Gold Price Close Today : 1111.40
Change: -6.00 or -0.5%
Silver Price Close Today : 16.310
Change: -42.6 cents or -2.5%
Platinum Price Close Today: 1576.00
Change: 25.90 or 1.7%
Palladium Price Close Today: 437.75
Change: 6.95 or 1.6%
Gold Silver Ratio Today: 68.14
Change: 1.376 or 2.1%
Dow Industrial: 10,270.55
Change: -26.30 or -0.3%
US Dollar Index: 79.43
Change: 0.41 or 0.5%
Nyah, yah, SILVER and GOLD PRICES backed off a little today, but not enough to break any meaningful support.
The GOLD PRICE today traded up to $1,124.60 overnight but couldn't crack $1,118 during Comex trading and fell back to close down $6 at $1,111.40. Today did not damage gold's uptrend. On the contrary, a small correction strengthens and solidifies the rally. What would prove that conclusion wrong? A gold close below $1,100. Otherwise, gold's next target has become $1,124.
The SILVER PRICE hit $16.95 overnight, then trended down the rest of the day. Low came at $16.25 and on Comex silver closed down 42.6c at $16.31. Silver has now verified and confirmed support at $16.30, and tomorrow should rise again.
The US Dollar Index staged a sharp rally from 78.70 nearly up to Friday's 79.50+ peak. It came up so sharply that it looked like a bear market rally where short-covering drives prices. On the other hand, if the dollar follows through tomorrow with a close above 79.50, it would means the dollar will be rallying higher still.
The DOW fell slightly, down 26.3 to 10,270.55, and is still correcting that rough January fall. Look for this present up move to stop somewhere between 10,306 and 10,468, that is, normal corrections at 38.2% and 61.8% of the foregoing fall. S&P500 dropped 6.04 to 1,097.28. Pray, ignore those Wall Street sirens who keep bleating that stocks will come back. True, they will, in another 10 years or so. Meanwhile, stay away from stocks.
I think when it warms up it's worse than suffering through snow. We had an ice-storm last Friday that came with snow, but today it was 40 degrees with the air itself breathing promises that spring would come again. In my front yard I noticed daffodils pushing up. Come springtime, I am not much good for anything indoors.
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.
