Gold Price Close Today : 940.40
Change: -0.30 or -0.0%
Silver Price Close Today : 13.947
Change: -18 cents or -1.3%
Gold Silver Ratio: 67.43
Change: 0.838 or 1.3%
Dow Industrial: 8,529.38
Change: 90.99 or 1.1%
US Dollar Index: 79.90
Change: -0.04 or -0.1%
Most markets went sideways today, numbed by traders cleaning their positions before the 4 July holiday.
Both silver and gold prices closed down today on Comex. The gold price dropped 30 cents to 940.40 while the silver price closed down 18 cents at 13.947. While the gold price is holding on at the high end of its trading range, lower closes by both, even though gold's loss was only 30 cents, just doesn't look good. Then again, the week of July 4th is not the time to expect any colossal moves. Somnolence is more likely.
Keep on buying silver and gold on every dip. July brings a possible bankruptcy (practical if not declared) to California, which won't exactly cheer bond markets. Fall will be a nightmare for the US dollar, and high cotton for silver and gold.
The US DOLLAR INDEX barely moved today, down 4 basis points at 79.899. Standing under 80 looks weak.
STOCKS rose 90.99 today to close at 8529.38, a little above the 200 DMA (8,479.80). Any rise will probably hit the brick wall at 8,600.
Argentum et aurum comparenda sunt -- -- Gold and silver must be bought.
- Franklin Sanders, The Moneychanger
© 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.