Gold Price Close Today : 1350.20
Change : -6.90 or -0.5%
Silver Price Close Today : 24.548
Change : 0.012 cents or 0.0%
Gold Silver Ratio Today : 55.00
Change : -0.254 or -0.5%
Silver Gold Ratio Today : 0.01818
Change : 0.000084 or 0.5%
Platinum Price Close Today : 1708.10
Change : 0.30 or 0.0%
Palladium Price Close Today : 650.30
Change : 3.40 or 0.5%
S&P 500 : 1,184.38
Change : 1.12 or 0.1%
Dow In GOLD$ : $170.32
Change : $ (0.98) or 0.6%
Dow in GOLD oz : 8.239
Change : 0.047 or 0.6%
Dow in SILVER oz : 455.18
Change : 2.25 or 0.5%
Dow Industrial : 11,124.62
Change : 6.13 or 0.06%
US Dollar Index : 77.28
Change : -0.021 or 0.0%
The SILVER PRICE and the GOLD PRICE waffled today, reacting against Friday's strong gains. At Comex close the silver price had lost 1.2c at 2454.8 while the gold price backed off $6.90 to $1,350.20. Moderately positive is their closing above 2450c & $1,350, but still indecisive. I yet sweat the outcome in both markets, remaining uncertain whether the corrections from $1,386 & 2490c are complete, or whether Friday market only a B-top in an A-B-C correction. Market will have to make itself plain, either by topping those former tops & rising ahead, or by dropping below already-seen correction lows at $1,315 & 2285c. In the late aftermarket, the SILVER PRICE is up 10c and the GOLD PRICE is up a couple of dollars -- no hint there, either.
I'm sending this very late (21:15 Central) because I had to take Susan to Nashville again for another medical appointment. Still, nobody is missing much since nothing happened today, or will likely happen tomorrow, as all markets wait for the US election. The election, of course, will only change the name of the buzzards & tyrants who feed on us, but will not overthrow buzzardy or tyranny. Nonetheless, markets abhor uncertainty, even the infinitesimal uncertainty about whether we will be robbed and waylaid by R-people or D-people.
US dollar index today traded from a low of 76.75 (overnight) and 77 in US intraday trading to a high of 77.305. Right now it's trading at 77.275, down a minuscule 2.1 basis points, practically unchanged. Now, now, now, remember the market proverb, "Buy the rumour, sell the news." The rumour lately driving markets was that Bonzai Bernanke would inflate the US dollar away through Quantitative Easing II. The news will be contained in the Fed's Open (actually "secret") Market Committee meeting on Wednesday. Will BB follow through, or not? What will the markets do? Suppose Republicrats win? Will that change his itty mind? Who knows, but we all know that no election will change the nature of the American economy & its monetary system, where one-half (1/2) the income of nearly every state consists of 20-25% state & local government spending, about 30% direct Federal spending, and another 5 - 15% Federal government loans & loan guarantees.
There 'tis, folks: you have no economy. You have half the people whittling, gazing at TV, indoctrinating, investigating, watching, suspecting, regulating, and writing tickets to the other half, who actually produce something. You think Republicans will change that? Right, about the same time the Devil starts selling ice-skating concessions in hell. It would take 20 years of careful maneuvering to switch back to a productive economy, or 3 years of pure hell, & a long sight of vision and statesmanship. Where will that come from?
On the bright side, Citizens, the Dow rose 6.13 points today to close at 11,124.62 while the S&P500 smiled on America with a 1.12 point rise to crest at 1,184.38. Comrades! How can economy suffer when stock market is booming? Iss wonderful Potemkin stock market, hundreds of wet- cardboard companies, chust don't poke finger thorugh them
So y'all relax, and watch the election results. On second thought, take your spouse & children out to eat and enjoy their company, a far more precious & profitable way to spend your time.
On this day in 1500 was born Italian goldsmith and sculptor Benvenuto Cellini.
Argentum et aurum comparanda sunt -- -- Silver and gold 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 or 18 ounces of silver. or 18 ounces of silver. US $ and US$-denominated assets, primary trend down; real estate bubble has burst, primary trend down.