The Gold Price Could Easily Close Above $1,600 Tomorrow, and Hit $1,625 or More

Gold Price Close Today : 1585.20 Change : 23.30 or 1.5% Silver Price Close
Today : 38.148 Change : 2.519 or 7.1% Gold Silver Ratio Today : 41.55 Change :
-2.284 or -5.2% Silver Gold Ratio Today : 0.02407 Change : 0.001254 or 5.5%
Platinum Price Close Today : 1756.30 Change : 23.50 or 1.4% Palladium Price
Close Today : 777.60 Change : 12.55 or 1.6% S&P 500 : 1,317.72 Change : 4.08 or
0.3% Dow In GOLD$ : $162.90 Change : $ (1.82) or -1.1% Dow in GOLD oz : 7.880
Change : -0.088 or -1.1% Dow in SILVER oz : 327.45 Change : -21.90 or -6.3% Dow
Industrial : 12,491.61 Change : 44.73 or 0.4% US Dollar Index : 75.16 Change :
-0.650 or -0.9% Sorry, business takes me to East Tennessee tomorrow and I won't
be back until Saturday, so I won't be sending commentaries tomorrow or Friday. I
seem to remember a point back in April as silver was peaking when it gained 8%
in one day. Today it gained in one flat-footed leap 7.1% or 251.9c to close at
3814.8c. Gold added 1.5% or $23.30 to close at $1,585.20. Meanwhile, the dollar
fell. Overnight the Gold Price backed off to $1,565, but had eased up to up to
$1,575 by New York open. About 9:00 all the nay-sayers ran for cover, and gold
shot steadily up to $,1587.7 at 11:15. Rest of the day rolled over a little.
Comex closed $1,585.20, up $23.30. Probably the Bernancubus' statements helped
drive gold higher. Only a fool would stand in the way of a rally like this. When
it tops it will begin to waver, to back and fill, but that ain't yet. Could
easily close above $1,600 tomorrow, and hit $1,625 or more. CAREFUL! Rapid rises
tend to be spongy and turn around quickly. Keep reminding yourself that as gold
rises, just to retain a philosophical outlook. To turn down the Gold Price would
have to close below $1,560. Look for the NGM to attack it tomorrow. They whacked
the dollar today so are now free to turn their attention to gold and silver.
Won't matter, unless some cure is found for the European financial crisis. After
gapping up yesterday to a new all-time high gold moved up to another new
all-time high in euros, closing at E1,121. As I guessed, the Silver Price poked
its nose thru the 50 day moving average at 3616c and panicked all its enemies
and short sellers. 251.9c gain in one day is a huge move, for silver or anything
else. By 9:00 silver had already hit 3700c, then perhaps Bernancubus' remarks
about his future monetary generosity kicked in and drove silver to a high of
3840c. Comex closed 3814.8c, but could drive thru 3850c tomorrow, which sets it
up for another leap straight up to 4000c - 4100c. The Silver Price will move
much higher. Somebody told me the Bernancubus' said in his comments today that
gold is not money. Poor ol' boy's been hanging out in them Ivory League colleges
too long. If he pulled down the United States Code off his shelf and read Title
31 he would find that all sorts of gold coins are legal tender -- "money" --
under United States law. I reckon they don't teach them economists to read when
they're playing in the Ivory League. Only a natural born fool from Tennessee
would go to the trouble of pulling down the law book and reading the law.
Economists are above that. Dollar fell today to 75.159, down 65 basis points or
0.84%. That was a Birth Certificate sort of day, appearing to show one thing but
pointing at another. No doubt Bernancubus' Nice Government Men, together with
the Euro NGM, have been sweating bullets and losing sleep trying to keep that
dollar down and the Euro up. They work together, you know. All that was
necessary was to push the dollar thru 75.50 and the stop orders and nervous
traders did the rest, carrying it down to 75.159, now trading at 74.968, down
84.1 basis points. Let's see -- European financial crisis, gold up 1.5%, euro
sinking out of sight yesterday nearly through its 200 DMA, AND the dollar sinks.
Sure, that makes sense. Yeah, that's SOME birth certificate. More, the
Bernancubus unlimbered Samson's best weapon today to talk the dollar down
allowing how he'd supply more "stimulus" if needed. I hope y'all have caught on,
but I wonder when everybody else will stop paying attention to this wretched
sideshow and dump dollars altogether as too big a mess to be borne. Stocks were
buoyed a bit by the Bernancubus-ism's rolling out of the Sybillic lips today,
but it was nothing worthy of awe. Stocks' high today took them up 165 points,
but they closed up only 44.73 points (Dow at 12,491.61). You may call that a lot
of things, but "strong" ain't one of 'em. Stocks -- the broken tooth in the Hall
of Investor Dental Health. On 13 July 1931 the German Danabank failed, leading
to closing all German banks until August 5. The more things change, the more
they stay the same. Argentum et aurum comparenda sunt -- -- Gold and silver must
be bought. - Franklin Sanders, The Moneychanger The-MoneyChanger.com © 2011,
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 $195.66; stocks' primary trend
is down, targeting Dow under 2,900 and worth only one ounce of gold; US$ or
US$-denominated assets, primary trend down; real estate in a bubble, primary
trend way down. Whenever I write "Stay out of stocks" readers inevitably ask,
"Do you mean precious metals mining stocks, too?" No, I don't. 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 outlook. I write them for long-term
investors in physical metals. Take them as entertainment, but not as a timing
service for futures.