Gold Price Close Today : 1659.10 Change : 16.60 or 1.01% Silver Price Close
Today : 3269.30 Change : 54.60 cents or 1.70% Gold Silver Ratio Today : 50.748
Change : -0.346 or -0.68% Silver Gold Ratio Today : 0.01971 Change : 0.000133 or
0.68% Platinum Price Close Today : 1684.50 Change : 20.20 or 1.21% Palladium
Price Close Today : 705.05 Change : 11.10 or 1.60% S&P 500 : 1,402.60 Change :
8.06 or 0.58% Dow In GOLD$ : $165.12 Change : $ (1.55) or -0.93% Dow in GOLD oz
: 7.988 Change : -0.075 or -0.93% Dow in SILVER oz : 405.37 Change : -6.63 or
-1.61% Dow Industrial : 13,252.76 Change : 8.32 or 0.06% US Dollar Index : 80.25
Change : 0.317 or 0.40% The silver and GOLD PRICE both bounced today, gold 1%,
silver 1.7%. While this is a move in the right direction and promises better
things, it doesn't rise to gainsaying the downtrend's control. Yesterday and
today the GOLD PRICE made what MIGHT be a rounding bottom, then put an lip on
the bowl by rising to $1,665.60. Great, but that was Tuesday's low, so without
conquering that, today's rise is merely noise and equivocation. Gold close up
$16.60 at $1,659.10. I spoke yesterday of watching for the right and final
shoulder of upside down head and shoulders patterns on both charts. Gold's right
shoulder should come anywhere around $1,600, a little higher, but it could dip
lower. In silver that shoulder could find its low from 3100c to 3000c. Of
course, no cosmic law prevents their finishing those shoulders a little higher,
either. The SILVER PRICE chart offers a reflection of gold's, with different
numbers. Silver's low yesterday fell a little under 3150c, but today it gained
54.6c to close Comex at 3269.3. Barrier to the SILVER PRICE upward course is
resistance at 3285/3275c. A fall through 3150c support will bring a bottom
speedily. Silver did reach up to touch its 50 day moving average today (3292c).
Sometimes I wonder whether y'all are paying attention or not. Yesterday I wrote
about the Three Stooges the Republicans are fronting as presidential candidates
and their inability to beat Barack Obama. Some of y'all castigated me for not
mentioning Ron Paul, some of you drew your breath in horrified as if I were
supporting Obama. No. 1, know that it makes not a whit of difference who is
elected, neither Obama nor the Three Stooges nor Jack Frost. Whoever it is will
not have enough principle to raise a pimple on a hog if he were smallpox. The
Establishment, who picks the president, doesn't pick 'em for principle, but for
following orders. Whoever is elected, Democrat or Republican, will continue the
same policies that are enslaving all of us and feeding our lifeblood to the
Establishment, just as Obama continued the Bush policies who continued the
Clinton policies who continued the Bush policies who continued the Reagan
policies all the way back to Franklin Roosevelt. Whoever is elected will do the
Establishment's bidding, or he will meet with a "Lone Assassin keeping a diary."
Presidents are like judges, they don't pick 'em for character. No. 2, I share
most of Ron Paul's principles, but perhaps y'all have not noticed that he is the
Invisible Candidate. Why do you think that is? Because the media can't see him?
Cataracts? Nope, it's because they know who signs their paychecks, and they
cover what the signer wants covered. Assume the impossible, that Ron Paul is
elected. What then? Assuming, too, he doesn't meet that convenient "Lone
Assassin keeping a diary," how much could he change? How hard could he push
against the entrenched bureaucracy, the defense establishment, and an economy
addicted to defense spending, government money, borrowing, and inflation? Sure,
go ahead, get angry at me because I'm just a fool telling you the obvious truth.
Presidential politics is one big red herring intended to make you believe that
you can really make a difference, but at that level you are no more than a pawn,
utterly powerless. You make yourself the natural prey and dupe of these foul
creatures. Where do you have power and influence then? In your family. In your
neighborhood. In your community. In your town or city. In your county. In your
state. There you have real power and influence, because those people know and
love and trust you. Truth is, rather than do the hard work of fixing things in
your own family and neighborhood and state, y'all want to run off flattering
yourselves that you're changing the nation with presidential politics. Hogwash.
Last night a reader sent me a quotation that sums it all up, from Buckminster
Fuller. "You never change things by fighting the existing reality. To change
something, build a new model that makes the existing model obsolete." Am I
become your enemy because I tell you the truth? Today's markets brought no
excitement or changes much. Silver and gold bounced, dollar eased off, stocks
crept up. No gamechanger today. S&P500 did make a coup for morale by closing
above the round number 1,400, up 8.06 (0.98%) to 1,402.60 Dow added 8.32 (0.6%)
to 13,252.76. Stocks -- let 'em roar, let 'em roll -- stocks may rejoice in the
evening, but the hangover cometh in the morning. Dollar Index is still backing
off its high yesterday about 80.70. 'Twas 80.248, down 31.7 basis points (0.41%)
when I looked, but made a low at 80.038. Dollar should hold 80 - 79.95, where
support will be stout. Euro rose same 0.41% the dollar index fell, to 1.3082.
Must cross above 1.3120 before it has a future upside. What a chart! Looks like
a drunk driver using both feet on brakes and accelerator. Yen broke 120c today
to close at 119.7c/Y100 (Y83.54/US$1). A bottom? Oversold as popcorn at the
movie theater, but won't stop dropping. Can it go to zero? One meditates on the
world fiat currency set-up and one must conclude that the central bankers all
work together, as much as they all eat supper together once a month at the Bank
for International Settlements in Basel. One pictures them sweating bullets and
trying to restrain their bodily functions as the Euro crisis unfolded, and one
can imagine that they would have sold their mothers as eternal streetsweepers
just to get each other's co-operation. One then wonders if events unfolding in
the currency markets are exactly what they planned. One wonders, that's all. One
doesn't wonder what they do about gold: they fight it constantly, but with only
occasional bouts of success. 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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