Gold Price Close Today : 1523.80
Change : 8.80 or 0.6%
Silver Price Close Today : 35.410
Change : 0.674 or 1.9%
Gold Silver Ratio Today : 43.03
Change : -0.582 or -1.3%
Silver Gold Ratio Today : 0.02324
Change : 0.000310 or 1.4%
Platinum Price Close Today : 1797.10
Change : -1.70 or -0.1%
Palladium Price Close Today : 796.50
Change : 3.00 or 0.4%
S&P 500 : 1,287.87
Change : 1,604.00 or -507.4%
Dow In GOLD$ : $163.82
Change : $ 0.75 or 0.5%
Dow in GOLD oz : 7.925
Change : 0.036 or 0.5%
Dow in SILVER oz : 341.04
Change : -3.07 or -0.9%
Dow Industrial : 12,076.11
Change : 123.14 or 1.0%
US Dollar Index : 74.49
Change : -0.384 or -0.5%
SILVER and GOLD PRICE rose today, but I don't exactly trust that rise.
After yesterday's low above $1,510, GOLD commenced a steady rise, reached about $1,524 overnight, then fell again to $1,512 about opening time. That's when the rally began that worked all day and carried GOLD up $8.80 to $1,523.80
My only question is, "Why not ABOVE $1,525 resistance instead of below it?" Gold must clear $1,535 resistance before any renewed rally becomes likely, although gold's oversold condition could leave it floating up here for a day or so.
The SILVER PRICE appears to have put in a rounded or double bottom yesterday and today at 3450c and 3439c. Comex silver rose 67.4c to 3541c, but was stopped cold at 3553c. The silver price might rally all the way to the 20 DMA at 3633c before it runneth out of gas.
Gold/silver ratio dropped today to 43.033.
Silver and gold rallied today, but most likely 'twas only a bounce in a downtrend. I expect to see lower prices still before this correction ends. BICBW.
TODAY the US DOLLAR INDEX dropped another 10.1 basis points (-0.13%) to 74.411. After a low at 74.23 the dollar index curved up enough to climb over 74.40. On the five day chart 74.20 was significant support, so the dollar's successfully defending that point lends more believability to the theory that the dollar turned up on 1 May. Today it merely declined to its 20 day moving average (DMA). My rally theory stays alive as long as it remains above 74.20.
Euro rose today 0.17% to 1.4441. However, step back from the chart and you'll see the obvious downtrend since May began. Yen stumbled sideways to Y80.44/$ (124.31c/Y100).
My, O, My. Stocks leapt straight up like Superman jumping over a tall building, right from the open, clambered over 12,050 and stayed there. High was 12,120.80 but Dow closed up 123.14 at 12,076.11 (up 1.03%). Yesterday's low at 11,918 may have marked the bottom of the wave. If so, stocks will rally from here, maybe a long way to put in one last top to end the epoch of stocks.
S&P500 rose 1.26% or 16.04 points to 1,287.87.
I bet y'all don't know what I'm going to say next, do you? Y'all think I'm going to make some cutting comment about how stocks are sorrier than a hairless mule or a three legged greyhound or a vegetarian tomcat or a hog on a diet or a chicken allergic to eggs.
But I'm not going to. Shoot, if y'all want to buy stocks, go ahead. After all, Wall Street has to eat, too, and it might as well eat you.
Argentum et aurum comparenda sunt -- -- Gold and silver must be bought.
- Franklin Sanders, The Moneychanger
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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.
