Hangin' Tough

355
Fri, Oct 19, 2012 - 9:53am

Are you tough enough?

New Kids On The Block - Hangin' Tough

Frankly, I can't believe I just posted a New Kids On The Block video. A new low, if there ever was one. Oh well, if there are any 30-something female Turdites out there, I'm sure they appreciate it.

Just a quick post this morning as I have lots to do including a podcast recording for release later today.

The metals were, of course, pressured overnight. As noted in the "update" of the previous post, anytime you see blatant Globex selling immediately after the Comex closes, you can be almost guaranteed of an overnight and next-day raid. And so it is.

Regardless, the damage is minimal. So far, the 1730-1735 area has held like a champ in gold and has laid the groundwork for a double bottom. Silver would show a double bottom, too, if it weren't for the obvious attempt to have a go at the 50-day moving average near $32.50. That level will be the key to watch today as you know with 100% certainty that The Forces of Darkness would give anything to close the week below there. If they're successful, we'll see more weakness early next week and a likely drop toward $31.00-31.50 before the final low of this manufactured "correction" is in. IF silver can instead rebound today, and I have a last of $32.45, then we'll most likely have our bottom and we'll see a breakout next week.

So, watch those levels closely today. Can gold hold and close above $1730-35? Can silver hold and close above $32.50. Today's battle is ON. Are you tough enough? wink

TF

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  355 Comments

achmachat · Oct 19, 2012 - 11:53am

BART CHILTON...

...don't think for a minute that you will be safe when the mob comes for the bankers and their kind.

Vermilion · Oct 19, 2012 - 11:54am

I'm not sure Wynter Benton

I'm not sure Wynter Benton claimed to move the price of silver higher, just move it:-

"The Leader wishes to inform our followers that the group will be demonstrating our ability to move the price of silver between October 16 to October 23, 2012.

We will be updating our moves in real time during this period. Hold on to you seats because what you are about to see will dwarf what we did in February 2011.
….do da, do da….."
Sentiment: Strong Sell

LeeHo · Oct 19, 2012 - 11:55am

Patience....

Guns N' Roses - Patience
Sisyphus · Oct 19, 2012 - 11:57am

Time to hide under the duvet.

I'm not that tough!

"Now is the Wynter of our discontent..."

We're in bloody Maundland now. Need a map....

Slick · Oct 19, 2012 - 11:58am

@WB

Exactly how s it that they would be updating their moves in real time?

whats that supposed to mean?

I believe WB is a disinformation agent for the crooks! I mean really?

· Oct 19, 2012 - 11:59am

Fuck em

I just bought a Dec12 $1750 call.

Dr G · Oct 19, 2012 - 12:00pm

Oh geez. I think we see $1705

Oh geez. I think we see $1705 and $31.80 today. :(

Groaner · Oct 19, 2012 - 12:01pm
¤ · Oct 19, 2012 - 12:01pm

Silver & Gold

One man's quest.... 

Rudolph Look For Silver
Groaner · Oct 19, 2012 - 12:02pm

Harvey was calling for a raid..

too many silver leaves , they had to shake the tree.

Eric Original · Oct 19, 2012 - 12:02pm
JimmyTheHand · Oct 19, 2012 - 12:02pm

Checked the safe

Everything is fine...

I don't know crap about that Wynter group, but they said by October 23. Today is the 19th.

I think you will be proven right on that Dec12 call Turd. My gut is telling me to buy physical like crazy right now.

enkidu · Oct 19, 2012 - 12:05pm

Its really funny

Everytime add to my stack the ass falls out the market. It started when we double topped at the peak, I added to stack then and it fell. Seems all the way down since then every time I buy it falls further. Soon I will have loads of worthless metal I paid way over the odds for sitting there that I couldn't give away haha

opticsguy · Oct 19, 2012 - 12:05pm

someone wanted GDX under 51 to avoid option pain

it seems we are back to the pre-QE3 monthly options-ex week beat-downs on the miners. Hedge accordingly.

tobydaniel · Oct 19, 2012 - 12:05pm

BYE BYE 32

Welcome the 31's. These boys are just getting warmed up. The reason I think that is looking at the downward momentum. They are on an absolute tear right now. I think the best place to be is in fiat for the short term and let the monkeys do what they do best. Too bad I used up my fiat already. 

Groaner · Oct 19, 2012 - 12:06pm
Kcap · Oct 19, 2012 - 12:07pm

"If" this is the Grand Shakeout....

Expect to see any price on the paper charts..... zero to hundreds....of course, after its done, it won't matter to anyone, just those holdings their coins in their hands....and the paper traders will have taken their own medicine.

