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Thursday, March 14, 2013

The Gold Price Kept Rising Today Closing Near the Upper End of it's Range at $1,590.60

Gold Price Close Today : 1590.60
Change : 2.30 or 0.14%

Silver Price Close Today : 28.773
Change : -0.150 or -0.52%

Gold Silver Ratio Today : 55.281
Change : 0.366 or 0.67%

Silver Gold Ratio Today : 0.01809
Change : -0.000121 or -0.66%

Platinum Price Close Today : 1587.80
Change : -3.30 or -0.21%

Palladium Price Close Today : 768.80
Change : -0.45 or -0.06%

S&P 500 : 1,563.23
Change : 8.71 or 0.56%

Dow In GOLD$ : $188.95
Change : $ 7.50 or 4.13%

Dow in GOLD oz : 9.141
Change : 0.363 or 4.13%

Dow in SILVER oz : 505.30
Change : 5.52 or 1.10%

Dow Industrial : 14,539.14
Change : 83.86 or 0.58%

US Dollar Index : 82.56
Change : -0.356 or -0.43%

Today I've been staring at long term charts. Folks, when those stocks break down and the silver and GOLD PRICE break up, Bogus Ben will spend months crying, gnashing his teeth, and moaning. Bull market in silver and gold has by no means ended, nor has the bear market in stocks. Y'all hide and watch.

The SILVER PRICE backed off 15 cents today to 2877.2 while gold gained $2.30 to $1,590.60, closing near the range's upper end.

From a low at $1,577.37 right after the market opened the GOLD PRICE kept climbing today, threw a leg over unchanged about noon, then kept climbing. That $1,995 remains a barrier. Did I forget to tell y'all that today marks Gold's THIRD day of break-out above that little pennant? Or that it closed above its 20 dma ($1,588.01) today? What's the matter with my memory?

Shucks, I like to forgot that gold's MACD momentum indicator turned up, several days ago. Pointing up now for sure.

Too early to call it a rally, but that's a bunch of purple martins if there ain't no spring close behind.

The SILVER PRICE has looked weaker. 20 DMA is at 2909 cents, and silver can punch into the upper boundary line of that pennant, but can't break out of it. However, its MACD has turned up.

It's the little things that make life so much fun.

Dow rose for the tenth (10th) straight day, S&P500 has risen 11 out of the last 13 days. Oh, friends, it just don't work this way. Markets can't rise forever, and though stocks may get more rabid and frothy yet, it still don't work this way.

But then, denying any eventual pay-day is pretty much the main stock in trade of the yankee government, the Fed, and American society. As John Calvin might say, Lots of luck.

Dow added 83.86 (0.58%) to 14,539.14, and -- did I mention -- it's tenth new high running. S&P500 added 8.71 to end on its high at 1,563.23, still a little off that 2007 high at 1,565.15. Will probably get wilder, crazier, and drunker before it breaks, but look out then!

Dow in gold made a tinier higher high today, to 9.15 oz (G$189.15 gold dollars) over 9.14 (G$188.94). This moves sidewise on the chart, and hath stalled right about where my target was (9.12oz).

Dow in silver did make a higher high today, to 504.74 oz. Broke out upside from a rising wedge, but only slightly. Might have another 10 oz in it.

The US DOLLAR INDEX reached over that 83 resistance today at 83.166, and sellers were waiting on it with a sledge hammer, cold-cocked it, and knocked it down plumb to 82.427. Time I am writing this it is trading 82.559, down 35.6 basis points (0.46%) on the day. I make that the first half of a key reversal. Lower price tomorrow puts the second and last piece in place.

Euro was the big gainer off the dollar's tumble, gaining 0.37% to $1.3005, but you know, you can put lipstick on a hog and hang earrings on it, but it's still a hog. And first time you let it loose, it'll run back to wallow in that mire.

Yen rose a meaningless little bit, 0.04% to 104.07. Stay away.

US$1=Y96.09=E0.7689+0.034755 oz Ag=0.006286 oz Au.

To please the bankers, on 14 March 1900 the US congress passed the so-called Gold Standard Act. The act changed nothing, but threw up a deceptive barrier to the millions of silver advocates. Why could the act do nothing? Because the US congress in 1792 had already made the standard coin of the US the "dollar" of silver (0.7734 troy ounce fine silver) They couldn't make gold the standard if they tried, because that act was as far beyond them and unconstitutional as suddenly declaring that throughout the US the "foot" would henceforth have only ten inches. Once congress "sets" a standard, it can't change the standard later -- unchanging is what a standard's all about., The banks, of course, wanted the so-called gold standard because it really was no gold standard at all, but only a standard that made paper and bank deposits equal to gold for a while, until they could elbow gold out of the system.

Argentum et aurum comparenda sunt -- -- Gold and silver must be bought.

- Franklin Sanders, The Moneychanger
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© 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.