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Friday, May 03, 2013

Silver and Gold Prices Held Their Own Both Up this Week

Gold Price Close Today : 1,464.30
Gold Price Close 26-Apr-13 : 1,453.60
Change : 10.70 or 0.7%

Silver Price Close Today : 23.975
Silver Price Close 26-Apr-13 : 23.758
Change : 21.70 or 0.9%

Gold Silver Ratio Today : 61.076
Gold Silver Ratio 26-Apr-13 : 61.184
Change : -0.11 or -0.2%

Silver Gold Ratio : 0.01637
Silver Gold Ratio 26-Apr-13 : 0.01634
Change : 0.00003 or 0.2%

Dow in Gold Dollars : $ 211.39
Dow in Gold Dollars 26-Apr-13 : $ 209.23
Change : $2.16 or 1.0%

Dow in Gold Ounces : 10.226
Dow in Gold Ounces 26-Apr-13 : 10.121
Change : 0.10 or 1.0%

Dow in Silver Ounces : 624.57
Dow in Silver Ounces 26-Apr-13 : 619.27
Change : 5.30 or 0.9%

Dow Industrial : 14,973.96
Dow Industrial 26-Apr-13 : 14,712.55
Change : 261.41 or 1.8%

S&P 500 : 1,614.38
S&P 500 26-Apr-13 : 1,582.24
Change : 32.14 or 2.0%

US Dollar Index : 82.106
US Dollar Index 26-Apr-13 : 82.501
Change : -0.395 or -0.5%

Platinum Price Close Today : 1,501.70
Platinum Price Close 26-Apr-13 : 1,475.20
Change : 26.50 or 1.8%

Palladium Price Close Today : 692.20
Palladium Price Close 26-Apr-13 : 680.85
Change : 11.35 or 1.7%

Silver and GOLD PRICES held their own, even advanced a little. Stocks finished the week with a bag, up about 2%. US dollar index slumped, may have failed.

Silver and gold prices gainsaid one another today, silver up and gold down. Silver scratched out an 18.5 cent rise to close at 2397.5. That's unconvincing, but there's something convincing there, too, that I'll mention shortly. Gold gave back $3.40 to $1,464.30.

The convincing part came in the SILVER PRICE range today, knocking on the top with a 24.35 high. Gold made a new high today for the move from the $1,321.50 low, namely, $1,487.10.

Gold is blocked at the $1,485 level. Silver can't pass 2450c and stay there. Both have established uptrends off the 15 April lows. Still, most everybody in the universe is waiting to see whether they will make new lows confirming those made 15 April.

Who knows, maybe they're all wrong? You would know that if gold could close above $1,550 and silver above $27.50, the prices where they broke down. Unless they do that, I am inclined to wait for that one last push down.

I will say it until y'all are sick of it, and apologize not: Silver and gold bull markets have NOT ended. What lies ahead will be better, stronger, flashier than anything that's happened so far.

After stalling earlier in the week, stocks surged today to new all time highs. Dow Industrials gobbled up 142.38 points (0.96%) to 14,973.96. S&P500 bounded over 1,600 and vaulted 16.79 (1.05%) to 1,614.38. I reckon the Jubilee has arrived, and the fried chickens will just fly right up to your mouth and wait to be eaten. Why, if Big Ben keeps on a-printing that money, we will finally become as prosperous as Zimbabwe. We already have a ruler almost as charismatic and clever as Robert Mugabe.

I believe I mentioned to y'all some time ago that the Dow might reach 15,000, but I didn't want to ride that nag because it would hurt too much when he drops dead underneath you.

The Dow in Gold and Dow in Silver pose riddles for us today. Both remain in downtrends from their tops on 15 April, but silver is trying to break down today and gold to break up. However, both remain above their 20 day moving averages (603.2 oz for silver and 10.11 oz for gold).

Dow/Gold skipped 1.19% to 10.23 oz (G$211.47 gold dollars). Dow/Silver lost 0.2% (0.15 oz) to wind up at 623.55 oz. When both close below those 20 DMAs, I'll have a lot more confidence that silver and gold have finished their slides.

If I had to trade currencies for a living, I believe I'd just write 'em a check for all my money, give it to 'em, and go buy me a tin bill and peck dirt with the chickens. It would wear a lot less on your nerves, and your soul.

Take the yen. It had a little uptrend going this week, but fell out of bed the last two days and closed today below its 20 DMA (101.46). Lost 1.06% today and closed at 100.98 cents/Y100. Those Japanese NGM are really determined to destroy their economy.

Then there is the euro, Geep of currencies. It dropped 0.92% yesterday and closed below its 20 DMA, thanks to Mario Dragnet announcing that the ECB might take interest rates below zero. Today somebody in the euro market was gobbling uppers, and it rose 0.44% to $1.3117.

Don't forget the US dollar index. It has made a rounded formation that wants to be a top one day, and a consolidation the next. Today it fell 9.8 basis points, 0.13%, to 82.106. This week it fell through support at 81.78, all the way to 81.37, yet still came back to close above 82 today. You'd have to be mad-skunk crazy to bet on that.

Dollar index is closing in on its 200 DMA (81.01). If it closes below that, case for a lower dollar will be pretty well clinched.

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.