Overnight saw a successful test of yesterday's lows and we have now moved a solid $10 or so away from those lows. Now the fun starts.
Blythe and her Flying Monkey Brigade (http://www.youtube.com/watch?v=SESI19h4wDo) have set up shop squarely at 1345 and will do anything to repel advances at that level as a breakthrough there will send gold directly back to the 1355-60 level. If buyers then start returning en masse, she'll have to fall back to 1385 and begin to pray. Again, with all the turmoil in the world, she'll probably be successful in containing things through Thanksgiving week but after that...
Silver just looks terrific. A true, perfect double-bottom right at the ideal support level of $25. A move now through 25.80 to 26 and you'll get a quick jump to 26.40. Blythe will be waiting there with a fresh round of paper shorts so it will probably then relax back to the 26 level before getting rolling early next week. Let's look for 27 before Thanksgiving and a nice, rounded bowl-shaped bottom.
Lastly, read this:
http://edegrootinsights.blogspot.com/2010/11/money-is-repositioning-for-another.html
Don't ask me to explain it but it looks interesting.
All is well. Have fun watching the game played out today.
All right Turd, you got the link thing down!
ReplyDeleteTotally enjoying your blog. Keep at it.
I feel like a fly on the wall in wicked witches cauldron, I mean office.
ReplyDeleteThank you Turd,your blog is a must read from the start.Thank you for your uptodate views.
ReplyDeleteThank you for your excellent insights. My constant fear is that JPM and cronies have never been defeated yet, and are backed by the Fed and an infinite supply of dollars. Why do you think they can be defeated?
ReplyDeleteThere is a high probability that this time around some powerful forces will demand physical delivery on their contracts which will finally catch JPM and Co. with there pants down. God I would love to see this.
ReplyDeleteBut who are the "powerful forces" and how can we be confident that they are more powerful than JPM (aka the USA)?
ReplyDeleteI read Harvey Organ, Jim Sinclair, etc. and always hear about the "Asian buyers".
Look nobody knows if JP Morgan can be taken down like people are hoping. They could at least be made to sustain a huge loss and probably abandon their shorting activities. I'm pretty sure these guys enter into agreements with miners to secure supply in the event they need to deliver, so chances are not only do they have deep pockets dollar-wise, they also have the ability to deliver a lot of silver if needed. If they don't have secure supplies then they are extremely foolish. Just because they have lots of ammo though doesn't mean they can take on the rest of the world. No doubt there is a tipping point at which even the mighty will fall.
ReplyDeleteGG, I don't think they have to be more powerful than JPM, all they need is deep enough pockets to call in a good chunk of the shorts for physical delivery. Just my thoughts...
ReplyDeleteAnyway...curious to see what Turd and Harvey have to say tonight...Silver cranking higher...25.96
ReplyDeletedd, yes I am liking the price action this morning (my time). Just as Turd predicted, lots of selling pressure at on gold at 1,345, which seems to be holding silver at 26
ReplyDeleteTrust in the Turd.
ReplyDeletehey mr. TF, Cathartes Aura here from the 'hedge, decided to stop lurkin' & create an account just so I can post silver currently @ 26.20 & rising.
ReplyDeletebought some Eagles to gift over the next few weeks, birthdays & whatnot, but mostly to do my small part in bringing this farce to a head!
kudos for setting up *here* - great reads so far.
Turd. You rock. I added more silver to my stash at $25. Nice call.
ReplyDelete