The GOLD PRICE closed well into the 634-640 resistance zone, & well on its way to challenging 650, but alas! The steely-eyed technical purist will demand a close over 656 to confirm a breakout. (Gold also stands above its 200 & 50 DMA).
The SILVER PRICE traded all day above the psychologically significant round number 1300 and well above its 50 day moving average (1294), but a close over 1327 is the number we need to see.
For both gold and silver possibly one more downleg lies in the future, but if that happens, would it carry to prices as low as those we've already seen? When traders return & markets re-open tomorrow, we'll quickly see.
Stock markets were closed today.
The US DOLLAR INDEX dropped again today, down to 83.26.It is probably about ready to rally for one more leg up, say, as far as 84 or 84.22 before it makes its return trip to the old low at 80.50.
Here are some suggested New Year's resolutions for the resolutionally challenged and procrastinators: Make 2007 the year you (1) get out of all US Dollar denominated investments & (2) stock swaps for silver and gold. Or, alternatively, you could begin to practice spending your latter years in poverty.
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.