Wising Up

114
Tue, Jul 12, 2011 - 11:47am

As I type this at 11:21 EDT, it appears that the NY gold buyers may have wised up a little bit. Instead of buying ahead of the London fix, it almost looks like some decided to wait until after 11:00. I have a last of 1553.20. Let's see what the good guys can accomplish in the next couple of hours.

Speaking of The Good Guys, how about that lovely little FUBM in gold yesterday? Don't let the acronym fool you. The FUBM is a very important technical feature. It shows two significant things:

1) EE concern about rising price caused them to violently, maliciously raid. Their nervousness is bullish.

2) Our side's overwhelming demand drives price right back up to where it started. No "running for the hills" or "selling avalanche". Nope. PM bulls are getting their cajones back.

In fact, the selloff was so brazen and the comeback so impressive that I'm about to declare the doldrums to be over. About to...but not yet. Let's see what today brings. Ideally, gold will continue higher in NY (last now is 1553.70) and close near or above the old all-time closing high from 5/2 at 1558.40. IF it can do this, the next target will be to trade through and close above the intraday high of 1578. WHEN that happens, it'll be off to the races. Is it time for optimism? Yes. Could Santa and Turk end up being right? Of course. We'll know very soon.

Silver continues to frustrate and annoy. If I could print a chart for you, it would be a 3-hour silver. You can clearly see the fear in the eyes of Monkeys at 36.80. They'd do anything to keep it below there and, for a while, they'll try. They won't succeed, however, and silver will eventually trade much higher. However, don't get ahead of yourself and act in haste. As hoped, it found really good support around $35.20 but now needs to get back above $36 or it risks rolling back over. A violation of yesterday's lows near 34.80 would likely send it back down toward 33.50. Yikes! So, watch silver closely and stay nimble. The Forces of Darkness are well aware of the importance of keeping silver below $37. Don't be a hero and try to take them out all by yourself.

We are getting good help from DrC and crude, however. Copper was in a little downtrend on the hourly chart but it bottomed right where it should near 432 and now looks OK. Crude fell all the way to 93.55 overnight but is now back above the all-important $96.

As I close, gold continues to hang in there at 1553. Keep a close eye on it. Thank you for your patience with my lack of technical capability this week. Things should return to "normal" by Friday. Have a great day! TF

About the Author

Founder
turd [at] tfmetalsreport [dot] com ()
Does Feb19 Comex gold close above $1250 on Friday?
YES
77%
NO
23%
Total votes: 191

  114 Comments

SilverTree · Jul 12, 2011 - 1:20pm
Tesla · Jul 12, 2011 - 1:29pm
beardeus · Jul 12, 2011 - 1:34pm

SMEAGLES?!

SMEAGLES?!

Glad no one bet me that ounce!

Tesla · Jul 12, 2011 - 1:35pm
magis00 · Jul 12, 2011 - 1:37pm
LVStrapped · Jul 12, 2011 - 1:40pm

Wow!!! Look at Gold take off

Wow!!! Look at Gold take off today. Loving it!!!!!!!!

SilverTree · Jul 12, 2011 - 1:42pm
Eric Original · Jul 12, 2011 - 1:45pm

My Precious!!  Oh, My

My Precious!! Oh, My Precious !!

SilverTree · Jul 12, 2011 - 1:47pm

Good Times!

Good Times!

Tesla · Jul 12, 2011 - 1:50pm

Silver will I hope break through its glass ceiling

...on Gold Strength?

FUBM Baby !!!

brokeboater · Jul 12, 2011 - 1:52pm

Glad I didn't follow the herd

Glad I didn't follow the herd and bought when I wasn't supposed to buy. Now I'm waiting for a buy signal so I can sell.

TerrorTed · Jul 12, 2011 - 1:54pm

Nice graphics!

Awesome use of graphics Tesla!

ps · Jul 12, 2011 - 1:57pm

Not to be a downer, but

Not to be a downer, but feeling they are setting up the stock market for a nasty sell off into the last few hours. I believe this might blast the miners down. The bonds might skyrocket here. Oil and ags (look at DBA) are smoking and this is not what the empire wants. They also have to show what happens if the ceiling isn't lifted. 

