Gold Price Close Today : 1,395.70
Gold Price Close 16-Aug-13 : 1,371.70
Change : 24.00 or 1.7%
Silver Price Close Today : 23.73
Silver Price Close 16-Aug-13 : 23.317
Change : 0.413 or 1.8%
Gold Silver Ratio Today : 58.816
Gold Silver Ratio 16-Aug-13 : 58.828
Change : -0.01 or 0.0%
Silver Gold Ratio : 0.01700
Silver Gold Ratio 16-Aug-13 : 0.01700
Change : 0.00000 or 0.0%
Dow in Gold Dollars : $ 222.32
Dow in Gold Dollars 16-Aug-13 : $ 227.31
Change : -$4.98 or -2.2%
Dow in Gold Ounces : 10.755
Dow in Gold Ounces 16-Aug-13 : 10.996
Change : -0.24 or -2.2%
Dow in Silver Ounces : 632.55
Dow in Silver Ounces 16-Aug-13 : 646.87
Change : -14.32 or -2.2%
Dow Industrial : 15,010.51
Dow Industrial 16-Aug-13 : 15,083.16
Change : -72.65 or -0.5%
S&P 500 : 1,663.50
S&P 500 16-Aug-13 : 1,655.83
Change : 7.67 or 0.5%
US Dollar Index : 81.361
US Dollar Index 16-Aug-13 : 81.281
Change : 0.080 or 0.1%
Platinum Price Close Today : 1,540.70
Platinum Price Close 16-Aug-13 : 1,526.70
Change : 14.00 or 0.9%
Palladium Price Close Today : 750.35
Palladium Price Close 16-Aug-13 : 762.15
Change : -11.80 or -1.5%
What's the score? Silver and GOLD PRICES rested this week after the week before's elephantine gains, but today picked up the ball and began running again. GOLD/SILVER RATIO new low corroborates the metals' rally. Dow measured by metals continue to plunge, and stocks in dollar terms didn't precisely shine, either. US dollar index stayed flat as a central banker's head (yes, I did use that last week, but I like it so much I had to plagiarize it from myself.)
The GOLD PRICE disentangled its feet from the toils and snares of $1,350-$1,375 resistance and jumped $24.50 today (1.8%) to $1,395.70. Tis readying itself for an assault on $1,425 next week -- watch.
Nor did SILVER play the laggard. It leapt 3.05% (70.3 cents) to 2373.3c. In the aftermarket it has traded above 2400c. I don't believe silver will stop before it reaches the dread spot where it fell off in April at 2700c. Gold is targeting $1,550 before the rally relents.
All these indicators are piling up in the same directions: higher prices for silver and gold. Market is handing y'all a rare and enormous opportunity to buy. Go now.
Every day before I write this commentary I usually check the news, then reach for my wastebasket and puke, and continue writing. Today was nastier than usual, nothing but physically disgusting news, mass murderers, regular murderers, porn stars, and repulsive media hogs who have had their self-respect surgically removed. And there was something about that disgusting flat-headed IMF head, Christine Bogard, Laggard, LeGarde, whatever it is. I stopped reading. Couldn't take it. No need to read it, as she will only say, "Print more money!"
Surely somewhere in the world today someone committed some small act of kindness, said some encouraging word, did his duty? That's the only way you can separate yourself from these loonies. In the words of my friend NB, it looks like "Hell is full so the damned are walking the earth."
On to today's markets. Let's start with stocks, because they always stimulate my sarcasm gland. The Dow eked out a close above 15,000, namely, 15,010.51, a 46.77 point (0.31%) gain on yesterday. Here, here -- take my magnifying glass, you'll be able to spot it. S&P500 clumb 6.54 (0.39%) to 1,663.50. After six straight down days, two little days with a 3/4% gain doesn't precisely set the world afire.
Yet 'tis possible that stocks are trying to turn up. Personally, I suspect they will travel a bit lower before turning, maybe to 14,600 and 1,590. Be warned, if they break those levels then they won't make one last high and the Great Panic hath begun.
When I ponder all the signs and indicators that witness together silver and gold prices have bottomed, none is plainer than the Dow in Gold and Dow in Silver. They have dropped like your teenaged heart when you spied your girlfriend out with your rival on Saturday night (Forget her -- she wasn't right for you anyway).
Over the week the Dow in Silver and Dow in Gold both fell another 2.2%. Today the Dow in silver fell a whopping 17.28 oz (2.7%) to 632.47 oz. I beg y'all to call to mind that at about 610 oz. the Dow in Silver will close back underneath its long term downtrend line. 200 DMA awaits at 569.73 oz.
Dow in gold forked over 1.4% today to close at 10.755. Long term trend line awaits below at 10.50 oz, not far. 200 DMA stands at 9.67 oz. Both indicators are flashing a strong signal that stocks are about to lose value sharply against metals. Action? Implies you ought to sell stocks and put the proceeds into gold.
US dollar index cannot make up its mind to rise or fall. Today it peeled off 12 basis points (-.15%) to end at 81.361. Dollar appears to have turned up, but will forfeit that appearance if it can't breast through 82.00 next week.
Of course, the dollar looks good next to the really sorry Japanese yen. It broke its intermediate (since May) support today and only barely closed above it, up 0.8% on the day at 101.35 cents/Y100. Maybe the Nipponese Nice Government Men are targeting 80c/Y100? Lunacy. Pure moonburn.
Euro (I believe) topped two weeks ago, then doubled that top this week. True, it rose today 0.17% to $1.3379, but gravity has the upper hand.
Y'all enjoy your weekend!
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.