• The Gold Price Lost $10.70 Today Closing at $1,245.60

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    23-May-14 30-May-14 Change % Change
    Gold Price, $/oz. 1,291.70 1,245.60 -46.10 -3.6
    Silver Price, $/oz. 19.388 18.653 -0.735 -3.8
    Gold/silver ratio 66.624 66.777 0.154 0.2
    Silver/gold ratio 0.0150 0.0150 -0.0000 -0.2
    Dow in Gold Dollars (DIG$) 265.76 277.44 11.68 4.4
    Dow in gold ounces 12.86 13.42 0.56 4.4
    Dow in Silver ounces 856.52 896.22 39.70 4.6
    Dow Industrials 16,606.27 16,717.17 110.90 0.7
    S&P500 1,900.53 1,923.57 23.04 1.2
    US dollar index 80.43 80.43 0.00 0.0
    Platinum Price 1,475.20 1,454.70 -20.50 -1.4
    Palladium Price 831.45 835.65 4.20 0.5

    The GOLD PRICE mislaid another $10.70 (0.85%) today and closed Comex at $1,245.60. Silver slumped 33 cents (1.74%) to 1,865.30.
    Are the silver and gold prices destined to hit last June’s lows ($1,180 and 1817c) again? Durned if I know, but if they don’t stop here soon, they must suffer further humiliation.

    The SILVER PRICE low today at 1864c matched the 1 May intraday low at 1868.5c. This is it, the bottom of the support range. Excuses don’t count here, you either hold or die.

    The GOLD PRICE low today at $1,241.80 lies not far from where a rough target measurement from the preceding triangle’s height ought to take it (about $1,216). Besides that is the January low at $1,237.50.

    Meanwhile, volume in silver is drying up, and in gold has fallen so low you wonder why any traders bother going to work any more. Normally declining volume signals that the trend is running out of steam.

    There ’tis. I’m just like a fool at a tennis match who’s following the instructions of that fellow who told him to watch the ball. I’m watching amazed as values move further and further from agreement with price, but this is the best thing that could happen to gold and silver investors, better than free donuts for life. Y’all ought to hanging over this market like hungry buzzards, jumping on every fresh decline.

    I reckon I’m going to have to work on my metaphors and similes. Sometimes they’re a little less than tasty. Bottom line is that markets are not rational, and when the more outrageously irrational they become, the greater our opportunity to take advantage and profit. Remember my Tennessee proverb: Sooner or later, reality revenges itself.

    ‘Twas an up-week for stocks but pitiless for metals — owch. US dollar index spun wheels and went nowhere, didn’t even throw up much mud. White metals moved sideways, while central banks around the globe continued to suck the blood out of their victim populations.
    When markets DON’T react to news as they logically ought, something’s up. Yesterday despite economist’s rosy forecasts, first Quarter GDP came out contracting at a 1% annual rate. Mmmmm. Two quarters contracting running makes it a recession, yet the S&P500 rose to a new all time high despite this news. Complacency and optimism have reached narcotic levels.

    Now y’all think: if GDP is contracting, economic activity is contracting, and that can’t be good for stocks. Yet they rose anyway. Metastatic optimism.

    And the economists forecasting, almost as accurate as Nordic rune-casters, found all sorts of excuses why GDP ought to have been down, mostly centering on bad weather. There are excuses, bad excuses, and plumb sorry excuses, and that one is plumb sorry and has more holes than a sweater at a moth farm.

    But what do I know? I’m only a suspicious durned fool from Tennessee who only knows a little Latin: Timeo economistes et dona ferentes.

    Dow confirmed the Dow transports’ new high as well as the S&P500’s new highs, while the SP500 clocked another new high today. By golly, we’ve got a proverbial Mexican cat ranch by the tail here, a perpetual money-making scheme. (Y’all know about the Mexican cat ranch? You raise rats to feed the cats and skin the cats, sell the hides, and feed the carcasses back to the rats. It’s a never ending money-making mo-sheen.”)