SilverTree · Jul 12, 2011 - 2:00pm
Tesla · Jul 12, 2011 - 2:09pm

Thanks TerrorTed

Thanks man! - trying to make the beat down pain more 'Bear - able' =]

I'll be feelin' no pain at all if silver can get back on track above 36.80....

L O O K I N G L I K E A M A Y B E ... 

tpbeta · Jul 12, 2011 - 2:09pm

Gold rocket fuel

WASHINGTON, July 12 (Reuters) - Some Federal Reserve
officials are ready to provide more monetary policy easing if
the recovery is too sluggish to cut the lofty U.S. unemployment
rate and if inflation eases as expected, minutes of their June
meeting released on Tuesday show.

Dr G · Jul 12, 2011 - 2:10pm

3,2,1...

Turd's post this morning should've been titled "wising UP", as in the price movement in the metals just recently. Lovely to look at those reverse waterfalls, makes yesterday a little more bearable.

Turd makes great points about the bulls growing a set and having confidence in the metals once again. The FUBM is in full effect in gold, and silver is now trying to push away some of its lows from the last round of trading.

Working today, but want to buy more physical RIGHT NOW! :)

junoroland · Jul 12, 2011 - 2:11pm

QE3 back on the cards!  when

QE3 back on the cards! when did it leave....i reckon we'll get to QE7 before the collapse

· Jul 12, 2011 - 2:11pm

EE Sumo vs Skinny Silver

If the EE is a Sumo wrestler and if Silver is the skinny guy (wasn't Bruce Lee kind of skinny?), then the ring must be the COMEX and the referee the CME. What if silver leaves the ring while the EE's back is turned taking a cheer from the bankster-politician crowd. What if silver leaves for Asia to grapple in a ring that isn't isn't booby-trapped and has a fair referee. paper price discovery? or physical price discovery?

jerryb · Jul 12, 2011 - 2:12pm

Gold settle

August gold settled at 1562.3, a new nominal high settle price in USD.

Dr G · Jul 12, 2011 - 2:13pm

Fun

Fellow Turdites, isn't this price movement so much more fun that just sideways grinding?

A $30 range for gold already today (1540-1569) and $1.6 for silver (34.71-36.30).

Great stuff!

exiledbear Tesla · Jul 12, 2011 - 2:13pm

(No subject)

Video unavailable
LaMachinna · Jul 12, 2011 - 2:16pm

Oh, my bessie......

whoa! just the thought of QE3 does this? hmm....pondering when, not if, it really happens. 

Thankful for some of this, sad for some as well. Not to be a downer though.....

enjoy Turdites!!!!!!!!!!!!!!!!!! :) 

LVStrapped · Jul 12, 2011 - 2:20pm

Dam guys, I havent been this

Dam guys, I havent been this happy since April!!! I just hope we can hold this new ground in Gold. 

Rui · Jul 12, 2011 - 2:20pm

Zenith is simply regurgitating

... all the talking points he heard from Kidynamite or FOFOA. Tell us sth new that have not been debunked please.

SilverTree · Jul 12, 2011 - 2:21pm

$1,572.66

$1,572.66

Tesla · Jul 12, 2011 - 2:23pm

@LaMachinna

Boy you said it (hat tip) - bitter sweet stuff!

It is sad that - 95% of the people have no clue what is about to happen and are in no way prepared!

SilverTree Tesla · Jul 12, 2011 - 2:25pm

@Tesla

So sad.sad

Jake · Jul 12, 2011 - 2:25pm
Shill · Jul 12, 2011 - 2:27pm

And look at Gold go

One is a pretender and one is the real thing~ I have a target for Silver, when reached I am selling. I am done with the silver racket. Gold or nothing.

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 12/17

12/17 8:30 ET Empire State Fed Manu.
12/18 8:30 ET Housing Starts and Building Permits
12/19 8:30 ET Existing Home Sales
12/19 2:00 ET FOMC Fedlines
12/20 8:30 ET Philly Fed
12/21 8:30 ET Q3 GDP final guess
12/21 8:30 ET Durable Goods
12/21 10:00 ET Personal Income, Personal Spending and Core Inflation

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

randomness