Gold Price Close Today : 1132.60
Change: -10.10 or -0.9%
Silver Price Close Today : 17.156
Change -15.3 cents or -0.9%
Platinum Price Close Today: 1580.00
Change: 7.50 or 0.5%
Palladium Price Close Today: 458.55
Change: 18.50 or 4.2%
Gold Silver Ratio Today: 66.02
Change: 0.0 or 0.0%
Dow Industrial: 10,444.14
Change: 47.38 or 0.5%
US Dollar Index: 80.54
Change: 0.56 or 0.7%
As yesterday hinted to us, 5-7 days charging up a hill leave SILVER and GOLD PRICE tired and vulnerable. The correction that began after yesterday's high appears to have run its course today with a low at $1,125 for gold. If I have misapprehended that, the GOLD PRICE could reach down to $1,118, but I doubt it will. If it does, buy there. Mercy, buy here, too. Today on Comex gold closed at that $1,132.60 support, down $10.10 after a $1,125.60 low.
The SILVER PRICE stepped back, too, losing 15.3c to close at $17.156. Most likely backstop for this move is $17.00. Today's low was struck at $17.03. Not clear to me whether silver will drop a bit more or not, but if I have correctly sized up the situation, silver should not see but one more down day. Break below $16.50 takes silver down, but a close above $17.75 sets it running loose upside.
Yesterday the US DOLLAR INDEX lost 51.6 basis points. Today it gained 56.2. What saith one about such silliness? One standeth back and looketh on the 30-day chart, where plainly emergeth from the fog a downtrend, replete with double top about 81.30. The scabby dollar (I'm looking for a synonym for "scrofulous") is dancing around its 20 DMA, above & below. If it can't pull away from that 20 DMA soon, it will pull it on down. Next big move for the dollar is not up. Sorry, Ben and your Nice Government Men, I just had to say it.
STOCKS rose a little, but remain stuck around 10,400. Dow today rose 47.38 to close at 10,444.14. S&P500 made a similar move, up 4.18 to 1,122.97. Stocks remain in a primary down trend (bear market) that will last another 5-10 years. Stay away from stocks, stop your ears no matter how sweetly and seductively those Wall Street Sirens call to you. Lash yourself to the mast, ignore their song, and sail on past, for it lures you to your doom.
In the past y'all have been kind enough to pray for us, and I have another request. My wife, Susan, had heart surgery in August 2008 to repair a flapping-in-the-breeze mitral valve. Lately she has been experiencing fatigue and shortness of breath, and has an appointment with her cardiologist on Monday. If you like, pray with me Psalm 103, especially vv. 3, 4, & 11 for Susan.
Argentum et aurum comparenda sunt -- -- Gold and silver must be bought.
- Franklin Sanders, The Moneychanger
The-MoneyChanger.com
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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. Whenever I write "Stay out of stocks" readers inevitably ask, "Do you mean precious metals mining stocks, too?" No, I don't.
