Gold Price Close Today : 876
Gold Price Close Yesterday: 872.30
Change: 3.7 or 0.4%
Silver Price Close Today : 16.780
Silver Price Close Yesterday: 16.746
Change: 3.4 cents or 0.2%
US Dollar Index Today: 73
US Dollar Index Yesterday: 73.18
Change: -0.19 or -0.3%
This was the sort of day that doesn't leave much to say in its wake. The GOLD PRICE rose a little, stocks rose a little, the US Dollar Index fell below 73.00 to close at 72.996. No big changes. But as I observed yesterday, the gold price is bumping against that $880 ceiling and the silver price against $16.80. These before offered support, now as surely present resistance.
If the gold price were to close strong through $880 and then advanced sharply to close above $904, I'd say we weren't about to see any more downside action in silver and gold prices. Until that happens, brace yourself for what might be a double bottom. Does that mean I wouldn't buy. Risk from $876 is down to $800, say 9.5%, for the silver price to max $15.20 or 9.6%. Viewing the long term bull market, that's acceptable risk. Don't waste the whole month waiting.
Stock market looks like its fizzling to me, losing its positive inertia. At this rate it will never make it to 14,000.
We are still waiting, and will keep on waiting, until the Gold/Silver ratio drops below 38.6:1 to swap silver for gold.
If we were swapping at all right now, we would swap gold for silver if you would like to leave an open order to swap silver for gold please call us at (888) 218-9226. Please mention goldprice.org when you call.
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.