• Gold Price Lost $8.90 or -0.72%

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    30-Mar-16 Price Change % Change
    Gold Price, $/oz 1,226.90 -8.90 -0.72%
    Silver Price, $/oz 15.21 -0.01 -0.09%
    Gold/Silver Ratio 80.685 -0.511 -0.63%
    Silver/Gold Ratio 0.0124 0.0001 0.63%
    Platinum 964.30 -0.90 -0.09%
    Palladium 565.40 -7.35 -1.28%
    S&P 500 2,063.95 8.94 0.44%
    Dow 17,716.66 83.55 0.47%
    Dow in GOLD $s 298.50 3.55 1.20%
    Dow in GOLD oz 14.44 0.17 1.20%
    Dow in SILVER oz 1,165.11 6.56 0.57%
    US Dollar Index 94.82 -0.33 -0.35%


    On Tuesday the Fed’s answer to the Wicked Witch of the East, Janet Yellen, cooked up a spell to help Wall Street. In a speech in New York she waffled (I know that’s redundant, “Fed” and “Waffle”) on raising interest rates soon. Signal to the market was, “Party animals! Stock party’s still on!” Also, “Dollar will get no help from the Fed.” Stocks jumped, gold & silver jumped, dollar tanked, and hedge & mutual fund managers get to make better reports for the first quarter. See how easy that was? A simple spell: “N-o-R-a-t-e-R-i-s-e.” 
    No doubt she always wanted to throw a bone to oil producers. Just drop it off her broom in a fly-by, as it were, knocking down the US dollar. Whoa! Watch out for them wanged monkeys! Them thangs bite! 
    Stocks today kept rising, but without much inspiration. Dow climbed 83.55 (0.47%) to 17,716.66. S&P500 chugged along at its side, 8.94 (0.44%) higher at 2,063.95. 
    Dow approacheth its last high close at 17,721 (29 December 2015). Yeah, won’t they be jubilatin’ on Wall Street if it can pass that mark. 2,078.36 is the S&P500’s comparable close. I’m not counting on seeing that. Dow in Silver & Dow in Gold appear to be nearing the end of their rallies, so that puts a limit on how much higher stocks can climb. 
    By the way, y’all do understand that raw number gains are meaningless, right? Only thing that counts is PURCHASING POWER GAINS. During the 1921-23 German hyperinflation, for example, stocks soared hugely but lost purchasing power. Raw numbers mean nothing, only purchasing power. Raw number for the Dow look great, until you adjust them for inflation or compare them to gold or silver. 
    US dollar index plunged 33 basis points (0.34%). Chart’s here, http://schrts.co/ZhjJhK 
    Come to think of it, all the trouble the Dollar Index has suffered these last 9 months has come from central banks. All those waterfalls you see on the chart were loosed by some central bank’s announcement, including the latest one precipitated by Mother Yellen. Dollar has now reached the downtrend line from its March 2015 peak. It’s below all its moving averages, and ain’t got a friend in the world. Only important thing to watch is 92.50. If the dollar breaks down there, we have a whole new game, because it will sink much further. 
    Euro rose 0.45% to $1.1342, pursuing a reluctant rally. Yen rose 0.22% to 88.95, above its 20 DMA again but indecisive twixt rallying and plunging. 
    Gold tumbled $8.90 (0.72%) to $1,226.90 while silver barely moved, down 1.4¢ (0.09%) at 1520.6¢. 
    Yesterday gold leapt $15.70 (1.3%) on Mother Yellen’s broom, but although it climbed over $1,240, its fingers were too slippery to hold on there. What interest me more than yesterday’s bound is the limit of the fall. Day before yesterday gold hit $1,206.10, yesterday $1,215.30, today $1,223.40. Hasn’t closed below $1,220, so clearly there are enthusiastic buyers below $1,220. Chart: http://schrts.co/kGImYK 
    That $1,206 low came awfully close to the 50 DMA, a frequent target in bull market corrections. My mind is now fermenting (you there! Stifle that smart remark!) on the possibility that gold won’t drop any further. That instead of returning to $1,170 it will take off from here and blow past $1,308. I am not yet saying it will, but that idea is invading my mind.
    One reason it’s invading is found on silver’s chart. http://schrts.co/kY9doO I’ve drawn a green uptrend line from the January low, and it has caught every fall since then. It’s tautological, but silver would have to break that uptrend in order to make that 1460¢ low I have been anticipating. 
    What if it don’t? The low so far, 1506¢, came right close to the 200 dma (1492¢). Might be correction enough. 
    Tomorrow silver needs to close below 1517¢ to break that line. If it does, well, that ends the fermentation in my brain. If it don’t, then maybe we ought to start making other plans, cause that chart is preening a flat-topped rising triangle, which forecasts an upside breakout. 

