Gold Price Close Today : 1056.70
Change: 8.90 or 0.8%
Silver Price Close Today : 17.805
Change: 13.0 or 0.7%
Platinum Price Close Today: 1339.40
Change: 7.80 or 0.6%
Palladium Price Close Today: 329.80
Change: 6.05 or 1.9%
Gold Silver Ratio Today: 59.35
Change: 0.067 or 0.1%
Dow Industrial: 9,885.80
Change: 20.86 or 0.2%
US Dollar Index: 76.18
Change: -0.13 or -0.2%
The GOLD PRICE rose again toward last week's intraday high at $1,060. Bumping along against the ceiling won't work for long. Gold must advance through $1,050. I reckon it will. Gold's Comex settlement came in up $8.90 to $1,056.70.
The SILVER PRICE made a high today at $17.98, about its high of Thursday last. As with the gold price, bumping along ceilings works for helium balloons, but not for metals. The silver price must advance tomorrow, preferably through $18.00.
BOTTOM LINE: SILVER and GOLD PRICES remain in rally mode, but as every rally must grow, so must this one. Closes tomorrow lower than any day last week will condemn us to a week or more of correction, then a resumed rally, rather than a continuing rally.
Wow. I re-read that and not even I am sure what it means. Try again: I want to see gold and silver prices higher tomorrow, or they will probably lapse into a correction, interrupting the rally.
Better. That's English at least.
So far 75.90 has held US DOLLAR INDEX declines, but the dollar index is now knocking on that door again. It fell from 76.668 today like a concrete coconut from a 300 foot tree. A cross below 75.90 - 75.80 tomorrow sends the dollar plummeting toward 74 or lower. Closed today at 76.184, down 13.1 basis points.
STOCKS were, as they like to say, "mixed" today. That shows a confused market. The Nasdaq Composite closed down 0.14 at 2,139.14, while the Dow rose 20.85 to 9,885.80 and the S&P500 climbed 4.7 to close at 1,076.19. Like the heavy drumbeat in the distant jungle of an old Tarzan movie, "Confusion bad juju, Bwana!" Stocks are topping, and sometime in the next 2-6 weeks a big fall loometh.
My granddaughter Caroline's heart surgery
takes place tomorrow. Please continue
praying for her.
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.