Wednesday, July 29, 2015

The Price of Gold Closed Down at $1,092.70

29-Jul-15PriceChange% Change
Gold Price, $/oz1,092.70-3.60-0.33%
Silver Price, $/oz14.730.100.70%
Gold/Silver Ratio74.155-0.768-1.03%
Silver/Gold Ratio0.01350.00011.04%
Platinum Price984.40-3.40-0.34%
Palladium Price614.60-6.00-0.97%
S&P 5002,108.5715.320.73%
Dow17,751.39121.120.69%
Dow in GOLD $s335.853.391.02%
Dow in GOLD oz16.250.161.02%
Dow in SILVER oz1,204.79-0.20-0.02%
US Dollar Index97.080.210.22%

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 bumped up after the FOMC announcement, but traded right back down. Closed Comex down $3.60 at 1,092.70. SILVER added 10.3 cents to $14.734.

Welcome to limbo, where nothing is ever resolved and all decisions are avoided and all verbs in the passive so you can't tell who's acting. Still, there was no weakness in today's silver and GOLD PRICE charts, and a spirited defense against an attempt to drive them down about noon.

We're stuck at the same place: the price of gold and silver must hold $1,090 and $14.40 and on the upside must hurdle over $1,100 and $15.00 to begin a rally, and $1,140 and $15.50 to prove one. Tomorrow?

Do y'all know what a wonderful freedom it is to liberate yourself from hogwash? Think of all the goofs in the world who hang around their TV sets to see what are the latest words that drop like fetid liquid lard from the lips of Janet Yellen, believing their future depends on them. How utterly degrading, and how howlingly ridiculous! Mercy, Janet Yellen couldn't run a Louisiana snow-cone stand at a profit in August! What's the chance she and the rest of those Keynesian midgets will get the whole US economy right, let alone interest rates?

Yet the mind control persists. Press conference after press conference, month after month, she says the same thing, and markets react -- for a day or maybe two. Folks, the magic don't work any more. She's just a pitiful, flabby old woman pretending to be a Mistress of the Universe. I have better things to do than listen to that stuff. I've got a sock drawer that needs re-arranging.

Dow climbed 121.12 (0.69%) to 17,751.39 on another veinful of government heroin, i.e., the Fed's worn-out promise to raise interest rates some day, but not yet. S&P climbed 15.32 (0.73) to 2,108.57. Wow. Dow almost climbed through its 200 DMA.

US dollar index scarfed up 21 basis points and closed at 97.08, barely above the 20 DMA. Euro dropped 0.69% to $1.0985 and the yen 0.23% to 80.68. Nothing happening there, dollar still riding the downdraft, despite today's higher close.

Y'all go home tonight and do something really important. Kiss your wife or husband and children and squeeze 'em and enjoy the presence of love and peace -- and ignore blathering, lardy bureaucrats.

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Aurum et argentum comparenda sunt -- -- Gold and silver must be bought.

- Franklin Sanders, The Moneychanger
The-MoneyChanger.com

© 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.