Gold Price Close Today : $948.50
Change: 4.70 or 0.5%
Silver Price Close Today : 13.505
Change: -10 cents or -0.1%
Gold Silver Ratio: 70.23
Change: 0.400 or 0.6%
Dow Industrial: 7,892.22
Change: -47.31 or -0.6%
US Dollar Index Today: 86.27
Change: 0.40 or 0.5%
Man! This Obailout is working like a, like a, like a New Deal! Dow today dropped 47.3 to close at 7,892.22, but made a low today at 7,693.98. That's spitting distance of the 20 November 2008 low at 7,552.45. If the Dow breaks that line, not even an Obailout can help it. Say, Nice Government Men, what's that on your forehead?
The US DOLLAR today rose 40 basis points to close at 86.27, but that doesn't do a bit of good. Trend's still down.
The GOLD PRICE rose US$4.70 to US$948.50, an din the aftermarket traded above 950. But what's crucial here is that today the gold price broke through -- above -- the down-trend line from the March 2008 high. It broke out of the downtrend. Tomorrow it needs to improve that gain, but from here it looks like gold will take off. I'm flinching, waiting for the attack from the NGM, but gold is terribly strong.
The SILVER PRICE today fell one cent to close at $13.505. That I didn't like. Double closes (yesterday's was $13.515) often occur at trend changes. Yet today also the silver price pierced its 200 day moving average for the first time since August 6. As with gold, if silver can improve its gains tomorrow, and scare the last of the shorts out of the market on a Friday, we could see $14.00 tomorrow or Monday. $13.50 also marks the rim of the saucer bottom silver has been tracing out, and that rim is where breakouts occur.
By the way, one amazing thing appeared in Gauleiter Geithner's press statement. He admitted that the central banks had cause the present crisis, not, as I would say, because it is their nature, but well, you know, they were just drinking too many martinis and weren't watching what all those dirty speculators were doing. One is tempted to remark, "Hell is full and the damned -- or at least the idiotic -- are walking the earth." These are not serious people.
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.
