Monday, March 30, 2015

The Gold Price Lost $15.00 Today Ending on the Comex at $1,184.80

30-Mar-15PriceChange% Change
Gold Price, $/oz1,184.80-15.00-1.25%
Silver Price, $/oz16.66-0.36-2.11%
Gold/Silver Ratio71.1290.6190.88%
Silver/Gold Ratio0.0141-0.0001-0.87%
Platinum Price1,119.507.500.67%
Palladium Price728.707.951.10%
S&P 5002,086.2425.221.22%
Dow in GOLD $s313.648.462.77%
Dow in GOLD oz15.170.412.77%
Dow in SILVER oz1,079.2038.263.68%
US Dollar Index98.320.810.83%

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
The GOLD PRICE lost $15.00 today & shuttered Comex at $1,184.80; silver gave up 35.9 cents to $16.657.

Clearly on Friday I didn't scrutinize the charts closely enough for downside gargets. Let's try that again. The GOLD PRICE is likely to hit $1,170 on a correction, & the SILVER PRICE might stop at $16.60 but could drop to $16.20

Interesting that volume dropped off for both silver and gold prices today, very sharply for gold. That suggests there's not much power behind the selling. Correction will likely last all this week.

Be patient, be patient.

Markets are all a-bubble today with Mother Janet Yellen's comments late Friday and the Chinese Central Bank president's comments. Both were more of the same nonsense, Yellen promising higher interest rates somewhere in the future, and the Chinese CB's president threatening more inflation. I am reminded of what Danish CB's head Lars Rohde said on 4 February about defending the Danish Kroner's peg to the euro: "There is no limit to how low rates can go and how large foreign currency reserves can grow . . . Either we can expand our balance sheet or we can go deeper into negative territory with interest rates . . . We can go on forever."

Well, Mr. & Mrs. Masters of the Universe, "forever" is a long time. Y'all may be used to pushing markets around with the breath of your mouth, but in the end, you're just bad breath and when y'all need the Certs, y'all won't be able to find 'em. Hogbreath. All bluff & hogbreath.

All the same, stocks jumped today, especially the dollar, I reckon 'cause Yellen gave the gamblers a second wind. It rose 81 basis points (0.83%) to 98.32. Technically that places the dollar above the 20 DMA, and the half-way line of its trading channel. Also might mark a breakout thru the downtrend line.

Euro did what you expect, it fainted again, back to its 20 DMA. Lost 0.71% to $1.0815. Simply can't get any rally working. Yen gapped down today, 0.84% to 83.23. Looked for news, but couldn't find any. It just took a notion to drop.

But notice the volatility in the currency markets as well as stocks. This is the result of the Masters of the Universe breath blowing across them. Anybody think that improves on nature? Raise your hand.

Dow leapt 263.65 (1.49%) to 17,976.31, and up 25.22 (1.22%) jumped the S&P500 to 2,086.24.

If you take a string & stretch it from the 2 March high across the 23 March highs, you get a downtrend with two lower highs and two lower lows. So until stocks burst through that line, tomorrows about 18,180, they are still trending down, no matter what the hogreath volatility from day to day.

Stocks' strength and metals' weakness today sent the Dow in Gold & Dow in silver bouncing up sharply. Dow in gold gained 2.64% to G$313.59 gold dollars (15.17 oz). Dow in silver jumped up 3.29% to S$1,393.91 silver dollars (1,078.10 oz.).

SO? Trend has not changed, outlook remains unchanged. Stocks appear to have peaked against silver & gold prices.

This is Holy Week, and our office will be closed from noon on Maundy Thursday and won't open again until the Tuesday after Easter. I hope y'all enjoy your Easter as much as I plan to enjoy mine.

Aurum et argentum comparenda sunt -- -- Gold and silver must be bought.

- Franklin Sanders, The Moneychanger

© 2015, 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.