|Gold Price, $/oz||1,192.80||-6.50||-0.54%|
|Silver Price, $/oz||16.15||-0.13||-0.79%|
|Dow in GOLD $s||312.54||2.68||0.87%|
|Dow in GOLD oz||15.12||0.13||0.87%|
|Dow in SILVER oz||1,116.61||12.37||1.12%|
|US Dollar Index||99.01||-0.75||-0.75%|
|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|
With today's break the GOLD PRICE punched through the uptrend line from the March low at $1.141.60. It did not, however, close below its 20 DMA ($1,191.92). Made a new low for the move at $1,183.50. Support exists at the last low, $1,178.20, but nothing else between there and $1,141.60, and right now gravity has the cockpit.
The SILVER PRICE likewise broke to a new low for the move at $15.95. Support awaits at $15.75 - $15.80 & at the March low, $15.26.
GOLD/SILVER RATIO may have the only positive sign. It stopped at the downtrend line from the January high, but that ain't much.
I'm content to wait a while longer. Whole yankee government establishment & every central bank in the world is on gold & silver's side, working hard as their little NGM hearts will let 'em to wreck economies. By golly, I admire determination!
Dollar index behaved oddly today, well, just tucked tail & ran although it had a good start on another leg up. Official media bamboozlers blamed the drop on (1) retail sales rose slower than expected, & the IMF lowered its US growth forecast. Daddurn! If I can imagine any wormy, flea-bitten creature I'd lean on less, trust less, and expect less from than an IMF economist, I don't know what it is. Folks had to hear it from those peawits to believe US growth will sink next year? They are dumber than even I believed. I fear sometimes there jes' ain't no hope for intelligence -- it's an endangered species in the US. Go watch the movie Idiocracy -- it's likely a more accurate forecast of US growth than the IMF's.
Maybe it's just a liverish day for me, so let's get back to the US dollar index. It plummeted (one of 30 known synonyms for "fell sharply") 75 basis points (0.75%) to 99.01, but skidded to a halt above its 20 DMA (98.38). Now that might be a normal corrective move after 5 days' rising & a breakout through a downtrend line, but it seems skittish, ill-mannered, and weak-willed. There's a midline I'm watching in the dollar index's trading channel. Tomorrow it's right at 98.80, and a close below that would imply one might have to inscribe "Ichabod!" over the dollar's door: "the glory has departed."
Like a roomful of flighty teenage girls stocks giggled & cried at the same time today. Nasdaq & Nasdaq-100 & Russell 2000 fell, Dow & S&P 500 rose. Disagreement betrays weakness & indecision. Buyers are losing confidence.
Dow did creep up 57.33 (0.32%) to 18,034.37. S&P500 added a microscopic 3.02 (0.14%) to 2,095.45. Y'all remember what I told y'all yesterday, don't you? Both indices hit their upper boundary lines and shrank back like Bela Lugosi's Dracula facing a crucifix? Wilted like Superman contemplating Kryptonite, Bill Clinton facing virtue, or George Bush pondering English grammar. That's a sign of weakness. Oh, they haven't closed beneath moving averages yet, but they are close enough to smell 'em. Won't be long before stocks land in trouble again.
I haven't written lately about the Dow in Gold or Dow in Silver because they have been zigzagging upwards little bites at a time, but all the while still within the Gator Jaws and completing that fatal formation for a plunge into the abyss.
What!? I forgot the euro? After yesterday's abysmal low it gained 0.79% today to $1.0657, still mired in the mud. Nothing happening there yet. Yen popped up 0.59% today to 83.74, above its 20 & 50 day moving averages and showing a little life. Heart rate up to 55, respiration 4.
Oil is liable to surprise all the rationalizers & linear projectors with a big rally. WTIC rose 2.5% to $53.29 today. At any price above $54.25/barrel it breaks out of trading range prison that has confined it since February began.
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.