Gold Price Close Today : 1335.10
Change : -1.30 or -0.10%
Silver Price Close Today : 20.246
Change : -0.252 or -1.23%
Gold Silver Ratio Today : 65.944
Change : 0.747 or 1.15%
Silver Gold Ratio Today : 0.01516
Change : -0.000174 or -1.13%
Platinum Price Close Today : 1442.10
Change : -4.90 or -0.34%
Palladium Price Close Today : 738.55
Change : -11.00 or -1.47%
S&P 500 : 1,692.39
Change : -3.14 or -0.19%
Dow In GOLD$ : $241.04
Change : $ 0.58 or 0.24%
Dow in GOLD oz : 11.660
Change : 0.028 or 0.24%
Dow in SILVER oz : 768.93
Change : 10.54 or 1.39%
Dow Industrial : 15,567.74
Change : 22.19 or 0.14%
US Dollar Index : 82.053
Change : -0.163 or -0.20%
After yesterday's big leaps the silver and GOLD PRICES backed off for a breather today — well, at the cosmetic Comex close, but not in the aftermarket. It was surprisingly peppy after Comex closed.
The gold price lost $1.30 to end at $1,335.10 and silver gave back 25.2 cents to 2024.6c.
But after the Comex closed, silver and GOLD PRICES shot up, silver as high at 2051 and gold up to $1,348. They've since settled back a little, but this tugging at higher prices in the aftermarket feels like a very strong market. Gold remains above its 50 DMA ($1,333.40) and 20 DMA, and can only be expected to rise for a while. Same holds true for the SILVER PRICE. Whether they can make good this breakouts to found a lasting rally, or whether they fail higher, gold has the potential to run to $1,550 from here, silver to 2300c — fast, once gold beats $1,350.
Whether the ultimate price low for silver and gold has been posted yet or not, the gold and silver markets are turning. Panic and defeat are behind us, rebuilding taking place. Be patient, keep buying.
Y'all will recall that the European sovereign debt crisis began with interest rates edging up on debt of Greece, Portugal, Spain, and Italy. Just a little at first, then a stampede. That was the lowest rated debt out there.
Chewing on that I see that municipal bonds, not exactly junk bonds, but at the lower end of the credit- worthiness scale, fell the fourth day in a row. Apparently rising rates and Detroit's biggest-in-history municipal bankruptcy ($18 billion) has investors nervous.
Y'all, when the bond bubble bursts, it will make the real estate bubble look like bubble gum.
Non-confirmation abounded in today's stock market. The Dow hit a new high, but the S&P500 didn't, yea, and the Nasdaq, Nasdaq-100, and Russell 2000 all fell, too. Folks, rapid-fire strings of new highs is NOT the recipe for longevity in a market. Rather, it warns of a red hot market topping.
Dow rose 22.19 (0.14%) to 15,567.74 but the S&P500 backed off 3.14 (0.19%) to 1,692.39. As I said yesterday, stocks look awfully double-toppy.
Dow in gold rose 0.24% to 11.66 oz (G$241.04) while Dow in silver added 10.54 oz (1.39%) to close 768.93 oz. This doesn't mend yesterday's breakdown, or reverse the firmly gravity-ward momentum.
US dollar fell plumb to 82 today. Low at 81.926 even broke 82. Trading right now at 82.053, down 16.3 basis points on the day. Euro jumped 0.3% to $1.3225, still trending up. Yen can't quite make up its mind to rise again. Closed 100.55c/Y100, up 0.166.
Here's how loony the world is. In Japan the electorate gave control of the upper house back to Abe's party. That's right -- to the party of the man who has promised to gut their currency. "Hit me again, Shinzo -- it feels so good!"
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.
