Gold Price Close Today : 1,775.50
Gold Price Close 14-Sep : 1,769.80
Change : 5.70 or 0.3%
Silver Price Close Today : 3456.7
Silver Price Close 14-Sep : 3460.3
Change : -3.60 or -0.1%
Gold Silver Ratio Today : 51.364
Gold Silver Ratio 14-Sep : 51.146
Change : 0.22 or 0.4%
Silver Gold Ratio : 0.01947
Silver Gold Ratio 14-Sep : 0.01955
Change : -0.00008 or -0.4%
Dow in Gold Dollars : $ 158.10
Dow in Gold Dollars 14-Sep : $ 158.77
Change : $ (0.67) or -0.4%
Dow in Gold Ounces : 7.648
Dow in Gold Ounces 14-Sep : 7.681
Change : -0.03 or -0.4%
Dow in Silver Ounces : 392.84
Dow in Silver Ounces 14-Sep : 392.84
Change : 0.01 or 0.0%
Dow Industrial : 13,579.47
Dow Industrial 14-Sep : 13,593.37
Change : -13.90 or -0.1%
S&P 500 : 1,460.17
S&P 500 14-Sep : 1,465.77
Change : -5.60 or -0.4%
US Dollar Index : 79.323
US Dollar Index 14-Sep : 78.851
Change : 0.472 or 0.6%
Platinum Price Close Today : 1,637.10
Platinum Price Close 14-Sep : 1,712.70
Change : -75.60 or -4.4%
Palladium Price Close Today : 670.05
Palladium Price Close 14-Sep : 698.80
Change : -28.75 or -4.1%
The GOLD PRICE gained $7.80 to 1,775.50 while silver chiselled off 5.1 cents to 3456.7c.
Very strange day. Just on the open silver and gold shot straight up, traded sidewise for almost two hours, then fell off the cliff. Rest of the day was fairly calm.
Both went to new highs for the move, 3517c and $1,787.10. The whole move looks something like an island reversal, complete with the little gaps. The SILVER PRICE looks the same, but not quite. Gold, after all, closed HIGHER, but silver a little lower. Today might mark the break to a correction. Any close next week above $1,776 would immediately gainsay that and send gold running for $1,800 before it runs out of steam.
Rest easy, y'all -- the world's best friends of GOLD, Bogus Ben Bernanke and Super Mario Draghi are carrying us to the Brave New World of unlimited inflation. They are guaranteeing you that your silver and gold will double, triple, or quintuple before all this ends. If silver and gold do correct, buy with both hands.
Tragic news item today: The Energizer bunny has been arrested. Charged with battery.
This week's scorecard is practically unchanged from last week's, save for platinum and palladium, which dropped more than 4%.
This first week of the Brave New World of unlimited QE and infinite money printing was, well, not much. Certainly it tried to keep the stock market floating, and helped gold, but other than that it was just Corruption as Usual. But something outlandish did occur with silver and gold today. More below.
The US dollar index fell a gnat's eyebrow, 6.5 basis points (0.08%) to 79.323. Dollar has done falling for a little while (note "little"). It can't climb much higher than 80. However, it may crab along sideways for a few days.
Euro is busy gainsaying its breakout (above the downtrend line) last week, sliding down the line like a drunk on a lamppost. That line is about where it closed today, $1.2986 (US$1 = E0.7701), so if it closes below that next week it will drop back to 126.20 and fill in that breakaway gap.
Japanese Yen looks raggeder than the euro, having fallen away from the downtrend line (about 130c) like a fat rock into a deep well. Now jiggling along above its 20 and 50 day moving averages, which are right next to each other.
Fiat currencies -- they have all the attractions of a three day old roadkilled armadillo.
STOCKS had a really bad day. They rose to a new high for the move, but closed lower. That's the first half of a key reversal, but to confirm must close lower on Monday. Dow lost 17.48 (0.13%) today after trading much higher in the morning then sliding through the day. Almost every other index closed down, too. S&P500 lost 0.09 to 1,460.17.
This will end in wailing, sorrow, and gnashing of teeth. Technically this is the second touch off this point -- a double top? Stay away from stocks.
On 21 September 1873 it was Black Friday, the first time the New York Stock Exchange had to close because of a banking crisis -- and not the last.
On 21 September 1931 Great Britain went off the gold standard. So, explain to me how this differs from today?
I've been making y'all a special pre-publication offer for my new book, At Home In Dogwood Mudhole. There's a story in there called "Pig Persuader" that will leave you laughing breathlessly, at my expense. Then there's the tale of the horses running away with the wagon -- terrifying, but I can't keep from laughing.
Don't take my word for it. If you read AHIDM and it doesn't make you laugh, cry, and your heart soar, I'll refund your money and you can keep the book and use it to shim up your old rickety washing machine.
Yesterday I made a Special-Special Offer of two copies for one for the first person to order from states or countries we had no orders from. Orders came in from: Alaska Iowa Kentucky Maryland Nebraska New Jersey South Dakota West Virginia
Foreign countries (now 24): Bahrain China India Indonesia Japan Lebanon Malaysia Monaco The Netherlands Romania Solvenia, and Switzerland.
Thanks to all of y'all for those orders yesterday. I honored and amazed by the universal interest in At Home in Dogwood Mudhole.
But we still need orders from a few states, and of course lots of foreign countries. If you order from these states and you'll still get Two-For-One if you are first to order (same goes for foreign countries that haven't ordered yet). Delaware Louisiana Maine Rhode Island, and Wyoming.
To order, go to http://bit.ly/ahidm-vol1 First come, first served.
Whoa! And thanks, Australia. I've gotten more orders from Oz than any other foreign land. Y'all won't regret it.
Y'all enjoy your weekend.
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. No, I don't.