|Gold Price, $/oz||1,074.30||7.50||0.70%|
|Silver Price, $/oz||14.16||0.12||0.83%|
|Dow in GOLD $s||342.90||-1.87||-0.54%|
|Dow in GOLD oz||16.59||-0.09||-0.54%|
|Dow in SILVER oz||1,258.01||-9.09||-0.72%|
|US Dollar Index||99.65||-0.21||-0.21%|
|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|
Both five day/15 minute charts show a sort of rounding bottom Monday, but for interpretation to be accurate, they must not fall below $1,073 and $14.10 -- cutting it close.
The silver and gold price markets are as stagnant and moribund as other markets, only more so. Nothing will happen there -- including, I wager, a sharp decline -- until silver rises above $14.40 and the gold price rises over $1,090. Both are extremely oversold and both show bullish Commitments of Traders numbers, so both are set up for a rally, but both are keeping us waiting. Watch for it still. Personally, I am buying.
On Friday, Mario Draghi, head criminal for the European Criminal Bank, hinted as heavily as a Mafia don that the ECB would begin more Quantitative Easing come their December meeting. This came late in the day, and of course pushed the euro's head under water and held it there blowing bubbles, while it pushed the US dollar up.
The prospect of more easy money, oddly, didn't help stock markets in Europe or the US, as they fell on Monday. Today after a rutty start stocks rose listlessly in the US. Dow found 19.51 (0.11%) somewhere to close at 17,812.19. S&P500 millimetered up 2.55 (0.12%) to 2,089.14.
|Dow in Gold|
|Dow in Silver|
US Dollar Index rose yesterday 25 basis points and fell today 21 basis points. However, yesterday it did make a new intraday high at 100.07 and a new high close at 99.87. It has walked through its uptrend line but obviously not fallen off. Only question here is whether the dollar index can make it through the double-top March highs, where resistance is liable to be feisty. Heaven have mercy on the dollar if the Fed raiseth not interest rates in December, for all this rise since October has been flying on a cloud of hot Fed blarney gas about raising rates. That hot money hath no loyalty, and disappointed in the dollar it will run like scalded dog.
Yield on the 10 year treasury note fell below its 20 DMA today, latest in a string of lower yields. Maybe some speculators are getting worried the Fed won't make good its interest rate threat.
West Texas Intermediate Crude has risen back within its September - November trading range and is edging toward its 20 DMA.
Ralph Nader wrote Janet Yellen a hot letter dragging the Fed over the coals for keeping interest rates at zero and ruining US savers. Some report I read said Yellen answered with a really acid letter. I went and read it. Yeah, buddy, it was like being savaged by a dead sheep.
First place, it was written in that constipated bureaucratese politicians, academicians, and others use to obfuscate rather than clarify their meaning. Americans can't write simple, plain English any more, probably because they can't think. The loathsome style is filled with clichés that lost their meaning before the last Ice Age -- well aware, continuing aftermath, has been and continues to be, underscores progress, critically important, and others begging for pruning like a four year apple tree. Oh, and don't forget shunning the simple possessive case: "lives of all Americans" rather than "all Americans' lives." You ain't French, Janet, you can use an S and an apostrophe. It's okay.
These are all simple fixes that even the least gifted can do at home, unaided by a dictionary or thesaurus. So why can't the mighty Fed Hed speak plain English, get it down where the goats can grab it? Maybe the point always is to obscure, dodge, and hide. Worse, maybe she just can't. Maybe she don't know no better?
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.