Gold Price Close 1-May-15 : 1,174.50
Change : 7.90 or 0.7%
Silver Price Close Today : 1627.2
Silver Price Close 1-May-15 : 1611.1
Change : 16.10 or 1.0%
Gold Silver Ratio Today : 72.665
Gold Silver Ratio 1-May-15 : 72.901
Change : -0.236 or -0.3%
Silver Gold Ratio : 0.01376
Silver Gold Ratio 1-May-15 : 0.01372
Change : 0.00004 or 0.3%
Dow in Gold Dollars : $ 313.37
Dow in Gold Dollars 1-May-15 : $ 317.23
Change : -3.87 or -1.2%
Dow in Gold Ounces : 15.159
Dow in Gold Ounces 1-May-15 : 15.346
Change : -0.19 or -1.2%
Dow in Silver Ounces : 1,101.53
Dow in Silver Ounces 1-May-15 : 1,118.74
Change : -17.21 or -1.5%
Dow Industrial : 17,924.07
Dow Industrial 1-May-15 : 18,024.06
Change : -99.99 or -0.6%
S&P 500 : 2,088.00
S&P 500 1-May-15 : 2,108.29
Change : -20.29 or -1.0%
US Dollar Index : 94.750
US Dollar Index 1-May-15 : 95.280
Change : -0.53 or -0.6%
Platinum Price Close Today : 1,131.40
Platinum Price Close 1-May-15 : 1,129.00
Change : 2.40 or 0.2%
Palladium Price Close Today : 785.75
Palladium Price Close 1-May-15 : 773.75
Change : 12.00 or 1.6%
I have to attend a wedding celebration tomorrow in Memphis, so I won't be here to send y'all a commentary. Hence I send this weekly summary today.
It was a tough week, burning up buying power for SILVER and GOLD and for stocks: no gains, plenty pains. US dollar index has broken all support and is now paying for that parabolic rise earlier in the year. If stocks can't go higher, neither can metals, but on balance we've made progress, even if metals have to re-visit earlier lows. Turnarounds are in train, they're just leaving the station slowly.
All week SILVER and GOLD PRICES have failed to conquer nearby hurdles. Today the GOLD PRICE lost $7.90 (0.66%) and closed Comex at $1,182.40. Silver gave back 21.2 cents (1.29%) and ended at 1627.2c.
Gold's 20 and 50 DMAs are intertwined, and with a week to work gold did no more than rise to the 20 DMA. I think silver and gold are both bottoming, but they could pay one last visit to the March lows before turning up. Longer they spend without conquering progressive milestones, more vulnerable they are to a fall.
The price of silver has frustrated me as much as gold, won't go forward and won't back up. It did close above its 50 DMA on an EOD chart today, by two whole cents.
Weekly charts don't show anything to hang your hat on. Still, I would be selling stocks and rolling the proceeds over into silver and gold, before stocks break, as the Dow in Gold and Dow in Silver indicate they will.
US dollar index looks like it got hold of some bad greasy spoon chili. Hit 93.96 yesterday, and hath fallen past earlier recent lows. Could stage a small relief rally, but it has fallen out of the intermediate term uptrend channel. Lower prices in store, although I doubt it will sink to its intrinsic value: zero.
Today the dollar index rose 57 basis points (0.61%) to 94.75. Maybe the speculators just haven't caught on yet. Euro lost 0.74% to $1.1238. The mongrel currency has had a tough time catching any fans, even with the dollar tumbling. Yen is wheel-spinning. Lost 0.17% to 83.55. No action there or in sight.
West Texas Intermediate Crude peeled off 2.9% to $58.94 and broke its uptrend line. Taint never a good sign when a market does that.
Seems the speculators are falling off bonds like scurvy rats leaving a sinking ship, both here and in Europe. Good time to get out. Yields on both the 10 year and 30 year Treasuries fell today, but both remain above their 200 day moving average. That COULD BE but is not yet confirmed as the bond bubble popping. Expect Mother Yellen to come out with her butcher knife flashing to cut the tails off those bond rats. She'll give a speech, as will some of the Fed's other caporegimes.
I remind y'all that the Fed's control is founded ultimately on BLARNEY. They huff, they puff, they propagandize like the old cadre in the USSR, but they don't control interest rates. They only set the discount rate, and if the market decides to turn against 'em, the Fed will go down like a Blue Heeler dog in front of stampeding cattle.
Stocks had an up day, almost regaining all they lost yesterday. Dow added 82.08 (0.46%) to close at 17,924.06. So it lost 228.42 Tuesday and Wednesday, but regained 82.08 today. This doesn't look like progress, especially when it closes below its 50 DMA.
S&P500 gained 7.85 (0.38%) and ended at 2,088.00. Also below its 50 DMA.
Both indices stand below/outside their uptrend lines from the 2009 low. If the S&P500 loses another 11 points, it crashes the uptrend line that has held since the March Low. I can't find anything to build optimism here, other than hoping the deus ex machina at the Fed will come buy again before stocks collapse.
Today the Dow in Gold and Dow in Silver both hooked up a little, but earlier in the week both had already removed all doubt about their direction by closing below the 20 and 50 DMAs. All this is the regulation Lubyanka torture for the gator jaws (broadening top) formation. Dow in silver rose 1.66% today to close at S$1,420.44 silver dollars (1,098.62 troy ounces).
Dow in Gold climbed 1.05% to G$312.97 (15.14 oz).
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.