• Gold Price Lost $1.50 Today Ending at $1,117.10

    18-Aug-15 Price Change % Change
    Gold Price, $/oz 1,117.10 -1.50 -0.13%
    Silver Price, $/oz 14.79 -0.51 -3.32%
    Gold/Silver Ratio 75.546 2.411 3.30%
    Silver/Gold Ratio 0.0132 -0.0004 -3.19%
    Platinum Price 992.60 -6.60 -0.66%
    Palladium Price 596.50 -16.80 -2.74%
    S&P 500 2,096.92 -5.52 -0.26%
    Dow 17,511.34 -33.84 -0.19%
    Dow in GOLD $s 324.05 -0.19 -0.06%
    Dow in GOLD oz 15.68 -0.01 -0.06%
    Dow in SILVER oz 1,184.24 37.12 3.24%
    US Dollar Index 97.07 0.25 0.26%

    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

    Today the GOLD PRICE plumb fainted at around $1,118.00, plumbing all the way to $1,108.50 by 11:30. That didn’t keep it down, as it shot straight up to $1,119 before closing Comex down only $1.50 (0.13%) at $1,117.10.

    About the same time the sellers hit the gold price they hit SILVER, too, when it tripped over the edge of the cliff at $15.20 and plummeted to $14.68 by 11:30. Comex closed down 50.8 cents down (-3.3%) at $14.787, exceeding my $14.96 target for a 50% correction of the previous move. But that’s just like silver, excitable and overdoing things one way or the other. Today’s correction equalled 64.4% of the move before, close enough to a Fibonacci 61.8% to fulfill that target.

    Aftermarket say, “Daymarket speak with forkéd tongue.” The price of gold at $1,118.00 and the silver price at $14.93. Still, there’s a little more downside coming. Now’s the time for y’all to start buying if y’all missed silver at $14.35 and the GOLD PRICE at $1,070.

    Now if y’all are gonna wax all fidgety and teary-eyed every time silver and gold price stumble a little, y’all are gonna break down with the nervous fantods right quick. Stuff goes up, it goes down, the Nice Government Men jigger with it a bit, then it goes the way it wanted to go anyhow. Much as they want to think they are, they ain’t bigger than the market.

    Stocks didn’t trade as ridiculously as yesterday, but simply couldn’t work up enough juice to get above unchanged. Oh, the Dow did rise a little above that about 11, but then wilted all the rest of the day. Ended down 33.84 (0.19%) at 17,511.34. S&P500 lost 5.52 (0.26%) for a 2,096.92 close. Dow stopped today at its 20 day moving average. Pretty puny.

    Now let us turn our gaze, however reluctantly, toward that edentulous, scrofulous, scabby, and tuberculous US dollar index. I hate it so much I bought a rhyming dictionary, to ease my heaping scorn on it. Dollar Index rose 25 basis points (0.26%) to 97.07. Reaches toward the 20 DMA (97.24) but changes nothing yet. Dollar will fall further, unless it can better 98.425. Don’t bet a lot on that. Buy yourself a lottery ticket instead, it’s safer.

    Euro is such a stumblebum that it can’t hold on to any gains, and today lost 0.43% to $1,1029 and fell back beneath its downtrend line. Ain’t no helping that thing. Yen was flat at 80.40.

    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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