Highest Weekly BLOOMBERG GOLD Price Close in History
Gold Price Close September 4th: 995.80
Change: 9.10 or 0.9%
BLOOMBERG SILVER PRICE Close Today : 16.676
Silver Price Close September 4th: 16.268
Change: 40.80 or 2.5%
Bloomberg Platinum Price Close Today: 1,319.00
Platinum Price Close September 4th: 1,258.00
Change: 61.000 or 4.8%
Bloomberg Palladium Price Close Today: 291.50
Palladium Price Close September 4th: 295.00
Change: -3.500 or -1.2%
Bloomberg Gold Silver Ratio Today: 60.26
Gold Silver Ratio September 4th: 61.21
Change: -0.95 or -1.6%
Dow Industrial: 9,605.41
Dow Industrial September 4th: 9,441.27
Change: 164.140 or 1.7%
US Dollar Index: 76.608
US Dollar Index September 4th: 78.136
Change: -1.528 or -2.0%
Today the BLOOMBERG GOLD PRICE made its highest Comex close in history at US$1,004.90, up $9.50 for the day. It has taken gold a week to get through the resistance, but I believe it has now succeeded.
The bloomberg gold price opened at $999.65, quickly made a low at $997.15, then climbed straight for the ceiling and never again traded below US$1,000.
This is it. Unless the bloomberg gold price closes Monday below US$1,000, this is the Big Breakout, and will lead to a gold rise of at least $250 an ounce. Assuming we get that over-one-thousand-dollar-close on Monday, you cannot wait longer. This is the gold breakout you must buy or be left behind. Once gold settles itself over US$1,000 with a two day close, it will never trade under US$1,000 again.
This week (yesterday, actually) the SILVER PRICE traded back to $16.00 for the last time,kissing that mark good-bye forever. Silver's high today was $16.97, the low $16.61, but was knocking on the $17.00 ceiling all day. The Comex close at $16.6760 (up only 2.6 cents) really distorts today's results, because most of the day silver traded around $16.80, and is trading there yet.
Everything I said for gold applies all the more strongly to silver. I did some measuring on the silver price chart today and got numbers so outlandish that I'm not going to repeat them because y'all won't believe them -- not yet, anyway.
The BLOOMBERG GOLD/SILVER ratio is about to drop very fast. I'm looking to trade silver for gold at 51, but that's only a first approximation. Let it take a week or two to trade, and we'll see then.
The DOW IN BLOOMBERG GOLD DOLLARS has turned down. Bloomberg Gold is about to outshine stocks blindingly.
The US DOLLAR lost 153 basis points this week. It has closed below 78.33 and 77.50 support, the last stopping point. Next logical stop is 74.50.
STOCKS seem to be forming an rising wedge, the worst possible juju. Twill fall like your keys out of your pocket when you lean over a well.
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Silver and Gold Prices Remain Strong
Change: -2.60 or -0.3%
BLOOMBERG SILVER PRICE Close Today : 16.443
Change: 10.50 or 0.8%
Platinum Price Close Today: 1286.00
Change: -11.50 or -0.9%
Palladium Price Close Today: 290.90
Change: -1.85 or -0.6%
BLOMBERG GOLD SILVER Ratio Today: 60.53
Change: 0.008 or 0.0%
Dow Industrial: 9,627.48
Change: 80.26 or 0.8%
US Dollar Index: 76.82
Change: -0.20 or -0.3%
The BLOOMBERG GOLD PRICE climbed steadily all day to close up a dime at US$995.40. I'm not sure the NY Forex chart I am looking at is accurate, because it looks like there's an artifact on the chart, a trade down to a low of $980.85. That was the low or $983, but either way that potentially suffices to meet my correction target. If I'm a little early, gold will see a weak day tomorrow, with a low in the mid to low $970s.
The BLOOMBERG SILVER PRICE rose 20.7 cents to close at $16.65 on the Comex. Silver's low today was $16.0 a3, so you can see that it fought much more than 20.7 cents up from that hole. BLOOMBERG SILVER and GOLD PRICES remain strong, but this is an unstable situation. Metals must turn around and pull up soon. I regret I won't be here next week to watch.
The US DOLLAR INDEX kept on falling, down another 20 basis points to 76.82. STOCKS are enjoying it, though. The S&P500 climbed 10.77 points to close at 1,044.14, while the Dow rose 80.26 to 9,627.48. Rising wedge formation, such as is forming, resolves to the downside.
