My friend Bob L. called today, all excited. Bob is an accomplished Elliott wave analyst, an art to which I am blind, like ballet. He was excited because he had seen in today's GOLD and SILVER trading an indication they had completed their correction.
It is interesting that both are strongly higher in the after market, after successfully defending lows at 636.30 and 1254 cents today. Bob could well be right. I bought today. I just wouldn't want to be short right here. If I'm wrong the bottom ought to be about 1225 and 635, not too far away to risk.
The US Dollar piddled again today.
The Dow made a low today at 11,939.61, but closed up 57.44 points at 12,133.40. That's about a 50 point cushion above support. Once again, if it breaks 12,000 on a closing basis, it will fall hard. Swap stocks for silver & gold.
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.