Gold Price Close Today : 1651.50 Change : 16.40 or 1.0% Silver Price Close
Today : 31.620 Change : 0.447 cents or 1.4% Gold Silver Ratio Today : 52.23
Change : -0.223 or -0.4% Silver Gold Ratio Today : 0.01915 Change : 0.000081 or
0.4% Platinum Price Close Today : 1543.20 Change : 27.20 or 1.8% Palladium Price
Close Today : 640.00 Change : 23.00 or 3.7% S&P 500 : 1,254.19 Change : 15.94 or
1.3% Dow In GOLD$ : $149.12 Change : $ (0.15) or -0.1% Dow in GOLD oz : 7.214
Change : -0.007 or -0.1% Dow in SILVER oz : 376.77 Change : -2.04 or -0.5% Dow
Industrial : 11,913.62 Change : 104.83 or 0.9% US Dollar Index : 76.04 Change :
-0.474 or -0.6% The GOLD PRICE upside down head and shoulders that appears on
it's five day chart confirmed itself again today. Bottom of the head last
Thursday came at $1,605, neckline stands about $1,660, so that gives a target of
$1,715. Any trading below $1,635 would gainsay that outlook and send GOLD down.
However, I believe we will see higher prices for a few days. Comex closed gold
today at $1,651.50, up $16.40 (0.4%) The SILVER PRICE is riding the same train
with GOLD . 3200c is now silver's barrier above. Comex closed today at 3162c, up
44.7c (1.4%). Silver must hold 3125c or destroy its optimistic pattern. Target
is about 3400c. Pssst! Don't tell anybody, but things are not going well in
Euro-land. Sarcophagus and Ferkel are not getting along. At one point this
weekend folks down the hall could hear them yelling at each other, and
Sarcophagus was making snide remarks remarks about Ferkel eating cheese when she
was supposed to be on a diet. The meeting decided on only one thing for certain:
to hold another meeting in four days. Meanwhile all sorts of financial
gymnastics are being suggested so that Greece doesn't have to use the D-word.
Banks want their haircut limited to 40%, while autocrats say they'll have to
take a 60% loss. Just to put all this into perspective against the
Grand-Canyon-ness of the sovereign debt mess, the 440 million euros already in
the European Stabilization Fund would not suffice to pay off Greece's debt by
itself, let alone any of the other bankrupts. The crisis has not ended, the
public is simply refusing to register it. Witness US stocks today, playing on
the slopes of a smoking, steaming Mt. Vesuvius in Europe. Dow rose 104.83
(0.89%) to 11,913.62 while the S&P500 outpaced the Dow, rising 15.94 (1.29%).
Not because I am a spoilsport only, but out of curiosity I ask in passing, "If
European banks are trashed, can US banks escape unscathed? The US economy?" I
fell like the fellow in the movie, "They Live", who finds the special sunglasses
that enable him to see that aliens are walking around running the earth. Am I
the only one who can see these things? Surely not, but then, I don't work for
any government or central bank. I'm just a natural born fool from Tennessee, not
smart like them fellers. US DOLLAR INDEX dropped today to 76.04, losing 47.4
basis points or 0.61%. That carries the $ index down past its 50 day moving
average (DMA, now 76.41) and almost to its 200 DMA (now 75.84). If my
expectation is correct, the dollar index ought to catch and hold here, and soon
begin turning up. Euro rose 0.26% to 139.29, and is not exactly burning up the
boards, blocked at 1.395, and not benefiting from the insane euphoria over this
past weekend's non-event. True, the euro did cross above its 50 DMA (138.82) so
mayhap this will be the last push up that carries the Euro to its 200 DMA
(140.65) and the end of its rally. The yen keeps on refusing to behave. After
last Friday's new all time high, it closed higher than Friday's close at
131.43c/Y100 (Y76.07/$1), up 0.24%. Nice Government Men in Tokyo better catch it
soon or they may have to deal with a financial earthquake. Y'all need to read
Michael Lewis' book, Boomerang: Travels in the New Third World, not because he
draws the right conclusions but because he shows the vastness of the insane
booms in Iceland, Ireland, Greece, German banks, and US state and municipal
governments. With an obtuseness that stretches credulity, he concludes that our
evolutionary "lizard core" is to blame. To reach that gem, he had to ignore (1)
that without banks there can be no credit-fed boom, because they create the
credit, and (2) without governments offering them, there would be no cushy
government jobs and pensions for folks to grab at. You build a system driven by
greed, then are SURPRISED that it brings out greed in people? Well, there's a
lizard in there somewhere, I reckon, but I can't find him. Maybe he's hiding
behind banks and governments. Y'all read the book anyway. 218 pages on a big,
fat leading, so it'll take about 4 hours to read. On 24 October 1929 Black
Thursday hit Wall Street in the fist day of the stock market crash that kicked
off the Great Depression. 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
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.
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