Gold Price Close Today : 1315.70
Change : 1.30 or 0.10%
Silver Price Close Today : 22.233
Change : 0.364 or 1.66%
Gold Silver Ratio Today : 59.178
Change : -0.926 or -1.54%
Silver Gold Ratio Today : 0.01690
Change : 0.000260 or 1.56%
Platinum Price Close Today : 1435.70
Change : 0.90 or 0.06%
Palladium Price Close Today : 749.25
Change : 9.60 or 1.30%
S&P 500 : 1,744.66
Change : 0.16 or 0.01%
Dow In GOLD$ : $241.84
Change : $ (0.36) or -0.15%
Dow in GOLD oz : 11.699
Change : -0.017 or -0.15%
Dow in SILVER oz : 692.31
Change : -11.86 or -1.68%
Dow Industrial : 15,392.20
Change : -7.45 or -0.05%
US Dollar Index : 79.694
Change : 0.060 or 0.08%
The GOLD PRICE added a tiny $1.30 (0.1%) to $1,315.70, but silver jumped 36.4 cents (1.66%) to 2223.3c, above 2200c AT LAST.
Gold remains in a breakout from that falling wedge that has been forming since August, and above its 20 DMA ($1,308.52). No time for fiddling, the GOLD PRICE must close above $1,332 resistance, then above the 50 DMA ($1,343). Small but positive whispers keep bubbling out of gold.
The SILVER PRICE chart looks even better than gold's, and the GOLD/SILVER RATIO dropped through 60 today to close at 59.178 (a good sign of strength). Silver has escaped the falling wedge pattern, and made good that escape by closing above its 20 DMA (2173c) and closing in on its 50 DMA (now 2248c). Yet no klaxons blow until silver closes over 2252c, its last high.
Buy when they close over those 50 DMAs. Buy more when gold closes over $1,376. Stay out if they close below $1,272 and 2090c.
Friends, Volume 2 of At Home In Dogwood Mudhole (Best Thing We Ever Did) is now available for preorder at www.dogwoodmudhole.com. It went to the printer today and we estimate it will be ready to ship the first week in December, in time for Christmas.
I must be crazy generous, but if you will use the discount code HOGWILD I will give you free shipping to US addresses, up to $6 (enough for 2 copies). Offer expires Sunday, 30 November 2013. Also, the PDF version will be available for sale and immediate download tomorrow, with Kindle and ePub editions coming in a few weeks.
No author should try to judge his own work, but I believe Volume 2 is even funnier than Volume 1. I already know the stories and I laughed until I nearly choked.
The US DOLLAR INDEX acts as if it wants to drop. It's sitting on the edge of a cliff at 79.50, and the rocks below are at 73. Nothing in the chart or other indicators whisper a reversal, but it's hard to imagine that Bernanke and the US treasury would really want the dollar index to drop 8-1/2%.
Although it gapped up last Thursday, the euro is having trouble making up its mind to advance. Ended today at $1.3675, down 0.09%. Japanese yen refuses any movement but crabwise, jerking up and down around its intertwined 20 and 50 day moving averages, going nowhere. Lost 0.45% to 101.86 cents/Y100. If I were all those Nice Government Men "tasked" with manipulating exchange rates, I'd be scared to death the whole structure might blow up. That's central bank stability for you.
Stocks went nowhere again today, while the Dow again ominously gainsaid the S&P500. S&P500 made a new all-time high -- by 0.16 points. Y'all call home and tell Mama about that. She'll want to know. S&P500 stands at the very top trendline of a rising wedge. Margin debt is at record levels. How long can this continue? I reckon until they run out of booze -- whoops, make that "inflationary money."
I have to make a trip to Richmond the rest of this week, so probably won't be publishing a commentary. I'm going to visit Jefferson Davis' last resting place.
A veritable tidal wave of hogwash pours out of Washington daily, but it is nowhere deeper than in all the talk how the United States has "never defaulted."
Hogwash. The US defaulted from 1862 through 1879 when it refused to make good its promise to pay its debts in gold and forced its creditors to accept fiat greenbacks. The US defaulted again in 1934 when it reneged on its bonded obligation to pay its debts in gold. Then in 1971 President Nixon defaulted on the US promise to redeem US dollars for gold.
On 21 October 1910 my father was born. He loved learning so much that he stayed two years in the 10th grade at his little country school in Michie, Tennessee, until they added the 10th and 11th grades. Played professional baseball for a summer, then went to what later became Memphis State and lettered in four sports, two he'd never before played. He passed away in 1998. I thank God for his life. Requiescat in pace.
Argentum et aurum comparenda sunt -- -- Gold and silver must be bought.
- Franklin Sanders, The Moneychanger
© 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 or 18 ounces of silver. or 18 ounces of silver. US $ and 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.