Gold Price Close Today : 1234.90
Change : 22.00 or 1.81%
Silver Price Close Today : 19.025
Change : 0.299 or 1.60%
Gold Silver Ratio Today : 64.909
Change : 0.138 or 0.21%
Silver Gold Ratio Today : 0.01541
Change : -0.000033 or -0.21%
Platinum Price Close Today : 1360.50
Change : 35.60 or 2.69%
Palladium Price Close Today : 693.80
Change : 17.85 or 2.64%
S&P 500 : 1,640.46
Change : 8.57 or 0.53%
Dow In GOLD$ : $254.86
Change : $ (3.11) or -1.20%
Dow in GOLD oz : 12.329
Change : -0.150 or -1.20%
Dow in SILVER oz : 800.25
Change : -8.03 or -0.99%
Dow Industrial : 15,224.69
Change : 88.85 or 0.59%
US Dollar Index : 84.207
Change : -323.000 or -79.32%
The Silver and GOLD PRICE have made their bottom. Friday's attack, typically, hit a thin holiday market empty of traders, but failed to break either silver or gold to new lows. In fact, gold held on above $1,200. Today's higher closes confirm that strength.
Looking at the 12 day rate of change, it made a higher low than April's the last week in June and turned up.
Not much to go on, and recovery is liable to be slow here the rest of the summer, with a lot of frustrating sideways movement. But unless gold trades lower than $1,200 and silver below 1867 cents, June saw the lows.
BICBW -- But I Could Be Wrong.
The GOLD PRICE today jumped $22.00 to $1,234.90 while silver clawed its way through 1900 to end at 1902.5 cents, up 29.9 cents. That is a "cosmetic close", since I watched it all day and it seldom traded below 1910c.
Friday's action left blunted V bottoms in both metals. Gold must hold above $1,230 tomorrow AND advance. The SILVER PRICE needs to remain above 1900c to remain respectable. Twill get no respect if it doesn't close ABOVE 1920c. Assuming they confirm tomorrow with higher prices, I will be buying.
I trust y'all had a great holiday. My daughter Mercy had one of the happiest weddings I've ever attended. But enough of that -- back to the UNreal world.
Lo, stocks today climbed back up into the trading channel whence they had out-fallen in June. Dow gained 88.85 (0.59%) to 15,224.69. S&P500 added 8.57 (0.53%) to close at 1,640.46. All out of season (summer is seasonally slow for stocks) stocks are rallying, and will rally higher still.
Yet they can make no lasting headway against silver and gold. Dow in silver jumped up on Friday, but today closed down 0.7% at 800.25 oz. Dow in gold lost 1.22% to 12.33 oz (G$254.88). This is a broadening top, slow, tiresome, and tedious, but rewarding those who wait.
US dollar index gapped up on Friday to close at 84.71, up 1.56%, but today gave back 32.3 basis points (0.42%) to end at 84.207. Since that top doubles that of May, Friday's high likely marks the limit of this move.
Dollar's high Friday took the Euro to $1.2806, breaking support at $1.30 and tumbling all the way to major support at $1,2800. Today the euro gained back 0.3% to $1,28.67. After a long fall with a gap down on Friday, euro's fall ought to be finished. That second gap was an exhaustion gap. Euro ought to rally from here.
Japanese yen today closed at 99.07 cents/Y100, up 0.26%. Looks like it might have turned up, too.
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.