Gold Price Close Today : 1722.80 Change : -15.10 or -0.87% Silver Price Close
Today : 3372.20 Change : -0.003 cents or -0.01% Gold Silver Ratio Today : 51.088
Change : -0.443 or -0.86% Silver Gold Ratio Today : 0.01957 Change : 0.000168 or
0.87% Platinum Price Close Today : 1625.20 Change : 3.70 or 0.23% Palladium
Price Close Today : 705.15 Change : 0.15 or 0.02% S&P 500 : 1,344.33 Change :
-0.57 or -0.04% Dow In GOLD$ : $154.13 Change : $ 1.15 or 0.75% Dow in GOLD oz :
7.456 Change : 0.056 or 0.75% Dow in SILVER oz : 380.91 Change : -0.47 or -0.12%
Dow Industrial : 12,845.13 Change : -17.10 or -0.13% US Dollar Index : 79.02
Change : 0.072 or 0.09% The Silver and GOLD PRICE have just about locked up my
mind today. Nothing about this jells. The GOLD PRICE fell $15.10 to $1,722.80,
which after Friday was to be expected. The SILVER PRICE , on the other hand,
after making a low at 3305c when New York was just opening, traded up like a
basketball released underwater, hit a high of 3378.2c, then closed -- get this
-- three-tenths (3/10) of a cent lower than Friday. That's a thorny
non-confirmation. Overnight SILVER PRICE did the expected, fell down to its next
support at 3300c, as gold did. But whence arose all that enthusiasm that floated
it back to practically unchanged? Could mean several different things. First,
NGM might have been busy pushing gold down so that the euro wouldn't tank, and
got too busy to push down silver, too. But let's deal with the non-confirmation,
which whispers that either gold's fall or silver's rise was false. And since
silver is the little brother here, which under such circumstances should be
weaker, I'm tempted to guess that gold doesn't intend to go much lower. After
all, low today was $1,713.12, fairly strong given Friday's stumble. Metals are
blowing hot and cold out of both sides of their mouth. Five-day gold chart must
not breach support around $1,715. If it does, $1,675 will be the next stop, and
despite today's puzzling non-confirmation, we ought to expect that because
that's where the short term trend is headed: down. If silver steps through
3300c, 3100c is a likely target. 50 DMA stands at 3099c. Well, a Greek Debt Deal
is still Near, but drawing nearer only glacially. For some reason, the Greeks
refuse to co-operate with their own economic rape. Hard to know who to back in
this one, the Greeks who brought this on themselves by following the "government
can support everybody" theory, or the purveyors of phony money -- IMF, ECB, and
European Commission -- who make the theory plausible, at least until it
metastasizes beyond the economy's ability to support the blood loss. Then
there's that bailout. Amazing how investors will lose half of their claim in
Greek bonds, but it will be called a "swap" or some such euphemism so that the
banks that sold the insurance against a Greek bond default (derivatives) won't
have to pay the investors' losses. As George Orwell's pigs remarked in Animal
Farm when the other animals noticed them acting just as the farmer had before
the Revolution, "All animals are equal, but some are more equal than others."
How do y'all like "Government of the banks, by the banks, and for the banks"?
Not surprising anyone, the euro had a tough day today. Closed down 0.17% at
1.3133, but dipped as low as 1.3028. Lurching through 1.3000 would demolish
enthusiasm for the euro. Japanese yen bounced like a dead cat, rising 0.08% to
130.66c/Y100 (Y76.53/US$1). This leaves the yen below support and it could well
plunge to 128.25c. But who can ken the ways of fiat money? Might put on any sort
of technical pattern, then for hidden policy reasons the Nice Government Men
smash the pattern. Stocks couldn't penetrate last resistance at last May's high
(call it 12,850 - 12,875). Oh, 'twasn't a large drop, just 17.1 points (0.13%)
for the Dow, which ended at 12,845.13. S&P500 gave up even less, 0.57 point
(0.04%) to 1,344.33. HOWEVER, if you will picture the ballistics curve for any
flying object, you will notice a portion when the ascent rate slows, the curve
rolls over as the object loses momentum, then begins to descend. Loses momentum
-- how stocks felt today. 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.
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