Gold Price Close Today : 1328.80
Change : 9.30 or 0.70%
Silver Price Close Today : 20.147
Change : 0.133 or 0.66%
Gold Silver Ratio Today : 65.955
Change : 0.026 or 0.04%
Silver Gold Ratio Today : 0.01516
Change : -0.000006 or -0.04%
Platinum Price Close Today : 1447.00
Change : -8.20 or -0.56%
Palladium Price Close Today : 739.85
Change : -4.55 or -0.61%
S&P 500 : 1,690.25
Change : 4.31 or 0.26%
Dow In GOLD$ : $242.00
Change : $ (1.50) or -0.61%
Dow in GOLD oz : 11.707
Change : -0.072 or -0.61%
Dow in SILVER oz : 772.11
Change : -4.46 or -0.57%
Dow Industrial : 15,555.61
Change : 13.37 or 0.09%
US Dollar Index : 81.715
Change : 0.581 or 0.72%
Silver and GOLD PRICES bounced back today, but not until after dropping lower and fending off that attack. Silver gained 13.3 cents (0.7%) to close 2014.7 cents. The gold price gained 0.7%, too, or $9.30 to end at $1,328.80. But before coming back silver was driven as low at 1983.7c about 6:00 a.m. New York time. Gold was driven to $1,309.35. Both those lows were lower than yesterday's, but the metals ended higher. That would be the first half of a key reversal, with a break to a new low intraday followed by a higher close than the previous day. To complete the key reversal, both metals need to close higher tomorrow.
SILVER and gold prices remain broken out above their short term downtrend lines. Still, it ain't a rally unless it keeps on climbing, so they must gain again tomorrow. Be patient, be patient.
Thinking like everybody else can take you over a high cliff onto hard rocks below. It's not that the crowd is ALWAYS wrong, just wrong at the crucial turns. For the past few years under Bloviating Ben's zero interest rate policy people have flooded in to bonds -- "What else can you do?" Ben's goosing the money supply with a new $1 trillion bucks has lifted the Dow and S&P500 24% and 25% respectively since 15 November 2012. "What else can you do?"
Problem is that money that panics into a market also panics out of a market. What looks brilliant today looks stupidly lame tomorrow. When investors figure out that nothing economic is driving stocks, only inflation, they're liable to panic out of stocks as fast as they crowded in -- and to panic into silver and gold.
When you're dealing with human beings, logic does not play a big part.
US dollar index got hit upside the head with a brickbat. Crashed through support just beneath 82 and lost 58.1 basis points (0.75%) and came to rest at 81.715. Breaching support at 82.00 aims the dollar index at least for its 200 day moving average (81.46), but more likely next support at 80.75 - 81.00.
Euro took advantage of the dollar's headaches to rise 0.67% to $1.3288. Yen took an even bigger jump and closed above downtrend line -- and upside breakout. Jumped 1.18% to 100.97 cents per Y100.
Stocks spent most of the day underwater before they rose enough to save face. Dow rose 13.37 (0.09%) to 15,555.61. S&P500 inched up 4.31 or 02.6% to 1,690.25. Both pierced their rising trend lines yesterday. Even with today's little rise, S&P500 closed below that uptrend line. Any follow-through downward tomorrow will clinch a downward reversal.
Against the precious metals stocks slipped today 0.61% -- yes, against both gold and silver. Gold ended at 11.707 oz (G$242.00 in gold dollars). Silver dropped 4.46 oz to 772.11 ounces. Once again, both broke down on Monday out of triangles, and now have spent 4 days below those triangles. Implies that stocks are about to become much cheaper in terms of the silver and gold price.
Argentum et aurum comparenda sunt -- -- Gold and silver must be bought.
- Franklin Sanders, The Moneychanger
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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.
