Daily Market watch and gold and silver tips. As On :- 06-08-2009
Expect Sideways or Lower Gold Prices Tomorrow
Change: -3.30 or -0.3%
Silver Price Close Wednesday : 14.753
Change: 6.5 cents or 0.4%
Platinum Price Close Wednesday: 1288.00
Dow Industrial: 9,280.97
Change: -39.22 or -0.4%
US Dollar Index: 77.58
Change: -0.14 or -0.2%
Last three days the US DOLLAR INDEX has been bouncing off 77.5 - 77.6. Today it tried to break through that at 77.428 but failed. Today it will probably succeed.
STOCKS did not like something today. Probably need a rest after failing twice to breach 9,325 Dow. Today they should dip further, but rally remains in force.
GOLD'S floor moved up today with a 956.95 low, but it spent most of the day above 962. High was 967.92, Comex close was US$964.20, down 3.30. Expect sideways or lower gold prices today. The larger rally is still going, this is merely a small correction.
SILVER today was bound in the range 14.60 - 14.80. It just couldn't pierce 14.80. Silver could get a 3 day reaction down from here before it mounts another attack on 14.80. Comex silver closed at 14.753, up 6.5 cents.
US DOLLAR depends for its value upon confidence. Yes, it is a confidence game. What grabs my attention by the throat is how many serious people are telling me they no longer trust the US dollar and must get out of it. Friends, this is new. Never heard this before last fall. US regime is losing its core support.
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Gold Price Close on Wednesday : 964.20
Change: -0.514 or -0.8%
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