Tuesday, July 29, 2014

The Gold Price Dropped $5.00 Closing at $1,298.30

29-Jul-14PriceChange% Change
Gold Price, $/oz1,298.30-5.00-0.38%
Silver Price, $/oz20.550.020.10%
Gold/Silver Ratio63.190-0.305-0.48%
Silver/Gold Ratio0.01580.00010.48%
Platinum Price1,483.20-6.20-0.42%
Palladium Price879.30-0.45-0.05%
S&P 5001,969.95-8.96-0.45%
Dow in GOLD $s269.28-0.08-0.03%
Dow in GOLD oz13.03-0.00-0.03%
Dow in SILVER oz823.13-4.24-0.51%
US Dollar Index81.320.190.23%

3 Day Gold Price Chart
30 Day Gold Price Chart
3 Day Silver Price Chart
30 Day Silver Price Chart
This has to be fast because I have to drive up to the hospital in Columbia where one of my best friends in the world has been taken. I seldom ask y'all for favors, but I'm asking one today: Please pray that God would heal my dear friend Daniel Freemon. His wife died last 5 November and he has a six year old daughter.

I'll make this brief.

The GOLD PRICE today dropped $5.00 (0.38%) to $1,298.30, crushing support at $1,305 & $1,300. Kept on trading lower in the aftermarket. Some support waits at $1,295, but downward momentum suggests the GOLD PRICE will fall below its last low at $1,287.50. Needs a close above $1,320 to reverse.

Silver & gold gainsaid each other today, gold down $5 and the SILVER PRICE up two measly cents. 2050c is showing itself stronger than I expected, but still look for a further drop to 2000c or 1975c.

Any sharp, sudden drop in silver & gold prices offers Y'ALL the opportunity to load up the boat. Don't pass it up.

Stocks continued to erode. Dow lost 70.45 (0.42%) to 16,912.11. S&P500 did worse, down 8.96 (0.445%) to 1,969.95. Both closed dead at the bottom of their range today. Both have fallen out of rising wedges. Acting as if they want to fall to the 50 DMA, but could turn around in the next day or so. If not, will drop much lower.

US dollar index confirmed an uptrend with a 19 basis point (0.23%) rise to an 81.32 close. Still must cross 81.50 to confirm the rally.

Can't think any more, must run. Please pray for Daniel.

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.