Monday, November 10, 2014

The Gold Price Lost $10 Closing at $1,159.60

10-Nov-14PriceChange% Change
Gold Price, $/oz1,159.60-10.00-0.85%
Silver Price, $/oz15.66-0.04-0.27%
Gold/Silver Ratio74.063-0.439-0.59%
Silver/Gold Ratio0.01350.00010.59%
Platinum Price1,207.40-5.90-0.49%
Palladium Price765.90-6.30-0.82%
S&P 5002,038.266.340.31%
Dow in GOLD $s313.993.391.09%
Dow in GOLD oz15.190.161.09%
Dow in SILVER oz1,124.985.550.50%
US Dollar Index87.900.270.31%

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
After Friday's great performance, the GOLD PRICE failed to add the other half of a key reversal by closing higher today. Ditto silver.

The SILVER PRICE backed off 4.2 cents (0.27%) at $15.657. The GOLD PRICE lost $10 (0.85%) $1,159.60.

Today's result is not astounding, and while it's not a completed key reversal, it also was not a loss of all Friday's gains. It's just equivocal.

Remember that $1,180 which for so long backstopped gold will now prove heavy resistance.

When you don't exactly know what is happening, sometimes the best course is just to watch and wait until you do know.

Stocks managed to rise to new highs for the Dow and S&P500 today. Dow rose 39.81 (0.23%) to 17,615.38. S&P500 lifted 6.34 (0.31%) to 2,038.26. These prices are right on that overhead boundary I have been mentioning. Punching through would send both indices running higher, but resistance there ought to be tough and volume is drying up.

US dollar index rose 27 basis points 90.31%) to 87.90. That negates the key reversal from Friday, so it could rise higher. Japanese Yen lost all Friday's gains, no surprise there. Euro nixed a potential key reversal from Friday.

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.