Look for Silver and Gold Prices to Make Their Low This Week or Early Next Week
Gold Price Close Today : 776.80
Gold Price Close Friday: 785.9
Change: -8.9 or -1.1%
Silver Price Close Today : 14.136
Silver Price Close Friday: 14.483
Change: -34.7 cents or -2.4%
US Dollar Index Today: 75.77
US Dollar Index Friday: 75.85
Change: -0.08 or -0.1%
Just to illustrate how many factors build the gold price, today the US Dollar Index sank, along with the Dow, the S&P500, and gold & silver.
Obviously I have been overoptimistic, as both SILVER and GOLD PRICES showed today. Will I now ride my pendulum the other way? Nope, this roughly $780 level is about the low I expected from gold, and about $14 from silver. Low today was $14.09. My friend the Super-Technician BL called me today with the conclusion silver might reach $13.50 or even $13.25. Possible. I hope so, cause I will buy with both hands & my lips.
Whatever happens, look for silver and gold prices to make their low this week (most likely) or early next week. From there they will begin a VERY strong rally. It would be odd if the low came later than 2 December.
Over the weekend at the OPEC conference somebody left a mike turned
on and it caught Hugo Chavez & Saudi Arabia's rep speaking. The Saudi asked what they would do if the dollar collapsed? Now if that mike had been left on for George Bush, I could buy it, but Hugo Chavez is cleverer than that. Somebody is sending Washington a strong message. Iran's Ahmadinejad made a speech calling for OPEC to stop losing money by shifting from dollar-pricing to euro-pricing.
The US DOLLAR INDEX was only funning us about rallying. This losing seven or ten points a day couldn't inspire confidence in a Secretary of the Treasury. Sorry. This will end in tears.
Today the Dow traded as low as 12,937.63, not much more than a whisker from the August low 12,846. Keep watching, remembering that a close below that August low will give a primary Dow Theory signal that the Dow has made a primary turn down.
Tomorrow would be a likely day for the Nice Government Men to climb up
off their office couches & rally the market by buying S&P500 futures heavily. Look for it. Meantime, swap stocks for silver & gold.
Argentum et aurum comparenda sunt -- -- Gold and silver must be bought.
- Franklin Sanders, The Moneychanger
"Buy Silver and Gold Coins at the Best Prices"
http://the-moneychanger.com/
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 $1,250.00; silver's primary is up targeting 16:1 gold/silver ratio or $78.13; stocks' primary trend is down, targeting Dow under 2,900 and worth only one ounce of gold; US$ or US$-denominated assets, primary trend down; real estate in a bubble, primary trend way down.
Gold Price Close Friday: 785.9
Change: -8.9 or -1.1%
Silver Price Close Today : 14.136
Silver Price Close Friday: 14.483
Change: -34.7 cents or -2.4%
US Dollar Index Today: 75.77
US Dollar Index Friday: 75.85
Change: -0.08 or -0.1%
Just to illustrate how many factors build the gold price, today the US Dollar Index sank, along with the Dow, the S&P500, and gold & silver.
Obviously I have been overoptimistic, as both SILVER and GOLD PRICES showed today. Will I now ride my pendulum the other way? Nope, this roughly $780 level is about the low I expected from gold, and about $14 from silver. Low today was $14.09. My friend the Super-Technician BL called me today with the conclusion silver might reach $13.50 or even $13.25. Possible. I hope so, cause I will buy with both hands & my lips.
Whatever happens, look for silver and gold prices to make their low this week (most likely) or early next week. From there they will begin a VERY strong rally. It would be odd if the low came later than 2 December.
Over the weekend at the OPEC conference somebody left a mike turned
on and it caught Hugo Chavez & Saudi Arabia's rep speaking. The Saudi asked what they would do if the dollar collapsed? Now if that mike had been left on for George Bush, I could buy it, but Hugo Chavez is cleverer than that. Somebody is sending Washington a strong message. Iran's Ahmadinejad made a speech calling for OPEC to stop losing money by shifting from dollar-pricing to euro-pricing.
The US DOLLAR INDEX was only funning us about rallying. This losing seven or ten points a day couldn't inspire confidence in a Secretary of the Treasury. Sorry. This will end in tears.
Today the Dow traded as low as 12,937.63, not much more than a whisker from the August low 12,846. Keep watching, remembering that a close below that August low will give a primary Dow Theory signal that the Dow has made a primary turn down.
Tomorrow would be a likely day for the Nice Government Men to climb up
off their office couches & rally the market by buying S&P500 futures heavily. Look for it. Meantime, swap stocks for silver & gold.
Argentum et aurum comparenda sunt -- -- Gold and silver must be bought.
- Franklin Sanders, The Moneychanger
"Buy Silver and Gold Coins at the Best Prices"
http://the-moneychanger.com/
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 $1,250.00; silver's primary is up targeting 16:1 gold/silver ratio or $78.13; stocks' primary trend is down, targeting Dow under 2,900 and worth only one ounce of gold; US$ or US$-denominated assets, primary trend down; real estate in a bubble, primary trend way down.
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