Gold Price Close Today : 874.2
Gold Price Close Last Friday: 892.80
Change: -18.70 or -2.1%
Silver Price Close Today : 16.54
Silver Price Close Last Friday: 17.013
Change: -47.4 cents or -2.8%
US Dollar Index Today: 72.85
US Dollar Index Last Friday: 72.53
Change: 0.31 or 0.4%
On a day when the GOLD PRICE drops $18.70 to a new correction low and the SILVER PRICE drops 47.3 cents to a new correction low, it's no time to be coy. Is the end of the world for silver and gold prices coming, or not? Not.
On Friday the SILVER PRICE made a low at $16.39 and today, although it made a lower closing low at $16.54, the intraday low was slightly higher than Friday at $16.41. Mmmm. Remember also that silver has bottomed at this same area -- $16.65 - $16.80 three times already. Maybe today's close constitutes a breakdown, but if so I don't think it will carry further than $16.30. I expect silver's bottom to come this week, and it may have happened today.
The GOLD PRICE closed lower than its previous low at $882.90 (1 April), but not by much. For somebody who has been expecting a bottom anywhere between $885 and $850 (namely, me) it's not too shocking.
However, none of this can be blamed on the US DOLLAR INDEX's puny "strength." Although it closed up 31 basis points today, what does that mean in a market all expecting that the Fed will lower interest rates tomorrow another 25 basis points and make the dollar even less attractive & remunerative?
STOCKS remain frozen, dropping a few dozen points every day, unable to advance after their breakout. What gives? I don't know, but this is not strength.
I still expect to see the correction lows for silver and gold prices this week, and not later. Watch and buy. If it drops more, buy more. This is a BULL MARKET with another 8-10 years to run, and it's handing you a chance to buy ON SALE. Nothing has happened to change my outlook, and what you are seeing are normal market flucuations.
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.