Silver and Gold Prices Are Making the Final Leg Down of an A-B-C Correction
Gold Price Close Last Friday: 930.6
Change: 14.4 or -1.5%
Silver Price Close Today : 17.30
Silver Price Close Last Friday: 17.925
Change: -62.5 cents or -3.6%
US Dollar Index Today: 71.74
US Dollar Index Last Friday: 71.701
Change: 0.04 or 0.0%
It appears to me that SILVER and GOLD PRICES are now making the final leg down of an A-B-C correction. This shouldn't last longer longer than Friday of this week, if that long, but could carry lower than the last lows, scaring y'all and me to death, but pulling out at last. Big rally remains in front of silver and gold prices. Hold what you have; buy more.
Today "Secretary" of Treasury Henry "I Used To Work For Goldman Sachs"Paulson announced a plan of sweeping regulatory changes to "modernize" the nation's financial system in the biggest changes since the Great Depression. Mostly his plan would give the Fed greater regulatory authority and make it the Defender Against All Market Declines So Wall Street Can Rise Forever. Mmmm. . . Let's see. The Fed has done such a capital, such a competent, such a successful job managing the dollar since 1913 that now mentally-Palsied Paulson wants to turn over the rest of the financial system to them, plus make them official backstop for ever-rising markets?
STOCKS remain enmired and unable to climb. Stay out of stocks. Like Ulysses and the Sirens, if you can't stop your ears to the Voices from Wall Street, then tie yourself and your wallet to the ship's mast.
The US DOLLAR, suffering from life-threatening anemia, today lifted its head from the pillow, looked around briefly, then slumped back. The effort exhausted the poor dollar.
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.