Gold Price Close Today : 1695.90 Change : (6.50) or -0.4% Silver Price Close
Today : 3188.4 Change : (106.7) cents or -3.2% Gold Silver Ratio Today : 53.190
Change : 1.525 or 3.0% Silver Gold Ratio Today : 0.01880 Change : -0.000555 or
-2.9% Platinum Price Close Today : 1552.10 Change : -17.90 or -1.1% Palladium
Price Close Today : 587.25 Change : -15.80 or -2.6% S&P 500 : 1,164.41 Change :
-23.63 or -2.0% Dow In GOLD$ : $137.51 Change : $ (2.04) or -1.5% Dow in GOLD oz
: 6.652 Change : -0.099 or -1.5% Dow in SILVER oz : 353.81 Change : 5.00 or 1.4%
Dow Industrial : 11,280.90 Change : -212.82 or -1.9% US Dollar Index : 79.09
Change : 0.822 or 1.1% The GOLD PRICE reached up for that overhead $1,712
resistance but only got to $1,709.88. Low was $1,677.37, while the Comex closed
$1,695.90. This tells us little we didn't already know. It underscores gold's
present weakness, and highlights importance of that $1,675 support. There is
more support -- how strong I'm not sure) at $1,646.58, the 150 day moving
average. Below that lies $1,605 support (last low) and 200 DMA at $1,591. Five
day chart clearly shows the SILVER PRICE peaked yesterday at 3303, eased off,
then fell steeply in overnight trading. High today was 3262, low at 3127.5c,
while Comex closed at 3188.4, down 106.7c. Support now stands at 3125c, but the
issue will be settled at 3065c - 3000c. Both 2850 and 2600c are possible
targets. The bull market in GOLD and SILVER and the bear market in paper
currencies and stocks continues. Debt crisis emphasizes and examples all the
problems with maintaining a paper currency, and continue to confirm our
suspicion governments can only inflate. Use this correction to buy more silver
and gold on the cheap. Germany suffered a "disastrous" bond sale today, puffing
up fears that the go-wheel of the European Economy might itself be threatened by
the debt crisis. The German debt agency couldn't sell almost half of a 6 billion
euro bond sale -- no bids. That pushed Germany's cost of over-ten-year borrowing
above the US for the first time since October. (paraphrased from a Reuters
report.) It gets worse. Belgian government's deal with France to bail out the
bank Dexia for $120 billion is unravelling. Fitch Ratings reported that France
was bumping up on limits that threaten its AAA credit rating. The Germans won't
budge toward taking on the debts of all Europe, and the banks won't write off
the debt, and the junior Euro countries can't stop spending without facing
revolutions. No statesman appears to cut this Gordian knot, so they keep on
dithering at loggerheads, the most surely fatal response in a crisis. To all
this fun the euro responded by gapping down 1.38% to 1.3325. It's nearing the
last low at 131.64. When it breaks that, well, imagine one of those gigantic
slides at a fun park that somebody has rubbed down with lard, and you'll get a
hint of how fast the euro will drop. The yen dropped 0.53% to 129.22c/Y100
(Y77.39/$1). One must suspect that the yen had official help doing that. US
dollar index punched through 78.50 resistance and rose 82.2 basis points
(1.06%), surmounting the round number 79 to trade at 79.09. Last high (October)
reached 79.84, and that's the last resistance standing in the dollar's road. A
close above that sets it flying. Of course, Bumbling Ben may decide to intervene
before that happens. Funny, although nobody admits it, currency markets are
playing out just like they did under the competitive devaluations during the
1930s, and, I suspect, for much the same reasons. I am writing this at 13:16
Central time, before the market closes at 15:00 my time, but there's not much
doubt which way stocks will close today, since they're already swirling the
drain. Dow has fallen 212.82 (1.85%) to 11,280.90, right at my 11,250 target.
S&P500 is down 23.63 (2%) at 1,164.41. Good chance Dow will bounce from here,
but if it slices through 11,200, say Good-bye! to another thousand points. Y'all
have a happy and blessed Thanksgiving, and remember that the FIRST American
Thanksgiving was not celebrated in New England in 1621, but farther south at
Berkeley Plantation in Virginia on 4 December 1619. 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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