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Wednesday, April 24, 2013

The Gold Price is Pushing Upwards Trading as High as $1,431.78

Gold Price Close Today : 1,423.40
Change : 14.80 or 1.05%

Silver Price Close Today : 22.83
Change : 0.02 or 0.07%

Gold Silver Ratio Today : 62.340
Change : 0.605 or 0.98%

Silver Gold Ratio Today : 0.0160
Change : -0.0002 or -0.97%

Platinum Price Close Today : 1,429.80
Change : 13.00 or 0.92%

Palladium Price Close Today : 666.45
Change : -5.70 or -0.85%

S&P 500 : 1,578.79
Change : 0.01 or 0.00%

Dow In GOLD$ : $213.14
Change : $7.50 or 3.65%

Dow in GOLD oz : 10.31
Change : 0.36 or 3.65%

Dow in SILVER oz : 642.77
Change : 1.44 or 0.22%

Dow Industrial : 14,676.30
Change : 43.16 or 0.29%

US Dollar Index : 82.91
Change : -0.11 or -0.13%

Metals came back today but with a quirk, the GOLD PRICE gained $14.80 (1.05%) to $1,423.40, highest close of this recovery. But that was the Comex close, and in the aftermarket it is trading at $1,427.50. On Comex silver closed up only 1.6 cents to 2283.3, but is up 1% over yesterday in the aftermarket, at 2305c. Paint the tape, anyone?

The GOLD PRICE hit today's low about 8:00 a.m. NY time at $1,419.06. About 8:30 it gapped up to $1,428, then hit its high at $1,431.78. Rest of the day was spent oscillating between $1,429 and $1,422. Now it has gapped up again above $1,430. This doesn't match Monday's $1,436.84 high, but certainly is pushing toward it.

Now that Monday high has become the resistance. Gold must close above that to signal that it will continue rising. The MACD is rising swiftly as is the RSI. The question remains, what will gold do when it reaches $1,525?

The SILVER PRICE had a flattish day, ranging from 2286 to 2330. It was all over the place, but with an upward turn after 2:00 p.m. Wasn't it ODD that silver closed up only 1.6 cents on the Comex, but in the aftermarket is trading now at 2314.5, up 33.2 cents? Shucks, I don't know WHAT that means.

Y'all just be patient here. Silver & gold primary uptrend is not broken, bull market has not ended, and both metals will return for fireworks before long. Meantime, keep watching for another buying opportunity.

Something smells of mackerel. Stock indices today closed mixed with the Dow down and the S&P500 up 0.01 point. Several other indices fell. I am always suspicious of a two day close at the same price. It usually promiseth no good thing.

Dow closed down 43.16 (0.29%) at 14,676.30. S&P500 closed at 1,578.79. After yesterday's punch & close through the 20 DMA, the Dow fell back today, but still lodged above that 20 DMA. Might be the limit of this little 4 day rally, might not. Yesterday some clown hacked the Associated Press website and put out a false report that terrorists had attacked the White House (how anybody could tell, I don't know, since the chief terrorists already lives there). Stock market plunged 150 points on that news, but came back when the rumor proved false. Jumpy, I'd say.

Dow in gold and Dow in silver resumed their fall today. Dow in gold closed 10.25 oz (G$212.09 gold dollars), down 1.46%. Dow in silver closed 636.72 oz, down 0.81%.

Currencies were quiet today. US dollar bounced off the egg shell of that dome it has formed, but that might just be the dollar taking a good run at that resistance. Closed 82.910, down 11.1 basis points or 0.14%.

Euro rose barely, from $1.3000 to $1.3016, up 0.12%. Yen remained flat at 100.48 cents/Y100.

I remind y'all that flat markets don't necessarily mean dead markets. It might be flat because nobody cares to buy or sell, or it might be flat because buying & selling are matched, forces waiting for an edge.

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.