Gold Price Close Today : 1,300.70
Gold Price Close 17-Apr-14 : 1,293.40
Change : 7.30 or 0.6%
Silver Price Close Today : 19.691
Silver Price Close 17-Apr-14 : 19.586
Change : 10.50 or 0.5%
Gold Silver Ratio Today : 66.056
Gold Silver Ratio 17-Apr-14 : 66.037
Change : 0.019 or 0.0%
Silver Gold Ratio : 0.01514
Silver Gold Ratio 17-Apr-14 : 0.01514
Change : 0.00000 or 0.0%
Dow in Gold Dollars : $ 260.03
Dow in Gold Dollars 17-Apr-14 : $ 262.25
Change : -2.22 or -0.8%
Dow in Gold Ounces : 12.579
Dow in Gold Ounces 17-Apr-14 : 12.686
Change : -0.11 or -0.8%
Dow in Silver Ounces : 830.91
Dow in Silver Ounces 17-Apr-14 : 837.77
Change : -6.86 or -0.8%
Dow Industrial : 16,361.46
Dow Industrial 17-Apr-14 : 16,408.54
Change : -47.08 or -0.3%
S&P 500 : 1,863.40
S&P 500 17-Apr-14 : 1,864.85
Change : -1.45 or -0.1%
US Dollar Index : 79.830
US Dollar Index 17-Apr-14 : 79.940
Change : -0.11 or -0.1%
Platinum Price Close Today : 1,422.80
Platinum Price Close 17-Apr-14 : 1,428.10
Change : -5.30 or -0.4%
Palladium Price Close Today : 811.45
Palladium Price Close 17-Apr-14 : 807.35
Change : 4.10 or 0.5%
Over the last week silver and GOLD PRICE moved barely up, while stocks moved down, but the closing numbers don't quite tell the whole story.
After yesterday's dramatic reversals gold gained another $10.20 to end at $1,300.70, barely above the 200 DMA ($1,300.31). Silver gained only 3/10 cent to close Comex at 1969.1. Well, it ain't much, but it's a higher close, so both the silver and GOLD PRICE confirmed their key reversals yesterday.
On its monthly and weekly charts gold has broken out upside through its intermediate term downtrend, but sill must conquer the downtrend line from 2011. On the daily chart gold yesterday spiked through its 100 day moving average to $1,268.40, then immediately reversed to close the day higher, and closed today higher as well.
The SILVER PRICE reversal yesterday with a spike to 1893c was even starker, but today's tiny gain left silver mumbling out of both sides of its mouth. It ran today smack up against its downtrend line and the 20 DMA (1978c).
Silver and gold have both fulfilled their downside correction targets and smartly re-bounded. For all its lagging, silver did revisit its downtrend line from April 2013, the line it punched up through in February. That also points to a completed correction. Silver has broken to the upside on the weekly chart, but not yet on the monthly, though it's close.
I'll try to draw the conclusion in a few words: buy silver and gold. Now.
While the world verges on war in Ukraine, the US dollar index and gold don't seem to care much, but stocks appear uneasy. O strange old world!
The US dollar index seems to have flunked the test this week at its coincident 20 and 50 day moving averages (both at 80.02). It reached up there twice, then flaked and fell back below 80. Fell today 5 basis points (0.06%) to 79.83. What might have been a double bottom March and April with the last at 79.39 appears not to have been. Expect the dollar to drop yet more.
Despite the dollar's woes, the euro has remained in an overall downtrend since March. Yes, tis above its 20 DMA ($1.3800) and 50 DMA ($1.3796, but showing little perkiness or appetite to climb mountains. Nor does the yen long to move higher. It closed today up 0.16% at 97.90, but still within its slightly declining three month range.
Ten year treasury yield fell today, 0.82% to 2.666% and fell for the week, back to its bottom channel line. Not much life.
Copper has bounced back from its brush with death at $2.877. Although it has climbed smartly since mid-March, today's close at $3.12 remains below the downtrend line at $3.15. A close clean above $3.32 will finally confirm copper has no intent of dropping further. Which is copper, a prognosticator for stocks or harbinger for commodities? I lean to the latter as what concerns us more here. Copper is probably the last of the metals to turn up.
Dow nervously dropped 140.19 (0.85%) today to 16,361.46, enough to turn it down 0.3% for the week. S&P500 dropped 15.21 (0.81%) to 1,863.40, barely lower for the week.
Stock charts are singing a dirge. Nasdaq Comp shows what appears to be a 5-month head and shoulders, S&P might be showing the same but definitely is in a month-long downtrend. Dow has the best chart, and it looks like a big double top. Everything is set up for a final high in May.
Dow in silver dropped a tad today, 0.2% to close the week at 838.03 (S$1,083.51 silver dollars). Appears to have topped, but needs to confirm still. Dow in Gold fell 0.78% to 12.69 oz (G$252.33 gold dollars). More confirmation needed to declare it reversed downward.
Y'all enjoy your weekend!
Aurum et argentum 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.