Gold Price Close Today : $909.60
Change: 14.00 or 1.6%
Silver Price Close Today : $12.850
Change: 29 cents or 2.3%
Gold Silver Ratio: 70.79
Change: -0.520 or -0.7%
Dow Industrial: 6,930.40
Change: 3.91 or 0.1%
US Dollar Index Today: 87.62
Change: -1.23 or -1.4%
Markets like this are no fun. You can't get it right whatever you do -- it's just choppy sideways volatility. You might come in tomorrow morning and gold and silver might be up 5% or down 5%, not to mention everything else. Here goes anyway, Murphy's Law notwithstanding.
Stocks can rally easily to 8,000, maybe 9,000, or to the 200 day moving average (DMA) at 9,800. Friends, if they do you had best unload your remaining stocks then.
The US DOLLAR INDEX appears to be rolling over downward. A close below 87 would send it falling fast.
The GOLD PRICE rallied $14 today to 909.60, above my 906 support. But I am as suspicious as a wife whose husband comes home at 4:00 a.m. smelling strongly of drink and claiming he's been practicing with the church bell ringers. I want proof, which means a close tomorrow or the next day above 920. Gold's 200 DMA stands at 858, right above very strong support at 850, so I doubt that gold would drop further than that, even in the worst case.
The SILVER PRICE is locked between its 50 DMA (12.34) and 200 DA (13.13), and locked in a downtrend unless it can close above 1350. Most probable outcome is range trading for the next couple of weeks, bound between 14.59 and 11.80. A close above 13.50 will prove my doubts groundless.
I am sure enough getting tired of the End of the World. No wonder we don't do these very often, they're about as entertaining as spreading asphalt on a hot day. The devil's loose and having a big time.
I thank all of y'all who write in response to my request for prayer for my wife. I deeply appreciate it.
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.