Gold Price Close Today : $ 1,227.80
Change : 2.30 or 0.19%
Silver Price Close Today : $ 17.712
Change : 0.167 cents or 0.95%
Platinum Price Close Today : 1177.40
Change : 9.40 or 0.80%
Palladium Price Close Today : 793.00
Change : -1.95 or -0.25%
Gold Silver Ratio Today : 69.320
Change : -0.529 or -0.76%
Dow Industrial : 18,298.88
Change : 26.36 or 0.14%
US Dollar Index : 94.270
Change : 1.090 or 1.17%
SILVER and GOLD PRICES kept on rising today. The GOLD PRICE added $2.30 (0.19%) to close Comex at $1,227.80. The SILVER PRICE rose 16.7 cents (0.95%) to 1771.2c.
Note that silver and gold prices continue manfully marching higher even though stock rose, the US dollar index rose, and interest rates rose.
Silver and gold prices have both climbed through their 200 day moving averages. The silver price is approaching overbought on the RSI. All the last five days' splendor will be spent for naught if silver and gold can't keep moving.
Resistance has been surprisingly strong in the $1,220s, but gold keeps moving forward. Another hurdle awaits at $1,240, but the strategic goal is $1,308. For silver, it's 1860c.
All this rise won't really be for naught. The tenor of this rise differs from what we've usually seen during this correction. Beneath the market lies tremendous support. We'll get a rest along here someplace, but it appears to me that the long correction is over.
Mercy! I sure hope so.
Sometimes you bump across an article that is extraordinary insightful and informative. I know not Neil Garfield, but his article "Credit Death Watch" offers an articulate and succinct view of the last 35 years' changes in accounting and finance that have landed us in the Never-Never Land of finance. You'll find it at https://livinglies.wordpress.com/2015/05/15/credit-death-watch/ Superb.
Cut through the storm of hogwash about a new high in the Dow and what do you find? It's 10 points or 0.06% higher than the last high in March, and the Dow Transports and Dow Utilities are nowhere near confirming. This is more of the same inching to new highs that signals exhaustion. Be patient.
Dow rose 26.32 (0.14%) to 18,298.88. S&P500 rose 6.47 (0.3%) to 2,129.20.
But the best lens for the "new high" in stocks is the Dow in Metals. Dow in gold actually DROPPED today, 0.4% to 14.93 oz. Dow in silver tumbled 0.90% to 1,033.25 oz, barely above the 1,030.52 oz. 200 DMA. The Gator Jaws are chomping down.
As I suspected, the US dollar index tried to rally out of that falling wedge today. Rose 109 basis points (1.17%) to 94.27. That doesn't effect a turnaround, but it might foretell one.
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.