Ahead of an Interesting Weekend

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Fri, Aug 26, 2011 - 10:34am

 Well, don't you wonder what the world will look like come Monday? So many unpredictable events are coming that it makes the job of being Turd significantly more challenging. However, The Turd is up to the task and willing, once again, to attempt to predict the unpredictable.

First up, the short term. As postulated late yesterday, the metals rallied overnight and are rapidly approaching the points from which their enemies will be able to proclaim any future decline as evidence of a head-and-shoulders top. This H&S top notion is almost as silly as the "gold in a bubble" nonsense but they're going to spout it anyway and CNBS will lap it up like hungry kittens. As The Turd's old man used to say: "Do you know what motel spelled backward is? Let om". In this case, that logic applies. Let the buffoons spout all the bubble and top nonsense that they want. It doesn't matter. The metals are still going significantly higher before year end and none of the top-calling douchebags will be held accountable for being wrong anyway.

For today, I predicted yesterday that gold could see 1790-1800 and that silver could see 41.80-42.20. Upon further review, I'd like to refine those numbers just a bit. Now, we may have already seen the highs and they are both close enough to those targets that they may not trade much higher. Gold touched 1798 and silver tapped 41.34. I don't think silver will trade much higher than 41.50 today but it could still reach up to the goals stated yesterday. Gold, on the other hand, still could see some upside. IF it can trade through 1800, it has a decent chance of making it all the way to 1820 or so. If it does, I will be looking to lighten some Oct calls before the weekend.

paper_8-26amgoldh.jpgpaper_8-26amsilvh.jpg

That said, the long term picture for both metals remains quite positive, regardless of the nonsense you hear on financial TV. Both of the charts below are very instructive and I plan on updating them frequently in the coming days and weeks as I believe they represent the true picture of what to expect for future price movements. Note that silver is in a very nice up channel. This is much appreciated as it is something that takes much of the complication out of trading. Gold, on the other hand, has a chart formation that you rarely ever see. Let's call it a "reverse pennant" and it is indicative of an uptrend that has an increasing level of volatility. IF this trend continues, we can use this chart to make a lot of fiat as the swings up and down are only going to get wider.

paper_8-26amgold8.jpgpaper_8-26amsilv8.jpg

I'd like to close today with a couple of housekeeping items.

1) Civility. Please remember that we are trying to build a place here that is unlike other internet sites. We treat others the way we want to be treated. This leads me to...

2) The goal of this site is to help and educate as many as possible through our collective experience and wisdom. The site is used by people ranging in age from 13-93. If you would be uncomfortable using certain language, innuendo and images around you daughter or your grandmother, then don't bring it here. Use discretion.

3) Try to take it easy on poor, old Blythe. During work hours, she may be a heartless shrew who takes pleasure in the blatant manipulation of the metals. In her personal life, her bio paints a portrait of someone different. I guess my point is: It's beneath us to deride her with nasty slang on her personal sites. Let others do that if they feel they must. We here should be more concerned with surviving the disaster that is most assuredly coming.

4) I do, from time to time, delete things. This is not censorship. Censorship is an impairment of your right to free speech in the public arena. This is not a public arena. This is my website. I own it. I decide what gets viewed and what stays posted. That said, I've only deleted a handful of things in the first 60 days and most of it was copyrighted material that could not be allowed to stay.

Finally, be very careful as we head into the weekend. The current pattern in gold is frighteningly similar to the pattern of silver back in late April. The Sunday Night Massacre followed the first margin hike and occurred during a thinly-traded Globex session the preceded a London holiday. Gold has now seen two margin hikes and this Sunday's Globex session also precedes a London holiday. Throw in the fact that many market participants will be MIA Sunday evening due to what looks to be an ongoing hurricane and you get an almost ideal setup for the criminal C/C/C to unleash Sunday Night Massacre II. Not sayin...just sayin.

