Monday, February 7, 2011

Back To Business

OK, The Turd has re-assumed the position. Fun and games are over and, in all seriousness, we face a critical week in the PM pits.

We had a terrific day today given the selloff in both crude and copper. Silver made its first approach at $29.50 before settling back and gold closed above $1350 for the second time in three days. Here are updated views of both...silver from a 3-hour perspective and gold in a daily:
Though I firmly believe that the corrections are over and that "my bottoms" will hold, both rallies have entered a critical phase.
First, with today's close behind us and with "Happy Tuesday" ahead of us, I'd expect gold to trade higher overnight and tomorrow and begin moving into the congestion between 1360 and 1380. Initially, Blythe won't have to work too hard here as there will be plenty of non EE-related selling in that zone. Once the old support/resistance area of 1365 is taken, though, you can expect The Monkeys to fight like hell as we approach 1380. Failing there, the chart begins to take on a very positive look and fresh longs will come in from all corners. 1400 will fall and we'll be pushing up against 1420 real quick.
On the flip side, if we lose momentum here and move back down through 1350, we could get rolled all the way back toward 1335 and that would suck.

In silver, Blythe's position is much more immediate and tenuous. The rally from the bottom has been powerful and consistent. If its not stopped soon...meaning this week...we will burst back through 30 and, from there, make a run at the old highs from very early January. I made light of this last week in my latest "movie", which I quickly banged out over about an hour back on Tuesday. If you missed it, I suggest you watch it. It seems to be playing out quite well.
(On a side note, some of the YouTube comments on this one killed me. That "I think a lot of myself" and that I'm "self-serving". Really? Really? This is Turd's World, for pete's sake. What do you expect?:)

Anyway, I'm slowly getting caught up. This evening, I'll to post a series of links to things we both may have missed over the weekend. Until then, keep an eye on those PMs. This truly is a critical week. TF


  1. Ignore the "self serving" and "he thinks a lot of himself" cooments, Turd. You're performing a valuable service, and I for one (along with the other tens of thousands of readers, I'm sure) appreciate it.

  2. keep em coming, they appear when things seem to be going well...dont worry about fucktard comments, there is one BIG one on mine right now everyone should laugh at.

  3. Sorry for the noob questions. Can someone tell me what the rollover date is for the march silver contracts? What is the next front month after that? April?

  4. Picked up some Great Panther before the close, looks like great possibilities. Quick question to those in the know, when it goes to a listing on the NYSE tomorrow, do my shares shift directly over from the pink sheets, or do I need to do something to make that happen? Thx!

  5. Another interesting piece about silver backwardation:

    Silver Backwardation – What To Make Of It

  6. Check out Gene's latest blog post over on GGR. He and Jeff Christan are dukeing it out in the comments.

  7. Kiwi, your broker should adjust your shares though it can take a day or two to show up correctly in my experience...

  8. We all love you, Turd, don't worry about negative minded people. silvergoldsilver... what is fucktards, leotards with a hole in them?

  9. Why is Jeff Christian, from CPM group ( taking the time to try to discredit Gene Arensberg's COT comments?

    Interesting. Are Da Paper Bullion Boyz feeling Da Pressure?

    Chinese demand through dollar-cost-averaging accounts about to explode? See Eric Sprott's latest:

  10. Thanks for pointing those GGR comments out flaunt...too funny

  11. Jeff Christian has zero credibility anymore. He is an establishment shill and a total douchebag to boot. Ignore him.

    Nice work Turd. Keep it coming brah...

    Bay of Pigs

  12. Turd: the videos are edutainment at its finest. as March 1 approaches, perchance a bunker spoof?

  13. Franklin Sanders is confused about silver going up without gold. Perhaps people are selling gold and buying silver? I've enjoyed his analysis in the past but lately he seems to be focusing entirely on technical indicators and completely ignoring everything else. He says low interest rates are causing zero contango, but if that's the case why hasn't it been going on for all the years of negative real interest rates? Or has it been? I can't say I've paid much attention to it in the past, so I'm relying on others such as Gene Arensberg, James Turk, and Harvey Organ when they say zero contango/backwardation is highly unusual.

  14. @flaunt-
    I really do not understand why so many people are fascinated by silver backwardation.

    When the real short-term interest rates from the US Treasury to the Fed Reserve is a NEGATIVE VALUE, you have to really wonder why anyone has any question about the COMEX price suppression scheme.

    Think about it guys...the US Treasury is selling future US government tax revenue and promises from the US Congress that we will be good "citizens" and continue to pay these banker thieves to screw up our lives more.

    Then, the thieves, who have stolen not only our pensions, but also have stolen our future pensions and our children's future earnings too, are told that they can continue to hold our present day earnings and the promises too.

    Then, the Den of Thieves at the FOMC and Federal Reserve Bank set 90 day interest rates at essentially zero or negative values when adjusted for printing at that same bank, and they buy silver puts on COMEX.

    I'm no trader, but when the printing press is hooked directly to the printing of silver puts on COMEX Futures, doesn't it have BACKWARD written all over it?????

    In this environment who the hell is buying a put on Silver at $28.00?

    It's only one interest.