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Charting The Pig

101
Thu, Jul 21, 2011 - 9:56am

 All of the news out of Europe has sent ole Pigatha Christie tumbling this morning so I thought it might be time to give you some levels to watch in the POSX.

As I've often stated, I think the POSX is rangebound until the formal commencement of QE3. Yes, the dollar should be heading lower but euro concerns keep making it the "tallest midget". Until QE restarts, the yin and yang of these two forces will serve to keep things rangebound. That said, The Pig has been exploring the upper boundaries of its range for the past few weeks. Recent action suggests it may be ready to begin exploring the lower side, somewhere down near 74 and perhaps even 73.50. If anything, there looks to no longer be any concern of an upside breakout that could damage the precious metal trend.

paper_7-21ampig12.jpgpaper_7-21ampig2.jpg

The metals are quiet this morning. Gold lost some ground on the Europe news but is holding around 1600. Silver was well back above $40 at 4:00 am so the EE directed an early morning raid for the third straight day. It rests just below 40 at this moment but significantly above the 39.50 level that I continue to watch. Copper is down a little but crude is pushing 100! Keep a close eye on the greasy stuff today as a move through par will definitely add to the excitement in the PM pits.

Have a fun day! TF

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  101 Comments

Dr G 6 66 · Jul 21, 2011 - 11:45am

Is it HKMEx silver contracts that begin trading tomorrow or the Pan Asia exchange...or both?

I don't think HKMEx will be much of a factor, but the Pan Asia stuff looks like it could affect the volume of physical right out of the gates since so many Asian banks are tied directly into it, allowing the bank customers to purchase physical with ease.

Dr G GoldMania3000 · Jul 21, 2011 - 11:47am

@Peace Silver, re: "smart" people (or regular people :) now knowing what gold is. This video is brought to mind:

Video unavailable
jasper57 · Jul 21, 2011 - 11:50am

Re: CaptianOverkill You mention newbie mistakes and for me I have a specific problem ... for ANYONE Is there any way to get my money out of my 4o1k. I am 53 so there are so many penalties. I almost don't care about losing the penalties ( Almost, cause I need the money) I just don't want THEM to get it. ANY help would be Greatly appreciated .Thanks all

Shill · Jul 21, 2011 - 11:51am

Really, does anyone on this board think that gold will reach $5000oz AND the FEDs will let the public still buy/own it?

Obama already has the executive order signed and in his drawer...

Come and get it.

Richard BASEBALL 13 · Jul 21, 2011 - 11:52am

Really, does anyone on this board think that gold will reach $5000oz AND the FEDs will let the public still buy/own it?

Hey, do you think the FEDs will let you own it at $1600? Not so terribly long ago, gold was at $36 oz.

Hide it. If you're not comfortable hiding it, give it to me. I'll hide it for you.

SuperManny GoldMania3000 · Jul 21, 2011 - 11:56am
Quote:
Can you believe there are so called "smart" people out there that don' t know what gold and silver are yet, in the US.

Actually I can, because I've seen some of Mark Dice's video where he tries to give away a 1-oz. gold Maple Leaf.

Video unavailable

EDIT: Oops! Dr, G beat me to it with one of his videos...

bob · Jul 21, 2011 - 11:58am

a)gold

b)silver

c)copper jacketed lead

best to stack all three

Justin · Jul 21, 2011 - 12:04pm

...with the resurrection. The dollar is dead, long live the dollar!

Bay of Pigs · Jul 21, 2011 - 12:09pm

Sums the silver market up nicely,

"The short side of silver is extremely concentrated and dominated by big banks and other large financial firms, most of which are also High Frequency Traders. These traders are the kingpins of the market. As such, most of the time they dictate price direction in silver. When prices suddenly swoon, especially when trading conditions are thin, you can be sure these traders are behind that price movement. Hundreds or thousands of smaller silver traders don’t suddenly collude and conspire among themselves to suddenly drop the price. Because the big silver commercials are on the short side, it’s logical that they would influence price sell-offs as that helps their short positions. The concentrated short position and the clear market dominance of these big traders (read JPMorgan) is why I allege that the silver market is manipulated. Please remember that manipulation is the most serious market crime possible."

"More and more people are coming to the conclusion that silver is manipulated. This can be seen in the developing commentary on the Internet, where silver being manipulated has widely come to be accepted as fact, based upon the continuing evidence. But the entity whose opinion matters the most on whether silver is manipulated, the CFTC, has been almost silent on this most important issue. The agency used to come out regularly and deny that the silver market was manipulated, but those denials ceased a few years ago, shortly before Gary Gensler took over as chairman. The agency hasn’t affirmed that silver has been manipulated either, although Commissioner Bart Chilton has said so on a number of occasions, speaking for himself. I sense that the CFTC is starting to see the light, but it hasn’t brought charges yet."

https://www.caseyresearch.com/gsd/home

Shill · Jul 21, 2011 - 12:17pm

Been doing so

a)gold ( Since 04 )

b)silver ( since 03 )

c)copper jacketed lead ( 20 year fire arms owner and competition shooter )

Ya I got that :)

James Currie · Jul 21, 2011 - 12:26pm

When I saw the Friend of Another references it reminded me of our early Prodigy XAU and Kitco days. It seems we have some ole timers on board and it's great to have a quality board to hang out at. Turd's Bar and Grill.

