Gold Price Close Today : $895.40
Gold Price Close May 30: $887.30
Change: 8.10 or 0.9%
Silver Price Close Today : $17.397
Silver Price Close May 30: $16.827
Change: 57 cents or 3.4%
US Dollar Index Today: 72.351
US Dollar Index May 30: 72.880
Change: -0.529 or -0.7%
Today was a mess!
After some loudmouthed official in Israel said an attack on Iran appeared "unavoidable" the oil price, which had been declining, jumped over $10 to close at a new record high. Bad news for stocks & the US Dollar. My friend BL, a life long trader, called today and said it was an "historic breakdown." Strong words from an experienced trader. After rising 214 points yesterday, the Dow today crashed 394 points.
The S&P 500 dropped 43.37 to 1,360.68. That 12,200 is strong support for the Dow, but from here I wouldn't bet on it holding. Get out of stocks as fast as you can.
Not only has the US DOLLAR INDEX failed to pierce 73.50, or even to hold on, it has dropped 110 basis points in the last two days. A close below 71.80 will send the dollar plummeting to its old low just above 70. If that happens, there will be no rally at all in the dollar, but instead some sort of dollar crisis this summer.
Perhaps that was what a farseeing SILVER PRICE was telling us with its two closes before today's, that something big was brewing in the market. (Y'all remember that the silver price rose two days while gold price fell). Today the silver price rose 26 cents to close at $17.397, then rose another 12 cents in the aftermarket, trading at 17:00 central time at $17.52. The GOLD PRICE rose $23.60 today, closing at US895.40, but rose another $7.00 in the aftermarket, trading at $901.50.
Problem is, these figures speak with forked tongue. To confirm another rally, the silver price needs to close above the last high at $18.24 and the gold price above its last high at $928. But to make the next confirming step, silver need only close above $17.40 and gold above $907. With the oil price going crazy, things could get out of hand this summer. Don't let that catch you without silver and gold, and a backdoor.
Y'all enjoy your weekend.
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.
