Wallowing In The Mire

126
Wed, Aug 17, 2011 - 9:31am

What the true proverb says has happened to them: “The dog returns to its own vomit, and the sow, after washing herself, returns to wallow in the mire.” 2 Peter 2:22

Ole Turd ain't much of a biblical scholar but I'm pretty sure Saint Peter wasn't prophesying about the decline of the U.S. dollar when he wrote this. But...

Ole Pigatha sure is living up (down) to her name today. We are getting very close to a test of the lows from back in early May. IF those lows fail, the Pig will rapidly decline toward critical and final support around 72. If you're wondering, the all-time, spot low is 70.81, found back in March of 2008. Not coincidentally, this was when gold was breaking the $1000 level for the first time. If it heads back there again soon, and it looks like it might, it will likely correlate with gold tackling the $2000 level for the first time.

paper_8-17ampig.jpgpaper_8-17ampigw.jpg

The PMs reached my short term objectives overnight. Yesterday, I told you to look for a test of the 1800 level and we got an early morning peak today of almost 1798. I also mentioned that silver would catch some EE-inspired resistance at 40.40. It reached 40.38. They both since tailed off and I'd expect that to continue. 

Now, don't get me wrong. Nothing would make me happier than to see the metals catch a bid this morning and plow right through those levels. They might. Someday very soon, they will. I just don't think that today is the day. A typical advance from this type of technical position would be to pull back a little here. Gold could drop back toward 1770-75. It might even see 1760-65. From there, though, I look for the next advance that will carry it through 1800 and beyond. Silver is the same. The 40.40 level is all that stands between silver and a retest of the resistance near 42. It will take solid effort to get through there and I don't think that the momentum is there today to pull it off. Let's look for a pullback under 40, maybe to 39.75 or so. From there, silver should catapult forward and break the EE line at 40.40.

paper_8-17amgold.jpgpaper_8-17amsilv.jpg

The general commodity rally we forecast last week is certainly in full swing. Crude is back up to 88.50 this morning and the December corn just made new contract highs yesterday. Expect this rally to continue for another 2-3 weeks.

Lastly, someone emailed me this link. Probably more than a few of you will find this interesting:

https://www.activistpost.com/2011/08/4-ways-to-break-silver-manipulation.html?utm_source=twitterfeed&utm_medium=twitter

Have a great day! TF

About the Author

Founder
turd [at] tfmetalsreport [dot] com ()

  126 Comments

swampman · Aug 17, 2011 - 10:39am

A Big Round Number $15Trillion

The national debt is approaching a big psychological round number. It should be big news accompanied by talk of future debt increases. This should fuel fear buying in PM sector. Hey Turd. Love ya' man.

Tom L · Aug 17, 2011 - 10:42am

Silver Chart

Update: 30 minute chart.

https://www.flickr.com/photos/29681681@N06/6052577489/

Looks like $40.80 or so is resistance over the next hour. Support @ $40.40. yet more significance of that level. A successful re-test would be awesome.

Ta,

cpnscarlet ¤ · Aug 17, 2011 - 10:43am

US Att General

@DarkPurple...

"Does the U.S. have a working Attorney General?" NOOOOOOO!!!!!!

Funny you should mention that, but this is one of the MAIN reasons I quit the system. Eric Holder is an enemy of good, moral Americans and decency. He is the main poop in the gov't punch bowl IMHO. As far as I see it (warning: Bible stuff coming), Rom 13 contains a caveat - if gov't does NOT uphold the good and punish the wicked, then it is not "instituted by God" and we no longer owe allegiance. ERIC HOLDER is the EPITOME of BAD GOVERNMENT - supporting evil and punishing good.

I can't believe I went to the same high school with him and Axelrod!

Tom L Mikey · Aug 17, 2011 - 10:46am

@Mikey

In my case I was 250+ miles away. Living away from home during the week. I left a gov't job at a University for a shot at a promising startup (aren't they all) that lasted 5 years. Great opportunity that ran out of time. 

I'm very happy to be home even if my margin for error is nearly zero.

Ta,

D E eobet · Aug 17, 2011 - 10:50am

eobet, cotton

traded limit up for the dec contract, 107.85, today. Cannot go any higher this session -- unless they change the rules...

Good to see you're still callin' 'em like you see 'em, Turd. Keep up the good work!

GLTA

ewc58 · Aug 17, 2011 - 10:53am

Heads up, full version of Mike Maloney's new preso...

Is now available. It's 90 minutes, I'll be done by lunchtime.

