Gold Price Close Today : $841.10
Change: -24.30 or -2.8%
Silver Price Close Today : $11.080
Change: -34 cents or -3.0%
Gold Silver Ratio: 75.91
Change: 0.132 or 0.2%
Dow Industrials: 8769.70
Change: -245.40 or -2.7%
US Dollar Index Today: 82.25
Change: -0.59 or -0.7%
What a day! It all fell: stocks, dollar, silver, gold, oil. Why? Take your pick. Maybe it was Obamaramalama's $1.2 projected deficit, or crude oil down 12%, or panic taking over stocks, or the Fed enlarging its "facility" to bail out money market funds. Any of those would have been enough to turn me off of stocks and the dollar, but why silver and gold?
SILVER and GOLD PRICES, having failed to break through the chains of $850, today turned and went the other direction. However, the gold price closed at $841.10, down $24.30 (down 2.8%) which isn't too frightful. There is good support for the gold price from $840 down to $820, so we have a correction but not a disaster. Be patient.
The SILVER PRICE dropped 34 cents today (3%) to $11.08. As long as it stays above $10.90 this weakness won't last long. Look on it as an opportunity to buy silver on the cheap.
Speaking of that, I bought something today I haven't seen in more than 5 months: ten oz. silver bars. I bought 20 of them and will sell them all in one lot for $140.50 a bar, or $2,810 for the lot, plus $25 shipping ($2,835 total). First e-mail to [email protected] wins the lot. Please mention goldprice.org in your email.
On news that jobs cut in December were more than expected, stocks lost most of the ground they had gained this year. That 9,000 resistance is tough. Be patient, I think they are just working their way up in a rally, and every market zigs and zags. Look for higher prices to sell remaining stocks.
The US DOLLAR dropped 65 basis points today, not huge by today's manic standards, but sizeable. I couldn't find any special news items that might have smacked the dollar. So much for the theory that stocks & metals always run opposite to the dollar.
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.