Gold Price Close Today : 1242.00
Change: 3.80 or 0.3%
Silver Price Close Today : 18.594
Change -8.4 cents or -0.4%
Platinum Price Close Today: 1541.50
Change: -23.00 or -1.5%
Palladium Price Close Today: 452.00
Change: -15.90 or -3.4%
Gold Silver Ratio Today: 66.80
Change: 0.504 or 0.8%
Dow Industrial: 9,870.30
Change: -268.22 or -2.6%
US Dollar Index: 86.13
Change: 0.48 or 0.6%
Bottom fell out of stocks today. Dow dropped a monstrous 268.22 to close at 9,870.3, too far below 10,000 even to wave at it. S&P500 fell 33.33 to 1,041.24. This reduces the chance of any final rally to something near zero. This fall should prove long and devastating. Stay away from stocks.
US DOLLAR INDEX rose 47.9 basis point to poke its scabby noggin above 86 at 86.131. Unless it can climb above 86.20 tomorrow, that looks to be a finished move, yet dollar still leaves a question in the air, whether it will continue the rally after it finishes this correction. Tomorrow should be a down day.
SILVER and GOLD PRICES were confused today, with gold up $3.80 to $1,242 while the silver price fell 8.4c to $18.594. I'm guessing silver and gold prices face one additional down day. Silver's low today was 18.36, gold's fell at $1,226.30, but I never saw that one. As long as silver doesn't crash through 18.00 nor gold through $1,218, they will keep climbing. In the past few weeks these confused closes have led to higher prices the next day.
Argentum et aurum comparenda sunt -- -- Gold and silver must be bought.
- Franklin Sanders, The Moneychanger
The-MoneyChanger.com
© 2010, 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.
