Some Charts

Thu, Dec 20, 2012 - 12:15pm

I've received several requests to "do what I do". So, here you go. (Keeping in mind that you should probably do the opposite.)

First of all, these hourly charts are astonishing. Just six, short trading days ago, The Fed confirmed QE∞ at a minimum of $85B/month, all needed to fund the ongoing U.S. federal deficit. Instead of rallying, the metals have been slaughtered. Why? Hmmm...We've seen this phenomenon in crude before ( & ( and apparently it's worked so well there that The Fed and Their Cartel have decided to give it a go in the metals, too.

And now, mainly, I'm just mad at myself because I didn't see this coming. Of course The Fed is going to instruct their minions to crush the PMs. The Fed had no choice but to initiate QE∞ and the last thing they needed was an immediate, perceived quid pro quo with rising metals prices. The metals had to be crushed. It's all a part of their ongoing strategy of MOPE and SPIN. Duh! (Jeez, the more I type the more stoo-stoo-stoopid I feel. Better stop here.)

All that said, there is no reason to think that it's over, that the 12-year PM rally is kaput. I'm sure that the metals will stop and reverse, just like last year. The only question is, where? Since nothing has changed and the fundos are, in fact, even stronger than last year at this time, why would we expect prices to break any lower than they did a year ago? (Keeping in mind that the last sentence was typed by a guy who didn't see this selloff coming.) Sometime soon, the metals will reverse with a sharp, short-covering rally. That rally will likely stall and the momo-shorts will be emboldened to take another stab at the downside. Then, after failing to take things markedly lower, a bottom will form and price will begin to recover. If compelled to trade paper in this environment, here are some charts that show a striking similarity to the action of a year ago.

Hang in there. Good luck.


About the Author

turd [at] tfmetalsreport [dot] com ()


ballyale ¤
Dec 21, 2012 - 10:23am

RE: London trading fiasco ripple to hit J.P. Morgan/Humor or not

"The Wall Street Journal reported in its online edition on Friday. J.P. Morgan isn't expected to be fined, but the Office of the Comptroller of the Currency, led by Comptroller Thomas Curry, is due to take enforcement action, the WSJ said."

What this really means is that top Officers of the JPM will be taken into custody at one of the most expensive restaurants in NY for 2 hours of incarceration, no hand cuffs needed. Now that's what I call enforcement. The Office of the Comptroller will, of course, be expected to pick up the $1,000 plus luncheon, er. incarceration bill, just like Gov't. is expected to feed incarcerated felons. This is now known in certain Banking circles as a "Bill of Fare".

Dec 21, 2012 - 10:23am
Dec 21, 2012 - 10:26am

Barbarous relic

1 a: uncivilized b: lacking culture or refinement : philistine 2 : characterized by the occurrence of barbarisms <barbarous language> 3 : mercilessly harsh or cruel <barbarous crimes> — bar·ba·rous·lyadverbbar·ba·rous·nessnoun


1 a: an object esteemed and venerated because of association with a saint or martyr b: souvenir, memento 2 plural: remains, corpse 3 : a survivor or remnant left after decay, disintegration, or disappearance 4: a trace of some past or outmoded practice, custom, or belief

Definition of FARCICAL

1: of, relating to, or resembling farce : ludicrous 2: laughably inept : absurd
Dec 21, 2012 - 10:32am

MS rumor Paulson & GLD

So the rumor is that Paulson had to sell his GLD shares (for whatever reason) and this weeks merciless mauling is a result of that.

Given the numbers that are available to us can this be proved/disproved?

Dec 21, 2012 - 10:37am

NRA Statement @10:45

They better stand by their contributors....or they wont be a lobbying powerhouse for long

Dec 21, 2012 - 10:41am

Hey Mr Fix! Top o' the Leaderboard!

Congrats! You definitely add to Turdville.....'re slippin're slippin....

Dec 21, 2012 - 10:42am
Dec 21, 2012 - 10:55am

@ Rui

interesting regarding the stoicism of the longs.

In my earlier post entitled 'The real target of the raids,' I mooted that the targets were JPM's former allies, turned turncoat.

If they are the longs who have still not capitulated, then the price must go lower, and stay there, till hierarchy is restored, and disobedience punished.

Thieves are falling out!

Dec 21, 2012 - 11:05am

No Kitco Silver Rounds ?

Saw them for sale yesterday .... can't find them today at Kitco store ? Temporarily sold out ? I prefer AGEs and Maples .... but, could be a bottom indicator ? Monedas 1929 Comedy Jihad My Armcvhair LCS Anecdote Report World Tour

Dec 21, 2012 - 11:05am

Isn't selling GLD a plus for the gold price?

if units are redeemed, then less money is available for naked shorting.

ancientmoney Rui
Dec 21, 2012 - 11:27am

@Rui, you said:

"This is scary. Whoever holding that many longs didn't bat an eye. I wonder what more shenanigan EE would come out next to shake this big OI away."


Makes me wonder if maybe JPM (or its minions) may not be set up on the long side. So much easier to manipulate when you know EXACTLY what each side will do.

Bobbejaan Katie Rose
Dec 21, 2012 - 11:39am

@ Katie Rose .... Re:- I think I'm a troll...

Katie Rose said :-


I came in last night from shoveling and read some of the thread and decided that in many ways I am a troll. When I first arrived here I was hoping to learn how to trade metals. Turd taught me that if I wanted to lose all my money I could go right ahead. I learned from him that we have criminals guarding criminals and there will be no justice. And so now I come to this metals blog and talk about goats and farming and trying to be prepared for the future.

<SNIP (Some more Interesting, but still relevant stuff .... right down to :- >

My 87 year old Mom looked out at the snow last night and became very distraught. "Katie Rose," she asked, "Do we have enough food?" She lived through the Depression as a child without a Mother, and she remembers how hungry she was. "We're just fine, Mother. We're just fine. You don't need to worry. We'll take good care of you." I replied.

Kindly accept that in my strongly held opinion, you are NOT a troll .... However, you ARE a "lovely Lady" that seems to have the best interests of your family at heart.

My Dad lived through similar times to your Mom in his youth, so I applaud your attitude.

Sean Connery TF
Dec 22, 2012 - 3:58am



Donate Shop

Get Your Subscriber Benefits

Exclusive discount for silver purchases, and a private iTunes feed for TF Metals Report podcasts!

Key Economic Events Week of 4/22

4/22 10:00 ET Existing Home Sales
4/23 10:00 ET New Home Sales
4/25 8:30 ET Durable Goods
4/26 8:30 ET Q1 GDP first guess

Key Economic Events Week of 4/15

4/16 9:15 ET Cap Util and Ind Prod
4/17 8:30 ET Trade Deficit (Feb)
4/17 10:00 ET Wholesale Inventories
4/18 8:30 ET Retail Sales (March)
4/18 8:30 ET Philly Fed
4/18 10:00 ET Business Inventories (Feb)
4/19 8:30 ET Housing Starts and Building Permits

Key Economic Events Week of 4/1

4/1 8:30 ET Retail Sales (Feb)
4/1 9:45 ET Markit & ISM Manu PMIs
4/1 10:00 ET Construction Spending (Feb)
4/1 10:00 ET Business Inventories (Jan)
4/2 8:30 ET Durable Goods (Feb)
4/3 9:45 ET Markit & ISM Services PMIs
4/5 8:30 ET BLSBS

Recent Comments

by Joseph Warren, 7 hours 18 min ago
by canary, 7 hours 59 min ago
by sierra skier, Apr 22, 2019 - 10:47pm
by NW VIEW, Apr 22, 2019 - 10:09pm