|Gold Price, $/oz||1,083.70||2.90||0.27%|
|Silver Price, $/oz||14.22||0.02||0.13%|
|Dow in GOLD $s||333.49||3.65||1.11%|
|Dow in GOLD oz||16.13||0.18||1.11%|
|Dow in SILVER oz||1,229.38||15.18||1.25%|
|US Dollar Index||99.46||0.37||0.37%|
|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|
Over the weekend the Paris attacks drove gold out of its flatlining up to $1,098 about 3:00 a.m. Monday Eastern time. Selling began there and gold eroded and dwindled town to $1,093 about 9:30, then fell off and fell off to reach that $1,083.70 close. If there was any safe haven buying present, it was weak and easily overcome by the sellers. Reckon the world trusts dollars, at least until that rattlesnake in the bosom bites 'em on the neck.
The SILVER PRICE rose as high at $14.42, made a double top, then began falling sharply at 9:30.
Frankly there's nothing to be made out of today's trading, except to conclude that interest in silver and GOLD PRICES are so low, and opinion so universally negative, that we must be somewhere close to a bottom.
The French CAC fell 1%, the German DAX dropped 0.69%, and the London FTSE rose 0.46%. US dollar index rose 0.37% to 99.46 while the Euro fell 0.78% to $1.0687. US 10 year treasury note yield fell, so the 10 year note rose, which might indicate a flight to safety from Europe to the US, slightly.
The Dollar Index' rally began in July 2014, traded up to March, then began correcting. If that pennant marks the half way point of the rally, a possibility, the dollar could rally to 120. Don't start gasping and grabbing for the defibrillator. It's only a possibility.
One can only picture with sweaty trembling and nausea what sort of world the dollar index at 120 implies. That suggests that even the crippled intellectual Marxists at the Fed would reverse course before that happens. "I hope," he said in a tiny, squeaky voice.
|Weast Texas Crude|
After plunging at first, US stocks reversed and rose bravely. Dow climbed 273.77 (1.38%) to 17,483.01 and the S&P500 bloated 30.15 (1.49%) at 2,053.19. Stock touts and pimps will cheer this as a reversal, but think about it technically. On Thursday stocks crashed through their 200 day moving averages, today in typical fashion they rallied to touch back. No change of direction.
In like fashion West Texas Intermediate Crude rallied today back up to the bottom boundary of the range it fell out of on Wednesday. So far, that changes nothing and oil will surely drop further.
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.