Welcome to the updated TF Metals Report! We hope you enjoy the new experience.

We've changed payment processors, so any existing renewals will need to be re-subscribed after expiration. You will receive an email when this happens. If you have any questions, send a message through the Contact page.

The Battle Continues

416
Fri, Sep 9, 2011 - 8:53am

I thought the Swiss were always supposed to be "neutral" in global battles for supremacy. Apparently not.

We are clearly in a very interesting battle for the price of gold. Through their actions, "Western" central banks (the bad guys) have made it quite clear that they would like to see the price of gold drop, hoping to see the value of gold be reduced at the same rate they are reducing the value of their fiat. "Eastern" central banks and prudent global investors (the good guys) are seizing upon each manufactured dip. Thankfully, so far, the good guys are winning. Whether this will cause our adversaries to give up and retreat to higher ground remains to be seen.

The battle will almost certainly be joined soon by the criminal C/C/C. The actions of the central banks have once again provided the volatility "cover" they need to raise margins. Of course, the C/C/C is not a true ally to the central banks in this battle because they are acting in their own self-interest. Like we saw yesterday, The Cartel will likely use any protracted weakness to continue covering long-held short positions.

Given all of that, I think we can be quite confident that recent trends will continue and, accordingly, that the trendlines on the charts below, especially the longer-term ones, will continue to act as solid support.

paper_9-9amgold1.jpgpaper_9-9amgold2.jpg

paper_9-9amgold8.jpgpaper_9-9amsilv8.jpg

So far, gold has rallied back nicely from its lows near 1825. I have a last of 1844. As the battle continues to rage, my suggestion to you is to stay on the sidelines. Hold your positions but only add on steep selloffs, down to the major support areas, where confidence is higher that floors can be found.

I'll be watching things all day and will update as needed. TF

About the Author

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

  416 Comments

silver foil hat · Sep 9, 2011 - 9:34am

..and all the republocrats applaud.

JPM needs some money QUICK!!! Like this weekend QUICK!! (I wonder why?? hmmmmmmmmm...)

(You're right, shill, none of it will go to jobs creation... it will go overseas through JPM.)

Bay of Pigs · Sep 9, 2011 - 9:34am

The fact is another half a trillion (447B) on a "jobs bill" will solve nothing. Only bigger deficits and more debt. This is not a solution. The problems are structural in nature and throwing money at it only delays and prolongs the inevitable.

The only course of action is to BTFD's.

If anything, gold and silver look cheaper from where I sit. We still haven't even gotten close to inflation adjusted all time highs. $2400 for gold and $130 for silver or something like that. Debasing the currency only sends those numbers higher. And any talk of "austerity" is out the window after last nights speech.

We still have a very long way to go by the looks of it. 

CauseChange · Sep 9, 2011 - 9:35am

Just another wedge pattern to break out from

Just another support line to rally from.....

Shill · Sep 9, 2011 - 9:40am

Best of luck to those playing today.

Tom L · Sep 9, 2011 - 9:43am

There's a line in the sand drawn at 638, that's what they're defending now. We're hoping for a push through that level. They are going to try and fill that gap from yesterday. I'm frankly surprised we didn't open there after the hit on G&S.

Ta,

SilverBoy · Sep 9, 2011 - 9:43am

 EUR/GOLD

Dr G · Sep 9, 2011 - 9:47am

Meh. Shocking developments. Just like Monday, and Tuesday, and Wednesday...you get the idea.

At least the commissioner is looking out for us.

beinki · Sep 9, 2011 - 9:49am

than a head and a GOITER?

beinki · Sep 9, 2011 - 9:52am

I like that a lot.

BlackHawk · Sep 9, 2011 - 9:53am

FRANKFURT | Fri Sep 9, 2011 9:31am EDT

FRANKFURT (Reuters) - ECB Executive Board Member Juergen Stark will step down from his post because of a conflict over the central bank's controversial bond-buying program, two sources told Reuters on Friday.

SilverDog · Sep 9, 2011 - 9:56am

..by Greece.

Did I hear someplace the Hong Kong is not trading Tuesday?

Shill · Sep 9, 2011 - 10:02am

Lol not seeing any panic here folks...My options are looking great GO TEAM!

exiledbear · Sep 9, 2011 - 10:02am

7000 contracts dumped. Another margin hike.

And gold is STILL north of 1800.

They've lost all control over this. They are powerless.

swampman · Sep 9, 2011 - 10:06am

Considering the US/EU covert PM price manipulation scheme was a fully sanctioned op, according to the wikileaks memo, JPM, HSBC and other agents may have been told they'll be compensated under the table/back door for any losses. It wouldn't surprise me a bit.

OC15 · Sep 9, 2011 - 10:07am

By the PMs after that raid. Silver down over $1 at one point this morning.