    Not sure yet. Just musing.

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

    – Franklin Sanders, The Moneychanger
    The-MoneyChanger.com

    © 2016, 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.  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 Closed at $1220.10 Down $1 or -0.08%

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    28-Mar-16 Price Change % Change
    Gold, $/oz 1,220.10 -1.00 -0.08%
    Silver, $/oz 15.19 -0.01 -0.04%
    Gold/Silver Ratio 80.349 -0.034 -0.04%
    Silver/Gold Ratio 0.0124 0.0000 0.04%
    Platinum 944.70 -7.70 -0.81%
    Palladium 566.85 -5.65 -0.99%
    S&P 500 2,037.05 1.11 0.05%
    Dow 17,535.53 19.80 0.11%
    Dow in GOLD $s 297.10 0.58 0.20%
    Dow in GOLD oz 14.37 0.03 0.20%
    Dow in SILVER oz 1,154.79 1.76 0.15%
    US Dollar Index 95.96 -0.21 -0.22%
    Happy Easter Monday! In Europe Easter Monday is a holiday, so not much happened today. Besides, even though options expiry occurred today, silver & gold had been driven down enough last week to keep the options writers from having to pay off on most options. 
    Next options expiry is 26 April. Y’all watch how silver & gold will dip on that date. 
    Stocks churned up and down today, one index gainsaying another. While the Nasdaq and Nasdaq 100 fell (about 0.15%), Dow Industrials & S&P500 rose tinily (I just coined that word). In jagged trading the Dow managed to end 19.8 (0.11%) higher. S&P500 millimetered up 1.11 (0.05%) to 2,037.05. Both indices have broken down from rising wedges. Okay, maybe they rise yet to a higher high by a few points? Won’t save them. Rally over. 
    After six higher days the US dollar index today dropped 21 basis points (0.22%) to 95.96. Supposedly this happened because the January personal consumption expenditures came in at 0.1% versus a 0.2% forecast. The idea of adults watching a number that imaginary and insignificant & then making investment decisions on it pains the fastidious mind. Seems to me the US dollar index just got too near the Kryptonite at the 50 day moving average (97.34) and withered. But how much can a nat’ral born durned fool from Tennessee know? I say “y’all” and my mouth can’t even wrap around the words “youse guys.” I wouldn’t make it on Wall Street. 
    Silver & gold prices moved little today. Hardly worth talking about. Gold lost one thin Fern (Federal Reserve Note) to $1,220.10. Silver gave up — wait for it! — 6/10 of a cent to 1518.5¢, in blistering trading. 
    Gold felt with its toes toward the 50 day moving average ($1,197) and made a new low for the move at $1,206.10. Be warned now, so y’all don’t fly to pieces when it happens, that if gold works through $1,200 the selling will hit it like a concrete block hitting a roach. Don’t let that bother you. Ought to stop around $1,190 or $1,170. http://schrts.co/NFZqJT 
    The silver price  now is treading water below its 20 day moving average (1542¢), looking its 50 DMA (1504) in the eye. There’s more: 200 DMA lieth just below at 1492¢, The bowl lip about 1460¢ looks strong enough to catch it. http://schrts.co/zsmR7J 

    I won’t be sending a commentary tomorrow because I’ll be finishing my monthly newsletter. See y’all again Wednesday, God willing.


