Wednesday, January 02, 2013

The Gold Price Gained $13.10 to $1,687.90 Stop Waiting and Start Buying

Gold Price Close Today : 1687.90
Change : 13.10 or 0.78%

Silver Price Close Today : 30.952
Change : 0.779 or 2.58%

Gold Silver Ratio Today : 54.533
Change : -0.974 or -1.75%

Silver Gold Ratio Today : 0.01834
Change : 0.000322 or 1.79%

Platinum Price Close Today : 1565.10
Change : 26.40 or 1.72%

Palladium Price Close Today : 707.25
Change : 4.60 or 0.65%

S&P 500 : 1,462.42
Change : 36.23 or 2.54%

Dow In GOLD$ : $164.26
Change : $ 7.50 or 4.78%

Dow in GOLD oz : 7.946
Change : 0.363 or 4.78%

Dow in SILVER oz : 433.33
Change : -0.97 or -0.22%

Dow Industrial : 13,412.55
Change : 308.41 or 2.35%

US Dollar Index : 79.85
Change : 0.091 or 0.11%

The GOLD PRICE gained $13.10 to $1,687.90 while the SILVER PRICE whacked back a solid 77.9 cents (2.58%) to end at 3095.2c.

Those closes all but clinch a reversal in the silver and GOLD PRICE. Yes, both need to build and step out smartly ahead. Only closes below 3100c tomorrow and $1685 would cast that reversal in shady doubt.

I didn't buy enough last week, or today. Stop waiting, start buying.

Fell over the fiscal cliff, and lo! 'twas a mouse-burp deal as I foretold. Tee-tiny tax increase, not much spending cut, engine of inflation left un-overhauled, burning oil, and needing a ring job pretty badly.

WHY do y'all keep expecting something out of these people? They lie to you, steal from you, defraud you, give your money to banks and foreigners, destroy your culture, your institutions, and your nation, kick you in the mouth wearing cleats, and y'all STILL expect something good out of 'em. Listen, by now, the problem's not theirs, it's yours, if you expect anything other than lies, theft, and murder out of Washington.

US dollar index challenged last week's highs at 79.93, but failed. My guess is the NGM don't want the dollar to beat 80. Dollar index rose 9.1 basis points (0.12%) to 79.852).

Euro lost what the dollar gained. Down 0.11% to $1.3181 and looking toppy.

Surprise, surprise, the Yen took another tumble to another new low, down 0.62% to 114.,54 c/Y100 (US$1=Y87.31). Must be near a bottom.

Stocks went euphoric on the pixie-dust of Washington's deal. Dow rose 308.41 (2.35%) to 13,412.55, slightly higher than the last high and well above 13,300 resistance. S&P500 rose 36.23 (2.54%) to 1,462.42. Clearly, higher prices will come.

Not so clear when measuring these indices by gold. That Island Reversal pattern has been vitiated by filling in the gap, but today's action did not reverse the downtrend. I still reckon stocks have turned down against gold.

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.