Gold Price Close Today : 934.00
Change: -1.40 or -0.1%
Silver Price Close Today : 14.229
Change: -4 cents or -0.3%
Gold Silver Ratio: 65.64
Change: 0.086 or 0.1%
Dow Industrial: 8,555.60
Change: 58.42 or 0.7%
US Dollar Index: 80.60
Change: 0.40 or 0.5%
The GOLD PRICE closed on Comex down $1.40 at US$934. It held on most of the day above $936, but something around 12:30 EDT took the gold price down another couple of bucks. Low was $929.75, and by now gold has eroded to $931.10. Remember yesterday I suspected that the gold price would not break through $940 on the first try, and it didn't. Now it will test the downside of the range.
The SILVER PRICE could not climb above $14.40 and just trailed off all day. However, it remained above $14.06. Low was $14.12.
On Comex the silver price closed at $14.22, down 4 cents, and now is trading at $14.18. Tomorrow we will see exactly how strong silver is and how long this correction will last.
US DOLLAR INDEX today rose 39.8 basis points to 80.597. Yes, it is headed higher, but against a mighty head win of contempt, distrust, and suspicion. 82.5 or 83 probably will mark its high.
STOCKS held on where they were today. Dow gained 58 to close at 8,555.60 and S&P 500 rose 7.66 to 918.37. Looks like time has come for a down leg in stocks that could touch 8,000 Dow.
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.