Gold Price Close Today : 859.60
Change: -3.50 or -0.4%
Silver Price Close Today : 15.180
Change: -16.6 cents or -1.1%
US Dollar Index Today: 76.16
Change: 25 cents or 0.3%
There's really not much to say about today's markets, because nothing much happened.
The GOLD PRICE is stuttering at $865, & fell back US$3.50 today. Personally I would like it to stay about $857, because there's a sort of air pocket between $857 & $835. Yet if gold fell all the way to $830, it would only constitute a touch-back to the breakout point, a commonly seen action. I am still looking for $1,000 gold by the end of February.
The SILVER PRICE will work your emotions over, won't it. It fell 16.6 cents today, with a low of $15.06. That $15 mark stands high in everybody's mind as a round number, so it offers psychological support. In fact, as long as silver stays above $14.75 we ought to see a rally.
STOCKS climbed a magnificent 27.31 points on the Dow, and a stunning 4.55 points on the S&P500. Wow. The NASDAQ dropped again today, & it had already closed Friday below its November & August lows. Stocks may be trying to find a bottom, but not yet, not yet. Swap stocks for silver s& gold while they still have
US DOLLAR INDEX rallied above 76 today to close at 76.164, up about 25 basis points. Lo, how are the mighty fallen, and unpitied, too. The dollar did it to itself, or, more precisely, the dollar's masters have done it to themselves. Trouble is, they are doing it to us, too, & I don't want to play the game of poverty. I have spent too much of my life there already, thanks in no small part to government policies, & so have you. Who needs 'em? Better shuck those dollar-paying assets as quickly as you can. Look for a rally in March to June, but 'twill only be the twitching of a corpse, not a resurrection.
- Franklin Sanders, The Moneychanger