The BLOOMBERG Gold Price Must Pierce US$1,000, or Fail Miserably
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.
BloomBerg News Silver and Gold Futures Prices are Just Starting their Most Explosive Upmoves
Gold Price Close August 28: 957.00
Change: 38.80 or 4.1%
Bloomberg Silver Futures Price Close Today : 16.268
Silver Price Close August 28: 14.784
Change: 148.40 cents or 10.0%
Platinum Futures Price Close Today: 1,258.00
Platinum Price August 28: 1,245.30
Change: 12.700 or 1.0%
Palladium Futures Price Close Today: 295.00
Palladium Price August 28 : 287.80
Change: 7.200 or 2.5%
Bloomberg Gold Silver Futures Ratio Today: 61.21
Gold Silver Ratio August 28: 64.73
Change: 3.52 or -5.4%
Dow Industrial Futures: 9,441.27
Dow Industrial August 28: 9,544.20
Change: -102.930 or -1.1%
US Dollar Futures Index: 78.136
US Dollar Index August 28: 78.366
Change: -0.230 or -0.3%
Although the US Dollar Index has not confirmed a fall by closing below 77.50, it lost 23 basis points this week and closed today beneath 78.33 support. The relatively small fall in the dollar does not justify the large rises as per Bloomberg News silver and gold prices, so something else is driving metals up. Notice that silver and gold futures prices are rising against ALL fiat currencies, not only the scrofulous US dollar.
SILVER and GOLD performed with breath-taking strength this week. The Gold futures Price rose $38.80 (4.1%) to close the week at US$995.80. Plainly next week GOLD will be hammering on $1,000's gate. It may fall back a bit, even as far as 981, to get a running start, but it will most likely pierce US$1,000 this next week.
SILVER rose 148.4 cents this week, 10%, to close the week at 16.268, a new high since last November's bottom at 880 cents. That's right, do that math: silver stands at 185% of its November low. What is most amazing is that 120 cents of that rise came in two days' trading this week.
Cowardice makes me want to hedge what I say, or maybe that's experience, but look at this: the silver price did not rise 120 cents after running through a long rally. Oh, no, it traded into a long triangle in a 10 month correction, then made that huge gain in two days breaking out of a triangle. Bloomberg Gold behaves similarly.
That argues that this rally is only beginning, and not about to end. Now this might be the bull trap to end all bull traps, but logic and the chart by Bloomberg says silver and gold prices are just starting their most explosive upmoves. Once the gold prices passes $1,000.00 with a consecutive two-day close over that number, it will never trade below $1,000 again. And silver will tag right along for the ride.
Next week metals may correct, giving y'all a single last chance to buy. News by Bloomberg (Once the gold price closes above $1,000), just buy. It will run away.
Dow in Silver Ounces fell below 600 this week, so it's starting another big move. And the gold/silver ratio dropped 4.6% to close below 62 at 61.2
Gold is one of the chemical elements. Gold's chemical symbol is Au and its atomic number is 79. Its chief characteristics are that it is inert and malleable. Inert means gold does not interact with other chemicals or compounds. Gold doesn't tarnish and even the strongest acids have no effect. Thus, gold lasts forever - and stays shiny the whole time!
Gold has many industrial uses, but its main historical uses have been for jewellery and money - both are a store of value. Gold has been used as a store of value for at least 5000 years. Gold is measured and prices are quoted in Troy Ounces and Grams. As an example of gold's ability to store value, 2000 years ago one ounce of gold would buy a fine man's outfit. Today one ounce of gold will still buy a good quality man's wool suit with enough left over to buy a few shirts, a tie, some underwear, socks, a pair of shoes and a belt!
Gold has been called a "barometer of fear." When people are anxious about the economy - they turn to gold and bid the price up. The two main things that make people anxious are deflation and inflation. Most think that deflation is "falling prices" and inflation is "rising prices." Actually, rising and falling prices are symptoms. The root causes are decreases (deflating) or increasing (inflating) of the money supply. Gold has the remarkable ability to store value in both deflationary and inflationary times.
The correct way to think about owning gold is as insurance. Gold is a store of value virtually independent of economic conditions. Unlike shares of a company or government bonds - gold will always retain value. Gold's most important use is insurance against the paper (fiat) currency of the country you live in. Almost every country has had at least one major "currency crisis" over the last one hundred years. Those that had some of their wealth in gold survived. Unfortunately many people saw their saving become worthless - sometimes in a matter of days.
