Gold Price Close Today : 1228.50
Change: -15.50 or -1.2%
Silver Price Close Today : 18.180
Change -28.8 cents or -1.6%
Platinum Price Close Today: 1529.20
Change: 19.60 or 1.3%
Palladium Price Close Today: 449.75
Change: 16.35 or 3.8%
Gold Silver Ratio Today: 67.57
Change: 0.215 or 0.3%
Dow Industrial: 9,899.25
Change: -40.73 or -0.4%
US Dollar Index: 87.91
Change: -0.48 or -0.5%
Interesting: today gold and the dollar both fell. The gold price held on until after the London Fix and the morning open in the US, then about 10:00 began falling. It remains above support that runs from $1,220 to $1,225 roughly. This correction was the most likely outcome of yesterday's riddle. Breaks into new high territory that back off the same day are usually followed by declines.
The silver price dropped 28.8c to 18.18 on Comex. That support around 18.10-18.15 remains intact.
In the metals a correction is underway. They would have to rise to $1,250 and $19.00 to gainsay that. Meanwhile below keep on watching $1200-1190 and $18.00 - $17.20.
The DOLLAR INDEX continued its declension today, dropping a meaty 48 basis points to 87.914, below 88. Looks like correction will last a few days.
Stocks slacked off again today. They tried to rally, but just could not sustain any gains. Dow closed 9,899.25, down 40.73, while S&P500 dropped 6.31, down 1,055.69. If you remain in stocks, your bones will be picked clean.
Argentum et aurum comparenda sunt -- -- Gold and silver must be bought.
- Franklin Sanders, The Moneychanger
© 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.