Gold Price Close Today : $901.60
Change: 9.60 or 1.1%
Silver Price Close Today : $12.465
Change: 17 cents or 1.4%
Gold Silver Ratio: 72.33
Change: -0.219 or -0.3%
Dow Industrial: 7,956.66
Change: -121.70 or -1.5%
US Dollar Index Today: 85.69
Change: 0.68 or 0.8%
One really big goal stands before my eyes: gold piercing $920-940. A failure at that level-- I'm not talking about these "Take two steps back and try again" moves but a drop below $850 -- would condemn gold and silver to a very long recuperation. However, right now gold could drop as low as $850 without damaging the uptrend at all.
Not that I'm worried about gold failing to break through 920-940, but my mind flies around out there looking for things that might go wrong, the worst case. In fact, gold is chugging along exactly as I might wish, not advancing without opposition, but steadily advancing and recovering. By the way, that little 1st half of a key reversal yesterday was followed by the 2nd half, a higher close today. Gold is going higher, & tomorrow.
The silver prive has remained stronger than gold, but needs now to break clean thru 12.50 and moveahead to $14.00. Don't see a problem here.
US DOLLAR INDEX, after fainting yesterday, came back 68 basis points today. Yet it advanceth not. Looks like the rally was only a correction, and won't reach 88. But I keep on watching.
STOCKS, buoyed up by all the good news, fell back to the 7950 level again today. That's become the new line in the sand. If stocks close below that, kiss 'em good-buy, & quick!
I think cars entering Washington must be searched for history books. As colossally stupid as it sounds, the Obama stimulus plan includes provisions forbidding importation of iron and steel. Seems nobody in DC knows that the Great Depression became great and global only by passing the Smoot Hawley Tariff Act which ignited an international trade war. Wonder what those Chinese will say? Maybe they'll say "Okay, we can't sell them steel, then we don't need to buy their sorry bonds, either" -- however you'd say that in Mandarin.
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.