So, think of gold as insurance. Do not think of gold as a way to "make money." Do not try and "time the market." It is better to buy gold in small amounts regularly, every month for example, over a period of time.The percentage of your total wealth devoted to gold is a personal decision and depends on your particular situation. A conservative goal would be ten percent. In times of uncertainty the percentage should be much higher.
Do not worry about selling gold when that time comes. Gold is recognized and valued everywhere in the world. It is easier to sell gold than to buy gold! Of course gold can be used in barter or trade as it has for thousands of years.
To summarize, gold is an insurance policy against economic uncertainty. Gold can protect against both deflation and inflation. Everyone should store some of their wealth in gold if at all possible.
Future of Gold and Silver Price As on 25-08-2009
Like a Spring, the Gold Future Price is Coiling for a Break Out
Change: -10.90 or -1.1%
Silver Future Price Close Today : 14.195
Change: -3.1 cents or -0.2%
Pliatinum Future Price Close Today: 1237.80
Change: -18.70 or -1.5%
Palladium Future Price Close Today: 283.75
Change: 2.50 or 0.9%
Gold and Silver Future Price Ratio Today: 66.38
Change: -0.915 or -1.4%
Dow Industrial: 9,509.28
Change: 3.32 or 0.0%
US Dollar Index: 78.22
Change: 0.18 or 0.2%
Sorry to keep starting every day with the scrofulous US DOLLAR, but right now that's where the action is. After breaking through 78.33 support on Friday, the dollar recovered 18.1 basis points today, rising to 78.221. Y'all will immediately perceive that 78.221 is not as great as 78.33, so the dollar remains below support in a downtrend. Unless it closes above 78.33, nothing changes in the outlook.
STOCKS today gave mixed messages, some indices up & some down. Confused markets don't usually rise. The Dow rose 3.32 to 9,509.28, while the S&P500 fell 0.56 to 1,025.57. Something new did pop up here: the Dow In Gold Future Dollars (DiG$) went to a new high for this lackluster rally, G$208.61 (10.091 oz). Because stocks have only very slowly and with great difficulty gained on gold future, I don't take that as a sign of anything more than the DiG$ nearing a peak in its rally. I don't expect it to better $215.00 (10.401 oz).
Speaking of confused markets, the GOLD Future PRICE today fell US$10.90 to close at US$942.30 on Comex, while silver future price rose 3.1 cents to a Comex close at 14.195. Now y'all understand why I hedged my comments Friday. The Gold Future price needed to follow up with a higher close today, but fell instead. Isn't that weak? Not really, because it didn't fall out of the triangle it has been trading in. I'm tempted to say (with Ned Schmidt) that gold Future Price is in the hands of traders, who are taking it back and forth to scalp small scalps. However, the technical pattern doesn't lie. Gold future price continues to trade within that triangle; falling out of the triangle would have spoken of terrible things, but Gold Future Price has not fallen out of it. And even-sided triangles can break out up or down. Like a spring, the gold price is coiling for a break out. It's a bull market, so it will most likely break out to the Upside.
The SILVER Future PRICE rose today, refusing to confirm gold's Future Price drop. Since silver Future price is the more volatile metal and the smaller market, that might be a bullish sign. Downside silver might fall to 13.60 without falling out of its upward channel. On the upside, silver future price needs to climb above 14.25, then challenge 15.00 again.
The Gold Future Price and Silver Future Price Close High to Confirm an Upside Breakout
Gold Future Price and Silver Future Price Trading
Gold Future Price Close 14 August: 947.00
Change: 6.20 or 0.7%
Silver Future Price Close Today : 14.16
Silver Price Close 14 August: 14.715
Change: -55.50 cents or -3.8%
Platinum Future Price Close Today: 1,256.50
Platinum Price Close 14 August: 1,260.50
Change: -4.000 or -0.3%
Palladium Future Price Close Today: 281.25
Palladium Price Close 14 August: 276.00
Change: 5.250 or 1.9%
Gold Silver Future RatioToday: 67.32
Gold Silver Ratio 14 August: 64.36
Change: 2.96 or 4.6%
Dow Industrial: 9,506.96
Dow Industrial 14 August: 9,321.40
Change: 185.560 or 2.0%
US Dollar Index: 78.044
US Dollar Index 14 August: 78.801
Change: -0.757 or -1.0%
Yesterday's tense equilibrium in gold Future at US$940 gave way today. The GOLD Future PRICE burst upwards on open like a covey of quail, hit a high of $958, and closed on Comex at US$953.20, up $12.90. When gold popped, it ran to the next resistance level, that important $954-$955.
