Gold Price Close Today : 704.90
Change: -$12.80 or -1.8%
Silver Price Close Today : 8.800
Change: 68 cents or -7.2%
Gold Silver Ratio: 80.10
Change: 4.396 or 5.8%
Dow Industrials: 8,835.25
Change: 552.59 or 6.7%
US Dollar Index Today: 86.69
Change: 1.06 or 1.2%
Crazy -- absolutely crazy. Silver and gold prices were down heavily at the close -- silver down 68 cents to 880 and gold down 12.80 at $704.90. Yet in the aftermarket, right now, gold is trading at 734.70, up $30 over the close and $20 over yesterday, and silver costs $9.47, up 67 cents or the entirety of today's drop.
Some news must have come out that I can't see, because the US Dollar index has dropped in the last hour about 60 more basis points, on top of the 42 it had lost already, to drop below 87 at 86.685.
Meanwhile stocks, after dropping 400+ points by 1300 hours, closed up 552.59 points at 8,835.25. Lately markets seem a seesaw, with stocks, silver, and gold moving together opposite the dollar. Logical? Nope, not at all, unless you figure that those desperate for dollars must liquidate stocks & metals to get them.
As I have been explaining for years, the chance that the US government would again confiscate gold as it did in the 1930s is a little less than the chance you will be abducted by aliens from the planet Zambodia on your way home today. As the saying goes, Where the corpse is, there will the vultures gather. Where is the corpse of wealth today? In retirement accounts, wherefore it surpriseth not that the Democrats have been holding hearings wherein an "expert" suggested that the US government should confiscate IRAs & 401(k)s and have the Social Security Administration (world-class shining example of financial probity and success) manage them for you. Nope, I didn't make this up. See www.carolinajournal.com/exclusives/dems-target-private-retirement-accounts.html
Looks like the US national motto will be changed from "In God We Trust" to "Let The Stealing Begin." Man, I love socialism. It's so, so, practical. Where else could you find all the worst points of both sadism & masochism?
Do NOT miss what happened today in silver and gold. These were dramatic first elements of key reversals. Silver and gold prices need only close higher Friday to complete the key reversals. Today's $8.80 close gives the silver price a double bottom with the earlier $8.79 close, and the gold price seems to be finishing the right shoulder of an inverse head and shoulders formation, with the neckline at $750. I don't recollect an aftermarket surge this strong, which implies that a definitive bottom has been placed. Therefore, buy silver and gold. By the way, stocks also made the first step of a key reversal, and a rally may follow from here that could last up to four months and give you a chance to get out of any remaining stocks.
Dear Readers, I certainly hope you aren't mimicking the mass of Americans who are hiding their heads in the sand, rather than facing what the present economic crisis may mean. If so, stop kidding yourselves. These bad debts and bad investments cannot be cleared in less than a decade. Best gird up your loins and prepare to run a long, hard race.
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.