Go Gold! Go GATA! Go Turd!

The Case for $20,000 oz Gold - Debt Collapse - Mike Maloney - Silver & Gold
Slick · Aug 17, 2011 - 10:55am

Debt Collapse - The Case For $20,000 Gold - Mike Maloney (FULL P

Don't know if someones already linked it here, came out last night I guess.

Debt Collapse - The Case For $20,000 Gold - Mike Maloney (FULL PRESENTATION)

https://www.youtube.com/watch?v=tj2s6vzErqY

Slick · Aug 17, 2011 - 10:56am
ScottJ · Aug 17, 2011 - 11:04am

The Girl Who Silenced the World for 5 Minutes

The girl who silenced the world for 5 minutes

Don't necessarily agree with everything she says, but damn is this a great video.

Northern Border · Aug 17, 2011 - 11:06am

feeding my crack addiction

Morning Turd,

I could not resist feeding my crack addiction this morning so while I was drinking my coffee waiting for the morning turd, I ordered up another 600 Morgans. All in as I say. I tell my friends who think I am crazy, that I want to be wrong on my call for why I stack PM's for the sake of the other 99 percent of the population. I keep telling them if I am wrong, I will melt down all my PM's and make the most expensive boat anchor on the planet. 

NB

margaritatime · Aug 17, 2011 - 11:12am

For thought ... Quickening.

A little bit of backstory here. Earlier this year I was in Grand Canyon, and spent some time with a friend near Tuba City before exploring the GC area. My friend mentioned a Hopi term called 'Quickening' several times. I hadn't really given it much thought until someone forwarded me this link a few days ago - it's a long watch and I just didn't have the time.

I thought I would throw it out here. Not necessarily saying I agree with all of it, however, many of the things mentioned are exactly the things I hear on this forum over and again. I would say that the basis has some merit.

It's food for thought for all you, regardless of culture, country, age, sex, etc etc. 

https://vimeo.com/27240681

paulindoon ScottJ · Aug 17, 2011 - 11:16am

ScottJ - so many thnx for that

WoW. What a moving message that young lady delivered. Now if only we grownups would listen & act in concert with her words.

ScottJ: my heartfelt thnx for posting that vid.

SilverSurfer21 · Aug 17, 2011 - 11:18am

Wow Damn you Blythe,

Wow Damn you Blythe, should've closed my position I knew the raid was coming..

brad_pitts_betterlooking_brother · Aug 17, 2011 - 11:18am

nah, no manipulation here...

nah, no manipulation here...

averagejoe · Aug 17, 2011 - 11:20am

JOB

Wow I also mentioned taking last week off. That is my exact feelings too. I want to quit so bad. But I make healthy wages. Everyone in my life will think I'm crazy. Even my bosses were calling while I was off, asking if I'm okay. They have families too, I don't want to worry them but encourage them to look into our financial system. I feel like I'm such a doom and gloom person. People make fun of it I know. Doesn't really bother me though. I'm sure in my beliefs just sick of trying to convince brainwashed sheeple.

I could have quit if I would of been trading more aggressively. That is why I kept my job, so I could replace any funds lost. Now I made a nice chunk lately I have tightened up prev post. UGH

I hope we all go on a nice run. So we can all get what we think is mandatory for our well being in these times ahead.

Dr G · Aug 17, 2011 - 11:21am

Down we go, right on schedule

Down we go, right on schedule with the London close/PM fixing. Turd said look for a pullback to 39.75 or thereabouts, so we can't say he didn't warn us.

cpnscarlet ScottJ · Aug 17, 2011 - 11:21am

#ScottJ - Somewhere else please

I know this may the be the pot calling the kettle black - but WTF? Can we save the wacko-green stuff for another forum??

Anyway, I've been subjected to this type of stuff since I was a kid and It's all BS. Just another brain-washed (or red diaper baby) shill for some bunch of anti-cap pinko leftists. It ALWAYS turns out that way. Take it to where someone might actually believe this red Calamity Jane.

How come all there's always lots of healthy crab to be caught on "Deadliest Catch"? Also, it seems Asian Carp are doing all-too-well in many places in the US!

¤ · Aug 17, 2011 - 11:23am

POSX bounce/Markets reflecting it/Rod Serling

Maybe it was the Swiss Franc news about a peg (or lack of it) or it was London closing or a combo of both, but all the major indexes reacted and the USD got a bump.

