|Gold Price, $/oz||1,119.20||16.40||1.49%|
|Silver Price, $/oz||14.88||0.56||3.91%|
|Dow in GOLD $s||309.19||-1.97||-0.63%|
|Dow in GOLD oz||14.96||-0.10||-0.63%|
|Dow in SILVER oz||1,125.15||-34.22||-2.95%|
|US Dollar Index||95.51||-0.25||-0.26%|
|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|
Today's move took the GOLD PRICE clean through its 50 DMA, but it settled just above it. This offers another witness and more proof that the uptrending support line from the July low will hold.
The SILVER PRICE cut through its 20 and 50 DMAs ($14.70 and $14.85) in one bold leap. That validates that support line, and suggests that whoever was short was not loaded with self-confidence.
Looking at stocks and interest rates, and even the US dollar index, most of Wall Street believes the FOMC will raise rates tomorrow. Y'all reckon they'll be disappointed if the FOMC don't? They'll be so concerned they'll have to ask congress for another bailout.
Good thing about being no more'n a nat'ral born durn fool from Tennessee is that you don't have to protect neither pride nor turf. When you make a mistake you can just out with it, and nobody laughs at you because they all know you're too dumb to open an umbrella and it a-rainin'. So I don't mind to tell you that the All-mighty FOMC didn't give out their oracles today, but tomorrow. So I want all y'all a-sittin' on the edge of your Lazy-Boy all evening t'night and into the morning, just a-frettin' and a-botherin' about what them educate fools are goin' t'do.
I ain't frettin', tho, because if you could scare up a whole dab of real brains and common sense amongst 'em, I'd keel over dead with surprise.
Meanwhile, the overhanging contemplation of those people keeps markets roiled. All the easy-money, easy-livers on Wall Street are just sure that whatever jumper cables the FOMC attaches to interest rates, the stock market will crank. Dow rose 140.10 (0.84%) to 16,739.95 and the S&P500 gained 17.22 (0.87%) to 1,995.31. This brought both indices to the top of the flag they've been painting out, and y'all know what the market proverb says, right? "Flags always fly at half staff." Way more downside coming for stocks, weeping, wailing, gnashing of teeth, pulling of hair, and laying of blame.
In a bear market, money returns to its rightful owner.
US dollar index gave up half of what it gained yesterday, falling 25 basis points (0.26%) to 95.51. It's snuck back below its 20 day moving average (95.57). Also is hovering just above its 200 dma (95.25), so any untoward FOMC action will sink the dollar's boat fast.
CPI data published today showed US inflation fell in August , and that terrified gold and silver shorts so bad that both metals jumped up.
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.