Gold Price Close Today : 1615.60 Change : 21.20 or 1.3% Silver Price Close
Today : 2949.60 Change : 67.40 cents or 2.3% Gold Silver Ratio Today : 54.774
Change : -0.545 or -1.0% Silver Gold Ratio Today : 0.01826 Change : 0.000180 or
1.0% Platinum Price Close Today : 1432.00 Change : 24.70 or 1.8% Palladium Price
Close Today : 625.45 Change : 16.80 or 2.8% S&P 500 : 1,205.35 Change : -14.31
or -1.2% Dow In GOLD$ : $150.55 Change : $ (3.28) or -2.1% Dow in GOLD oz :
7.283 Change : -0.159 or -2.1% Dow in SILVER oz : 398.91 Change : -12.80 or
-3.1% Dow Industrial : 11,766.26 Change : -100.13 or -0.8% US Dollar Index :
79.83 Change : -0.421 or -0.5% Mercy! The SILVER and GOLD PRICE had a field day.
On Comex the GOLD PRICE rose $21.20 (1.3%), smashed through $1,605 resistance,
and closed $1,615.60. Silver rose 67.4c (2.3%)to 2949.6. That's good, but it
ain't exactly crossing over Jordan into the promised land just yet. Above lies
resistance at $1,625, then $1,650, then $1,687. If this rally exceeds $1,675 it
will command our attention and respect. Till then it earns only watching. And
we'll find out something about that last low ($1,562.50) when this little
rally-ette runs out of steam. The SILVER PRICE shone with a 2.3% rise, and
Mondays trading looks like some sort of bottom -- permanent or interim is
another question -- but now the rally meets real resistance at 2980. Must clear
that barrier to maintain its reputation. To give y'all a nearer idea where today
brings silver, think on this: the down trend line stands overhead at 3050c.
Today's high reached only 2959c. All today's work was constructive, but settled
nothing. Silver and gold remain in downtrends. They are only corrective
downtrends, interrupting a primary bull market (uptrend), but down for the nonce
still. Appears I got it exactly wrong at the exact bottom, facing yesterday's
outlook to today's performance. Ahh, the obese female hath not yet sung her
aria, so let me cover my embarrassment with patience. Euphoria's mother today
was a pledge from Europe to pony up 150 bn euros ($196 bn), which they don't
have, to the IMF to apply to the European debt crisis, where the questionable
debt amounts to $3 trillion, 15 times the magnanimous contribution. ECB also
widened its support for bond markets (NYT-speak for I don't know what), German
economic confidence indicators rose, and the US Commerce Dep't said builders
broke ground on 9.3% more new homes in November than in October, while building
permits jumped 5.7%. This number is rock solid until the adjustments are
published next month. Yeah, buddy! All that sounds like the world economy and
the European crisis turning the corner to me. Right. Anyhow, that's how markets
reacted as if "Happy Days Are Here Again." STOCK buyers fell into a frenzy like
lemmings on their way to the coast. Dow jumped 337.32 points or 2.8% to
12,103.58. S&P 500 rose 2.98% (35.95) to 1,241.30. This positions stocks for a
triple top just above 12,200. SOURPUSS! You might say, You never have any- thing
good to say about stocks! And you'd be right, as I have nothing good to say
about any market that is in a primary down trend (bear market) and technically
looks as ratty as an old 1970s burnt orange polyester leisure suit. Technically
that took stocks above the 200 day moving average (11,936). Since they are
already above the 50 DMA (11,835), that does give them upward momentum. At least
until the next piece of bad news out of Europe sends scuttles investor hopes.
Dow will not pass 12,300; S&P500 won't rise above 1,280. I reckon time's come
for me to get more accurate and precise about the US dollar index. Today it lost
42.1 basis points, down 0.54%, to 79.829. I've been saying it needs to hold 80.
Have I changed my mind? Nope, I've just sharpened my pencil. The actual support
line is 79.84 - 79.70, site of the last two peaks. today the dollar came back to
that line, so today's action is not fatal. More than that, the uptrend line
right now stands just a mite above 79. Long as dollar doesn't break that, it
will still be rallying. Now I'm just a natural born fool, but if I were them
Nice Government Men and I wanted to boost the euro and trim the dollar, I'd wait
for some nested good news, or make some up, and then I'd buy them stock futures
real heavy early in the day, to make it look like some mad buying panic was
carrying away the public, just to sort of spark a rally like. But what do I
know? Euro today rose 0.63% to close at 1.3080. Another few points and it'll hit
my 1.3200 target where the trend line stands in its way, and stop like a wild
steer running headfirst into a concrete block wall. Japanese Yen rose 0.18% to
close 128.39c/Y100 (Y77.89/$1). Nothing happening there. 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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