Interesting Weekly Charts

First, a little back-patting.
I wrote this at 9:20 EST while fighting a pounding, red-wine induced headache.
"All I can say is "whatever". There's almost a kind of arbitrage that will now take place as we go through the morning. Since the EE has artificially depressed price, you'll most likely see prices drift higher going forward. If I had to guess, we'll probably finish at about $1380 and $29.25."  -- actual closes of 1380.30 & 29.34

Again, The Turd is not some sort of soothsayer or witch. The Turd simply recognizes that the PM "markets" are not really markets at all. They are the dominion of The Evil Empire. Lately, the EE has been countered by an equally powerful Buyer(s) of Size. Once you accept that these two forces are the primary drivers of price, predicting the future becomes quite simple.  For a refresher, review this:
http://tfmetalsreport.blogspot.com/2010/11/turds-crystal-ball.html

OK, now take a look at these three, very interesting charts. First up, gold:

Let's not make this too complicated. For the past 2+ years, gold has moved up in segments. Each segment establishes a new floor roughly $150 higher in price and a corresponding consolidation phase typically lasts about three months. The current consolidation began in early October. Hmmm...what is three months from early October? Early January, of course! This chart would indicate that a new up segment is about to begin next week or early in January with a price target of $1550-1600.

Next up, take a look at the weekly silver chart:

This is quite telling, too. Note that, since the BoS emerged in late August, silver has also moved up in stages. After an initial run from $19 to $23, silver has had a pattern up sharp price increases, followed by three-week consolidations. The latest peak was either two or three weeks ago so, history would suggest that we are about to blast off again, either next week or the first week of January. Funny how this coincides with gold, too. Hmmm. At any rate, when the next move starts, I have a target of $32.50-33.

Now, here's the really interesting chart, Feb11 crude oil.

Selfishly, a breakout in crude would, of course, be beneficial for the PMs as "the rising tide lifts all boats". However, rising crude is an absolute killer for the global economy and will bring upon us, in a much sooner fashion, the brutal super-inflation that we've all been expecting. Breaking out through $90 and following through today to close at $91.40 is bad enough. Next, if we move through 92 and 94 we're at least going to $100 and from there, what, $115? Yikes! For now, this is where the action is and I recommend you follow it very closely next week.

I leave you tonight with another selection from the Grooveyard of Forgotten Favorites. This may be of particular interest to our Canadian readers but all should enjoy it. Have a great evening! Turd out.
http://www.youtube.com/watch?v=l2oPio60mK4