|Gold Price, $/oz||1,143.80||-3.40||-0.30%|
|Silver Price, $/oz||15.03||-0.27||-1.75%|
|Dow in GOLD $s||326.52||2.98||0.92%|
|Dow in GOLD oz||15.80||0.14||0.92%|
|Dow in SILVER oz||1,205.77||25.63||2.17%|
|US Dollar Index||97.77||0.49||0.50%|
|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|
The GOLD PRICE traded today to a lower low for the move ($1,140.60) by about $3.50. Looking at yesterday's V-bottom low and decline into today's slightly lower V-bottom, all those are places gold could turn around. More likely it will wait for $1,130, the low from November 2014. That's $13 from here.
SILVER has followed gold's pattern the last two days, with a slightly lower V-bottom today ($14.85). Most obvious target from the chart is that 7 July intraday low at $14.62, maybe a dime lower. If it breaks that, 'twould be bad, but volume is not rising on this fall, with silver or gold, and that's a plus.
I can testify that we are experiencing HUGE increase in physical demand at these prices.
GOLD/SILVER RATIO refuses to rise as metal's fall -- odd, and might point to a turnaround. Ratio today closed Comex at 76.436, up a fraction from yesterday but not near the 7 July high.
I remain unrepentantly clinging to my interpretation that we are seeing seasonal lows that mark the convergence of two very long cycles and the bottom of the long bear phase that began in 2011. Don't bother telling me it wracks your nerves. Mine are already shot, but I am buying in the teeth of 'em.
Stocks rose again today. Dow added 70.08 (0.4%) to 18,120.25 and the S&P500 picked up 16.89 (0,8%) to 2,124.29. Now both indices have met the downtrend from their last two highs. What happens next? Stocks might turnaround tomorrow, or rise a few more days even to new nominal high, say, 2,140 and 18,400.
Dow in gold rose to a new high today, 15.84, 1.7% above its March high at 15.581. Dow in silver Hit 1,209.31 oz. These new highs are what you would expect if metals are making seasonal lows, plus the whole carnival of propaganda about deflation, Greece solved, Chinese stock market stabilized, and the US economy a-boomin'. Hard to twist your head around that way to look at it from the contrary viewpoint, but that's the only way to penetrate to the truth.
US dollar index rose 49 basis points (0.5%) to 97.77. That has passed the last high (97.45) and is working on the May high (97.88). This rising dollar also belongs to the deflation scare. Dollar is due for another cyclical high in August. Euro fell 0.66% to $1.0876 and the Yen lost 0.31% to 80.55 cents/Y100.
Seems a naturalized Kuwaiti citizen working for ISIS today opened fire at a naval center in Chattanooga and killed four US Marines and wounded a police officer. It is loony to let all these immigrants flood into the country, and looks loonier still when you consider how much damage a few sleepers could do in the US. Makes a concealed carry permit look like the only sane path. Pray for the families of those victims.
Jay Taylor interviewed me on 14 July about all the fun I had playing with the government 25 years ago. Its about 25 minutes long on YouTube, http://bit.ly/1KbiqXK Listen, I don't look nearly as bad as that picture makes me look.
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.