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

    – Franklin Sanders, The Moneychanger
    The-MoneyChanger.com

    © 2016, 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.  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 Closed at $1221.60 and Lost $32.20 or 2.6% This Week

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    18-Mar-16 24-Mar-16 Change % Change
    Silver Price, cents/oz. 1,580.60 1,519.10 -61.50 -3.9
    Gold Price, dollars/oz. 1,253.80 1,221.60 -32.20 -2.6
    Gold/silver ratio 79.324 80.416 1.092 1.4
    Silver/gold ratio 0.0126 0.0124 -0.0002 -1.4
    Dow in Gold Dollars (DIG$) 290.22 296.40 6.18 2.1
    Dow in gold ounces 14.04 14.34 0.30 2.1
    Dow in Silver ounces 1,113.65 1,153.03 39.39 3.5
    Dow Industrials 17,602.30 17,515.73 -86.57 -0.5
    S&P500 2,049.58 2,035.94 -13.64 -0.7
    US dollar index 95.12 96.17 1.05 1.1
    Platinum 970.00 952.40 -17.60 -1.8
    Palladium 589.60 572.50 -17.10 -2.9
    THIS WEEK’S MARKETS: 
    The expected precious metals correction showed up this week, hammering all heads. Stocks looked sickly all week, finally ended down, but not as much as they merited. Rally is probably over. US dollar index recovered 1.1%, and fell not into the abyss – yet. Platinum & Palladium want to drop with silver & gold. 
    US DOLLAR INDEX has risen the last 5 days — not enthusiastically, ’tis true, but risen still. Test will come at the 200 day moving average (97.08) & the 50 DMA (97.40). Dollar is locked in a downtrend, but can’t be written off till it closes below 92.50. 
    Euro flatlined today, up 0.1% to 1.1181. Yen dropped 0.44% to 88.59. Both are technically in uptrends, but with gigantic volatility & indecision. 
    Inflation markets have switched to full correction mode. WTIC eased off 0.43% to $39.59/bbl, but it has broken its uptrend line and is fixing to break its rising 20 DMA. Next move down. Copper also has broken its uptrend line, ending today little changed at $2.238, but broke down still. CRB gapped down today, leaving behind what looks like an island reversal. Roll on downhill. 
    Stocks kept on chiseling away their price this week. None of the losses was huge, merely losses, consistent with a market that has lost buying power. 
    Today the Dow gained 13.14 (0.8%), closing 17,515.73. Gain all came very late in the day. Great to have friends in high places, I reckon. S&P500 never quite made it through unchanged. Ended down 0.77 (0.7%) at 2,035.94. Gravity will become vengeful below 17,500 and 2024. 
    At this stage in world history, the Dow in Gold (closed today at 14.40 oz) and the Dow in silver (1,152.35 oz) are aimed higher. DiS barely crossed its 200 DMA today, but soon hits stiffer resistance. 
    http://schrts.co/ohwLZP Silver & gold are just beginning a correction stocks will soon share with more fervor. Till then, the Dow in metals will rise. 
    The Volatility index, which measures fear in the stock market, reached Smugness a few days ago at 13.75. Today it tried to shoot up, but ended the day falling back. When it is rolling up to Terror (around 30) it needs 2 – 4 weeks to make the whole trip. VIX is telling us stocks are near breaking, and will break lustily and large. I remind y’all that both the Dow & S&P500 have built out bearish rising wedges, and broken down from their tips — not a forerunner of higher prices. Look here, http://schrts.co/Q6KUW0http://schrts.co/Q6KUW0 
    Gold scraped off another $2.10 (0.1%) on Comex to $1,221.60. Silver backed up 7.2¢ (0.47%) to close at 1519.1¢. Gold/Silver ratio rose again today, up 2.3% in two days. 
    That ratio has indeed bounced off the lower channel boundary, as y’all can see. http://schrts.co/kh9gOy It gapped up yesterday, above the 50 DMA, and ineluctably will push forward toward that top channel boundary, now around 84. In other words, silver will fall faster than gold. 
    Yesterday gold finally began paying the promise of that Bear Flag by plunging. Today it took a breath, but next week it will resume falling. This could last until mid-April, and gold might reach $1,195 or $1,170. 
    Silver is dealing from a weak hand. Today’s 1510¢ low approached the 50 DMA (1502¢). Most likely target is the lip of that bowl silver broke skyward from, about 1460¢. 
    However, nothing has changed my mind: silver & gold both bottomed and turned up in December, ending the post-2011 correction. Higher prices coming, after a correction. 
    But I could be wrong. I ain’t no more’n a nat’ral born durn fool from Tennessee. I’m from so far back in the woods we have to order sunlight from Sears & Roebuck. 
    Tomorrow is Good Friday so I won’t be sending a commentary. May God bless you all at Eastertide and always!
    Y’all enjoy your weekend.


