Buy Gold and Silver How to Buy Gold How to Buy Silver Gold Commentary

Wednesday, July 17, 2013

Gold Price Closed at $1,277.90 falling $12.90 Silver Price Closed at $19.41 falling $0.51

Gold Price Close Today : 1277.90
Change : -12.90 or -1.00%

Silver Price Close Today : 19.409
Change : -0.514 or -2.58%

Gold Silver Ratio Today : 65.841
Change : 1.051 or 1.62%

Silver Gold Ratio Today : 0.01519
Change : -0.000246 or -1.60%

Platinum Price Close Today : 1411.60
Change : -14.50 or -1.02%

Palladium Price Close Today : 734.35
Change : -0.15 or -0.02%

S&P 500 : 1,680.91
Change : 4.65 or 0.28%

Dow In GOLD$ : $250.26
Change : $ 2.80 or 1.13%

Dow in GOLD oz : 12.106
Change : 0.135 or 1.13%

Dow in SILVER oz : 797.08
Change : 21.50 or 2.77%

Dow Industrial : 15,470.52
Change : 18.67 or 0.12%

US Dollar Index : 82.644
Change : 0.111 or 0.13%

The GOLD PRICE coughed up $12.90 (-1%) to $1,277.90. Silver backed away 51.4 cents (2.6%) to 1940.9c.

Bernanke said he would continue unraveling the dollar, but silver and gold prices dropped. Welcome to Wonderland, Alice.

Oddly enough, the GOLD PRICE remained in the range that has reigned for the last five days. Still, today's fall counts as a failure at $1,300 resistance, and forecasts gold may fall further. Should gold hold above $1,270 and advance, it would gainsay that outlook.

The SILVER PRICE, on the other hand, fell out of its trading range (bottom was about 1970c) to a low at 1929.2c and a close at 1940.9c. That closes silver also below the 20 day moving average. Expect more downside, unless silver contradicts by closing higher tomorrow.

Here's a measure of how much I love y'all: I willingly watch video clips of Ben Bernanke so I can write for y'all. Yes, I watch him, even though my Hogwash Detector is blaring its klaxon in my ear and you could see its red alarm blinking from outer space. Still, I watch him.

But I am not edified. Poor man is succumbing to Greenspan's Disease, so every sentence he says he pulls right back with the next sentence. Clearly the import of today's performance is that he roiled the markets with his June statement and is trying to calm them with this -- "calm them" being code words for assure them he will create more money by buying more bonds.

This is just so wrong I don't know where to start. I had a friend in Memphis who was a policeman back in the 1970s. About 2:00 a.m. he got called out on a domestic violence call. He noticed that several small children were playing out on the street. He went and knocked on the door, and while he was waiting for an answer a little 5 year old hand tugged at his sleeve: "Hey, (12 letter word), give me a nickel!" There's so much wrong in that situation, like Bernanke's speechifying, that you just don't know where to start. Just let it lie. Anybody who thinks you can inflate your way to prosperity is so ignorant of history and economics there's just ain't no point in messing with him.

In spite of all Ben the Beneficent (of all the many words I could choose that begin with B) bloviating, stocks traded jaggedly today, and ended up minimally.

Dow gained 18.67 (0.12%) to 15,470.52. S&P500 scratched up 4.65 (0.,28%) to end at 1,680.91.

Dow measured by silver and gold jumped up today, but still below past lows. Dow in gold added 1.15% to close at 12.106 oz (G$250.25 gold dollars) versus a June high of 12.56. Dow in silver jumped 21.5 oz (2.77%) to 797.08 (versus June high at 819.52). Still rolling over downward.

US dollar index rose 11.1 basis points (0.14%), but on what grounds no sane person might say. Just rose because Bernanke failed to say he intended to nuke Washington, DC.

Dollar's short term trend remains down, but this is likely only part of a longer term rise.

Euro lost 0.26% today to $1.3125, still climbing, though. Yen lost 0.41% to 100.47 cents/Y100 -- moving sideways.

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.