Gold Price Close Today : 919.50
Gold Price Close 12th of May: 905.70
Change: 14.50 or 1.6%
Silver Price Close Today : 17.671
Silver Price Close 12th of May : 16.974
Change: 69.7 cents or 4.1%
US Dollar Index Today: 72.44
US Dollar Index Close 12th of May: 73.047
Change: -0.58 or -0.8%
The GOLD PRICE broke through $905 resistance today and ran $14.50 to close at $919.50. Did I warn y'all? It closed barely above its 50 DMA (now $918.15). What are we rooting for? A close clearly above $960, which will signal the gold price has bolted from the starting gate once again.
SILVER PRICE broke through resistance just above $17 and jumped 69.7 cents to close at $17.671. Both metals came through that resistance like a slingshot, but the fight only begins here. All those milestones have to be passed -- 50% retracement, 62%, 75%, last high, and so forth until silver tops $18.70 and positions itself for another test of the old high at $21.00. It will.
Patience, patience. I think we've seen the bottom in silver and gold prices already, but if a spike down lies in the cards, it will come soon. Don't look for that, look up.
The US DOLLAR INDEX looks sick, and today's drop of 58.2 cents left the Dollar Index below 72.50 at 72.439, about 13 basis points above the 50 day moving average. Other indicators appear to have rolled over. A close below 72 will send the dollar down toward its earlier lows just above 71. Looketh bad for the buck.
I don't know what hit STOCKS today, but it was stout, knocking 199.5 points off the Dow and 13.25 points off the S&P 500, leaving the Dow wallowing at 12,800 support yet again. A close below 12,755 would drop to 12,270 very quickly, and leave everybody asking whether the "rally" was over. It would be.
I've gotta go mow hay. It's waist deep. I can hear one of my sons outside now mowing with our Percheron horses. One of them loves the horses, the other can't stand them. Personally, there's no place in the world I'd rather be than driving a team of horses, except of course for kissing my wife.
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.