Silver and Gold Price Are In a Routine Correction In a Bull Market, Keep Averaging Down

Gold Price Close Today : 1702.20 Change : 23.90 or 1.4% Silver Price Close
Today : 3294.8 Change : 183.5 cents or 5.9% Gold Silver Ratio Today : 51.663
Change : -2.279 or -4.2% Silver Gold Ratio Today : 0.01936 Change : 0.000818 or
4.4% Platinum Price Close Today : 1570.00 Change : 17.60 or 1.1% Palladium Price
Close Today : 603.05 Change : 13.65 or 2.3% S&P 500 : 1,188.04 Change : -4.94 or
-0.4% Dow In GOLD$ : $139.58 Change : $ (2.63) or -1.9% Dow in GOLD oz : 6.752
Change : -0.127 or -1.9% Dow in SILVER oz : 348.84 Change : -22.30 or -6.0% Dow
Industrial : 11,493.72 Change : -53.59 or -0.5% US Dollar Index : 78.26 Change :
-0.036 or 0.0% The GOLD PRICE and the SILVER PRICE took the FOMC announcement
the other way, or, more likely, merely bounced from yesterday's steep falls.
GOLD PRICE climbed 23.90 to close at $1,702.20, which unhappily falls short of
the $1,705 support/resistance. The breakdown at $1,712 has now become the new
resistance, so unless and until gold can conquer that price, it will continue to
fall. Underneath, first support stands at $1,670. High today reached only
$1,705.13. The SILVER PRICE was stopped by 3300c. It's still possible that we
are seeing a sort of double bottom for silver with lows at 3100c last Thursday
and at 3063 yesterday. Today silver added a meaty 183.5c to close at 3294.8 on
Comex. Yet without piercing 3300c, silver is fated to drop more. GOLD and SILVER
are in a routine correction in a bull market. Keep on averaging down as they
feel around for a bottom. I reckon it's because I have no subtlety and am
nothing but a natural born fool from Tennessee, but if there's one thing that
raises my dander and makes me want to tap dance on somebody's head, it's
bureaucratic circumlocution -- talking all around what you need to say to avoid
really saying it but trying to say it at the same time. For example, if you see
somebody's head is on fire and he doesn't know it yet, how about shouting, "Your
head's on fire!" This economical use of English conveys the needful information
with a minimum waste of letters and words. What would you think of a goof who
instead said, "Excuse me, but I believe that the kindling temperature of your
hair fibers has nearly been reached, raising the distinct but not yet certain
probability that, should conditions not change and rain not fall from the sky,
the temperature rise might result in the combustion of your entire cranial
surface." The man's head is SMOKING, goof ball! Talk plain. Not those goofs at
the Federal Reserve, who specialize in circumlocution, obfuscation, prolixity,
pleonasm, wordiness, evasion, and beating around the bush. Today the Fed
released the minutes of the 1-2 November Federal Open Market Committee. Shucked
down to the kernel, its was "maybe we might print up even more money, but then
again, maybe not." Then -- Oh, fail me not, Blessed Patience -- they discussed
options for improving their communications policies! Y'all, the ship of state
has been hijacked by clowns. Bozo and Clarabelle could do better than this, and
they'd be lots more entertaining. Markets didn't know what to make of this. Dow
had dropped 53.59 (0.46%) by day's end to 11,493.72, working its way down to the
targeted 11,250. S&P500 dropped 4.94 (0.41%) to 1,188.04. Y'all think about
this, too. Markets are as sensitive to uncertainty as Johnson Grass is to
Round-up. You spray 'em with uncertainty and they wilt. Yet the Lords of the Fed
vacillate like a dying gyroscope. Mercy, we've fallen into a lunatic asylum. US
DOLLAR INDEX went nowhere, down 3.6 basis points to 78.264. Euro closed 1.3511,
up a sliver of 0.16%. Yen dropped to 129.93c/ Y100 (Y76.96/$1). Flatlining, but
part of that might be investors laying low, anticipating the US Thanksgiving
holiday. 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.