Quick Update

Fri, Jul 22, 2011 - 10:41am

 With the metals moving so nicely this morning, I figured I'd better give you some levels to watch.

First up, gold looks stronger than mustard gas again as it looks to be ready to tackle the highs from overnight Tuesday. Needless to say, a close through and above 1610 would be a very positive development for next week. Silver is similar. I have a last of 40.17 and, though it may run into some selling between 40.30 and 40.40, looks poised to tackle 41. Keep in mind, Fridays on the Globex have been very good to us lately. The metals have consistently added gains after the close, primarily in response to the release of the weekly CoT numbers. Why should today be any different? Though silver may only creep higher during the Comex hours, do not be surprised if it adds to its gains this afternoon and finishes the week somewhere near the highs of Tuesday. (Disclaimer: Of course, if the Republocrats and O'bottom announce some BS debt ceiling deal, all bets are off for today. As we've seen twice this week, once WOPR takes over, you can throw the fundos and TA out the window.)


Lastly, here's an updated chart of Pigatha. Yesterday's action did some serious damage to the short-term bull position. Again, a declining dollar will almost always help support the PMs.


That's it for now. I hope to have more for you this afternoon. TF

About the Author

turd [at] tfmetalsreport [dot] com ()


rusty LongGoldLongSilver
Jul 22, 2011 - 12:29pm

Greek Bailout

A comment on Greece and Europe by a Greek economist. He seems credible and not very optimistic. https://www.abc.net.au/news/2011-07-22/the-greek-deal-is-too-late-varouf...

Jul 22, 2011 - 12:39pm
Jul 22, 2011 - 12:49pm

So we'll again close above

So we'll again close above 1600/40 - how NOT predictable.

- Markus

Jul 22, 2011 - 12:50pm

Come on people there are much more important things going on

Like :

A royal tourist attraction: Kate’s wedding dress

Hundreds of thousands expected to file through Buckingham Palace to see gown


Lol and one wonders why we refer to them as

Jul 22, 2011 - 12:53pm

Turdism Updating


Should have read from the beginning!

Thanks Silvertree

lakemike49 Shill
Jul 22, 2011 - 12:58pm

options ticker

shill if you are looking for real time tickers on stock and etfs you can go to type in optionshouse on the web search click on optionshouse brokerage 2.0 and join from there it is free to join and you get virtual trading to practice with they are a very easy to use site hope this helps


Blight Master
Jul 22, 2011 - 1:00pm

While I'd love to see Asia

While I'd love to see Asia really set things ablaze, the more I research, the more I say same shit, different continent. Take a look at who runs the HKMEx and wonder.


Hong Kong Mercantile Exchange (HKMEx)

Mr Helmig leads the day-to-day operation of the Exchange. Together with an international pool of talented professionals, he works to build Asia’s Exchange in one of the region's most prominent financial hub, Hong Kong.

Mr Helmig is the third generation of his family to work in the commodity trading industry. He has more than 35 years of commodities experience from Wall Street to commodity merchant spanning both physical commodities and financial instruments on a global basis. He is a former Vice Chairman of the New York Mercantile Exchange; he served on the Board of Directors and the Executive Committee for 10 years and was Chairman or Vice Chairman of over 20 committees. Mr Helmig was Founder and Chief Executive of Grey House LLC, a private consulting firm on risk management, price models and industry best practices to clients such as financial institutions, producers, integrated energy companies, government agencies and ministries, think tanks and law firms. He is a frequent contributor at industry forums and to the media. He serves on the Advisory Board of Energy Intelligence Group as well as other corporate boards.


Also heard he was on the board of the NY Fed, have to look into that a little more.

Jul 22, 2011 - 1:04pm

Thanks Mike

Analysis: Asian investors stricken by gold fever on record price


SilverWealth murphy
Jul 22, 2011 - 1:20pm

Murphy and Somalia

Murphy we are already at unofficial War in Somalia. We have an entire underground CIA station there for torture and interrogation and we have drones and unannounced troop presence. It is the typical American style. We will announce it when it is convenient to do so but this has been going on for sometime. The CIA building is in downtown Mogadishu and is apparently fairly obvious to the locals according to Alex Jones.

Jul 22, 2011 - 1:23pm

Fix that blame, presstitutes!

Redirect responsibility & blame, next round.

"Helpers of the Global Jihad"??? Omg, tell me the intel geeks couldn't have done better than that? I mean that's just embarrassingly bad...

6.09pm: NRK is reporting that an unknown group called "Helpers of the Global Jihad" have posted a message that this is only the beginning of the reaction to Norwegian periodicals publishing the Muhammed cartoons, according to Andrew Boyle, a journalist in Norway.


Anonymous SilverTree
Jul 22, 2011 - 1:30pm

Removed comment

Removed comment.

Jul 22, 2011 - 1:37pm

Norwegian "Labour Youth Camp" ?

Shoot the parents ! Monedas 2011 Comedy Jihad Touring in my Fyord Convertible !

Jul 22, 2011 - 1:43pm

Today's closing prices?

