Making Serious Progress (updated)

First of all, I apologize for my profanity in the comments of the last thread. If I’m going to continue with this blog stuff, I guess my skin is going to have to get thicker. Man-o-man, though, when trolls like Ozgur or Vic show up and blatantly lie about my intentions or honesty, it just sets me off. Even though those two douchebags are probably just additional identities for antagonists like Agoldhamster or SpaldingSmailes, it really gets under my skin. I can’t not read and patrol the comments so I guess I’m just going to have to figure out a way to restrain myself in the future.

OK, enough of that. We all should be very encouraged by the action in the metals today. As we discussed yesterday, the action in the silver pit is almost identical to the action of last Thursday and Friday. The only item of concern us that we made a lower low but all this means is that we’re virtually assured of one more push down. I’m now going to attempt to predict the future so please bear with me:

1) Silver will now rally toward 36 and maybe even a little past.
2) It will roll over again and take one more stab down on less volume than seen today.
3) By tomorrow or early next week, it will trade back down to between 33 and 34.
4) This is our first real chance to buy in preparation for June.
5) When silver then rallies and exceeds the high from this move (today into tomorrow), wherever that ends up being, the official bottom will be in and we can begin to get more aggressive. When it trades back UP through the highs of Monday near 39.50, we can really go for it.
5-12pm+silv.jpg

Gold looks even better. In fact, I really doubt that it is going to go below 1490 again, much less 1480. The fact that it has rebounded to 1510, above the intraday pit highs of yesterday, means that it has already made its bottom. Of course I could be wrong. Again I am attempting to predict the future so cut me some slack, jack. However, if I’m right and if I’m lucky, sometime before Tuesday gold will trade back under 1500 again, maybe as low as 1495. At that point, provided its not 4:00 am (but with my recent luck it will be), I will be buying some June and August calls.
5-12pmgold.jpg
Gotta stop there as I have a conference call with our web developers in 5 minutes.
I’ll have a more comprehensive summary later this evening. Until then relax, be happy and forcefully beat down any and all trolls for me. Thanks! TF

p.s. I just read this idea in the comments of the last thread so I guess I should ask everyone: Should we charge a one-time “membership fee” for the new site? Maybe 20 bucks or something. Just enough to keep troublemakers/trolss out. The site would still be free for all to read but only paid “members” could comment to the blog, chatroom and forums.
I don’t know if I like this idea but its not about me. It’s whether you think it would be useful.

3:45 pm EDT UPDATE:
5-12pmsilv2.jpg
Also, I’m amending “Turd’s Glossary” for the new site. Which terms need to have permanent definitions of new Turdites? Calvin? POSX? Any others?

http://tfmetalsreport.blogspot.com/2011/05/making-serious-progress.html

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