Gold Price Close Today : 1,708.80 Gold Price Close 24-Feb : 1,775.10 Change :
-66.30 or -3.7% Silver Price Close Today : 3448.1 Silver Price Close 24-Feb :
3533.8 Change : -85.70 or -2.4% Gold Silver Ratio Today : 49.558 Gold Silver
Ratio 24-Feb : 50.232 Change : -0.67 or -1.3% Silver Gold Ratio : 0.02018 Silver
Gold Ratio 24-Feb : 0.01991 Change : 0.00027 or 1.4% Dow in Gold Dollars : $
156.99 Dow in Gold Dollars 24-Feb : $ 151.19 Change : $ 5.80 or 3.8% Dow in Gold
Ounces : 7.595 Dow in Gold Ounces 24-Feb : 7.314 Change : 0.28 or 3.8% Dow in
Silver Ounces : 376.37 Dow in Silver Ounces 24-Feb : 367.39 Change : 8.98 or
2.4% Dow Industrial : 12,977.57 Dow Industrial 24-Feb : 12,982.95 Change : -5.38
or 0.0% S&P 500 : 1,369.63 S&P 500 24-Feb : 1,365.74 Change : 3.89 or 0.3% US
Dollar Index : 79.432 US Dollar Index 24-Feb : 78.308 Change : 1.124 or 1.4%
Platinum Price Close Today : 1,696.30 Platinum Price Close 24-Feb : 1,712.80
Change : -16.50 or -1.0% Palladium Price Close Today : 716.20 Palladium Price
Close 24-Feb : 711.35 Change : 4.85 or 0.7% After yesterday's strong recovery,
the silver and GOLD PRICE fainted today. Silver lost 113c to shutter Comex at
3448.1c. Gold gave back $12.30 to $1,708.80. The GOLD PRICE has fallen back
below its crucial 150 DMA (now $1,714.56) with its $1,708.80 close today. Down
beneath the 40 DMA at $1,685.45 ought to act as a safety net should it fall
further. Weak as today was, odds remain with gold since it showed itself so
strong this week. However, a close below $1,696 shatters that. If this plays out
as corrections usually do, gold will climb to about $1,750, then plunge once
again, either to $1,696 or a little lower. That will take 3 weeks or more to
play out., The SILVER PRICE has also fallen through its 300 DMA (now 3484c) with
today's 3448.1 close. This is not unusual when silver is recovering from a fall
through its 300 DMA, judging from history. It can dance back and forth over the
300 DMA before it finally leaves it behind. On silver's side is the chart that
reveals silver has only fallen to the downtrend line (from August) that it broke
through in February. This this move could be nothing more than a final kiss
good-bye before silver takes off. If that's true, then silver won't fall much
further. If not true, then it could hit 3200c. Market is offering you silver and
GOLD at reduced prices. Better buy while you can. This will have to be short
because tornados are touching down all around us and have already ravaged north
Alabama not far away. Go home tonight and hug your wife or husband and children
and all those you love, and tell them you are glad they are alive so you get to
enjoy their company. My wife Susan got locked in WalMart jail. That's right,
they had a "Code Black" and locked down the whole place, herded everybody to the
back of the store, and locked it down because of the weather. I thought I was
going to have to get a habeas corpus to get her out. In spite of the Bernancubus
Surprise this week that whacked silver and gold on the head with a ball peen
hammer, they didn't finish the week so badly, down 2.4% for silver and 3.7% for
gold. Stocks have enjoyed all the ups and down of a flatiron this week, platinum
and palladium went sideways-ish, while the dollar roared -- well, as much as a
little mouse-burp gully-dirt-sorry paper currency created out of thin air and
the imagination of central bankers can roar, which ain't too loud. Up 1.4%, but
it caught all those euro and yen fans from behind. Today the dollar added
another 64.3 basis points to the 54.1 it gained on Wednesday. Closed over 79 at
79.432, a huge jump clean through the 20 day moving average (78.95) and nearly
to the 50 DMA (79.67). Still, the dollar won't convince folks it's serious until
it clears 80.12. Euro dropped 0.9% To 1.3198, and has clearly failed at the 50%
correction level (about 1.3400). Yen brought the big surprise today by crashing
AGAIN, to a new low. Closed 122.23c/Y100 (Y81.81/US$1), down 0.88%. As oversold
as it is, it may fall further. Central banks are doing a dance, and the
Bernancubus Surprise was the opening music. They're trying to re-arrange
something, but I don't quite see it yet. Since the whole world money supply
might as well be one big balloon, maybe they are just shifting the attention
from one to the other, the way the fellow with the three walnut shells and a pea
distracts your attention. Stocks are going nowhere, and you might as well accept
the news. Dow today went sideways to lower with a puking-sick chart all day
long. Down 2.73 to close at 12,977.57. S&P had a WORSE day, losing 4.46 (0.32%)
to 1,369.63. Next week will bring pain, suffering, weeping, wailing, and
gnashing of teeth for stocks. Y'all enjoy your weekend! Argentum et aurum
comparenda sunt -- -- Gold and silver must be bought. - Franklin Sanders, The
Moneychanger The-MoneyChanger.com 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.
No comments:
Post a Comment