|Gold Price, $/oz||1,153.80||22.20||1.96%|
|Silver Price, $/oz||15.13||0.35||2.33%|
|Dow in GOLD $s||290.27||-7.13||-2.40%|
|Dow in GOLD oz||14.04||-0.34||-2.40%|
|Dow in SILVER oz||1,071.16||-30.32||-2.75%|
|US Dollar Index||96.15||-0.06||-0.06%|
|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 Mario "Would-You-Buy-A-Used-Car-From-This-Man" Draghi, head criminal at the European Central Bank, stated that the ECB need more time before deciding on additional stimulus measures, i.e., more quantitative easing. I reckon that put downward pressure on the buck ("We're going to depreciate the euro more slowly"), and gold took a big $20 jump. US Dollar index sank to a 95.57 low, but later recovered much of that. Stocks behaved like the dollar, with a big fall and later lame recovery.
Yeah, Buddy! Ain't nothing like central banks to stabilize markets.
As if one criminal flapping his lips weren't enough, Comrade Janet Yellen, head criminal at the US Federal Reserve, tried to resuscitate the Fed's dying credibility by speechifying that the Fed might raise rates later in the year. I reckon this is how mountainous Our Masters' contempt for us really is. They make empty boasts and claims, are exposed as fools and cowards by their acts, then slink back onstage as if nothing had happened to see if we will buy the same lie twice. What this country needs is to revive the salutary custom of Tarring and Feathering and Riding Out of Town on a Rail. Make that hot tar, and buzzard feathers --nasty buzzard feathers.
Dow traded as low as 16,016, down 263, but climbed from about 1:30 to recover about 190 points of that and end the day down "only" 78.57 (0.48%) at 16,201.32. S&P lost 6.52 (0.48%) to end at 1,923.24. That recovery may be hinting at a higher day tomorrow. Maybe. Yet the trend is firmly down and the main chance is lower stocks tomorrow..
|Dow in Gold|
|Dow in Silver|
Looks like Draghi's remarks sent the Nice Government Men scrambling to salvage the US dollar index, which tanked 70 basis points but closed only 6 basis points below yesterday. Smells like the fish market down on Decatur in New Orleans. Might even rally tomorrow.
Euro rose a nothing 0.1% to $1.1195. Y'all better take that European vacation while there are still some Europeans left. They're gonna be rarer than spotted owls and snail darters pretty soon. May qualify for the Endangered Species List.
Yen rose 0.02 to 83.18. Chart has developed an even-sided triangle that is fixin' to break out one way or t'other, and since it stands above the 20 DMA, my guess is upwards. Nice Government Men in Nippon will discountenance this.
Gotta run -- Susan's waiting supper on me.
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.