Gold Price Close Today : 937.70
Change: 3.40 or 0.4%
Silver Price Close Today :13.956
Change: -1.5 cents or -0.1%
Platinum Price Close Today: 1,234.00
Change: 14.40 or 1.2%
Palladium Price Close Today: 273.70
Change: 7.35 or 2.8%
Gold Silver Ratio Today: 67.19
Change: 0.315 or 0.5%
Dow Industrial: 9,217.94
Change: 82.60 or 0.9%
US Dollar Index: 78.98
Change: -0.36 or -0.5%
Today was a re-bound day on which prices rose satisfyingly, but without settling anything.
SILVER'S low today at $13.825 made a double bottom with yesterday's $13.81 low. I like that very much indeed, although the SILVER PRICE dropped 1.5 cents today to close on Comex at $13.9560.
Bellwether GOLD didn't ring any special bells today. It was enough that the GOLD PRICE traded in a tight range from $934.20 to $940. Gold is walking the same tightrope today it has been walking: it must not break $930-$928 (could hit $918 on a one day spike), and needs to climb above $961 for a breakout.
I can promise you this at least: there is no lack of people who want to buy gold whenever it drops. Ditto for silver.
The US DOLLAR INDEX sank 36 basis points to close at 78.983 -- little more than a bounce off the 50 day moving average. $ Index must break 78.33 to turn down.
Nothing new with stocks today. Dow closed up 82.6 at 9,217.94, S&P up 9.94 at 989.67. Correction is not finished, but then, the rally probably hasn't finished yet, either. Sell stocks and put proceeds into silver and gold.
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.