Now, this is an upside breakout, but to confirm gold Future must close above its last high, over US$961. Today gold broke out way above the downtrend line from early august. But a close over $965 is needed to break through the downtrend line from June.
If this is a genuine break-out, and not a fake-out, it will be a breakout that never looks back. Buy now or never.
This week's fall took the Silver Future Price below its trading channel, but today brought it back to that threshold. Silver Future jumped 28.4 cents to close at $14.16 on Comex. It wants to go higher. The weekly chart remains in an uptrend from last November -- strong as the proverbial garlic milkshake. Buy silver Future, buy silver Future.
The US DOLLAR INDEX fell through 78.33 support, dropping 34.7 basis points to 78.044. If the dollar now confirms this break by closing below 77.43, which had been the bottom of the upside-down head & shoulders, then the dollar will most certainly have set its scrofulous feet on the road to 74, and banana republic status.
Sound overcautious? Well, markets have been slapping me around for 30 years, so I've learned to be both chary, wary, and leery. In other words, I've learned respect. The only time a move is really sure is when it's over.
STOCKS surprised me (and others, I'll bet) by cracking 9,400 to rise to 9,506.96, up today 155.91. S&P500 did even better, rising 18.76 to 1,026.13. What gives? Sometimes the B wave of an A-B-C correction(down - up - down) is so strong that it exceeds the previous high. Or maybe stocks have completed their correction and started moving up again. Either way, this no more shows health than the fevered red cheeks on a dying man. Be wise, use stock market strength to sell stocks and convert proceeds into silver future or gold future.
The DOW IN GOLD DOLLARS (DiG$) has moved up very, very slowly, i.e., stocks have slowly edged up against gold. There's probably not another G$10 (0.4838 ounce) left in it. That hints gold Future should rise to overtake stocks.
On 21 September I will be speaking in Lexington, South Carolina about silver future and gold Future and about re-building local economies. That's really the only way we can get out of this economic swamp permanently. I'll announce the place as time grows nearer.
Argentum et aurum comparenda sunt -- -- Gold Future and silver Future must be bought.
The Gold Future Trading and Silver Future Trading Price Has Not Been Broken
Change: -3.00 or -0.3%
Future Silver Trading Price Close Today : 13.876
Change: -0.5 cents or 0.0%
Future Trading Platinum Price Close Today: 1,239.00
Change: -3.50 or -0.3%
Future Trading Palladium Price Close Today: 274.30
Change: 0.80 or 0.3%
Future Trading Gold Silver Ratio Today: 67.76
Change: -0.192 or -0.3%
Dow Industrial: 9,350.05
Change: 70.89 or 0.8%
US Dollar Index: 78.36
Change: -0.14 or -0.2%
Since Monday's low at $930 the Future Trading GOLD PRICE has been locked in an uptrend. Today it dropped at the open, then built a tight even-sided triangle with a high at $942.90 and a low at $938. Think of a triangle as a coil being compressed. When at last it springs out, it jumps a long way. But the further out into the triangle's nose it trades, the weaker the final breakout will be, i.e., the less distance it will run -- usually.
Future Gold today reached an equilibrium at $940. Equilibria are high tension states that don't last long.Future Trading Gold may not rise right away, but it certainly has not been broken, and, now I believe, won't break.
The Future Trading Silver Price last two trading days closely resemble gold's: uptrend from Wednesday, drop on opening, then trading sidewise to upward in a tight, narrow triangle.Future Trading Silver triangle looks like a flat topped rising triangle, which usually breaks out upwards.
The US DOLLAR INDEX looked sicker still today. It closed at 78.358, down 14.3 basis points, with a high of 78.667 and a low of 78.299. Most of the day it traded in a 20 basis point range, 78.40 - 78.60. The Dollar just rolled over in a hump from yesterday and melted downhill. Twill surprise me if the dollar doesn't fall through 78.33 support tomorrow and make a long step on its journey to 74.
