|Gold Price, $/oz.||1,171.50||1,163.00||-8.50||-0.7|
|Silver Price, $/oz.||15.808||15.537||0.271||-1.7|
|Dow in Gold $ (DIG$)||315.69||315.15||-0.54||-0.2|
|Dow in gold ounces||15.27||15.25||-0.03||-0.2|
|Dow in Silver ounces||1,131.73||1,141.15||9.43||0.8|
|US dollar index||95.39||95.29||-0.10||-0.1|
|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|
NO use pretending: nothing's happening. Sellers tried to drive the PRICE OF GOLD down today about 9:30 but failed. Dropped as low as $1,155.80. Although it didn't stay down there, that's a new intraday low for the move and a bad sign. May see a spike low next week. Be locked and loaded for it.
SILVER keeps hanging on around $15.44/$15.50. More times it tests that line, more likely it is to fall through.
GOLD/SILVER RATIO fell today to 74.854:1 from yesterday's 75.148. Nothing significant yet, nothing proved, but it appears to have turned around.
We are now dead into the window for silver and gold price seasonal low. We ought to see that by the end of next week.
I reckon this commentary dissatisfies in numerous ways, but don't y'all shoot me. Markets are hanging fire, scared to do anything because no one knows which way the Greek fiasco will fall out. Add to that my suspicion -- only my base suspicion, mind you -- that the Nice Government Men have every reason during this crisis to make sure no stampede into the dollar or gold materializes.
Before I address markets, there's an article y'all need to read: "An Inadvertent Warning from BlackRock -- Get Your Money Out of Mutual Funds ASAP." You'll find it here on ZeroHedge.com, http://bit.ly/1HzNw8T
In brief, Larry Fink, CEO of BlackRock (world's largest asset manager), has filed with the SEC seeking permission to allow some of BlackRock's funds to lend to others in the event of a "dysfunctional market." Ask yourself this question: Why do people build fire escapes? Because they fear -- maybe expect -- a fire. All this screams that Fink is expecting (1) a financial crisis and (2) an ensuing run on mutual funds, or if not "expecting," then "preparing for."
Be advised, Mushrooms, that Wall Street and all its tentacles down to the Fed on the Potomac view you only as a cow to be milked. If you are crushed in a stampede, so what? Therefore, you and only you can protect yourself. And to pile yet another metaphor on those I have already heaped up, there's only one way to stay out of a bar fight: leave the bar before the fight starts.
When stocks begin coming down, sometime between now and say, end-September, they will lose 20% in the first cascade. That will only mark the beginning. When the stock bubble bursts, the bond bubble will burst, too, so there's not much safety in that direction. Best way to protect yourself would be to roll stock profits into silver or gold now, while they are low, but if that stinks too much of "radical" to you, at least protect yourself by getting out of stocks and mutual funds and into cash.
But what do I know? I ain't no mor'n a barefut, rag-britches, nat'ral born durned fool from Tennessee.
ON TO MARKETS!
All heads are low, peeking out above the trenches, waiting to see what will happen now that Greece has officially defaulted. So far, nothing much has happened, but Greece will hold a referendum to see whether they will accede to the Eurocrats terms or not. They'd be better off if their government would simply default on ALL the debt, walk away, and begin minting silver and gold coins. In two years, Greece's economy would be the envy of the world. But, sigh, the fascism has struck its roots too deep, so all those hoping to keep on feeding off the state will keep on hoping, and voting, until all hits the wall.
Let's get upbeat here: How 'bout them stocks, huh? Dow Industrials lost only 27.8 (0.16%) today and ended at 17,730.11. 'Tis itching to bust through that 200 DMA (17,687). Will get scratched soon.
|Dow in Gold|
S&P500 shaved off 0.64 (0.03%) to 2,076.78. Nobody wants to trade much or carry big positions home over a holiday weekend.
Dow in Gold ended the week at G$314.62 gold dollars (15.22 troy oz). Came near to breaking down on Monday, but pulled up again. Only a matter of time till it falls through that 200 DMA at G$303.88 (14.70 tr oz). See chart on the right.
Dow in silver rose a little for the week, but dropped 0.99% today. Closed at $1,464.79 silver dollars (1,132.1 oz). Gonna drive you crazy waiting for it, but is rolling over toward earth's core.
Y'all enjoy your 4th of July holiday. Durned if I know what it's about any more. I used to think it was about honoring people who "dared to defend their rights" and would fight to the death for their liberty. I don't understand what liberty means today, unless it's freedom to maximize self-indulgence and the rest of the world be damned. I thought the beginning of liberty was self-control, durned outdated fool that I am.
But I'm not the least downcast, because truth always vindicates itself. I learned that from one of the greatest men North America ever produced, even though the cultural fascists are trying to make him an unperson now. I mean President Jefferson Davis, who said, "The principle for which we contend is bound to reassert itself, though it may be at another time, and in another form."
I'm waiting for another time.
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.