Monday, November 09, 2015

Gold Price Closed Up 30 Cents Today at $1,087.90

09-Nov-15PriceChange% Change
Gold Price, $/oz1,087.900.300.03%
Silver Price, $/oz14.42-0.28-1.89%
Gold/Silver Ratio75.20-0.26-0.34%

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 gained a monumental -- hold on to your chair! -- thirty cents today for a $1,087.90 close on Comex. SILVER lost 27.5 cents (1.9%) to 1441.8c.

Today silver caught the ague that's been shaking the GOLD PRICE. With the low today at $14.40, silver has returned to the bottom of the trading range that prevailed from July through October (with two little dips below it). Likewise the price of gold has nearly reached its July low at $1,072.30.

Res ipsa loquitur. After so many down days both silver and gold prices are ready for some countertrend rally, even if it's only symbolic and short-lived. Yet this area is crucial. If silver and gold prices stage a correction, I will still have my eyes on these summer lows, because if they pierce them, they will fall a long ways.

Don't shoot me, I'm just the messenger. So far there's not a breath of a turnarond on the charts. Rest assured, quick as I see it I won't keep it a secret.

I've been figuring that stocks topped last week, and so far they haven't disappointed me. Dow lost 179.85 (1%) today, much more than that during the day, and closed at 17,730.48. S&P500 lost 20.62 or 0.98% to end at 2,078.58.

US dollar index closed 18 basis points lower at 99.08. By itself this makes no nevermind, but it does reinforce my suspicion that after its long rally the dollar is ready to take a breather. It would take a close below 95.50 to argue the dollar will not rally further, but only after a correction.

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.