Turd Tips His Hat

313
135
Wed, Aug 24, 2011 - 2:10pm

As you know, we moved from blogspot to this dedicated site for many reasons. The primary reason, however, was to capitalize on the collective knowledge and wisdom of Turdtown. I, The Turd, can only take you so far. I knew we needed a platform through which we could more efficiently share information. To see the effectiveness, all you have to do is look below.

Let me just state this clearly and for the record. If you are coming this site only to read what The Great and Powerful Turd has to say, you are doing yourself a tremendous disservice. The information copied and pasted below proves the point. These three comments were all posted to the "So, What's Next?" column from Monday night, when gold was still between $1890 and $1910. If you'd taken the time to read through the comments, you'd have found this. Perhaps you would have taken action. Note the time stamp:

Shanghai Gold Exchange Raises Gold Trading Margin To 12%

Submitted by DogStar76 on August 22, 2011 - 8:59pm.

SHANGHAI, Aug 23 (Reuters) - The Shanghai Gold Exchange (SGE) will raise trading margins on three of its gold spot deferred contracts to 12 percent from 11 percent starting from Aug. 26 to limit trading risk, it said in a statement on Tuesday.

The next morning, another Turdite even provided a translation of the text:

Yes, here is the link - https://gold.hexun.com/2011-08-23/1327314

Submitted by Thefreeman on August 23, 2011 - 7:48am.

从8月25日(星期四)日终清算时起,上海黄金交易所将调整黄金Au(T+D)、Au(T+N1)和Au(T+N2)合约的保证金比例至12%;

下一交易日起黄金Au(T+D)、Au(T+N1)和Au(T+N2)合约涨跌停幅度调整为9%。

It syas that Sahnghai Exchange will increase the margin for 3 type of paper gold contract (Au(T+D)、Au(T+N1)和Au(T+N2)to 12%. and will stop the gain and loss to 9% during the same day trading.

The Exchange also warns the investors to be prepared for the vulnerability of international Gold and silver market. Some investors had huge loss last time when silver price dropped 25% within a week.

This event is now being heralded by some as the seminal cause of this latest $150 correction in gold. The links and translation were posted here well before ZH or any other PM site.

Another warning of the impending disaster was provided by a different Turdite:

re: Gold smackdown coming...

Submitted by silver foil hat on August 23, 2011 - 5:43am.

look at the options activity on GLD...

$4,040,919 puts at 175 bought yesterday

$1,019,046 puts at 170 bought yesterday

$1,221,472 puts at 165 bought yesterday

Even a trend down to any of these numbers, for those unfamiliar, will likely make these options double, triple, or more. GLD doesn't have to get to 165 to make the trade at 165 worth the purchase.

Can the EE make money shorting "Gold" on the crimex? Don't forget, in bringing down Gold, Silver will follow, along with its options, as well as miners (and, of course, their options). So once you knock over the first domino, the rest will fall.

They may take a loss on shorting Gold this time, as the physical demand will be overwhelming on the way down AND back up (they won't cover all their Gold contracts at a gain... it will likely be a net loss) BUT they will more than make up any possible losses with covering the miner stocks sold short while they are down, closing the put positions, etc.

There is still a gap in the 1500 - 1600 range, isn't there? (Seems like last week... but LOOOOOONNNNNGGGGG ago price wise). I don't know if that gap will be filled.... (It may be a 'flash crash' that only WOPR can fill orders for the EE in that range.. taking out trader stops only).

Here's the relevant data (https://finance.yahoo.com/q/op?s=GLD&m=2011-09)

Again, my point is not to rub salt in the wound. My point is simple and clear:IF YOU'RE NOT TAKING THE TIME TO UTILIZE THIS ENTIRE SITE, YOU ARE SERIOUSLY MISSING OUT AND IT IS COSTING YOU MONEY. The Turd tips his hat to "Dogstar76", "The Freeman" and "silver foil hat". Very nice job. Thank you for your help.

