Another FUBM and Another New Movie

What a great day.

It is now inevitable that 28.50 and 1350 will fail as resistance. Take a look at this latest FUBM. Please don't underestimate the significance of these formations. In the past, Blythe would attack and buyers would run. Now, buyers fall back to support levels and then counter-attack!! We are winning!!!

Also, copper is screaming higher and just made a new closing high for 2011. This is huge and portends great strength in the PMs. The HUI is UP over 2% at 517 and the CRB is up again today, confirming yesterday's breakout. This is all very positive for the PMs.

Blythe and the monkeys are now fighting a losing battle and they are getting so nervous that Blythe called in Ruprecht  for an emergency meeting. Ruprecht is so frightened that his voice has changed. Please enjoy and pass along:

http://www.xtranormal.com/watch/8324930/

Also available on youtube:

http://www.youtube.com/watch?v=RBGqtOKmWHo

More later as we watch the Globex and early evening trading. TF

p.s. Just a great, great post by Trader dan today. An absolute MUST READ.
http://jsmineset.com/2011/02/01/hourly-action-in-gold-from-trader-dan-399/


11:00 pm EST Update:
Whew! Long day. Wanted to check in before night-night time, however.
Things are cooking along nicely in the overnight trade. Gold is at 1344 and silver is drawing clear of the pivotal 28.50 level. I have a last of 28.68. Copper continues to rally and its almost to 456. The $ just looks like dogshit.
Not much new to report other than this. Harvey mentioned the ongoing, big drawdowns in our fraudulent, POS ETFs. Read this:

Main gold, silver ETFs post major monthly outflows
LONDON/SINGAPORE, Feb 1 (Reuters) - The world's largest gold-backed exchange-traded fund, New York's SPDR Gold Trust , posted for January the biggest monthly drop in its holdings since April 2008 and its second-largest outflow ever.
The main silver ETF, the iShares Silver Trust , also reported the largest ever one-month drop in its holdings in January. The amount of silver it holds fell 495 tonnes to 10,426.43 tonnes, its lowest since early November.
The SPDR Trust, which issues securities backed by physical stocks of precious metal, said its gold holdings edged up to 1,227.153 tonnes on Jan. 31 from 1,224.118 tonnes the previous day, the first rise since Jan. 21.
But they still fell 53.6 tonnes or just over 4 percent in the month as a whole. This accompanied a 6.2 percent drop in spot gold prices , their worst monthly performance since December 2009.
Philip Klapwijk, chairman of metals consultancy GFMS, said that while gold would retain support from low interest rates, concerns over the global economy and waning confidence in paper currencies, ETF outflows may weigh on prices in the short term.
"If there is selling out of ETFs, it will put downward pressure on the price," he told Reuters. "(Though) I don't see this as the big turning point in the market."
SPDR Gold Trust holdings hit a record at 1,320.436 tonnes on June 29. The ETF is still the world's sixth-largest holder of gold after the central banks of the United States, France, Germany and Italy, and the International Monetary Fund.

OK, in light of that, please go back and re-read this from FOFOA and connect the dots.
http://fofoa.blogspot.com/2011/01/who-is-draining-gld.html

That's it for tonight. Big day tomorrow as it'll be Wednesday and, as we all know by now, the EE likes to raid on Wednesday because the next CoT survey won't take place until next Tuesday. Watch for continued, significant volatility. Let's see if 28.50 can now act as support.
Turd out.