SILVER was just as good -- through 1150, stymied at 1185, touch back to support, then crash through 1185 to 1200. Now am I in a quandary, undecided whether silver and gold prices will run away right now to break through old highs at 1500 and 720, or whether they will touch back once more. I favour the latter. The silver price runs into more resistance at 1215, all the way to 1250. The gold price faces resistance at 600,610, and 618-620. A breakout would require a close above 635.
Oh. Oh. The Dow today rose over 12,000, but not as high as yesterday's 12,049, only to 12,027. And it closed over 12,000 as well. To me, this smells weak, but I'm a bear.
Of course, for those of you who are not, unfortunately, trapped in IRAs, etc. where you can't escape of the government plantation without paying a big tax penalty, this represents another opportunity for y'all to swap stocks for silver and gold. (Maybe I ought to just append the initials every day, to avoid repeating it: SSFSAG.)
Note carefully that the DOW IN GOLD DOLLARS, i.e., the Dow measured in gold, actually dropped on this historic day when the Dow valued in paper rose over 12,000.
Argentum et aurum comparenda sunt -- -- Gold and silver must be bought.
- Franklin Sanders, The Moneychanger
"Buy Silver and Gold Coins at the Best Prices"
To avoid confusion, please remember that the comments above have a very short time horizon. Always invest with the primary trend. Gold's primary trend is up, targeting at least $1,250.00; silver's primary is up targeting 16:1 gold/silver ratio or $78.13; stocks' primary trend is down, targeting Dow under 2,900 and worth only one ounce of gold; US$ or US$-denominated assets, primary trend down; real estate in a bubble, primary trend way down.