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Wednesday, July 24, 2013

Silver and Gold Prices Dropped with the Gold Price Closing at $1,319.50

Gold Price Close Today : 1319.90
Change : -15.20 or -1.14%

Silver Price Close Today : 20.014
Change : -0.232 or -1.15%

Gold Silver Ratio Today : 65.949
Change : 0.005 or 0.01%

Silver Gold Ratio Today : 0.01516
Change : -0.000001 or -0.01%

Platinum Price Close Today : 1455.20
Change : 13.10 or 0.91%

Palladium Price Close Today : 744.40
Change : 5.85 or 0.79%

S&P 500 : 1,675.02
Change : -6.45 or -0.38%

Dow In GOLD$ : $243.42
Change : $ 2.38 or 0.99%

Dow in GOLD oz : 11.775
Change : 0.115 or 0.99%

Dow in SILVER oz : 776.57
Change : 7.64 or 0.99%

Dow Industrial : 15,542.24
Change : -25.50 or -0.16%

US Dollar Index : 82.277
Change : 0.244 or 0.30%

Silver and GOLD PRICES lost 23.2 cents (1.15%) and $15.20 (1.14%) respectively today to close at 2001.4c and $1,319.90. So where's the chocolate icing? The SILVER PRICE low came at 2001.4. It held on above 2000c. Gold's low was $1,313.73. If another plunge is building, then gold will close below $1,295. I don't believe there will be any dallying -- either gold and silver will turn and keep advancing or they will fail quickly.

Stop whining and grumbling. We've seen the worst of it. Bwana Ben has had his day, but his voodoo won't work much longer. Meanwhile he has dug an elephant trap for himself. Candidly, I wish I didn't have to see the catastrophe of that bond bubble bursting.

In congress today the house narrowly defeated a bill to rein in the National Security Agency, 207-215. Politics makes strange bedfellows, with some Republicans and Democrats voting together against the NSA. The fascist Republicans and Democrats banded together, though, to defeat the bill, after waving the bloody shirt of national security all over the house. Folks, in case y'all aren't thinking, this surveillance has nothing to do with national security and everything to do with perfecting a totalitarian police state.

The US dollar index rose today 24.4 basis points (0.31%) to 82.277. That might be the game changer, sending the dollar back up, since it hit that 82 support today and bounced up. Yes, it might yet sink to 81, but ought to get a good bounce from here anyway, maybe to the 50 DMA (8288) or the 20 DMA (83.24). Yen remains trapped. Lost 0.85 today to 99.79 cents/Y100. Euro still hasn't broken its uptrend line. Closed $1.3200, down 0.18%.

In the teeth of a rising dollar today the 10 year Treasury Note yield rose 2.86% to 2.588%. Can you hear those tom-toms beating in the jungle, Bwana Ben? Bad juju, Bwana Ben, bad juju. And Tarzan ain't coming.

Rising dollar didn't aid stocks any, either. Dow today lost 25.5 (0.16%) to 15,542.24. S&P500 lost 0.38% or 6.45 to 1,685.94. Today's break took both indices to their downtrend lines, and took the S&P500 through it. Even though I still expect higher prices before the top, this looks like a break for a correction.

Both the Dow in Gold and Dow in silver rose again today, reaching for a touchback to the breakdown point. Both rose 1%, the DiG ending at 11.775 oz (G$243.42 gold dollars) and 776.57 oz.

Clearly my optimism had hold of me yesterday shaking me like a terrier shaking a rat. Alas, 'twas not to be, but even in defeat there was chocolate icing (I'm not sure those two metaphors mix).

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.