Gold Price Close Today : 1,221.70
Change : -0.60 or -0.05%
Silver Price Close Today : 19.01
Change : -0.23 or -1.17%
Gold Silver Ratio Today : 64.273
Change : 0.721 or 1.13%
Silver Gold Ratio Today : 0.0156
Change : -0.0002 or -1.12%
Platinum Price Close Today : 1,354.90
Change : 9.00 or 0.67%
Palladium Price Close Today : 714.05
Change : 1.65 or 0.23%
S&P 500 : 1,795.15
Change : -5.75 or -0.32%
Dow In GOLD$ : 269.28
Change : $ -1.46 or -0.54%
Dow in GOLD oz : 13.03
Change : -0.07 or -0.54%
Dow in SILVER oz : 837.26
Change : 4.90 or 0.59%
Dow Industrial : 15,914.62
Change : -94.15 or -0.59%
US Dollar Index : 80.61
Change : -0.29 or -0.36%
On a $1,225.80 to $1,214.60 range the GOLD PRICE today closed Comex 60 cents lower at $1,221.70. The SILVER PRICE backed off 22.5 cents to end Comex at 1900.8c.
Both the silver and GOLD PRICES are bouncing along their bottom Bollinger bands, and neither has yet given a sign of turning around. However, this decline, which started in October, is beginning to look ripe. GOLD/SILVER RATIO offers no guidance. It closed higher today at 64.273, but in a lower range than yesterday. No guidance. Premiums on US 90% silver coin are strong, but gold coin premiums are unchanged. Both Platinum & Palladium rose today.
So we wait, although I am convinced a bottom lies in the not too distant future.
The pain became general today as stocks followed through on yesterday's key reversal confirmation. Dow punched into but closed above its 20 DMA (15,904.29) and lost 94.15 (-0.59%) to close at 15,914.62. S&P500 dittoed that performance, just didn't quite punch into its 20 DMA (1,786.86). Dropped 5.75 (0.32%) to end at 1,795.15. MACD for both indices gave a sell signal today. All other stock indices I watch fell as well.
Surprise, stock investors! Corrections are not a myth!
No telling yet whether the top just seen was THE top in stocks, but probably not. Probably we'll get a correction, then surge into year end and past to a higher high and then collapse. Once again, I will warn all those filling their cups at the foaming punchbowl: stocks are NOT rising on economic outlook, but on a newly created money from the Fed. This is a bubble, another bubble. Watch out.
For record keeping purposes (if y'all still play records) the Dow in Gold yesterday made a new high at 13.138 oz.(G$271.59) But behold! Today it fell 0.78% (basis end of day) to 13.04 oz. (G$269.56). Remains overbought on RSI, but hasn't flashed a sell signal on MACD.
Dow in Silver dropped 0.17% to close at 834.76 oz after yesterday's new high at 836.19 oz.
Just a reminder: I am watching for the DiG & DiS to turn down as a signal of gold & silver bottoms.
US Dollar Index, as kind to its friend as a rattlesnake is to chipmunks, plumb reversed yesterday performance and dropped 28.9 basis points to 80.62 (-0.38%).
News reports say that stocks have dropped on fears the Federal Reserve will announce tapering. But why would that take the dollar down? Gold maybe, but why dollars? Anyway, taper the Fed won't, because it has now, like the pusher-man, addicted markets to its continuing money creation. Tapering would push the whole mess over the cliff.
Euro rose 0.37% to $1.3592. If it can climb above 1.3618, it will race for $1.3800. Yen actually turned & rallied 0.77% to 97.53 cents/Y100. Could be a bounce filling up gaps the waterfall left behind, or might be turning around. I have to expect the Japanese Nice Government men will drive it lower still.
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.