Gold Price Close Today : 1591.50
Change : 13.70 or 0.87%
Silver Price Close Today : 29.131
Change : 0.319 or 1.11%
Gold Silver Ratio Today : 54.633
Change : -0.129 or -0.24%
Silver Gold Ratio Today : 0.01830
Change : 0.000043 or 0.24%
Platinum Price Close Today : 1593.00
Change : -6.20 or -0.39%
Palladium Price Close Today : 773.40
Change : -3.70 or -0.48%
S&P 500 : 1,552.48
Change : -3.74 or -0.24%
Dow In GOLD$ : $187.69
Change : $ 7.50 or 4.16%
Dow in GOLD oz : 9.080
Change : 0.363 or 4.16%
Dow in SILVER oz : 496.04
Change : -5.40 or -1.08%
Dow Industrial : 14,450.06
Change : 2.77 or 0.02%
US Dollar Index : 82.61
Change : -0.016 or -0.02%
About 8:00 a.m. New York time the GOLD PRICE bounded from $1,584 to $1,592. One leap, one minute. It didn't really gain after that, but closed at $1,591.5 (up $13.70 or 0.87%) after at $1,594.67 high. Literally traded in a $2.70 range all day. Flat.
The SILVER PRICE followed the same path, gapping up from 2892 cents to 2928.5 in one minute, then trading the rest of the day between 2915c and 2925c. Closed at 2913.1c, up 31.9 cents (1.1%).
Granted we need to see confirmation, but here's what gives hope to the chart. The GOLD PRICE had been forming a pennant (little even-sided triangle) and today broke out upside and punched into its 20 DMA ($1,593.99). One more day outside that pennant, and gold will have reversed directions.
Ditto silver. Broke out upside from a pennant, cut into the 20 DMA (2930), but closed slightly below it.
Add to this the MACD, which has turned up for both metals. This is the best we've seen them look since mid-February.
Yet, hold! Gold still must climb over $1,600 and silver over 2950 to confirm a reversal beginning.
I nibbled at buying some silver today, just in case it really is a reversal upwards.
This morning the Natterers on Nat. Proletarian Radio were a-buzzin' about some judge turning over the Communist New York Mayor Bloomberg's law forbidding sales of big jugs of soft drinks.
Ahh, it just warms your heart to see those freedom- loving soft-drink corporations stand up for the right of folks to choose what they want to put into their own bodies. Right, well, I'm all for that, but you wonder why none of the corporations ever complain about all the other regulations that put small farmers and food processers out of business, or keep them out? There, freedom just ain't so important, I reckon.
Y'all write this down in your little books: the purpose of ALL regulation (all of it) is to stifle competition.
Here was an interesting day. Dow and S&P500 got into an argument and couldn't agree whether to rise or fall. And thanks to Bundesbank president Jens Weidmann, gold and silver gapped up like they had dynamite under them.
Dow hit another new high today, but managed to add only 2.77 (0.02%) to close at 14,450.06. S&P500 hit a new intraday high at 1,556.77 but lost 3.74 from yesterday to close at 1,55248 (down 0.24%). Dow was the only index that ended the day higher. Mmmm.
More fascinating yet are the Dow in Gold and Dow in Silver. After hitting a high day before yesterday at 9.14 oz (G$188.94 gold dollars) it gapped down today to close at 9.08 oz (G$187.70). Gapped down out of a rising wedge. Needs to confirm, of course, but that's the first sign of a top. Dow in silver performed the same way, tripping down out of a wedge after a high yesterday at 498.98 oz. Closed today at 496.57 oz.
What meaneth all this? It's the first hint that silver and gold have turned up against stocks. Whether that means stocks drop or not (it might), I don't care, but it points to the end of the long silver and gold correction.
In the rotten world of fiat currencies and corrupt central banks that feed off the public like tapeworms. the head of the German central bank today announced the Bundesbank had raised its risk loss provision to 14.4 billion euros ($18.7 bn) from 7.7 billion euros a year ago. He also said, "The crisis is not yet over despite the interim calm on financial markets."
I reckon it was bound to happen sooner or later, a central banker accidentally telling the truth. As Lord Acton (1834-1902) said, "The issue which has swept down the centuries . . . And which will have to be fought sooner or later . . . is the people versus the banks." (quoted by Charles Demastus in Freedom Watch)
Silver and gold responded by gapping up. The US dollar index went nowhere, closing today 82.607, down 1.6 basis points. Euro dropped only 0.9% to $1.3033, while the yen rose 0.24% to 104.11 cents per 100 yen.
Dollar is fixing to break its steep uptrend. Bond market waxes more and more suspicious. Ten year treasury yield rose sharply yesterday, backed off a little today. Ended at 2.023% yield. If it clears 2.4%, Ben will start sweating bullets like he's been napping in nettles.
Argentum et aurum comparenda sunt -- -- Gold and silver must be bought.
- Franklin Sanders, The Moneychanger
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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.
