Gold Price Close Today : 1697.00
Change : 1.20 or 0.07%
Silver Price Close Today : 32.206
Change : -0.017 or -0.05%
Gold Silver Ratio Today : 52.692
Change : 0.065 or 0.12%
Silver Gold Ratio Today : 0.01898
Change : -0.000023 or -0.12%
Platinum Price Close Today : 1609.30
Change : -10.00 or -0.62%
Palladium Price Close Today : 697.20
Change : -3.60 or -0.51%
S&P 500 : 1,430.36
Change : 16.78 or 1.19%
Dow In GOLD$ : $161.23
Change : $ 1.13 or 0.70%
Dow in GOLD oz : 7.799
Change : 0.054 or 0.70%
Dow in SILVER oz : 410.96
Change : 3.33 or 0.82%
Dow Industrial : 13,235.39
Change : 100.38 or 0.76%
US Dollar Index : 79.57
Change : -0.067 or -0.08%
The silver and GOLD PRICE feel really tired. Gold gained $1.20 today to end Comex comatose at $1,697. Silver lost 1.7 cents to close 3220.6c.
Once again, the GOLD PRICE validated that support running slightly upward from $1,672.50 (November's low) to $1,684.10 (December's low). Hit that line about $1,684.40 and bounced back toward $1,700. Today's high at $1,699.09 does not rank as a grounds for pride.
The SILVER PRICE left little doubt about its intentions today with a lower low for the move at 3206c, third day of lower lows since it broke that support line about 3250c.
But it isn't exactly collapsing on a skinny daily range of 30.5c (yes, the high came at 3236.5). Silver has just gone dead in the water. If 3200c is broken, silver will make a quick spike down.
Watching. That's all I know to do when markets act like this. Just be patient until they tip their hand. Won't be long.
Maybe rumors of a deal on the FC (I can no longer bring myself to use the cliché) ramped up Wall Street today, or maybe they're taking their Christmas toot early, but stocks rose mightily. Dow gained 0.76% (100.38) to 13,235.39 and the S&P500 gained a massy 1.19% (16.78) to 1,430.36.
However the Dow still could not climb over 13,300 resistance. I 'spect it will, though, as a mouth-foaming, frenzy takes over here at year end and takes over the foresight-challenged minds. Y'all have to keep on resisting the bait, because buried in it lurks a hook.
US dollar index fell mildly, down 6.7 basis points (0.09%), but that doesn't speak as loudly as the new low for the move at 79.50, taking out the old low at 79.57. No, no, it didn't follow through to fall further, but the act has been done, however long consummation delays.
Euro barely moved today, down 0.02% to $1.3164. Remains above the downtrend line, but whenever it edged toward $1.3200, it wilted like a bashful boy at a barn dance. Probably has somewhat higher prices in it, but what loony would buy it for that, only to watch it collapse a few weeks later?
Just to prove that no market ever drops so low that it can't drop further, the Japanese yen make a new low for the move today, lost 0.48%, and ended at 119.24 cents/Y100. Got to be making the Fed's NGM nervous. It's more oversold than hot dogs at Coney Island.
Y'all still barely have time to order At Home in Dogwood Mudhole and get it by Christmas, but you'll have to use either priority or express mail. Coincidentally enough, both are available at our website, www.dogwoodmudhole.com
Here's the latest reader response, from someone who had ordered Christmas copies: "I've received my first copy of AHIDM and it is already stained with tears of laughter, been, wine, and various un-identifiable solid products that appear to be in the ham sandwich family. When one guffaws, one tends to spew one's sandwich, if you hadn't noticed. Where are my other four copies? Santa is depending on you!"
I'm going to tell y'all, it is just that good.
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.