Gold Price Close Today : 1084.50 Change: 13.80 or -1.3%
Silver Price Close Today : 16.428
Change: -41.8 cents or -2.5%
Platinum Price Close Today: 1503.00
Change: -32.50 or -2.1%
Palladium Price Close Today: 414.00
Change: -16.05 or -3.7%
Gold Silver Ratio Today: 66.02
Change: 0.819 or 1.3%
Dow Industrial: 10,236.16
Change: 41.87 or 0.4%
US Dollar Index: 76.69
Change: 0.26 or 0.3%
Markets are holding their collective breath waiting to hear what the Great Leader has to say tonight. Whatever 'tis, 'twill most likely pick thy pockets. And whatever he says, he will keep on doing pretty much the same thing. As the French say, "The more things change, the more they stay the same." Or words to that effect-- in French, of course.
Market expects Obamaramalama to speak good medicine to the US Dollar Index, but although it rose 26 basis points today, yet it could not clear 76.80 resistance. Trading at 76.69 right now. The exegetical rule of technical analysis is that a trend in force remains in force until broken. Dollar's trend right now is up, and hath not yet been broken.
STOCKS said little today. A 41.87 point rise in the Dow to 10,236.16 doesn't exactly pull it back from the Mouth of Destruction to the Vale of Safety. Market's holding its breath. S&P rose 5.33 to 1,097.50. Stocks may now rally briefly, but have begun establishing a down trend.
I wish I could tell you that SILVER and GOLD PRICES spoke unmistakably and unequivocally today, but they didn't. Silver broke to a lower low, down 41.8c to close at $16.428 on Comex, Gold dropped $13.80 to $1,084.50. Previous low close was $1,086.00 on 22 December. While today's close was $1.50 lower, that might mean nothing. Silver closed at a marginal new low, $16.428 . December 22 low was $16.77, so that's not 3% lower.
But all that may be just my picking nits. After the Great Leader drops his inspired Cluster Bombs Of Wisdom and Do-gooding, we will see how the markets react. Isn't this a strange world, where all the productive people in the country are holding up what they are doing, waiting to hear from a man who never met a payroll? What a great country!
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. Whenever I write "Stay out of stocks" readers inevitably ask, "Do you mean precious metals mining stocks, too?" No, I don't.
