Gold Price Close Today : 950.80
Change: 13.80 or 1.5%
Silver Price Close Today : 14.435
Change: 16.5 cents or 1.2%
Gold Silver Ratio: 65.87
Change: 0.205 or 0.3%
Dow Industrial: 8,254.78
Change: -167.26 or -2.0%
US Dollar Index: 80.59
Change: -0.60 or -0.7%
Almost all equivocation and doubt was removed from the metals market today -- almost all.
The US DOLLAR INDEX, once it broke 82, has dropped 237 basis points in the last two days, closing today at 80.549. I told y'all once it broke 82 it would drop fast. Logical next stopping point and support is 78.
Who benefits from the falling dollar except silver and gold prices? The gold price rose 13.80 today, clearing the 938-941.50 resistance, and leaping half way to the next, and key, resistance at 965. It closed at 950.80, but right now is trading about 954. The gold price ought to make a quick move thorough 965, then run for $1,000.00. A $50 move is nothing for the gold price when it gets steamed up.
Silver made a clean breakout, but remember its last high was 14.58. In the aftermarket it's trading at 14.53. Rose today 16.5 cents to close at 14.43.50, so it rose about 10 cents after the Comex closed.
Argentum et aurum comparenda sunt -- -- Gold and silver must be bought.
- Franklin Sanders, The Moneychanger
The-MoneyChanger.com
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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.