OK, back to the disaster at hand. Everyone wants to blame today's collapse on the Chinese margins. OK. The volatility makes C/C/C margin hikes a fait accompli so everyone and their brother is rushing for the exits. In the end, I suspect that the actual margin hikes can be used as a "sell the rumor, buy the news" event. We'll see. Lets' just hope the volatility settles down next week, thereby denying the criminals the justification to raise 3 more times like they did in silver. Again, we'll see.

I suspect that the story below didn't help matters, either. Anyone with a brain and chimpanzee-level logic can deduce that the report is absolute nonsense. However, that matters little when the WOPRs are busy trying to front-run each other out the door.

https://www.zerohedge.com/news/cbo-cuts-forecast-cumulative-2012-2021-deficit-50-admits-it-probably-dead-wrong

I could print some new charts for you but they wouldn't look much different from the ones I posted this morning so I'm giving you some re-prints. Gold now looks certain to test the 1725-1740 area. This would represent a nearly exact 10% correction so, anyone such as I that is interested in" catching the knife" might take a stab there. No pun intended. Silver is the same. I just betcha you get a look at 38.50-75 pretty soon. If you're going to nibble, that'd be the place to do it.

That's all for now. I hope you're hanging in there OK. If not, step away from your computer for a while and take a few deep breaths. Maybe go for a relaxing walk. None of this changes the fact the fiat money is headed down the drain and that the end of the Great Keynesian Experiment is upon us. Gold and silver will be higher again soon. You are doing the right thing by protecting yourself and your family. TF

5:45 EDT UPDATE:

​In a stunning development that has caught everyone by surprise, the criminal C/C/C (CME/Comex/Cartel) just raised margins on gold by about 27%. In case you missed it, it's a development that was predicted here two days ago:

https://www.tfmetalsreport.com/blog/2155/so-whats-next

My mistake was that I thought that gold was going to be allowed higher in order to create the disorder that the C/C/C needed to justify their actions. I thought that they would want to suck in a few more latecomers before they put the hammer down. (But, as Ted Buter correctly points out, the last $300 or so of the gold rally was almost entirely all Cartel short-covering, so, there were no latecoming specs to add to the fold. If I'd remembered this on Monday night, the crash on Tuesday would have been more predictable.) In the end, it didn't really matter as the PMs were crushed on Tuesday before any of you could try to attempt to cash in on the last remaining upticks.

We need to dissect this, though, because there is a lot to be learned...and remembered...for next time. The primary rationale for raising margins (containing price) is volatility. However, by Monday night, gold was just $90 above the level where the C/C/C had raised margins on 8/11. Yes, it had rallied from a hike-induced bottom of 1725 but it had done so in an orderly manner and not in a way that made another margin hike necessary. But the CME desperately wanted to raise margins in an attempt to rescue their evil Cartel buddies who were trapped short in a market that looked to be headed to $2000 very soon. Hmmmm. What to do?

You start by letting word out to some select friends that margin hikes are on the horizon. You then catch a break as the Shanghai exchange raises margins, too. At about noon yesterday, just when it looked like the metals were recovering, you confirm to some EE and hedgie friends that a margin hike is coming. By the end of the day, gold is already down almost 5% and you're building a case for "volatility-managing" hikes. Uh-oh. Gold recovers overnight. It actually makes it back up to 1860 or so. Therefore, before the Comex open today, you sprinkle word around that margins are definitely being raised after the close. The selling begins at 8:30 and is relentless all the way through the session. Gold falls another 6% and...prestowhammo...you've got yourself all the volatility and justification needed to hike margins.

Next up, The Bernank will "disappoint" over the weekend which may further add to the selling pressure in the PMs. I'm not sure how much worse it can get as gold is already down almost 10% since Monday and 10% or so is the typical decline post a margin hike. As stated in the comments of this thread, I'm looking for a bottom in gold somewhere between 1700 and 1725. At this rate, though, I wouldn't be surprised if gold traded all the way down to fill the gap on the chart from two weeks ago when the U.S. downgrade announcement was made. A move that low would take gold all the way back to 1650 or so. The globex session finished at 1754 and we'll likely see some carryover selling in Asia and in Europe. Tomorrow will be interesting.

