The Gold Price Closed at $1,316.00 Down 50 cents

8-Jul-14	Price	Change	% Change
Gold Price, $/oz	1,316.00	-0.50	-0.04%
Silver Price, $/oz	20.97	0.00	0.005%
Gold/Silver Ratio	62.77	-0.03	-0.04%

3 Day Gold Price Chart

30 Day Gold Price Chart

3 Day Silver Price Chart

30 Day Silver Price Chart

Yesterday evening shortly before I had finished this commentary, a powerful thunderstorm knocked out our electricity. Susan and I drove home, hoping the power would still be on there, but it wasn't. So instead of finishing this commentary, I got to sit on the back deck with my sweet wife, watching the rain drops drumming on the tree leaves. I enjoyed that more than any commentary I ever wrote.

The GOLD PRICE ended on Comex at $1,316, down 50 cents. Silver closed 2096.7, up an invisible 1/10 cent.

Gold suffered another raid by sellers, but it accomplished little. At the $1,324 high the selling began and within a few minutes had driven gold to a $1,314 low. From which it recovered to $1,320 by day's end. This morning the GOLD PRICE has risen right back up past yesterday's (8 July's) high, and it's trading at $1,326.80. A close above $1,334 breaks gold out of its prison and run higher.

The SILVER PRICE suffered the same bout of selling and instantaneous fall, but from 2120c to 2095c. This morning silver is right back knocking on 2116c.

I haven't checked the 300 day moving averages for a while, but lo and behold! This morning I realize that both silver and gold prices stand above their 300 DMA, since 24 June and 19 June respectively. More than that, the 300 DMA has been acting as a safety net, catching every fall and throwing it back up into the air.

Silver's RSI is shockingly overbought, the MACD and Full stochastics are rolling over, but if it can clear 2133c (last high) today or tomorrow, it will burst through 22 or even 23 before it rests. Likewise if gold can close through $1,334 it will run for $1,350 or $1,370 before correcting. This morning both appear pretty perky.

Stocks tanked today, but other markets were steady. All the stock indices fell. Dow tumbled 117.59 (0.7%) to 16,906.62 while the S&P500 skidded 13.94 (0.7%) to 1,963.71.

Those are nasty falls but as yet say little. Both indices reached for their 20 Day Moving averages, first tripwire of a decline, but both closed barely above them. What makes this interesting? Both are hovering above internal resistance/support lines left from earlier bearish rising wedges. A drop below 16,840 and 1957 and 1937 slices through that support, and threatens a drop toward the 50 DMAs (16,722 and 1,921).

All this is taking place in an utterly complacent market. In a pinch, complacency quickly turns into eye-bleeding panic.

Flat metals and steeply lower stocks took the Dow in Metals down today. Dow in gold bounced down off the resistance line left behind by its April-May flat-topped triangle. Remember, we wan these indicators to drop, because that means stocks are becoming cheaper against meals, or metals are gaining value on stock. Dow in Gold dropped 0.35% to 12.82 oz (G$265.01 gold dollars) and remains below the 20 and 50 DMAs so momentum is down, although MACD is trying to turn up.

Dow in silver has only managed a little dribble of a correction from its late June low at 797.38 oz (S$1,030.96 silver dollars). Today the DiS slipped

0.23% to 804.58 (S$1,040.26). It is rising off a strongly overbought Relative Strength Index and an MACD that wants to turn up.

Aurum et argentum comparenda sunt -- -- Gold and silver must be bought.

- Franklin Sanders, The Moneychanger
The-MoneyChanger.com

© 2014, 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.

