WOW!

251
104
Wed, Jul 13, 2011 - 11:41am

 Well, the doldrums look like they've wrapped up about a month earlier than expected.

Gold is just fantastic. It needs to hold these gains until the Comex close. As stated yesterday, a close above the previous intraday high of 1577.80 would be extremely bullish...as if the chart wasn't already bullish enough!

Silver is scaring the living daylights out of the shorts today. They should be scared at this point. Silver has finally broken through the down-sloping trendline from May and appears poised to go tackle the all-important 39.50 level. It, too, needs to hang onto these gains into the close. I'd like to see it print a Comex close above 37.88, which is the intraday high of 6/10/11.

Crude, copper, the grains...it's all good as The Bernank has apparently decided that there was no point in further lies/deception regarding the eventual continuance of QE to infinity.

More later. 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

  251 Comments

olderman · Jul 13, 2011 - 12:24pm

HUI and XAU

have totally busted through resistance

appreciate every word you write mr. ferguson

SuperManny Super_Douche · Jul 13, 2011 - 12:27pm

Quote:Maybe he means gold is

Quote:
Maybe he means gold is not money, because you can't eat it.

The fact that you can't eat money either kind of invalidates that argument, IMO.

--------------------------

Boy am I glad to see this rally today!!! WOOHOO!!

I had some July 16 calls that I needed to get out of, and I was getting nervous. :)

ewc58 · Jul 13, 2011 - 12:28pm

Cream only up12.2% then? :-0)

Argentex, up 17.3

Paragon Minerals, up 14.2

Rye Patch, up 13.3

Northern Tiger, up 12.25

Bullion Monarch, up 12.0

And I own em all. A good day.

SilverWealth · Jul 13, 2011 - 12:31pm

counterattack

Based on past short term trends, every time Gold makes a new high it is taken out to the woodshed for 40 quick down pts. Go back and review it. I would be very cautious at this level and I speak to myself as well. The risk/reward is not good. The risk/reward was excellent when 90% of the Gold community was depressed and bearish and convinced of the doledrums not many days ago at 1480. Remember then?

I will not underestimate the Cartel's need to respond to the insults hurled at their shill, the idiot Bernanke. This is a very difficult juncture to 'play' because now the Street is assuming that QEIII is on and they are remembering Jackson Hole and the launch made there 1 year ago for QEII. But it doesn't mean I hold trading positions overnight when the Empire lurks in the shadows and has summoned its Ruprechts to hack at future prices in the wee hours of the morning. If strength continues tommorrow this is a different story of course but I won't pay too much attention to charts here. They are painted anyway. Its the psychology of the enemy at this juncture that matters most to me and the fact that I have already been gifted with good coin on this run-up.

and please, how many closes at 'highs' have we seen in metals only to wake up to gap downs in price the next day. I do not trust them. Its an old chestnut that the Banksters play with those who trade by the textbooks. The textbooks say hold overnight on good volume if the market closes strong at its high but how many times have I seen the banksters fade that one and surprise people?

Shill · Jul 13, 2011 - 12:31pm
buzlightening · Jul 13, 2011 - 12:38pm

hehehehehehehehehehe

GLD/SLV naked shorts falling all over one another to not deliver shares FRY. Knew the 1560 gold break out would stampede these thugs into FRYday. Gold should be north of 1600 and silver in the 40's as predicted by Turk yesterday at the break of the 38 peg. 

Dr G · Jul 13, 2011 - 12:39pm

From the current Q&A

From the current Q&A session:

The economic world is falling apart around us, but I sure hope we can help minority bank owners get some fiat currency to lend out fractionally!

Who votes these people into office? Both parties are a complete joke and more of the same.

SilverDog · Jul 13, 2011 - 12:42pm

Paul Tortures Bernanke

That made my day, the look on Paul's face was pure Damien from The Omen, but nothing compared to the Oh Shit moment that Ben's painful expression betrayed. Fantastic.

Juan Moment · Jul 13, 2011 - 12:46pm

Snuggle time for Gold and

Snuggle time for Gold and Silver:

I do remember how in early May during the margin hike massacre Silver went down so much harder than Gold and I thought hmmm, maybe I should have weighted my gold/silver holdings more in favor of the yellow. But you know, on days like today, even though Gold and Silver climbed up like Siamese twins, and Gold setting actually a new all time high, in relative terms it is Silver winning the day.

beardeus ScottJ · Jul 13, 2011 - 12:48pm

OMG! I literally laughed out

OMG! I literally laughed out loud when I heard Bernanke's response.

agNau · Jul 13, 2011 - 12:49pm

@silverwealth

The volatility, and attacks are a gift. Don't be a hog and prosper from the gifting. Bottom line: The Bernank has assured a higher G&S price. We all knew he would. The Bernank cannot hold back global demand that we ALL know he has assured through his stupid policies. Prosper, as the majority are stll very much unaware.

bullwhip29 · Jul 13, 2011 - 12:52pm

@ SilverWealth

Re: counterattack

I agree. Right now it seems as though everything is being handed to us on a "silver" platter. IMHO, it can't be that simple. Right now, many are strutting around with their heads up, dicks out but not paying attention to the car coming from the other direction (which is what the EE wants). This feels very much like it did in late April.