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

    – Franklin Sanders, The Moneychanger
    The-MoneyChanger.com

    © 2016, 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.  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 Closed at $1248.20 Up $4.40 or 0.35%

      0 comments

    22-Mar-16 Price Change % Change
    Gold Price, $/oz 1,248.20 4.40 0.35%
    Silver Price, $/oz 15.88 0.04 0.23%
    Gold/Silver Ratio 78.617 0.099 0.13%
    Silver/Gold Ratio 0.0127 -0.0000 -0.13%
    Platinum 996.30 15.00 1.53%
    Palladium 605.32 2.85 0.47%
    S&P 500 2,049.80 -1.80 -0.09%
    Dow 17,582.57 -41.30 -0.23%
    Dow in GOLD $s 291.19 -1.72 -0.59%
    Dow in GOLD oz 14.09 -0.08 -0.59%
    Dow in SILVER oz 1,107.42 -5.12 -0.46%
    US Dollar Index 95.64 0.34 0.36%
    About that jump-let in gold and silver prices today: If a market needs terrorist attacks to prop it up, it may have problems. 
    Then again, it might be something else. The pattern gold has traced out might also be a continuation pattern, and not a top. If ’tis, then gold is gathering up its strength for a jump. 
    Terrorist attacks are not positive for stock markets. For Europe an attack on Brussels resembles an attack on Washington or New York. European Nice Government Men must have been working overtime, because instead of diving European stock indices actually nosed up. 
    Any sober adult would perceive that Europe has sunk into deep peril & mortal danger, but no sober adults are to be found among their politicians. Grievously sorrowful! Cicero said, “A nation can survive its fools, even the ambitious, but it cannot survive treason from within.” 
    In the US stocks nudged down a hair. Dow lost 41.3 (0.23%) to 17,582.57 & S&P500 shaved off 1.8 (0.9%) to 2,049.80. Only significance I attach to this is that both indices have managed to climb over their 200 day moving averages. To my nat’ral born durn Tennessee fool mind, that brings them just that much closer to a break. 
    Should come as no surprise that the US dollar index rose on the bad news, up 34 basis points (0.36%) but that was, as they say, a “muted” response. Flight to quality did take the dollar index up through 95.30 resistance, but looked none too perky. Ended at 95.64. 
    Nice Government Men in Europe must have been busier than a one-armed man changing a diaper. They had to keep stocks from crashing AND the euro. In the end I reckon they did a heroic job, as the euro dropped only 0.2% to $1.1217. If you call manipulating markets “heroic”. 
    Yen fell 0.3% to 89.06. Not clear yet whether it has a mind to rise or fall. 
    Although it hit an intraday high of $1,260, Comex gold rose only $4.40 (0.35%) to $1,248.20. After a 1604¢ high, silver settled Comex at 1587.7¢, up only 3.6¢ (0.23%). 
    On the End of Day chart the gold/silver ratio has nearly bumped into the lower channel boundary. No cosmic law decrees it cannot fall further, but odds are it will bounce up from that line.
    Mathematically it can happen several ways, but a reversing gold/silver ratio means lower silver prices at least, and most likely lower gold. 
    Let me try to make clearer the stakes here. Right around 1600¢ the downtrend line from the April 2011 high crosses silver’s path. If silver breaks through that now, it will draw buyers like free sandwiches draw hobos. And it will jump hugely. That’s why I keep telling y’all, all bets for a correction are off if silver can close above 1624¢. 
    Silver & gold can’t stay mired in this range forever. Every day they do increases the pressure to move up or down, but to MOVE. Today the gold price closed once again above its 20 day moving averages, after closing below it yesterday. 
    If gold and silver prices can press through those blocking levels — 1600¢ and $1,280 — they will run like scalded dogs. However, the odds still favour a correction. 

