Tuesday, May 03, 2011

Silver Price Targeting $34 and Gold Price Targeting 1445 - 1382

Gold Price Close Today : 1540.10
Change : (16.60) or -1.1%

Silver Price Close Today : 42.576
Change : (3.502) or -7.6%

Gold Silver Ratio Today : 36.17
Change : 2.389 or 7.1%

Silver Gold Ratio Today : 0.02764
Change : -0.001955 or -6.6%

Platinum Price Close Today : 1846.70
Change : 23.70 or 1.3%

Palladium Price Close Today : 766.04
Change : 1.04 or 0.1%

S&P 500 : 1,356.52
Change : -4.60 or -0.3%

Dow In GOLD$ : $171.91
Change : $ 1.85 or 1.1%

Dow in GOLD oz : 8.316
Change : 0.090 or 1.1%

Dow in SILVER oz : 300.82
Change : 22.87 or 8.2%

Dow Industrial : 12,807.51
Change : 0.15 or 0.0%

US Dollar Index : 73.15
Change : 0.104 or 0.1%

Moneychanger's trip was rained on and it's no fun hiking to waterfalls in the drizzle.

For SILVER today saw another waterfall. Today's close takes the SILVER PRICE down 725c in 2 days. Yesterday's reversal was confirmed. The SILVER PRICE is targeting 3400c unless it closes above 49.75.

The GOLD PRICE has not yet broken it's 20 moving average ($1,489.78). Continued drop and lower close today confirms yesterday's key reversal downward in the gold price. Target somewhere from $1,445-$1,382.

Dollar Index rose to 73.145 up 10.4 basis points. It is completing the right shoulder of an upside down head and shoulders with neckline at 73.30. Once it Clears that it will rise at least to 73.90. Probabably though, from a longer view, completing this upside down head and shoulders will mark the beginning of a much longer dollar rally.

Stocks are rolling over downside. Silly NGM manipulation jacked dow up to unchanged at closing. Might as well be King Canute commanding the tide to go out. Stocks will fall.

Argentum et aurum comparenda sunt -- -- Gold and silver must be bought.

- Franklin Sanders, The Moneychanger

© 2011, 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.