One More Day

369
Thu, Aug 30, 2012 - 10:28am

Well, it's Thursday. This can only mean two things: 1) Just one more day until The JacksonHoleDown and 2) College football season begins tonight!

For all intents and purposes, here's the only thing that seems to matter right now:

8/31/12 Speech--Chairman Ben S. Bernank
Monetary Policy Since the Crisis
At the Federal Reserve Bank of Kansas City Economic Symposium, Jackson Hole, Wyoming
10 a.m. EDT

I suppose I could wax philosophic and even poetic about momo algos and Cartel capping but what would be the point? For today, I'm confident that we will simply trade back and forth between 30.60 and 30.80 in silver and 1660 and 1670 in gold. <yawn>

Look, I don't have a crystal ball for Fed-speak. The only person who knows what The Bernank will mutter tomorrow is The Bernank, himself. (Well, and maybe his butt-boy, Hilsenrath.) However, I can tell you this:

  • The fundamentals for the metals are overwhelmingly positive
  • The charts look poised for another leg higher

Might I be wrong? Of course. However, I'm confident that any Cartel-inspired Fed gaming tomorrow will be met with considerable bids for physical metal at discounted prices. This unceasing physical demand will continue to provide a floor for paper price and, consequently, any dip tomorrow must be bought.

That said, they may not be a dip to buy. Look at these charts. First, here are the daily charts showing that, after the runup last week, prices are simply consolidating in the zone where you would expect them to:

But now look at these 4-hour charts that include the 4-hour Relative Strength Indices. Remember, RSI is simply a measurement that allows you to assess the degree to which a market may be "overbought" or "oversold", in the short-term. The sideways action this week, though enfeebling and frustrating, allowed us the time to work off some RSIs that had worked well into the short-term overbought area. Note that, on the charts below, the RSIs have now retrenched back to the levels last seen before the big blastoff two weeks ago. This is a very positive sign that the markets are poised to move higher again and I would expect that move to begin very soon.

Have a great day!

TF

About the Author

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turd [at] tfmetalsreport [dot] com ()

  369 Comments

Gold Dog
Aug 31, 2012 - 11:43am

Quick Watson...

...the games afoot, again!!

Where's my Patron? C'mon guys!

Happy Dog

ivars
Aug 31, 2012 - 11:45am

Added 500 Oz at 31,19.

Added 500 Oz at 31,19. Average 30,38. Think I walk the talk-that is why I reveal these purchases..wont anymore reveal the size of the position...soon shall have a look at my silver charts, reproduce them again we might be approaching them as well, belatedly, but not slowly.

¤
Aug 31, 2012 - 11:45am

new thread

Yep....last again

Short Stack TF
Aug 31, 2012 - 11:55am

Re: We're doomed.

Normally I agree with everything I've seen posted by you but this one leaves me scratching my head.

The Convention is not the place to be talking about foreign policy when the time was limited and most every one's mind is on jobs and the economy. So that's what the discussion was about. Jobs, the economy and of course the man who made false promises and got us deeper in this mess.

Plenty of time in the debates and speeches between now and election day for talk on foreign policy.

AC_Doctor TreeTop Dweller
Aug 31, 2012 - 12:03pm

Which weekend in Oct is Morgan Stanley going to be sacrificed?

So which weekend in October is Morgan Stanley going to be held, carotid artery up,on the chopping block or are TPTB going to wait for them to bleed out after the November elections?

AC_Doctor's quote:

"The Declaration of Independence 1776: All men are created equal and there are certain unalienable rights that governments should never violate. These rights include the right to life, liberty and the pursuit of happiness. When a government fails to protect those rights, it is not only the right, but also the duty of the people to overthrow that government. In its place, the people should establish a government that is designed to protect those rights."

Colonel Angus
Aug 31, 2012 - 12:23pm

@bam

Maybe Turd did know something all along. Attaboy Turd Feguson. And I'm glad I've been sticking with you. It just feels right...the things you say, they just feel right.

nixy Silver_investor
Aug 31, 2012 - 1:06pm

Quote:So bizarre Submitted by

Quote:

So bizarre

Submitted by Silver_investor on August 31, 2012 - 10:25am. Hat Tip! 1

I wasn't expecting this bounce at all. But I'm very happy to see it. These markets have become so unpredictable.

Well, that's because it isn't a market, is it.......?

I mean.... a manipulated market...... isn't (can't be) a market.

thurd aye
Aug 31, 2012 - 1:10pm

nibbling is the way

340 gms today hopefully in the bag ( auction).BTFD and BTFR(ise) ;O))

By the way FYBFM and your creepy bosses.You are all doomed,doomed I tell ye.

Cononish1314 Colonel Angus
Aug 31, 2012 - 2:51pm

Colonel

I think The Bernank has just opened the road. The good/bad news is that The Secret Turdamist Prophecy has yet to be fulfilled. If it is then we'll now get it full blast.

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