    Get serious, Moneychanger.

    Okay, Dow added 18.43 (0.11%) to climb to 16,717.17, although it remained underwater the whole day until the last 15 minutes. That’s as convenient as finding a $100 bill — in somebody else’s pocket. Never mind, it got onto the scoreboard. In America, that’s all that counts. Previous high was 13 May 2014 at 16,715.44. S&P inched up 3.54 (0.18%) to end at 1,923.57, against yesterday’s new high at 1,920.53.

    That bumps the Dow smack up against the top boundary of the megaphone of death that has been forming since 1998. S&P500 already crossed above (“overthrew”) its analogous upper boundary earlier this year. Time to fish or cut bait. Either stocks will make a lasting top here and crumple for years to come, taking the economy with them, or there is a Santa Claus, who, with the Easter Bunny and the Money Fairy, works for the Federal Reserve.

    Throwovers and tops feed on themselves, and are unpredictable. This can last several more weeks, but the end is sure.

    Dow in silver gained 1.23% to close 888.27 oz (S$1,148.47 silver dollars). This approaches my target of 912 oz (S$1,179.15). In the last twelvemonth the Dow in silver has formed a rising wedge, which can be expected to break out to the downside. Chart is at http://scharts.co/1wC0dtz Interesting — even with a Dow at 17,000, 912 oz works out to silver at 1864 cents. By the way, that 888.27 oz is a new high for the move.

    Dow in Gold only inched up 0.44% to 13.37 oz (G$276.38 gold dollars. You can view a chart at http://scharts.co/1hH52br Dow in gold is trading in a channel about 2.8 oz wide. By mid-June the top boundary will be around 15.1 oz. No sign of turning down yet, although the RSI and Full Stochastics are reaching overbought levels (silver, too.)

    Currencies are spending days in a coma, only to wake up and sprint a mile. US dollar fell below its 200 DMA (80.46) to 80.43, down ten basis points or 0.12%. Daily chart shows no direction but erosion lower, but if the US dollar index can struggle above that 200 DMA it should rise to 81.50. Every time I think the dollar is about to rise, it slumps.

    The euro rose 0.23% to $1.3634, smack on its 200 DMA, but other than a little oversold reaction rally, there’s no hope in this chart. If the European Central Bank criminals announce new easing measures next week, it should accelerate its plunge.

    Yen is barely moving. Lost 0.3% to close today at 98.27. Technically in an uptrend, but trapped beneath its 200 DMA. Congestion will break soon, probably upward.

    Ten year US treasury not yield rose 0.41% to 2.457%. This brings it back to the upper channel line it overthrew a year ago. Must turn here or drop much further. Chart is at http://scharts.co/1wC6UM8

    Y’all enjoy your weekend!

    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.

  • Gold prices near year-low level at Rs 27000 per 10 grams

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    Gold prices near year-low level at Rs 27000 per 10 grams
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    Read more on Times of India

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  • The Gold Price Closed at $1,256.30 Needs to Close Above $1,280

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    29-May-14 Price Change % Change
    Gold Price, $/oz 1,256.30 -3.00 -0.24%
    Silver Price, $/oz 18.98 -0.05 -0.27%
    Gold/Silver Ratio 66.180 0.023 0.04%
    Silver/Gold Ratio 0.0151 -0.0000 -0.04%
    Platinum Price 1,462.10 -3.30 -0.23%
    Palladium Price 833.80 -6.05 -0.72%
    S&P 500 1,920.03 10.25 0.54%
    Dow 16,698.74 65.56 0.39%
    Dow in GOLD $s 274.77 1.73 0.63%
    Dow in GOLD oz 13.29 0.08 0.63%
    Dow in SILVER oz 879.67 5.85 0.67%
    US Dollar Index 80.53 -0.07 -0.09%

    The GOLD PRICE fell $3.00 to $1,256.30. Silver shaved off 5.2 cents to 1898.3c.

