Gold Price Close Today : 836.30
Change: -1.40 or -0.2%
Silver Price Close Today : 10.142
Change: -88 cents
US Dollar Index Today: 82.32
Change: 0.78 or 1.0%
What do you say about a market that gains 900 points one day, then day after next loses 733? Can anyone spell "N-i-c-e G-o-v-e-r-n-m-e-n-t M-e-n"? Or you could just ascribe it to an countertrend rally in a bear market. Either way, you'd probably be right. Take any opportunity to get out of stocks, including IRAs & 401(k)s. If you can't bear the thought of paying the tax penalty, then at least convert them to silver or gold IRAs. Call Gold Star Trust (800/486-6888) or Sterling Trust (800/955-3434) & ask about transferring your IRA to them & converting to a precious metals IRA.
Then there is the almighty -- or should I say, slightly mighty -- US DOLLAR index. It closed today up 78 basis points at 82.317, but looks ready for a correction. Of course, how can one read markets technically when so many "invisible hands" are stirring the pot.
I hear on National Proletarian Radio this morning (in between the begging for money) that the announced government buy-in to banks would affect six banks. That sort of surprised me, but I was so covered up today I never got a chance to look it up. Did any of y'all see? "Surprised"? Did I say that? A wholesale revolution has taken place in which the US government is being taken over by the banks, & the government is throwing Bodacious Bailout Bucks not only at the whiners, but at anybody who even looks sad.
But let's leave all that and move to silver and gold. What a farce, what a show was today's market. Most all the day silver remains in 10.30 - 10.40 range, then "mysteriously" collapses at the close to close down 88 cents at 10.14. Whoops! But of course when you try to BUY anything at that 10.14 price, it shoots up in the aftermarket 35 cents and now is trading at 10.43. The gold price followed the same pattern, trading most of the day around $845-$850, then "suddenly" dropping to close at 836.30. Whoops! Immediately in the aftermarket it rose back to 850.
Ladies and gentlemen, 'twas not always thus. Get out of US dollars, out of Yen, out of Euros, out of all fiat currencies and into silver and gold. Gird up your loins for extreme volatility, for NGM raids on silver and gold prices to drive them down temporarily, or on stocks to raise them up, and keep your eyes on the horizon, where surely in the not distant future paper currencies will become laughable shadows of their former selves.
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.