|Gold Price, $/oz.||1,137.10||1,156.30||19.20||1.7|
|Silver Price, $/oz.||15.257||15.809||0.552||3.6|
|Dow in Gold $ (DIG$)||299.46||305.43||5.97||2.0|
|Dow in gold ounces||14.49||14.78||0.29||2.0|
|Dow in Silver ounces||1,079.66||1,080.68||1.02||0.1|
|US dollar index||96.33||94.88||-1.45||-1.5|
|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|
|Gold Price 5 Month|
The GOLD PRICE at last joined the party, shooting up $11.60 (1%) to $1,156.30, finally above $1,150. Silver inched up 4.9 cents (0.3%) to $15.809.
The price of gold simply climbed all day long, 45 degree angle. And once it got up there it held on. Here's a five month chart.
On that chart y'all can see that gold's last intraday high was $1,169.80, and that the 200 day moving average lies above at $1,176.48. The gold price needs to break down that $1,170 - $1,177 barrier. That can happen crazy fast, and shoot gold through $1,200.
That outrageously high premium on US 90% silver coin has backed down this week, down to $2.75/ounce from $3.80/oz. However, supply is still very tight for newly produced silver rounds and 100 ounce bars, with delivery delays of 4 - 6 weeks. If that 90% coin premium reaches $4.00/oz again, swap 90% for bars.
Next week promises to be a wild one for silver and gold prices.
Dollar index seems finally to be signalling its direction, and that earthward. Stocks rallied this week, an impressive 3.7% and 3.3% bear market rally, but a bear market rally still. Look at that Platinum, up 8% in one week!
Let us then try to pierce the persiflage to see what markets are doing.
Most eyecatching today was the US dollar index, which tanked 52 basis points (0.55%) to 94.88, below everything: 95.50 support, all three moving averages, and the lower boundary of a potentially fatal rising wedge. Chart on the right, Doesn't that two day fall look like it's spilling out of a leak in that rising wedge? No indication dollar under its own power can do anyhting save fall, but of course the Nice Govenrment Men might step in any time to prop it up. It's nature, though, is to declare gravity triumphant.
|Dow in Gold|
|Dow in Silver|
I do suspect, however, that today marks the limit of that upward move, which will be followed by a markedly swifter and stronger downward move.
|Light Crude Oil|
Here's a shocking contradiction to that deflation story the central banks have been trying to sell. Reuters reported this morning that in the wake of Glencore's output cuts, metals rallied wildly: Zinc up 12%, lead up 9%, Copper 2.9% higher, aluminum up 3.5%, nickel up 3.1% and tin 1.3% higher.
Although West Texas Intermediate Crude fell 3.6% to $49.49 today, it has broken out of a pennant and today touched its 200 DMA. Wants to rise, rise after a double bottom, March and August.
Copper has a double bottom, too.
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.