Gold Price Close Today : $958.30
Change: 69.60 or 7.83%
Silver Price Close Today : $13.50
Change: $1.55 or 12.40%
Gold Silver Ratio: 70.9851
Dow Industrial: 7,400.8
Change: -85.78 or -1.15%
US Dollar Index Today: 83.17
Change: -255
Silver and gold prices have a best friend, and it's Big Ben Bernanke. Yesterday the gold price had broken down, and was headed lower, but Ben engineered one of the last decade's most dramatic turnarounds. The gold price leapt nearly 60 bucks, silver 100 cents. Today's figures take yesterday's low closes into account, with the gold price up $69.60 to $958.30 and the silver price up to $13.60, up $1.55.
The upshot was the first half of a key reversal (break to a new low for the move with a higher close), confirmed today by higher closes. The gold price is headed for another shot at $1,000, and may pierce this time. The silver price needs to climb over this $13.50 mark, done today. Next barrier is $14.50..
The next big move to expect in silver and gold prices is a dramatic rise by silver against gold (the ratio will drop drastically).
Yesterday the US Dollar Index dropped 255 basis points. I looked and stuttered. I have never seen a move like that. Bernanke and the other meddlers have laid hands on the Primal Forces of the Universe. Imagine giving college frat boys the keys to the car, a case of gin, & thermonuclear warheads. You'll get a flavour of what has happened.
Never stand in the way of gigantic, fierce market moves. If you've been waiting to buy silver and gold, stop waiting. Buy now. Get out of dollars as quickly as you can.
I hope y'all are seriously considering your future. I try to avoid dwelling on negatives, but dollar depreciation leads directly to unemployment, poverty, and violence. If you live in a city, better locate a back door.
Yesterday the Federal Open Market Committee announced the US Dollar's coming demise. Oh, the dollar is still ambulatory, but the Fed doubling its balance sheet again, after already doubling it in the past 12 months, tells you the dollar is dead. You can keep hoping, you can keep sticking your fingers in your ears and your head in the sand, but the Fed announced yesterday that the Dollar most surely will be sacrificed to meet the dirigist and socialist agenda. Let the banks be saved, though the heavens fall!
One of my great amusements in life is hearing Comrade Obama and other Washington cadre call government spending "investment." How cutely Orwellian! Now every time I want to buy a pack of cigarettes, I can say, "Hey! I want to go invest $4.50 in the economy by buying a 50 cent pack of smokes and giving the government $4.50 to invest."
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Argentum et aurum comparenda sunt -- -- Gold and silver must be bought.
- Franklin Sanders, The Moneychanger
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.
