Highest Weekly BLOOMBERG GOLD Price Close in History

Highest Weekly BLOOMBERG GOLD Price Close in History

BLOOMBERG GOLD PRICE CLOSE Today : 1,004.90
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.

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'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.

Silver and Gold Prices Remain Strong

Silver and Gold Prices Remain Strong

BLOOMBERG GOLD PRICE CLOSE Today : 995.30
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.

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; BLOOMBERG silver's 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.

Daily Update

Wednesday, September 10, 2009

Market Commentary

BLOOMBERG Gold opened at 997.50/998.50 and rallied on the back of a weakening USD

and stronger oil, finding resistance near 1000.00. It traded erratically within a

range for much of the session, touching a high of 1002.00/1003.00 but it could

not sustain this level very long. The metal became well offered during the

latter end of the day, slipping to an intraday low of 993.50/994.50 and later

closed marginally higher at 995.00/996.00.

BLOOMBERG Silver opened at 1655.00/1658.00 in New York. Rallying oil, stronger equities

and a slumping USD inspired good buying as the session got underway. The

metal stayed well bid, climbing to an intraday high of 1667.00/1670.00 before

it retreated, washing out longs. The selling continued as the trade day unwound,

finally closing on its lows at 1641.00/1644.00.

Technical Commentary

BLOOMBERG Gold failed to revisit yesterdays high of 1007 high and eventually was

sold down to current 989. After 6 up days that took the unit from 947

to 1007 it looks like we finally ran into sellers. The break of 990 has

triggered our stop loss on the long position recommended on a break

of 965. It will be interesting to see if the unit revisits former resistance

line at 975. This is only the first down day so we do not expect larger

selling unless the 965 breaks.

BLOOMBERG SILVER has registered its first down day in weeks with the unit dropping

back to current 16.31. We do not expect selling of silver to enter the

market until a move back below 16.00. The BLOOMBERG Gold Silver ratio has

moved higher today to 60.75 from yesterdays close of 60.14. The ratio

looks weak while below 61.8% Fibo level 61.42. Only a close back

above this level will stabilize the overall bearish pressure on the ratio.

The BLOOMBERG Gold Price Must Pierce US$1,000, or Fail Miserably

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.

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.

Market Watch:-

--------------------

Bloomberg Gold opened at 990.50/991.50 in New York. Employment data

landed near expectation and had little impact on the metal. It traded

erratically within a range, slipping to an intraday low of 985.00/986.00.

Equity markets later turned positive, the dollar lost ground and gold

rallied. It remained well bid, peaking at 996.75/997.75. From here it

retreated from the highs as the trading day unwound, settling at

995.00/996.00.

Silver opened at 1606.00/1609.00 and climbed ahead of the economic

data, finding resistance near 1615.00. It pulled back and

traded lightly within a range as investors digested the employment

data. Profit taking later dragged the metal to a low of

1583.00/1586.00. This move quickly reversed on the back of stronger

equity markets and a weaker dollar. Silver climbed to a high of

1635.00/1638.00 before coming off and finally closing at

1626.00/1629.00.

Technical Commentary:-

-----------------------------

Bloomberg Gold on the weekly chart is showing a consolidation triangle breakout

to the topside at current 991. The weekly close above resistance lines

at 965 and 976 bodes well for further gains up to the 2009 high of

1006 and possibly to the 2008 high of 1032. We suspect the market

will look to buy Bloomberg Gold on any dip to 976 with stop losses back below

965.

Silver on the weekly chart is showing a strong move to the topside at

current 16.16. The unit touched a fresh 2009 high this week of 16.31.

Our next resistance is the 16.45 area which represents the 61.8%

Fibonacci retracement of the 21.35 to 8.54 down move. A move

above 16.45 would opens up the 76.4% retracement level of 18.32.

The Bloomberg Gold Silver ratio moved lower to a fresh 2009 low of 61.35. This

area represents the 61.8% Fibo retracement of the 47.52 to 83.90 up

move. A clean break lower opens up 76.4% level of 56.11.

BloomBerg News Silver and Gold Futures Prices are Just Starting their Most Explosive Upmoves

BloomBerg News Silver and Gold Futures Prices are Just Starting their Most Explosive Upmoves

BloomBerg Gold Futures Price Today : 995.80
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.

Let me get stocks out of the way. Today news as per Bloomberg stocks rose fairly strongly. The Dow rose 96.66 to close at 9,441.27, losing 102.93 points for the week. S&P closed up 13.16 at 1,06.46, down 12.47 for the week. I'm guessing stocks have one more leg up in their rebound rally from the great fall, but one way or the other, I don't want to own stocks. Stay away from them, they're locked in a bear market and have another 80% to lose against silver futures and gold futures prices.

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

To avoid confusion, please remember that the comments above have a very short time horizon. Always invest with the primary trend. Gold Bloomberg 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.

This news as per by Bloomberg thanks.