Monday, May 19, 2014

The Gold Price Remains in it's Uptrend Since 24 April Closing Up at $1,293.80

19-May-14PriceChange% Change
Gold Price, $/oz1,293.800.400.03%
Silver Price, $/oz19.320.030.16%
Gold/Silver Ratio66.96-0.083-0.12%
Silver/Gold Ratio0.01490.00000.12%
Platinum Price1,469.404.100.28%
Palladium Price815.400.600.07%
S&P 5001,884.947.080.38%
Dow in GOLD $s263.890.220.08%
Dow in GOLD oz12.770.010.08%
Dow in SILVER oz854.47-0.35-0.04%
US Dollar Index80.07-0.04-0.05%

The GOLD PRICE on Friday lost twenty cents. Today it rose 40 cents to end at $1,293.80. That came after, however, a bully opening to the day and climb to 1,305.70 about 9:45. Rest of the day the gold price just kept on backing up.

The SILVER PRICE rose three whole cents today to 1932.2c. Silver, too, began the day with promise of better things and a rise to 1968, but it faded like the gold price. These are simply dead markets, low volume, low ranges.

But silver remains in an uptrend since 1 May -- higher lows and higher highs, remember. The GOLD PRICE remains in an uptrend since 24 April, except that the last high was not higher so it has formed a long-nosed even-sided triangle. It's bumping up against that upper boundary line, but can't close above its 200 dma ($1,399.38).

Can't say nothing about nothing. Markets remain pretty much where they were on Friday, waiting for something to change.

Man, I am excited. I was watching some red paint dry this morning, and that got my blood up. Then I watched some blue paint dry, and that was terrific. But then I looked at markets today, and had to shout, "Be still, my beating heart!"

On a 104 point range (0.6% of the closing price) the Dow meandered to a close 18.85 (0.11%) higher than Friday's, at 16,510.16. S&P500 milled around and closed 7.08 (0.38%) higher at 1,884.94. That leaves the S&P500 above its 20 DMA (1,879.73) but the Dow below its 20 DMA (16,528.76). Both hit their 50 DMA's last week and rebounded higher. Both are stalled and drifting without much direction. That doesn't say that they can't go higher, just that they show no intention of that right now. Dow in Gold and Dow in Silver haven't stirred enough to talk about.

US dollar index is trying to rough up its newly made friends. Dropped another 4 basis points today to close at 80.07. Apparently wants to see if it can invalidate its recent upward reversal. Euro languisheth still, but rose today 0.12% to $1.3709. Still broken. Yen is slowly, o so slowly making good on its breakout. Higher by 0.06% today to 98.58, and reaching toward its 200 DMA at 99.09.

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.