The Morgue is getting it's teeth kicked in again. :)

Tom L · Sep 9, 2011 - 10:07am

60 minute uptrend still intact, though. As I said yesterday if that DT line didn't break they would take it down into the $8.70 area. That's where we are. The bulls will need to come in here and support the price while the hourly RSI is above 50 or the stock will sink to fill the gap left at $8.25. The imminent 20/50 hour cross makes this likely.

Ta,

T · Sep 9, 2011 - 10:09am

As good as everyone here is at analysis and forecasting,I agree with the poster who said a while back that Turd should look at longer time frame charts....which he has most recently done in the latest caution about gold retesting the 1725 area. I think its wise. better to be anticipating silver drop to 38 than soaring to 48. or maybe it does both ,a repeat of last time. Can gold still fall back to 1700 and 1670 area? over the next few weeks?

It does appear there is a global currency war going on now. better than a shooting war I suppose. I wouldnt want to be stepping in front of it with too much eagerness to buy.

Great to see SVM recover from 7 to over 9 in the blink of an eye. Now theres a gap to fill around 8.40 and a 50% fib pullback around 8.10 and alot of pivot points and support around 8 to hold.

I wouldnt want to buy more unless it falls below 8 .

Ojibwemowin · Sep 9, 2011 - 10:09am

The long term plan is still on track, as well as the fundamentals.

Keep stacking Au and Ag anytime there is available fiat to purchase it with. The price will be up or down on a day to day or hour to hour basis but it does not matter as much as the long term time frame and the stacker's DCA over years, decades and generations.

FriedEggs · Sep 9, 2011 - 10:10am

manipulations don't have the fangs like they use to eh gang?... Fangs are acting more like dentures at best.

I understand - one still has to be careful, but, we are getting tired and use to this as we begin to obtain knowledge of what is truly going on.

BTW - Happy Fryday;)

Spark one up!

Fried(e)

Bay of Pigs · Sep 9, 2011 - 10:10am

AM fix comes in at $1879.50. 5th highest ever.

Bull strong.

Tom L · Sep 9, 2011 - 10:13am

on G&S approaching 50. Let's see if the 'sell the rally' mentality is in place for the weekend.

Ta,

Shill · Sep 9, 2011 - 10:14am

Folks, like other seasoned vets here I am in Awe at the buying. This is truly a Bull Market.

As Larry always notes Bull Markets like to take as less people for the ride as possible. STAY VIGILANT! AND STAY ON COURSE!

Vincent · Sep 9, 2011 - 10:15am

Thanks TF!

Economical Disaster · Sep 9, 2011 - 10:20am

Agents from the Federal Bureau of Investigation raided the offices of the now-bankrupt Solyndra on Thursday morning, according to the San Jose Mercury News.

Since the company shut its doors, new revelations have surfaced surrounding the original loan. Among them, are the facts that Solyndra officials donated heavily to Obama’s 2008 presidential campaign and have made numerous visits to the White House since 2009.

The FBI refused to comment on what the search warrant was for, and what was seized.


Read more: https://dailycaller.com/2011/09/08/fbi-raids-solyndra-office/#ixzz1XStRHnEO
Shill · Sep 9, 2011 - 10:21am

Anybody watching Wesdome?

Eric Crammerwas pushing this stock on Wednesday Eric.

Eric Original · Sep 9, 2011 - 10:24am

Up 9% on no news. Chart break out.

caravanserai · Sep 9, 2011 - 10:25am

gesteur · Sep 9, 2011 - 10:26am

I dont think switzerland is pushing gold down and accumulating short gold paper just for the sake of having a low gold price. why should they? inflation is not a concern yet in switzerland.

btw they are already spending quite a lot trying to keep eurchf @1.20.

Shill · Sep 9, 2011 - 10:27am

Talk about a fierce battle lol

300 This Is Sparta

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 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

Key Economic Events Week of 11/12

11/14 8:30 ET Consumer Price Index
11/15 8:30 ET Retail Sales
11/15 8:30 ET Philly Fed
11/15 8:30 ET Empire State Fed
11/15 10:00 ET Business Inventories
11/16 9:15 ET Industrial Prod and Cap Utilization

Key Economic Events week of 11/5

11/5 9:45 ET PMI Services
11/5 10:00 ET ISM Services
11/6 US Mid-term Election Day
11/8 2:00 ET FOMC Fedlines
11/9 8:30 ET Producer Price Index
11/9 10:00 ET Wholesale Inventories

Recent Comments

by Stackable, 6 min 19 sec ago
by Turd Ferguson, 31 min 9 sec ago
by Angry Chef, 48 min 34 sec ago
by Clarki Stomias, 49 min 1 sec ago
by Angry Chef, 1 hour 3 min ago
by Thomas More, 1 hour 6 min ago
randomness