STOCKS are reaching for 9,400 again, at which point the correction will kick back in and take them lower. Dow today closed up 70.89 at 9,350.05. The S&P jumped over the magical 1,000 point to close at 1,007.37, up 10.91.
I went to the charts today expecting little, but looking at the dollar,Future Trading gold, and Future Trading silver, I believe this week has answered my questions. The scrofulous dollar has shot its wad, and LO!no bullet was there. Future Trading Silver and Future Trading gold prices have been bloodied, but return unbeaten.
Now the market may hand me my head on a platter tomorrow, I well know, but what I see is what I see.
If Silver and Gold Future Prices Don't Break Today, they Won't Break Down Any Further
Future Silver Price Close Today : 13.871
Change: -8.5 cents or -0.6%
Future Platinum Price Close Today: 1,242.50
Change: 8.50 or 0.7%
Future Palladium Price Close Today: 273.50
Change: 0.20 or 0.1%
Future Gold Silver Price Ratio Today: 68.01
Change: 0.815 or 1.2%
Dow Industrial: 9,272.66
Change: 54.72 or 0.6%
US Dollar Index: 78.51
Change: -0.50 or -0.6%
The Future Gold Price jumped at midday and knocked on $945's door, hard. Tomorrow might pierce that level, even resolve that long, narrow triangle to the upside (above $960). Low today was $931.90. Gold rose $5.60 to close on Comex $943.30.
The Future Silver Price Comex close made it look weaker than it was today. Future Silver closed down 8.5 cents at 13.8710, while the Future gold price rose. That's a non-confirmation, but what does it not confirm? Silver Future drop, or gold's rise? I say it is bullish, and Gold Future strong rise shows that silver's weakness is only passing. (Besides, if I were the NGM and wanted to manipulate gold lower, I would trash the Silver Future market first, where I get more bang for my manipulating buck.)
According to the NYMEX figures, silver supposedly dipped lower today, as low as 13.49 cents, but The Moneychanger never saw that. I never saw it below 13.84. When Future silver did hit that low, it shot up quickly over 13.90, stayed there most of the trading day, and traded higher in the aftermarket. That 13.8710 Comex close looks like somebody "painting the tape."
If I were short Future silver or Future gold, this day's action would send me scurrying to cover and go long. If Future silver and Future gold prices don't break today, they won't break down any further. Think about the US DOLLAR INDEX over the past four days. It bounced off 78.33 support last Friday and rallied Monday and Tuesday. Today shortly after the opening it collapsed off 79.10, and never stopped until it hit 78.34. (There's that number again.) It barely bounced to 78.4, fell again to 78.34, bounced barely, fell again to 78.4, then found sponsorship again and climbed to close the day at 78.506, down 50.1 basis points.
Hogwash. Since 78.33 forms such obvious support, a paranoid like me must suspect the Nice Government Men were busy with the Exchange Stabilization Fund buying dollars to jimmy the market. The dollar really looked weak today, and it has hammered on that 78.33 door once too often. I am tilting against a dollar rally, but dollar needs to break below 78.33 to confirm.
Stocks are just piddling back and forth. Dow closed up 54.72 at 9,272.66, S&P 500 at 995.63, up 5.96.
The Next Few Days Will Set the Trend for Gold and Silver Prices for the Next Few Months.
Change: -12.70 or -1.3%
Silver Price Close Today : 13.971
Change: -74.4 cents or -5.1%
Platinum Price Close Today: 1,219.60
Change: -26.00 or -2.1%
Palladium Price Close Today: 267.35
Change: -7.00 or -2.6%
Gold and Silver Ratio Today: 66.87
Change: 2.518 or 3.9%
Dow Industrial: 9,135.34
Change: -186.06 or -2.0%
US Dollar Index: 79.34
Change: 0.51 or 0.7%
Owch! I warned y'all that Monday might not be pleasant for metals investors, unless they wanted to buy on a dip.
Clearly the next few days will set the trend for the dollar, stocks, and SILVER and GOLD PRICES for the next few months. But wait! No foregone conclusions here! Wait to see what the market says.
As I feared Friday, gold and silver took it on the chin today. At Comex close gold was 12.70 lower than Friday at US$934.30. The SILVER PRICE dropped 74.4 cents to $13.9710. Right now silver is following the GOLD PRICE, so I am most interested in what gold is doing. My friend, Bob the Technical Genius (no kidding, he really is), called today and reminded me of the long, narrow even-sided triangle gold has formed since the February high. Today's gold low was US$929.05, just about dead on the bottom side of that triangle. However, it spent no time there, and for the most part remained above US$930.