Lastly, don't forget that gold margin hikes are an indirect positive for silver. The C/C/C is unwittingly "leveling the leverage playing field" in the PMs. Much of the disparity in the relative performance of gold vs silver these past few weeks has been due to silver's much higher margin requirements. Higher gold margins flatten out this difference and make silver look more attractive than it did earlier this week. Combine this with the extraordinarily strong OI and CoT numbers for silver and you can clearly see where $50 silver is still a target before the end of the year.

Have a fun evening. TF

About the Author

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

  313 Comments

RuNuts
Aug 25, 2011 - 7:01am

Out of Control: The Destructive Power of the Financial Markets

Speculators are betting against the euro, banks are taking incalculable risks and the markets are in turmoil. Three years after the Lehman Brothers bankruptcy, the financial industry has become a threat to the global economy again. Governments missed the chance to regulate the industry, and another crash is just a matter of time.

https://www.spiegel.de/international/business/0,1518,781590,00.html

JamboMamboBill
Aug 25, 2011 - 7:03am

Hi folks, Fallowing the

Hi folks,

Fallowing the latest pull back, I am watching G&S and looks to me IMO, that a bottom is on formation! I don't know what you guys feelings about it... however with all the phony paper economy, PMs not going to be lower for long!

Nothing has changed, the BIG MAMA depression is here, inflation is part of our lives and increasing, etc

Right now G1709 and S39.07 that is pretty much the end of this PB for me... Whatever Berny's say tomorrow is gona be bullish for PMs. Next week PMs set to rise IMO.

Good luck

Tecumseh
Aug 25, 2011 - 7:07am

Legal or not?

I am interested in knowing where anything the C/C/C does is illegal? Sure, everything I read here and elsewhere suggests that there is market manipulation accomplished every hour of every day. But when the C/C/C leaks whispers of margin hikes, then margin hikes are raised, is there anything that can be prosecuted in that? How about a civil action--any liability anywhere (for the losses in, say, Turd's account as a result of manipulation)?

ewc58
Aug 25, 2011 - 7:17am
ewc58
Aug 25, 2011 - 7:17am
terri5125
Aug 25, 2011 - 7:22am

slow here this morning

HI guys... I am not doing the whole trend lines thing right now...what is silver looking at...looking to go down or

seeming to hold steady through this. I know we are coming up on the beatdown shortly.

terri5125
Aug 25, 2011 - 7:24am

love that ewc

great cartoon

Shill
Aug 25, 2011 - 7:42am

U.S. May Back Refinance Plan

U.S. May Back Refinance Plan for Mortgages

https://www.nytimes.com/2011/08/25/business/economy/us-may-back-mortgage...

This Country has gone nutty, and the people running it need to be committed.

tpbeta
Aug 25, 2011 - 7:43am

opinions please

I sold my paper gold on Wednesday and kept my physical silver. I wish I'd bought some ZSL to cover the silver drop too. My bad, but is it too late now? Do people think one should have some silver shorts going into this weekend? I can see there could be a nasty PM reaction on Monday to a Bernanke no show on the QE3.

Urban Roman
Aug 25, 2011 - 7:43am

278th!

278th!

Shill
Aug 25, 2011 - 7:56am

I sleep well knowing I have

I sleep well knowing I have metals when I see charts like this

Hows that nice stable reserve currency treating you? This thing could break down at a moments time, if your stacking physical metal don't fret your in good shape.

Always good to walk away some days and not even watch.

Cheer

pbreed
Aug 25, 2011 - 7:59am

The earlier comment on 36

The earlier comment about silver over 36 for 29 days may be true.

If it is then we can expect a lot more firepower to applied to silver today.

