• Gold Price Lost $2.10 and Closed on the Comex at $1,104.40

    5-Nov-15 Price Change % Change
    Gold Price, $/oz 1,104.40 -2.10 -0.19%
    Silver Price, $/oz 14.99 -0.08 -0.50%
    Gold/Silver Ratio 73.686 0.227 0.31%
    Silver/Gold Ratio 0.0136 -0.0000 -0.31%
    Platinum Price 952.40 -1.70 -0.18%
    Palladium Price 606.10 -17.10 -2.74%
    S&P 500 2,099.93 -2.38 -0.11%
    Dow 17,863.43 -4.15 -0.02%
    Dow in GOLD $s 334.36 0.56 0.17%
    Dow in GOLD oz 16.17 0.03 0.17%
    Dow in SILVER oz 1,191.85 5.66 0.48%
    US Dollar Index 98.11 0.08 0.08%

    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 lost $2.10 and closed Comex at $1,104.4. SILVER coughed up 7.5 cents to 14.988.

    Sorry — that’s all you can call it. You’d imagine that after nine down days running, the GOLD PRICE would show some little twitch of strength. You’d be wrong. About the only amazing thing is that it has broken through support at the uptrend line from the August low but not yet cascaded lower. Either that means support at $1,100 is strong, or a cascade awaits in its future.

    Silver’s done the same thing, only slower.

    Although stocks are hinting they might turn down, neither silver nor gold prices has given any sign it wants to do anything but fall more.

    Times like this, I just have to possess my soul with patience, sure that the laws of economic and monetary gravity have not been perpetually repealed.

    Hey! Y’all remember the Greek crisis. Now reach back in your memory, because it’s been a full three months since it was in the headlines. Well, today the Greek legislature is poised to approve some of the changes demanded by their creditors so they will release the first loan installment on its bailout.

    I offer this merely as an example of how Our Masters handle the financial crises that mushroom out of their system. (I leave off the adjective, since I can’t now think of any non-scatological one.) Nothing has been fixed, nothing has been reformed, nothing has been changed. The Greek people are still being raped to pay off the banks, but Our Masters are off the hook because the public’s meager attention span long ago left the Greek crisis behind. They really did talk it to death.

    US dollar index advanced again today, 8 basis points (0.8%) to 98.11. Last little test this rise faces is to best the 98.43 August high. After that the world will be victimized by a long dollar rally.

    Euro yesterday broke support reaching back to May, promising a further large drop. Ended today up 0.12% to $1.0880.

    Yen today broke support stretching back to August. Closed 82.15, down 0.13%. Break is tee-tiny and needs confirming by lower closes.

    Stocks millimetered down. Dow lost 4.15 (0.02%) to 17,863.43. S&P500 backed up 2.38 (0.11%) to 2,099.93. Clearly having trouble punching thru the bottom of that upside-down bowl.

    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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