Gold Price Close Today : 945.80
Change: 0.8 or 0.1%
Silver Price Close Today : 14.338
Change: -1 cents or -0.1%
Platinum Price Close Today: 1241.50
Change: -10.00 or -0.8%
Palladium Price Close Today: 275.60
Change: -2.00 or -0.7%
Gold Silver Ratio Today: 65.86
Change: 0.567 or 0.9%
Dow Industrial: 9,241.45
Change: -96.50 or -1.0%
US Dollar Index: 79.14
Change: -0.06 or -0.1%
The whole world, or the markets at least, are holding their breath before tomorrow's Federal Reserve Open Market Committee. Ho-hum. Whatever they do will have no more than passing effect.
US DOLLAR INDEX today remained essentially flat, down 5.6 basis points to 79.144. Nothing. I am still waiting to parse the dollar, whether it will rally further (and delay silver and gold) or resume its fall. Stay tuned until the Holy Monetary Monks read the sheep guts and speak their oracles.
STOCKS moved more than other markets today, with the Dow dropping 96.5 to 9,241.45. Just my gut feeling, but I think this is a shallow correction indicating buying power under the market. After all, what else can people buy, other than stocks? Most don't have enough imagination, or have been too misled and brain-washed, even to consider silver or gold. But the rally is a seducer, a Siren, a trap for bulls set by the bear. Use higher stock prices to sell whatever stocks you have left, and put the proceeds into silver and gold.
On Comex today GOLD closed up a mighty, a magnificent, eighty cents at US$945.80. Whole day was slow, with a high at 949.70 and low at 942.10. It's a wonder the floor traders didn't fall asleep on their feet.
And SILVER made big moves likewise, closing down one cent [sic] at 14.338 cents.
Tomorrow's FOMC announcement will take pressure off markets one way or the other. I know, I understand, it is repeated to me o'er and o'er that metals are in danger of falling off here, but until I see the gold price drop below 920 then 909 and the silver price below 13.75, I won't be joining their opinions.
On this day in 1860 opened the first successful US silver mine near Virginia City, Nevada. The fabled Comstock Lode between 1859 and 1911 produced 7,380,000 ounces of gold and 176,640,000 ounces of silver. You can still visit the old mines in Virginia City, near Reno.
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.