It Appears Silver and Gold Prices Will Correct this Week

7-Jul-14	Price	Change	% Change
Gold Price, $/oz	1,316.50	-3.90	-0.30%
Silver Price, $/oz	20.97	-0.12	-0.58%
Gold/Silver Ratio	62.792	0.181	0.29%
Silver/Gold Ratio	0.0159	-0.0000	-0.29%
Platinum Price	1,494.90	-11.90	-0.79%
Palladium Price	869.24	6.95	0.81%
S&P 500	1,977.65	-7.79	-0.39%
Dow	17,024.21	-44.05	-0.26%
Dow in GOLD $s	267.32	0.10	0.04%
Dow in GOLD oz	12.93	0.00	0.04%
Dow in SILVER oz	811.99	2.65	0.33%
US Dollar Index	80.26	-0.01	-0.01%

3 Day Gold Price Chart

30 Day Gold Price Chart

3 Day Silver Price Chart

30 Day Silver Price Chart

The GOLD PRICE today gave back $3.90 (0.3%) to close Comex at $1,316.50. Silver sliced off 12.3 cents (0.58%) to 2096.6c.

It appears silver and GOLD PRICES will correct this week. It might be mild, but might turn really scary -- bull markets have a habit of doing that, to "shake off as many riders as possible." Y'all, of course, are clever enough to recognize any correction as an opportunity to back up your truck and load up.

Mild correction takes the SILVER PRICE to 2040c (200 DMA) and gold to $1,295, even 1,288 (200 DMA). Oddly enough, a 50% correction of the larger move, from June first's $1,240.20 to July first's $1,334.90 would also take gold to $1,287.55, right on the 200 DMA at $1,287.68. A tougher correction might take gold to $1,275, silver to 2000c or even 1950c.

Watch out! Closes above 2133.5c or $1,335 choke off any correction and add another upleg to the metals' rise.

Nobody was much interested in markets today, probably still hung over from the weekend.

Stocks dropped after last Thursday's new highs. Dow lost 44.05 (0.26%) to 17,024.21. S&P500 edged back 7.79 (0.39%) to 1,977.65. Chance is large y'all will see a significant stock peak this month.

More interesting to me than the raw stock performance is stocks' performance against metals. Dow in silver has continued to rise, another 0.51% today to 810.14 oz (S$1,047.45 silver dollars) and has bounced off its 200 DMA and punctured its steep downtrend line. Nothing yet suggests anything more than an ordinary correction here.

Dow in gold was flat today at 12.93 oz (G$267.29 gold dollars). It has reached important resistance made stiffer by the confluence of the 20 DMA (13.00 oz/G$268.73) and 50 DMA (19.97 oz/G$268.11).

Currencies flat lined today except for the yen. US dollar index lost one measly basis point to end at 80.26, euro lost 0.02% to $1.3605. Yen rose 0.32% to 98.19, but did no more than creep above its intertwined 20 and 50 DMAs. Remains within that long even-sided triangle.

Aurum et argentum comparenda sunt -- -- Gold and silver must be bought.

- Franklin Sanders, The Moneychanger
The-MoneyChanger.com

© 2014, 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.

The Gold Price Rose $1.40 this Week Closing at $1,320.40

	27-Jun-14	4-Jul-14	Change	% Change
Gold Price, $/oz.	1,319.00	1,320.40	1.40	0.1
Silver Price, $/oz.	21.077	21.089	0.012	0.1
Gold/silver ratio	62.580	62.61	0.03	0.0
Platinum Price	1,478.50	1,492.00	13.5	0.91
Palladium Price	843.25	862.00	18.75	2.22

3 Day Gold Price Chart

30 Day Gold Price Chart

3 Day Silver Price Chart

30 Day Silver Price Chart

Franklin did not publish commentary today, if he publishes later it will be available here.

Aurum et argentum comparenda sunt -- -- Gold and silver must be bought.

- Franklin Sanders, The Moneychanger
The-MoneyChanger.com

© 2014, 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.

