Gold Price Close Today : 741.70
Change: 12.60 or 1.7%
Silver Price Close Today : 9.195
Change: -10 cents or -1.1%
Gold Silver Ratio: 80.66
Change: 2.223 or 2.8%
US Dollar Index Today: 86.94
Change: 0.58 or 0.7%
On Friday I meant to mention but omitted that the gold price rose even in the teeth of a 120 basis point rise in the dollar.
From Friday we were looking for the finishing component of a key reversal in the gold price, namely, a higher close today. We got it: the gold price closed up $12.60 at US$741.70. However, the silver price closed down 10 cents at $9.195. However, gold weakened off in the aftermarket, but only to about $733. Again, the gold price rose in the teeth of the US DOLLAR INDEX rising 58 basis points today to close at 86.935.
Obviously confirmation is needed, but it now appears that silver and gold prices have made an important bottom. Premiums are still crazy high, deliveries are 3 weeks to 16 weeks, so silver and gold markets remain under fierce buying pressure.
Argentum et aurum comparenda sunt -- -- Gold and silver must be bought.
- Franklin Sanders, The Moneychanger
"Buy Silver and Gold Coins at:"
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.
