|Gold Price, $/oz||1,194.70||0.40||0.03%|
|Silver Price, $/oz||15.89||0.00||0.02%|
|Dow in GOLD $s||307.61||7.19||2.39%|
|Dow in GOLD oz||14.88||0.35||2.39%|
|Dow in SILVER oz||1,118.54||26.30||2.41%|
|US Dollar Index||89.46||0.22||0.25%|
|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|
To be knocked down as it was earlier this week and yet not break down says a lot for the strength of the GOLD PRICE. From here it needs again to conquer $1,205, then $1,218-1225.
The SILVER PRICE is dead in the water, but yesterday and today recovered much of Tuesday's fall. This ain't gigantic, but it's not fatal, either. Gives y'all a chance to buy silver cheaper.
Mercy! I can almost hear "Happy Days Are Here Again" playing in the background as the stock market soars. Dow rose 421.28 (2.43%), its "best day since November 2011." S&P clumb 48.34 (2.4%) to 2,061.23.
Both indices closed above their 20 day moving averages. Everybody was climbing on the free money bandwagon which the Fed filled up with GAS (hot air) yesterday. Tank holds a thousand pounds of moonbeams. Setting aside the sarcasm, this is quite a rally but I still fancy that the Bird Hath Flown The Cage, or Bull, as the case may be. This decline hath only just begun.
Stock rally has wreaked pure-dee ol' havoc on the Dow in metals, but not total havoc. Dow in gold rose 1.95% today to G$307.60 gold dollars (14.88 oz). That takes it above the 20 DMA and back inside the Broadening Top formation. Thus typically behave Broadening Tops (megaphones), rallying back up into the formation when you think they've already broken down. It will resume falling.
Dow in silver gained 1.24% to S$1,442.57 silver dollars (1,115.74oz) and is above its 20 DMA and back inside the megaphone. Can go higher still without invalidating the megaphone.
As stocks go, so goes the US dollar index. Yesterday and today it floated up to the top of the range, and back within the rising wedge it has been drawing. Ought to stop about 89.60. Rising wedge still calls for a tumble down.
In the last two days the euro has lost all the distance it spent two weeks gaining and stands back at the bottom of the range, having blown its chance for escape. Today fell 0.46% to $1.2286. Yen has lost, too, but only about half the gain of its little rally. Flat today, waiting on results of Japanese election, I reckon.
Like a gigantic Hoover Vacuum, stocks are sucking all the money in the world into themselves.
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.