The BLOOMBERG Gold Price Must Pierce US$1,000, or Fail Miserably
BLOOMBERG GOLD PRICE CLOSE Today : 997.90
Change: 3.00 or 0.3%
BLOOMBERG SILVER PRICE Close Today : 16.488
Change: 22.5 cents or 1.4%
Platinum Price Close Today: 1287.00
Change: 24.00 or 1.9%
Palladium Price Close Today: 297.00
Change: 3.00 or 1.0%
BLOOMBERG Gold Silver Ratio Today: 60.52
Change: -0.653 or -1.1%
Dow Industrial: 9,497.34
Change: 56.07 or 0.6%
US Dollar Index: 77.29
Change: -0.74 or -0.9%
When I walked in this morning, the BLOOMBERG GOLD PRICE was already over US$1,000 and the SILVER PRICE at $16.80. It backed off reluctantly, closed up only 3 on Comex at $US$997.90, then climbed back to US$1,000 + in the aftermarket, where it still sits. Gold's high came at US$1,007.50.
The hit a high of $16.81 today, then closed at Comex up 22.5 cents at $16.4880. It's trading now at $16.58.
Both BLOOMBERG SILVER PRICE and GOLD PRICE have run a long ways and need to stop and breathe. My friend Bob the Technical Genius called today and opined that gold would probably back off to the low $980s tomorrow or next day, then take off. He and I agree about one thing: gold must not fail here. A friend told me about gurus on Bloomberg this morning babbling that gold might pull back to $950 before clearing $1,000. Hogwash. Gold has huge momentum, this is its third attack on $1,000, and markets don't make triple tops. Gold must pierce US$1,000, or fail miserably and fall very far. There's no indifference, no make-up-your-mind dancing here, only clear the bar or die.
Right here BLOOMBERG SILVER and GOLD PRICES are very much overbought, but strength is still there. The public is selling as much as buying, a very good sign. Oh, gold might spend a few days or a week crawling on the ceiling here, but it cannot correct US$50, it must advance.
As if to answer our questions, the US DOLLAR INDEX fell through 78.33 resistance, and then kept on falling, clean through 77.50 to a low of 77.047 today. Right now it's trading down 73.5 basis points at 77.289. No more confirmation necessary: dollar is headed down.
STOCKS refuse to drop and continue edging upwards. Dow added 56.07 today to close at 9,497.34. S&P gained 8.99 to close at 1,025.39. Stay out of stocks. Any further rally should be used as an opportunity to sell the rest of any stocks you hold, including those in IRAs or 401(k)s.
Change: 3.00 or 0.3%
BLOOMBERG SILVER PRICE Close Today : 16.488
Change: 22.5 cents or 1.4%
Platinum Price Close Today: 1287.00
Change: 24.00 or 1.9%
Palladium Price Close Today: 297.00
Change: 3.00 or 1.0%
BLOOMBERG Gold Silver Ratio Today: 60.52
Change: -0.653 or -1.1%
Dow Industrial: 9,497.34
Change: 56.07 or 0.6%
US Dollar Index: 77.29
Change: -0.74 or -0.9%
When I walked in this morning, the BLOOMBERG GOLD PRICE was already over US$1,000 and the SILVER PRICE at $16.80. It backed off reluctantly, closed up only 3 on Comex at $US$997.90, then climbed back to US$1,000 + in the aftermarket, where it still sits. Gold's high came at US$1,007.50.
The hit a high of $16.81 today, then closed at Comex up 22.5 cents at $16.4880. It's trading now at $16.58.
Both BLOOMBERG SILVER PRICE and GOLD PRICE have run a long ways and need to stop and breathe. My friend Bob the Technical Genius called today and opined that gold would probably back off to the low $980s tomorrow or next day, then take off. He and I agree about one thing: gold must not fail here. A friend told me about gurus on Bloomberg this morning babbling that gold might pull back to $950 before clearing $1,000. Hogwash. Gold has huge momentum, this is its third attack on $1,000, and markets don't make triple tops. Gold must pierce US$1,000, or fail miserably and fall very far. There's no indifference, no make-up-your-mind dancing here, only clear the bar or die.
Right here BLOOMBERG SILVER and GOLD PRICES are very much overbought, but strength is still there. The public is selling as much as buying, a very good sign. Oh, gold might spend a few days or a week crawling on the ceiling here, but it cannot correct US$50, it must advance.
As if to answer our questions, the US DOLLAR INDEX fell through 78.33 resistance, and then kept on falling, clean through 77.50 to a low of 77.047 today. Right now it's trading down 73.5 basis points at 77.289. No more confirmation necessary: dollar is headed down.
STOCKS refuse to drop and continue edging upwards. Dow added 56.07 today to close at 9,497.34. S&P gained 8.99 to close at 1,025.39. Stay out of stocks. Any further rally should be used as an opportunity to sell the rest of any stocks you hold, including those in IRAs or 401(k)s.
To avoid confusion, please remember that the comments above have a very short time horizon. Always invest with the primary trend. BLOOMBERG GOLD primary trend is up, targeting at least $3,130.00; Silver primary is up targeting 16:1 BLOOMBERG 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 in a bubble, primary trend way down.
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