I must admit to getting a little frustrated over the course of the day today. The metals hit new highs and then pulled back but you'd swear the sky was falling. I spent a little time over at ZeroHedge and I read dozens of comments from folks that were seeming to panic. Then these poor folks get egged on by the same, old, worn-out topcallers who are glad to claim that its "all over". As if, suddenly, all the fundos have changed, QE has been abandoned and all global governments have been declared solvent. Give me a break! Besides, almost everything from crude to grains to PMs attained new move highs today before pulling back. All this was today was light selling in the face of a slight dollar rally. An excuse to take some profits. Remember, gold is up 8% and silver about 20%
in the past three weeks. There are surely some profits to be taken.
Look, the PMs
can't and won't go up every day. Got it? It sure is fun when they go straight up but it can't last and lets hope it never does because when silver starts going up $1.00-2.00 every day, the Fed/EE Complex will likely enact some of the most restrictive policies imaginable. Believe me, we don't want that. We want a nice, slow, steady climb. Just like we've had since late August and, frankly, since 2001 in gold.
The charts below tell the entire story. Nothing has changed. The fundos are overwhelmingly strong. Everything is still rosy. Gold is now $8 off its lows at 1411 and silver is at 29.90. Give that a moment to sink in. <pause> Let me state that again:
Gold is at $1411 and silver is at $29.90. Have fun. Relax. Enjoy your afternoon. I'll try to post again after reviewing Harvey's report tonight.
Turd, I must say that your charts with hand written comments have more character than anything else I've ever seen.
ReplyDeleteThanks for the post Turd. I try to catch a few Zerohedge articles and comments a day and am always surprised by the folks that get scared when the price drops even a little.
ReplyDeleteI buy physical so I guess that makes it easier for me to weather the price spikes and dips. Nothing wrong with some folks taking a profit, but the long run goal for me to be sitting on a pile of silver when the SHTF :)
Yes the panic selling is no fun when it effects my stocks which I have bought into based on the fundementals. Like silver and gold are ending up near where they were yesterday with just a small little fractional move down but my mining stocks end up dropping 2.5%. You are right when you say it is not for the weak of heart.
ReplyDeleteTurd,
ReplyDeleteCould you please put live PM charts charts on your site (that way I'll never have to leave).
In Health,
Mucka
Guess this is the moment of truth now.
ReplyDeleteAnd that bitch hits again, what a day....
ReplyDeleteShe gets to keep her job for another day.
ReplyDeleteI agree with the comments. They must have gotten terribly scared seeing silver close over 30 bucks yesterday. Can't keep a good man down.
ReplyDeleteAs much as I realize we can't have 1 or 2 dollar days every day, its hard to explain to my family why they shouldn't sell on a almost $2.00 dip from the high of the AM ($29.28 at the moment).
ReplyDeleteguess this is what happens when blythes PMS meets her swollen prostate
I sold out most of my positions yesterday. This action is similar to the summer in gold and I figure we are due for an intermediate drop. Who knows how far but I will be ready to buy back for the ride up. 95% cash right now.
ReplyDeletethanks TF for the great site.
Everything got killed today except the dollar. Even treasuries.
ReplyDeleteWith just 6 minutes to go - the HUI doesn't look good.
ReplyDeleteMy earlier deleted posts content was that I was 100% hedged - but I didn't want to spread negative sentiment here.
With respect for Turd.
Now it proves I shouldn't have deleted the post.
That's life and trading.
Still 100% hedged. Question now is where to cover.
I think Turd meant 28.90 and 1401...yup, I forgive the typos.
ReplyDeleteSo, Blythe got a few algo's to go her way. Yawn.
Cover/add when SLV hits its 20DMA.
ReplyDeleteI agree the fundamentals haven't changed, but it's still depressing to watch 2 bucks disappear.
ReplyDeleteVery similar to the Nov 9 action.
The problem is when speculators enter the market and this has bothered me the last couple months, especially. this market is for two people: those speculating and those who believe in truth. the speculators will 'take gains off the table,' sell on big days, and lose sleep at night. those who believe in truth know that gold and silver will win in the end and this is just noise for a big reward when the game is up. like a friend once said, you could wake up one day and silver could be at $15/ounce or $50/counce. Neither one should surprise you considering you are dealing with one of the most manipulated markets in the world. In the end, truth will always win out.
ReplyDeleteYea I'm a little pissed at myself for not taking some profits yesterday, it almost feels exactly like the 9th.
ReplyDeleteholy crap, $28.62! Why's the EE hitting it so hard today?
ReplyDelete$30 smackdown in 6 hours. Ouch.
ReplyDeleteWill be interesting to see how Asian BOS react to this big drop once they sit down at their screens in a few hours.
shit, price hit up against 28.50. Hopefully it won't take another three weeks to recover from this sell off.
ReplyDeleteYes, Chris, it does and I'm seriously pissed off.
ReplyDeletePretty impressive bit of manipulation. We would be kidding ourselves to say this is anything BUT manipulation. But JPM is getting particularly brazen, aren't they? Still smells to me like desparation actually.
ReplyDeleteInteresting that there is a CFTC public meeting this Thursday and Commissioner Chilton has pretty much promised he will push for a discussion on position limits.
Always darkest before the dawn...
$2 down, $3 up... we shall see.
looks like its on its way back up already...
ReplyDeleteon the bright side... them creating that much more paper silver is only going to drive the end price of silver up higher when the card house collapses and catches fire
I would say there are a number of factors. I know some of you aren't interested in the technicals, but they do contribute in some form or fashion on occasion. The uptick yesterday was fantastic...a little too fantastic as Turd has stated. This took the trend outside of the bollinger bans. Take a gander at the previous times this has happened. We always get a nice correction when this happens but it has bounced right off of the 20MDA. It's ok...we shouldn't go any lower than $27.50 I'm lookin for a bounce in a day or so. GET IN when this bounce happens, because I dont think we will see lower than $30.00 after we go back above it. Turds analysis is spot on. The flying monkeys and all that is taking advantage of some profit taking and some stop orders that are in place...which is why I believe we saw those quick drops in price. Just my opinion.....
ReplyDeleteBTW, thanks Turd...Been following you for quite some time now!
Well I lost about 3.5% in my mining stocks today..... 1% in the last hour. I could still take some profit tomorrow if you think we might see a repeat of Mid-November where it continues to drop for a few more days resulting in an over 10% drop? I hate to sell though because the fundementals are there. I am at a loss as to what I should do. Any chance it is a 1 day sell off and will start adjusting back up on Wednesday?
ReplyDelete@rmcclainxenergy Watch the 20dma. During the run up since September, the 20dma has been the signal to buy. Once again, I'm a technicals guy....but Benny and the others have added extra incentive to this rule.
ReplyDelete