Gold Price Pierced the $1,630 Resistance and Has $1,680 Firmly in its Sights

Gold Price Close Today : 1642.00 Change : 8.20 or 0.5% Silver Price Close Today
: 2993.50 Change : 7.50 cents or 0.3% Gold Silver Ratio Today : 54.852 Change :
0.137 or 0.3% Silver Gold Ratio Today : 0.01823 Change : -0.000046 or -0.2%
Platinum Price Close Today : 1491.90 Change : 73.90 or 5.2% Palladium Price
Close Today : 644.30 Change : -22.95 or -3.4% S&P 500 : 1,292.48 Change : 0.40
or 0.0% Dow In GOLD$ : $ 156.73 Change : $ (0.77) or -0.5% Dow in GOLD oz :
7.582 Change : -0.037 or -0.5% Dow in SILVER oz : 415.88 Change : -1.03 or -0.2%
Dow Industrial : 12,449.45 Change : 0.40 or 0.0% US Dollar Index : 81.31 Change
: 0.503 or 0.6% The GOLD PRICE pierced that ($1,630) resistance level and
ratcheted to the next resistance level, $1,640. Closed today $8.20 higher at
$1,639.20, but high came at $1,646.97. Gapped up on the open and never traded
lower than $1,633.49, higher than yesterday's close. Strong, solid gain. GOLD
has $1,675-$1,680 firmly in its sights and is marching that way with resolute
dedication. The SILVER PRICE met opposition today that muffled its enthusiasm.
It gained only 7.5c to 2985.8c and with at a 3027c high failed to penetrate that
resistance. Should do so tomorrow, as today it built an even-sided triangle,
which tells us SOMEthing will happen tomorrow. Must-hold level remains 2960c.
Look for silver at 3100c soon, maybe tomorrow. Get out of its way! Buying U.S.
90% SILVER coin rather than Silver Eagles over the last few years has saved
investors from $3.25 to $2.25 PER OUNCE. You can buy more than 10% MORE silver
by dodging the Eagles and purchasing 90% instead. And don't let anybody fool you
about recapturing the premium when you sell at market peak. I've been there, and
you won't. At the peak nobody asks, nobody asks, "What KIND of silver do you
have?" They only ask, "How MUCH silver do you have?" Always buying the least
expensive (but still liquid) form of silver or gold greatly increases your
investment's leverage, because it increases the ounces you own. TODAY silver and
gold kept up their advance, the US dollar resumed its role as Big Bully Of
Filthy Fiat, and stocks seem to be hovering at their arc's top preparatory to an
earthward plunge. Some stock indices rose, some fell today, reflecting fear and
indecision. Dow fell 13.02 to 12,449.45, S&P500 gained a flea-bite 0.4 to
$1,292.48. Charts have look and feel of a dying advance. US dollar index bellied
up to the table and chug-a-lugged another 50.3 basis points (0.65%) to end at
81.308. This takes the buck back to where this bar-fight started over the
weekend with a new high at 81.50. Tomorrow the dollar will finish this fight by
breaking beer bottles over its opponents heads, pitching them out of the bar,
and closing the doors higher. Dollar rally continues. Euro and yen both closed
lower. Yucky yen closed 130.12c/Y100 (-.04%) and scrofulous euro closed at
1.2709, down 0.52%. For the moment, the dollar has 'em licked, but it's every
bit as sorry as they are. Well, that's not quite right, but it's still plenty
sorry. Argentum et aurum comparenda sunt -- -- Gold and silver must be bought. -
Franklin Sanders, The Moneychanger The-MoneyChanger.com © 2012, 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.