Gold Price Close Today : 855.40
Change: -27.70 or -3.1%
Silver Price Close Today : 10.545
Change: 12.75 cents or -10.8%
US Dollar Index Today: 82.55
Change: 1.51 or 1.9%
Remember this day, because you will probably never see another like it. Today was everybody's turn to puke in his wastebasket.
If you're sick about your silver and gold prices dropping, since last Friday the Dow lost 18.26% & the S&P500 lost 21.6%. Compared to that, the 6.4% drop in the silver price looks like nothing, and the gold price actually rose 3.2% from last Friday until today.
Unquestionably, much of today's decline was grounded in a frantic run to safety and cash. A collapse feeds on margin calls real or expected, & the need to raise cash no doubt helped press silver & gold down. That said, the rest of the day was nothing but the Nice Government Men "painting the tape." This morning a little before 9:00 Central time Susan and I were listening to National Proletarian Radio and the announcer called the Dow at "Down 170", then 30 seconds later, "Down 260", then in another 30 seconds, "Down 420." Looking at the day's chart, the Dow climbed back up very, very quickly to unchanged, then fell back. By 14:00 it was back on the lows of the day, but -- miracle of miracles! -- the Dow visited Lourdes beginning at 15:00 and rose again from the dead, to finish the day down only 175. Only thing I can figure out is that all those panicked investors had their nerves soothed by George Bush's masterful broadcast address.
Then we come to silver and gold prices, which climbed or held steady throughout the day until the clock struck noon. Suddenly, worldwide, investors who had been fleeing into gold suddenly changed their minds (!!) and fled out of gold, leaving it down 27.70 at Comex close (12:25) at $855.40, and poor silver down 127.5 cents at $10.545. During the day it actually traded as low as $9.30, but by now (17:13 Central) has climbed back to $10.12.
What you saw today is simply not normal trading, and you can't say anything about it except, "Panic." Where it will sort out I can't say, but I am certain that when it sorts out, silver and gold prices will resume their upward drive. If they were good buys earlier this week at 906 and 12.30, what are they now? The inflation will come, the US government has staged a coup d'etat, taking over direction of the economy. The dollar will suffer, as will every other fiat currency.
Besides, ask yourself this: what had you rather hold now than silver and gold? Dollars? Euros? Bank deposits? Right. I'll stick with the silver and gold.
Don't be surprised if some proposal comes out of the G7 finance ministers' meeting for a "new international financial architecture." Or for more power to the UN, or for a closer merger of the North American Union. This is what the elite longs for, more power over your life & mine, O fellow mushrooms.
All that doesn't matter. Silver and gold prices will rise and keep rising. Don't be distracted by the old woman with the crooked nose selling apples at your front door while they're loading your furniture out the back door. And in the near future here's a never-fail test for whether or not your government officials are lying: Are their lips moving? If so, they are lying.
One more thing, Mushrooms: one day our turn will come, and it might not be long. "Our turn" means a chance to build a new monetary system on silver and gold, and a chance to build a just and stable economy. Look around you, at your local economy, because that's the place to start. Do any local stores or tradesmen or restaurants accept silver and gold in payment? Why don't you suggest it to them? You never know until you ask.
Edward J. Kane said, "Historically, bankers have tried to portray themselves as leaders and tribal priests, and the banks have been built on the model of temples.
I don see any reason to believe bankers are any worse or any better than anyone else. But because they operate with a special product -- money -- there's more temptation."
But I like better the wisdom and courage of my fellow Tennessean, Andrew Jackson, who said, "The Bank is trying to kill me, but I will kill it." Where's Andy Jackson when you need him?
Y'all enjoy your weekend!
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.