Gold Price Close Today : 974.20
Gold Price Close Yesterday: 969.90
Change: 4.30 or 0.4%
Silver Price Close Today : 19.676
Silver Price Close Yesterday : 19.698
Change: -2.2 cents or -0.1%
US Dollar Index Today: 73.20
US Dollar Index Yesterday: 73.00
Change: 0.2 or 0.3%
My theory about SILVER and GOLD PRICES -- that the present downward movement is but a correction in an ongoing rally that will shortly resume - remains alive. Nothing happened today in silver & gold to change that. Note that the silver price dropped slightly while the gold price rose a little. See the confusion as the market tries to figure out which way to go? The Silver price today dipped to $19.31, lower than yesterday, but except for that brief lapse, stayed above $19,50. Good. Silver & gold prices have more upside coming.
Squeeeel! He said, turning on a dime, Today's jump off a low of Dow 11,731.60 looks like a double bottom with the 22 January intraday low at 11,634.82. If so, you won't see (for a time) a low lower than this 11,731.6 (intraday), & the Dow should rally at least to 12,750 or better, perhaps even to the 200 DMA now around 13240.
Wait, wait, Moneychanger! Hast thou changed thy mind? Or lost it? Neither. Even markets locked into primary downtrends (like stocks since 2000) from time to time stage rallies, & few rallies are more spectacular than bear market rallies. Why? Because they catch a mob of shorts short, who then panic to cover their shorts, driving the price suddenly skyward. Just as suddenly, the rally dies. Don't let it fool you. Stock market is huge, so can take a very long time to turn, but once you have all that weight hurtling in one direction - down - it falls a long time. Don't get suckered into stocks.
The US DOLLAR INDEX, moved no doubt by rumours of Elliott Spitzer's resignation, moved up nearly 20 basis points. Primary trend is still down, but a rally of 3 - 6 months probably lieth in the near future.
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.
