Gold Price Close Today : 879.9
Gold Price Close Yesterday: 881.60
Change: -1.70 or -0.2%
Silver Price Close Today : 16.906
Silver Price Close Yesterday: 16.799
Change: 10.7 cents or 0.6%
US Dollar Index Today: 73.46
US Dollar Index Yesterday: 73.30
Change: 0.16 or 0.2%
Today let's tell a tale of oil -- black gold, Texas tea -- From the depths of 10 bucks a barrel not too many years ago it ran to $135, and now is retreating. Oil's run has not ended, but it will correct 20 or 30%. The oil mania was feeding gold & silver, so oil's break (down to 122.85 today) doesn't help silver and gold. Still, if you're going to enjoy the wild run-ups, you have to take the sickening corrections, too.
The most entertaining and diverting aspect of the oil rise has been the surge in Congressional stupidity it has occasioned. Like King Canute commanding the tide to recede, senators & congressmen fume & bluster, and vie for the "Dumbest Proposal" award.
SILVER and GOLD PRICE told us nothing today, the silver price rising 10.7 cents and the gold price falling $1.70. That looks like a confused market, and confused markets either fall or go nowhere. To advance the gold price needs to close above its 50 day moving average (now $905.23). Beneath the gold price lies the arms of the 200 DMA at 846.59.
The silver price is by no means a sure thing. The next few days will be touch and go. A close below that last close at $16.115 would turn the silver price down for a fall. Right now, $16.50 is the important support. Can the silver price hold above that?
If the Dow cracks 12,200, it won't stop before 11,750. Trading doesn't look good for stocks.
The US DOLLAR index gained another 16 basis points today, but hasn't closed over 73.50 yet. That higher than 73.50 close will begin to scatter those shorting the dollar, whose numbers are legion. That might make for some jumpy trading as terrorized shorts are run out of a rising market.
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.
