Gold Price Close Today : 1286.20
Change : 17.90 or 1.41%
Silver Price Close Today : 20.712
Change : 0.280 or 1.37%
Gold Silver Ratio Today : 62.099
Change : 0.025 or 0.04%
Silver Gold Ratio Today : 0.01610
Change : -0.000007 or -0.04%
Platinum Price Close Today : 1442.30
Change : 12.10 or 0.85%
Palladium Price Close Today : 739.40
Change : 4.40 or 0.60%
S&P 500 : 1,790.62
Change : 8.62 or 0.48%
Dow In GOLD$ : $255.16
Change : -$2.71 or -1.05%
Dow in GOLD oz : 12.343
Change : -0.131 or -1.05%
Dow in SILVER oz : 766.52
Change : -7.83 or -1.01%
Dow Industrial : 15,876.22
Change : 54.59 or 0.35%
US Dollar Index : 81.040
Change : 0.200 or 0.25%
The GOLD PRICE re-claimed $17.90 to $1,286.20, Silver gained 28 cents from yesterday's Comex close and ended today at 2071.2c.
For the GOLD PRICE, Tuesday left a V-bottom and then most of those gains came after closing yesterday. V-bottom and rise above $1,280 give birth to hopes of higher prices tomorrow. $1,300 will offer stiff resistance. Don't get lost in the forest. Gold still needs to close above $1,362 to qualify for a rally. However, last two day's trading left that keyhole on the chart that usually is followed by at least some rally. RSI has turned up but not yet the MACD.
The SILVER PRICE three day chart shows an upside-down head and shoulders with a neckline about 2090c. If silver clears that, it will rally above 2100c to the 2120c area where it broke down on Tuesday. All the hedging, qualification, dodging, and weaving applied to gold above also applies to silver. Nothing solid happens till it surpasses 23.09, the last high.
One last thing: GOLD/SILVER RATIO fell today to 62.099, so there are a few hopeful threads blowing in gold and silver's winds, but no kind of proof yet.
Today all was right in the world. Janet Yellen, Hed Fed Parasite-to-be spoke to the senate confirmation committee and announced she would keep the money presses running although sometime in the future, sometime, the Fed might taper. Maybe.
In our Looney-Tunes world, this advance announcement that the Fed will depreciate the Dollar caused the dollar to rise, interest rates to fall (more logical, as it means more ZIRP), and stocks to rise, although inflation cripples the economy. Makes me so happy I could just drool and loll my head.
But more interesting things happened as well.
Start with stocks. Dow and S&P500 hit new all-time highs again today (ho-hum). Dow augmented 54.59 (0.35%) to 15,876.22 while the S&P500 swelled 8.62 (0.48%) to 1,790.62.
I understand the jubilatin' on Wall Street is gin'ral, but forgive me if I forbear. A market that shows a long, steep rise, then throws over its upper trading channel boundary and two new highs in as many days -- well, it might go higher, but you also might roll seven two times running, too. Still, all three Dow indices are lined up rising, and that's supposed to be a good sign, so why should it bother me that the MACD and RSI are so high?
I was more interested to see that on a day when these stock indices hit new highs, the Dow in Gold and Dow in Silver turned down. I'm so boring I pay attention to stuff like that. Y'all ought to see my dust-bunny collection.
Dow in gold lost 1.05% to 12.343 oz (G$255.16) and right in step (pari passu, as the Roman might say) the Dow in Silver lost 1.01% to 766.52 oz. This is little bitty stuff, but both are most overbought on the RSI they've been since the June metals' lows /Dow in Metals highs. I wish I wasn't such a durned natural born Tennessee fool so I could figure out what this means.
US DOLLAR INDEX gained 20 basis points (0.25%) to close above 81 at 81.04. That doesn't near about raise it out of correction territory. It needs to climb over 81.50 for that.
Meanwhile the euro lost 0.19% to $1.3463. Looks like the Kryptonite at the 62 DMA made it melt. Small chance it might turn up would be proven by a close above the 20 DMA at $1.3597. Not likely.
Yen gapped down today, a total of 0.68% to 100.05 cents per Y100. Much as it stretches your imagination, it might fall past the last low and sink to the earth's core here. It appears that all the world's central bank criminals have discovered they can raise their stock markets by depreciating their currencies, and they are as excited about that as a hookworm at a barefoot dance. Y'all know this exercise adds no value to stocks, benefits a few insiders, and for the nation does no more than taking change out of one pocket and putting it in another, then claiming you're richer.
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.