Gold Price Close Today : 951.70
Change: -10.00 or -1.0%
Silver Price Close Today : 14.943
Change: -43.3 cents or -2.8%
Gold Silver Ratio: 63.69
Change: 1.143 or 1.8%
Dow Industrial: 8,692.02
Change: -71.11 or -0.8%
US Dollar Index: 80.81
Change: 0.14 or 0.2%
As suspected on Friday, silver and gold prices followed through on the downside today. Meanwhile, the US dollar index gained 13.5 basis points to close at 80.805.
The gold price dropped $10 to US$951.70. Low was US$943.20. I expect that the lowest this correction might drag gold would be 930 to 941.50. Low should come shortly, and entire correction shouldn't last more than four weeks.
The silver price, ever more volatile, dropped 14.3 cents today to 14.943 cents. The low was 14.71. Expected low here is not more than 14.50 - 14.80. Correction should be over in four weeks or so.
One wonders now if STOCKS will ever climb up to 9,000, let alone 9,700. Stocks are running into a wall of selling at each new level gained. Yet the hopeful bulls have not yet learned that a bear market is here, and continue forlornly to hang on, in the teeth of the facts.
Expect silver and gold prices to extend their rally after a short correction. Buy any price dips.
Argentum et aurum comparenda sunt -- -- Gold and silver must be bought.
- Franklin Sanders, The Moneychanger
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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.