Gold Price Close Today : 1198.60
Change : 3.80 or 0.3%
Silver Price Close Today : 17.979
Change : 0.146 cents or 0.8%
Platinum Price Close Today : 1523.40
Change : 16.80 or 1.1%
Palladium Price Close Today : 448.65
Change : 14.65 or 3.4%
Gold Silver Ratio Today : 66.67
Change : -0.333 or -0.5%
Dow Industrial : 10,018.28
Change : 274.66 or 2.8%
US Dollar Index : 83.97
Change : -0.11 or -0.1%
Tomorrow the US DOLLAR INDEX will try feebly to rally. Today it lost 11.4 basis points and is now trdeing at 83.969. Low today was 83.75, lower than yesterday. Dollar is sledding down a steep hill.
Surpirse, surprise, the Dow rallied 274.66 points to close at 10,018.28. S&P500 gained 32.21 to 1,060.27. Tell the folks in Port-au-Prince that we've got another Zombie rally here: the dead are walking. Recall that bear market rallies are sudden, sharp, and . . . short-lived. The bear tries to entice as many victims into his lair as possible. Don't become one of them.
Lo, I am disgusted. Meant to buy silver and gold today around 1780c and $1,190, got distracted and boom! 1803c and $1,203. Five day charts for silver and gold prices mirror each other, with a V-bottom today. Both metals will probably remain range-bound for a while, but that may have been the bottom today. Time to buy silver and gold.
Today I have a favour to ask of y'all. My friend, Stan Poston, has glioblastoma, a fast-growing brain cancer. Last fall he had successful surgery, then opted for alternative treatment rather than chemo and radiation. He has enjoyed great health since then, but in the last few weeks has begun to show symptoms of recurrence. Would you please pray for Stan's recovery? You can read more and see a picture of Stan at http://www.caringbridge.org/visit/stanposton. His wife Janet is also pictured there. The three grandsons in the picture we share, as Stan's daughter Jena is married to my son Wright. Many thanks for your prayers.
- 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.