Friday, September 11, 2009

Highest Weekly Gold Price Close in History

Gold Price Close Today : 1,004.90
Gold Price Close September 4th: 995.80
Change: 9.10 or 0.9%

Silver Price Close Today : 16.676
Silver Price Close September 4th: 16.268
Change: 40.80 or 2.5%

Platinum Price Close Today: 1,319.00
Platinum Price Close September 4th: 1,258.00
Change: 61.000 or 4.8%

Palladium Price Close Today: 291.50
Palladium Price Close September 4th: 295.00
Change: -3.500 or -1.2%

Gold Silver Ratio Today: 60.26
Gold Silver Ratio September 4th: 61.21
Change: -0.95 or -1.6%

Dow Industrial: 9,605.41
Dow Industrial September 4th: 9,441.27
Change: 164.140 or 1.7%

US Dollar Index: 76.608
US Dollar Index September 4th: 78.136
Change: -1.528 or -2.0%

Today the GOLD PRICE made its highest Comex close in history at US$1,004.90, up $9.50 for the day. It has taken gold a week to get through the resistance, but I believe it has now succeeded.

The gold price opened at $999.65, quickly made a low at $997.15, then climbed straight for the ceiling and never again traded below US$1,000.

This is it. Unless the gold price closes Monday below US$1,000, this is the Big Breakout, and will lead to a gold rise of at least $250 an ounce. Assuming we get that over-one-thousand-dollar-close on Monday, you cannot wait longer. This is the gold breakout you must buy or be left behind. Once gold settles itself over US$1,000 with a two day close, it will never trade under US$1,000 again.

This week (yesterday, actually) the SILVER PRICE traded back to $16.00 for the last time,kissing that mark good-bye forever. Silver's high today was $16.97, the low $16.61, but was knocking on the $17.00 ceiling all day. The Comex close at $16.6760 (up only 2.6 cents) really distorts today's results, because most of the day silver traded around $16.80, and is trading there yet.

Everything I said for gold applies all the more strongly to silver. I did some measuring on the silver price chart today and got numbers so outlandish that I'm not going to repeat them because y'all won't believe them -- not yet, anyway.

The GOLD/SILVER ratio is about to drop very fast. I'm looking to trade silver for gold at 51, but that's only a first approximation. Let it take a week or two to trade, and we'll see then.

The DOW IN GOLD DOLLARS has turned down. Gold is about to outshine stocks blindingly.

The US DOLLAR lost 153 basis points this week. It has closed below 78.33 and 77.50 support, the last stopping point. Next logical stop is 74.50.

STOCKS seem to be forming an rising wedge, the worst possible juju. Twill fall like your keys out of your pocket when you lean over a well.

On this day in 1789 Alexander Hamilton was appointed first Secretary of the Treasury. He and his tribe have become the Paulsons and Geithners and Bernankes of our day, wanting to control all the economy for the benefit of their cronies. Too bad Washington didn't see it in Hamilton.

Really there are only two strains in American politics, and always have been only two: Hamiltonian and Jeffersonian. The one wants a central bank, government subsidies to special interests, and government control of the economy. The other favours agriculture, small holders, and a widespread dispersion of wealth.

Y'all already know which one works for you, and which one doesn't.

On Monday, 21 September 2009 at 6:00 p.m. I will be speaking in Columbia, South Carolina on "Surviving the Depression and Reviving Local Economies." Location will be
Columbia Conference Center
(803) 772-9811
169 Laurelhurst Ave.
Columbia, South Carolina 29210
You can make reservations at
Y'all come!

Y'all enjoy your weekend.

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.