Gold Price Close Today : 944.70
Gold Price Close Yesterday: 1003.2
Change: -58.5 or -5.8%
Silver Price Close Today : 18.395
Silver Price Close Yesterday : 19.89
Change: -1.495 or -7.5%
US Dollar Index Today: 72.03
US Dollar Index Yesterday: 71.94
Change: 0.09 or 0.1%
Yesterday & today y'all witnessed one of those very sharp declines in the madly rallying silver and gold prices that I have occasionally warned about.
The GOLD PRICE dropped $58.50 to close at $944.70. Is it the end of the world for gold? O, give thou me a break! This is the same correction I have been looking for. Today probably saw the bottom of it, but it might yet go to US$925.
The SILVER PRICE dropped a large $1.495, which seems to be the biggest drop I can remember lately. Figuring that silver began this rally at $11.489 and rose to $20.688, a $1.495 drop against that $9.199 rally works out to only 16.25%, about right for a correction. Low today was $18.17 Lower silver and gold prices are possible, but most likely is that today marked the low.
Look for this correction to last three to eight days, moving up & sideways from here. The rally has not yet been fulfilled as to Gold/Silver Ratio, and must. Next leg up in silver and gold prices rally will be a monster. Buy now.
In Iran, today is the "National Day of Oil." I'm guessing that loses something in the translation, but in case it doesn't, go pour some oil on your head.
On this day in 1831 was reported the first bank robbery in the United States, at the City Ban of New York City, from whose cold clutches robbers liberated $245,000, equal today to $9,929,725.58 [sic]. The "man bites dog" story here was that somebody stole from a bank, rather than the bank stealing from somebody, the almost universal occurrence.
Did y'all ever watch anybody lean over a newly dead frog with a pair of jumper cables attached to a 12 volt car battery? He hooks 'em up to the frog, and that frog dances like a Cuban in a nightclub. Remove the jumper cables, however, and the frog ceases to move altogether. Ne'er a twitch.
Just so the stock market. Brother Ben comes along with his interest rate jumper cables, hooks 'em up to the stock market, & its dead body jumps and twitches, rising 420+ points. Next day, minus the jumper cables, the stock market drops 293 points.
Y'all are sharp enough to make the comparison. That frog is dead. The US Dollar Index held onto its gains today & actually poked its unkempt head above 72 to close at 72.03. Some sort of rally is long overdue, but I don't think it is beginning yet.
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 $3,130.00; silver's primary is up targeting 16:1 gold/silver ratio or $195.66; stocks' primary trend is down, targeting Dow under 2,900 and worth only one ounce of gold; US$ or US$-denominated assets, primary trend down; real estate in a bubble, primary trend way down.