Daily Silver price(rate) Close Today : 14.578
Change: 24 cents or 1.7%
platinum price(rate) Close Today: 1242.90
Change: 3.00 or 0.2%
Plladium price(rate) Close Today: 273.40
Change: -3.00 or -1.1%
Daily Gold and Silver Ratio Today: 65.21
Change: -0.750 or -1.1%
Dow Industrial: 9,361.61
Change: 120.16 or 1.3%
US Dollar Index: 78.85
Change: -0.30 or -0.4%
The Daily GOLD PRICE(rate) rose a lazy $4.90 to close on Comex at $950.70, up, but not above $954-$955 resistance.
The Daily SILVER PRICE(rate) rose 24 cents to $14.578 cents. Okay, okay, so far, so good, but these closes are mid-range values, not break-outs up or down, so we are still watching.
I'm still looking at two outcomes. Less likely is a surprise US Dollar rally that slows gold's final thrust through $1,000 by 3 to 6 months. More likely is sideways to higher Daily silver and gold prices(rate) through August, with a rise to pierce $1,000 in the fall. SOMETHING needs to break out of its range to make clear which to expect.
However, long term nothing has changed. As the FOMC statement today re-iterates, the Fed has inflated, is inflating, and will inflate. Therefore the dollar will continue to decline over the long term, and silver and Daily gold prices(rate) will continue to rise, since they are the only stable alternative currencies.
The US DOLLAR INDEX dropped 29.7 basis points, which to me wasn't large enough to say much. What's that phrase all the gurus use? "A muted response." Yeah, that's it. News that dollar interest Daily rates are likely to stay low until palm trees grow in Greenland isn't really good news for the buck, since relative interest rates are one of the primary determinants of short term exchange rates. And of course, the rest of the FOMC's statement was merely, "Inflation, inflation, and more inflation." Yet the buck only fell 29.7 bps, and not to next support which would have been 78.33. Let's see now what a couple of days' trading does. Events have not yet foreclosed a dollar rally.
Daily gold and Silver Price:-
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