Gold Price Close Today : $976.10
Change: -1.6 or -0.2%
Silver Price Close Today : $13.933
Change: -35.5 cents or -2.5%
Gold Silver Ratio: 70.06
Change: 1.629 or 2.4%
Dow Industrial: 7,465.95
Change: -89.68 or -1.2%
US Dollar Index Today: 87.57
Change: -0.48 or -0.5%
This morning I thought that I had somehow slipped into another dimension, maybe into a Salvador Dali painting. I was listening to National Proletarian Radio about the Next Step of our salvation, the Obama O'mortgage Obailout. O my. If obtuseness every reared up and assumed a body, it would be this plan. Everybody burbles about the need to "stabilize" real estate markets. No, to make them recover as quickly as possible, everyone needs to stand aside and let prices fall as fast and far as possible, until housing becomes attractively priced again. And maintaining people in mortgages they can't pay? What loony bin comes up with these plans?
Believe me, the gold and silver investor's secret weapon and chief ally is the US government and the Obamaite administration.
Well, I knew this day would come: today, everything in the world went down. Yep, stocks, silver, gold, the dollar, every blooming thing except the yen and euro and oil.
Stocks broke down clean thru 7,500 today. They are headed for 7,250 or 6,250. Most likely decline will unfold sharply next few days, and at last we'll see that bottom, but much lower than everyone expected.
SILVER and GOLD PRICES still haven't made up their minds, although they slacked off today. Gold gave up only 1.60 to $976.10 but silver lost 35.5 cents to end up beneath 14.00 at 13.933. This back-away will last a day or two, then the gold price will attack 977.70 again. We'll know then whether we're in for another correction, or the rally will continue.
Argentum et aurum comparenda sunt -- -- Gold and silver must be bought.
- Franklin Sanders, The Moneychanger
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.