• Gold Price Rose $2.60 Closing on the Comex at $1,094.00

    23-Jul-15 Price Change % Change
    Gold Price, $/oz 1,094.00 2.60 0.24%
    Silver Price, $/oz 14.68 -0.03 -0.21%
    Gold/Silver Ratio 74.508 0.334 0.45%
    Silver/Gold Ratio 0.0134 -0.0001 -0.45%
    Platinum Price 982.80 1.20 0.12%
    Palladium Price 616.85 -8.90 -1.42%
    S&P 500 2,102.15 -12.00 -0.57%
    Dow 17,731.92 -119.12 -0.67%
    Dow in GOLD $s 335.06 -3.05 -0.90%
    Dow in GOLD oz 16.21 -0.15 -0.90%
    Dow in SILVER oz 1,207.65 -5.55 -0.46%
    US Dollar Index 97.23 -0.50 -0.51%

    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

    The GOLD PRICE rose $2.60 to $1,094.00 on Comex while SILVER scraped off 3.1 cents to $14.683. GOLD/SILVER RATIO rose 0.5% to 74.508 oz of silver to one of gold.

    Not even a nat’ral born durned fool running his loose jawed mouth at top speed could find anything to say about that. Silver and GOLD PRICES are trading sideways, in a downward trend. Until they either break down further, or signal an undeniable reversal up, ’tain’t nothing to say.

    Silver and gold prices need to post some sort of reversal day: a spike down with a higher close, or a big one-day jump. I doubt they’ll sneak up off these lows.

    True, the gold/silver ratio did rise today, but yesterday it nearly touched the 50 day moving average below (73.45). Today it cut into the 20 DMA above (75.15), but closed well below it. So far it doesn’t threaten to rise significantly.

    Stocks took a big hit and have now erased all the gains of the last eight days. (I am manfully resisting the temptation to say those hateful words, “I told y’all so.”) Dow Industrials lost 119.12 (0.67%) to close at 17,731.92. S&P500 stumbled 12 points (0.57%) to stop at 2,102.15. Dow has ducked under its 200 DMA (17,744) again, although the S&P 500 has only today closed below its 50 DMA (2,102) and remains way above its 2,063 200 DMA. Momentum indicators have rolled over away from heaven and toward the dirt.

    US Dollar

    US dollar index resumed its earthward flight today, losing 50 basis points to 97.23. This only breaks the short term uptrend and as yet says nothing about the intermediate trend. Euro rose 0.54% to $1.0986, but looks pukin’ sick as a hound eatin’ poisoned meat. It might be promising to turn up, but it has no more credit left than a politician, so will have to put some money on the table rather than promise. Yen keeps moving sideways to slightly higher. Up 0.075 today to 80.73.

    West Texas Intermediate Crude broke down out of a flat bottomed triangle, but only 0.73% so far, to $48.85. Copper dropped 2.10% to a new low for the year at $2.36. Bloomberg Commodity Index dropped out of a falling right triangle, too, by about 1%.

    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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