Change : 6.40 or 0.54%
Silver Price Close Today : $ 16.557
Change : 0.139 or 0.85%
Gold Silver Ratio Today : 72.066
Change : -0.220 or -0.30%
Silver Gold Ratio Today : 0.01388
Change : 0.000042 or 0.31%
Platinum Price Close Today : 1148.10
Change : -2.10 or -0.18%
Palladium Price Close Today : 794.95
Change : 12.30 or 1.57%
S&P 500 : 2,089.46
Change : -25.03 or -1.18%
Dow In GOLD$ : $310.60
Change : $ (4.15) or -1.32%
Dow in GOLD oz : 15.025
Change : -0.201 or -1.32%
Dow in SILVER oz : 1,082.82
Change : -17.83 or -1.62%
Dow Industrial : 17,928.20
Change : -142.20 or -0.79%
US Dollar Index : 95.250
Change : -0.390 or -0.41%
SILVER and GOLD PRICES continued advancing. Silver grabbed another 13.9 cents (0.85%) to close Comex at 1655.7c. Gold bumped up $6.40 (0.54%) to $1,193.20.
The Gold/US$index spread rose again, 0.91% to 1,253. In the last 4 days it hath traded back to its 50 DMA, whence it broke out, touched back, and begun climbing again. Splendid. http://schrts.co/lEHI64
Shucks. Did I forget to tell y'all about that rounding bottom or bowl Gold has been forming? In this last plunge gold again validated the bowl's bottom.
So, too, has silver again proved the impermeability of that bowl.
The GOLD PRICE did climb through its 50 DMA today ($1,190.09) but not the 20 ($1,195.70). Still must march through $1,200, then $1,215, then $1,225. Can't fiddle here.
Silver, I'd slap you to get your attention if I could. You have got to climb through 1680c. Everything else is just pointless showing off.
With a few exceptions, silver and gold have been range-trading since Last November. This refusal to make new lows repeatedly witnesses a market bottoming.
Don't y'all forget this: gravity works. Markets always fall faster than they rise. One weak day can wipe out weeks of climbing. Count on it: gravity works. And when it starts working on the stock market here soon, it will prove once again that it works.
Speaking of stocks, that two day rally after the breakdown broke down again today. Stocks sank across the board: Nasdaq - 1.55%, N-100 - 1.63%, Russell 2000 -1.44%.
When markets close beneath their 20 day moving averages, they show their short term momentum is down -- just a mathematical fact, ma'am. Closing below the 50 DMA adds steam to the locomotive. Today both the S&P500 and Dow closed beneath their 20 and 50 DMAs -- cut thru 'em both in one swift slicing motion. It appears that yesterday's closes above the trend lines were vain, failing as those before them failed.
S&P 500 slipped 1.18% or 25.03 to 2,089.46. S&P500 skidded 142.2 (0.79% to 17,928.20. Now we have two failed breakouts followed by a breakdown, an attempt to recover, and yet another breakdown. These repeated failures and the volatility just seal the issue: they've topped. Cannot force their way higher.
Agreeing with that sentiment are the Dow in Gold and Dow in Silver. Today the Dow in Gold joined the Dow in Silver below its 50 and 20 DMAs, losing 1.28% to close at $310.70 gold dollars (15.03 troy ounces). Dow in Silver lost 1.86% and looks sicker still at S$1,398.15 silver dollars (1,081.38 tr oz).
US Dollar Index took puking sick again today. Appears the mere thought of climbing through that trendline gave it altitude sickness. Lost 39 basis points (0.41%) to 94.25. Watch 94.71, the last low. A close below that will open the flood gates for the cascade. By the way, the dollar index is trading back to the apex of the pennant or triangle it broke free from in March. That line, about 94.40, provides support -- until it is breached.
Folks seem awful timid buying euros. It rose 0.34% to $1.1186, but it's about as lazy and aimless a rally as you're likely to come across. Yen gained 0.24% to 83.45. Remains stuck in a tight range -- 84.30 - 82.25 -- that has reigned since February. There's no there there.
Oil means business. WTIC rose 2.34% to $60.40 today, over $60/barrel. Copper is rompin' and stompin', above its 200 DMA at $2.93, up 0.88%.
That interest rate rally is getting serious. Ten year Treasury yield punched into but did not close above its 200 DMA. Climbed 1.92% to 2.176%. Thirty year bond yield climbed 1.29%, jumping clean through the 200 DMA (2.868%) to close at 2.906%. Question now is, can it hold on there and keep rising? Remember that as bond yields rise, bond prices fall, and forget not that the Fed with its zero interest rates has blown up the gigantickest bond bubble in human history.
- 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.