Have a great day. I'll try to update after the close. TF

About the Author

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

  413 Comments

speconomist
Aug 27, 2011 - 3:16pm

NYSE Weighs Shutdown Options as Irene Risk Closes Subways

NYSE Weighs Shutdown Options as Irene Risk Closes Subways

Hurricane Irene, forecast to reach New York this weekend, has the potential to shut down the New York Stock Exchange, a company executive said.

More in Bloomberg

.

Sounds similar to Banking holiday in 1933, doesn't it?

Mudsharkbytes
Aug 27, 2011 - 3:23pm

Gibson guitars…

I saw the video yesterday and couldnt believe it. You can hardly get more American than Gibson guitars. I have some vintage Gibson instruments and they are amongst my favorite items to pick up & pick on. Why in Gods name stormtroop Gibson? It seems like TPTB are going out of their way to kill successful American businesses. There are VERY few musical instruments still being built in the USA - National, Martin, & Gibson come to mind though I'm sure there are others (Fender makes some of their guitars in America though their budget line instruments are made in Korea or Mexico). Regardless - IF Gibson had violated some sort of import law, the Federal response was way WAY in excess of what a reasonable person would have considered to be appropriate. Hope Gibson files a big lawsuit and wins. Doubtful.

¤
Aug 27, 2011 - 3:25pm

CreditCrumbs

Thanks for the link and your take on the situation. I've been discussing this possibility on here for a while, as has CA Lawyer who has a great thread going on this subject.

 I'm going to C&P this into that thread. CA Lawyer has a thread called "Show Me the Note Litigation"

I think the greatest opportunity in real estate is about to take place once all of this massive principal reduction and re-fi takes place. Unfortunately, a lot of good people are going to be on the other bad side of what's going to take place. 

Land and property for gold or silver at some point? I think so.

https://www.tfmetalsreport.com/forum/1480/show-me-note-litigation

Strongsidejedi
Aug 27, 2011 - 3:30pm

Mme. Legarde's powergrab

To the people posting those comments by Legarde, please reflect on why you are posting that propaganda on an American website. Call me jingoistic or myopic, I don't really care. This global deflationary spiral is obvious and it is not in Mme. Legarde's control. If she has the belief that she can actually impact and control the economics and social dynamics now in play, she is and will be sorely mistaken.

I have a few choice words for Mme. Legarde. She may be well respected in her corners, but her brand of economic and social policy are unwelcome in this corner of these United States.

For one thing, she came to power through an obvious take-no-prisoners character and financial attack on her predecessor. A person who ascends through such economic and financial assassination is not worthy of my attention and time. While I am no fan of DSW, the reality is that she came to power through a power vacuum created by political design and which undermined the economic stability of the EU and Legarde's own nation. Any woman who would capitalize on such tumult for her own gain is not worth my time nor will garner any such respect or support.

I stated earlier this morning that I, as an American, am through with backing up.

I mean it.

I will not be shoved by a rogue band of international bankers and cartel members into any corner.

I will not accept their words at face value because the value of their funds can not be judged at face value.

Therefore, if they want my respect, they get off the throat of the people that they seek to enslave. If they want my respect, they will earn it henceforth by showing that their ledgers are real and have hard assets to back those papers.

When I see Reggie Middleton's blog, SGS, and others (like TF) doing their own math; and when I review their math and concur; it is not the citizens who need to comply with the Central Bankers. It is, in fact, the Central bankers, the IMF, the FRB, FOMC, and World Bank who need to comply with the expressed clear statement of the citizens. If they do not, sooner or later they will be sidelined and deinstitutionalized in favor of a new paradigm.

Gold is NOT $43 an ounce. Can someone in the US Treasury Department call a spade a spade and default on the FRB's gold certificates?

In order to right the economic ship of these United States, there is only one thing needed. Take the gold in Fort Knox and start minting gold eagles. It is incomprehensible that the US mint would hold up proof production while we supposedly sit on $43.00 gold in Fort Knox. Go get the truck and start selling at $2500 like Jamie Dimon says. That's a huge ROI and would be experienced by the US Treasury immediately.

