Monday, October 17, 2016

It's Beginning to Look like Silver & Gold Prices Have Found Sound Footing

17-Oct-16PriceChange% Change
Gold Price, $/oz1,254.401.300.10%
Silver Price, $/oz17.430.030.19%
Gold/Silver Ratio71.984-0.062-0.09%
Silver/Gold Ratio0.01390.00000.09%
Platinum Price932.70-3.20-0.34%
Palladium Price636.75-10.05-1.55%
S&P 5002,126.50-6.48-0.30%
Dow18,086.40-51.98-0.29%
Dow in GOLD $s298.05-1.17-0.39%
Dow in GOLD oz14.42-0.06-0.39%
Dow in SILVER oz1,037.90-4.96-0.48%
US Dollar Index97.88-0.12-0.12%
IMPORTANT NOTE: The following are wholesale, not retail, prices. To figure our retail selling price, multiply the "ask" price by 1.035. To figure our retail buying price, multiple the "bid" price by 0.97. Lower commissions apply to larger orders, higher commissions to very small orders.
SPOT GOLD:1,253.90
GOLDFine Tr.Oz.BIDASK$/oz
American Eagle1.001,291.521,295.911,295.91
1/2 AE0.50638.98661.431,322.86
1/4 AE0.25322.62336.991,347.94
1/10 AE0.10131.55137.301,373.02
Aust. 100 corona0.981,221.701,230.701,255.56
British sovereign0.24297.38310.381,318.53
French 20 franc0.19231.76235.761,262.79
Krugerrand1.001,268.951,278.951,278.95
Maple Leaf1.001,263.901,277.901,277.90
1/2 Maple Leaf0.50720.99658.301,316.60
1/4 Maple Leaf0.25319.74335.421,341.67
1/10 Maple Leaf0.10132.91136.681,366.75
Mexican 50 peso1.211,502.631,513.631,255.40
.9999 bar1.001,258.291,265.901,265.90
SPOT SILVER:17.42
SILVERFine Tr.Oz.BIDASK$/oz
VG+ Morgan $B4 19050.7725.0027.0035.29
VG+ Peace dollar0.7720.0022.0028.76
90% silver coin bags0.7213,134.5513,420.5518.77
US 40% silver 1/2s0.304,947.155,097.1517.28
100 oz .999 bar100.001,722.001,757.0017.57
10 oz .999 bar10.00175.70180.7018.07
1 oz .999 round1.0017.2217.7217.72
Am Eagle, 200 oz Min1.0018.9220.4220.42
SPOT PLATINUM:932.70
PLATINUMFine Tr.Oz.BIDASK$/oz
Plat. Platypus1.00947.70977.70977.70



Dear Friends: 

Susan and I spent so many decades together serving y'all that I am sure she'd be madder than a wet wasp if I lay down in the road & quit. Besides, my seven children are with me, hovering around as if I'm going to drown myself in the toilet or starve to death eating salads. I know they are doing it out of love, but I feel like I have to keep typing just so they'll know I still have two marbles to rub together. 

However, my meditations of the last few days have resulted in some advice for men, so hear my words: 
First, when you fill the saltshaker or change a light bulb, don't expect your wife to drop everything and praise you. Remember that she was probably so busy doing laundry, shopping, cooking, caring for kids and for others that she didn't have time for the saltshaker today. It probably wasn't that important. Look for something else to do for her, to lighten her load. And thank her, instead of expecting her to thank you. Praise her. 

Second, hug your wife. Tell her you love her. Mercy, women, hug your husbands, oto. Susan used to complain that I didn't know how to hug because I didn't hug hard enough or long enough. Go ahead, spend that extra nano- second hugging. You'll never miss it. And squeeze harder. 

My webmaster has posted Susan's picture and obituary as well as her eulogy from her funeral at http://bit.ly/2e2wSt5 

I cannot even begin to thank y'all for your kind condolences. Thank you for helping us bear our burdens. 

MARKETS:

For a week metals have trudged sideways while stocks broke down out of an even-sided triangle & continue to lose ground. US dollar index has reached 98, but backed off 12 basis points today to 97.88. Dollar index has crushed the euro, and steamrolled the yen. So trends are down for stocks, up for the US dollar index, sideways for gold & silver. 

But there's something mighty suspicious happening with silver & gold premiums. Week ending October 7th the wholesale US 90% silver coin premium reached 90¢ over spot silver, then last week 135¢. Now we are hearing noises of shortages of silver rounds. In itself that might not mean much, but the in the last few days premiums on gold have begun to rise as well. Buy side wholesale premium for Krugerrands went from 0.8% to 1.2%, for American Eagles from 2.5% lately to 3%, and Austrian 100 coronas and Mexican 50 pesos from 991% to 99.4%. 

It's the gold that makes a buzzing in my ear. The 90% premium alone implies greater demand at these prices is pushing up premiums, but when you add to that rising gold coin premiums, only very rarely seen, then it appears that very strong support stands under silver & gold. 
Today on Comex silver added a measly 3.3¢ to 1742.6¢. Gold bumped up $1.30 to $1,254.40. Ratio is 71.984. 

Both silver & gold have formed pennants, which might be downward sloping bullish flags. For the present, the 200 day moving average is supporting both metals. Gold chart is here, http://schrts.co/pbxEDM 

Y'all will immediately notice how oversold the RSI is, and that the MACD is trying to turn up. 
Here is silver, http://schrts.co/o96FnV 

Same oversoldness shows in the RSI, same desire to turn up in the MACD, same pennant formation, which will either be a reversal or continuation. 

It's beginning to look like silver & gold prices have found sound footing.

Argentum et aurum comparanda sunt —
Silver and gold must be bought.
— Franklin Sanders, The Moneychanger
Learn what most investors—including credentialed financial experts—don't know.

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