Wednesday, November 13, 2013

The Gold Price is Up $16 in the Aftermarket

Gold Price Close Today : 1268.30
Change : -9.90 or -0.77%

Silver Price Close Today : 20.432
Change : -0.336 or -1.62%

Gold Silver Ratio Today : 62.074
Change : 0.528 or 0.86%

Silver Gold Ratio Today : 0.01611
Change : -0.000138 or -0.85%

Platinum Price Close Today : 1430.20
Change : 7.20 or 0.51%

Palladium Price Close Today : 735.00
Change : -12.20 or -1.63%

S&P 500 : 1,782.00
Change : 14.31 or 0.81%

Dow In GOLD$ : $257.87
Change : $ 3.14 or 1.23%

Dow in GOLD oz : 12.475
Change : 0.152 or 1.23%

Dow in SILVER oz : 774.36
Change : 15.94 or 2.10%

Dow Industrial : 15,821.63
Change : 70.96 or 0.45%

US Dollar Index : 80.972
Change : -0.164 or -0.20%

That's odd -- silver and GOLD PRICES are up strongly (+28 cents and + $16) in the aftermarket. At Comex close the GOLD PRICE had lost $2.80 to $1,268.30. The SILVER PRICE had yielded 33.6 cents to 2043.2c.

A word about these "closes." Comex opens about 8:30 Eastern time and closes at 1:30 Eastern. Once upon a time it was the only daytime game in the US, but now gold is a 24-hour around the globe market. After Comex closes the electronic Globex market opens in the US, so the Comex close is merely a snapshot, and not always a well-focused snapshot at that.

Here in the aftermarket the gold price has risen to $1,283.40 and silver to 2070c. For silver that roughly, for gold more than, makes up yesterday's losses. I mention this only because both are tap-dancing around that uptrend line from June. That hints they might be catching a grip here. Tomorrow will tell.

Both the Dow Jones Industrial Average and the S&P500 made new all-time highs today, up 70.96 to 15,821.63 (+0.45%) and up 14.31 (0.81%) to 1,782. I reckon they are a perpetchul mo-shun mo-sheen run on the vapors of money creation.

Here's a little conundrum I'm puzzling over. Dow in Gold actually fell today if you look at the End Of Day price. Ended down 0.8% at 12.34, against 12.447 yesterday and 12.514 at the June low. RSI is overbought.

More conundrum: while the Dow in Gold floats near its June high, the Dow in Silver doesn't. It rose today 0.89% to 768.04 oz, against an 816.77 oz June high. If both indicators wanted to double top, this would be the place to do it.

Over the last three days the Gold:Silver Ratio has moved from 60.217 to 62.074, a breakout over resistance and a discouraging sign for silver and gold. When both metals are rallying, that ratio ought to trend down.

Tomorrow Janet Yellen, Obama's nominee to succeed Ben Bernanke as Head Criminal at the Federal Reserve, talks to the senate confirmation committee. A Reuters news report said that the dollar fell "on expectations that [Yellen's] remarks will underscore the Fed's accommodative posture." Great, that's logical, but why didn't that happen after the last FOMC meeting when the Head Goofs said they would continue "accommodating"? Printing $85 bn in new money every month and calling it "accommodating" is like calling adultery "snuggling." These people all warp the language because they don't want you to know what their words mean.

Dollar index fell 0.21% or 16.4 basis points to 80.972. Technically that doesn't signify much, since the dollar has been rallying sharply since late October and is due for a corrective rest. Now if it fell below the 50 DMA at 80.54, it might mean something.

Euro took advantage of dollar giddiness to advance 0.38% to $1.3487. Lo, once again, it signifieth nothing. Euro has now climbed to the 62 day moving average and filled chart gaps left behind when gravity took over last week. I might respect it over the 50 DMA ($1.3517), but not here. Come to think of it, it would have to rise nearly to $1.3600 before I respected it.

Yen rose 0.35% to 100.76 cents per Y100. Somebody remind me again why we look at this thing? Nothing ever happens. Clearly the Japanese Nice Government Men are controlling it tightly.

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.