Gold Price Close Today : $ 1,194.10
Change : 5.80 or 0.49%
Silver Price Close Today : $ 16.783
Change : 0.119 or 0.71%
Platinum Price Close Today : 1112.30
Change : -7.30 or -0.65%
Palladium Price Close Today : 768.20
Change : -4.10 or -0.53%
Gold Silver Ratio Today : 71.149
Change : -0.160 or -0.22%
Dow Industrial : 18,011.94
Change : -28.43 or -0.16%
US Dollar Index : 95.880
Change : -1.600 or -1.64%
Jumping out at me here is the refusal of SILVER and GOLD to break down. Both are now bouncing away from that upper triangle boundary they went back to kiss good-bye. No, no, there is not yet any definitive confirmation of another upmove starting, but they have held on and are edging up. Gold/silver ratio remains below its 200 DMA. But all this is just moonbeams and speculation unless the price of silver and the price of gold give us some little encouragement to go on, a jump above $1,205, say.
I may be crazy, but I bought a lot of silver yesterday. That's okay, I've been crazy before.
That Texas Depository Bill I mentioned yesterday is about to go to the governor and the word is he will sign it. Today I got a call from the Rep. Giovanni Capriglione who wrote and introduced the bill. You can email him from his homepage, http://bit.ly/1AM8LmL, and tell him what a great work he has done for everybody in the United States to lead the way back to sound money, even if you aren't from Texas. If you are from Texas, you can brag on him even more.
Today the US dollar index plunged SPECTACULARLY on news that a deal is near between Greece and its creditors. It was it's biggest one day percentage decline in nearly two years, down One hundred Sixty (160) basis points (1.64%)! Take a gander:
That US dollar index nosedive with a leetle gold strength lifted the Gold/US $ Index spread above the 50 dma. Yes, yes, it appears more and more that the spread's fall from the May high with the two gaps down was indeed a COMPLETED move. A close above the 20 DMA and more climbing must now confirm that.
Can y'all believe that the euro actually showed some grit today and rose and barely missed closing above its 20 day moving average. Rose 2.07% to $1.1153. Let's keep straight in our minds, however, that the euro hasn't hit a lick really until it jumps over $1.14. Have mercy! even the yen rose 0.55% to 80.56. Will wonders never cease?
The wonders never kicked in for stocks today, unless you count the Dow closing down only 28.43 after being down early in the day 115. Ended down 0.16% at 18,011.94. Good job, Nice Government Men! Sandp500 lost 2.13 (0.1%) to 2,109.60. And wouldn't y'know, that Dow Jones Composite closed below its 200 DMA again today. Mercy, those ARE buzzards in the trees!
Dow in gold has again parted from the upper gator jaw of the broadening top and fallen through its 20 DMA. Ended at G$312.14 gold dollars (15.10 troy oz). Dow in Silver resumed its merciless, relentless descent toward its 200 DMA (now S$1,348.46 silver dollars or 1,042.96 oz), falling below its 20 and 50 DMAs today. Closed at S$1,388.27 (1,073.74 oz). Gravity is calling, and won't take no for an answer!
WTIC jumped 1.33% to $61.04/barrell, above its 20 dma. Will it move higher? Even copper turned up.
Interest rates, as represented by the 10 year treasury note yield and 30 year T-bond, GAPPED up today above their 20 DMAs Gapped up. 10 year jumped 3.38% to 2.266% while the TYX rose 2.37% to 3.021%. 'Tain't interest rates risin' so much as it's folks dumping US Treasuries, I reckon. But shucks, I'm just a nat'ral born durned fool from Tennessee with mud between my toes. What do I know 'bout sech thaings? Janet, Janet, stop puking in your wastebasket! Get a paper bag like a lady.
My, my, world looks different today. Aren't y'all glad y'all bought silver and gold yesterday?
Today gold rose $5.80 to $1.194.10 on the Comex where they take no prisoners. Silver rose 11.9 cents to 1678.3c.
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.