The GOLD PRICE closed the day with one of those dreaded "unchanged" Comex closes. That doesn't mean it will drop, but double closes often do bring a change of direction. Anyhow, technically gold remains in a correcting downtrend until it closes above the last high close, cents above US$983. Today it closed at US$954.00
The SILVER PRICE climbed 8.5 cents today, closing on Comex at $15.21. This is positive, this is good, but technically silver's case resembles gold. As long as it is below the last high, which memory recalleth as about $15.95, it's technically correcting.
Until I see closes below US$930 and $14.50, I continue to expect these corrections to be shallow and short lived. The market's handing you a second chance. Don't pass it up.
STOCKS may have been confused yesterday,with some indices up and some down, but today they ended that confusion by all dropping together. 'Twasn't a huge drop, to be sure, but it certainly doesn't look like strength, either. You ought to be looking still to sell stocks from 9,000 Dow to 9,700 Dow.
Volatility in the US DOLLAR INDEX truly drags my jaw down. Down 100 basis points one day, up 42.4 next. It closed above 80 today at 80.266, but all this volatility reveals a very distrustful market. Dollar is indeed "rallying", but I doubt it will last long or exceed 82.
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.