Silver and Gold Prices are Coming Off Overbought Conditions, So it is Logical for them to Fall Further

	27-Jun-14	3-Jul-14	Change	% Change
Gold Price, $/oz.	1,319.00	1,320.40	1.40	0.1
Silver Price, $/oz.	21.077	21.089	0.012	0.1
Gold/silver ratio	62.580	62.611	0.031	0.0
Silver/gold ratio	0.0160	0.0160	-0.0000	-0.0
Dow in Gold Dollars (DIG$)	264.11	267.22	3.11	1.2
Dow in gold ounces	12.78	12.93	0.15	1.2
Dow in Silver ounces	799.54	809.34	9.81	1.2
Dow Industrials	16,851.84	17,068.26	216.42	1.3
S&P500	1,960.96	1,985.44	24.48	1.2
US dollar index	80.07	80.27	0.20	0.2
Platinum Price	1,478.50	1,506.10	27.60	1.9
Palladium Price	843.25	862.30	19.05	2.3

3 Day Gold Price Chart

30 Day Gold Price Chart

3 Day Silver Price Chart

30 Day Silver Price Chart

Stocks did well for the week, silver and GOLD PRICES went sideways, platinum and palladium climbed. US dollar index reversed.

Comex today saw the GOLD PRICE lose $10.30 (0.9%) to $1,320.40 and silver give up 16.5 cents to 2108.9c.

Both silver and gold prices are coming off overbought conditions, so it is logical for them to fall further. Gold's low today hit $1,309.40. A 50% correction of the move from $1,258.00 on 17 June would take gold to $1,396.45. A close above $1,334.90 would knock that expectation in the head and shout that gold is going higher.

If the SILVER PRICE corrected half of its last rise it would fall back to 2042c, not coincidentally the current location of its 200 DMA also (2040c). But look out: a close above 2133.5c says silver wants to hit 2220c before it rests.

Looking across markets the two charts that jump out and slap me are the US dollar index and the Ten Year Treasury note yield. The Dollar Index because it spiked down two days ago, reversed slightly, then today jumped 29 basis points(.036%) to close at 80.27. It sliced into its 50, 20, and 200 day moving averages but only closed above the 50, above internal resistance about 80.25, and above the risk of falling to the center of the earth. That last was a distinct possibility three days ago.

This new found dollar strength landed like a ball peen hammer on the euro and yen. Euro sank from $1.3650 to a low of $1.3596 but closed down 0.36% at $1.3608. Twenty day moving average stands at $1.3602 as well as support, so breaching $1.3600 should put the euro back into free fall mode. Yen fell all the way to the bottom side of the long narrow even-sided triangle it had been building, and had been wanting to escape skyward. It sank 0.39% to 97.87.

For now, the US dollar has 'em all on the run. Think of the strongest leper chasing the other lepers out of the leper colony, nothing more.

After attempting to pierce its intermediate downtrend line in mid-June, the 10 year Treasury yield fell back, but to a higher low than May's. Day before yesterday it gapped up. Yesterday it jumped through its 20 and 50 DMAs AND broke through that downtrend line. Today it jumped clean away, nearly hit the 200 DMA (2.696%), and closed 0.75% higher at 2.648%. I can't quite parse that. Maybe the market thinks an improved economy per the jobs report means the Fed will let interest rates rise sooner -- senseless wind, all, but Zero Interest Rate Policy is the keystone of central bank control, and if the market wrestles interest rate control from the Fed's hands, Janet Yellen will need not one but two therapists AND a case of Scotch.

Stocks made another marginal new high, floating atop the lying employment report. Dow gained 0.54% to close at 17,068.26 and the S&P500 gained 10.82 (0.55%) to 1985.44. Both are making new highs on falling volume. Imagine one of those old Tarzan movies with Johnny Weissmuller. Remember what happened when the English heard the drums in the distance? How all the bearers in the safari threw away their bundles and ran away? "Bad juju, bwana!" That falling volume is those drums beating in the jungle, but the Wall Street English are so complacent they are paying no attention.

