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Friday, July 19, 2013

Gold Price Added Another $8.70 to Close the Week at $1,293.30

Gold Price Close Today : 1,293.30
Gold Price Close 5-Jul-13 : 1,277.80
Change : 8.70 or 0.7%

Silver Price Close Today : 19.45
Silver Price Close 5-Jul-13 : 19.78
Change : 0.07 or 0.4%

Gold Silver Ratio Today : 66.500
Gold Silver Ratio 5-Jul-13 : 64.604
Change : 0.445 or 0.7%

Silver & gold can't agree with each other. The GOLD PRICE was knocked from the top of its trading range to the bottom this week and came right back to close the week higher. Added another $8.70 today to end at $1,293.30, ending the week up 1.2%.

The SILVER PRICE ended the week down 1.7%, although it rose 7.2 cents today to 1944.8c. It broke down and past the bottom of its 5 day trading range, but came back with the gold price reluctantly. This disagreement casts a cloud over gold's performance. It's perfectly possible that the GOLD PRICE ran up to $1,300 resistance, fell back, then came back for this second try today only to fail again & fall to lower lows. In any event, gold has not beaten its way through $1,300 yet, its first barrier to conquer. Next week will tell.

Thus we still can't claim those June metals' lows to be the ultimate lows, until they confirm upside with higher prices. We keep waiting for technical evidence. Meanwhile, the fundamental evidence against the dollar and currencies and economies around the world keeps worsening. While all the goofs in the media applaud Bernanke & the criminals who run the world's central banks, the loonies have taken the world -- and the dollar -- where they have never been before, and this ain't Star Trek, this is the real world, with real economies, and they are running dangerously close to wrecking everything by their foolhardy inflation. The outcome of such a collapse would be so devastating, so catastrophic, that I can almost hope Bernanke & the other psychopaths get away with their gamble.

Now I know that my garlicky language will draw rebukes from some of y'all, but I want to define "psychopath": a person who manifests amoral and antisocial behavior, lack of the ability to love, extreme egocentricity, & failure to learn from experience. If that don't define our central banking criminals, words cannot.

Strange week. Stocks keep eking out new highs, slowly, slowly. US dollar is struggling to maintain respectability, platinum & palladium are jumping, but gold & silver are gainsaying each other, talking at cross purposes.

Dow dropped today 4.8 (0.03%) to end at 15,543.74, down on the day but up 0.5% for the week. S&P500 rose today 2.72 (0.16%) to 1,692.09. It gained 0.7% for the week.

I really don't pay much attention to the raw numbers for the Dow or S&P500, leastways, not as much attention as I pay to the Dow in Silver or Dow in Gold. That tells me more clearly how stocks are performing against silver & gold. Once stocks are consistently dropping once more against silver & gold, we can be sure the metals' bottom is behind us.

Today the Dow in gold fell 0.7% to 12.019 oz (GS248.45 gold dollars). It remains in a downtrend, and more importantly, the 12 day rate of change has dipped into negative territory, meaning it's lower today than it was 12 days ago. Trending down.

Dow in silver is clouding the picture. It dropped today 0.4% (3.22 oz) to 799.25 oz. That's positive for silver, and overall the rate of change is trending down, but in the past few days it has popped up to a positive 3.72%. What we want to see is both the Dow in Silver & Dow in Gold in firm downtrends with rates of change below zero.

The US dollar index lost 35.1 basis points this week (0.4%, 17.4 basis points today). Weak, but still it has bounced off support at 82.50 & support at 82 will be stronger still. If I speculated in currencies, and I don't, any more than I shoot craps & for like reasons, I would be looking a chance to buy rather than sell dollars right now.

Yen lost another 0.18% today to close at 99.38 cents/Y100. Yen must hold 98.5 cents to remain in its intermediate uptrend. Euro rose 0.25% to $1.3143. Euro successfully tested support of its short term uptrend line this week and remains headed higher in the short term. Long term, I'd rather sleep with bed bugs than own the euro.

Y'all enjoy your weekend!

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.