Gold Price Close Today : 1725.40
Change : 12.20 or 0.71%
Silver Price Close Today : 31.810
Change : 0.580 or 1.86%
Gold Silver Ratio Today : 54.241
Change : -0.617 or -1.12%
Silver Gold Ratio Today : 0.01844
Change : 0.000207 or 1.14%
Platinum Price Close Today : 1538.50
Change : 3.00 or 0.20%
Palladium Price Close Today : 613.55
Change : 4.00 or 0.66%
S&P 500 : 1,377.51
Change : -17.02 or -1.22%
Dow In GOLD$ : $153.49
Change : $ -2.54 or -1.63%
Dow in GOLD oz : 7.425
Change : -0.123 or -1.63%
Dow in SILVER oz : 402.75
Change : -11.37 or -2.74%
Dow Industrial : 12,811.32
Change : -121.41 or -0.94%
US Dollar Index : 80.82
Change : 0.013 or 0.02%
Today the aftermarket is especially vigorous, the GOLD PRICE up $9 from the Comex close (now $1,734.67) and silver up 64 cents (3242c).
I've been rode hard and put away wet today, cause everybody in the world wanted to buy gold and silver. Hence I'll make this brief and won't be coy.
It creates a sort of illusion of solidity to quote daily metals closes from Comex because silver and gold trade 24 hours round the clock and the world.
On Comex the SILVER PRICE gained 58 cents to 3131c while gold burst through the 20 DMA and lateral resistance ($1,725) to close at $1,725.40. But it never stopped, as I said, and solidified that upside breakout in the aftermarket.
The GOLD PRICE closed today above its 20 DMA ($1,720.34) and reached out its hand for the 50 DMA ($1,740.29). Chart shows a clear reversal. Next resistance after $1,740 is $1,800, which gold will this time crack like a wrecking ball hitting a mobile home.
The SILVER PRICE, too, by day's end was trading above its 20 dma (3220c) and, having penetrated the downtrend line, has set its sights on 3550c. Can forty dollar silver be far away?
I repeat yesterday's urging: buy silver and gold now. Don't toy with this rally, because it's liable to slap you by running away. Only thing that would contradict that is a silver close below 3150c or gold below $1,720.
Today stocks and precious metals soundly confirmed yesterday's moves, stocks their breakdown, silver and gold their breakout toward the stars. You now have two day confirmation, and that's quite unlikely to lie.
US Dollar Index barely rose, but touched 81 again and ended up 1.3 basis points at 80.82. Hanging on ABOVE the 200 day moving average (80.65). That's bullish, yet silver and gold are rising like a junkyard magnet is pulling them upward. They have broken free and decoupled from the scrofulous dollar.
Euro sank another 0.24% to $1.2748 while the yen is raging upwards, up another 0.65% today to 125.90 cents per 100 yen. Closed above its 20 (125.80) and 200 (125.80, [sic]) day moving averages.
Stocks confirmed and re-affirmed their anti-Obama vote by dropping again today sharply. Dow lost 121.41 (0.94%) to 12,811.32 while the S&P500 lost even more, 17.02 (1.22%) go 1,377.51. Don't discount a possible dead-man surge still, that is, an illusory short rally back to 13,250, but stocks have thrown their dice and they came up snake eyes. Much more downside will follow.
Yesterday's tentative breakdown in Stocks in Gold accelerated today. Headed for Dow two ounces.
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: http://bit.ly/TwgYiz Or, if you'd rather download the MP3 file later, you can find that right here: http://bit.ly/WI7RmW
Argentum et aurum comparenda sunt -- -- Gold and silver must be bought.
- Franklin Sanders, The Moneychanger
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© 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.
