Wednesday, September 19, 2012

The Gold Price Closed at $1,769.00 any Correction will be Sharp but Won't Last Long Look for Buying Opportunities

Gold Price Close Today : 1769.00
Change : 0.60 or 0.03%

Silver Price Close Today : 34.519
Change : (0.125) or -0.36%

Gold Silver Ratio Today : 51.247
Change : 0.202 or 0.40%

Silver Gold Ratio Today : 0.01951
Change : -0.000077 or -0.39%

Platinum Price Close Today : 1639.90
Change : 4.60 or 0.28%

Palladium Price Close Today : 671.00
Change : 4.15 or 0.62%

S&P 500 : 1,461.05
Change : 1.73 or 0.12%

Dow In GOLD$ : $158.67
Change : $ 0.12 or 0.07%

Dow in GOLD oz : 7.676
Change : 0.006 or 0.07%

Dow in SILVER oz : 393.35
Change : 1.80 or 0.46%

Dow Industrial : 13,577.96
Change : 13.32 or 0.10%

US Dollar Index : 79.11
Change : -0.081 or -0.10%

Today silver lost 12.5c to 3451.9c while the GOLD PRICE gained 60 cents (look quick or you'll miss it!) to $1,769.00.

Yesterday gold gained 70c and silver gained 34.6c. Y'all see a pattern? They are churning in tighter and tighter ranges without progress. Buyers and sellers are tangled arm in sweaty arm, wrestling for control.

Battle lines are drawn. For the buyers to win gold must break through $1,780, and silver through 3500 cents. Sellers win if gold closes beneath $1,750 or silver beneath 3380c.

Whichever way it resolves, any the GOLD PRICE and the SILVER PRICE correction will be sharp but won't last long. Keep your eyes open for the buying opportunity.

I came across this crystalline assessment of recent events from Clive Maund at

"Last week was a momentous one when the financial world passed the point of no return. Right after a German court cleared the way for massive European QE to get underway, steamrollering opposition from German politicians and the German public in the process, the Fed announced not just QE3, which was expected, but open-ended and unlimited QE and suppression of interest rates over a longer timeframe. The Fed has declared open warfare not just against the dollar and savers in general, but against the entire American middle and lower classes, who will be progressively stripped of their assets and impoverished, the better to serve the interests of the banking class and the elites at large."

That's better than e'er a natural born fool from Tennessee could put it. Y'all pay attention.

When markets flatline, they may have run out of interested investors, but they may reveal buying and selling evenly balanced but fiercely strong. If that latter case, from flatline they will burst out in either direction most suddenly. I mention this because silver and gold fit that pattern right now.

The scabby US dollar, trashy low-life of currencies, lost a tiny 8.1 basis points today (0.1%). Stopped cold at 79.40 and probably has a two or three day correction in front of it, assuming it has turned around.

Euro closed at $1.3049/E0.7663, up 0.04%. Kissed back to the downtrend line today, so tomorrow must launch skyward or risk falling back to 126 where it left a breakaway gap. Actually, maybe the euro is the trashy low-life of currencies.

Yen has fallen briskly away from the main downtrend line below the top fan line. Translation: it failed to make good its breakout, so the presumption of more upward gain is against the yen. Now that I think about it, maybe the yen is the trashy low-life of currencies. Shucks, all three are so trashy, who could pick?

Stocks showed some life today. Dow scratched around and gained 13.32 (0.1%) to 13,577.96. S&P500 added 1.73 (0.12%) to 1,461.05.

Short and sweet: stocks are setting up an epochal peak which will be followed by a crash and long bear market astonishing for its cruelty. Yes, I know the "Bernanke put" is obvious and that the government manipulates the stock market so often and so much that no real market remains, but even the mighty Bogus Ben cannot lift the weight of the world when it crashes down on his itty shoulders.

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.