An Encouraging Thursday

260
Thu, Sep 8, 2011 - 5:10pm

It what can only be construed as encouraging action, gold flew back higher today, nearly to the level it was before the blatant manipulation of Wednesday. I'll be very interested in the OI numbers tomorrow to see if today was primarily due to continued short covering by The Cartel.

I'll find it quite amusing if it was. To think that the SNB deliberately tried to manipulate gold lower only to be thwarted by the greedy, frightened, short-covering Cartel is wonderful to consider. Sort of like having your two worst enemies declare war upon each other. I'll stay happily on the sidelines while I giggle at my good fortune. At the end of days, survival instinct kicks in and everyone turns on each other. Perhaps that's what we're seeing here.

Regardless, The Turd is quite pleased with where we stand at this moment. Absent margin hikes or further intervention, the PMs look certain to trade higher this evening and into the overnight. (President O'bottom discussing the idea spending more money that we don't have should help provide the bids.) IF they can survive the usual 3:00 am LBMA beatdown, they will be poised for a stellar day tomorrow. Perhaps they will even finish with a green candle on the chart.

And if you haven't read this yet, I suggest you do it now. There's no sense in me commenting on it as I would imagine you can easily envision what I would say. (Something like "duh" or "ya think?" comes to mind.)

https://www.zerohedge.com/news/goldman-head-gold-trader-speculates-about-authority-intervention-gold-sees-gold-pushing-higher

Have a great evening! TF

About the Author

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turd [at] tfmetalsreport [dot] com ()

  260 Comments

Long John
Sep 9, 2011 - 8:33am

Turdville song for the Turdites~

sit back for a moment, sip your coffee and enjoy.....

The Weepies - Hideaway [Official Music Video]
murphy
Sep 9, 2011 - 8:35am

@Ewc58

Morning. Yes I got an education. I c/p the info into Terri's forum.

https://www.tfmetalsreport.com/forum/2262/options-puts-great-info-easy-u...

Tom L
Sep 9, 2011 - 8:38am

Margin Hike

The moment someone gets confirmation on this that would be hot.

Ta,

margaritatime
Sep 9, 2011 - 8:38am

CME

Just woke up and severely need some Joe - be back in a bit.

btw, from CME:

"On Friday, September 9, 2011, CME Group will observe the tenth anniversary of the attacks on the World Trade Center. As a result, all CME Group markets on CME Globex will observe voluntary moments of silence at: 07:46 CT/08:46 ET, 08:03 CT/09:03 ET, 08:59 CT/09:59 ET and 09:29 CT/10:29 ET. We request that all electronic market participants refrain from trading all CME Group products on CME Globex and CME ClearPort during these moments of silence."

Shill
Sep 9, 2011 - 8:39am

Love days like this APMEX

Love days like this APMEX order just placed. 5 silver eagles and 1/4 ounce Gold Maple.

Thanks Bama.

Oscar Peterson - Love for Sale
Larry
Sep 9, 2011 - 8:41am

Murphy

Yessir, as new folks climb aboard the silver/gold bull there will be repeated attacks. Some will be scared off forever, some will lose everything. The bull likes few riders as it is. Add the cartel takedowns to the bucking bronco and many if not most fill fall off way too soon.

Shill
Sep 9, 2011 - 8:41am

May not be a Margin hike it

May not be a Margin hike it just may be this instead.

Greek Debt Rollover Process 'Satisfactory'

Shill
Sep 9, 2011 - 8:45am
¤
Sep 9, 2011 - 8:45am

lol

Good morning all....

Planet wtf? lol

Knew I could count on you for a immediate chuckle this a.m. Thanks

Larry
Sep 9, 2011 - 8:45am

Shill and ClinkinKY

Shill, good find. Clinkin... you took the words right out of my, uh, head.

My instinct is the FBI is not on a "search" but a "recover" mission.

margaritatime
Sep 9, 2011 - 8:48am

What I don't get

I have built an excel spread with feeds to mimic the SPAN algos, and I can tell you whatever formula is used to measure SPAN - we are in a congruent algo right now to that of Aug 25th - yet no MH has been triggered. What I find interesting is that intention has also been relayed to the media [1].

So basically the CME uses SPAN algos, but they have a safety switch to time it when they see fit. That my friends smells like a trap, but I don't think it will be today or this weekend.

Not sure where the news of an MH came from... I am not seeing it.

Larry L
Sep 9, 2011 - 8:49am

Got Powder?

Thursday I unloaded some miners to look for another day.

Got some dry powder now. The overnight kick-down sure makes it look like my powder will stay dry over the weekend. Let us know with the OI okay!

Thanks Turd, you're the greatest!!

Shill
Sep 9, 2011 - 8:55am
Long John
Sep 9, 2011 - 8:56am

How much gold is traded every day?

Excellent article from the FT on London Bullion Market Association's (LBMA) study on the gold trading market in London.
their conclusions are that the OTC Trades represented a mere 10% of the overall daily trading volume, as reported by the LBMA members.

"...the volume of gold traded in London is ten times what is implied by the clearing statistics: 10.9bn ounces of gold, worth $15,200bn, changed hands in the first quarter of this year, according to the LBMA’s estimate.

"...That is 125 times the annual output of the world’s gold mines – and twice the quantity of gold that has ever been mined.

"...The 10.9bn figure compares to 1.2bn ounces of gold trades that were cleared – in other words, only a tenth of gold traded on the London market is cleared. About 1.2bn ounces were traded in the form of Comex futures in the same period.

"...The vast majority of the trading – roughly 90 per cent – was in the spot market, rather than forwards, options or swaps.

"...the $240bn average daily turnover in the London bullion market is higher than the global daily turnover of any currency pair except for the dollar/euro, dollar/yen, dollar/sterling and dollar/Aussie dollar, according to the most recent Bank for International Settlements survey

The dollar/Swiss franc, that other great safe haven trade, is worth a mere $168bn a day."

See the report from the London Bullion Market Association has just carried out a study
:from https://mastermetalsblog.blogspot.com/

margaritatime
Sep 9, 2011 - 8:57am
Gramp
Sep 9, 2011 - 8:58am
swrker
Sep 9, 2011 - 9:03am

gold margin hike - clarification

looks like the gold margin hike is not for the standard futures contract:

https://www.zerohedge.com/news/cme-hiked-cleared-otc-london-gold-forward...

Gold Dog
Sep 9, 2011 - 9:27am

Moment of Silence

The electronic traders sure didn't't slow down....my screen was it's usual light show!

Dog

EDIT- Stock traders were measurably more respectful........just a few trades in my watch list.

Las Vegas Dave
Sep 9, 2011 - 9:37am

Jim Cramer

Is it me, or is anyone else sad that Jim Cramer wasnt killed on 9/11

atlee
Sep 9, 2011 - 9:39am

momemt of silence

regardless of your beliefs, moment of silence for the events of 9-11-01. Spirit of 9-11

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