Dont Get Cocky lol
snoochieboochies · Jul 13, 2011 - 12:52pm

Is anyone anticipating that

Is anyone anticipating that gold/silver may dip after the 15th when US citizens will no longer be able to trade on the Forex?

buzlightening · Jul 13, 2011 - 12:56pm

benwhackie

Anyone without a pulse missed the Keynesian wonks of no more taxes; I mean QE. These bentrod jokers will have all your paper assets locked up in a nano second without physical gold/silver at arms reach. Just need throw the switch and you're access to paper fiat is nil; banking holidayed out of reach. At least with constitutional money in gold/silver eagles the thugs need show up face to face. We constitutionalist bears arms as a right also, so the easy money for the thugs isn't here. Spineless viper squids can have all my gold/silver eagles cashed but need come get'em face to face and speak to me man to man about it. It's in the corrupt banking system you're all locked into. Prepare an economic lifeboat outside the system if you want a financial chance of surviving this criminal goonerment corruption. 

SilverWealth · Jul 13, 2011 - 1:01pm

Cotton smiling and breakdancing Grannies

Break Dancing Grannies

Cotton is forming the smile formation and could be lining up at discount. For those who do not wish to chase metal's price and squeeze another per cent out of this run maybe underwear,girdles,shirts and socks are going to be consumed afterall.

tmosley Dr G · Jul 13, 2011 - 1:01pm

@Dr. G:  No.  I was (and am)

@Dr. G: No. I was (and am) hoping for a COMEX collapse prior to a dollar collapse, which would maximize my gain in purchasing power, by switching from silver to gold during a blow off top following an industrial panic, and holding gold through hyperinflation, and using it to buy up productive assets when there was blood in the streets. Now it is looking more like the dollar will go soon, maybe at the same time as silver, which is not nearly as good a scenario for silver owners. Instead of far exceeding the returns of gold, we may simply mirror them.

I guess we'll see.

LaMachinna · Jul 13, 2011 - 1:10pm

tmosley.....

can you help a very green noob here gain more understanding of what you mean by that? I understand some it, but not all. Thanks!

Oremus · Jul 13, 2011 - 1:14pm

Well played Ben

Nice move from Ben to announce QE3 at the exact moment of the surge in the European crisis, Euro was going down so the inevitable fall of the Dollar following the announcement has been contained, but the raise of Gold was the price to pay, don't you think these struggles are interesting to follow ?

bullwhip29 · Jul 13, 2011 - 1:19pm

@ snoochieboochies

Re: Is anyone anticipating...

This topic has been discussed ad nauseum on this board already. For what it's worth, the "Joe Sixpack" retail investor isn't even a factor in this market. The launch of the new Pan Asian Gold Exchange is far more significant going forward.

Now a few hundred million Chinese will be able to take their BIDU, SINA, SOHU etc winnings and buy gold and silver (in addition to designer handbags, overpriced artwork, fine wine and real estate) on their iPad 2's.

Eric Original · Jul 13, 2011 - 1:27pm

Miner charts

Miner charts are busting through all conceivable resistance points to the upside.

A very nice day. :D

Pablo · Jul 13, 2011 - 1:28pm

Sound money - who needs it ?!

I created this for my bestest buddy Bennochio - Go get 'em, Ben!

Gold isn't money, just an old tradition - what a joker that guy is! 

Sneed Hearn bullwhip29 · Jul 13, 2011 - 1:28pm

Out of ammo?

Their "ammo" is unbacked paper. How could they run out of it? When bad things happen to them they have and will change the rules. This is total corruption and emblematic of the banana republic the late U.S. has become.

Mudsharkbytes · Jul 13, 2011 - 1:32pm

I would love to be excited

In fact, I am excited. Stacked some ASE's yesterday for a GOOD price so seeing as how I've already passed the premiums I paid yesterday, how can I complain?

Problem is, I keep waiting for the blade to drop - it's happened so many times this past couple of months I have a difficult time thinking 'this time it's different'. Wouldn't surprise me at all to see a sudden $2 waterfall. Would depress me, but wouldn't surprise me.

I'm more than ready for a sustained breakout - hope this is it.

Tesla · Jul 13, 2011 - 1:36pm

POSX

Heading for new all time lows...

pourty dolphindude · Jul 13, 2011 - 1:43pm
Tesla · Jul 13, 2011 - 1:47pm

Good One Pourty!!!

Best one all day man!

silver foil hat · Jul 13, 2011 - 1:48pm
snoochieboochies · Jul 13, 2011 - 1:51pm

@ Bullwhip. Thanks for the

@ Bullwhip. Thanks for the reply!

Dr G Tesla · Jul 13, 2011 - 2:00pm

Love the photos you guys are

Love the photos you guys are uploading. My patients are probably wondering why I'm in such a good mood and chuckling all the time. It's because of gold, silver, and the my fellow Turd lovers!

TurdBurglar Throwing Sliver Hammers · Jul 13, 2011 - 2:00pm

Man that is great! So true,

@ Be the 3rd guy!

Man that is great!

So true, so true.

Thanks

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

Recent Comments