Monday, October 24, 2016

GOLD PRICE must hold $1,250 to Keep from Falling Down, but it won't Advance Until it Conquers $1,290 - $1,300

24-Oct-16PriceChange% Change
Gold Price, $/oz1,262.00-3.90-0.31%
Silver Price, $/oz17.560.110.65%
Gold/Silver Ratio71.860-0.693-0.96%
Silver/Gold Ratio0.01390.00010.96%
Platinum Price935.406.800.73%
Palladium Price629.7010.001.61%
S&P 5002,151.3310.170.47%
Dow in GOLD $s298.502.180.74%
Dow in GOLD oz14.440.110.74%
Dow in SILVER oz1,037.64-2.35-0.23%
US Dollar Index98.690.370.38%
IMPORTANT NOTE: The following are wholesale, not retail, prices. To figure our retail selling price, multiply the "ask" price by 1.035. To figure our retail buying price, multiple the "bid" price by 0.97. Lower commissions apply to larger orders, higher commissions to very small orders.
SPOT GOLD:1,262.60
American Eagle1.001,301.741,304.901,304.90
1/2 AE0.50643.42666.021,332.04
1/4 AE0.25324.86339.321,357.30
1/10 AE0.10132.47138.251,382.55
Aust. 100 corona0.981,230.171,239.171,264.21
British sovereign0.24299.45312.451,327.29
French 20 franc0.19233.37237.371,271.40
Maple Leaf1.001,272.601,286.601,286.60
1/2 Maple Leaf0.50726.00662.871,325.73
1/4 Maple Leaf0.25321.96337.751,350.98
1/10 Maple Leaf0.10133.84137.621,376.23
Mexican 50 peso1.211,513.061,524.061,264.04
.9999 bar1.001,267.021,274.601,274.60
VG+ Morgan $B4 19050.7725.0027.0035.29
VG+ Peace dollar0.7720.0022.0028.76
90% silver coin bags0.7213,231.0813,517.0818.91
US 40% silver 1/2s0.304,986.985,136.9817.41
100 oz .999 bar100.001,735.501,770.5017.71
10 oz .999 bar10.00177.05182.0518.21
1 oz .999 round1.0017.3617.8617.86
Am Eagle, 200 oz Min1.0019.0620.5620.56
Plat. Platypus1.00950.40980.40980.40

I will be travelling the rest of this week. Susan & I were scheduled to attend our annual diocesan synod in Virginia, a state with magical memories for us, & I've decided to make the trip alone. Might do me some good to be quiet, just drive. God willing, I will write again on 31 October, unless I just take a notion to send one before that.

In the meantime, the shadow of elections hangs over markets like an evil smoke botting out the sun. No light will shine through until one of the evil teenagers is elected.

SILVER and GOLD have not followed through on their promise to rally. Today they traded like the fellow who killed his parents and then tried to throw himself on the mercy of the court because he was an orphan. Well, which is it, up or down?

SILVER PRICE went up, broke out of that flaggy formation,

Looked good today with an 11.4¢ gain to 1756.2¢, until you look closer. High came at 1789¢, and the SILVER PRICE closed nearer its 1747¢ low than its high. The SILVER PRICE needs to punch through 1800¢, period. Once it does, it will put on rabbit legs and run.

Lo, the gold chart,

The GOLD PRICE  is sawing back and forth without any gain, but is buoyed up by buyers around $1,250 - $1,260. Throwing a leg over that 20 DMA (1,276.23) would be a good first step, but the goal post is $1,300. Right now the gold price keeps doing a fandango. back & forth over its 200 DMA. Charmin', but no progress.

So here's the story: The GOLD PRICE must hold $1,250 to keep from falling down, but it won't advance until it conquers $1,290 - $1,300. Overhanging election may keep it trapped in this range.

SILVER PRICE must not break 1430¢, but to rally must crack 1800¢. All else is meaningless churning.

Back off a minute for the bigger picture. Gold & silver both bottomed last December (I'll break my rule here and say I TOLD Y'ALL SO) & the following strong rally into 2016 proved the bottom. Rally peaked in July for the top of the first leg up, then entered this correction we are suffering yet. This will mark, or already has, the bottom of wave 2, and will take off from here into a foamin'-at-the-mouth 3rd wave rally. That would make now a good time to accumulate metals.

Course, that's only the opinion of a nat'ral born durn fool from Tennessee, & I'm warning y'all, it may be I don't know "Sic 'em" from "Come yere."

Stocks remind me of a one-winged buzzard that can only fly in circles getting lower & lower to the ground. They rose today -- Dow up 77.23 (0.43%) to 18,223.03 & the SP500 up 10.17 (0.47%) to 2,151.33 -- that that don't butter no biscuit. Still in a down trend, still look sick as a 10 year old chewin' tobacco the first time. Green & getting' greener.

US dollar index rose 37 basis points (0.38%) to 98.69. Don't ask me what's driving it, unless its those gullible souls (I'm tryin' to be charitable here) who believe Janet Yellen and the other Fed criminals will raise interest rates in December. Hogwash. Anyhow, dollar index is as overbought as doilies at an old ladies' convention. Here's the chart: look at the RSI above and the MACD below. Only things that could make the dollar look good are the euro & yen, and even then . . .

Keep watching interest rates. Next panic should begin there.

I'll miss y'all. No language could stretch to thanking y'all for all the sweet & comforting expressions of sympathy and condolences you have sent since Susan died. If you were close enough I'd hug every one of you and thank you. Thank you for helping us bear our burden, & reminding us to hope.

Y'all enjoy your weekend.
Argentum et aurum comparanda sunt —
Silver and gold must be bought.
— Franklin Sanders, The Moneychanger
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