Gold Price Close Today : 880.70
Change: 6.50 or 0.7%
Silver Price Close Today : 12.720
Change: 48.9 or 4.0%
US Dollar Index Today: 79.70
Change: 0.21 or 0.3%
The GOLD PRICE chart today looks a bit odd, trading up strongly into noon, then falling sharply. It rose $6.50 today to close at $880.70, then faded off $8 to $5 in the aftermarket.
The SILVER PRICE rose 48.9 cents to close at $12.72. Arresting figure of both silver and gold price charts is the gap in the chart for Tuesday. Technical rule of gaps is that "gaps are always filled", except for breakaway gaps, and today the market traded back up to fill the gap, then traded back. However, does any rule mean anything any longer? Why would silver and gold prices gap down on Tuesday, suddenly, both of them? Why, when the financial system is tottering and teetering? Why, when physical silver premiums say silver's price is not the paper price of $12.50 but $16.00? Hogwash, I just don't believe it, anymore than I believe that stocks are in a bull market., or that pigs can be taught table manners.
For my part, I would keep on buying silver and gold, and shucking stocks and US dollars.
Have y'all noticed yet that the US DOLLAR INDEX's rally to 80 merely touched the long term downtrend line? Need I point out that this is not strength, merely a bear market rally? Nice Government Men (NGM) have been ferociously slapping their defibrillator to the dollar's corpse, trying to raise it up off the slab, but so far have not quite reached the last high at 80. When the announcement of the bailout agreement comes from congress, the dollar will undergo one last jolt, and then expire.
About the same time stocks will show a one-day surge of upward enthusiasm for the bailout agreement, then wilt again. Use any rally to get out of stocks.
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.