Gold Price Close Today : 1197.20
Change : 3.50 or 0.3%
Silver Price Close Today : 18.308
Change : 0.045 cents or 0.2%
Platinum Price Close Today : 1572.70
Change : -8.60 or -0.5%
Palladium Price Close Today : 498.05
Change : 1.80 or 0.4%
Gold Silver Ratio Today : 65.39
Change : 0.031 or 0.0%
Dow Industrial : 10,674.98
Change : -5.45 or -0.1%
US Dollar Index : 80.76
Change : -0.13 or -0.2%
Mercy! As a reader reminded me, the video at http://solari.com/blog/?p=8392 interview people in Indonesia about the gold dinar and silver dirham, not in Malaysia as I wrote. I guess that's as bad a mistake as asking someone from New Orleans if he hails from Boston. Sorry.
Today's quotations:
"WHEREAS allegiance and protection are, in their nature, reciprocal, the one should of right be refused when the other is withdrawn" -- North Carolina 1776 Constitution
TODAY'S MARKETS:
Be still, my pounding heart, as we watch markets as exciting as paint drying on a wall. US DOLLAR INDEX today made hash out of the previous two days trading. Five day chart looks like a cross section of a cam shaft, up and down and nowhere.
Dollar's low today came at 80.529, so it didn't really violate that 80.47 low already in place, and it did rise off that low to 81, but has fallen back to 80.759. Okay, I reckon you can cut the dollar some slack and call that a good day. It dropped 13.3 points, but didn't close at the low. Dollar is now long overdue for a rally, and will see on provided it doesn't flirt more with 80.40 or drop through it, even intraday.
STOCKS got another Sherwin-Williams job from the Nice Government Men today. Dow's low today was off 67.58 points, but Looky! Looky! Jes' at the end o' the day it climbs up to only 5.45 down. It closed at 10,674.98 while the S&P 500 closed at 1,125.81 (down 1.43). Dow has now built a firm ceiling at 10,700, and that top has probably been seen, although one last spike up is certainly possible.
GOLD rose $3.50 today to close on Comex at $1,197.20. This is commendable, this is welcome, this is moving in the right direction, but all is talk until gold crosses above $1,200. Be patient, it will come, while most everybody still expects gold to drop to new lows.
Silver today rose 4.5c to close at 1830.8c. Together silver and gold prices appear to be completing shallow corrections of their first rise up off the lows last week. They must still hold the line at 1820c and $1,190, though. Tomorrow is Friday so we may see a jump in both metals as shorts close out their unsuccessful positions for the week and head to Longisland for martinis.
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.
[08/06/10] goldprice: thanks very much
