Gold Price Close Today : $906.70
Change: -20.60 or -2.2%
Silver Price Close Today : $12.410
Change: -15 cents or -1.2%
Gold Silver Ratio: 73.06
Change: -0.768 or -1.0%
Dow Industrial: 7,936.83
Change: -64.30 or -0.8%
US Dollar Index Today: 86.38
Change: -0.09 or -0.1%
Recall that last week I warned that the gold price might need more than one try ot pierce the US$920 - US$940 resistance level. So it was no surprise today that gold dropped 20.60 to close at US$906.70. Whoa! Don't run strangle yourself yet. That hangs gold just at the resistance level it first ran to when it broke thru US$850.
Last week it ratcheted back & forth between there and 880, to end the week breaking through to 927.30. Today's move is more ratcheting, more dancing, but it is progress, none the less.
SILVER has remained consistently stronger than gold during this rally, and remained so today, down 15 cents to end at $12.41. That's close enough to the $12.50 area to qualify as not breaking down. Expect tomorrow to force silver and gold to fight more and harder, but by midweek they both ought to be testing those US$920-940 and 12.80 - 13.00 barriers.
US DOLLAR INDEX closed today at 86.375, down 8.5 basis points. Once again y'all see how tenuously the metals & the dollar are connected. This old dog is long in the tooth, and just won't hunt. STOCKS, well, they just keep melting. Can't hold on to gains at all but manage to hang on to every loss. Some rally coming some time, but when. Glad y'all listened and sold your stocks already.
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.