And, did France ever pay the United States back for their national sovereignty? Did Germany? What of Japan and the Asian nations? Who paid us in gold for the asset of freedom which was obtained through the shedding of my family's blood? Did our President's sacrifice our men and families for more paper promises or did they get paid? 

Did WE get paid?

Wiki reports US Bullion Depository is said to have 147 million ounces. FRBNY has another 225 million ounces.

Tell the FRBNY to go collect from the French. Stop collecting from the US Treasury. The FRB would rather put our national sovereignty at risk, bill our grandchildren for these debts, and then complain that the Euro Zone doesn't pay and needs bail out. Mme Legarde be damned!

With a National Debt of $14 trillion, if you divide the debt by the FRB's gold holdings, it comes to $62,000 per ounce.
Ron Paul said it right. The US Treasury needs to immediately default on the short term T-bills bought by FRBNY. FRBNY can then call the gold in and sell it to the market. That default would selectively clear a bunch of short-term notes and would erase the US Treasury debt and it unwinds the FRBNY position.

Professor Ben, what's it going to be? You have the gold certificates. Sell them! People would rather buy the gold certificates than the US T 30 years. Get off the back of the US Treasury and start liquidating.

It's not like FRB fractional reserve banking system has helped create jobs, sustain small and even medium sized corporations. Where is the lending Mr. Bernanke? Got an absence of liquidity?

I just came from the bank where they were charging me for transfers between my own fricking accounts in the same bank!

Gold is trading today at$1825 and more due to the absolute lack of confidence and the permeating stench rotting derivatives upon which these charlatans predicate the financial foundation of THEIR system.

But, I will not permit this charade to impact me and my family any longer.

There is little they can say at this point that has any semblance of credibility.

Now, for the rest of us citizens, stop with the "I'm moving out of the USA" crap.

We're the productivity. We're the engines of this economy. We're the ones who accept these "Federal Reserve Notes" instead of the $20 St. Gaudens and the $1 Ike Silver dollar. So, why do we do that? Are we really that stupid?

I'm not. If you are that stupid, go join the HuffPo and MSNBC.

bern
Aug 27, 2011 - 3:45pm

Anyone know how gold and

Anyone know how gold and silver traded in India today? 

Studs Egon
Aug 27, 2011 - 3:50pm

News Items

Hello Everyone!

An honor to be here for the first time among Turdites!

My first question and comment is:

Are there any news items that are Not bullish for PM's?

They seem to be in very short supply these days :-)

p.s. blessings for all in the Hurricane path.

TheGoodDoctor
Aug 27, 2011 - 4:01pm

Just getting caught up on the

Just getting caught up on the thread. Wanted to say that my heart goes out to those affected by hurricane Irene. Some of the pictures are incredible and then to hear some of the stories on top of that breaks my heart. I've said that we are all in this together, and just so you know I am thinking of you all who have posted here with your stories of Irene.

TheGoodDoctor
Aug 27, 2011 - 4:04pm

@DPH The US is responsible

@DPH The US is responsible for I think it is 17% of the IMF. So, I don't like it, but I see why Lagarde feels like she has to open her mouth to try and dictate US/global monetary policy/bailouts etc. It pisses me off and we can complain about it but I am just saying it is what it is. Try to glean from it what we can and then try and use what she/they say to connect the dots for future events. Then plan accordingly. Honestly, what else can we do?

bobby
Aug 27, 2011 - 4:06pm

not just NYCity

super typhoon Nanmadol pounded the Phillipines with 155 mph wind and now threatens Formosa

https://www.wunderground.com/tropical/tracking/wp201114_flashtool.html?e...

TheGoodDoctor
Aug 27, 2011 - 4:25pm

I've speculated that we would

I've speculated that we would see this sooner rather than later. Interesting article.

