The tragejtory of all markets slowed today -- have they reached their peak and stopped, silver, gold, & stocks? Question will be answer by closes tomorrow. If a new rally is unfolding, then everything ought to close higher tomorrow. Yes, I know it makes no sense that SILVER and GOLD PRICES are moving the same direction as stocks, but everything is reacting to monetary conditions, that is, what is widely seen as an ailing dollar.
But now that Bernanke has fired his best shot, the dollar refuses to come unravelled. Today the dollar index in fact rose. What's a central banker to do, when he can't drive down the price of his own currency?
I am suspecting that the Fed's action has now been fully absorbed by markets, and driven them as far as it can. However, tomorrow's closes will clinch the case.
If it turns out gold and silver are headed higher, then gold will run for US$790-800 and silver for 1500. Don't ask me to tell you which outcome will happen -- I was carrying my crystal ball across the room today, tripped on the rug, and dropped and broke it.
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.