It's really odd to hear a country be so fearful of it's currency being too strong and too much of a safe haven if you stop to think about it. I get the export/import advantages etc.

But the race too debase is pretty odd thinking on a planetary scale if you step back and look at the entire situation. Why would just about every country on the planet (except China at this point/think about the Yuan now rising slowly here and there) want to weaken their own currency? That's so messed up on a lot of levels. People and countries fought and struggled centuries to make their countries and their economies and their money more valuable as a indication of strength. And now???

 U'mm...Rod Serling, are you out there watching and narrating this?

The way this is going is like a play book.

At some point soon they ( IMF, WB, ECB etc.) will come in and say we have tried everything to stop this crisis and we are now proposing a new currency to help stabilize world currency markets due to the volatile exchange imbalances and how they effect food and energy etc.

At that point when things are that dire and they mention food and energy and this "new" idea is the savior going forward in a global economy blah blah etc. the world will just accept what seems to make sense but not really realize what is actually taking place.

We Turdites however know exactly what's up and this will come as no suprise.

Tom L · Aug 17, 2011 - 11:23am

I stopped watching the USD

And paid for it in the short-term. It's up off the floor near 73.80 and that's all the cover they need to raid Gold and Silver for a few points. That also stuffed the HUI back below 580. XAU held 212.4, so, that might be the new floor from which we can attack 220.8, we'll see.

Ta,

FFF · Aug 17, 2011 - 11:25am

Wizard of ID nails it

THIS ABSOLUTELY Nails It...

Description: cid:image001.jpg@01CC5BF0.1E910180

ewc58 · Aug 17, 2011 - 11:29am

So many great pieces up, and here's another

Ranting Andy: Uh Oh Cartel, The Public is Finally Starting to Take Notice of Gold!

"...The recent daily action of the gold markets, as depicted by the two charts atop this RANT, PROVE I was right in my conclusions, so I believe a parabolic run to $2,000+ is now a fait accompli in the coming months, and potentially much, much higher if TPTB are not successful in maintaining the phony façade of control to global market participants.

Now that we’ve cleared that hurdle, the next thing I am looking for is evidence that the PUBLIC is ready to enter this market, since we are all WELL AWARE that, to this point, nearly ALL of the Western World investing public, PARTICULARLY in the U.S., has been COMPLETELY AND UTTERLY OUT of Precious Metals, the victim of both a lack of due diligence and the persistent misinformation (at best) and, at worst, pure propaganda from Wall Street and Washington to prevent them from PROTECTING THEMSELVES from the rising tide of inflation. Throw in a healthy dose of CARTEL MANIPULATION, which has made the action in this sector both enigmatic and counter-intuitive for years, and you have literally MILLIONS of potential PM investors OUT of the market, but ready to enter en masse at any time, in a RUSH of both GREED and FEAR...."

speconomist · Aug 17, 2011 - 11:30am

Please don't miss the

Please don't miss the dialectical war at Twitter today between Tyler Durden (Zerohedge) and Nouriel Roubini:

https://twitter.com/#!/zerohedge

 Depression leads to deflation which leads to central printers being put into overdrive  luckily the CME can not hike spam margins

https://twitter.com/#!/nouriel

You folks at  have been crying the inflation wolf for 4 years now in a period of massive deflation. Depression causes deflation

: ZH has been "crying" currency devaluation. Slight difference

Correlation btw gold prices & inflation is negative. 

... You can read more in the links provided...

Also Max Keiser joined the fight:

https://twitter.com/#!/maxkeiser/status/103827065182236672

At least  had the courage to come on my show and face a grilling, not so for chicken 

NW VIEW · Aug 17, 2011 - 11:34am

@ CALIFORNIA LAWYER ORGANIC FARMS, LLC

I have been pondering your concept of buying a section of land for the tribulation time ahead. You are stuck in California because of family but when those millions of hungry people in your area find out about the "farm", there will not be a shoot or sprout left sticking out of the ground. There are better places to farm. My wife and her two sisters own about 180 acres on the Cowlitz River that is river bottom farm land. A Japanese farmer moved near our farm and has rented a huge area for $200/acre/yr. and has it in vegetables. (It looks beautiful). During this transition time from storing food to hunger, there is a huge demand for anything organic and it has huge profits for many. When there is real hunger, we will stand in line for a bbq. skunk on an open fire. Hunger does many things to people as Esau sold his birthright to Jacob for bread and pottage when he was hungry. So, why not form a LLC before obtaining any farm land. Buy an existing ,working, organic farm with water rights (recorded). Expand into other parcels in that area as they become available. Sell stock in the LLC to families, giving them the right to obtain organic food in their seasons. Allow hundreds of families to own a portion of the farm, work on it, and eat the fruit of it, without being employees. 

