Gold Price Close Today : 1,666.00
Gold Price Close 1-Feb-13 : 1,669.40
Change : -3.40 or -0.2%
Silver Price Close Today : 31.425
Silver Price Close 1-Feb-13 : 31.942
Change : -51.70 or -1.6%
Gold Silver Ratio Today : 53.015
Gold Silver Ratio 1-Feb-13 : 52.263
Change : 0.75 or 1.4%
Silver Gold Ratio : 0.01886
Silver Gold Ratio 1-Feb-13 : 0.01913
Change : -0.00027 or -1.4%
Dow in Gold Dollars : $ 173.63
Dow in Gold Dollars 1-Feb-13 : $ 173.48
Change : $0.15 or 0.1%
Dow in Gold Ounces : 8.399
Dow in Gold Ounces 1-Feb-13 : 8.392
Change : 0.01 or 0.1%
Dow in Silver Ounces : 445.28
Dow in Silver Ounces 1-Feb-13 : 438.60
Change : 6.68 or 1.5%
Dow Industrial : 13,992.97
Dow Industrial 1-Feb-13 : 14,009.79
Change : -16.82 or -0.1%
S&P 500 : 1,517.93
S&P 500 1-Feb-13 : 1,513.17
Change : 4.76 or 0.3%
US Dollar Index : 80.263
US Dollar Index 1-Feb-13 : 79.088
Change : 1.175 or 1.5%
Platinum Price Close Today : 1,713.50
Platinum Price Close 1-Feb-13 : 1,686.20
Change : 27.30 or 1.6%
Palladium Price Close Today : 751.10
Palladium Price Close 1-Feb-13 : 756.00
Change : -4.90 or -0.6%
The silver and GOLD PRICE are wallowing along sideways and lower, platinum is climbing even against the wind, the dollar surprised everyone by moving higher, while the mania in stocks continues feverish.
Silver and gold were arguing with each other again today. Silver gained 3.8 cents (0.12%) to 3142.5c while the GOLD PRICE lost $4.40 (0.26%) to end at $1,666.00. For the week silver lost 1.6% and gold lost 0.2%.
Look at the chart: both metals are forming even-sided triangles. What's happening? They're being batted from one side of the triangle to the other. Nothing much to say until they escape their imprisonment up or down. Y'all can examine the SILVER PRICE chart or GOLD PRICE.
Nobody likes this stalling, but look further on those charts and you'll see that silver and gold alike remain above their uptrend lines from the June 2012 lows. There's nothing wrong here, but the mania in stocks is pulling attention and bucks away from silver and gold. This is the time to ask yourself whether you believe the mania in stocks or not. If not, it's time while stocks are high for you to sell them and put the proceeds into silver and gold.
Or you could wait until the crash a few weeks hence.
The US dollar index rose 3.2 basis points today to 80.236, trying to digest its 46.2 basis point jump yesterday. This slams it up against an internal resistance line and the downtrend line prevailing since November. Last Friday the Euro punched to a spike top at $1.3711 (intraday). Yesterday it tumbled 0.92% (large move for currencies), wrecking its uptrend by plunging through the uptrend line and settling below the 20 day moving average ($1.3430). Today it confirmed its lower intentions by both opening and closing lower. Whoops -- did I mention that it closed below the last intraday peak ($1.3394), too? A break below the last cluster of peaks around $1.3150 will add to the conviction that the euro's rally has ended.
Meanwhile the yen, having made new low after unbelievable new low, rallied today, up 0.97% to 107.78c/Y100. First confirmation of a trend change, a rise through the 20 day moving average, won't come until 110.10c. Those Japanese aren't playing fair with their currency war, and the other Nice Government Men won't like it. Pretty soon they'll wax angry.
Stocks rose today: Dow 48.92 (0.35%) to 13,992.97 and S&P500 8.54 (0.57%) to 1,517.93. Dow could not today hold on at the high, 14,022, but before this mania ends most likely will, and exceed the last peak. Generally when people get drunk, they will keep on drinking till they pass out. This ends in multiple woes, both digestive and cranial, but past some point they just can't stop. Manias work the same way.
The charts of the Dow in Gold and the Dow in Silver tell me more than the raw Dow chart. Today the raw Dow poked its head through the top of what might be a diamond top, but we can't be certain what that means yet. Dow in Gold and Dow in Silver both rose to the top of formations that could be topping or continuation formations. Monday will tell us a lot. Question here is, can stocks gain more on silver and gold before they turn down? A question of how much, not if.
Argentum et aurum comparenda sunt -- -- Gold and silver must be bought.
- Franklin Sanders, The Moneychanger
10:00am-5:00pm CST, Monday-Friday
© 2013, 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.