Gold Price Close Today : 801.30
Gold Price Close Friday: 788.30
Change: 13.00 or 1.6%
Silver Price Close Today : 14.271
Silver Price Close Friday: 14.011
Change: 26 cents or 1.9%
US Dollar Index Today: 75.67
US Dollar Index Friday: 75.95
Change: -0.28 or -0.4%
Looking at the GOLD PRICE chart, there seems to emerge an A-B-C correction that has already once nearly touched the 50 day moving average (today $776.64), & could complete the C-leg by touching that point.
On the other hand, the heat from the physical market is so great that I'm getting a sunburn just sitting next to my telephone. So whether we have seen the low or not (I think we have), you ought to buy gold.
The SILVER PRICE today made good its close over $14 yesterday, and climbed to $14.25 - $14.30 resistance. The gold price stands right under $805 resistance. If they break through here tomorrow, that might be the end of the talk about "corrections."
It's hard to love the US Dollar, expecially if you're a foreign exchange trader. Today it dropped 28 basis points, leaving 76.15 as unbeaten resistance on the chart. If it's bottoming, it's not going to bottom fast.
If the Dow corrected 62% of its fall from the October high at 14,164.53 to its November Low at 12,743, it would reach 13,622. A 50% correction would rise to 13,454, while a 38% correction would reach 13,286.3, about where the Dow has already reached. I see respectable people who are expecting a rally into year end. Right, but it's a rally for suckers. Use any rally as an opportunity to swap stocks for silver & gold.
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.
