|Gold Price, $/oz.||1,204.60||1,202.90||-1.70||-0.1|
|Silver Price, $/oz.||16.37||16.221||0.149||-0.9|
|Dow in Gold $ (DIG$)||309.93||306.34||-3.59||-1.2|
|Dow in gold ounces||14.99||14.82||-0.17||-1.2|
|Dow in Silver ounces||1,103.26||1,098.96||-4.30||-0.4|
|US dollar index||99.66||97.53||-2.13||-2.1|
|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 trading as low as 1,183.50 on Tuesday, the GOLD PRICE closed the week only $1.70 lower. I showed the chart on the right this week, to illustrate the bowl or rounding bottom gold is forming, with a lip about $1,350.
Look, now, this is a heartening chart. When any market keeps dropping to similar points but refuses to drop further, it's tired of falling & ready to climb. Similar chart can be drawn for silver, but even better (4 stops at the bowl's bottom).
|Gold in USD Index|
It was a miserable week for silver and gold prices, but try as they might the sellers couldn't break them. That's heartening action. If gold clears $1,225, buy it or silver.
Build the bubble, and the pricking pin will appear. Media mumblers today laid blame for stocks' plunge on fear of a Greek default. Greece is only a nearby pin for a bubble waiting to burst. US dollar index capped a bad week with more pain. Silver & gold went everywhere & nowhere. Crude oil surprised the experts & broke out upside.
|Dow Jones Industrial|
S&P500 lost 23.81 (1.13%) but also cut through its intertwined 20 & 50 DMAs. S&P had been forming an even-sided triangle, & now is much nearer the bottom boundary. Momentum turned down today.
|Dow in Gold|
|Dow in Silver|
This past week most likely market the end of the corrective rally in the Dow in metals. Gravity is again setting the course.
Euro rose today, finally, through its 20 DMA (107.94) to close at $1.0806, up 0.37%. Chart shows a double bottom, so I reckon it is rallying, but nothing will be proved until it conquers $1.1040.
Yen rose 0.9% to 84.08. Trending up and standing above its 20 & 50 DMAs, but must break out above 84.50 to confirm a rally.
West Texas Intermediate Crude fell back 1.40% today to $55.74, but that changeth naught. Still broken out above the 2-1/2 month range and will head higher. Copper is also frisky, and broke out of a bull flag today, projecting a move to about $3.00. Interesting & comforting to see these inflation markets rising. Good for metals. Not essential, but helpful.
I view with suspicion -- timeo Danaos et dona ferentes -- a meeting of high monetary muckety-mucks in Washington this weekend. No telling what sort of mischief they will brew. I view even more suspiciously statements this week by an old Marxist economist named Desai who works with OMFIF to the effect that the IMF's Special Drawing Right ought to be upgraded to include gold. That's gold-plating, not reform & certainly not any gold standard. I don't want any of the Establishment's rotten fixes that only make things worse, I want real money back.
I am so proud of my office flies! I have trained them to disappear every time I pull out a flyswatter. They never miss.
With 320 million people in America, you'd think they could find somebody better to run for president than a re-tread from the Bush & Clinton families or people with annoying shrill voices. We must be dumber than I thought.
Whoa! I know some of y'all read my emails and think that buying gold and silver lies outside your financial reach. Guess what? You're wrong. I went into business to serve people rich, poor, & in-between. You don't deserve to write the big orders if you won't write the small ones. Since 1981 I've helped people accumulate wealth through my Monthly Acquisition Plan (MAP), http://the-moneychanger.com/monthly_acquisition_plan
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Y'all enjoy your weekend.
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.