    When you are reduced to saying stuff like, “Well, if silver were really weak it would have fallen more after that break,” you’re grabbing at straws. That’s true, it seems contradictory and might point to underlying strength that the silver and gold price have not followed through lower after Monday’s big fall, but that’s a backhanded compliment — like saying a boy is ugly as a bucket of slop but at least don’t smell bad, too. Who wants to rank in that league?

    Here’s something better.

    The SILVER PRICE reached a new low for the move today at 1878 cents, but did not finish the day down there. In a sort of Step 1 of a Key Reversal (if you count the day and not the Comex), it traded down to 1878c and was still there about 1:30 central time. Before I could make up my mind to buy a little, it shot up a dime. If it closes higher tomorrow, I’ll think about calling that a reversal.

    They needn’t have bothered to open up gold trading today. High came at $1,260.60 and low at $1,250.90 — why bother for a $10 trading range? If the last two day’s pause marks roughly the halfway point of the decline, it should stop around $1,240 or $1,230. The GOLD PRICE now needs a close above $1,280 to turn around.

    For all my bellyaching, I’m not shorting anything here and I find myself buying.

    Stocks are hovering. All attention — and money — has been poured into the S&P500, and today it rose 10.25 (0.54%) to make another new all-time high. Closed at 1,920.03. Yet no other index, particularly not the Dow, has made a new high, save the Nasdaq 100, which is close. If those other indices fall back, that’s sort of like a platoon all taking one step back and leaving one man standing forward when volunteers are called for. Should some of those others start climbing, it might send stocks on another two or three week jaunt upwards into a final high.

    Dow gained 65.67 (0.39%) to 16,698.74.

    Dow in metals bumped up again. Dow in gold hit 13.29 oz (G$274.43 gold dollars), up 0.57%. Dow in Silver ended up 0.4% at 878.23 oz (S$1,135.49 silver dollars), a new high for the move. Going higher.

    US dollar index, although it has pierced its 200 DMA (80.46) and remains above it, has backed off. Today it gave away 7 basis points and ended at 80.53. Technically it ought to head higher, but when? Euro gained the 0.08% today that the dollar index lost, but remains below its 200 DMA. Central banks fear markets as much as markets fear them. They dread to disappoint markets, so with all expecting some “easing” from the ECB, they will likely do so next week. Anyway, decision appears to have been colluded on amongst the central banks to let the euro fall.

    What bothers my mind most about the dollar is that its movements overlap, like a corrective and not an advancing wave.

    Yen rose 0.5% to 98.26, lost as a golfball in high weeds and baffled as a hog with a sidesaddle. In a nothing-much uptrend, but must clear 200 DMA and 99c/Y100 before it goes anywhere.

    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.

  • Gold Price Acts Like a Market that Has Run Out of Downside Momentum

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    28-May-14 Price Change % Change
    Gold Price, $/oz 1,259.30 -6.20 -0.49%
    Silver Price, $/oz 19.04 0.00 0.02%
    Gold/Silver Ratio 66.157 -0.340 -0.51%
    Silver/Gold Ratio 0.0151 0.0001 0.51%
    Platinum Price 1,465.10 0.40 0.03%
    Palladium Price 830.65 9.20 1.12%
    S&P 500 1,909.78 -2.13 -0.11%
    Dow 16,333.18 -42.32 -0.26%
    Dow in GOLD $s 268.11 0.62 0.23%
    Dow in GOLD oz 12.97 0.03 0.23%
    Dow in SILVER oz 858.06 -2.40 -0.28%
    US Dollar Index 80.60 0.18 0.22%

    The GOLD PRICE chiseled off $6.20 (0.5%) to $1,259.30. Silver lost 4/10 of one cent to 1903.5c.

