Gold Price Close Today : $768.80
Change: 12.50 or -1.6%
Silver Price Close Today : $9.564
Change: 2.6 cents or -0.3%
Gold Silver Ratio: 80.38
Change: -1.086 or -1.3%
Dow Industrials: 8,601.96
Change: 182.87 or 2.2%
US Dollar Index Today: 86.76
Change: 0.22 or 0.3%
The gold price dropped again today, with a $763 low near the 17 day moving average at $762. Closed at $768.80, down $12.50, but in the aftermarket is trading at $773.30. Needs to rally up over $800 soon. The uptrend in the gold price is not over, this is a normal correction.
The silver price dropped 2.60 cents and wound up at $9.564 at the close, trading up to $9.615 in the aftermarket. Looking at the chart, the silver price really ought to turn up from here, but of course markets have minds of their own.
That Amazing Floating Anvil, the US Dollar index, rose again today by 22 basis points to close at 86.75. Nothing changed: still trending down.
Ahh, mortals! Here's a real heartbreaker. Harvard University's endowment announced it lost 22% ($8 bn) in the first 4 months of its fiscal 2009. Using some clever backward mathmatics, I figure that the value of the entire endowment must be around $36.4 billion. Remember that, as you read your 401(k) statement through tears. All the poor Harvard students may have to drink reconstituted orange juice next year, instead of fresh-squeezed.
Argentum et aurum comparenda sunt -- -- Gold and silver must be bought.
- Franklin Sanders, The Moneychanger
"Buy Silver and Gold Coins at:"
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.