Thursday, April 05, 2012

The Gold Price Closed $1,628.50 Up $16.20 Down for the Week

Gold Price Close Today : 1,628.50
Gold Price Close 30-Mar : 1,669.30
Change : -40.80 or -2.4%

Silver Price Close Today : 3171.6
Silver Price Close 30-Mar : 3246.9
Change : -75.30 or -2.3%

Gold Silver Ratio Today : 51.346
Gold Silver Ratio 30-Mar : 51.412
Change : -0.07 or -0.1%

Silver Gold Ratio : 0.01948
Silver Gold Ratio 30-Mar : 0.01945
Change : 0.00002 or 0.1%

Dow in Gold Dollars : $ 165.78
Dow in Gold Dollars 30-Mar : $ 163.61
Change : $ 2.17 or 1.3%

Dow in Gold Ounces : 8.020
Dow in Gold Ounces 30-Mar : 7.915
Change : 0.11 or 1.3%

Dow in Silver Ounces : 411.78
Dow in Silver Ounces 30-Mar : 406.91
Change : 4.87 or 1.2%

Dow Industrial : 13,060.14
Dow Industrial 30-Mar : 13,212.04
Change : -151.90 or -1.1%

S&P 500 : 1,398.08
S&P 500 30-Mar : 1,408.47
Change : -10.39 or -0.7%

US Dollar Index : 80.070
US Dollar Index 30-Mar : 78.949
Change : 1.121 or 1.4%

Platinum Price Close Today : 1,600.00
Platinum Price Close 30-Mar : 1,639.40
Change : -39.40 or -2.4%

Palladium Price Close Today : 646.10
Palladium Price Close 30-Mar : 653.90
Change : -7.80 or -1.2%

It's a bit too soon after this week's fall to speak definitely about the silver and
GOLD PRICE, but Mercy! I seldom can speak too definitely about anything, markets being what they are.

SILVER and GOLD PRICE both dropped over 2% this week, but bounced back today. Since this is the last day of trading before a long holiday, today's bounce really says very little, as successful shorts would have been closing out positions today and that alone would have floated markets a little.

The GOLD PRICE rose $16.20 to $1,628.50. It reached for that $1,630 support resistance, even touched $1,633.40, but couldn't break through. Low came at $1,608, a bit lower than yesterday's $1,612.30.

The SILVER PRICE bounced 68.7c to 3171.6c when Comex closed. GOLD SILVER RATIO dropped a little, to 51.346, which smiles on an optimistic outlook.

Both silver and gold are skidding down the OUTside of a downtrend line from the September highs. This is the same downtrend line they broke thru headed up in January. As long as Gold doesn't close below $1,600 nor silver below 3000c, we won't see lower prices.

Back in the 1970s everybody went ga-ga for bell-bottomed pants, first time they had been in style since the 1930s. Today, you couldn't give 'em away, nor that burnt orange polyester leisure suit you wore back then, with the tie so wide you didn't really need a shirt. Fashions change, and so 'tis with this recent craze for the scrofulous US dollar. It will pass.

Keep your eyes on the horizon. Silver and gold remain in a primary uptrend, and haven't even posted a third of their final bull market gains yet.

Stocks have eroded all week, having touched 13,300 Monday and tumbled downhill ever since. Big blow to morale came with the S&P500 dropping under 1,400. Dow today closed down 14.61 at 13,060.14, a new low close for the move. S&P closed virtually unchanged at 1,398.08, down 0.88. Market looked confused with the Nasdaq and Nasdaq 100 rising slightly. Once the Dow breaks 13,000, investors will look like the yankee army leaving First Manassas.

US dollar index finally eased above 80 today, closing 80.07, up a massive 2.3 basis points. Watch to see if dollar index can clear 80.74, the last high. Otherwise it's merely inflicting more sideways torture.

The euro has taken the dollar's little spate of strength (I am too intellectually fastidious to discuss the cause of the dollar's strength, namely, ovine investors gullible enough to believe the dollar will strengthen under the Fed's wise guidance) pretty hard, and has collapsed this week. Today it ended at $1.3066, down 0.58%. It has gapped down twice this week, and now stands below all its moving averages, including the crucial 62 DMA. Euro has resumed its trajectory toward $1.2000.

Yen, on the other hand, has stiffened up this week and confirmed a bottom by rising above its 20 DMA. Closed today 121.48c (Y82.31). Will continue to rise -- for no fundamental reason -- until the Nice Government Men again decide to knock it down.

Sunday will be the first Sunday after the full moon following the Spring equinox -- in other words, the date the First Council of Nicaea set for celebrating Easter. Because the Eastern Church still uses the Julian Calendar to calculate the date, their Easter falls on a different date that the date the Western Church celebrates.

However you calculate it, may God grant you all a memorable celebration of Christ's resurrection!

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

- Franklin Sanders, The Moneychanger
10:00am-5:00pm CST, Monday-Friday

© 2012, 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 bubble has burst, primary trend down.

WARNING AND DISCLAIMER. Be advised and warned:

Do NOT use these commentaries to trade futures contracts. I don't intend them for that or write them with that short term trading outlook. I write them for long-term investors in physical metals. Take them as entertainment, but not as a timing service for futures.

NOR do I recommend investing in gold or silver Exchange Trade Funds (ETFs). Those are NOT physical metal and I fear one day one or another may go up in smoke. Unless you can breathe smoke, stay away. Call me paranoid, but the surviving rabbit is wary of traps.

NOR do I recommend trading futures options or other leveraged paper gold and silver products. These are not for the inexperienced.

NOR do I recommend buying gold and silver on margin or with debt.

What DO I recommend? Physical gold and silver coins and bars in your own hands.

One final warning: NEVER insert a 747 Jumbo Jet up your nose.