While the last big beat down went from 50 to under 36, this beat down has yet to get us

anywhere near 36.

JoeKa tpbeta
Aug 25, 2011 - 8:01am

@tpbeta - Yes you missed the short

Now is not sell opportunity. It's a buy.

JoeKa tpbeta
Aug 25, 2011 - 8:02am

Double post

Deleted

Tesla
Aug 25, 2011 - 8:07am

@EWC58

RE: "Margin hike, OpEx, Jackson Hole pre week"

I think this short period of doubt and fear leading up to the over hyped event IS the event and not the other way around.

tpbeta JoeKa
Aug 25, 2011 - 8:09am

Thanks JoeKa. I guess there's

Thanks JoeKa. I guess there's nothing dumber than chasing yesterday's mistakes. I feel like the next few days are going to be more unpredictable than most for Silver. I wasn't planning to but till Monday/Tuesday. Another mistake?

Kiwi
Aug 25, 2011 - 8:16am

Hey JoeKa!

Good to see you online (or maybe it's me that's been missing... ;-).

I'm glad I'm taking a long term view these days and started stacking, I don't have the time (or energy) right now to trade this crazy market... damn I miss last fall, put in a trade, take a break, come back and cash in profits....sigh.

But the shiny in front of me will still be here a year from now, and I'm dead sure it will be worth a bunch more.

Animal Sacrifice
Aug 25, 2011 - 8:18am

Platinum


Someone asked us to reveal our loses in these tough times just as we gloat in the good times. I'm wounded. But fortunately it could be worse. I had moved the bulk of my IRA, $500,000.00, into PPTL when the ratio hit 1:1 and platinum, while very red is not as red as gold. Some here are wont to say "It's the OUNZES bitchezzzz!" Well I could convert my PPTL for a lot more Au ozt than I could have when I bought it but exepect a huge increase in the ozt I can get for it down the road a bit - month/year/5 years so am holding tight. That's the good red news.

The rest, the real bad red news is GDX, GDXJ and SLV. I'm bleeding out an artery there.

But since I fully expect Au to hit $12,000 in my investing lifetime, I just ride them down and hold (I'm not a great timer) and this is a great astrological month for me as is September.

Ogun fun me opolopo owo

PS this is NOTHING as bad as rididng AGQ down in May!

Eric Original
Aug 25, 2011 - 8:29am

Save_Am

Believe me, getting some "skin on skin" action is half the fun, if you know what I mean. The key will be determining just exactly how nice the coin is when it gets to you. If it truly is so nice that it still has some mint luster on it, and could possibly be nice enough to be graded up in the MS-60's, then yeah you probably shouldn't be touching it (except maybe copping a quick feel along the edges only). Anything less than that, then put your paws on it to your hearts content.

But how will you know? If not sure, I'd take it over to G'ville and pretend like you are thinking about selling it. If his offer on it is somewhere around melt value, say up to about melt +5%, then I'd say you've got a bullion coin there and you can go ahead and manhandle it to your heart's content. Maybe still an awesomely nice coin, maybe even an AU grade coin, but still one that you won't really do any serious harm to as far as value just by touching it. If his offer is higher than that, then there's probably a reason. Condition, luster, date...something. Then I'd just get a nice feel of it once by the rims, then put it away and don't touch it anymore. If this one is too nice to touch, then concentrate future efforts on getting it some brothers and sisters that have a few more miles on them!

This all gets right to the heart of why 99% of all my coins have no particular numismatic value. All just right around bullion melt value. I hate not being able to touch them. I like to get some out once in a while, buy them a drink, and have my way with them. Hehehe

But that's just me....