Bob the Tech Genius opined that we might yet see one more down day for gold, close on the bottom side of the triangle ($920 at most), then whiplash around to close over $961 and higher without ever looking back.
Another alternative is that gold remains above $918 - $920 support. The worst alternative is that gold breaks its last 300 DMA upward crossing at $909. If so, gold will see six months of lower prices and zig-zagging frustration. Watch markets closely the next couple of days, because they will explain themselves.
Here's another arresting gold nugget that Steve Saville of speculative-investor.com quarried lately. In the gold bull market since 2001, gold has always risen from 15 August to 31 December, that is, closed the year higher than its August 15 price. Another seasonal pattern that points to a shallow (not deeper than $900) gold correction.
More volatile silver rises faster than gold but also suffers more than gold in these downside episodes. Today silver hit both the bottom of its upward trading channel and its 50 DMA ($13.99), but traded up in the aftermarket to $14.04-$14.07. If that bottom channel line with $13.80 support (low today was $13.81) doesn't hold, we have to reckon silver may drop to $13.25 cents. Another interpretation is that silver has formed an inverted head and shoulders bottom with a downslanting neckline from $14.30 in June to about $13.90 today, and we are witnessing only a touchback to the neckline, which will stop there.
The US DOLLAR INDEX today is challenging its 50 day moving average (now 79.55). It closed at 79.344, up 51 basis points. The dollar index appears to have formed an upside-down head and shoulders bottom. Now it must confirm that by closing (1) above the 50 DMA, then (2) above 81.50. If the dollar can do that without collapsing -- closing below 77.43, the last low -- it should head for 82.50 at least, 84 at most.
STOCKS are correcting their run up from 8200 - 9400. First target for a shallow correction would be 9,125. there is support also at 8850, and the 50 DMA stands at 8,773. I still view this as a correction in an upmove, because stocks have not yet made plain that the upmove has ended.
A recent exchange with a subscriber has left something on my mind. You all must realize that the economy and the monetary system, and those goofs who run it, are now in uncharted territory. No central bank has ever before taken such extreme measures and survived. Therefore you have to expect the most extreme volatility in markets. Those waves will wash you out of your position unless you have a firm grip on first principles and where they will take the economy. I am thinking of this: suppose we get another big liquidity panic that runs the dollar up and gold and silver down, something like last fall. It could happen. What will you do then? Whine and moan because your silver and gold have dropped, or suffer with patience because you know that the Fed and the yankee government have set their feet on the path of dollar destruction, guaranteeing that your silver and gold will in the end prosper?
If you don't have a vision of the future, and an understanding of monetary cause and effect, fear and confusion will drive you out of your position. Face that now. Also, you ought to be cleaning up your house from top to bottom, shedding debt if you can, selling every unneeded asset to get liquid, and making all preparations to take your family through the toughest economic times. If you don't believe they are coming, you have deluded yourself. Believe those liars in Washington and the media at peril of your survival.
Use Every Drop in Silver and Gold as an Opportunity to Buy More at a Discount
Gold Price Close 7 August: 957.30
Change: -10.30 or -1.1%
Silver Price Close Today : 14.715
Silver Price Close 7 August: 14.661
Change: .054 cents or 0.4%
Platinum Price Close Today: 1,260.50
Platinum Price Close 7 August: 1,258.50
Change: 2.00 or 0.2%
Palladium Price Close Today: 276.00
Palladium Price Close 7 August: 274.10
Change: 1.900 or 0.7%
Gold and Silver Ratio Today: 64.36
Gold Silver Ratio 7 August: 65.30
Change: -0.94 or -1.4%
Dow Industrial: 9,321.40
Dow Industrial 7 August: 9,372.49
Change: -51.09
US Dollar Index: 78.801
US Dollar Index 7 August: 78.955
Change: -0.154 or -0.2%
The dark shadow across the market remains the US DOLLAR INDEX. Will it stage a surprise rally, or will it keep on falling? Today the dollar index reversed course upward, springing off 78.33 support to close at 78.801, up 39.2 basis points. It is still too early to tell for sure, but dollar index appears to be tracing out an inverted head and shoulders, which points to a rally. If the dollar index falls below 78.33, then it will fall much further, to 74 minimum. The market will tell us which way the dollar will move next. I haven't a clue.
