Tuesday, September 02, 2008

Today's Trading in Both Silver and Gold has the Appearance of a V Bottom

Gold Price Close Today : 805.00
Change: -24.30

Silver Price Close Today : 13.050
Change: -56 cents

Still in the hospital with my wife, but I wanted to send y'all a few words on today's markets.

Today's trading in both silver and gold has the appearance of a V bottom. It also looks something like a key reversal, although the close might have been stronger and both metals need a higher close tomorrow to complete a key reversal. If today's trading marks the limit of a new low, then it would constitute a double bottom with the mid-August low. If this is correct then we will see closes tomorrow higher than today's. As long as gold and silver do not go lower than today's lows, we have seen the bottom. No time to lose heart, the bull is getting off his knees for another charge.

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.