Gold Price Broke Through $1,660 Closing at $1,666.90

Gold Price Close Today : 1666.90 Change : 11.40 or 0.69% Silver Price Close
Today : 3292.60 Change : 35.30 cents or 1.08% Gold Silver Ratio Today : 50.626
Change : -0.199 or -0.39% Silver Gold Ratio Today : 0.01975 Change : 0.000077 or
0.39% Platinum Price Close Today : 1677.90 Change : 5.20 or 0.31% Palladium
Price Close Today : 706.50 Change : 8.70 or 1.25% S&P 500 : 1,409.75 Change :
5.58 or 0.40% Dow In GOLD$ : $164.18 Change : $ (1.03) or -0.62% Dow in GOLD oz
: 7.942 Change : -0.050 or -0.62% Dow in SILVER oz : 402.09 Change : -4.16 or
-1.02% Dow Industrial : 13,239.13 Change : 6.51 or 0.05% US Dollar Index : 79.43
Change : 0.332 or 0.42% The GOLD PRICE and SILVER PRICE kept on recovering
today. Silver added 35.3c to close just under 3307c at 3292.6. Gold broke
through $1,660 and added $11.40 to end at $1,666.90. Five day chart shows that
since Wednesday gold has traced out a slow uptrend with higher lows and higher
highs. Now gold has bumped its head against the downtrend line from the 29
February high, and the 200 DMA also stands at $1,680.76. Should gold break
through them both, especially on the first try, it will scoot. By the way, Gold
has formed another falling wedge, and y'all recall that wedges always break out
the OPPOSITE direction from the way they point. The GOLD PRICE is trading out
into the point of that wedge, and something will break soon, probably this week,
up or down. Time for lower lows is rapidly draining away. You know, that SILVER
has already made a correction greater than 50%. The 300 and 200 DMAs are
kissing, which sometimes marks an upward turning point. If silver should close
above 3450c, stop waiting and buy. Today it hit the 50 DMA and stopped, but
looks strong still. Can't call a bottom, though, until silver confirms a bottom
some way. If the US dollar index was my only friend, I'd shoot myself.
Treacherous doesn't begin to compass it. Friday and in European trading early
today the dollar was plumb -- and I mean plumb -- flat. Right on the bell at
10:30 New York time the dollar index fell off a cliff at 79.75, painted a
pennant half way down, then resumed plunging to 79.35. Today's plunge broke the
50 DMA (79.63) but trading now at 79.434 (down 33.2 or 0.43%) the dollar index
has not crossed below its 20 DMA (79.36). Although the dollar index rose above
its last low on this current move, if it stops here it will only confirm a
downtrend. Looking at today's action, the chart has not been fractured, and
dollar could continue rising. But if it falls much below that 79.36, it will
probably revisit 78.50. Like a bad child when his mama's sick, the Euro took
this occasion to run hog wild. Gained 0.48% to $1.3242. The Japanese yen today
closed just where it was on Friday, 120.01c/Y00 (Y83.33/US$1). Yen has
definitely turned, though, after a 119.14c low. Sometimes I get knotted up
because I can't explain to people why I won't recommend stocks. Today I went to
an inflation calculator for an example. Dow topped in January 2000 at 11,722.
Corrected for inflation, just to be at the same level the Dow would need to be
at 15,500. BWDIK? I'm just a natural born fool from Tennessee. That sort of
casts another perspective on today's stock action. Dow gained a grandiloquent
6.51 (0.05%) to 13,239.13. S&P500 rose 5.58 (0.4%) to 1,409.75. When it falls,
it will drop like a plum bob out of a C130 cargo plane at 25,000 feet. Tomorrow
my bionic wife has to have a cataract- clouded lens removed from her eye and
replaced. She has worn glasses since she was 8, but after this replacement and
another a week later, she will only need glasses for reading. I would deeply
appreciate y'all praying for success and safety in her surgery. Thanks in
advance for your prayers. 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.