Remember that the US dollar is not the sole determinant of GOLD and SILVER PRICES, but it is the world's most widely used currency. Silver and gold are alternative to the dollar as they are to all other fiat currencies, so whenever the dollar strengthens, gold and silver find it harder to rise. A surprise dollar rally might delay gold's push through $1,000 until early next year.
STOCKS didn't like a stronger dollar, either. The Dow closed at 9,321.40, down 76.79, and the S&P500 closed at 1,004.10, down 8.63. Stocks have made a good run, and whether they extend it or not, are still in line for a correction. Use stock strength to sell any you still own, and turn the proceeds into silver and gold.
Look at the weekly scoreboard above and you will immediately grasp an uneasy contradiction. The Silver Price rose 5.4 cents for the week, the GOLD PRICE fell $10.30. Gold closed the week at $947 (down 7.790 today), with silver at $14.715 (down 26.5 cents today). This looks like silver and gold rallied to previous resistance ($955 and $15.00) and fell back, unable to pierce them.
Next week silver and gold might move lower in a correction, and that's most likely. On the other hand, if gold passes through $955 on Monday, both metals will climb strongly next week.
I don’t believe this forebodes any major correction. Gold I don't expect to see below $930 or so, or silver below $14.00 cents. Recall, however, that I have repeatedly said that gold and silver would move "sidewise to higher" over August.
More and more, we hear new customers saying, "I don't know anything about silver and gold, but the dollar has me so scared I have to do something about it." Then they make BIG commitments to metals. That harbinger hints at something much more portentous, namely, a widespread loss of confidence in the dollar. For a fiat currency that is built on confidence alone, that's not good news.
Use every drop in silver and gold as an opportunity to buy more at a discount. Nothing long term has changed. The U.S. dollar is a dead man walking, and will be wrecked in the next three years.
Yesterday I wrote,"Every day that passes impresses on my mind some new fact pointing to terrible turmoil in the US economy and in society. Pull in your horns. Get your business straight. Don't leave lots of money lying around in banks. Get physical gold and silver, and get it delivered into your own hands. Hold it someplace safe, and that does not mean a bank.
"And make sure your back door is working." I thought that was clear, but from the number of e-mail questions I got, it wasn't. If you store your gold or silver in a bank, ask yourself this question: "How will you get to your gold and silver when the bank is closed?" Will you join the line on the sidewalk outside? Of course, if you don't feel comfortable with a safe in your home, then leave them in the bank. Personally, I'll take my chances with those who rob you with a sixgun, sooner than those who rob you with a fountain pen.
What did I mean about back doors? Simply that no rabbit digs a hole with only one way out. In case everything goes wrong, you need to plan what you will do. Run to friends or relatives in the country? Have a country home ready? If things get rough where you are, where will you go? Most people wait too long to go out that back door, and become refugees. You know what refugees are? People on their way to die some place else.
This is not fear-mongering, it's simple realism. Besides, on the other side of this turmoil, somebody will build a new economy, a just economy with genuine freedom. Wouldn't you like to be part of that re-building?
Better start planning now. And check the hinges on your back door.
Daily Free Gold, Silver and Dollar tips in Comex Tips
Silver and Gold Price Removed Most But Not All the Ambiguity Today
Free SILVER Tips, glorious silver, slammed up 40.2 cents today to close at $14.98 cents, highest level since June. From here a believable rally requires silver to climb above $15.00, then run fairly quickly to $16.00 cents and crown it all by smashing through $16.00. Right now, the (free) SILVER PRICE Tips stands on the rallying track.
Today the (Free) US DOLLAR INDEX Tips landed just above its 78.33 support, falling 42.9 basis points to 78.414. Now comes the buck to a real test. If it can hold on at 78.33, and re-bound, then we have to call that a bottom and expect the dollar to rally. On the other hand, if the scrofulus US currency falls through 78.33, well, you wouldn't want to kiss it good-bye, but you could wave bye-bye from a safe distance.
STOCKS keep on rising against all doubts, gaining every day in free dollar tips terms, but stuck against free gold tips. Dow closed today up 36.58 at 9,398.19 and S&P500 up 6.92 at 1,012.73. Dow now stuck beneath 9405 - 9425, so that becomes its next target to conquer. Any fall below 9,200 implies more falling.
