Wednesday, October 24, 2007

Gold Keeps on Grinding Toward $800

Gold Price Close Today : 761.60
Gold Price Close Yesterday: 759.00
Change: $2.6 or 0.3%

Silver Price Close Today : 13.515
Silver Price Close Yesterday: 13.572
Change: -5.7 cents or -0.4%

SILVER came back from lower prices to close the day down only 5.7 cents. That's not much of a recommendation, now is it? The silver price is simply facing more resistance as it climbs, while the GOLD PRICE faces greater sponsorship. That's a consequence of the sub-prime credit crisis, and it hasn't passed by yet. Once the silver price climbs over 1400 it ought to gain fans quickly. Meanwhile the gold price keeps on grinding toward $800, climbing that wall-of-worry.

The US DOLLAR INDEX held on today at 77.50, second day running. It is feeling for a bottom.

The DOW today appears unchanged, but the close doesn't tell the whole story. At one point it was down 200 points, then miraculously climbed back to unchanged. Must have nearly broken the Nice Government Men's backs to pull that off.

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.