GOLD fell 6.40 today, but with a higher low. $675, maybe 672, should be support gold can count on. Closes below 672 & 1345 would flash brightly that my interpretation erreth.
Yesterday I remarked on the confusion in silver and gold, one down and one up. A confused market usually drops. Today stocks were confused, with the Dow closing only 8 points from the last low, & the S&P500 closing down. The Dow's close might be a double top to set up for a sharp drop to scare the complacent out of their positions.
The Dow in Gold Dollars (DiG$) ran all the way nearly to the bop of its range today, closing at G$391.38 (18.93 oz), above the 50 day moving average (G$387.16) but under the 200 DMA (G$394.02). DiG$ should kiss that 200 DMA at least. Any close higher than G$400 would signal a much stouter DiG$ rally, joy for stocks, and trouble for gold -- short term.
Y'all kept me busy all day with those French 20 Franc Angels and German 20 marks. I managed to find a few more of each -- 20 Angels @ 139.25 & 16 Germans at 166.25, if anyone else is interested. Call (888) 218-9226. Ask for my son, Justin -- let him dance for a while. Please mention goldprice.org when you call.
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.