My thoughts are when you see gold companies buying silver companies then you know it is "game on". Nova Gold and Barrick have recently bought copper companies. I think there will be more of this to come as well.

Also note that two big gold companies have quite a bit of silver: Barrick and Gold Corp. The latter has a billion oz. in the ground. I think Barrick does too. Just something to think about if you are looking for companies leveraged with silver as well as gold.

Also at the GATA conference Bob Archer from Great Panther was noted as saying that there would be consolidation among Mexican silver miners.

Get ready for a different gold frenzy: mergers & acquisitions

https://www.theglobeandmail.com/globe-investor/investment-ideas/get-read...

¤
Aug 27, 2011 - 4:26pm

Lagarde

StrongSide...With all due respect, I'm not spreading some foreign propaganda regardless of how you feel.

I do agree with most of your arguments as you've eloquently stated. And I do wish things were a bit more isolationist but the facts are that these international banking bastards have been here forever and they will not just go away because they are effecting our country today.

What some of these cronies say in public and especially at these highly publicized events is noteworthy because they are telegraphing the future in bits and pieces for the MSM to digest and spew out.

Spreading info. that you don't feel is worthy or relevant to your (and my) beliefs is like selective censorship and I merely post a lot of foreign viewpoints so that we all have a more rounded view.

Keep up the good posts. I like your style and viewpoints on here.

Peace out<

Sandiaman
Aug 27, 2011 - 4:28pm

!952 Gibson flatop

Nice song about Gibson guitars by Susan Gibson. She also wrote Wide Open Spaces.

Susan Gibson "The Wood Wouldn't Burn"
GoldMania3000
Aug 27, 2011 - 4:29pm
I_ate_the_crow
Aug 27, 2011 - 5:15pm

The Department of

The Department of "Justice".

What a farce.

How amusing that this Gibson raid came on the heels of the sanctions settlement between the Treasury and JP Morgan. Contrary to reality let's assume that international sanctions aren't a tool of oppression used against nations that refuse to allow the corporate-financiers into their country. And then let's assume that these nations really want to hurt Americans rather than simply try to protect themselves from the imperialism of the corporate-financier's hostile takeover and collection agency, the American military-industrial complex.

No, let's just say that JP Morgan is a normal private American bank and there are a bunch of bearded men in Afghani caves that are capable of orchestrating a terrorist act such as 9/11, and in this context JPM violated the following sanctions: (1) the Weapons of Mass Destruction Proliferators Sanctions Regulations; (2) the Global Terrorism Sanctions Regulations; (3) Blocking Property of Weapons of Mass Destruction Proliferators and Their Supporters.

In this magical world Dubya would be very disappointed in JPM, as I'm pretty sure I remember him telling me that "you're either with us or against us". Thus JPM is a terrorist bank and the employees responsible must be waterboarded at Gitmo to reveal to us what kind of attack the bearded men in Afghani caves producing shitty you-tube videos are planning to flawlessly execute next. What's that you say? The banks have financed both sides of war and terrorism for as long as anyone can remember? The CIA, ESF, TBTF banks, and the Treasury operate a world drug running cartel? Oh that's right. On second thought an 88 million dollar fine sounds right, that ought to be all the PR damage control needed.

It's a shame that the Department of "Justice" was too incompetent to execute operation Fast and Furious, otherwise its agents might still be busy smuggling guns to Mexican drug gangs in an effort to blame their mass murdering on American gun companies. The 4th Amendment was easy but that pesky 2nd Amendment is going to be the hardest one to dismantle. Alas, the DO"J" ivy league attorneys' had enough time on their hands to determine that use of wood from India that is not finished by Indian workers is illegal - not because of U.S. law - but because it is the Justice Department’s interpretation of a law in India!! I've heard it all now.

Fuck you EE.

