Gold Price Close Today : 785.90
Gold Price Close Yesterday: 813
Change: -27.10 or -3.3%
Silver Price Close Today : 14.452
Silver Price Yesterday: 15.029
Change: -57.7 cents or -3.8%
US Dollar Index Today: 76.05
US Dollar Index Yesterday: 75.83
Change: 0.22 or 0.3%
It's really a bit simpleminded to grab one little fact & tout that as the cause for events influenced by a dizzying number of factors.
So the dance between the GOLD PRICE & the US DOLLAR INDEX. The simplistic explanation for gold's drop today is that the US Dollar index rose 22 basis points ("beeps") to close at 76.049. Yet a broader & more perceptive mind would note that the $ Index has broken down out of a 36 year range while gold is trading in the $780 - $850 range, & conclude 'twas not the dollar's demise alone driving this, but much deeper economic & monetary illnesses.
In any event, gold & silver prices were more than ready for a decline, so the dollar's rally is either coincident, or the result of other factors influencing gold.
The GOLD PRICE dropped $27.10 today to close at $785.90. The SILVER PRICE dropped 57.70 cents to close at $14.452. This was that third leg of the down-up-down correction I feared yesterday.
Lows for the day were $782.10 & $14.30. That's a new low for gold, but not as low as the $14.27 mark silver hit on the first drop. I still believe that $780 & $14 will prove the correction's bottom. Buy silver & gold, don't delay. Now.
The DOW JONES INDUSTRIAL AVERAGE today puked up more of Tuesday's indigestible gains. Worse than the Dow was the S&P500's close today at 1,451. Both indices are slowly dying on the vine. Swap stocks for silver & gold. Do it now.
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.