Thanks Turd and Friends of a Turd,

stoneeh · Jul 21, 2011 - 12:28pm

Post fact/logic based advice on the markets: 1-10 hat tips

Post Youtube video you randomly stumbled across: 40 (and counting) hat tips

- Markus

Tesla Tesla · Jul 21, 2011 - 12:31pm

Article on ZH

"Europe just legalized its own Plunge Protection Team and off balance sheet Quantitative Easing program"

ChicksDigIt · Jul 21, 2011 - 12:33pm

those Mark Dice vids are crazy!

Iowegian bullwhip29 · Jul 21, 2011 - 12:43pm

@bullwhip29

I have been thinking the same thing, although I am not going to trade it.

These raids remind me of old M.A.S.H. episode whereby a really bad shot N. Korean airplane would make a raid at 5 O'clock - more or less - everyday on an arms depot that was located right next to the mobile hospital facility. He was dubbed 5 O'clock Charlie if my memory is correct.

I agree with Turd that the EE is becoming more and more inept. They are not quite a 5 O'clock Charlie yet, but definitely headed in that direction.

bullwhip29 · Jul 21, 2011 - 12:43pm

Market just ripped higher, PM's hit another air pocket. Same as Tuesday. Hilarious...

Peter Forth · Jul 21, 2011 - 12:45pm

Big or small, long or short, time will tell.

Shill · Jul 21, 2011 - 12:46pm
Michael K · Jul 21, 2011 - 12:47pm

Read this article earlier. This money market manager was very careful not to mention real assets such as gold and silver when discussing safehavens other than USTs and the POSX.

I guess she does not want to wake the sleeping giant that is the individual retail and retirement investment community to true stores of wealth.

Still, it is unclear whether other investors might stampede for the exits.

“The question I think investors are going to face is, Where do they go?” asked Ms. Cunningham. “Do they go to foreign banks? U.S. commercial paper issuers? U.S. agencies? Is there a safer haven than Treasury securities?”

https://www.nytimes.com/2011/07/21/business/economy/wall-st-makes-fallback-plans-for-debt-crisis.html?_r=1&ref=business

IRAM HASAN · Jul 21, 2011 - 12:48pm

a full 70 cents..in a minute...that's around Rs.800/kg..wtf

Endzeit · Jul 21, 2011 - 12:49pm

Therefore i expect bullish news later today.

Tesla Tesla · Jul 21, 2011 - 12:54pm

(EDIT) if this offends anyone tell me ...

Rob Vogt · Jul 21, 2011 - 12:56pm

The headline reads "Wall St. Braces for U.S. Default- " & "EU bailout agreement close; partial default on table" and within minutes I watching another raid on silver and gold. Something is seriously wrong with this picture. What is it going to take to overcome the EE and this constant assault? How much has to do with expiration on Tuesday as well? Unbelievably frustrating having to watch this. Will we see any kind of bounce tomorrow with the HKMEx coming online if even only temporarily?

Tony Montana SuperManny · Jul 21, 2011 - 12:56pm

Mark Dice will get sued for using Bob Barkers Price is Right's music. Other then that, 100% of the people I have spoken to recently had NO idea what GOLD or SILVER prices were. Even when the ticker was streaming across the bottom of the TV, that's how DUMB people are today. I asked them how much an IPHONE was and they knew IMMEDIATELY.

bullwhip29 · Jul 21, 2011 - 12:57pm

...will we get the FUBM later today or tomorrow? It seems to me like everyone was just waiting for this to happen this time around (much like Tues/Wed). This being said, the Crimex isn't closed yet. A bigger, sloppier dump may still be coming. Keep your hazmat suits on.

Shill · Jul 21, 2011 - 12:59pm
  1. 12:54p

    Boehner denies budget deal with Obama at hand

  2. 12:53p

    BREAKING

    Dow up 183 points on report budget deal near

  3. 12:49p

    Obama, Boehner close to budget deal: reports

TOOLS!

Geo Vuk · Jul 21, 2011 - 1:06pm

- The people are brainwashed alright - to the N'th degree...

That means 'they' are doing a sufficient job - with the the tools they have...in particular the MSM. Like i always say, this goes way beyond PMs - this is a war on all major fronts - spiritual, physical, financial, emotional, etccc... every dirty trick in the book is being used. 

The masses still believe that everything will work itself out. I don't get it either? They are focused on Big Brother 13 right now...Can you imagine - hooked on a show about a camera watching your every move. Brainwashing? Conditioning?

