You are Probably Watching the Last Days of Gold Futures Below US$1,000 -- Forever
GOLD FUTURES PRICE Today : 993.80
Change: 16.20 or 1.7%
SILVER FUTURES PRICE Close Today : 16.135
Change: 79.5 cents or 5.2%
Dow futures Industrial: 9,344.61
Change: 63.94 or 0.7%
US Dollar futures Index: 78.44
Change: 0.05 or 0.1%
The great H.L. Hunt said, "Never get really elated in victory; when times are tough, never get down." I'm as delighted as any other silver bug right now, but let's keep our heads screwed on.
In the past two (2) days, the GOLD FUTURES PRICE has risen US$40.30; the SILVER FUTURES PRICE has risen $1.20. Quite literally, gold is knocking on the US$1,000 door.
What impresses me about this? These rises have occurred not at the top of a long-time movement, but upon breakout from a triangle. The furious moves show not a rally ending, but a rally beginning. Volume is strong, confirming the breakout.
After two such strong days, 'twouldn't surprise me that silver futures and gold futures prices backed off tomorrow, only to resume their advance on Monday.
Today gold futures closed on Comex up $16.20 at US$993.80. Silver Futures rose 79.5 cents to end on Comex at $16.135.
GOLD FUTURES next move must be to cross US$1000. That sets up a climb to US$1,325. SILVER FUTURES has climbed above its 2 June 2009 high at $15.945, and
closed over $16.00. It has crossed above the downtrend line from last June. It is set up to run, so get out of the way.
Add fuel to the fire. Gold Futures has plainly broken out upside in Euros. In Yen it has not yet broken out, but has turned up strongly and is close to breaking out. Indicators have turned up. Point is, this metals rally has not been sparked by a falling dollar, but hints to be a rally against all fiat currencies.
Unless the US dollar blindsides gold futures with a rally, you are probably watching the last days of gold futures below US$1,000 -- forever.
The dollar, in fact, rose a bit today up 5.3 basis points to 78.437. The dollar index has traded into a tight triangle. A close below 78 will be fatal, a close above 79 could lead to a rally. However, the silver futures and gold futures markets are signalling that they know something the currency markets don't yet know.
Meanwhile the gold futures and silver futures ratio has acted precisely as it should, falling from 63.526 three days ago to 61.592 today. And the Dow in Gold Futures Dollars has collapsed from G$208 (10.031 oz) to G$194.38 (9.375 oz). Are y'all beginning to understand why I keep recommending y'all buy more silver futures than gold futures?
STOCKS made good their losses today. Dow rose 63.94 to 9,344.61, and S&P500 climbed over 1,000 to clsoe at 1,003.24, up 8.49. Stay out of stocks. Watch from a distance. Sell any you still have, other than precious metals stocks.
Change: 16.20 or 1.7%
SILVER FUTURES PRICE Close Today : 16.135
Change: 79.5 cents or 5.2%
Dow futures Industrial: 9,344.61
Change: 63.94 or 0.7%
US Dollar futures Index: 78.44
Change: 0.05 or 0.1%
The great H.L. Hunt said, "Never get really elated in victory; when times are tough, never get down." I'm as delighted as any other silver bug right now, but let's keep our heads screwed on.
In the past two (2) days, the GOLD FUTURES PRICE has risen US$40.30; the SILVER FUTURES PRICE has risen $1.20. Quite literally, gold is knocking on the US$1,000 door.
What impresses me about this? These rises have occurred not at the top of a long-time movement, but upon breakout from a triangle. The furious moves show not a rally ending, but a rally beginning. Volume is strong, confirming the breakout.
After two such strong days, 'twouldn't surprise me that silver futures and gold futures prices backed off tomorrow, only to resume their advance on Monday.
Today gold futures closed on Comex up $16.20 at US$993.80. Silver Futures rose 79.5 cents to end on Comex at $16.135.
GOLD FUTURES next move must be to cross US$1000. That sets up a climb to US$1,325. SILVER FUTURES has climbed above its 2 June 2009 high at $15.945, and
closed over $16.00. It has crossed above the downtrend line from last June. It is set up to run, so get out of the way.
Add fuel to the fire. Gold Futures has plainly broken out upside in Euros. In Yen it has not yet broken out, but has turned up strongly and is close to breaking out. Indicators have turned up. Point is, this metals rally has not been sparked by a falling dollar, but hints to be a rally against all fiat currencies.
Unless the US dollar blindsides gold futures with a rally, you are probably watching the last days of gold futures below US$1,000 -- forever.
The dollar, in fact, rose a bit today up 5.3 basis points to 78.437. The dollar index has traded into a tight triangle. A close below 78 will be fatal, a close above 79 could lead to a rally. However, the silver futures and gold futures markets are signalling that they know something the currency markets don't yet know.
Meanwhile the gold futures and silver futures ratio has acted precisely as it should, falling from 63.526 three days ago to 61.592 today. And the Dow in Gold Futures Dollars has collapsed from G$208 (10.031 oz) to G$194.38 (9.375 oz). Are y'all beginning to understand why I keep recommending y'all buy more silver futures than gold futures?
STOCKS made good their losses today. Dow rose 63.94 to 9,344.61, and S&P500 climbed over 1,000 to clsoe at 1,003.24, up 8.49. Stay out of stocks. Watch from a distance. Sell any you still have, other than precious metals stocks.
To avoid confusion, please remember that the comments above have a very short time horizon. Always invest with the primary trend. Gold Futures primary trend is up, targeting at least $3,130.00; silver futures primary is up targeting 16:1 gold futures and silver futures 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.
