Wednesday, June 12, 2013

Silver and Gold Prices Rose with Gold Closing Above it's Twenty Day Moving Average

Gold Price Close Today : 1391.80
Change : 14.80 or 1.07%

Silver Price Close Today : 21.796
Change : 0.151 or 0.70%

Gold Silver Ratio Today : 63.856
Change : 0.238 or 0.37%

Silver Gold Ratio Today : 0.01566
Change : -0.000059 or -0.37%

Platinum Price Close Today : 1481.40
Change : 2.40 or 0.16%

Palladium Price Close Today : 755.25
Change : 4.50 or 0.60%

S&P 500 : 1,612.52
Change : -13.61 or -0.84%

Dow In GOLD$ : $222.72
Change : $ (4.30) or -1.89%

Dow in GOLD oz : 10.774
Change : -0.208 or -1.89%

Dow in SILVER oz : 687.98
Change : -10.66 or -1.53%

Dow Industrial : 14,995.23
Change : -126.79 or -0.84%

US Dollar Index : 80.906
Change : -0.145 or -0.18%

Silver and GOLD PRICES rose a little today, but without much meaning. Silver bumped up 15.1 cents (0.7%) to 2179.6c while gold climbed $14,80 (1.07%) to $1,391.80.

That does no more than float gold up to resistance. Here's a little spark, though: gold did close above its $1,389.41 twenty day moving average.

The SILVER PRICE has merely established another tight sideways range between 2140 and 2200c.

Everybody grows more bearish on gold (let alone silver) by the day. This is great, because the lower sentiment drops, the closer we are to a bottom. Gold is already at the bottom of its trading channel back to 2005. How much more can it drop? Could drop lots more, BUT its position sitting on that channel line argues against it, since gold remains in a long term bull market. Also the sentiment indicators argue against it.

Interest in both markets has dwindled down to nothing. Again, this is a good sign. Just be patient. Gold and silver will come back.

Following my words last night about how long your yankee government has been spying on you, my dear wife Susan reminded me of an event during our 1991 federal trial for willful failure to file income tax returns and conspiracy to delay and defeat the IRS (we were all acquitted). A major thrust of the government's case was to show they could retrieve every piece of financial data about everyone. Susan was on the witness stand, and the prosecutor asked her if she had spent XXX dollars on tee shirts at J Crewe the weekend before. Matter of fact, she had, and she had charged them. Never losing her aplomb (she never does), with withering sweetness Susan said, "Yes, I did, I bought them for my children. They're good kids, and they deserve a new tee shirt now and then."

Government could not have known about that charge without having access to credit card company records. And since that charge occurred AFTER the date of the dirty deeds we were accused of, government was abusing process by continuing to spy on us. But we're not special -- now they're spying on all y'all, too!

Stock markets around the world have succumbed to fear that central banks will shut down the inflation pipeline. This smacked the Dow down 126.79 (0.84%) to 14,995.23. S&P500 was knocked down 13.61 (0.84%) to 1,612.52.

That leaves the Dow below its uptrending bottom channel line, and the S&P500 right on its. S&P500 touched its 50 DMA today (1,610.55) and the Dow stopped a bit above its 14,969.20 fifty day moving average. If they don't turn here, Dow could fall to 14,500 and the S&P500 to 1,540.

Dow in gold tumbled 1.89% today to 10.774 oz (G$222.72 gold dollars). That's a 0.208 oz loss. This leaves the Dow in Gold well below its 10.97 20 DMA. Trending down.

Dow in silver also fell today. Lost 10.66 oz (1.53%) to end at 687.98 oz, barely above its 682.45 20 DMA. Appears to be rolling over downward.

US dollar index broke 81 today along with its 200 day moving average, and ended down 14.5 basis points (0.19%) at 80.906. Makes it look puking sick on a chart, like it has in mind to fall to 79 or so.

Japanese yen stood flatfooted today, gaining 0.03% to 104.12 cents per 100 yen. Euro gained 0.15% to end at $1.3333. Stretching for $1.3500.

US$=Y96.04=E0.7500=0.045 880 oz. Ag=0.000 718 oz Au.

On 12 June 1859 the Comstock Silver Lode was discovered in Virginia City, Nevada. Half of the value of its production came from byproduct gold.

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.