Shill
Aug 25, 2011 - 8:32am
Vincent
Aug 25, 2011 - 8:33am
Hickerydooo
Aug 25, 2011 - 8:33am

The QE 3 ''Hope'' rally is going to end TERRIBLY

A nicely written piece of understanding.....(source: Harvey Organ blogspot)

Danger:The QE 3 “Hope” Rally Is Going To End TERRIBLY

August 24th, 2011 | Uncategorized | Comments Off

I’ve warned many times that QE 3 will not be coming any time soon and that stocks are on very VERY thin ice. With that in mind, I wanted to alert you to the following news story: Those looking for a clear and unambiguous green light for QE3 from Fed Chairman Ben Bernake’s much anticipated speech in Jackson Hole on Friday could be disappointed. There are three reasons that add up to Bernanke likely falling short of market expectations for an all-out endorsement of additional Fed [cnbc explains] action at the annual meeting of central bankers in Wyoming the way he telegraphed QE2 [cnbc explains] last year. It’s also rare for a Fed chairman, especially one this consensus-oriented, to get too far out front of his committee. The August policy statement clearly showed a willingness of the committee to conduct additional asset purchases. This article was written by Steve Liesman of CNBC. Liesman is known to have extremely close ties to the Fed. So for him to write this sort of story before the Fed’s Jackson Hole meeting (Friday) is EXTREMELY significant. Consider that the only reason the market is holding up is due to the bulls desperately hoping the Fed will unleash QE 3 this Friday. Now consider that Bank of America is close to collapsing at the very same time that the European debt contagion is threatening to take down the entire European banking system (Germany is increasingly unlikely to give the “greenlight” to more bailouts). In this environment, for the Fed to NOT unleash QE3 on Friday could cause a full-scale market collapse. So it would make plenty of sense for the Fed to try and do some damage control ahead of time with stories similar to Liesman’s. Now, have a look at Gold’s action this morning: the precious metal is down over 3% in just a few hours. Do you think perhaps some “well-connected” investors might know that Bernanke isn’t going to unveil QE 3 tomorrow (the Fed has a precedent for leaking information to the “chosen” few). If QE 3 were coming, Gold shouldn’t correct. The same is true if BAC were going to be bailed out suddenly: Gold should keep rallying. But instead Gold is falling sharply. The same goes for Brazil: THE commodity player and one of the emerging market darlings for the Bulls. Does this chart look like we’re about to see QE 3 (which would send commodities through the roof)? Again, this is a major signal that QE 3 is not coming. Those who are hoping it will need to look at what the markets are telling us. Ignore stocks and pay attention to the credit markets: they’re on DEFCON 1 RED ALERT. I fully believe we’re about to see another catastrophic Crash similar to 2008. Many people are going to see their portfolios get completely destroyed. You don’t have to be one of them.
Fortinbras Shill
Aug 25, 2011 - 8:35am

@Shill re: jobless claims

Yeah, just saw that... and Liesman spinning it as driven by "striking Verizon workers." That said, he didn't try to spin it too hard... for once, but yet again, another "transitory" excuse.

Shill
Aug 25, 2011 - 8:36am

Sadly this is positive for

Sadly this is positive for our trade. But those are real people losing their jobs.

Claims will get much higher going forward sorry to say.

Fortinbras Hickerydooo
Aug 25, 2011 - 8:40am

@Hickerydoo...

Not sure who posted that on Harvey's site, but that article you pasted in is from a paid subscription service and it's a no-no to post.

Not trying to be an ass, but Turd has talked about this before.

D E
Aug 25, 2011 - 8:40am

Swiss Franc not gold backed

The Swiss Franc is no longer backed by gold. While Switzerland has a boatload of gold, the currency was cut loose a while back. In the meantime, the Swiss National Bank has already intervened in the market several times to try and bring the CHF down. They are saying they are going to devalue, and, IMHO, they ARE going to devalue. The Swiss economy cannot bear these exchange rates for very long. I'm not playing here until after it shakes out, as I don't know how to handicap information that big market players will have access to and I will not.

