Monday, August 26, 2013

Gold Price Closed $1,393 then Traded at $1,404.60 in the Aftermarket

Gold Price Close Today : 1393.00
Change : -2.70 or -0.19%

Silver Price Close Today : 24.010
Change : 0.272 or 1.15%

Gold Silver Ratio Today : 58.017
Change : -0.779 or -1.32%

Silver Gold Ratio Today : 0.01724
Change : 0.000228 or 1.34%

Platinum Price Close Today : 1543.60
Change : 2.90 or 0.19%

Palladium Price Close Today : 746.05
Change : -4.80 or -0.64%

S&P 500 : 1,656.78
Change : -6.72 or -0.40%

Dow In GOLD$ : $221.80
Change : $ -0.52 or -0.23%

Dow in GOLD oz : 10.730
Change : -0.025 or -0.23%

Dow in SILVER oz : 622.51
Change : -9.83 or -1.55%

Dow Industrial : 14,946.46
Change : -64.05 or -0.43%

US Dollar Index : 81.367
Change : 0.003 or 0.00%

The black shirts on the Comex painted the tape with a cosmetic close for the GOLD PRICE, down $2.70 to $1,393. What does that mean? Zip. Nothing. Mouse navel lint.

How can I be so sure? In the aftermarket the GOLD PRICE is trading at $1,404.60 -- strong as a garlic milkshake, to trade through $1,400 resistance in the aftermarket.

Also the SILVER PRICE rose 27.2 cents to 2401c on Comex, and in the aftermarket its trading at 2432.5c.

Can anybody spell "H-o-g-w-a-s-h"?

Silver and gold are both overbought (RSI) and both silver and gold prices will head higher in spite of it. If you have been waiting to see what would happen with the silver and GOLD PRICES, STOP. Stop waiting. It's happening now. Gonna be a good week for metals.

Here's more proof: the Dow in gold fell off 0.23% today to end at 10.73 oz (G$221.80 gold dollars), a gnat's whisker from falling through the long term downtrend line at 10.50oz.

Dow in Silver is even better: down another 9.83 oz or 1.55% to 622.51 oz. After silver closed it traded down to 614.83 oz, right smack on the long term downtrend line.

These two indicators, the most reliable I know, are both shouting and screaming that silver and gold are about to gain beaucoup value against stocks. Ignore at your own peril.

Stocks were in positive territory until about 3:00 p.m. then something happened. Maybe folks got tired of waiting for 4:00, but stocks sank clean through Friday's closes and ended down on the day. Dow peeled off 64.05 (0.43%) to end at 14,946.46, about where it was last Thursday. S&P500 lost 6.72 (0.72%) to 1,656.78.

And the bad news just keeps on coming. For both stock indices today posted the first half of a key reversal with a break to new high territory for the move and a lower close. Lower close tomorrow guarantees more downside for stocks.

Time to sell stocks and put the proceeds in silver and gold.

US dollar index was flat today at 81.367. Dollar's playing a dangerous game, flirting with its intermediate uptrend. I expect it will resolve to the upside, but only because the yen and euro look so sorry.

Euro lost 0.11% today and closed at $1.3369, just waiting to drop. Yen gained 0.24%to 101.52 cents/Y100, enough to stay above its long term trend line but not enough to climb over its 20 DMA (102.25). Going earthward.

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.