Gold Price Close Today : 1762.10
Change : -13.40 or -0.75%
Silver Price Close Today : 33.921
Change : -0.646 or -1.87%
Gold Silver Ratio Today : 51.947
Change : 0.583 or 1.14%
Silver Gold Ratio Today : 0.01925
Change : -0.000219 or -1.12%
Platinum Price Close Today : 1622.00
Change : -15.60 or -0.95%
Palladium Price Close Today : 644.35
Change : -25.70 or -3.84%
S&P 500 : 1,456.89
Change : -3.26 or -0.22%
Dow In GOLD$ : $159.06
Change : $ 0.98 or 0.62%
Dow in GOLD oz : 7.695
Change : 0.047 or 0.62%
Dow in SILVER oz : 399.72
Change : 6.88 or 1.75%
Dow Industrial : 13,558.92
Change : -20.55 or -0.15%
US Dollar Index : 79.56
Change : 0.048 or 0.06%
Following through on Friday's step one of a key reversal, the silver and GOLD PRICE filled out step two today. Silver lost 64.6c to close 3392.1 (Owch! Below 3400c) and GOLD gave up $13.40 to $1,762.10.
The SILVER PRICE high today at 3418c began the day lower than its Friday low (3433.2c). Gaps down betray an underlying readiness to fall. At 64.1 cents silver did not fall terribly, but morale was whipped across the face with a cat o'nine tails by the close below 3400c. Ratio jumped from 51.364 to 51.947, also a bearish flag on the track.
The GOLD PRICE, too, gapped down over the weekend. Friday's low was $1,769.77 while today's high was $1,767.30. Critical level is $1,755. If gold breaks that level -- and it's now pointed in that direction -- it should tumble quickly toward $1,720.
Cheer up, long faces! This is good news, since we want to buy more silver and gold at reduced prices, and now should get the chance.
US dollar index continues to wallow upward, a massive 4.8 basis points (0.6%) today to 79.563. Meaningless. Euro fell 0.38% to l$1.2930 (E0.7734), leaving it below the downtrend line. Not a hopeful sign. Yen, on the other hand, gained 0.41% to 128.48 c (Y77.842). This remains in the same old range.
Stocks couldn't do anything today. Dow lost 20.55 (0.15%) to 13,558.92. S&P500 lost 3.26 (0.22%) to 1,456.89. This looks bad after Friday's rise into new high territory. Sort of makes it look like a key reversal. But what do I know? I don't work on Wall Street OR wear shark skin suits.
On 24 September 1769 a panic on Wall Street ruined thousands. Jay Gould and James Fisk were trying to corner the gold market, President Grant found out who had been bought in his administration, and ordered enough gold sold to break them. I suppose even a blind squirrel finds an acorn now and then.
Readers from 45 states have now ordered my new book, At Home In Dogwood Mudhole. Where are y'all, Delaware, Louisiana, Maine, and Rhode Island?
New orders came in from Belize, Hong Kong, Viet Nam, Portugal, Zimbabwe, Kenya, and Wales. Yes, in Tennessee we count Wales a country. And to our friend in Wales and Slovenia: your emails are being returned. We've got a solution. Email us.
I forgot to tell y'all that At Home in Dogwood Mudhole contains my own hand-drawn maps, like the map of the Massive Planned Pasture Adjustment. Inside you will also learn how to teach pigs to jump rope, terrorists in Wayne County, water-witching, and the Demon Cow. Read it, and if you don't think it's the best thing to come out of Tennessee since Davy Crockett, I refund your money and you can keep the book and use it to start fires with.
I am extending the same Special-Special Offer one more day. Be the first to order from your state or country, and you'll get two books for the price of one. Order at htty://bit.ly/ahidm-vol1
Better hurry. My generous gland is about to shut down.
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.