Friday, October 16, 2009

This is Your Last Chance to Buy Gold at These Gold Prices.

Gold Price Close Today : 1,050.70
Gold Price Close 09 October : 1,047.80
Change: 2.90 or 0.3%

Silver Price Close Today : 17.405
Silver Price Close 09 September : 17.675
Change: -1.5% or -27.00

Platinum Price Close Today: 1,341.70
Platinum Price Close 09 October: 1,329.50
Change: 12.200 or 0.9%

Palladium Price Close Today: 330.65
Palladium Price Close 09 October: 320.15
Change: 10.500 or 3.3%

Gold Silver Ratio Today: 60.37
Gold Silver Ratio 09 October: 59.28
Change: 1.09 or 1.8%

Dow Industrial: 9,864.94
Dow 09 October: 9,487.67
Change: 377.270 or 4.0%

US Dollar Index: 76.450
US Dollar 09 October: 76.912
Change: -0.462 or -0.6%

Scorecard at week's end is supposed to tell the whole story. Well, it's talking today.

First of all, the much-mooted US DOLLAR rally has, like summer snow, failed to materialize. The Fed's comrades at the Euro Central Bank tried to talk up the buck this week, but the total rise has amounted to less than 20 basis points. Dollar Index must rise above 77.50 before even a sniff of a rally begins. Otherwise, dollar's still headed down, toward 74.

STOCKS pierced at long last Dow 10,000, but couldn't hold on. The 50% retracement of the October '07 - March -09 fall is 10,375. Dow probably won't cross that line, at least not for long and not far.

Although gold rolled over this week after new all time highs at $1,063.90, it still rose 2.90 on the week! Clearly the shallow correction I have anticipated has begun. Gold will grudgingly trade down toward $1,020, but may not drop lower than $1,030 or $1,040. This is your last chance to buy gold at these gold prices.

If the gold price closes above $1,065 next week, do not wait. It means it has broken out to the upside and will not go lower. Today gold closed up 90 cents at $1,050.70.

The SILVER PRICE rose half a cent today to close at 17.405, down 27 cents on the week. Silver is sharing a correction with gold, and as always (this should no longer surprise y'all) shows more volatility. Silver will trade a little lower next week, but should not break 17.00.

What should be a short, shallow correction for silver and gold has begun. Bottom of this correction should come no later than 30 October, if it lasts that long. This is minor, don't fret yourselves. Take the chance to buy cheap silver and gold.

Thank you for your prayers on my granddaughter Caroline's behalf. She looked better than expected inside, so they didn't have to operate on her heart, only put a shunt to her lungs. Took out the arterial probe yesterday, & she is doing remarkably well, thank God..

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.