Dow in silver turned up again and broke through its steep downtrend line. Ended up 0.68% to 806.06 oz (S$1,042.18 silver dollars) After that steep fall all through June and a severely overbought condition, some upward correction has been overdue.

Dow in gold also broke through its downtrend line today and hit a resistance line left over from April and May trading. Closed up 1.12% at 12.93 oz (G$267.29 oz).

Both indicators have needed an upside correction. It will tell us whether the June peaks were permanent downturns or not.

I hope y'all have a wonderful Fourth of July, but as you do you ought to remember that the human drive to tyranny is so great that freedom must be won anew by every generation. Today most of us think we have too much to lose to risk life, liberty, or property for liberty. The irony is, you won't keep property if you lose liberty.

Y'all enjoy your weekend!

Aurum et argentum comparenda sunt -- -- Gold and silver must be bought.

- Franklin Sanders, The Moneychanger
The-MoneyChanger.com

© 2014, 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.

Silver and Gold Prices Both Rose Today with the Gold Price Closing at $1,330.70

2-Jul-14	Price	Change	% Change
Gold Price, $/oz	1,330.70	4.30	0.32%
Silver Price, $/oz	21.25	0.19	0.89%
Gold/Silver Ratio	62.609	-0.352	-0.56%
Silver/Gold Ratio	0.0160	0.0001	0.56%
Platinum Price	1,509.70	-3.50	-0.23%
Palladium Price	857.80	2.80	0.33%
S&P 500	1,974.62	1.30	0.07%
Dow	19,976.24	20.17	0.10%
Dow in GOLD $s	310.32	-0.69	-0.22%
Dow in GOLD oz	15.01	-0.03	-0.22%
Dow in SILVER oz	939.88	-7.39	-0.78%
US Dollar Index	79.98	0.14	0.18%

3 Day Gold Price Chart

30 Day Gold Price Chart

3 Day Silver Price Chart

30 Day Silver Price Chart

In the teeth of all my worries silver and GOLD PRICES both rose today. Gold gained $4.30 (0.32%) to 1,330.70 on Comex while silver augmented 18.7 cents to 2125.4c.

Just to be picky about it, gold actually closed on Comex higher than the last (April 14) high, $1,330.70 today against $1,327.20 then. Anyway, you'd expect it to pause a bit to hammer through that high. Still, the clock is ticking, and when markets don't rise, they fall. Yes, that does sound like a profound but senseless tautology, but what I mean is that when markets stop progressing and lose momentum, they fall back. Leave it here: the GOLD PRICE needs to rise tomorrow, because it can't float here under resistance forever.

The SILVER PRICE advanced to 2125.4c, above the range that had entrapped it. It needs to show strength by closing over 2150c, and remains very overbought on it's Relative Strength Index.

Market has a proverb: "Bull markets climb a wall of worry." Here I am exampling it for y'all in living color.

Here are some questions from a reader which many of y’all may share. Be warned to filter whatever I say thru the filter of knowing that I buy and sell silver and gold, and have done for 34 years, so my bias leans very much toward hard money.  That doesn’t say I am automatically wrong or right, it merely reveals my worldview.

Question: I see some recommendations that IRAs invested in the stock market should be moved them to an IRA funded in physical gold or silver. What do you think of this?

Answer. Fundamentally the stock market’s rise since 2009 has been driven by the Federal Reserve’s massive creation of new money, roughly quadrupling the money supply.  Historically, there’s no precedent for this.  The Fed has avoided a hyperinflation in consumer prices in large part because the new money has been drained into and has driven the stock market.  Instead of inflating consumer prices, the new money has inflated asset prices.

Fundamentally, this promises that whenever the Fed stops creating new money, the stock market will stop rising.  Why?  Not economic outlook but inflation is driving stocks higher.  Remove the cause (inflation), then the outcome (higher stock prices) ceases.  The Fed has already begun removing the cause with its “tapering” since December 2013.

