• The Price of Gold Tumbled $6.20 Toward the Bottom of its Range Closing at $1,179.90

    11-Jun-15 Price Change % Change
    Gold Price, $/oz 1,179.90 -6.20 -0.52%
    Silver Price, $/oz 15.95 0.00 0.01%
    Gold/Silver Ratio 73.961 -0.393 -0.53%
    Silver/Gold Ratio 0.0135 0.0001 0.53%
    Platinum Price 1,104.70 -10.00 -0.90%
    Palladium Price 742.60 -0.40 -0.05%
    S&P 500 2,108.86 3.66 0.17%
    Dow 18,039.37 38.97 0.22%
    Dow in GOLD $s 316.05 2.33 0.74%
    Dow in GOLD oz 15.29 0.11 0.74%
    Dow in SILVER oz 1,130.78 2.37 0.21%
    US Dollar Index 94.95 0.30 0.32%

    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

    Both SILVER and GOLD PRICES are floating beneath their 20 and 50 day moving averages. That’s not a recipe for longevity and success. The GOLD PRICE needs to climb above $1,200 and silver above $16.40 or they risk tumbling back to the December lows.

    Somebody’s playing games with te silver price — down 2/10 cent, up 3/10 cent, up today 1/10 cent? The range was actually 27 cents, which ain’t too lively, but these closes are bogus as a Republican senator. Whoops, make that a Democratic senator. Whoops, leave ’em both in.

    Anyway, silver closed today up 1/10 cent at $15.953 while the price of gold tumbled $6.20 back down toward the bottom of its recent range and ended Comex at $1,179.90. (Intraday low for the move was $1,162.10 on 5 June.)

    I have to watch and wait here.

    Daddurn! Sun went down and rose up again, and I didn’t get no 40 acres and ne’er a mule! I reckon yesterday’s supposed deal between the Greeks and Germans warn’t the Millennium after all.

    Fact is, today the IMF withdrew from negotiations with Greece because they have “major differences.” Still, that didn’t pull the plug on US, German, English, or French stocks. Belief in the arrival of the Millennium dies hard– ev’rybody wants 40 acres and a mule free.

    Tell y’all the truth, I’ve had a double gutful of the Greece crisis, banks, central banks, and governments meddling in my life and everybody else’s, stomping on productive folk and feeding a lot of slop hogs who never worked a day nor hit a lick at a snake in all their lives, other than working at developing their inside contacts. I’d bet a dollar to a donut that if we took all those folks running things, the politicians and central bank bureaucrats and academics and the government bureaucrats and the watchers, sniffers, planners, regulators, and controllers and locked ’em up on Madagascar for a year, from the presidents all the way down through the third deputy number cruncher, at the end of that year the whole world would be having fun and making money, there wouldn’t be any wars, and the bureaucrats would have eaten up all the lemurs and starting to eat each other. I swan, I’d do it, but it’d be just too mean to the native Madagascaranians.

    But till that happy day when Providence rids us of all these ticks, chiggers, slugs,roundworms, and tapeworms, let’s get back at it. We are, after all, the productive folks and producing is what we do, dumb as that makes us look to these leeches.

    Scrofulous US dollar index today managed to rise 30 basis points (0.32%) to 94.95. The nasty thing managed to touch its 20 DMA up above (95.65), but closed little higher than it opened. Momentum is clearly down, with no sign of turning around yet. We all know the ultimate fate of the US dollar, the same fate that has claimed every other fiat currency in history: it will abolish itself. But in the shorter term here the question is, whether the uptrend from July 2014 marked the beginning of a lasting uptrend, or was just a short term revival, like a dying person sitting up in bed suddenly.

    The euro, the Frankencurrency stitched together from good body parts, not so good body parts, and some body parts already attracting bugs and carrion eaters, could not rise to any occasion today. It lost 0.47% to $1.1272, painting a trendless and pointless chart.

    That yen that gapped up so boldly yesterday fell just as cravenly today. Lost 0.55% to 81.07 and filled in most of the gap as it fell through the sky. Is it possible that the Japanese rulers are even more lame-brained than ours and the Europeans? Don’t seem possible.

    Stocks showed little signs of life today. Dow rose 38.97 (0.22%) to 18,039.37 while the S&P500 rose 0.17% or 3.66 to 2,108.86. Odd, stopped again at that 18,035-40 range where its lingered so often before. Stocks could make a new high from here, as the supply of suckers to buy them is virtually unlimited, which reminds me of a market proverb: “In a bear market, money returns to its rightful owner.”

    Both indices did close above their 50 DMA’s, but on falling volume.

    The Dow in Gold is bumping against its top gator jaw again. Closed at G$315.87 gold dollars (15.28 oz). Before this month ends sudden weakness in gold met by strength in stocks might even take it above that top jaw. I will not be shaken. It’s gator jaws, a broadening top, the slowest and most maddening chart pattern there is.

    Dow in silver closed at S$1,461.38 (1,130.29 troy ounces), still a long piece from the top gator jaw.

    With Korea shutting down for fear of Middle Eastern Respiratory Syndrome (MERS), here’s a suggestion that will relieve your mind for your family and you: Vitamin C, especially liposomal Vitamin C. I’m only a nat’ral born durn fool from Tennessee, but I take a MINIMUM 6 grams every day, and prefer 8 – 10g. Knock back three or four of those twice a day when you feel sick, and it’ll tune you right up.

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

    – Franklin Sanders, The Moneychanger

    © 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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