Gold Price Close Today : 912.20
Gold Price Close Last Friday: 923.60
Change: -11.40 or -1.2%
Silver Price Close Today : 17.802
Silver Price Close Last Friday: 17.668
Change: 13.40 cents or 0.8%
US Dollar Index Today: 71.927
US Dollar Index Last Friday: 71.902
Change: 0.025 or 0%
Talked to one of my readers, Banjo Bill, today. He said he reckoned Ben Bernanke must be reading my daily commentaries, since every time I say silver and gold prices are going to rise strongly, they fall. You reckon Bernanke really is reading 'em? If so, "Hi, Ben! Give it up!"
This really looks odd -- silver and gold took a big hit and dropped today, but silver remains higher than last Friday, although gold is 11.40 lower. The dollar climbed a tad, but really performed poorly today. Stocks finally broke out to the upside.
The SILVER PRICE dropped 48.5 cents today to close at $17.802 and the GOLD PRICE dropped $27.60 to US$912.20. Catastrophe? Not really, when you look at it on the chart. Took them both back under their 50 day moving averages. Next week Gold and Silver will have to work hard, but higher silver and gold prices are coming.
My, my, O my! If I believed in conspiracies -- but my mind's pure as the driven snow, and I only think what the government and Wall Street tell me to think -- I would think it strange that on the selfsame day that the Dow finally broke out to the upside, somebody dropped a safe on silver and gold from the 34th floor. Twas almost as if somebody worked it that way. Nawww.
Keep holding on. Silver and gold prices are going higher still, despite today's disappointment. Get your banjo out and play a sprightly tune, and forget that Monday, Wall Street opens up and the whole turmoil begins all over.
Stocks have come back again and again to 12,750 without breaking through. Today they broke through, and will probably reach the 200 day moving average (now 13,100) before the story's told. Whooo-- does this mean we ought to sell everything and buy stocks? Not with my money, or even with yours. Stocks are in a LONG TERM BEAR market against value, namely, silver and gold, regardless what they do in nominal terms, they will drop against silver and gold for years to come.
The US DOLLAR traced out a strange day -- rose like a rocket to 72.40, then fell like a rocket to close around 72. It has made three roughly equal bottoms, so a rally will come sometime, buy not quite 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.