Gold Price Close Today : 1461.80
Change : 38.40 or 2.70%
Silver Price Close Today : 24.140
Change : 1.307 or 5.72%
Gold Silver Ratio Today : 60.555
Change : -1.785 or -2.86%
Silver Gold Ratio Today : 0.01651
Change : 0.000473 or 2.95%
Platinum Price Close Today : 1462.80
Change : 33.00 or 2.31%
Palladium Price Close Today : 680.20
Change : 13.75 or 2.06%
S&P 500 : 1,585.16
Change : 6.37 or 0.40%
Dow In GOLD$ : $207.89
Change : $ 7.50 or 3.74%
Dow in GOLD oz : 10.057
Change : 0.363 or 3.74%
Dow in SILVER oz : 608.98
Change : -33.79 or -5.26%
Dow Industrial : 14,700.80
Change : 24.50 or 0.17%
US Dollar Index : 82.76
Change : 0.177 or 0.21%
Both the silver and GOLD PRICE rose today, but silver with more gusto. Gold added $38.40 (2.7%) to $1,461.80 and silver rose 130.7 cents (5.7%) to 2414c.
On the way down gold left an up glitch at $1,475-$1,490, and today's high stopped at $1,467.88. Frankly, this is not much to go on for forecasting. Gold might rally all the way to $1,540, through its 20DMA (1,492.35) and still fall back to confirm its bottom, or fall lower. We can't know until we see how it behaves at $1,500.
This leaves me in a conundrum: buy some or wait. What if it DOESN'T come back? What if it keeps on rising through $1,540? Well, I reckon I'll buy some then.
The SILVER PRICE performance today lends more weight and credibility to both metals. MACDs for both have turned up, and they are moving in unison. GOLD/SILVER RATIO fell today to 60.555 from 62.340 yesterday, a huge 10.5%. More, silver broke above 2380c resistance.
All this is positive, but I want more proof we won't see one more plunge. Sorry -- once burned, twice shy.
Frankly, I don't feel like saying a word today. I know y'all think of "equities" when I write "stock," but I think first of "cattle, sheep, and pigs." Some family dogs got into our sheep pasture last night and killed six sheep. Got caught at it, and so solved the mystery of what happened to the other six a few days ago. We lost sheep and family pets. Death in no way ever goes down easy. Never.
Stocks rose a little today, but nothing to kiss Mama over. Dow added 24.50 (0.17%, get out your microscope) to close 14,700.80. S&P500 gained 6.37 (0.4%) to 1,585.16. Both markets remain above their 20 day moving averages, the S&P500 more enthusiastically. It has nearly reached its previous intraday high of 1,597.35. Dow remains a long ways from that 14,887.51 comparable high.
Both silver and gold rose like maniacs today, so the Dow in Silver and Dow in Gold took another tumble. Dow/Silver lost 4.36% to close at 608.98 oz. (remember, when it falls it means silver is gaining value on stocks). Dow in Gold lost 2.03% to 10.06 oz (G$207.96 gold dollars). Both are drawing nigh to their 20 DMAs below (9.85 oz and 578.59 oz.)
Bear in mind that the Dow/Silver and Dow/Gold can fall manydifferent ways mathematically. Important point is that stocks are losing value against metal, pointing to a bottom in metals and a top in stocks.
US Dollar Index rose 17.7 basis points (0.23%) to 82.760, but still failed to clarify its intent. Needs to close above 83+ tomorrow to confirm it means to go higher. Euro was crushed today, down only 0.05% to $1.3010, but crushed because it reached as high as $1.3094 then crashed back almost to the 20DMA at $1.3004. Yen remains flat at 100.72 cents/Y100.
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.