¤
Aug 27, 2011 - 5:21pm

Hi Doc

Nice article at that link and I like your thoughts on the majors accumulating juniors of different persuasions. A lot of the miners are way wayyyy undervalued to the PM itself as we all know. I'm not sure what it might take to knock the heavy short presence off the backs of the miners they afflict and the low share valuation that they create.

I can't help but think (and hope for ) that the the small flurry of share buy backs recently by some miners is an indication that they are fighting back at the shorts by not paying out dividends (like Santa and others have suggested) but by aggressively repurchasing their wayyy undervalued shares and then retire them out of circulation. I think that would accomplish the same thing. The shorts would have to abandon ship if the prices starting going up based on just the shares outstanding consolidation. I think if we continue to see that trend then we'll see the shorts start to abandon ship.

I like your thinking and theory on this. The reason I'm so high on Gold Corp and hold it as my principle paper gold holding is because of it's enormous gold resources naturally, but all of the silver they seem to have in their resource portfolio. They have enormous silver production potential, not to mention the production that is already taking place. One of the other aspects of GG I like is that they are next door to some very desirable properties that are big producing juniors and explorer/developers in both gold an silver. I'm not sure of what other metals might be involved in those next door properties. Some of these companies are literally next door neighbors. It would make sense at this point for the majors to start buying up juniors and explorers/developers because they are undervalued at this point. Next year they may not be this cheap. So from a business standpoint, it seems like what you lay out is very close at hand. Consolidation!

Some seasonal digging results from the miners will be coming out pretty soon and things will be heating up soon I think.

So I'm excited about GG. If we continue to see the share buy backs I think we'll see the shorts have to flee the scene because of it. And we all know what will happen at that point. Skyrockets!

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

The Lagarde, IMF thing.

I agree with you and StrongSideJedi on all of this.

I know you both agree that we all don't like it or see the need for anyone else to possibly meddle or even be part of an effort to steer the U.S. a certain way going forward. But as you said, it is what it is, and that's not a surrender statement by me at all.

The fact of the matter is that there is this guy called Bernanke that a lot of other countries can't understand why it's so important what he says and why U.S. policy or monetary policy effects or disrupts there countries entire structures.

Now, Lagarde is no Bernanke in the monetary sense but she is definitely part of the machine at present that is doing things not on a U.S. or French, or British etc. agenda but on a NWO agenda . (I'm sure some eye's rolled right there. So ask yourself....Just how many times does it have to be repeated by politicians and lead bankers from across the world for the last 30-50 years for the stated goal of a NWO to become a reality and stated goal of theirs? ) Say what you want about her being small fish in the larger picture, or even her need to be in the picture at all, or even her significance on the world stage. But there is no denying she does occupy the position as International Head of the IMF and she will merely be the face or mouthpiece who delivers these forward looking communiques.

That whole DSK scandal and him being released with no charges was a total political hit job on him imo. He was probably in the way or reluctant to do what "they" needed him to do in his position at this point in time. You have to ask yourself if that whole scandal was normal by any stretch and didn't Lagarde seem to transition into it smoothly after others were vetted before her.

In all truth, they probably had no chance at the job. In a month from now, this Trichet character will be gone and replaced with whoever they have selected (well ahead of time) who is on board with integrating the worlds banking system into one new global system where the currencies are balanced more competitively from a Anglo-American banking viewpoint

This is what the Anglo-American banking system wants to happen imo. Go globally integrated financially where the Central Bank (whatever it may be called in the future) makes all of the monetary rules up for the planet.

Right or wrong (wrong imo), there is no denying that the Europeans and the Americans are tied at the hip regarding monetary policy because they are after something that transcends the U.S. and the EU in their OCD power thirsty view of the world. It's been this way for centuries.

Here's a original DPH : "Bankers have no flag, nor loyalty to any flag. The flag they follow is one of paper, no matter where it flies."

Lagarde and others like her matter, because as Doc put it, she's one of the dots in our "connect the dots game" that we do just to stay ahead of the MSM game and more importantly, to alert others to things they may have never connected before.