Kcap

Groaner · Oct 19, 2012 - 12:10pm

Hedge funds,,, lets go kids, time to get some

on sale! I think the metal stocks are holding up really well considering

The Watchman · Oct 19, 2012 - 12:10pm

Monkeys are ATTACKING

Sickening...I'm sure the CFTC will be looking into this...Bart...Bart?????

Live 24 hours gold chart [Kitco Inc.]

Glossary

ag1969 · Oct 19, 2012 - 12:13pm

Blue light special!

Thanks Blythe, time to pre-order the 5 oz Denali ATB to complete the 2012 set. Thank you sir may I have another! Also ordering more junk before it is all gone.

Big Buffalo · Oct 19, 2012 - 12:16pm

Joined the Turd Pile

Bought SLV Mar 13 39 calls @ $0.33

Punk-Assets · Oct 19, 2012 - 12:19pm

Was looking for $1680/ $32

Was looking for $1680/ $32 a few weeks ago. RSI has reached the buy zone after every single peak. Its taken months for it to happen but it did happen EVERY SINGLE TIME. Glad my funds havent arrived yet because knowing me, I would have pulled the trigger on physical. It seems we could easily have months of this crap trading range. Glad I'll be able to buy at these lower prices. Obviously there's no hurry. 

https://stockcharts.com/public/1178409/chartbook/260567602;

Big Buffalo · Oct 19, 2012 - 12:20pm

Ass-Kicking

Everything is taking an ass kicking.

Is it time to start playing some bearish etf's?

Has QE3-4-5 already lost it's power?

Are we looking at 10,000 DOW?

indosil · Oct 19, 2012 - 12:20pm

$31.92

$31.92......................hmmm Physical Shortage...shorts being covered????

SilverSurfers · Oct 19, 2012 - 12:20pm

you cant go wrong

Anywhere in the low 30s is a gift, 30, support 31 support, 32 support, who cares, when it hits 144/oz, or 450/oz or 1500/oz, really, if you truly are a long term stacking. Traders in size are the ones that get bear trapped, not the true truds, with strong hands. Who knows, by election, may be retesting 26, YIKES!!! lol, this is great market action, evinces chaotic melt down, just keep stacking ..... remember, its not the FRN value, as that can go up in smoke anytime, but the number of oz in possession. We are in a low risk area, low 30s, and risk is meant to the extent of the number of oz you can get, that is the risk, not a risk in losing your metal, which really counts, and not the risk is losing FRN value. Risk is measured NOT by the number of FRN equilavence, did I profit in FRN or not, but rather, the number of oz you can buy. You first decide to commit capital in FRNs, then you try to buy as many OZ as you can, never never selling them back in FRNs, and hence you never lose your metal money. So, risk, if viewed in terms of real money, is the number of oz in possession. Can I get more oz by waiting for a further drop in price given the FRN capital committed for conversion to real money. That should be the only question really, and THE ONLY RISK. Sometime you buy good and some time better, but you never buy BAD, if you have strong hands and believe that money wealth is the number of oz in possession. You make the mistake of thinking that a downward move in price is somehow BAD for you, because your mind has been mope-a-doped into equating FRN value your whole life. But when you diss fiat in your mind as the con game it is, and think in terms of the number of oz in your possession, you are freed from worry about drop in FRN price. If you are FRN oriented, and trade these metals, rather than straight accumulation, you are a dumb turd, having no real clue what the metals are really all about. I have yet to lose a single oz over ten years, I have lost nothing despite many many "corrections". 

KEEP ON STACKING.

Terp · Oct 19, 2012 - 12:22pm

Beat down

I wish there were some sort of evidence for the CFTC to prove market manipulation =(

Groaner Terp · Oct 19, 2012 - 12:23pm

I know, its so stinking hard to prove..

a 3 year old could see it..

Vermilion · Oct 19, 2012 - 12:23pm

V. Interesting...

...comments by Jim Sinclair, but I can't follow the whole argument. Can anyone here (Turd?) put this in plain English?

https://www.jsmineset.com/

kingboo · Oct 19, 2012 - 12:24pm

anyone

Seen my crack pipe?

babaganoush2307 · Oct 19, 2012 - 12:24pm

I cannot believe

that silver was taken this low again. Every single time I am just shocked when I really shouldn't be anymore. I thought for sure at least 32.50 would hold but no. Right now were are pushing sub 32, what a joke. No more surprises for this guy, declaring it now, no more being shocked until the shock comes from silver being $150. no

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