Gold Price Close Today : 862.30
Gold Price Close Last Friday: 880.80
Change: -18.50 or -2.1%
Silver Price Close Today : 15.570
Silver Price Close Last Friday: 16.138
Change: -56.8 cents or -3.5%
US Dollar Index Today: 77.03
US Dollar Index Close Late Friday: 76.384
Change: 0.64 or 0.8%
US Markets are closed today, but because of world-wide stock market turmoil & because I will not be sending commentaries this week due to travel, I wanted to write y'all.
First, stock markets around the world tumbled: Japan down 4%, France & Germany down 7%, China & Great Britain, down 5% -- 42 of 43 stock markets dropped, with the exception of Sri Lanka, where apparently communications with the outside world had been cut (or they just ignored the news).
Estimates show the US Dow Jones Industrial Average opening 400 - 500 points lower in the morning. Reason given for the drops is nervousness that US subprime crisis will spread worldwide. Here's news, fellows, it already has.
If you own stocks, prepare for pain tomorrow. No matter what happens tomorrow, or where the eventual bottom & springboard for a rally comes, use the rally off those lows to dump the rest of your stocks.
But swap them into silver & gold? What? With the GOLD PRICE dropping $18.50 & the SILVER PRICE 56.8 cents today? Be calm: panic affects every market, but silver & gold will grab on.
Metals were hurt today by the Euro's fall against the US Dollar, mirrored in the Dollar Index's gian of 65 basis points -- huge -- and close over 77 at 77.029.
No doubt the Nice Government Men on the Plunge Protection Team & all those other Protectors of Profits as Wall Street Knows Them will be up all night, cooking up some scheme to jack up the stock market. Forget it. They will gesticulate helplessly, like King Canute ordering back the tide, but unlike the wise Canute will point to each advancing wave as proof of "their" power -- before the wave retreats again.
I don't know what y'all do, but when it looks like the world is about to blow apart and I'm sitting in front of the explosion, I run back to Ps. 118:6 or 2 Timothy 1:7. What's happening here lies way past my cure or cleverness.
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.