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Tuesday, July 02, 2013

If Silver and Gold Prices Hold Above $19.30 and $1,240 this Rally Will Continue

Gold Price Close Today : 1243.60
Change : -12.30 or -0.98%

Silver Price Close Today : 19.298
Change : -0.262 or -1.34%

Gold Silver Ratio Today : 64.442
Change : 0.234 or 0.36%

Silver Gold Ratio Today : 0.01552
Change : -0.000057 or -0.36%

Platinum Price Close Today : 1379.20
Change : -12.90 or -0.93%

Palladium Price Close Today : 684.90
Change : 2.20 or 0.32%

S&P 500 : 1,614.08
Change : -0.88 or -0.05%

Dow In GOLD$ : $248.22
Change : $ 1.73 or 0.70%

Dow in GOLD oz : 12.007
Change : 0.084 or 0.70%

Dow in SILVER oz : 773.78
Change : 8.19 or 1.07%

Dow Industrial : 14,932.41
Change : -42.55 or -0.28%

US Dollar Index : 83.550
Change : 0.527 or 0.63%

Eye-catching day for the silver and GOLD PRICES, because they didn't break and tuck-tail, although they did drop. Gold lost $12.30 (0.98%) to $1,243.60. Low came at $1,242.13, and it, too, very tenaciously held on. Somebody was buying whenever gold approached $1,240.

As long as the gold price holds on above $1,240 tomorrow and silver price above 1930c, this little rally will continue.

The SILVER PRICE lost 1.34% or 26.2 cents to 1929.8c, according to Comex, but in fact never traded there. I know, because I watched it for two hours, waiting for it to drop below 1940c to buy some, and it never did until after the market closed. Quis custodiet custodes ipsos? And when the guards go bad, what cure remains?

Both silver and GOLD PRICES ended the day setting on an internal resistance line. If they break through that tomorrow, they will jump. I bought a little today.

Unless somebody somewhere is behaving like a serious adult, the satirist is left staring at a blank wall. After all, in a world with Bernankes, Obamas, Bidens, Pelosis, Clintons Boehners, Draghis, LaGardes and the whole host of gnomes, trolls, and goblins running things, there isn't a serious adult in the crowd anywhere. How do you make fun of the already ridiculous? Tough, but laughter is all they deserve.

Over 50% of income in the United States comes from government spending, about 20% from state and local government spending and about 30% from federal spending. In other words, less than half the people are producing anything. This can't be fixed, reformed, or solved, and all those people will fight like screaming, clawed banshees to protect their place at the nipple. Can't be fixed, and can't stop. Another reason I maintain inflation WILL continue.

'Twas not a bright day for stocks, which failed to break the shackles of gravity. Dow fell back 42.55 (0.28%) to 14,932.41. S&P500 tripped 0.88 (-0.05%) to 1,614.08. Under the 20 DMA, and the 50 DMA. Feels awfully heavy.

Dow in gold and Dow in silver moved sideways. Dow in gold gained 0.7% or 0.84 oz to 12.077 oz (G$248.22 gold dollars). Dow in silver added 1.07% (8.19 oz) to 778.78 oz. Forming a broadening top still.

US dollar index flexed its new muscles today and kicked sand into the faces of the euro and yen and called them "Skinny!" Dollar index jumped up 52.7 basis points (0.68%) to 83.55. The near vertical rally continues. Yen lost 0.97% to 99.42 cents/Y100 and the euro broke support at $1.3000, closing down 0.675 at $1.2979. All three of them are ready for the Old Currencies Home.

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.