Why not $1608.88 and $40.88 by 4pm...I'm sure the asians would love that. In all honesty, I have no idea.

Have a great wknd all.

Jul 22, 2011 - 1:47pm


  1. 1:46p


    Gold settles 0.9% higher at $1,601.50 an ounce

Jul 22, 2011 - 1:47pm
Jul 22, 2011 - 1:48pm
Jul 22, 2011 - 1:49pm
Jul 22, 2011 - 1:49pm

See, this whole Oslo thing is

actually about.... political cartoons. I mean c'mon, who wouldn't buy that??? Damn crazy Islamics just could not overcome their congenital need to blow shit up. And those nasty anti-Mohammed cartoons? Well.... clearly those just put things right over the top for 'em! Left 'em no choice.

Yes, based on what these sources tell me, I'm quite certain that the many Al-Qaeda cells to be found up near the Arctic Circle also enjoy far greater access to explosives, timers, and govt buildings and have way higher security clearances than the American, Israeli, and UK intel types in Oslo have.

I wonder if Norway will now re-think last week's honorable decision to stop bombing Libyan civilians? Today they received some gentle encouragement to get back on the reservation.

But we can go with the cartoon explanation if you like.

Jul 22, 2011 - 1:50pm

does the public know the silver story

I am wondering as I read article after article on silver, that everything seems like it has something to do with ETF's, or TA, or investment relative to debt issues; make me wonder if the silver story is known, or am I wrong.

Please correct me if I am wrong, but to make a huge story concise, demand far out strips supply. Government stockpiles are gone, demand is rising the world over. But, unless you read sites like TF,

you would never know it.

To me THIS is the reason to buy silver, beyond all of the rational arguments already presented.

BUY PHYSICAL and hold due to shortage, all the other reasons are icing on the cake, right?!?!

THX TF for the continual encouragement to all of us...


Jul 22, 2011 - 2:02pm

Special delivery for ScottJ88!

From Matt Drudge:

RASMUSSEN SHOCK POLL: Barack Obama 41% Ron Paul 37%... developing...

Jul 22, 2011 - 2:06pm


"Though silver may only creep higher during the Comex hours, do not be surprised if it adds to its gains this afternoon"

Well, U nailed that. Thanks for everything you do Turd, it's very much appreciated.

Violent Rhetoric
Jul 22, 2011 - 2:09pm

Nice to see back from lunch

Nice to see back from lunch silver clawed its way back over 40

Yooper Rick
Jul 22, 2011 - 2:13pm

ewc...please come back to

ewc...please come back to thread of faith.

Jul 22, 2011 - 2:16pm

Pretty interesting on the

Pretty interesting on the Rasmussen poll with Ron Paul not too far behind Obama!

Jul 22, 2011 - 2:17pm
Jul 22, 2011 - 2:23pm

One warning

Whenever you see a good Friday, watch out on Monday or Tuesday for weakness. I've seen that way too many times.

The important thing I've taken away from this week, is that they tried to get gold below $1577, and FAILED. There may be minor resistances along the way, but the big one for me is $1800. If you take a look at a historical gold chart and adjust it for current dollars, there was a huge fight between $1400 and $1800, and sure enough, as soon as we climbed into that region, things started correcting.

The next big resistance after $1800 is $2400, as that's the old $800 high in current dollars from 1980. After that - who knows?

I had a dream where I was looking at a ticker and saw gold around $32000. But who knows?

Jul 22, 2011 - 2:23pm

Cattle - I'm Just Sayin'

The slaughterhouses in Texas are full. Ranchers are desperate to sell livestock because the drought has made it impossible to feed them. We may see a short-term dip in beef due to a glut, but expect a spike to follow soon after.

I don't trade cattle futures and volume on COW (an ETN) is too thin, so this is my gift to Turdites who can consider such a play. DYODD

Jul 22, 2011 - 2:24pm

ewe58 ?

How dare we suspect Islamic terrorists of cartoon intolerance terrorism ? Can't we see this was serious, respectable, "policy" driven, gentle nudge to the reservation terrorism ? Monedas 2011 Comedy Jihad Cartoon Cartel

Jul 22, 2011 - 2:27pm
Jul 22, 2011 - 2:33pm

Pop Machine Blues


I went to the pop machine just now, feeling kinda parched ~heat wave~ up here in the Greater Toronto Area...and popped in a twoonie, for my errr - pop!

The machine spits out 3 quarters at me...





I look at the 3 quarters, pushing them around with my fingers, back and forth...two Canadian and one American...and probably like the rest of the fellow Turdites when we get any loose change back - looked at the dates:) The Canadians were early...the American was - 1965?!...1965? I go - i think that's a good one.lol...i started getting excited because the Canadian which i mostly have in the junk silver - start at 1966 and some 50% of the 67's...except nickels...Dont have all the American change memorized since there is way more variety.

Too make a long story short - 1965 is no gooddd mannnn...lol. Why didnt you guys stick around making silver for at least one more year for your quarters?lol:-P Its worth $0.06 for the nickel content.perfect. BS.;ol

Au/Ag are looking solid this afternoon...

Fried(e) sipping his pop

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