Gold Price Close Today : 1229.40
Change : -8.40 or -0.68%
Silver Price Close Today : 19.765
Change : -0.312 or -1.55%
Gold Silver Ratio Today : 62.201
Change : 0.548 or 0.89%
Silver Gold Ratio Today : 0.01608
Change : -0.000143 or -0.88%
Platinum Price Close Today : 1412.70
Change : 2.20 or 0.16%
Palladium Price Close Today : 740.80
Change : 7.30 or 1.00%
S&P 500 : 1,837.88
Change : 11.11 or 0.61%
Dow In GOLD$ : $277.96
Change : $ 3.65 or 1.33%
Dow in GOLD oz : 13.446
Change : 0.177 or 1.33%
Dow in SILVER oz : 836.37
Change : 18.27 or 2.23%
Dow Industrial : 16,530.94
Change : 105.84 or 0.64%
US Dollar Index : 81.010
Change : 0.230 or 0.28%
The GOLD PRICE lost $8.40 to $1,229.40 and silver lost 31.2 cents to close Comex at 1976.5c. All's lost? Not quite. Both managed to close above their 20 day moving averages. Both silver and gold prices are knocking on resistance at their 50 DMAs, so this back-and-fill is to be expected. Once again, as long as the SILVER PRICE doesn’t close below 1940c and the GOLD PRICE doesn't close below $1,195, uptrend remains intact.
Clearly it's crucial for silver and gold prices to hold on above those 20 DMAs and preserve gains made so far this year -- and to improve them.
Two centuries ago an English chief justice lamented that a corporation had "no body to kick and no soul to damn," which pretty well puts them beyond the reach of justice. Good thing he's dead -- he'd choke sure enough if he saw what these "juridical persons" do today.
Miss not my point. A "corporation" is a legal fiction, a mythical entity created to dodge liability. A corporation is people. It can't lift its fictional hand unless some real, live human lifts the hand for it. And today corporations are employed to dodge liabilities civil and criminal, especially for big banks and Wall Street felons-on-the-loose. Think: How can a mythical being commit a crime? Not possible. Some PERSON did it and hides behind the guilty corporation.
Thus today JPMorgan Chase agreed to cough up $2.6 billion dollars in penalties criminal and civil for its part in the Bernie Madoff Ponzi scheme.
But who cares? None of the human beings who were acting as JP Morgan Chase paid anything -- JPMC's stockholders paid it. Nor did anyone in management with oversight responsibility go to jail. Ne'er a one.
When they make me dictator, first thing I'll do is not kill all the lawyers but kill all the corporations. At least it will be a bloodless revolution, since corporations can't bleed.
Stocks had their first up day this year. Dow gained 105.84 (0.64%) and S&P500 climbed 11.11 (0.66%) to 1,837.88. Hard to tell yet, but chart still appears headed down. Today's highs were only lower highs.
Metal's drop took the Dow in Gold and Dow in Silver up a tad. Dow in Gold rose 1.13% to 13.43 oz against a 20 DMA at 13.27 oz. Dow in silver ended at 833.42 oz above a 20 DMA at 819.43. Whew. This is enough to wear anybody out.
As I suspected, the US dollar index came back today, gaining 23 basis points (0.28%) to clsoe above 81 at a finger-nail hanging 81.01. Clearly it has broken out, with four days above the downtrend line and 50 and 20 DMAs to prove it. Obvious target is 83.
Euro sank at the dollar's good fortune. Lost 0.15% to $1.3615. 'Tis literally hanging over the edge of a cliff. Close below $1.3580 cuts its rope.
Yen backed off 0.41% to close 95.49 cents/Y100. Broke through the downtrend line yesterday, so intends to rise further, I'd say.
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.