Gold Price Close Today : 1088.70
Change: 2.00 or 0.2%
Silver Price Close Today : 17.400
Change: 0.5 or 0.0%
Platinum Price Close Today: 1,356.50
Change: -9.50 or -0.7%
Palladium Price Close Today: 330.80
Change: 2.40 or 0.7%
Gold Silver Ratio Today: 62.57
Change: 0.115 or 0.2%
Dow Industrial: 10,005.96
Change: 203.82 or 2.1%
US Dollar Index: 75.73
Change: 0.09 or 0.1%
The GOLD PRICE has formed a long sideways triangle, either a topping formation or a continuation pattern. Why should it break out to the upside? Because gold has just completed a correction, then recovered and broken through all-time high resistance at $1,065 to run to $1,097. Now it is trapped between $1,083 to $1,095. Watch for it to pierce $1,100, perhaps tomorrow but soon. A close below $1,065 cancels that interpretation.
The SILVER PRICE mirrors the gold price chart, but with different numbers. Silver is locked between $17.20 and $17.60, and needs a close above $17.60 to start its next leg up. Big number to beat is $18.00.
Looking at a five day chart of the US DOLLAR INDEX extorts a shocked sigh out of your body and the words, "O, mercy!" It appears now trapped beneath 76. 'Twill be pushed lower.
Today STOCKS rallied briskly ("suspiciously" a person more paranoid than I might say) and straight up from 9800 to 9950 - 10000 and traded there the rest of the day. Looked wierdly stalled, like it slammed into a wall. Stocks will either stop here and leave a double top behind as they fall, or they might in the next couple of days rally to 10,375. Either way, they're finished. Get away as fast as you can.
Dow in Gold Dollars rallied today (with stocks up) to G$189.99 (9.191 oz) but that's a long ways from the G$194-195 support/resistance.
Congress today passed a new stimulus bill. To put the nation's jobless back to work the 2009 Pants For Poor Naked Cats bill will employ roughly 2.7 million unemployed in the CCC (Cat Clothing Corps). Other millions in the garment industry will find work sewing the tiny pants and coats for the nation's now naked felines. One of the sponsors, Senator Manx of California, also pointed out the moral benefits of modestly covering the now shamelessly naked cats. Declaring a National Feline Emergency, President Obama immediately signed the bill and praised Congress' vigorous response, and promised the bill will invest $1.8 trillion in the domestic feline economy.
Argentum et aurum comparenda sunt -- -- Gold and silver must be bought.
- Franklin Sanders, The Moneychanger
The-MoneyChanger.com
© 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.
