Gold Price Close Today : 869.20
Gold Price Close Yesterday: 879.70
Change: -10.50 or -1.2%
Silver Price Close Today : 16.460
Silver Price Close Yesterday: 16.829
Change: -37.5 cents or -2.2%
US Dollar Index Today: 73.86
US Dollar Index Yesterday: 73.24
Change: 0.62 or 0.8%
Well, the theory got proven today, as SILVER and GOLD PRICES plunged -- nay, let us say "stepped through a trap-door" -- at the opening. At one time during the day silver had dropped as low as $16.22 and gold as low as US$857. And yes, the first thing I thought about this morning as I gazed upon those vanishing numbers was, "Well, yesterday I said they were all right as long as they held above $16.45 and $867. We' ll see." Frankly, at $16.29, it looks pretty much like a foregone conclusion that silver will close below $16.45.
Yeah, but looks can fool you. Clearly, $16.30 hides strong, very strong support for silver. As does $867 for gold. How do I interpret today? It looks very strong to break that much, then close the day above key support. Did silver & gold close down? Well, yes, yes, they did, but that strong comeback tells me that huge mobs of buyers are lurking out there, waiting for bargains. That puts strong support underneath the market, and cuts short any decline.
Buy silver & gold on any declines. Look for wide volatility for the next 6 - 8 weeks. Range for that trading is $18.40 - $16.11 for silver and $848.50 to $928 for gold. Beginning in July or August both metals should rally strongly.
Stocks did nothing to notice today, just bounced slightly. Sell, O, sell thy stocks!
US DOLLAR INDEX rose 62 basis points today to close above 73.50 at 73.86. Now -- can it beat 74.00? No doubt that rising dollar caused gold and silver trouble today, but it's not that strong. Metals will soon shake off a stronger dollar.
Argentum et aurum comparenda sunt -- -- Gold and silver must be bought.
- Franklin Sanders, The Moneychanger
"Buy Silver and Gold Coins at the Best Prices"
The-MoneyChanger.com
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.