    The SILVER PRICE ranged a huge 19 cents today, from 1897c to 1916c, then closed 4/10 cent higher? Dead. No new sellers coming in. That argues it won’t go lower, or not by much. Then there’s that falling GOLD/SILVER RATIO, down from 66.624 on 23 May to 66.157 today. (By the way, don’t let me forget to remind y’all to swap gold for silver. That high ratio will not last forever.) Volume dropped today too, right sharp.

    Y’all think about the GOLD PRICE a minute. Since last June’s low it has traded in a range from $1,180 to $1,434, more narrowly $1,180 – $1,360. It double bottomed in December, and has spent most of the last year above $1,250. There’s no big change here, and it acts like a market that has run out of downside momentum.

    Wouldn’t everyone be amazed if silver turned around and blasted through 1950c in a day or two? Watch for it. As long as silver doesn’t fall through 1868c, it’s possible.

    Sometimes I don’t keep my mind on what I’m doing and so overlook things. I read an article today by James Turk pointing out that yesterday was options expiration date for Comex options and Thursday expiration for OTC options.

    The 20 watt bulb in my dim brain flickered to life. Of course. If the black-shirts on the Comex floor can run silver and gold prices down, they’ll have to pay off on futures options. This happens monthly — how could I have forgotten? You don’t have to postulate a global government/bank conspiracy for this one, just the same old thieves running things answers nicely. It’s a variant of another game floor traders play called “run the stops” where they run the price down or up enough to hit the nested stops, then run the price back the other way to clear their position.

    If the options expiration scam was the force operating in yesterday’s decline, then it was meaningless even to the short term trend. You’ll know after Thursday. Market ought to come back Friday if that analysis is valid.

    For the nonce, at least, stocks have yet again disappointed. Too early to say for sure, thought. Dow fell back 42.32 (0.25%) to 16,633.18. S&P500 did not make another new high, yea, fell back 2.13 (0.11%) to 1,909.78.

    Friends, I may look silly, but it’s nigh impossible to parse a topping market. S&P500 might shoot up to 2000, or it might crumple here. Either way it’s riding on dandelion fluff and moonbeams.

    A close above the last high at 16,715.44 is needed to take the Dow higher, and I don’t mean two points above that, I mean 2% or above 17,050. That would clearly state stocks are moving higher.

    Dow in gold barely moved today, up 0.13% from 13.20 oz yesterday to 13.22 oz (G$273.28 gold dollars), but it clean broke out of that flat topped triangle yesterday. Here’s a chart, http://scharts.co/1wns6W3 Dow in silver nicked down, 0.1% to 874.74 oz (S$1,130.98 silver dollars). Here’s the chart, http://scharts.co/1wnsV1c

    In the currency markets everybody is betting the ECB will soon “ease,” or, in plain English, crank up the presses and create a tanker load of new money. This sent the Euro down again today 0.3% to $1.3594 even though the 10 year US treasury note yield dropped 3.18% today. Since currency exchange rates are largely determined by interest rate differentials (yes, and inflation expectations) the dollar ought to have weakened against the euro. Instead, it rose 18 basis points (0.22%) to 80.60. Y’all ought also bear in mind that just as a rising market attracts buyers, so a falling market attracts sellers, as rotten meat draws flies. Thus the euro’s fall is feeding on itself and the news (that really is no news), and today fell past another milestone, the 200 day moving average ($1.3630). Probably several months more of falling euro lies before us.

    Yen doesn’t know sic ’em from come here. Touched its 200 DMA above but fell away and now is vibrating around its 20 DMA.

    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.

