Gold Price Close Today : 1262.40
Change : 27.10 or 2.19%
Silver Price Close Today : 20.256
Change : 0.612 or 3.12%
Gold Silver Ratio Today : 62.322
Change : -0.562 or -0.89%
Silver Gold Ratio Today : 0.01605
Change : 0.000143 or 0.90%
Platinum Price Close Today : 1387.80
Change : 20.20 or 1.48%
Palladium Price Close Today : 738.00
Change : 3.50 or 0.48%
S&P 500 : 1,802.62
Change : -5.75 or -0.32%
Dow In GOLD$ : $261.56
Change : $ (6.61) or -2.47%
Dow in GOLD oz : 12.653
Change : -0.320 or -2.47%
Dow in SILVER oz : 788.56
Change : -27.23 or -3.34%
Dow Industrial : 15,973.13
Change : -52.40 or -0.33%
US Dollar Index : 79.979
Change : -0.177 or -0.22%
Well, the silver and GOLD PRICE did it today. About 6:00 a.m. Eastern time while all y'all were still snugged up tight in bed, silver broke through 2000c and the gold price through $1,245. Time an old slugabed like me got to work, the gold price was already at $1260 and silver at 2030c.
The GOLD PRICE ended the day on Comex at $1,262.40, up $27.10 or 2.2%. The SILVER PRICE finished up 61.2 cents (3.1%) at 2025.6c. Both jumped clean through resistance at $1,250 and 2000c. Better yet, both jumped o'er their 20 DMAs ($1,251 and 1999c).
Folks, it don't get much stouter than this. Silver and gold prices fought off an attack at new lows for the move last week, reversed upward, and advanced steadily. MACD flashed a buy signal on Friday, and the Rate of Change for both has climbed sharply since 1 December and today entered POSITIVE territory.
What's next? (Moneychanger, are you NEVER satisfied?) No, I want to see both close above their last highs ($1,295 and well, silver did that today) and their 50 DMAs (2115c and $1,288.80).
What's more, I want both to close once again ABOVE that uptrend line from the June Low, for silver tomorrow 2160c and for gold $1,288. Wait -- did I mention that volume is rising with price, to confirm the price move? No, I didn't. Well, there 'tis.
Friends, nothing in this life is sure except that we will all exit this world feet first, but this is the best price action I've seen in gold and silver for several months.
I bought some more today.
Stocks must have disappointed their cheerleaders. Every index fell. Dow lost 52.4 (0.33%) to 15,973.13 and punched into but closed not beneath its 20 DMA (15,966). S&P500 gave back 5.75 (0.32%) and ended at 1,808.62. Pattern in both indices is the same, a pair of descending tops. Not a good sign, unless they can turn around on the morrow and climb past the previous high. Otherwise, look out below.
All this showed far more clearly in the Dow in Gold and Dow in Silver, which both tumbled sharply. Dow in Gold ended at 12.66 oz (G$261.70 gold dollars), down 2.03% AND below the 20 DMA at 12.77 oz. That crossing under the 20 DMA confirms what looked like a head and shoulders top.
Dow in Silver did likewise. Closed down 3.21% at 782.61 oz and below the 20 DMA at 799.23.
Mercy, y'all, look at this! If this pattern completes, it will be double tops in both the DiG and DiS, June and December, and 'twill signal that silver and gold have turned up against stocks. Hold on -- we need further confirmation, like closes below the 50 DMA. MACD has already flashed sell signals for both indicators, and 12 day Rate of Change went negative in both. All right!
US DOLLAR INDEX broke 80 today. Lost 20 basis points or 0.25% to close at 79.94. There is what I take to be the neckline of a head and shoulders that started forming in 2011 that now hits the US dollar index about 79. It may be some other pattern, but since late 2011 a line from 78.10 in Spring 2013 through about 80 today has stopped every decline. Well, every decline except that dip down to 79.06 in October. Now the US Dollar Index, after a climb, is right back at that 80 support. Maybe if it falls through this time it will just keep on falling to 74.75, or 72.70? Little but air stands beneath it now.
The Euro rose 0.17% to $1.3761, clearly on its way to $1.3825 or higher. It's the battle of the junk currencies for the title, "Sorriest Fiat Money On The Planet."
Japanese yen rose 0.43% to 97.26 cents/Y100. If it breaks the last low at 96.41, who knows where it might perch?
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.