Gold Price Close Today : 739.30
Change: 2.40 or -0.3%
Silver Price Close Today : 8.79
Change: -40.5 cents or -4.4%
Gold Silver Ratio: 84.11
Change: 3.444 or 4.3%
US Dollar Index Today: 86.31
Change: -0.96 or -1.1%
Bonjour, artistes! Yet another lovely day of "painting the tape."
Behold! The SILVER PRICE made a new low at -- gasp! -- $8.46, but of course, that was painting for the public. You and I mere mortals couldn't buy it there. After a spike low to $8.45, then a nice, picturesque close down 40.5¢ at $8.79,and Whoops! Aftermarket jumps 41¢ to $9.20.
If that after market had been a close, it would have laid down the first two pieces of a Key reversal, a break into lower ground followed by a higher close. I'm willing to count it as that, provided it closes higher tomorrow. Me, I bought silver today.
Gold's trading today was just as bogus as silver's. It made a "low" at $728, then "closed" (wink! Wink!) at $739.30, down $2.40, but in the aftermarket is now trading at $748.90, up $9.60 My, my, what a pretty picture!
The US DOLLAR INDEX flopped 96 basis points today, on scuttlebutt (no doubt scuttled by the Fed . . . er, never mind, the Fed itself) that the Fed intends next week to slash interest rates to stimulate more borrowing. Since interest rates are the prime determinant of currency exchange rates, announcing you are lowering interest rates to 4 years lows wouldn't really boost the dollar, now would it?
I warned y'all before about mad-dog volatility, & now we have it. Dollar up 120 bp one day, down 100 the next, and the stock market up 889 today to 9065.12. Mercy, you'd have thought it went to 20 thousand they way the Wall St. shills crowed. Lo, beware the bear market rally, sudden, sharp, strong --- and short. More downside to stocks yet, much more.
Seems to me that gold and silver prices have now bottomed, but in a market this volatile, keep your powder dry.
Here's something odd. Friend told me today he went to a big convention of (ought to be) smart people last week, and not a single person seemed at all concerned about the financial crisis. Well, no real surprise, since they have been brainwashed by public education, government, & media to trust their "leaders" to take care of them. Course, they may belch & swallow hard when they see those IRAs & pension accounts down 30 - 40%.
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.