  • The Gold Price Closed Down $26.50 at $1,265.50

      0 comments
    27-May-14 Price Change % Change
    Gold Price, $/oz 1,265.50 -26.50 -2.05%
    Silver Price, $/oz 19.04 -0.35 -1.80%
    Gold/Silver Ratio 66.469 -0.170 -0.26%
    Silver/Gold Ratio 0.0150 0.0000 0.26%
    Platinum Price 1,465.70 -10.50 -0.71%
    Palladium Price 830.65 -0.80 -0.10%
    S&P 500 1,911.91 11.38 0.60%
    Dow 16,675.50 69.23 0.42%
    Dow in GOLD $s 272.39 6.69 2.52%
    Dow in GOLD oz 13.18 0.32 2.52%
    Dow in SILVER oz 875.86 19.34 2.26%
    US Dollar Index 80.42 -0.01 -0.01%

    Break came in silver and GOLD PRICES today, more in gold than silver. Gold sank $26.20 (2.05%) while silver only fell 34.9 cents (1.8%).

    The GOLD PRICE had built that long, narrow even-sided triangle which promises a breakout but always keeps shutmouthed about which way. Gold sold slowly off until it reached $1,282.50 where it began tumbling. Still, it was an orderly day, with no huge slam-downs.

    Today’s close came near the $1,264.30 low and matches the high in 2010. In other words, this correction that began in 2011 has rolled back four years’ gains in gold. Y’all don’t care about that, though, y’all want to know what the gold price will do tomorrow.

    I don’t know. Today’s tumble took gold down to the April low. It might in fact stop here. Or it might repeat the pattern of the last 2 months and rally back, only to lose back in the following days.

    There was also a $1,240 low in January. It might catch there if today is not a one-day clean out spike. Orthodox way to measure the target would be to subtract the $63 height of the triangle from today’s breakout at $1,280 for a $1,217 target. Below that are all the points clustered between $1,210 and $1,180. I don’t think it will reach $1,000, as those on Wall Street pontificate, but I’m jes’ a nacheral born fool from Tennessee and too durned suspicious to trust central bank money printing.

    Only two ways to play a break like this: you either grab it with both hands anticipating it is only a brief spike, or you wait several days to see how it shakes out. Momentum indicators look awful, but they always do at bottoms.

    The SILVER PRICE broke through the bottom boundary of its uptrend that began May 1, but only fell to the same 1900c area that has been support for so long. It could drop again to 1890c – 1870c, or it might drop to 1750c. From what I saw today, I’m guessing that those buyers who have been waiting for something to happen will come out of the woodwork at these prices.

    However this fall unrolls, I am glad to see it, because it will wash out the weak hands and set the final step in place for the silver and gold price to rally.

    S&P500 rose 11.38 (0.6%) to a new all-time high at 1,911.91. At 16,675.50 (up 69.23 or 0.42%), the Dow did NOT make a new all time high. S&P500’s rise today above the top resistance line has to be confirmed with higher prices still — all the more so since it’s failure after the last new all-time high.

    Both the Dow in Gold and Dow in Silver broke out of consolidations and headed higher. I’m just waiting and watching. Dow in Gold closed at 13.20 oz (G$272.87 gold dollars) and Dow in Silver rose 2.66% to 875.58 oz (S$1,132.06 silver dollars). My target for the Dow in Silver is no higher than 912 oz (S$1,179.15).

    After Friday’s excitement, currency markets have gone back to sleep. US Dollar Index today lost one (1) basis point to 80.42, unable to keep on rising through its 200 DMA (80.49). Euro rose 0.1% to $1.3636 on comments yesterday by ECB head Alan Greensp — No, wait, he only SOUNDS like Greenspan, his name is Draghi. Anyway, he made noises that maybe, perhaps, possibly the ECB might have to step up inflation. When Lenin’s secret police chief asked him how he would get their counterrevolutionary opponents to bite on his scheme for a phony opposition, Lenin said, “Tell them what they want to hear.” The communists who rule us are still using that same tactic today. (If y’all don’t understand how central bank “capitalists” might really be “communists,” I’ll have to explain later. Just leave it at this: maybe they never were capitalists to begin with, or maybe they’re just the other side of that dialectic “communism/capitalism” that keeps most of us confused.)

    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.