Gold Price Close Today : 921.30
Change: -6.70 or -0.7%
Silver Price Close Today : 13.810
Change: 21 cents or -1.5%
Gold Silver Ratio: 66.71
Change: 0.521 or 0.8%
Dow Industrial: 8,504.08
Change: 235.44 or 2.8%
US Dollar Index: 82.92
Change: 0.53 or 0.6%
Silver and Gold Prices broke today, falling back from the top of their established trading channels ($14.50 and $928). Oddly, they only fell to the next support, the gold price closing at $921.30 (down $6.70) and the silver price at $13.81 (down 21 cents). That makes this look like it will be a mild break. Too early to tell whether this will last only a couple of days, or go down further for longer. Upside gold needs to pierce $930 and silver $14.50.
Both silver and gold remain above their 50 day moving averages, a good sign.
This is a short term move. Remember that. Long term silver and gold are headed so much higher than if I told you what I expect to see in gold and silver, y'all would call me a lunatic.
US DOLLAR INDEX sank 47.7 basis points to 82.547. These 50+ point up and down moves are a mite volatile. Before too long the DX will break down through 82.
In stocks the DOW lept 234.44 to 8,504.08. That's still short of the 8,600 that constitutes an upside breakout. S&P closed up 26.83 at 909.71. Y'all should be watching, itching for your chance to sell any remaining stocks.
Argentum et aurum comparenda sunt -- -- Gold and silver must be bought.
- Franklin Sanders, The Moneychanger
The-MoneyChanger.com
© 2009, The Moneychanger. May not be republished in any form, including electronically, without our express permission.
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.