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

    – Franklin Sanders, The Moneychanger
    The-MoneyChanger.com

    © 2016, 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.  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 Closed at $1243.80 Down $10 or -0.8%

      0 comments

    Maybe some of y’all know what’s going on and can share it with this nat’ral born durn fool from Tennessee. Markets seem frozen, hovering but unable to fly higher.

    US dollar index rose a leetle today, just enough to bump up against resistance at 95.30. Can it punch through? Indicators don’t favor it. Rose 18 basis points (0.19%) to 95.30. I remind y’all the dollar’s position is precarious, but not fatal until it falls through 92.50 support. Till then, the jury is still out on whether the buck can resume its rally. 
    Euro’s chart doesn’t particularly inspire me, either. It jumped up on the dollar’s bad luck, but traded back down into a gap and now shows all the energy of a dead pig in the sunshine. Down 0.26% today to $1.1241. 
    Y’all really are watching an “historical” event, namely, the dissolution of Europe and a 2000 year old civilization. Better the Holy Roman Empire by far than this chiseling, whining, self-indulgent & self-deceived indecision. 
    Japan is in the same boat with Europe, a demographic nightmare where shortly their aging population will be spending more for adult diapers than they do for food. Yen today lost 0.36% to 89.32. Consolidation area is either a top or breath-catching for another run higher. 
    Stocks wanted to fall today, and by 11:00 were down 50 points. Friends came in about then and bid the Dow up to close at 17,623.87, up 21.57 or 0.12%. S&P rose a magnificent 2.02 (0.1%) to 2,051.60. Cheering was muted. 
    One thing y’all had better never forget about human nature is that everybody would rather hear a comfortable lie than an uncomfortable truth. Deceive me, but don’t disturb me. That’s why markets and civilizations fall over cliffs. Right now the stock markets are believing what they want, namely that central banks will keep the liquor — cheap new money — flowing so the party can rock on. They don’t realize that the band has died. All the same, Dow has risen for seven of the last seven days. Both major indices stand above their 200 day moving averages. In the end, stupid is incredibly long-lived, although eventually reality catches up with it. 
    Dow in gold has crossed its 50 day moving average, which is a likely target for a turnaround. Dow in silver is jiggling around that 50 DMA, too, but seems more likely to reach its 200 DMA before it turns around. 
    Gold dropped back $10 (0.8%) to $1,243.80 on Comex. Silver gainsaid, rising 3.5 (0.22%) to 1584.1¢. 
    The ratio has fallen from a high (on this End of Day Chart) of 84.38 down to 78.51 today. More important, it has fallen to its bottom channel line. If it hits that line, it must either punch through or react back toward the upper boundary, as it has since last October. 
    What would a punch through need? Runaway SILVER PRICE over 1625¢ & pounding leather for 1800¢. Maybe, but oftentimes during gold & silver rallies, silver outperforms toward the END, not the beginning, of a rally. So its present location near that bottom range boundary looks more like and end than a beginning.

    A reversal upward would need only a GOLD PRICE  correction, which seems to be taking place. Silver often rises faster than gold, but almost always falls faster. Faster falling silver would raise the Gold/Silver Ratio. (It’s a fraction, folks.) 
    Then we’ve got silver, still paying out that bowl formation. 
    Yep, the chart is messy because all this action is messy. I keep thinking silver will drop once more to complete the right shoulder of an upside-down head & shoulders bottom. Right now it is caught between the extended rising edge of that bowl and 1600¢ resistance (Neckline?) it cannot penetrate. Something will give, & it looks like it will be silver on this first try. 
    This is a dangerous game. I cheerfully admit that if silver does burst through 1600¢ it would run to 1830¢ or so. Still, it think silver must see that correction first, to purge the optimism and ready itself for another rally. 
    Today gold closed below its 20 day moving average — not much, but it’s a break. Panic would follow a close below $1,225. RSI is pointing down, along with volume, the MACD, Rate of Change. Commitments of Traders remain bearish. Not much positive to point to. Needs a correction. Any close above $1,290 would knock all that in the head and send gold shooting for $1,310. 

    This is Holy Week. I will not send out a commentary on Good Friday.


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

    – Franklin Sanders, The Moneychanger
    The-MoneyChanger.com

    © 2016, 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.  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.