Gold Price Close Today : 935.80
Change: 12.00 or 1.3%
Silver Price Close Today : $13.424
Change: 8 cents or 0.6%
Gold Silver Ratio: 69.71
Change: 0.481 or 0.7%
Dow Industrial: 7,749.81
Change: 89.84 or 1.2%
US Dollar Index Today: 83.72
Change: -0.29 or -0.3%
If y'all would like to see my testimony before the Georgia house Committee on Banks and Banking, go to http://www.youtube.com/watch?v=2VKvzeePmL4 You'll get a great view of my back.
Stocks are about to run into trouble as they hit resistance at 8,000. Rally will continue, drawing in more and more victims. Don't
become one of them.
US Dollar index dropped today. Interesting to hear proposals by some snarky UN Economic committee to replace US dollar with IMF Special Drawing Rights as world's reserve currency. Well, that goes to show that just when you thought nobody could do or say or suggest anything stupider, sorrier, and surer to work irreparable harm on all the peoples of the world in the financial realm, some loopy UN bureaucrat does it. Makes you wonder if this was part of the plan all along (that's for all you conspiracy buffs.) The head of China's central bank suggested something similar and Little Timmy Geithner today drove the US Dollar down 1% in two nanoseconds by remarking in public that, well, yeah, the US is all in favour of increasing SDR reserves. Great, Timmy! Whose team do you play for? Conspiracy? What are they conspiring to do, out-stupid each other?
Maybe I'd better make myself clear. I'm glad to know that somebody besides me thinks the US Dollar shouldn't be the world's reserve currency, but replace it with the IMF SDR? Go from not worth much to not worth a tinker's dam? What good would that do?
SILVER and GOLD welcomed Timmy's gaffe. The gold price rose 12 bucks to US$935.80 and the silver price climbed 8 cents to 13.4240. $14.50 and $950 remain the marks to beat on the upside. However, downside I don't think there's much danger. Gold wilted toward 920 and buyers came out of the woodwork like swallows flocking back to Capistrano. It appears plenty of support lurks beneath both metals.
Yet let us remain philosophical. Metals are still correcting, while they creep up toward gold's breakout at US$1,000, so they might break briefly. For now it doesn't appear that will happen, though.
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.