Gold Price Close Today : 931.90
Gold Price Close Yesterday: 944.80
Change: -12.90 or -1.4%
Silver Price Close Today : 18.285
Silver Price Close Yesterday: 18.337
Change: -5.2 cents or -0.3%
US Dollar Index Today: 72.72
US Dollar Index Yesterday: 72.06
Change: 0.65 or 0.9%
Today's markets were governed by the big moves of the last few days and, most of all, the upcoming holiday. Traders never like to take home positions over long weekends -- it sours the martinis on Long Island, so they sell out and take lumps or profits before holidays. Given the huge gains silver and gold longs have landed this week, it's no surprise they would grab them and run.
The same probably holds true for stock shorts. The Dow rose a meagre 73 points today (to 11,288.54) while the S&P500 rose 1.38 to 1,262.90. Meanwhile, the NASDAQ Comp fell slightly. Can anybody spell b-e-w-i-l-d-e-r-e-d or d-e-m-o-r-a-l-i-z-e-d? The summer will not be kind to stocks, I fear. I hope y'all have been moving heaven & earth & your stockbrokers & IRA & 401k managers to get out of stocks & into silver & gold. Whatever you leave in stocks will be lost.
Shorts in the US DOLLAR INDEX took flight today, too, letting the dollar rise 65 basis points. Doesn't say much really, since a rally off 72 was predictable. Dollar shows no signs of life still, today notwithstanding.
The SILVER PRICE backed off 5.2 cents today to close at $18.2850, not as much as the GOLD PRICE down $12.90 to end at $931.90. EEEK! Should we panic now? No, contrary to the Nervous Nellies who are constantly straining at the horizon for signs of the end of the metals' bull market. Fat profits this week sent traders running to the bank, and that and the holiday cut into the price today. But note, my friends, carefully note that both remained ABOVE, yes, ABOVE their old highs at $18.24 and $928.
Next week we may see the Attack of the Monster Shorts that could take metals below those prices, but if so only for a day. Both have a strong head of steam and you will see higher prices next week.
Buy more silver and gold. Get out of dollars and stocks. Buy more still. The coming ride in silver and gold prices will dazzle all observers, including the most bullish.
Word came from Vanderbilt in Nashville that Caroline came through her heart surgery very well and is now out of surgery and in intensive care. Thank you for praying with us, and please don't stop.
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.
