• Gold Price Turned Up, Buy Gold on Close Above $1,106

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    31-Jul-15 7-Aug-15 Change % Change
    Gold Price, $/oz. 1,094.90 1,094.10 -0.80 -0.1
    Silver Price, $/oz. 14.746 14.816 0.07 0.5
    Gold/Silver Ratio 74.251 73.846 -0.405 -0.5
    Silver/gold ratio 0.0135 0.0135 0.0001 0.5
    Dow in Gold $ (DIG$) 333.99 328.25 -5.74 -1.7
    Dow in gold ounces 16.16 15.88 -0.28 -1.7
    Dow in Silver ounces 1,199.64 1,172.61 -27.03 -2.3
    Dow Industrials 17,689.86 17,373.38 -316.48 -1.8
    S&P500 2,103.84 2,077.57 -26.27 -1.2
    US dollar index 97.44 97.62 0.18 0.2
    Platinum Price 984.00 961.80 -22.20 -2.3
    Palladium Price 610.35 596.40 -13.95 -2.3

    3 Day Gold Price Chart
    30 Day Gold Price Chart
    5 Year Gold Price Chart
    3 Day Silver Price Chart
    30 Day Silver Price Chart
    5 Year Silver Price Chart

    Silver and GOLD PRICES turned up today.

    This week you’d have thought SILVER and gold prices were going to drop off the edge of the earth and the dollar was going to soar. Bottom rail’s on the top now. Silver actually rose this week and the gold price is a measly 80 cents lower. Dow in Gold and Silver are sharply lower, and stocks are looking a mite peaked. Dow broke crucial support today. Dollar Index probably topped this week, and platinum and palladium have gotten so cheap they may just stop mining ’em.

    The GOLD PRICE rose $3.90 (0.35%) to $1,094.10 while silver gained 14.6 cents (1%) to $14.816.

    Gold Price

    Yes, they have to better this, keep going, confirm. But today gold’s MACD turned up, along with Full stochastics, rate of change, and RSI. On much higher volume. It ALMOST broke out of that pennant upward. Next step is to breach resistance and 20 DMA at $1,105.

    Silver Bumped plumb up to the top of its range today with a $14.99 high, and closed over $14.75 resistance and its $14.78 20 DMA. Must break through $15.00, but that should come Monday or Tuesday.

    Buy gold on a 1 day close over $1,106, or silver on a close over $15. Y’all’ve been waitin’. Now do something.

    Do y’all reckon the vampire killer relishes pounding that wooden stake in the vampire’s heart? Now what makes me think of that when I go to discuss the US dollar index?

    Dollar index has been topped, blocked, and sealed. Back in June, y’all recall, it broke upside out of an even-sided triangle. That rise lasted until 98.31, when it hit the wall and slid down it. Wednesday it hit 98.33, but couldn’t close up there. Thursday it slipped down, then today again tried that top with a 98.43 intraday high. From there it lost 75 basis points to end the day at 97.62, down 0.24%.

    US Dollar Index

    So the dollar index tried twice to penetrate 98.33, but failed both times. That shouts that the dollar is NOT going to continue its rise begun in July 2014, about the best news silver and gold could get. Scrofulous US dollar index chart is on the right.

    You’d think that the lying US jobs report which deftly fabricated better employment, which implies the Fed will raise interest rates next month, would send the dollar up, since interest rates are a prime driver of exchange rates. Most likely it was speculators “buying the rumor and selling the news.” By the way that lying jobs report was so good it said the US economy created 215,000 jobs — enough so that, according to the report, Bigfoot has found a new full time job AND a part time job and Santa Claus is hiring new elves.

    Euro and yen dithered and dodged around about like they have been doing.

    Y’all need to beware the post hoc ergo propter hoc logical fallacy. That means to draw the wrong conclusion that because something happened AFTER something else it also happened BECAUSE OF that something else. “Wet streets cause rain.” This fallacy is a media favorite, especially when they have no clue what’s happening, which is 99.8% of the time. Hence headlines this evening, “US Stocks drop after solid jobs report suggests higher rates.”

    Dow Jones

    ‘T’aint so. Stocks are dropping because they are sick as a hound eating arsenicked meat ALREADY. They have been rolling over all year, and didn’t need no lying jobs report to push ’em over the cliff. Oh, and Mercy! They are a-fixin’ to drop harder and further than anybody in the media can imagine. Even a nat’ral born durn fool from Tennessee can see that, but not them Wall Street smarties.

    Dow lost 46.37 (0.27%) today to close at 17,373.38. What signifieth that number? It’s below 17,400, which had caught the Dow two previous times (17,465 and17,399). That close also pushes the Dow over the support line stretching back to March, and sets it up to break the year’s low at 17,038. Watch, just y’all watch. Chart on the right.

    Dow in Gold

    S&P500 lost 5.99 (0.29%) to 2,077.57. Watch that 2,039 March low. S&P has formed a broadening top in a broadening top, and only by the skin of its teeth closed above its 200 DMA (2,073.24). Stocks have broken. High was back in May.

    Dow in Silver

    As I expected yesterday, the Dow in Gold and Dow in Silver both broke through their uptrend lines today, and cinched a fall through their 20 DMAs. Dow in gold stopped a gnat’s eyelash from puncturing the top gator jaw and ended at 15.88 oz. Today also confirms a down trend with a lower high and two lower lows. ‘Twas a down week. Indicators unanimously point down.

    Lo, the Dow in silver punched through that 20 DMA and uptrend line today like your finger punching through wet cardboard. Ended at 1,172.21 oz., down for the week.

    Y’all enjoy your weekend.

    Aurum et argentum comparenda sunt — — Gold and silver must be bought.

    – Franklin Sanders, The Moneychanger
    The-MoneyChanger.com

    © 2015, The Moneychanger. May not be republished in any form, including electronically, without our express permission. 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 or 18 ounces of silver. or 18 ounces of silver. US $ and US$-denominated assets, primary trend down; real estate bubble has burst, primary trend down.

    WARNING AND DISCLAIMER. Be advised and warned:

    Do NOT use these commentaries to trade futures contracts. I don’t intend them for that or write them with that short term trading outlook. I write them for long-term investors in physical metals. Take them as entertainment, but not as a timing service for futures.

    NOR do I recommend investing in gold or silver Exchange Trade Funds (ETFs). Those are NOT physical metal and I fear one day one or another may go up in smoke. Unless you can breathe smoke, stay away. Call me paranoid, but the surviving rabbit is wary of traps.

    NOR do I recommend trading futures options or other leveraged paper gold and silver products. These are not for the inexperienced.

    NOR do I recommend buying gold and silver on margin or with debt.

    What DO I recommend? Physical gold and silver coins and bars in your own hands.

    One final warning: NEVER insert a 747 Jumbo Jet up your nose.

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