Gold Price Close Today : 892.90
Gold Price Close Last Friday: 887.20
Change: 5.70 or 0.6%
Silver Price Close Today : 17.013
Silver Price Close Last Friday: 16.85
Change: 16.3 cents or -1.0%
US Dollar Index Today: 72.53
US Dollar Index Last Friday: 71.927
Change: -0.14 or -0.2%
The more I thought about SILVER and GOLD PRICES over the weekend, the more I looked at charts and comparisons, the stronger became my tentative conclusion that the correction is either over, with the lows behind us, or nearly over. I don't think the correction will last another two months, nor do I think it is the same sort of correction we saw after the 2004 and 2006 rallies peaked.
If the SILVER PRICE didn't bottom last Thursday at $16.65, it should bottom this week, no lower than $16.30, probably not lower than $16.50. The silver price needs one more test of that $16.80 level to prove it is unbreachable. Do y'all realize that silver has already three time bounced off that level (roughly). First resistance stands at $17.20.
The GOLD doesn't seem quite as springy as silver. $895 stopped it cold today. Next couple of days will see attempts to break the gold price down, but I doubt they'll succeed. Watch, watch, and start buying a little silver and gold, just in case the bottom has already been.
STOCKS (represented by the Dow) seem awfully slow to move above 12,850. They reached today for 12,950, but fell back fecklessly to close at 12,871.75, down 20.11. Will they never move? This is an awfully stodgy rally so far.
The US DOLLAR INDEX is trying to rally with the same glacial speed as stocks. It closed above 72.50 two days running, but today closed down at 72.53. Underneath is support at 72.45.
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.