Gold Price Close Today : 1,662.60
Change : 2.80 or 0.17%
Silver Price Close Today : 30.184
Change : 0.201 or 0.67%
Gold Silver Ratio Today : 55.082
Change : -0.276 or -0.50%
Silver Gold Ratio Today : 0.01815
Change : 0.000090 or 0.50%
Platinum Price Close Today : 1531.80
Change : -3.10 or -0.20%
Palladium Price Close Today : 707.35
Change : 15.95 or 2.31%
S&P 500 : 1,418.10
Change : -1.73 or -0.12%
Dow In GOLD$ : $162.83
Change : $ 7.50 or 4.83%
Dow in GOLD oz : 7.877
Change : 0.363 or 4.83%
Dow in SILVER oz : 433.88
Change : -3.52 or -0.80%
Dow Industrial : 13,096.31
Change : -18.28 or -0.14%
US Dollar Index : 79.63
Change : 0.028 or 0.04%
The GOLD PRICE rose $2.80 to $1,662.60. The SILVER PRICE rose today 20.1 cents to 3018.4c.
That brings Gold plumb up to the 200 DMA ($1,662.61) and riding along the uptrend line from the June 2012 low. Not clear to me whether gold will make one more plunge down toward $1,620 or even terrifyingly lower, or it has finished its bottom-scraping.
If the GOLD PRICE did go lower, it would only make it MORE attractive than it is now. Of course, it doesn't FEEL that way. It feels like your stomach is going to climb out of your mouth and go its own way, but that's precisely the time you have to grab hold and remember that the Primary Trend is up, that this correction will end shortly, and that 2013 will smile brightly on gold.
The SILVER PRICE chart is plainer to me than gold's, and makes me expect one more push down toward 2900 cents. Here's how you will know. Low last week was 2964c, so if it trades down there, lower prices will come. On the other hand, it silver can climb above 3100, say 3132 (the 300 DMA), then the bottom is probably in.
Neither metal feels very frisky, but part of that may be the absence of traders for the holiday. By frisky, I mean a day when metals rise 2 or 3% or more, slapping all the shorts silly.
Be patient. I have been buying along here, even knowing we might see another little spike down. Other alternative is to wait and buy as it climbs, but sometimes it gets away from you.
But I'm just a natural born fool from Tennessee, and can hardly spell "cintrul bank."
Here's how kind I am to y'all: not even ONE time in this commentary will I refer to the fiscal cliff, although I will volunteer to push over it the next person I hear say it. It's all a silly mouse-burp deal that doesn't amount to a hillock of beans. Out of it will come for y'all nothing good, only higher taxes and more spending. Don't believe me? Hide and watch.
In the world of disgusting, scrofulous, scabby, cheating, no-good, low-life white trash fiat currencies the Japanese yen has run away with the race to the bottom. Let us pass over as a matter too painful for fastidious minds the bubbling folly of the next Japanese prime minister wanting the Bank of Japan to inflate by at least 2% a year. I will not bore you by repeating yet again that all the inflation in the world only hurts and can never help any economy. I only observe that the yen today hit yet another new low for the move, ending down another 0.58% at 116.16 cents/Y100. This has crossed over the Y85=US$1 line in the sand I speculate the Central banks want to protect. Probably every goof in the world has hopped on and shorted the yen, offering central bank and Nice Government Men the opportunity to prove to them that what they thought was investing genius is really only crowd-following folly. A major picking of pockets will occur. Meantime, this can't go on much longer. Yen is more oversold than membership in the US senate.
US dollar index rose a microscopic 2.8 basis points (0.04%) to 79.633. Has almost reached its 20 day moving average (79.84), and appears to have been carefully steered away from wrecking support at 79. Still headed down.
The euro rose 0.8% today to $1.3237, having bounced off $1.3300. I 'spect it has another point in it, to $1.3400, maybe higher, but I wouldn't buy euros with your money. All the European foundation, the banks, all the rest, remains rotten.
US$1=Y86.09=E0.7555=0.033 130 oz. Ag=0.006 014 oz Au.
Stocks are forcing me to question whether they will yet rally past 13,300 on the Dow (1,450 on the S&P500). Both indices are greener than a ten-year-old smoking cheap cigars. Dow has pierced its 20 DMA (13,144.44), 50 DMA (13,078.50), and 200 DMA (13,015.87), although it climbed from its 12,964 low today to close down only 18.28 (0.14%) at 13,096.31. S&P500 closed down 1.73 (0.12%) at 1,418.10.
Main spur to my doubt is the Dow in Gold and the S&P500 in Gold. Both traced out a dramatic island reversal, both have fallen away. More, the island reversal came as they broke out upside, showing exhaustion Only way I could be persuaded that stocks had not turned down against gold would be for that island reversal's top to be exceeded, chances of which are more vanishingly small than my chance of becoming the lead dancer in the Bolshoi Ballet.
On this black day for freedom, justice, and truth in 1945, 28 nations signed an agreement to create the World bank and the International Monetary Fund. Banks raised the level of looting from the national to the international.
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.