GLTA

Louie RuNuts
Aug 25, 2011 - 8:51am

RE: RuNuts- Gold Wars

And NEVER, NEVER, NEVER forget that politicians hate gold and silver because it makes it really hard to collect taxes. If people begin making purchases and payments in silver and gold, how will that effect sales tax collection? How will the IRS know how much income a person has people receive payment in silver and then bury it in their backyard? Silver and gold are honest money, and therefore hated by dishonest men.

¤
Aug 25, 2011 - 8:56am

This was obvious/Key phrase>No Congressional Approval Needed

U.S. May Back Refinance Plan for Mortgages

By SHAILA DEWAN and LOUISE STORY
Published: August 24, 2011

The Obama administration is considering further actions to strengthen the housing market, but the bar is high: plans must help a broad swath of homeowners, stimulate the economy and cost next to nothing.

"One proposal would allow millions of homeowners with government-backed mortgages to refinance them at today’s lower interest rates..."

"A wave of refinancing could be a strong stimulus to the economy, because it would lower consumers’ mortgage bills right away and allow them to spend elsewhere...."

"...They are also working on a home rental program that would try to shore up housing prices by preventing hundreds of thousands of foreclosed homes from flooding the market. That program is further along — the administration requested ideas for execution from the private sector earlier this month...."

"Administration discussions about housing proposals have taken on added urgency this summer because the housing market is continuing to deteriorate. On Wednesday, the government said that prices of homes with government-backed mortgages fell 5.9 percent in the second quarter from a year earlier, the biggest decline since 2009. More than one in five homeowners with mortgages owe more than their homes are worth. Some analysts are now predicting waves of foreclosures and a continuing slide in home prices."

"There is not much time to help the market before the 2012 election, and given
Congressional resistance to other types of stimulus, housing may be the only economic fix in reach".

“It almost seems to me you want to have some type of announcement or policy, program or something from the federal government that provides that clear signal that we are here supporting the housing market..."

“This is the best stimulus out there because it doesn’t increase the deficit, it accomplishes monetary policy, and it reduces defaults in housing,” said Christopher J. Mayer, an economist at the Columbia Business School. “So I think this is low-hanging fruit.”

"The idea is appealing because it would not necessarily require Congressional action. It also would not tap any of the $45.6 billion in Troubled Asset Relief Funds that was set aside to help struggling homeowners. Only $22.9 billion of that pool has been spent or pledged so far, and fewer than 1.7 million loans have been modified under federal programs. But Andrea Risotto, a Treasury spokeswoman, said whatever was left would be used to reduce the federal deficit...."

Investment firms would like to participate in the rental program, especially if the government lends them money to participate. For the most part, banks prefer the refinancing plan.

The proponents say the plan carries little risk because the mortgages are already guaranteed by Fannie Mae and Freddie Mac. They also say it makes those loans less likely to go into default and ultimately foreclosure.

But government officials cautioned that Fannie and Freddie do not do the administration’s bidding (dph:really?), even though they are essentially owned by taxpayers.

https://www.nytimes.com/2011/08/25/business/economy/us-may-back-mortgage-refinancing-for-millions.html?pagewanted=1&_r=1

Dakini
Aug 25, 2011 - 8:58am

QE3 Hope Rally to End Terribly - Link to Public Article

Link to public (vs. paid subscription article) here: https://www.istockanalyst.com/finance/story/5376678/danger-the-qe-3-hope...

Interesting, it looks like the article is a carrot on a stick to buy into the paid subscription b/c the article continues with this:

"I can show you how to turn this period into a time of profits, NOT pain. To whit, my clients actually made money in 2008, having been warned a full three weeks in advance of the Crash to get out the market and go short.

<snip>

"All you need to do is take out a "trial" subscription to my Private Wealth Advisory newsletter. You'll immediately be given access to the Private Wealth Advisory archives. You'll also receive copies of the reports I detail above… and you'll also be on my private client list to receive my bi-weekly investment reports as well as real-time trade updates on when to buy and sell various investments."

Hickerydooo Fortinbras
Aug 25, 2011 - 8:59am

If i only knew....i wouldn't

If i only knew....i wouldn't have done it....but how can i know....its on a free website and i have mentioned the source.