¤
Aug 27, 2011 - 5:31pm
CreditCrumbs ¤
Aug 27, 2011 - 6:06pm

@DarkPurpleHaze

"I think the greatest opportunity in real estate is about to take place once all of this massive principal reduction and re-fi takes place. Unfortunately, a lot of good people are going to be on the other bad side of what's going to take place."

If you, CA Lawyer, or others here have access to such a liquidation sale of government assets, you should seize them. I would very much prefer such assets to go into the hands of Turdites, rather than anybody connected to EE. I know most Turdites are here because of their compassion toward fellow humans, sense of justice, desire for true reform, and anger to those in power who abuse the law and the constitution. 

Hoping to learn
Aug 27, 2011 - 6:40pm

Australian Kangaroo

I've been wondering the same thing and I hope someone out there knows the reason why ? I was notified by Apmex alert that the new Australian Kangaroo is now available and when I looked it up, it's selling for 99.99 to 102.99 . I understand supply and demand, but this seems a bit extreme. Would someone shed some light on this.

Thanks in advance

HTL

lakemike49
Aug 27, 2011 - 6:50pm

point of veiw

sorry I know this is a PM site and this post may be a little late, but I live in the northeast and have been a little busy today. It seems a lot of the talk today has been on the hurricane the harm it may do, how people prepare and cope, and how we treat each other. I may have my food, my water, my guns and ammo, but I also have a heart. In response to irene, sometimes we do things to help, and sometimes we do things just to keep our friends and neighbors happy, there is no right or wrong answer, you do what you do because you think it is the right thing for you. It is a sad comment on society in america, that we have become a spoiled,entertain me now country. but the truth is this has gone on for millenium, in civilization after civilization. this site on the other hand, seems to be full of, intelligent and compassionate people. so my suggestion, to get a glimpse of what people may or may not do, in a time of crises, and how you might react, look up the movie, armageddon, made for the history channel. I think you can find it on youtube.

to ginger hope your brother fares well will keep them in my thoughts

to strongsidejedi your suggetion to send them to turds site is good, but remember, you can lead a horse to water, but you cannot make him drink

keep stacking and stay well all

lakemike

sorry I think the movie is day after armageddon

Strongsidejedi
Aug 28, 2011 - 1:16am

To Lakemike 49

Well said.

It is a sad thing when an old broke horse refuses to drink fresh water.

It's a nice thing to see a horse running with energy and vigor instead of being led to a glue factory.

But, ultimately, I suppose it is we who permit the captives to be swayed.

Pharoah Pharoah, let my people go!

Strongsidejedi ¤
Aug 28, 2011 - 1:26am

DarkPurpleHaze (re Legarde)

My comments were not directed towards you and was penned in the hopes that ALL interested Americans will consider the Legarde comments for what they are.

Asking for the US government to institutionalize and legislate a write-off of principle is tantamount to asking our nation to devalue our nation's lands and assets unilaterally.

What is particularly repulsive to me is that this call comes from a French politician who would have no income and no assets were it not for the shedding of our blood on her beaches. I might reconsider this bias if I heard about what She personally did or what her male relatives have done to defend freedom and the principles of self-governance. Until that day, Mme Legarde is more reminiscent of Marie Antoinette telling the masses to eat cake. Mme Legarde may have her hand on the IMF accounts but she is requesting the US citizenry to devalue our property and our nation due to Euro Banking needs to prop up their economy.

We should never write off the principle.

We can only suggest to banks that they write-off the interest.

For this reason, it is wiser for our Dept of Treasury to default on the debt owed the Federal Reserve. In order to balance the ledger, the US should permit the Federal Reserve to sell to the international markets the gold in the FRBNY. After all, it's all there....right?

GoldMania3000
Aug 28, 2011 - 6:05pm
Throwing Sliver Hammers
Sep 5, 2011 - 12:44pm
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