Gold Price Close 27-Nov-13 : 1,237.80
Change : -4.60 or -0.4%
Silver Price Close Today : 1951.4
Silver Price Close 27-Nov-13 : 1963.3
Change : -11.90 or -0.6%
Gold Silver Ratio Today : 63.196
Gold Silver Ratio 27-Nov-13 : 63.047
Change : 0.149 or 0.2%
Silver Gold Ratio : 0.01582
Silver Gold Ratio 27-Nov-13 : 0.01586
Change : 0.000 or -0.2%
Dow in Gold Dollars : $ 265.21
Dow in Gold Dollars 27-Nov-13 : $ 268.83
Change : -3.62 or -1.3%
Dow in Gold Ounces : 12.830
Dow in Gold Ounces 27-Nov-13 : 13.005
Change : -0.18 or -1.3%
Dow in Silver Ounces : 810.78
Dow in Silver Ounces 27-Nov-13 : 819.91
Change : -9.13 or -1.1%
Dow Industrial : 15,821.51
Dow Industrial 27-Nov-13 : 16,097.33
Change : -275.82 or -1.7%
S&P 500 : 1,785.03
S&P 500 27-Nov-13 : 1,807.23
Change : -22.20 or -1.2%
US Dollar Index : 80.256
US Dollar Index 27-Nov-13 : 80.738
Change : -0.48 or -0.6%
Platinum Price Close Today : 1,362.60
Platinum Price Close 27-Nov-13 : 1,351.20
Change : 11.40 or 0.8%
Palladium Price Close Today : 736.75
Palladium Price Close 27-Nov-13 : 714.35
Change : 22.40 or 3.1%
Tomorrow I have to travel so I am sending the weekly summary out today. I used last Wednesday's prices for comparison, because the Friday 29 November prices came on a fluky, thin market and so offer no sound comparison.
Silver and GOLD PRICES had a sorry week, but not too sorry. It was a lot tougher week for stocks, and tougher still on the US dollar index. Platinum and palladium throve.
Today both silver and GOLD PRICES dropped back, shying away from confirming yesterday's key reversals. Yet that may not be as dark as it seemeth.
Gold backed off $15 to $1,233.20 with a $1,216.30 low, slightly higher than yesterday's $1,210.80 low, the low of the move since October.
The SILVER PRICE dropped 26 cents to 1951.4c, with a 1922c low much higher than yesterday's 1889c.
MACD indicators for both silver and gold price are straining to turn up. Rate of change for both has turned up, although still negative.
It's too early to write this pattern off. Should the silver and gold price not trade lower than their recent lows tomorrow, and close higher, then both would still be candidates for a turnaround. Closes below yesterday's lows would gainsay that and push silver and gold price lower.
A bottom to the 2011-2013 correction, confirming the June low, looms close by. Keep your eyes peeled.
Let's grab hold of the US dollar index first. Today the dollar fell through that trap door of support at 80.50, shucking 37.5 basis points to land at 80.25c. And below its 50 DMA at 80.40. It appears the dollar has been dealt a fall clean to 79, although it might catch at 79.75. Only if it falls through 79 would the dollar be meditating a really suicidal plunge.
Dollar's woes were enough to push the Euro through downtrend line support and its 50 DMA toward the downtrend line at 1.3825, powered by the European Central Bank's decision to do -- nothing. It gained 0.59% to $1.3672, a nice jump for a decrepit fiat currency backed by mountains of regulations, bad banks, and bankrupt countries. Wait, wait -- did I say "weighed down by socialist stupidity"? That, too.
Japanese yen has turned up hard. Rose 0.56% today to 98.27 cents per 100 yen. Might only be a bounce trying to fill in the gap at 99.25. On the other hand, the unashamed and curious mind is bound to ask, when the US stock market is fattening on Fed inflation like a hog on restaurant slop and the US economy is supposedly turning up, WHY the US dollar index failed at 80.50, and why the yen and euro are suddenly so frisky? What does the market know that we don't know? Leprosy in the dollar's future?
The bond market seems to think so. Today the 10 year US treasury note yield rose again, up 0.74% to 2.862%. The 30 year bond yield rose 0.23% to 3.914%. Both yields broke out upside in June. Having traded sideways and tested support at what formerly stood as the upper channel line, yields (a.k.a. interest rates) are beginning to advance, preparatory to smashing the Fed's Zero Interest Rate Policy. Or is it "pricking the Fed's bond bubble"? Either way, it'll be a mess.
Meanwhile Obama has sent that old charmer, Joe "Bad Hair Transplant" Biden to smooze the Chinese after crossing them on the Diaoyu Islands. Y'all remember the Chinese? They own more US bonds than anybody else in the world. Poke 'em in the eye again, Joe! You show 'em how tough Obama is!
Stocks continue to decline after the top last Wednesday. Lows today didn't quite match yesterdays, but both the Dow and the S&P500 closed below their 20 day moving averages, pointing their momentum down. More downside coming.
Dow Jones Industrial Average lost 68.26 (0.43%) today to 15,821.51, and lost 275.82 (1.7%) since last week. S&P500 backed off 7.78 (0.43%) and ended at 1,785.03, down 22.2 or 1.2% in the last sevennight.
They turned up a bit today, but the Dow in Gold and Dow in Silver keep whispering that silver and gold are about to turn up. The Dow in Silver today gave a downturn signal when the MACD turned down. DiS in fact rose on the day by 1.03% to 815.96 oz.
Lo and behold, the DiG's MACD has given a sell signal, too! And this in spite of the DiG's 1.05% rise today to 12.92 oz (G$267.08 gold dollars). 20 Day moving average lurks below at 12.66 oz (G$261.70). Crossing that will confirm the turn the MACD is already suggesting.
I remind y'all that when the DiG and DiS turn down, it will signal that a bottom in silver and gold is near or behind us. Both really need to fall back below their long term downtrend lines, but that's another story.
Y'all enjoy your weekend!
Argentum et aurum comparenda sunt -- -- Gold and silver must be bought.
- Franklin Sanders, The Moneychanger
© 2011, 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 $195.66; stocks' primary trend is down, targeting Dow under 2,900 and worth only one ounce of gold; US$ or US$-denominated assets, primary trend down; real estate in a bubble, primary trend way down. Whenever I write "Stay out of stocks" readers inevitably ask, "Do you mean precious metals mining stocks, too?" No, I don't.
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 outlook. I write them for long-term investors in physical metals. Take them as entertainment, but not as a timing service for futures.
- 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.