Financial Crisis

Market crash 'could hit within weeks', warn bankers

A more severe crash than the one triggered by the collapse of Lehman Brothers could be on the way, according to alarm signals in the credit markets.

The cost of insuring RBS bonds is now higher than before the taxpayer was forced to step in and rescue the bank in October 2008 Photo: Alamy

9:50PM BST 24 Aug 2011

405 Comments

Insurance on the debt of several major European banks has now hit historic levels, higher even than those recorded during financial crisis caused by the US financial group's implosion nearly three years ago.

Credit default swaps on the bonds of Royal Bank of Scotland, BNP Paribas, Deutsche Bank and Intesa Sanpaolo, among others, flashed warning signals on Wednesday. Credit default swaps (CDS) on RBS were trading at 343.54 basis points, meaning the annual cost to insure £10m of the state-backed lender's bonds against default is now £343,540.

The cost of insuring RBS bonds is now higher than before the taxpayer was forced to step in and rescue the bank in October 2008, and shows the recent dramatic downturn in sentiment among credit investors towards banks.

"The problem is a shortage of liquidity – that is what is causing the problems with the banks. It feels exactly as it felt in 2008," said one senior London-based bank executive.

"I think we are heading for a market shock in September or October that will match anything we have ever seen before," said a senior credit banker at a major European bank.

Related Articles

Despite this, bank shares rebounded on Wednesday, showing the growing disconnect between equity and credit investors. RBS closed up 9pc at 21.87p, while Barclays put on 3pc to 149.6p despite credit default swaps on the bank hitting a 12-month high. This mirrored the US trend, with Bank of America shares up 10pc in late Wall Street trade after a hitting a 12-month low on Tuesday over fears that it might have to raise as much as $200bn (£121bn). As with the European banks, the rebound in the share price was not reflected in the credit markets, where its CDS reached a 12-month high of 384.42 basis points.

European stock markets joined in the rally. The FTSE closed up 1.5pc at 5,206 on hopes the chance of a global recession had diminished. European shares hit a one-week high, with Germany's DAX closing up 2.7pc and France's CAC 1.8pc higher. The Dow Jones index edged higher on strong durable goods orders data as markets began to accept that the US Federal Reserve is unlikely to signal fresh stimulus at Jackson Hole this Friday.

Even Moody's decision to downgrade Japan's sovereign credit rating by one notch to Aa3 did little to damage global sentiment, although Tokyo's Nikkei closed down just over 1pc.

As stock market nerves settled, gold - which has recorded steady gains recently as investors seek a safe haven - fell 5.3pc to $1,777 in London.

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Key Economic Events Week of 3/18

3/19 10:00 ET Factory Orders (Jan)
3/20 2:00 ET FOMC Fedlines
3/20 2:30 ET CGP presser
3/21 8:30 ET Philly Fed
3/22 9:45 ET Markit PMIs
3/22 10:00 ET Existing Home Sales
3/22 10:00 ET Wholesale Inventories (Jan)

Key Economic Events Week of 3/11

3/11 8:30 ET Retail Sales (Jan)
3/11 10:00 ET Business Inventories (Dec)
3/12 8:30 ET CPI (Feb)
3/13 8:30 ET Durable Goods (Jan)
3/13 8:30 ET PPI (Feb)
3/14 8:30 ET Import Prices (Feb)
3/14 10:00 ET New Home Sales (Jan)
3/15 8:30 ET Empire State Manu Index
3/15 9:15 ET Cap. Util. & Ind. Prod.

Key Economic Events Week of 3/4

3/5 9:45 ET Markit and ISM services PMIs
3/5 10:00 ET New home sales (Dec)
3/6 8:30 ET Trade Balance (Dec)
3/7 8:30 ET Productivity and Unit Labor Costs
3/8 8:30 ET BLSBS
3/8 8:30 ET Housing starts (Jan)

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