Canned hams may work for awhile but many who consume them will wind up in Gerson therapy. The C.L. Farm will keep the many owners healthy and ready for what learning to live in a large community of those who will survive. jmo

mrgneiss · Aug 17, 2011 - 11:35am

@cpnscarlett - why don't you

@cpnscarlett - why don't you go find another forum? Since when is someone a commie because they care about starving kids or suffering animals? In case you hadn't noticed there are a lot of caring people on this site - and I doubt a single one is a "commie". I'm really stunned by your comments towards Scott, he is one of the most respected posters on this site, and you have just shown us all what a callous, cynical ass#ole you are. I agree that some of the enviros are a little over the top - but this video is talking mostly about kids? WTF is your problem?

BTW your comments about Alaskan crab or Asian carp border on imbecilic, unless you've been living in a cave and hadn't heard of that little oil spill in the Gulf, the little bit of radiation in Japan that is affecting only most of the Northern Hemisphere, or the garbage patch in the Pacific that is only estimated to be between 700,000 - 15,000,000 square KILOMETERS.

https://en.wikipedia.org/wiki/Great_Pacific_Garbage_Patch

cpnscarlet mrgneiss · Aug 17, 2011 - 11:38am

@mrgneiss - Thanks

"Callous, Cynical, Ass#ole" - I think I'll put that on my new business card...

"It's for the children"..."Be nice to small animals"...where have I heard that before??? WTF is my problem? Under the guise of helping children, enimals, etc...so on...MY LIBERTIES and the nations' ability to be productive HAVE BEEN STOLEN BIT BY BIT in a never ending stream of collectivist tyranny! That's my problem you ignoramus!!

SilverWealth · Aug 17, 2011 - 11:40am

Obottom Vacation Time

https://nation.foxnews.com/donald-trump/2011/08/16/trump-obama-takes-mor...

Who can Obottom be possibly fooling at this point? The guy is constantly out playing golf and now he's headed to Martha's Vineyard for 'vacation'? Who is he kidding? This is the most pathetic,lame excuse for a leader in recent history. It says everything about how easily fooled and conned the American sheeple are to not see right thru this sociopath. Our culture has now been so debased that all it takes to get the car keys is a teeth whitener and practiced deception.

ScottJ cpnscarlet · Aug 17, 2011 - 11:42am

Hello cpnscarlet

Hello cpnscarlet,

Maybe you didn't catch the words, "I don't necessarily agree with everything she says, but..."

There is a message in the middle-to-end part of the movie about humanity, coming from a pure and innocent child. I thought the message was worth sharing, as it is a very brilliant and ever so true awareness that this little girl presented on one of the largest platforms, in a time period where few were awake.

You don't have to agree with every point every person says to draw value from their perspective... or at least I would hope not!

-

Scott J

**Further bickering on this subject will be subject to moderation to keep the post away from fighting with one another**

Shill · Aug 17, 2011 - 11:44am

This Market

This Market Has traps everywhere so be patient. Looking to grab that high again on the GDX for the close 61.56 ( which we should ) and we may catch a new high of 62.44 for tomorrow but as TURD noted nothing is etched in stone.

Good luck.

Vypuero cpnscarlet · Aug 17, 2011 - 11:50am

I agree with cpnscarlet

It is pure brainwashing - I was brainwashed at that age too. Aren't we supposed to be eating Soylent Green by now? It's people!

It was not until I got older that I realized all of this garbage was collectivist propaganda.

Don't fall for the lies from either side. Just because GE is NOT our friend does not mean it is bad to have an Air Conditioner.

I am sorry I could not get to the part that sounded like it may have been what you were speaking of, though, and I DID notice that you did not agree w/all. Anyway best wishes all.

Gold Dog ScottJ · Aug 17, 2011 - 11:52am

Ron Paul

I just sent $100 to him.

Dog

Notice: If you do not see your new comment immediately, do not be alarmed. We are currently refreshing new comments approximately every 2 minutes to better manage performance while working on other issues. Thank you for your patience.

Become a gold member and subscribe to Turd's Vault

Contribute

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 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

Recent Comments

by HappyNow, 7 min 43 sec ago
by Nana, 30 min 21 sec ago
by 08Gold-Wing, 36 min 33 sec ago
randomness