Gold Price Close Today : 1371.20
Change : 0.60 or 0.04%
Silver Price Close Today : 23.030
Change : 0.072 or 0.31%
Gold Silver Ratio Today : 59.540
Change : -0.161 or -0.27%
Silver Gold Ratio Today : 0.01680
Change : 0.000045 or 0.27%
Platinum Price Close Today : 1539.20
Change : 21.00 or 1.38%
Palladium Price Close Today : 754.35
Change : 8.35 or 1.12%
S&P 500 : 1,656.96
Change : 14.16 or 0.86%
Dow In GOLD$ : $225.59
Change : $ 0.90 or 0.40%
Dow in GOLD oz : 10.913
Change : 0.044 or 0.40%
Dow in SILVER oz : 649.75
Change : 0.85 or 0.13%
Dow Industrial : 14,963.74
Change : 66.19 or 0.44%
US Dollar Index : 81.478
Change : 0.101 or 0.12%
The GOLD PRICE rose 60 cents to $1,371.20 and the SILVER PRICE climbed 7.2 cents to 2303c. Higher prices in the aftermarket, $1,376.50 and 2313.5c argue this was not the whole story. The gold price is the laggard here. It needs to push through $1,380 and march on.
'Tis comforting at least that silver and gold prices show resilience when they dip, and spring right back. As long as the GOLD PRICE remains above $1,360 and silver above 2250c they'll be fine and keep on rising.
It was a scene out of Atlas Shrugged. Nasdaq exchange computers were shut down for nearly three hours. Didn't work. Closed. A $48 billion a day market, shut down, after similar problems with Goldman Sachs options orders flooding the market on Tuesday.
Maybe nobody is in charge. Maybe it's too big to work any longer. Maybe nobody knows what needs to be done. Ahh, you can't run civilizations this way, at least, not for long.
Notwithstanding Nasdaq's problems, stock indices climbed today. Dow roused itself to step up 66.19 (0.44%) to 14,963.74 while the S&P500 added 14.16 (0.86%) to close at 1,656.96. As Queen Victoria might quip, "We are not impressed." S&P500 did manage to touch, but not close above, its 50 DMA (1,658.87). Looks healthy and fit as a leper colony.
Dow in gold rose a smidge today, 0.4%, altogether nothing on the scales, to 10.913 oz (G$225.59). Dow in silver rose 0.13% (0.85 oz) to close 649.75 oz. No sign of turning up.
US dollar index rose 10.1 basis points (0.13%) to 81.478, trying to edge toward the 200 day moving average above at 81.63. MIGHT have turned around.
Meanwhile the euro narrowly missed the second half of a key reversal by closing today at $1.3356, versus yesterday's $1.3354. Still stinks. Yen tumbled and stumbled, down 1.08% at 101.27 cents/Y100. About to break down out of its major trading channel.
Canary in the mine: US 10 year treasury yield rose again today, now at 2.901, highest level in two years and determined to go higher. Bernanke's strategy, if a sane person can call it that, pivots on that Zero Interest Rate Policy, which now blows in tatters. Market is re-asserting its control over interest rates, and it's saying, "I don't like dollars unless they pay me more interest." Poor Ben. You could feel sorry for him if he weren't a central banker and cosmically disqualified from pity.
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.