Gold Price Close Today : 1241.40
Change : 0.20 or 0.02%
Silver Price Close Today : 19.848
Change : -0.034 or -0.17%
Gold Silver Ratio Today : 62.545
Change : 0.117 or 0.19%
Silver Gold Ratio Today : 0.01599
Change : -0.000030 or -0.19%
Platinum Price Close Today : 1370.40
Change : -5.60 or -0.41%
Palladium Price Close Today : 716.20
Change : -3.70 or -0.51%
S&P 500 : 1,802.75
Change : 0.27 or 0.01%
Dow In GOLD$ : $267.64
Change : $ -0.04 or -0.01%
Dow in GOLD oz : 12.947
Change : -0.002 or -0.01%
Dow in SILVER oz : 809.79
Change : 1.40 or 0.17%
Dow Industrial : 16,072.80
Change : 0.26 or 0.00%
US Dollar Index : 80.630
Change : -0.214 or -0.26%
The GOLD PRICE gapped up above $1,250 late yesterday and silver followed suit with a run to 2025c. Well, my, that attracted big time sellers, so about the time markets opened in the US they started piling on. I reckon they saw that both silver and gold prices had yesterday posted the first half of a key reversal, so they had to make sure neither one closed higher today. The SILVER PRICE ranged from 2029c to 1981c, but closed down 3.4 cents at 1984.8 cents. Gold price rose -- get this -- twenty cents to $1,241.40, after a high at $1,257.80 and a low of $1,239.20.
MACD is negative, RSI is oversold, rate of change is negative. Mercy, we'd have to order sunshine from Sears and Roebuck just to get a ray of light in here. We are sailing between Scylla and Carybdis from now to the end of December's first week -- a dangerous passage that could bring new lows. Frankly, that would be a relief.
So y'all have to decide what to believe in: Fiat money and its snake oil promoters like Greenspan (remember him? Never could parse a single sentence he mumbled), Bernanke, and now Big Janet who'll all lie quicker than a minnow can swim across a dipper, or gold and silver, still valuable after, oh, six millennia?
Shucks, don't ask me! I'm just a natural born durned fool from Tennessee, dumber than a central banker.
Then you come to markets today, and they're crazier still. By not enough to mention today -- 0.26 point -- the Dow Jones Industrial Average made a new high at 16,072.80. S&P500 rose 0.27 to 1,802.75.
I know the cheerleaders all filled the streets for this occasion, but double tops make me nervous for any market, let alone as overdue for a correction as stocks are.
And today the Nasdaq Comp finally climbed above 4000 to 4,017.75. High in 2000 was 5,048.62, so some folks are still waiting to get even.
Both the Dow in Gold and Dow in Silver rose today, and both of 'em are more overbought than orange glitter lipstick at a teenie-bopper convention. DiG closed 12.95 oz (G$267.70 gold dollars), up 0.76% (against the June high at 12.514 oz). DiS added 1.92% to end the day at 811.55. June high was 816.77 oz.
Until these two indicators turn down again, silver and gold will not get any relief. Probably they will reverse about the same day stocks reverse downward and silver and gold turn around upward. Meanwhile we just sit and stew -- with a smile, cause we know how it will turn out.
Like the 3 Stooges, the US DOLLAR INDEX loves to poke its friends in the eye. After that sharp ally from 79.06 in late October to 81.58 in early November, it looked ready to rally. Whoops, it's back down at 80.63 and looking sick as a dog puking peach pits. MACD gave a sell signal today. On a 5 day chart 80.60 looks like a cliff edge the dollar just hadn't ought to fall over.
Meanwhile the suave Euro, which like a bankrupt and shabby Count manages to put up a good outward show in spite of inward emptiness, rose 0.41% to $1.3575. Closed over the 50 day moving average today ($1.3560). Maybe the euro will run for the sky. All this leaves me asking myself what the market knows about the dollar that makes it so nervous.
Yen also rose 0.37% to 97.76 cents per 100 yen. Given its fall of the last five days, no, make that the last month, nothing there suggests a turnaround yet.
If you have some sad friend or relative you want to cheer up at Christmastime, get yourself right now to www.dogwoodmudhole.com and order a copy of my new book, At Home In Dogwood Mudhole Volume 2. You'll laugh, you'll cry, you'll wonder how people who could do such crazy and insanely dangerous things aren't ten feet underground yet. Not convinced? Go read the sample chapter, "Home Alone Milking." If it doesn't make you laugh, don't tell anybody, cause it means your sense of humor has been surgically removed.
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.