Gold Price Close Today : 839.60
Gold Price Close 21st of December: 811.60
Change: $28 or 3.4%
Silver Price Close Today : 14.77
Silver Price 21st of December: 14.346
Change: 42.40 cents or 3.0%
US Dollar Index Today: 76.159
US Dollar 25th of October: 77.687
Change: -1.528 or -2%
It's odd & close as a straight razor shave, but I have to write y'all about it: the GOLD PRICE today closed at 839.60, above its previous high close of 835.20 (8 Nov). Now for a clean breakout you'd like to see a close 2% or 3% above the last high close, say, $852 to $860.25. However, the gold price in Euros has not broken out, nor in Japanese yen, although it is pushing on the ceiling.
Meanwhile the US DOLLAR INDEX has lost 152.8 basis points since last Friday. I keep getting the feeling that something is going on behind the scenes, something very big, but I haven't a clue what so maybe that's my want of insight speaking, trying to find cover.
Gold & Silver Prices both delayed their seasonal lows well into December, while Oil (like Freddy Kruger in Nightmare on Elm Street) refuses to die & make its seasonal peak and recede. The dollar rallies, then fades -- not inspiring, although it is fairly typical.
STOCKS I thought had bottomed, but this week have made daily 200 point swings with no progress at end of day, up or down. On balance, the last week has been a loser.
So where are we? I'm scratching my head. Silver & gold prices, especially gold prices, have behaved very, very strongly this week. If they open the year higher & the gold price holds on to these gains, you will probably see US$1,100 - 1,200 gold price by mid-February.
Downside is that if gold fails here, it puts a double top on the move and means much more time correcting. Thinking on this week's strength, it seems likelier that the gold price will continue to run in the next year.
I won't send out any commentary on New Year's Eve, so will now wish all of you the blessings & tender mercies of God in 2008 & always.
Argentum et aurum comparenda sunt -- -- Gold and silver must be bought.
- Franklin Sanders, The Moneychanger
"Buy Silver and Gold Coins at the Best Prices"
http://the-moneychanger.com/
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.