Technically stock indices have formed a huge bearish rising wedge since 2009, which portends a breakdown and much lower prices.  More, since 1995 the Dow and S&P500 have formed an enormous head and shoulders top that presages a huge drop.  Third, stocks are at the top of a 300 year up cycle, which implies correcting a 300 year up move and therefore much lower prices.

You are watching that topping process now, and it should be complete by the end of this year, perhaps sooner.  

Meanwhile, the massive inflation 2008 - now will eventually send up silver and gold prices, because fear of inflation creates the monetary demand that drives silver and gold higher.  All these reasons lead to only one conclusion:  sell stocks and put the proceeds into silver and gold.

Question: I have seen another recommendation to cash out IRA accounts and pay the tax and penalty, then invest in gold and/or silver.

Answer: An IRA puts you in partnership with the federal government, and they are the senior partner.  They make the rules, and they can change the rules at any time.

Ownership has two parts, title and control.  You have title to your IRA, but the government has control.  That may not bother you, but if you want control, too, you may only secure that by closing the IRA and paying the taxes and penalty.  That is the price of getting control of those assets.  Every individual has to weigh that against his own personal desires and prudence, asking, “Is it worth the price?”  Only you can answer that question.  Personally, I want no partnerships with the federal government, but everyone doesn’t think as I do.

You have another alternative, a Precious Metals IRA, i.e., sell the stocks within the IRA and put the proceeds into precious metals held by the IRA.  For this you must move your IRA from whoever now manages it to New Direction IRA in Louisville, Colorado, our recommended IRA trustee.  See http://newdirectionira.com/

Once you have transferred management of your IRA to New Direction and the funds are on account there, you can call us and order precious metals. They will be shipped to the IRA custodian of your choice.

Now to markets:

Buoyed by a lying employment report from the yankee government the US dollar caught wave today and surfed up 0.18% (14 basis points). This gainsaid my expectation, proving that the Dollar deserves a starring role in a Freddy Kruger movie. It jumped up enough to close above that downtrend channel line it had fallen through two days ago, bouncing off a scroungey internal support line. I've been bitten and fooled by the US dollar index so many times I'm not sure what to make of this, but if it climbs over 80.17, the 50 DMA, it has a chance to rally.

Yen took it on the chin (a rhyme if you live in the South where we know no short e before n). Lost 0.25% to 98.25, falling like your glasses out of your breast pocket and into the lake, slicing through the 200 DMA (98.47). Still range-trading.

Euro shrank back like the Wicked Witch of the West facing a bucket of water. Dropped back 0.16% to $1.3659, below the 200 DMA ($1.3669). A close below $1.3600 nixes any chance of a rally.

Stocks millimetered up today (I'm going metric-- NOT). Dow added 0.12% (20.17) to 16,976.24. S&P500 "rose" 1.3 (0.07%) to 1,974.62. This has become a waiting game, waiting for the big break. Be patient.

Dow in gold gained 0.04% to 12.78 oz (G$264.19 oz), flat from yesterday. Dow in Silver dropped 0.49% to 800.58 oz (S$1,035.09 silver dollars), bouncing off the very steep downtrend line. If a corrective rally is about to happen, this would be a likely place for it to start.

Aurum et argentum comparenda sunt -- -- Gold and silver must be bought.

- Franklin Sanders, The Moneychanger
The-MoneyChanger.com

© 2014, 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.

The Gold Price Added $4.60 to Close at $1,326.40

1-Jul-14	Price	Change	% Change
Gold Price, $/oz	1,326.40	4.60	0.35%
Silver Price, $/oz	21.07	0.06	0.29%
Gold/Silver Ratio	62.961	0.039	0.06%
Silver/Gold Ratio	0.0159	-0.0000	-0.06%
Platinum Price	1,513.50	32.50	2.19%
Palladium Price	855.00	11.45	1.36%
S&P 500	1,973.32	13.09	0.67%
Dow	19,956.07	129.47	0.65%
Dow in GOLD $s	311.01	0.94	0.30%
Dow in GOLD oz	15.05	0.05	0.30%
Dow in SILVER oz	947.27	3.46	0.37%
US Dollar Index	79.84	0.03	0.04%

3 Day Gold Price Chart

3 Day Silver Price Chart

Today the GOLD PRICE added $4.60 and closed Comex at $1,326.40. The silver price rose 6 cents to 2106.7c.

