• Gold Price Lost $2.50 and Closed Comex at $1,169.00

    1-Jul-15 Price Change % Change
    Gold Price, $/oz 1,169.00 -2.50 -0.21%
    Silver Price, $/oz 15.56 0.01 0.03%
    Gold/Silver Ratio 75.148 -0.185 -0.25%
    Silver/Gold Ratio 0.0133 0.0000 0.25%
    Platinum Price 1,086.90 8.30 0.77%
    Palladium Price 700.20 28.55 4.25%
    S&P 500 2,076.04 12.93 0.63%
    Dow 17,742.41 122.90 0.70%
    Dow in GOLD $s 313.74 2.84 0.91%
    Dow in GOLD oz 15.18 0.14 0.91%
    Dow in SILVER oz 1,140.55 7.54 0.67%
    US Dollar Index 96.51 0.85 0.89%

    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

    GOLD PRICE lost $2.50 and closed Comex at $1,169.00. SILVER added an irrelevant half cent to 1555.6. That was on a nothing 19 cent range. Ratio fell slightly to 75.148:1.

    If boldness and brass does not right now characterize the silver and GOLD PRICE, neither does cringing and cowardice. Hanging over the cliff’s edge, both stubbornly refuse to obey gravity. Silver’s low yesterday was $15.44, today $15.50. Silver is standing on resistance. One step too big backwards and it tumbles.

    Gold price is trading in a slightly downsloping channel with the bottom line about $1,165 tomorrow. Maximum downside risk (according to my opinion) is about $1,130.

    Day after the Greek default the world did not come to a halt. Business continues as normal, or as normal as it can in this utterly abnormal fantasy world of central banking.

    US stocks took that and rumors of a Greek resolution (O, how long must we listen to such things?) as occasion to rise, up 122.90 (0.7%) for a Dow at 17,742.41. S&P500 also gained 12.,93 (0.63%) to 2,076.04.

    Give the Dow credit, it did close back above its 200 DMA (17,684). This is not, however, particularly inspiring, like saying the wolfman would be good looking if he weren’t growing hair under his eyes and on his forehead.

    What ought to interest us is the US dollar index rising 85 basis points (0.89%) to 96.51. This brings it back to the 96.50 resistance zone, from which it was slapped silly on Monday. It has come right back. Hard for me to fathom that the Dollar will not rise from here, unless that fits not the schemes and nefarious plans of the central banking criminals. A close tomorrow above 96.50 will mark a breakout. Euro dropped 0.75% today to $1.1054. Sick. Yen lost 0.56% to 81.19.

    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.

    Write a comment