Every day that passes impresses on my mind some new fact pointing to terrible turmoil in the US economy and free Dollar tips in society. Pull in your horns. Get your business straight. Don't leave lots of money lying around in banks. Get physical gold and silver tips, and get it delivered into your own hands. Hold it someplace safe, and that does not mean a bank.
To avoid confusion, please remember that the comments above have a very short time horizon. Always invest with the primary trend. Gold's primary trend is up, targeting at least $3,130.00; silver's primary is up targeting 16:1 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.
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:-
Gold and silver technical Commentry, levels,Free Mcx and commodities tips to trades.
Gold and silver technical Commentry, levels, Free Mcx and Commodities trades. Gold and Silver Market Commentary As on 11-08-2009 Gold opened on its highs levels at 953.00/954.00 (as on in Indian Mcx market) and was quickly swept lower, triggeringstops, tumbling to an intraday low level of 942.00/943.00. It recovered marginally from its lows and trade(same as in Mcx Markets in India) lightly within a range. The metal became bid during the early afternoon, finding resistance near level 950.00. It lost ground as the session unwound, finally settling at level 944.50/945.50. Silver opened at level 1450.00/1453.00(same as in Mcx in Indian Market) and tumbled as the metal was well offered,reaching a low of level 1428.00/1431.00. Oil rallied and silver followed making back lost ground as the session progressed, climbing back towards 1450.00. The metal peaked at 1452.00/1455.00 but could not hold this level as light profit taking took it lower. It trade within a range as the day came to a close, finally settling at1437.00/1440.00. (Note:- This Market Commentry is Apply same ti Indian MCX Markets) Technical Commentary Gold is weak on the dailies, falling again today, but finding support just above its50-day moving average level at $941.67. The 50-day is reinforced by the fact that it corresponds to the 38.2% Fibonacci retracement of the April to June up move, off strong support at the multiple April lows at $865.50, the last of which now constitutes multi-month trend support. Should the 38.2%/50-day level give way, we next see strong support holding in at the 50% Fibonacci retracement of the previously mentioned up move, corresponding to the 100-day moving average at $927.50. Silver level market action on August 6th now appears to have been a temporary top, confirmed today by the close below the low (14.56) from the 6th. Accordingly, near-term trading looks biased for further downside; however, none of the longer term studies have turned and continue to be in buy territory. The short-term up trend will only be broken with a break and close below 13.69. Near-term support comes in at the 50-day of 14.03, while resistance lies at the recent high of 15.05 from August 6th. Note:- This Techinical Commentry Applys same to Indian MCX Markets Tips to trade:- As I promise to my Readers My Freeeeeee tips on Gold and Silver trades. My tips on Gold applys on both The MCX Market and The International Commodities Markets. In our point of view if you want to buy in gold and silver in MCX and in International Commodities this is the right time for small profits. Do not wait more for a dip. We think the rates of gold and silver again touch the high level of 965$ in gold and 14.50 in silver. Happy trading from me and my Team.
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.
markets, weaker USD and stronger oil prices to open at 958.50/959.50 in
New York. It traded erratically during the early morning, slipping lower,
finding support near 957.00. It gathered momentum as the dollar continued
to soften and equity markets strengthened. It remained well bid on
investor demand, carrying the metal to an intraday high o 962.25/963.25.
However heavy profit taking as the day unwound, dragged gold market to a low of
954.50/955.50, before settling at 956.75/957.75.
copper and oil prices, peaking at 1446.00/1449.00. Light profit taking
pushed the metal from its highs, finding support near 1430.00. It recaptured
lost ground as the dollar sold off against most majors and equity
markets rallied before trading within a range. Silver market became well offered
as the session moved towards the close, dipping to a low of
1424.00/1427.00 and finally settling at 1426.00/1429.00.
from 962.25/963.25 to the European high around 964.50. There will be
further resistance in front of 968.00 but a break through should set the
sights on the June high around 990.00. Near term support lies from today’s
low around 955.00 down to 946.00.
Silver market was strong early on taking out resistance at both 14.10 and the 50%
Fibonacci level at 14.35 on its way to a high of 14.46/14.49 before settling
around 14.27. Expect further resistance in front of 14.50 although a convincing
break should lead to a test of the 14.75/14.80 area. Near term
support should be found between 13.90 and 14.00.
