 2011 - 10:54am

Wow! Isn't it strange to see lines on the gold and silver charts that go straight up? I'd forgotten that that type of action was even possible.

This continues to be a very interesting saga to watch.

Though it appears that The Comex can raid SLV for paper silver whenever it is necessary, the dwindling supply of "registered" silver is still an extremely significant, ongoing event. That the bullion banks and their customers are choosing to hoard silver by reclassifying it as "eligible" speaks volumes to the very real and very tight supply of physical silver.

Let's start with the POSX today. It is once again benefiting from selling in the euro. Not that the US$ has more tangible value than the euro or any other currency, its position as "global reserve currency" still drives the "safety" trade. For today, with apologies to any vertically-challenged Turdites, it is simply the tallest midget.

Gold decisively broke through 1525 on that spike up this morning. IF it can now maintain its footing above 1527, it looks primed to run back toward 1545.

Silver continues to struggle mightily as it seems as if buyers have called a general strike. There is little if any conviction on the long end, which allows The Cartel to continue pressing it down as there are simply more offers to sell than there are bids to buy. It's good to see support holding at 34.25 or so but we need silver to trade back UP through 36 before anyone will get excited.

OK that's it for now. I'm glad/relieved that so many of you have found the new site to be fun and helpful. Let's keep it up. Please continue filling the forums and the comments with quality information. Have a great day! TF

About the Author

turd [at] tfmetalsreport [dot] com ()


Jun 15, 2011 - 11:23am

@Ultra86 -- comments actually

@Ultra86 -- comments actually display differently than the forum posts. It's meant to be a freeflow of responses similar to how it was on the previous blogger site. If you'd prefer to see similar "reply to" info on your comments feel free to make a post in the Site Feedback and Comments forum. Thanks!

pmbullish tmosley
Jun 15, 2011 - 11:27am

Why out of miners? In case of

Why out of miners? In case of comed default silver miners should rise as not all the world own physical

Jun 15, 2011 - 11:28am


anyone experiencing virus infection off this new site? Probably just me. System down now...

Jun 15, 2011 - 11:29am


Test post. Will remove.

Jun 15, 2011 - 11:32am

Good Job Turd

I think its all going up 'cause Turds got his new site together.....

Sentiment is a powerful thing

Agophillic letey petey
Jun 15, 2011 - 11:32am

There's a Cardinal here

There's a Cardinal here that's singing the same song!

davefess Ultra86
Jun 15, 2011 - 11:33am


Yeah I am curious to see how this plays out. I have a call spread at 46-47 sep...looking to dump it around 43-44 if we get there. Have a put as well for protection. But if dollar up and PM's go up, maybe we will se mid 40s by end of summer? like you said, I am no Turd so I will wait and see what he has to say along with my own analysis :)

Jun 15, 2011 - 11:34am

Right on cue, Thanks Martin Armstrong Time to check in on our man Martin Armstrong to see what he predicted next in the cycle. Find it freaky that his model was able to predict yesterday's low. James Turk is predicting fireworks over the next few months, and silver to move north strongly over the next 2 weeks. Lets hope so for those of us holding long silver July call options.

Jun 15, 2011 - 11:37am
Bay of Pigs Ultra86
Jun 15, 2011 - 11:41am

Rising USD and PM's

FYI, People forget the times gold has rallied with the dollar. From Aug 06-May07 gold went from $450-700 and the USD rallied most of the way with it. Don't be surprised if it does this again as Greece and the EU have problems.

bullwhip29 Ultra86
Jun 15, 2011 - 11:51am

Straight up, then straight down

Everything is being dumped right now. Gettin' scary...

Jun 15, 2011 - 11:55am

Turd is the Word!

Thanks Turd ...Nice to see PMs go up sometimes too (more please) as always don't stop rockin' brotha!!!

(BTW new site is killer, thanks also to admin - keep up the great job team!)

Jun 15, 2011 - 11:56am

Most miners are down - gold

Most miners are down - gold and silver are up. Hope the miners aren't leading gold and silver...

Jun 15, 2011 - 12:01pm

can 35.50 hold?

seems silver is now caught up in all the selling....

Jun 15, 2011 - 12:03pm

Martin Armstrong

Always interesting, but if I'm reading the letter right, the currency crisis will not arrive until late 2015. What? I don't see how we last through this year - Greece is rioting now with Europe and the US to follow - not to mention 4-1/2 more years.

Jun 15, 2011 - 12:04pm

Like the site, like your

Like the site, like your crown molding at home as well :D

bullwhip29 dannyhaha
Jun 15, 2011 - 12:07pm

Test reply

Reply didn't work the first time. Just double checking...

Jun 15, 2011 - 12:11pm

EE might be aiming 50 DMA

Giving that they've been adding shorts in gold as COT shows the past two weeks it's plausible they might wanna make a run at breaking 50 DMA in gold to engineer fears in the mind of investors still not 100% sure in gold.

davefess Awesomeness
Jun 15, 2011 - 12:12pm

Forget to add this

This site is amazing! Thank you so much Mr. Turd.

Know More
Jun 15, 2011 - 12:12pm

Hat Tips

Hat Tips all around to your new site especially the Forums, Charts sections and, of course, the Turd Blog!

Jun 15, 2011 - 12:15pm

Site suggestion

Comments/replies should be threaded

Jun 15, 2011 - 12:20pm

Congrats on the new site

Congrats on the new site Turd. Been "lurking" for a while and just decided to join the crew.

I don't trust this upward movement in PMs. I feel like a major correction is coming in advance of the FOMC meeting next week. I've made a good chunk a change in PMs over the past year, but I'm going to sit on the sidelines until the Fed makes it's next move.

Jun 15, 2011 - 12:22pm

Operation Twist

Hey Turd,

I'm enjoying the new site! I wanted to ask you what your take on all the "Operation Twist" stuff floating around on ZeroHedge and how you think that will all play out for silver (paper and physcial) specifically.

Thank you!

T-Roll davefess
Jun 15, 2011 - 12:22pm

Weird indeed, but does

Weird indeed, but does anything make sense in the markets these days?

Jun 15, 2011 - 12:27pm
Jun 15, 2011 - 12:46pm

Ok lets go, i just put a days

Ok lets go, i just put a days pay in my new OandaFX to practice a little trading this surreal summer sessions..:))

long now waiting for 36 to fall soon...

Jun 15, 2011 - 12:49pm

Great Job Turd

Thanks for this new site, looking forward to learning more about PM's and the rest

Jun 15, 2011 - 12:49pm

Options Expiration?

This week is an options expiry week and perhaps that may explain the divergence between the metals and equities. although I'm not sure how the paper PM prices fit into that equation. Regardless, stocks have been going down for a reason and I don't see that changing for a while. As I mentioned last night, I wouldn't be buying PMs here (physical...never a bad time to buy) due to what may appear to be support (options expiration effect?) and the drag on PM prices from falling equity prices. If the drop in equities picks up speed, there will likely be a lot of forced liquidations of everything including paper PMs.

Cash = Dry Powder = Big Gains later

Jun 15, 2011 - 12:50pm

Fear not there will be QE 3

and I would be maybe even before the end of summer. Below are some words from Jim Rogers. Sure most have heard it already.

Jun 15, 2011 - 12:56pm

Physical buying

Well, I was waiting on a nice sale from APMEX, and I got it. I bought a small amount from them for my monthly buy. I have some dry powder for OPEX in two weeks, just in case. Otherwise, I will be spending said powder on some home improvement/repairs.

For those who don't know, there is a 24 hour sale on APMEX rounds--99cents over spot! Suggest those interested give it a go.


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