Gold Price Close Today : $895.60
Gold Price Close 27th March: $923.20
Change: -27.60 or -3.0%
Silver Price Close Today : $12.725
Silver Price Close 27th March: $13.251
Change: -52.60 cents or -4.0%
Gold Silver Ratio: 70.38
Gold Silver Ratio Close 27th March: 69.67
Change: 0.71 or 1.0%
Dow Industrial: 8,017.59
Dow Close 27th March: 7,776.18
Change: 241.410 or 3.1%
US Dollar Index Today: 84.201
US Dollar Close 27th March: 85.140
Change: -0.939 or -1.1%
I'm mad enough to chew nails and spit iron filings. The sleazy internationalists and their running dogs in the US government (which pretty much includes everybody) has floated yet again that old ploy about selling IMF gold and helping the "poor countries" -- as if they were interested in the poor, except for stealing what little they have left.
The comrades at the Gang of 20 meeting mentioned the IMF gold sale as if it were already agreed upon, which it is not, and I predict as a weary, long time observer, never will be, mainly because it is the ONLY asset the IMF has. (And if the almighty US government keeps 78% of its foreign reserves in gold, then pray tell me how good the IMF's Special Drawing Rights will be without any gold at all behind them?) Every time since 1992 they have wanted to jawbone gold down, they have trotted out this old dog, which never would hunt to begin with.
But let us with steely eyes and ice-cold reason examine the much-touted sale of the IMF's 403 tonnes of gold. That would be 12,938,315 troy ounces. Wow, wow, wow, sounds like a lot, huh? That is, unless you happen to know that the DAILY turnover on the London Bullion Market Association in 2009 was 18,300,000 oz. per day. So how much trouble would the gold market have digesting the IMF's little dab of gold? None. Not a bit. Wouldn't even burp.
AND let's talk about stocks, and the rally that has so many eyes bugging out on stalks. Friends, this is merely a predictable counter-trend rally, and will peter out at 9,000 - 9,400. Ignore the song of Wall Street touts as Ulysses ignored the Siren's song. Sell stocks if you have them.
The Dow today closed up 39.51 at 8,017.59 and the SandP500 rose 8.11 to 842.49.
With the Dow rising and Gold falling, the Dow in Gold Dollars has been rising in a countertrend rally. From a low on 6 March 2009 at G$145.37 (7.032 oz) it has rallied to G$185.06 (8.952 oz). It's likely to rally to G$200 (9.675 oz) or G$215 (10.401 oz) before it fails. Holding gold at US$890, that yields a high on the Dow from 8,677.50 to 9,328.
The US DOLLAR INDEX dropped nearly 100 basis points this week to close at 84.201. The Obamaites are doing everything possible to make sure that the dollar revisits 79. Get out of any investment that promises to pay you dollars in the future. Clearly the Nice Government Men are doing their worst to keep the price of gold low, so nobody will notice that the dollar is sinking out of sight and take flight into gold. These tricks only work temporarily, like the Treasury's gold sales in the 1970s.
Take this as an opportunity to buy more silver and gold at low prices. If gold breaks US$888.00, then the next logical support is US$850. Next week will tell us how close we come to that.
I would not like to be the NGM tasked with keeping gold down, a job akin to holding a basketball under water. Such buying strength materializes around US$890, I don't know how they will do it. However, when you are unspeakably corrupt and have legions of corrupt bullion banks eager to act as your yellow lickspittle lackeys, I reckon you can get the job done.
If the silver price closes below 12.45, it could drop to 12.00 or 11.85. Use every dip in price to buy more. Don't be taken in by the shell game presently being played on the world. The victims will wake up soon enough.
Y'all have a great weekend.
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.