The Gold Price Today Reached a New Intraday High as Well as a New Closing High

Gold Price Close Today : 1,628.30 Gold Price Close 22-Jul : 1,601.30 Change :
27.00 or 1.7% Silver Price Close Today : 4009.2 Silver Price Close 22-Jul :
4011.3 Change : -2.10 or -0.1% Gold Silver Ratio Today : 40.614 Gold Silver
Ratio 22-Jul : 39.920 Change : 0.69 or 1.7% Silver Gold Ratio : 0.02462 Silver
Gold Ratio 22-Jul : 0.02505 Change : -0.00043 or -1.7% Dow in Gold Dollars : $
154.16 Dow in Gold Dollars 22-Jul : $ 163.71 Change : $ (9.54) or -5.8% Dow in
Gold Ounces : 7.458 Dow in Gold Ounces 22-Jul : 7.919 Change : -0.46 or -5.8%
Dow in Silver Ounces : 302.88 Dow in Silver Ounces 22-Jul : 316.14 Change :
-13.25 or -4.2% Dow Industrial : 12,143.24 Dow Industrial 22-Jul : 12,681.16
Change : -537.92 or -4.2% S&P 500 : 1,292.28 S&P 500 22-Jul : 1,345.02 Change :
-52.74 or -3.9% US Dollar Index : 73.868 US Dollar Index 22-Jul : 74.224 Change
: -0.356 or -0.5% Platinum Price Close Today : 1,778.10 Platinum Price Close
22-Jul : 1,795.40 Change : -17.30 or -1.0% Palladium Price Close Today : 826.10
Palladium Price Close 22-Jul : 806.95 Change : 19.15 or 2.4% I got home a bit
earlier than expected, so have an opportunity to send y'all a commentary. Behold
the scoreboard! The Gold Price moved to new resistance area, the Silver Price
held on, Stocks down 4.2%, platinum lost a little, palladium jumped 2.4%. The
Gold Price today reached a new intraday high as well as a new closing high. When
New York opened today the Gold Price was wallowing at $1,615, then launched like
a rocket clean thru $1,625 resistance to $1,632.45. My $1,625 target has now
been reached -- let's see if gold can reach $1,670, too. Comex closed up $14.90
at $1,628.30. Not clear to me, after last week's performance, that gold is being
driven by the US debt ceiling farce or not. Certainly, that is contributing to
gold's ebullience, but last week when the Euros "solved" Greece's crisis with a
bailout, gold fell the first day and completely recovered the next. More than
fear is driving gold, but more what? Debt ceiling limit day falls on 2 August,
so it will be interesting to see what happens. That is hanging over the gold
market like a cloud, and when it is removed gold will react one way or the
other. Everybody expects it to drop, so maybe gold will oblige by rising. No
sure thing here, EXCEPT that over the next 3 - 10 years gold will move higher.
The Silver Price gained nothing this week, but that doesn't quite tell the whole
story. It performed well up until Wednesday and Thursday, when it staged a usual
correction. Today it regained most of that loss, but 4100c remains as solid
resistance. Comex silver closed at 4009.2, up 31.3c. Are we watching silver
assume more monetary allure? Rather than falling away from gold as it responds
to financial crisis, it has been rising. That shift has been taking place
throughout the precious metals bull market, but is it speeding up? Anyone with
two brain cells left to rub together would be anxious about recommending silver
and gold here, staring at a financial crisis deadline in four days, because all
their recent strength MAY have arisen out of that fear. Possible certainly they
will make another plunge downward before launching a lasting rally. STILL and
ALL, silver is proving itself more resilient. If gold is higher or steady the
second day after a debt ceiling is announced, it will extend its rally MUCH
further before stopping, and take silver thru 5000c. Stocks fainted badly toward
end of the week. Dow today closed 12,143.24, down 96.87 or 0.8% and the S&P500
fell below 1,300 to 1,292.28, down 8.39 or .65%. What meaneth this fall? It
crashed through 12,300 support, which was also below the last low and nears
12,000 support. Momentum headed earthward as Dow stands below 20 dma (12,512)
and 50 DMA (12,321). Looking sick, and if 12,000 holdeth not, greet 11,875, then
11,555.00 Stocks: the broken tooth in your Inventory of Investment Dental
Health. By the way, NEVER forget this: the Keynesian notion that government
spending and borrowing can bring prosperity, and that government can or should
run the economy, is the most pernicious political idea in the modern world.
Until that doctrine, which the Federal Reserve and yankee government follow
mindlessly, is destroyed, there is no economic hope for the United States. USA
TODAY, which is the richest source of outright stupidity and perverse
misinformation in our corner of the Milky Way Galaxy, and is written at a 4th
grade level as well, PERFECTLY encapsulated in one meager paragraph all the
wrong thinking that is killing the American economy today. It's really not often
that stupidity reaches the Olympian level, but here it is: "All things being
equal, lower governmentspending translates into slower economic growth, since it
means cuts in payments to contractors, layoffs of government employees, and
smaller entitlement checks. Already in 2011, softer government spending has
sapped growth." Get this straight: all government spending curbs economic
growth. All of it. Government produces nothing, therefore must take all its
money from producers by taxation or inflation. Government spending misdirects
resources, so is worse than merely setting a match to the bills. It actively
MALinvests resources and wastes them. Third, government spending starves genuine
entrepreneurs and producers for capital. I have another 874 points here, but
that will do for starters. With that bone out of my throat, I will continue. US
DOLLAR INDEX fell 35.4 basis points today, after climbing above 74 yesterday.
Now treading at 73.868, down but not hurting. How dare I say that? the 5 day
chart shows a sudden drop and bottom on Tuesday and Wednesday, like a spike or
island reversal (but not exactly). Of that bottom the buck launched from 73.4 to
74.4, and remember that 74.5 was the last low and so support. Dollar bottoms
slowly, and that's what this looks like. Close next week above 20 DMA (74.75)
and 50 DMA (74.81) argues dollar is headed for higher latitudes. Euro spiked up
this week, but failed after a one day gap-up rally. Now fidgeting around with
its 50 and 20 DMAs. Has failed to break thru resistance. Yen today reached a
higher high than the earthquake brought on in March, 130.17c/Y100 (Y76.82/$)
today against 128.79 (77.64) then. Expect the Nice Government Men who work for
treasury and Bank of Japan to counterattack next week to drive the yen down.
Japanese export-driven economy (in their Keynesian thinking) can't afford a high
yen. Y'all enjoy your weekend. 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.