Thursday, September 20, 2012

The Gold Price Closed Down $1.30 Today I Expect a Correction although Gold May Continue to $1,900

Gold Price Close Today : 1767.70
Change : (1.30) or -0.07%

Silver Price Close Today : 34.628
Change : 0.099 or 0.29%

Gold Silver Ratio Today : 51.048
Change : -0.184 or -0.36%

Silver Gold Ratio Today : 0.01959
Change : 0.000070 or 0.36%

Platinum Price Close Today : 1623.40
Change : -16.50 or -1.01%

Palladium Price Close Today : 662.90
Change : -11.40 or -1.69%

S&P 500 : 1,460.20
Change : -0.79 or -0.05%

Dow In GOLD$ : $159.01
Change : $ 0.35 or 0.22%

Dow in GOLD oz : 7.692
Change : 0.017 or 0.22%

Dow in SILVER oz : 392.66
Change : -0.58 or -0.15%

Dow Industrial : 13,596.93
Change : 18.97 or 0.14%

US Dollar Index : 79.42
Change : 0.309 or 0.39%

The GOLD PRICE lost $1.30 today to $1,767.70 while silver gained 9.9c to 3461.8c. That reflects either indecision or balance between buyers and sellers. Both silver and gold are pretty fiercely overbought, so it's no surprise new buyers are indecisive. But this sideways stuff can't last much longer.

Present situation is fraught with many possible dead ends and tricks. The SILVER PRICE and GOLD PRICE might go ahead and make the correction I expect. On the other hand, they might yet shoot a little higher, say to $1,800 gold, and then correct. Or, not very likely, they might rest here a few days then resume their upward march to $1,900. Highest odds are with a correction, as the upward move appears complete.

Patience, patience -- it pays off. Foolish investors look at market moves and believe they have to buy the bottom and sell the top. Rather, look at it this way: you only want to take out a large slice of that rise. And after that opportunity, another train will leave the station tomorrow.

I'm flying blind today because the Internet conked out at my office, but I'll write this and take it home to send from there. Not much matter, as markets moved crabwise again today.

The vastly oversold US dollar index continues its pitiful "rally". Rose 30.9 basis points today, 0.4%, to 79.422. 80 is about the limit of this snail crawl.

Euro lost 0.32% today and closed below 1.3000 at $1.2960 (E0.7716). Yen gained 0.2% to 127.80c (Y78.25), also no game changer.

Y'all are watching the fiat paper currencies decouple from silver and gold, little by little, until finally the public will repudiate them altogether, an outcome to be devoutly hoped for.

Of all stock indices only the Potemkin Dow rose today, 18.97 (0.14%) to 13,596.93. S&P500 fell 0.79 or 0.06%. Mostly it was a losing day, but I don't think stocks have drawn in enough victims yet to end their rally. Stock investors have about as much chance of winning as guests at a casino.

My new book, At Home in Dogwood Mudhole, went to the printer last week, and is on track to be published 15 October. The book recounts my family's move to the country and how we learned to farm by making every mistake the ignorant could chance upon. You'll read about Jack, my $1,000 Dalmador dog, and my wife's command not to "buy anything that eats." If you read it and you don't laugh out loud (or cry great tears), I will refund your money and you can keep the book and use it for a doorstop.

SO FAR we have orders from 36 US states and 12 foreign countries -- thank you, Malta, for that order!

I'd like to get an order from every state, so I'm going to make a one time offer. If you are the VERY FIRST (and only the first) to order At Home In Dogwood Mudhole from one of the states below, I'll send you TWO (2) orders for the price of one. You can give one to a friend and look like a big spender. Offer only applies to persons ordering from these states, and only to the first person who enters an order: Alaska Delaware Iowa Kentucky Louisiana Maine Maryland Nebraska New Jersey New Mexico Rhode Island South Dakota West Virginia Wyoming

I already have orders from UK, Guernsey, Ireland, Australia, New Zealand, Canada, Saudi Arabia, Malta, Israel, Thailand, Norway, and Singapore. If you are NOT in one of these countries, I'll make the same First Order Offer to you: If you are the first person from your country to order At Home In Dogwood Mudhole, you get two for the price of one.

To order, go to Time's a wasting!

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.