Monday, October 29, 2012

The Gold Price Might Head Lower but Hurricane Sandy Has Closed Markets Reopening Wednesday

Gold Price Close Today : 1711.80
Change : 0.90 or 0.05%

Silver Price Close Today : 0.319
Change : -0.135 or -29.75%

Gold Silver Ratio Today : 5370.353
Change : 1599.774 or 42.43%

Silver Gold Ratio Today : 0.00019
Change : -0.000079 or -29.79%

Platinum Price Close Today : 1536.80
Change : -7.50 or -0.49%

Palladium Price Close Today : 591.70
Change : -3.90 or -0.65%

S&P 500 : 1,411.94
Change : -1.03 or -0.07%

Dow In GOLD$ : $158.28
Change : $ -0.02 or -0.02%

Dow in GOLD oz : 7.657
Change : -0.001 or -0.02%

Dow in SILVER oz : 41,120.66
Change : 12,242.03 or 42.39%

Dow Industrial : 13,107.21
Change : 3.53 or 0.03%

US Dollar Index : 80.23
Change : 0.146 or 0.18%

Hurricane Sandy closed down things in New York, so the prices you see below for stocks are from Friday. They settled the Comex by averaging the prices from 9:14 a.m. through 9:15 a.m., so the GOLD PRICE and SILVER PRICE don't represent anything really. Current prices are based on worldwide prices.

However, the dollar index rose today to 80.231, up 14.9 basis points. If it continues in that direction, we might yet see lower lows in the silver and GOLD PRICE. I will go ahead and buy at $1,690-ish, using that as a trigger to buy both silver and gold. Only reason I would not do that is if they were just waterfalling lower instead of inching down. If they did that, I'd just step back and wait to see where they settle.

Markets are supposed to be closed again tomorrow, so it will be Wednesday before we have a clue about further direction. Pray for those poor people in the path of the storm.

I have five sons and two daughters. Over the weekend the wife of the son who lives in Colorado died in a single car accident. She was 36. I would deeply appreciate your prayers for him and my family. We do not yet know when the funeral will take place between this week and next, but I want to let y'all know that here sometime soon I will be away for a few days.

Lord have mercy on us. Christ have mercy on us. Lord have mercy on us.

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.