Gold Price Close Today : 995.30
Change: -2.60 or -0.3%
Silver Price Close Today : 16.443
Change: 10.50 or 0.8%
Platinum Price Close Today: 1286.00
Change: -11.50 or -0.9%
Palladium Price Close Today: 290.90
Change: -1.85 or -0.6%
Gold Silver Ratio Today: 60.53
Change: 0.008 or 0.0%
Dow Industrial: 9,627.48
Change: 80.26 or 0.8%
US Dollar Index: 76.82
Change: -0.20 or -0.3%
The GOLD PRICE climbed steadily all day to close up a dime at US$995.40. I'm not sure the NY Forex chart I am looking at is accurate, because it looks like there's an artifact on the chart, a trade down to a low of $980.85. That was the low or $983, but either way that potentially suffices to meet my correction target. If I'm a little early, gold will see a weak day tomorrow, with a low in the mid to low $970s.
The SILVER PRICE rose 20.7 cents to close at $16.65 on the Comex. Silver's low today was $16.03, so you can see that it fought much more than 20.7 cents up from that hole. SILVER and GOLD PRICES remain strong, but this is an unstable situation. Metals must turn around and pull up soon. I regret I won't be here next week to watch.
The US DOLLAR INDEX kept on falling, down another 20 basis points to 76.82. STOCKS are enjoying it, though. The S&P500 climbed 10.77 points to close at 1,044.14, while the Dow rose 80.26 to 9,627.48. Rising wedge formation, such as is forming, resolves to the downside.
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.