Friday, November 09, 2012

The Gold Price Closed $56.30 Higher this Week Stop Dawdling and Buy Now

Gold Price Close Today : 1,730.30
Gold Price Close 2-Nov : 1,674.00
Change : 56.30 or 3.4%

Silver Price Close Today : 3259
Silver Price Close 2-Nov : 3083.5
Change : 175.50 or 5.7%

Gold Silver Ratio Today : 53.093
Gold Silver Ratio 2-Nov : 54.289
Change : -1.20 or -2.2%

Silver Gold Ratio : 0.01883
Silver Gold Ratio 2-Nov : 0.01842
Change : 0.00041 or 2.3%

Dow in Gold Dollars : $ 153.11
Dow in Gold Dollars 2-Nov : $ 161.68
Change : $ (8.58) or -5.3%

Dow in Gold Ounces : 7.406
Dow in Gold Ounces 2-Nov : 7.821
Change : -0.42 or -5.3%

Dow in Silver Ounces : 393.23
Dow in Silver Ounces 2-Nov : 424.62
Change : -31.39 or -7.4%

Dow Industrial : 12,815.39
Dow Industrial 2-Nov : 13,093.16
Change : -277.77 or -2.1%

S&P 500 : 1,379.85
S&P 500 2-Nov : 1,414.20
Change : -34.35 or -2.4%

US Dollar Index : 81.051
US Dollar Index 2-Nov : 80.606
Change : 0.445 or 0.6%

Platinum Price Close Today : 1,554.40
Platinum Price Close 2-Nov : 1,540.90
Change : 13.50 or 0.9%

Palladium Price Close Today : 610.25
Palladium Price Close 2-Nov : 598.85
Change : 11.40 or 1.9%

Silver and GOLD PRICE confirmed with third day higher closes their reversals and breakouts earlier this week. The SILVER PRICE today added 35.9 cents to close 3259c. Gold added $4.90 to $1,730.30.

Whether I look at the weekly or daily charts, the same picture emerges: the next leg up, the next rally, for silver and gold has begun. They would have to close below $1,700 or 3150c to contradict that outlook.

Stop dawdling and vacillating and BUY! By June the GOLD PRICE will most likely be trading over $2,300. Yes, I know I sound crazy, but like every other crazy man, I seem perfectly sane to me.

"I used to think I was indecisive, but now I'm not so sure."

Yesterday I erred in the silver closing price. It rose 58 cents to close Comex at 3223.1, not 3181c.

Friday's scoreboard tells it all: silver up 5.7%, gold up 3.4%, Dow in gold down 5.3%, Dow in silver down 7.4%, Dow down 2.1%, S&P500 down 2.1%, US dollar index up 0.6%. Doesn't look to me like O'Bama's re-election re-assured stock markets much.

US dollar index, now above its 20, 50, and 200 day moving averages, continues to eke out a rally. Today it burst the bonds of 81, gaining 23.9 basis points (0.31%) to end at 81.051. Not a barn burner, but a trend in force remains in force until it reverses, and for the nonce the dollar's trend is skyward.

Euro had a sad week, losing every day but one, and tacking on another 0.29% loss today to $1.2711. Headed for $1.26, maybe lower. Not much hope there.

Yen has rallied this week, although it lost 0.09% today to 125.79 cents per 100 yen. Now it has hit its downtrend line, but is at least above its 200 DMA. Well, AT its 200 DMA. I imagine the fights among the various central bankers are the worst falling out of thieves since Gideon faced the Midianites and their partners.

If I had stocks I'd sell 'em and buy silver and gold, 'cause I haven't enough patience to watch this volatility with a downward bias. Stocks may stage a rally somewhere here, but don't seem to have stopped falling just yet. They simply look wretched.

Dow gained a measly 4.07 today to close at 12,815.39 -- not much of a comeback after losing 277.77 this week. S&P500 rose 2.34 today to 1,379.85. Next 5 years stocks are going nowhere.

From 9:00 to 10:00 p.m. Eastern time on Friday, 9 November I'll be on the Christian Farm and Homestead Radio Show to talk about my new book, At Home In Dogwood Mudhole. You can listen here: Or, if you'd rather download the MP3 file later, you can find that right here:

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.