The GOLD PRICE closed right at resistance/support, where it has stopped several days. This was not a good day, although the Comex chart shows a rise. The all day chart shows gold trading up into a new high for the move at $1,334.90 while it closed lower than yesterday (remember, this is not the Comex chart, which closes at 1:30 eastern time, this is the all day chart). Yesterday's end of day close was $1,327.80, so today's action posts the first half of a key reversal. To confirm that gold must close lower tomorrow. I actually expect gold has considerably more upside left in it, to $1,350 or $1,370 at least, but I just report what the chart says.

The SILVER PRICE did not mirror gold's possible key reversal, but it did close the day lazily about the same place as yesterday. I don't like that or the rising flag on the chart, or the massively overbought RSI, which begs for a correction.

O, jubilate, friends! Happy days are here again. Dow closed at a new high today, up 129.47 (0.77%) to 16,956.07. Nor did the S&P500 lag far behind but rose 13.09 (0.67%) to 1,973.32. All against the seasonal pattern, they are still rising. Y'all just be patient. Stocks are only building up steam for the biggest crash of this century and the last.

So (I believe) do the Dow in Gold and Dow in Silver agree with me. both appear to have topped, but both I confess still need confirmation. Having dropped for 25 calendar days, the Dow in silver has hooked up a tiny bit. Closed today up 0.7% to 804.56 oz (S$1,040.24 silver dollars), just above the 200 DMA at 792.32 oz (S$1,025.71).

Dow in gold equivocates more. It rose 0.85% to 12.78 oz (G$264.19 gold dollars). I call it equivocating because unlike silver, which has broken down from a rising bearish wedge formed over many months, the Dow in Gold still hasn't managed to break down out of its rising trend channel.

I await, as I am always awaiting, ore confirmation, but if I owned stocks, which I do not, I would sell them now and put the proceeds into silver and gold.

Just a little footnote here about interest rates. The Ten year Treasury note yield was knocked back two weeks ago when it met its downtrend line, but only made a higher low than May's low. Today it rose, and is building an even-sided triangle which it will meet above about 2.6%. Watch it: the central bankers' hopes all ride on that interest rate not rising.

After breaking down 26 basis points and through two support lines and various moving averages in the days preceding, US Dollar index roared back today with a three (3) basis point rise, almost enough to see if you put your nose right up on the screen. Just looks puking dog sick, and liable to drop to 79.40 whatever Mother Janet and the Nice Government Men do. If it breaks the last low, 78.93, nothing stands below to catch it.

I think they ought to change the name of the Euro to the Gyro to put some meat in it. Euro is just rallying away. Climbed over its 200 dma yesterday and hit its 50 DMA today but did not puncture it. Closed down 0.10% at $1.3679 but 'twill rise higher. Yen has also broken out from its short term down trend and risen above its 200 DMA. Just above about 99 stands the upper boundary of a long even-sided triangle. If the yen can clear that, it can run. Down 0.2% today to 98.58, touching back to its 200 DMA. Nothing negative about that, just went back for a final kiss good-bye.

On 2 July 1836 President Andrew Jackson announced to Congress James Smithson's bequest of 100,000 gold sovereigns (23,540 oz fine gold) to found an institution in Washington.

Aurum et argentum comparenda sunt -- -- Gold and silver must be bought.

- Franklin Sanders, The Moneychanger
The-MoneyChanger.com

© 2014, 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.