Drifting Down Dismal River

366
Thu, Sep 27, 2012 - 9:50am

Not a fun place to be, even though they say it's beautiful this time of year.

Wow! What a bunch of lousy economic data we got this morning! Just terrible. I mean...I suppose it could be worse. GDP could print a negative number and really freak out LIESman but +1.25% is pretty terrible, especially when you consider the trend. Over 4% in Q42011, 2.0% in Q12012 and now this. It looks like "output" keeps getting cut by half with each, successive quarter. And you wonder why The Bernank couldn't wait to start QE∞?

https://www.cnbc.com/id/49192514

Having both data points released near the Comex open provided a brief surge in the metals this morning. However, a concerted effort continues to keep both metals down for the week. Take a look at these charts:

So, we'll see what happens today. First Notice Day for the Oct12 gold contract is tomorrow so expect some volatility as current holders are "coerced" out of standing for delivery. Support still looks quite firm below 1750 so, as yesterday showed, I think it's doubtful we'd fall much through there. And Silver is very firm above 33.50 and is being purchased in size at that level in London. So, hang in there. Let's just get through this week and see where we go from here once the new quarter begins next week.

Have a great day!

TF

p.s. There really is a Dismal River. It runs through the sandhills of Nebraska. Here are a few pics.

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  366 Comments

murphy · Sep 28, 2012 - 3:50pm

BOG

I will send my most trusted employee to deliver the Colonel Angus catalog to you

Jerry's Three Legged Long Dog Tongue Encore
BagOfGold murphy · Sep 28, 2012 - 4:27pm

Murphy...

Yes!...Please send that catalogue out as fast as you can...I need!...I need...really bad!!!...

Bag Of Gold

buffalo3 · Sep 28, 2012 - 11:10pm

Why?

I thought you were decent. But, I think you just trade paper. You are as bad as jpm and taking peoples money.

BagOfGold · Sep 29, 2012 - 9:48am

Okay Murphy...

You have not delivered as promised...& I am still waiting!...Now I insist that you meet me instead...at that little bar just around the corner from where you live...& we will settle this once & for all!...

How to Survive a Cougar Attack

Show up...or you will be very sorry!!!...

Bag Of Gold

murphy · Sep 29, 2012 - 12:52pm

BOG

lol, well done.

So my trusted employee couldn't deliver the goods? You know what they say, if you want something done right you need to do it yourself.

maravich44 BagOfGold · Sep 29, 2012 - 3:32pm

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Key Economic Events week of 12/10

12/11 8:30 ET Producer Price Index
12/12 8:30 ET Consumer Price Index
12/13 8:30 ET Import Price Index
12/14 8:30 ET Retail Sales
12/14 9:15 ET Industrial Prod. and Cap. Utilization
12/14 10:00 ET Business Inventories

Key Economic Events week of 11/26

11/27 9:00 ET Case-Schiller home prices
11/27 10:00 ET Consumer Confidence
11/28 8:30 ET Q3 GDP 2nd guess
11/28 10:00 ET New home sales
11/29 8:30 ET Personal Income and Spending
11/29 10:00 ET Pending home sales
11/29 2:00 ET November FOMC minutes

Key Economic Events week of 11/19

11/20 8:30 ET Housing Starts
11/21 8:30 ET Durable Goods
11/21 10:00 ET UMich Sentiment
11/21 10:00 ET LEIII
11/21 10:00 ET Existing Home Sales

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