• The Gold Price Closed Down Near the Uptrend Line at $1,306.10

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    22-Jul-14 Price Change % Change
    Gold Price, $/oz 1,306.10 -7.60 -0.58%
    Silver Price, $/oz 20.97 -0.00 -0.00%
    Gold/Silver Ratio 62.299 -0.360 -0.57%
    Silver/Gold Ratio 0.0161 0.0001 0.58%
    Platinum Price 1,487.60 -5.10 -0.34%
    Palladium Price 873.85 -2.30 -0.26%
    S&P 500 1,983.53 9.90 0.50%
    Dow 17,113.54 61.81 0.36%
    Dow in GOLD $s 270.86 2.54 0.95%
    Dow in GOLD oz 13.10 0.12 0.95%
    Dow in SILVER oz 816.29 2.99 0.37%
    US Dollar Index 80.85 0.23 0.29%

    3 Day Gold Price Chart
    30 Day Gold Price Chart
    3 Day Silver Price Chart
    30 Day Silver Price Chart

    Sorry, you can’t get blood out of a turnip, and this turnip has been squeezed dry. Nothing happening in markets today, except a little bit in the US dollar index, & silver and GOLD PRICES weakening.

    The GOLD PRICE was driven back $7.60 (0.6%) to $1,306.10, right above support, right near the uptrend line. The 300 day moving average is still holding it up, but gold is pushing toward the bottom. Will it break here? If it trades below $1,300 tomorrow, it will tumble to $1,290 or $1,280. On the other hand, if it rains airliners somewhere else in the world and gold closes above $1,330, gold has finished rising. My guess is gold has one more downward thrust left.

    The SILVER PRICE lost 1/10 of a cent today, in a range from 2078c to 2112, and closed at 2096.5c. That’s a dead market.

    Silver hit the rising fan line from its early June low, remains above its 300 DMA, and is speaking out of both sides of its mouth. Silver has worked off much of its overboughtness in the RSI, but hasn’t turned its other indicators up.

    If silver breaks 2063c tomorrow, we’ll get that other spike down toward 2035c.

    Yes, I DO know that this is boring and frustrating, like waiting for homebrew to finish fermenting. All the same, they will resolve shortly. By mid-August silver & gold prices ought to be rallying again.

    What do you expect in a summer market?

    Stocks rose again today, breaking a 3 day down trend. This back & forth has been occurring regularly as the Dow builds a rising wedge. The S&P500 however, has remained in a rising trading range.

    Today the S&P500 added 9.9 (0.5%) to 1,983.53 while the Dow rose 61.81 (0.36%) to 17,113.54. S&P500 will probably sprint for 2,000 before its tank is left gasless. Dow might hit 17,200. This should happen directly.

    Strength in stocks is driving up the Dow in Metals. Dow in gold hit its downtrend line again today. It rose 0.85% to 13.10 oz (G$270.80 gold dollars). Indicators hint not very softly that it’s going higher. You can see the chart here, Dow in gold has already laid two fan lines, which also hints at climbing further.

    Dow in silver also points higher. It hit its downtrend line today, rising 0.16% to end at 814.62 oz (S$1,053.25 silver dollars).

    Y’all don’t complain. I warned y’all this was coming. It should not last much longer.

    US Dollar Index, that scrofulous & scurvy scion of evil, rose 23 basis points (0.29%) to end at 80.85. As much as you can trust anything in the smoke & mirrors Central Bank House of Fun, the dollar is saying it will rise to that Neckline, having completed a right shoulder, break through the neckline, & scoot towards 82.75. But first, let’s see what it does when it hits that neckline.

    Y’all may have all sorts of troubles, even chiggers or poison ivy, but at least you don’t own euros. Euro gapped down today to a new low for the move, smashing the $1.3500 level and closing at $1.3469, down 0.4%. Below this level stands no support until $1.3295, the November 2013 low. Then support steps down to $1.3111 and $1.2755.

    Yen is laying low, still working out into the increasingly narrow nosecone of that triangle. Lost 0.05$ to 98.60. Been taking Thorazine.

    If you want to roll your IRA from stocks or zero interest rates money market funds to silver or gold, go see New Direction IRA, www.newdirectionira.com. If you mention that the Moneychanger sent you, they will deduct half the cost of your first transaction fee until Friday, 15 August 2014.

    This is the time to jump from stocks to silver & gold. After a 3 year correction, gold & silver are ready to rally and enter the greatest rise of their bull market, while stocks are ready to turn down for a long, long time. Time to roll over now. (I receive no payment to recommend New Direction.)

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

    – Franklin Sanders, The Moneychanger
    The-MoneyChanger.com

    © 2014, 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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