I bet if it started all over again (gold/silver bull cycle) and people had the chance to get in at $500 an ounce - they wouldn't.

I think part of the problem is - most people don't have the ca$h at hand to buy it (gold in particular). They hardly have enough cash to pay for rent, groceries, smokes and booze... Middle class are to busy working...to hard at work to focus on PMs... I'm happy i caught on. I got in at $1,200 and $28...pretty late in the sense of the game...but very early in the overall aspect of it. Its still all cheap...however - “One buys gold, not to make money, but because one has money.”

Remember - that historically - whoever holds the most gold - is usually ruling and running the show. Take a look for example even if the total numbers/holdings are wrong:

https://www.usdebtclock.org/gold-precious-metals.html

Fried(e)

bullwhip29 · Jul 21, 2011 - 1:07pm

Re: "Even when the ticker was streaming across the bottom of the TV, that's how DUMB people are today..."

The sheeple are not watching the ticker, they are too busy getting fat, watching stuff explode at the box office and playing Farmville (or whatever the hell it is they do with their spare time).

diegeiro · Jul 21, 2011 - 1:08pm

Regarding the article referenced by Tesla

The CDO At The Heart Of The Eurozone Just Became Europe's Plunge Protection Team

Anyone know what the CDO is that he is referring to?

All I can come up with is collateralized debt obligation and that can't possibly what that is.

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Key Economic Events week of 6/11:
6/12 Trump-Kim summit
6/12 8:30 ET CPI
6/13 8:30 ET PPI
6/13 2:00 ET June Fedlines
6/13 2:30 ET CGP presser
6/14 8:00 ET Count Draghi presser
6/14 8:30 ET Retail Sales
6/14 10:00 ET Busi.Inv.
6/15 9:15 ET Ind. Prod

Key Economic Events week of 6/4:
6/4 10:00 ET Factory Orders
6/5 9:45 ET PMI Svcs
6/5 10:00 ET ISM Svcs
6/6 8:30 ET Intl Trade and Productivity
6/8 10:00 ET Wholesale Trade

Key Economic Events week of 5/28:
5/30 8:30 ET Q2 GDP 2nd guess
5/31 8:30 ET Personal Income
5/31 9:45 ET Chicago PMI
5/31 10:00 ET Pending Home Sales
6/1 8:30 ET BLSBS
6/1 9:45 ET PMI Manu Index
6/1 10:00 ET ISM Manu Index
6/1 10:00 ET Const Spend

Key Economic Events week of 5/21:
5/22 10:00 ET Richmond Fed
5/23 9:45 ET PMI Composite
5/23 10:00 ET New Home Sales
5/23 2:00 ET May FOMC minutes
5/24 10:00 ET Existing Home Sales
5/25 8:30 ET Durable Goods
5/25 9:20 ET Chief Goon Powell speech

Key Economic Events week of 5/14:
5/15 8:30 ET Retail Sales and Empire State Fed
5/15 10:00 ET Business Inv.
5/16 8:30 ET Housing Starts
5/16 9:15 ET Industrial Production
5/17 8:30 ET Philly Fed

Key Economic Events week of 5/7:
5/9 8:30 ET PPI
5/9 10:00 ET Wholesale Trade
5/10 8:30 ET CPI
5/11 8:30 ET Import/Export Prices

Key Economic Events week of 4/30:
4/30 9:45 ET Chicago PMI
4/30 10:00 ET Pend Home Sales
5/1 9:45 ET PMI and ISM Mau Idx.
5/1 10:00 ET Const. Spending
5/2 2:00 ET FOMC fedlines
5/3 9:45 ET PMI/ISM Svcs.
5/3 10:00 ET Factory Orders
5/4 8:30 ET BLSBS

Key Economic Events week of 4/16:
4/16 8:30 ET Retail Sales, One Fed Goon speech
4/16 10:00 ET Business Invt.
4/17 9:15 ET Industrial Prod., Four Goon speeches
4/18 Two Goon speeches
4/19 8:30 ET Philly Fed, One Goon speech
4/20 Two Goon speeches

Key Economic Events week of 4/9:
4/10 8:30 ET PPI
4/10 10:00 ET Wholesale Trade
4/11 8:30 ET CPI
4/11 2:00 ET March FOMC minutes
4/12 8:30 ET Imp/Exp Prices
4/13 Fed Goon Speeches...Rosengren 7:30 ET, Bullard 9:00 ET, Kaplan 1:00 ET

Key Economic Events week of 4/2:
4/2 9:45 ET PMI Mfg Idx
4/2 10:00 ET ISM Mfg Idx and Construction Spending
4/4 9:45 ET PMI Svcs Idx
4/4 10:00 ET ISM Svcs Idx and Factory Orders
4/5 8:30 ET Intl Trade
4/6 8:30 ET BLSBS

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