Gold Lost $2.10 Today to Close at $1,240.10
Gold Price Close 24-Jan-14 : 1,264.50
Change : -24.40 or -1.9%
Silver Price Close Today : 19.105
Silver Price Close 24-Jan-14 : 19.473
Change : -36.80 or -1.9%
Gold Silver Ratio Today : 64.910
Gold Silver Ratio 24-Jan-14 : 64.936
Change : -0.026 or 0.0%
Silver Gold Ratio : 0.01541
Silver Gold Ratio 24-Jan-14 : 0.01540
Change : 0.00001 or 0.0%
Dow in Gold Dollars : $ 261.69
Dow in Gold Dollars 24-Jan-14 : $ 260.29
Change : 1.40 or 0.5%
Dow in Gold Ounces : 12.659
Dow in Gold Ounces 24-Jan-14 : 12.592
Change : 0.07 or 0.5%
Dow in Silver Ounces : 821.71
Dow in Silver Ounces 24-Jan-14 : 817.66
Change : 4.06 or 0.5%
Dow Industrial : 15,698.85
Dow Industrial 24-Jan-14 : 15,922.27
Change : -223.42 or -1.4%
S&P 500 : 1,782.59
S&P 500 24-Jan-14 : 1,794.23
Change : -11.64 or -0.6%
US Dollar Index : 81.370
US Dollar Index 24-Jan-14 : 80.455
Change : 0.92 or 1.1%
Platinum Price Close Today : 1,374.10
Platinum Price Close 24-Jan-14 : 1,427.10
Change : -53.00 or -3.7%
Palladium Price Close Today : 703.00
Palladium Price Close 24-Jan-14 : 733.90
Change : -30.90 or -4.2%
The GOLD PRICE lost $2.10 today to close at $1,240.10. Silver lost 6/10 cent to end on Comex at 1910.5c.
The gold price closed lower this week than last, breaking a five week winning streak. Also stopped short of the 20 week moving average. Best I can say is that on the daily chart gold remains above its 50 DMA ($1,235.41). Frankly, I can't parse this divergence between silver and GOLD PRICES. Which is right, the stronger gold price or the weaker silver price? Gold's MACD is about to flash a sell signal, so maybe gold will catch up with silver.
The SILVER PRICE also closed lower on a weekly basis, down three of the last six weeks, and the last two weeks running. Today's silver low came at 1907c, and really doesn't tell us much after yesterday's close. Any break below 1897c will carry silver lower. Next week gold needs to hold on above $1,210.00. Platinum and palladium are tying an anchor around gold's ankles so they need to turn up, too, before gold can rally.
Looking at the weekly scorecard forces me to ask whether the stock market's dive means that the peak we have seen is the final one, marking a 300 year top. I'm thinking. I'll let y'all know. Picture in precious metals has not yet cleared. US dollar index has resumed rising.
Let's talk hard and fast today. Stocks bounce yesterday was probably engineered by the NGM, since they lost yesterday's gains and then some today. Milestone comes when the Dow crosses below its 200 DMA (15,466) -- and stays there. Same marker for the S&P500 is 1706.44.
Today the Dow scraped off another 149.76 (0.94%) to end at 15,698.85. S&P500 gave back 11.6 (0.65%) to 1,782.59.
Both silver and gold prices fell today but stocks fell more, pulling down the Dow measured in metals. Dow in gold ended the day at 12.66 oz, down 0.67% Dow in silver lost 7.62 oz (0.92%) to 821.07%. Still above 20 and 50 DMA, reflecting silver's weakness against gold.
US dollar index jumped 53 basis points yesterday, and another 18 (0.22%) to 81.37 today. This brings it back to the 200 DMA at 81.51. Indicators have turned up, so maybe the dollar can breach that 200 DMA this time.
Euro looks puking sick. Gapped down two days running, lost another 0.49% today to $1.3489. Yen resumed its rise, up 0.68% to 98.01 cents/Y100.
Y'all enjoy your weekend!
Argentum et aurum 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.