Tuesday, March 02, 2010

The Gold Price Jumped Through $1120, the Last High and Looks Very Promising

Gold Price Close Today : 1136.90
Change: 19.10 or 1.7%

Silver Price Close Today : 17.044
Change 59.5 cents or 3.6%

Platinum Price Close Today: 1572.50
Change: 11.00 or 0.7%

Palladium Price Close Today: 440.05
Change: 4.50 or 1.0%

Gold Silver Ratio Today: 66.70
Change: 1.098 or 1.7%

Dow Industrial: 10,405.00
Change: 1.21 or 0.0%

US Dollar Index: 80.51
Change: -0.15 or -0.2%

The Moneychanger is enjoying his day off today but called in this brief commentary. As expected, the GOLD PRICE smashed through $1120 today and jumped $1132 resistance.

On Comex gold closed at $1136.9, up $19.10. Next barrier is $1140, then the big hurdle of $1150. Steam is up so gold will challenge that old high this week. Interesting that early in the day the gold price rose in the teeth of a higher dollar.

However, the DOLLAR couldn't last and now is trading at 80.507, down 15.8 basis points. Today is another witness that the dollar is rolling over.

Oh yes, the SILVER PRICE did jump over $15.50 AND $16.80! Comex closed at $17.044, up 59.5c. That's a very strong close having crawled above $17.00, but in the aftermarket it's trading about $16.93. An advance like today's must be followed up by further gain.

The GOLD PRICE jumped through $1120, the last high, without bogging down and looks very promising. Buy the breakout.

DOW Jones added a whopping two points today, not the type of thing that inspires confidence. Stay out of stocks, bad juju.

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. Whenever I write "Stay out of stocks" readers inevitably ask, "Do you mean precious metals mining stocks, too?" No, I don't.