Monday, November 17, 2014

The Gold Price Closed Down $2 at $1,183

17-Nov-14PriceChange% Change
Gold Price, $/oz1,183.00-2.00-0.17%
Silver Price, $/oz16.05-0.26-1.58%
Gold/Silver Ratio73.6931.0391.43%
Silver/Gold Ratio0.0136-0.0002-1.41%
Platinum Price1,201.80-11.80-0.97%
Palladium Price768.35-2.65-0.34%
S&P 5002,041.321.500.07%
Dow in GOLD $s308.380.750.24%
Dow in GOLD oz14.920.040.24%
Dow in SILVER oz1,099.3418.121.68%
US Dollar Index88.010.430.49%

3 Day Gold Price Chart
30 Day Gold Price Chart
5 Year Gold Price Chart
3 Day Silver Price Chart
30 Day Silver Price Chart
5 Year Silver Price Chart
By the time Comex closed the GOLD PRICE held on to all but $2.00 (0.17%) for a $1,183.00 close. The silver price had given back 25.7 cents (1.58%) to roost at $16.05.

Not a thing in the world's hurt. After that big leap Friday both were entitled and likely to rest and back up a little today. The gold price bumped up into and past its 20 DMA (1189.75) but didn't stay there. Gold is headed much higher -- much. Still, we have to see how it behaves at $1,255, the last high. All indicators also point to higher prices.

The SILVER PRICE behaved like gold, briefly piercing the 20 DMA at $16.33.

So far, so good. Silver must not drop below $15.70, and the GOLD PRICE must hold $1,180. Long as they stay above that, should be fine. Should also advance tomorrow.

So Japan went into recession today. Right, just like that. Last night everybody went to bed in Tokyo and things were just a blowin' and a goin', but this morning they woke up to recession.

I am just ill-mannered enough to bring up the past. I remember when Shinzo Abe took office in December 2012 with Abenomics, a new dog that was only the old dog with a haircut: Inflation will fix us. Daddurn! Abe must not have done enough inflatin', cause it ain't worked here two years down the road.

Y'all don't reckon anybody in the US Fed will notice that, do you?

On top of that, ECB head Criminal Mario Draghi revved up his lips again today to threaten to threaten to threaten to do something if the Euro economy doesn't straighten up and fly right. If he were a parent, he'd be raising a serial killer.

That scabrous old opportunist, the US dollar index, took its chance to rise 43 basis points or 0.49%. That nixed Friday's first half of a key reversal by posting a higher close today, but remained far enough from its Friday intraday high that it still looks as if it has turned down. Path of least resistance is d-o-w-n.

If Abe has accomplished nothing else, he has managed to gut the yen's value, taking it from about 120 cents/Y100 to 85.77 today, a 28.5% loss in 2 years. But that's what he aimed to do, depreciate the yen, since he is engaged in a currency war. But then, most of the world is, smiling and acting as if everything is okay while trying as hard as they can to depreciate their own currencies which they believe makes them more competitive. It's a replay of the 1930s.

Euro lost almost all the ground it made Thursday and Friday, which is probably why Draghi unlimbered his tongue. Lost 0.62% to $1.2450, Durn! He's almost as effective as one of them Komodo lizards!

Stocks are still bumping up along resistance, eking out a new high by Angstrom units. It was the S&P500's turn for a new high today, up -- get ready, its AHH-mazing -- 1.5 or 0.07% to 2,041.32. In a like tiny range, the down also added 0.07% (lucky 7, or 13.01 points) to end at 17,647.75.

Y'all think this is pure-dee old braggadocio, don't you? 'Tain't. It's experience. Y'all go look at that August 2011 gold chart; you'll see the same sort of action. But shucks! Don't y'all believe me. I ain't nothin' mor'n no nat'ral born durn fool from Tennessee, and don't none of us here in Tennessee know an eighth what them smart fellers in Warshington and New Yark know.

Both the Dow in Gold and Dow in silver have broken their uptrends like Humpty-Dumpty, beyond repair. Dow in Silver closed $1,421.02 silver dollars (1.099.07 troy ounces), up 1.62% at the day's end. Shall I inventory the downward pointing indicators? Sure -- all of 'em. All. That was quick.

I'll tell y'all, eating crow for months on end leaves an mean edge on ya -- not to mention pinfeathers betwixt your teeth.

Dow in gold rose 0.18 to G$307.39 gold dollars (14.87 troy ounces). Y'all can just ditto that indicator inventory for the Dow in silver.

Y'all just remember that old pendulum principle: when a market swings too far one way, it's bound to swing back th'other way too far.

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.