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Tuesday, May 28, 2013

Gold Price Slid $7.70 Looking Better to Buy Each Day

Gold Price Close Today : 1378.90
Change : -7.70 or -0.56%

Silver Price Close Today : 22.180
Change : -0.302 or -1.34%

Gold Silver Ratio Today : 62.169
Change : 0.493 or 0.80%

Silver Gold Ratio Today : 0.01609
Change : -0.000128 or -0.79%

Platinum Price Close Today : 1460.60
Change : 8.70 or 0.60%

Palladium Price Close Today : 757.00
Change : 30.55 or 4.21%

S&P 500 : 1,660.06
Change : 10.46 or 0.63%

Dow In GOLD$ : $231.01
Change : $ 2.87 or 1.26%

Dow in GOLD oz : 11.175
Change : 0.139 or 1.26%

Dow in SILVER oz : 694.74
Change : 14.06 or 2.07%

Dow Industrial : 15,409.39
Change : 106.29 or 0.69%

US Dollar Index : 84.24
Change : 0.575 or 0.69%

Today the GOLD PRICE backslid $7.70 (0.6%) to $1,378.90 while the SILVER PRICE slumped 30.2 cents (1.3%) to 2218c.

GOLD PRICE remains trapped by $1,395 and remains in pretty much the same range but widened out the bottom a tad with a $1,373.70 low. That is the STRANGEST one day chart you're likely to see. About 4:30 a.m. New York Time (11:30 a.m. Greenwich) somebody kicked gold in the head like a mule. Gapped down from $1,390 to $1,383. Gold traded sideways until New York opened, then down a little ($1,373 low) and up a little to $1,384. Then about 11:30 it gapped UP to $1,397, strong as a garlic milkshake. Didn't hold on there, but eroded back to close lower at $1,378.90 and flatten out. Charts just keep on acting contrary to reason and expectation. When a market breaks like that, then comes back with such zeal, you expect that means it wants to turn up. Not if it's gold, apparently. Wait, wait! Who's that man behind the green curtain! What? Pay no attention to the man behind the curtain? But why not? Oh, that's just old Ben. Never mind him.

The SILVER PRICE, too, managed to close near the day's lows, but traded up in the aftermarket. Chart differs a tee-tiny bit from gold's, but fundamental tale is the same: gap down, sideways, gap up, and sliding down.

On the 4-month gold price chart it has traced a little uptrend the last six days, but it's not much to look at. Silver has just gone sideways since that strange downspike a week ago yesterday.

Longer this drags on, the better buying silver and gold looks to me. I'm still nervously looking over my shoulder for that possible one-more plunge, but I don't like waiting. It's too clear in my mind that the Nice Government Men engineered these silver and gold price lows, like they've engineered the stock market's rise, to punish anyone daring to prefer to hold one of the scrofulous US dollar's competitors, namely, silver or gold. Why'd they need to do that? What are they seeing in their crystal ball that makes them nervous? I don't know, I just don't trust 'em.

I want y'all to think cagey about today's stock market rise. Y'all remember what happened last Wednesday, when stocks fell around the planet? That brand of volatility spells T-O-P. It often haps that a topping market makes a peak, falls sharply, then rebounds nearly to that peak just as sharply. Might happen more than once. Don't let 'em sucker you.

Dow's intraday high last Wednesday was 15,542.40. Today it stopped at 15,521.49, barely below Wednesday.

Dow closed up 106.29 (0.7%) at 15,409.39. On an intraday high today of $1,674.21 (vs. Wednesday's 1,687.18) the S&P inched up 0.63% or 10.46 to close 1,660.06.

Dow in Gold and Dow in silver both rose today, but not to new highs. Dow in Gold rose 1.21%, Dow in silver 2.04%. No change or confirmation yet.

This country looks mighty familiar to me. I was here once before, in 1999 and 2000. Takes some time for stocks to top, but top they will. Why do I say that? Just because I am a sourpuss on stocks? Not at all. Rather, they are floating on a sea of newly created money, the economic outlook hath not materially bettered, and the alternative yield is less than 1% most places. Not a recipe for Dow 36,000, regardless what the financial bimbos and beanbrains on TV tell you. Ahh, but they are glamorous, wear make up, and sweat under spot lights, while I am only a natural born fool from Tennessee and I just sweat. Ain't ne'er a spot light here anywhere.

Your Yankee government is stepping up the war on competitors to its greenback dollar. Shut down another electronic currency provider today, and on the 17th seized assets of MtGox, one of the largest currency-to-Bitcoin providers. Now the people the YG shut down today may be really bad folks, I don't know. I only know that the only way to tell a government prosecutor is lying is to watch his lips. If they're a-moving, he's a-lying. But since even a blind hog now and then finds an acorn, maybe the folks they shut down today really were bad folks. I just never know who to believe, I've heard so many lies. Shoot, they told some lies about me so big I didn't even know who they were talking about! I thought, "They ought to get THAT guy off the streets!" until I found out it was me. It like to hurt my feelings.

Them old nasty fiat currencies! Even talking about 'em is like dipping your hand into a bucket of hog snot. But I have to do it, so look at the US dollar index. For some gassy reason it rose 57.5 basis points today (0.74%) to 84.237. Five day chart shows a rounding bottom, so 'twill likely rise from here, if it can stay above the lip of that bowl about 84.30 tomorrow. If it can't, then we're merely watching the reaction from its first drop from that 84.60 peak, and in a day or two it will fall through 83.50. I have no dog in this fight, as I have been shucking dollars since 1999, and am not likely to buy any again soon.

The euro fell back today toward the bottom of its recent range. Lost 0.62% to $1.2852. I sure do feel sorry for the folks trapped in that thing. European economy is worse than the US.

Japanese yen bobbles up and down, but always seems to bobble down again. Caved in 1.02% today to 97.76 cents/Y100.

Poor old Ben Bernanke! He's like a man who falls into a rattlesnake den -- whichever way he steps, they're waiting to bite him. He's been so successful raising stock prices with his money pump that folks may be leaving US bonds for stocks. At least, that's what the 10 Year US Treasury Note Yield says today. Rose to 2.135%, which is an upside breakout. This rattlesnake might sink his teeth clean down to Ben's anklebone. More people who want to sell bonds, more the price drops, and when the bond price drops, the yield rises, and that contradicts Ben's ZIRP. No, that's not a weapon for aliens, that's his Zero Interest Rate Policy. Market might be fixing to cancel his policy.

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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.