|Gold Price, $/oz||1,288.70||6.80||0.53%|
|Silver Price, $/oz||19.53||0.13||0.66%|
|Dow in GOLD $s||273.97||-2.14||-0.77%|
|Dow in GOLD oz||13.25||-0.10||-0.77%|
|Dow in SILVER oz||874.35||-8.00||-0.91%|
|US Dollar Index||82.50||0.01||0.01%|
|3 Day Gold Price Chart|
|30 Day Gold Price Chart|
|3 Day Silver Price Chart|
|30 Day Silver Price Chart|
Ponder the GOLD PRICE first. High today at $1,297.60 hit the downtrend line from October 2012 we've been fighting with since June. Closed above the 200 DMA ($1,284.94) and rose stoutly off a $1,283 low as the day began.
The SILVER PRICE bounced like a kangaroo. Cut into but did not close over its 20 DMA (1971c). RSI bounced up sharply, MACD line almost turned up.
I remind y'all once again, September on average is the strongest month of the year for silver and gold prices. We need milestone confirmations above still, but metals today made a heartening first step. Next week promises much progress
Those hopeful signs I was squinting to see in silver and gold ripened today. More about that below.
Stocks turned down today. Dow lost 42.44 (0.25%) to 17,079.57. They hang again a mere 90 points above the uptrend line from the March 2009 low. This, remember, was the line the Dow fell through at end-July. This, as the Roman haruspex might tell you, in a very bad liver is healthy-seeming sheep.
S&P500 dropped 3.38 (0.17%), but dead out of its uptrend from early August. Broke clean down, thru the line.
More interesting to those of us who trust not the Potemkin Economy peopled by central bankers, bankeresses, and other bogus luminaries, were the Dow in Gold and Dow in Silver.
Dow in Silver (bless its heart!) plunged 1.16% today to end at 871.01 oz (S$1,126.15 silver dollars). 'Tis a small sign, yet a sign still, that the DiS closed back within the upper channel line. This it had previously "thrown over" (risen above) a couple of weeks ago. 'Pears to have changed headings 180 degrees to "straight down."
Dow in gold likewise turned down, but only 0.74% to 13.24 oz (G$273.69 gold dollars). Can't call it a reversal yet, but appears to have left a double top behind.
No action much in rotten, scrofulous, corrupt, parasitic fiat currencies today. US dollar index shaved off one basis point, nothing, a chigger's whisker, to 82.50. Coming off an uncommonly overbought condition, the dollar is begging to turn earthward. Euro is as oversold as the dollar is overbought. Lost 0.8% today for a $1.3183 close. Watch out, next move might be up. Yen did rise today, 0.16% to 96.45 cents/Y100. Also moving up from an oversold state.
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.