Gold Price Close Today : 1359.00
Change : -13.90 or -1.01%
Silver Price Close Today : 20.836
Change : -0.413 or -1.94%
Gold Silver Ratio Today : 65.224
Change : 0.614 or 0.95%
Silver Gold Ratio Today : 0.01533
Change : -0.000146 or -0.94%
Platinum Price Close Today : 1461.20
Change : -6.60 or -0.45%
Palladium Price Close Today : 771.75
Change : -4.45 or -0.57%
S&P 500 : 1,872.25
Change : 13.42 or 0.72%
Dow In GOLD$ : $248.49
Change : $ 3.86 or 1.58%
Dow in GOLD oz : 12.021
Change : 0.187 or 1.58%
Dow in SILVER oz : 784.04
Change : 19.43 or 2.54%
Dow Industrial : 16,336.19
Change : 88.97 or 0.55%
US Dollar Index : 79.530
Change : 0.010 or 0.01%
The GOLD PRICE lost $13.90 (1%) and closed at $1,359.00 Spot silver lost 41.3 cents (2%) to 2083.6c. Ratio rose to a new high for this move at 65.224.
The GOLD PRICE traded along above $1,360 until New York opened, when it dropped from 8:30 to 10:00 down to $1,351.10. After that it climbed steadily until 2:00 p.m,, when it began dropping off and ended the day sulking around $1,355. That takes gold back to the support/resistance level where this latest breakout began, and within stumbling distance of the 20 DMA ($1,344). Bottom boundary of there rising trading channel lies today about $1,340, so the area from $1,344 to $1,339 stands ready to catch gold. Another possibility is a fall back to the neckline where gold broke out in February, now about $1,290, near the 50 DMA ($1,293). That would have all the gold bugs puking in their wastebaskets and prove again the proverb's truth, "The Market is not benevolent." MACD flashed a sell signal today. Pendulum is swinging back to the downside.
O Woe! The SILVER PRICE fell back into its downtrend trading channel and below its 200 DMA (2096c). Not far below it will strike the top of that trading range it escaped in February -- that line stand about 2050c, right at the 50 DMA (2054c), a good place to halt a correction.
Up or down, I don't get too excited. The Fed and the yankee government are the truest friends silver and gold have. They will surely keep on flooding the market with money, and sure as they do, silver and gold will remain in a bull market and we will see greater gains from here than we saw from 2001 - 2011. Hide and watch.
Can we talk about something other than markets today? It's just the same old back and forth, and I'm afraid y'all are going to get tired of hearing about it.
Take those sorry fiat currencies, sorrier than gully dirt. They're gyrating back and forth like one of those old black GE fans on low, not doing a bit of good. US Dollar Index was practically petrified today. Had a 25 basis point range from 79.68 to 79.43, and closed up one lone basis point at 79.53. That does nothing and says nothing, except that nobody's interested in the dollar.
Euro gained 0.7% to $1.3932. If it intends to rally it's not in any big hurry, I'll say that. Yes, it's out there above the old top resistance, but why is it stuck?
Yen today gained 0.33% to 98.61, invalidating the exhaustion gap made yesterday, because those are never filled. Momentum is up.
STOCKS climbed again today. Dow bolted on a new 88.97 (0.55%) to 16,336.19. That’s above the 20 day moving average, and below the last top, which was lower than the top before and the one before that. In other words, still technically in a down trend. But it if gets a leg over that last top at 16,505, we might see the last and final new all-time high, one that will hold for a couple of centuries. S&P500 rose 13.42 (0.72%) to 1,872.25.
Dow in metals reversed today. Dow in gold rose 1.44% to 12.05 oz (G$249.10 gold dollars) and cut through and above its 200 DMA and the Downtrend line. Whispers of a bigger upward correction coming. Dow in silver rose 2.31% to 785.45 oz (S$1,015.53 silver dollars), rising over its 20 DMA and smack up to its downtrend line.
Argentum et aurum comparenda sunt -- -- Gold and silver must be bought.
- Franklin Sanders, The Moneychanger
© 2014, 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.