Wednesday, February 06, 2008

Gold Price has to Close Above $905, then $915

Gold Price Close Today : 900.70
Gold Price Close Yesterday : 885.90
Change: 14.80 or 1.7%

Silver Price Close Today : 16.508
Silver Price Close Yesterday : 16.303
Change: 20.5 cents or 1.3%

US Dollar Index Today: 76.14
US Dollar Index Yesterday: 76.12
Change: 0.02 or 0.0%

Thank God, the tornadoes didn't blow us away last night. They never got closer than a county away, passing generally from Memphis (3 hours west of us) to Nashville (2 hours north). One destroyed a school in Savannah, about an hour west, but we just got a bang-up wind & rain storm. Thanks for your expressions of concern.

For now it looks as if I got it right yesterday when I said the GOLD & SILVER PRICE charts showed reverse head & shoulders bottoms. Both climbed today, the SILVER PRICE rose 20.50 cents to $16.508 while gold climbed $14.80 to US$900.70. I like that close above US$900, even pennies. But this isn't over yet.

Progress must continue -- the gold price has to close above $905, then $915, and the silver price needs to close above $16.95. Alongside the bull market we keep climbing a wall of worry.

US STOCKS (represented by the Dow) droped only 65 points today to close a 12,200. As long as this level isn't broken, it acts as support. The snap-back rally ought to resume now. Use -snatch - every opportunity to swap stocks for silver & gold.

US DOLLAR INDEX held onto its gains, closing up a mere two basis points but holding on nonetheless. Slowly, slowly the buck is building a base.

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.