Thursday, June 26, 2014

The Gold Price Lost $6.10 Today Closing at $1,316.10

26-Jun-14PriceChange% Change
Gold Price, $/oz1,316.10-6.10-0.46%
Silver Price, $/oz21.10-0.01-0.04%
Gold/Silver Ratio62.366-0.265-0.42%
Silver/Gold Ratio0.01600.00010.43%
Platinum Price1,472.10-3.10-0.21%
Palladium Price836.201.950.23%
S&P 5001,957.22-2.31-0.12%
Dow in GOLD $s264.600.890.34%
Dow in GOLD oz12.800.040.34%
Dow in SILVER oz798.28-0.71-0.09%
US Dollar Index80.280.000.00%

3 Day Gold Price Chart
3 Day Silver Price Chart
The GOLD PRICE begun getting hit at about 4:00 a.m. Eastern Time by the sellers, driving it from $1,316 to $1,308. That didn't work, so about 9:00 they hit it again, forcing it to $1,306.80. Buyer's must have had their tongues hanging out watching all this, because after that print gold shot straight square up, finally reaching $1,318, then levelling off the rest of the day for a Comex close at $1,316.10, $6.10 (0.46%) lower.

Same game plan was played on the SILVER PRICE, with just as little effect and a 2080 low. About 9:30 silver came roaring up out of that hole, then traded gently higher until it crossed 2100c. Closed Comex 8/10 of a cent lower at 2110.3.

This is all strong trading, and the silver price will be fine as long as it stays above 2075c - 2050c. The GOLD PRICE is headed higher even if it closes as low as $1,295.

Even under attack, silver and gold prices are proving the resilient strength of their rally.

Y'all are going to mess around and miss buying, waiting for the perfect price.

Stocks broke that support I was talking about yesterday, the top line of a long established rising wedge. Just cracked it like you'd crack an egg shell, but it's cracked all the same. Dow cracked its 20 day moving average, too, but the S&P500 stopped short of that. Dow lost 21.38 (0.13%) to 16,846.13. S&P500 shaved off 2.31 (0.12%) to 1,957. Lower prices a-comin'.

Dow in silver fell again for the fifteenth straight day, and is so oversold I'm beginning to expect some sort of corrective rally. DiS lost another 5 oz (0.62%) to 797.64 (S$1,031.29 silver dollars), a scant six silver dollars from its S$1,023.46 (791.58 oz) 200 DMA.

Dow in Gold bounced up 0.05%, just a little fly-tick, to 12.79 oz (G$264.39 gold dollars). Downtrend is firm and has plenty of room to drop.

Both Dow in metals indicators are pointing to lower stock prices and higher metals prices.

US dollar index today did something unusual: closed unchanged at 80.28. It traded as low as 80.19, and as high as 80.44 around 9:30 a.m. when it tried to rally, but fell back feckless. Only encouragement in this is that the dollar index closed above its 20 DMA and slightly above important internal support at 80.25.

Euro drew near its 200 DMA ($1.3662) yesterday, but fell back today as if it were Kryptonite. No danger the euro will run away starward any time soon. Yen rose 0.11% to 98.31, continuing its baby steps to its 98.51 200 DMA, which it hit today but closed below. A close over that 200 DMA followed quickly by a close above 99.00 would send the yen rallying.

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.