• Gold Price Closed at $1319.50 Down $3.50 or -0.27%

    25-Jul-16 Price Change % Change
    Gold, $/oz 1,319.50 -3.60 -0.27%
    Silver, $/oz 19.62 -0.04 -0.21%
    Gold/Silver Ratio 67.270 -0.039 -0.06%
    Silver/Gold Ratio 0.0149 0.0000 0.06%
    Platinum 1,085.00 -0.60 -0.06%
    Palladium 687.15 2.10 0.31%
    S&P 500 2,168.43 -6.55 -0.30%
    Dow 18,493.06 -77.79 -0.42%
    Dow in GOLD $s 289.72 -0.43 -0.15%
    Dow in GOLD oz 14.02 -0.02 -0.15%
    Dow in SILVER oz 942.80 -1.94 -0.21%
    US Dollar Index 97.32 -0.20 -0.21%
    July is such a precious, peaceful month. I think we ought to ban political activity and news coverage the whole month, just so we could get some peace & refreshment. If y’all could drive through Robinson Branch with me where it’s cool and the green sunlight trickles through the leaves, you’d vote for peace & refreshment, too. 
    I woke up this morning thinking about gold & silver, something I don’t usually do. It occurred to me that we will probably see metals moving sideways through at least half of August. If y’all had been through as many Augusts with gold & silver as I have, you’d be expecting them to begin rallying in the latter half of August. 
    Markets are hesitating like a baseball flung in the air, just before it turns and starts down. 
    US dollar index sustained its habits of slovenly weakness and lost 20 basis points (0.21%) to 97.32. Broke out of the triangle, but won’t follow through. Still makes no sense. You’d have to be one speculatin’ FOOL to sell dollars for euros now. I’m sorry, call me a tick-bitten, chigger-riddled, one-gallus hick, I just can’t make a lick of sense out of the scrofulous dollar. 
    Who would buy euros? Euro is one of the best arguments I know for owning gold. Well, it rose today 0.16% to $1.0993. Looking at that six month chart, it looks like the Nice Government Men are letting it down slowly. See what you think. http://schrts.co/HcRUv0 
    Yen has gotten snagged in its 50 DMA, & so far that’s stopped its roll down the hill. Gained 0.3% today to 94.52. 
    D’yall ever push an upright piano out a window? Once you get it on the window sill, you can just inch it out a little bit at a time & its weight is still mostly on your side or balanced. Right the second it gets overbalanced, that whole thing turns casters up in the air and falls 4 stories to the sidewalk. 
    That’s what this chart reminds me of: http://schrts.co/vtdPMb Yep, it’s the S&P500. Today it lost another 6.55 (0.3%) trading sideways & closed 2,168.43. Dow looks the same. Lost 77.79 (0.42%) to 18,493.06. They’re pushing further & further out that window, & one day they’ll get overbalanced. 
    OIL (WTIC) is trying to break down. http://schrts.co/vtdPMb Closed today below the lower channel line. On rising volume. 
    Gold lost $3.60 (0.3%) to $1,319.50 on Comex. Silver subtracted 4.2¢ (0.2%) to 1961.5¢. 
    Gold chart is right here, http://schrts.co/pI1ZgR 
    You have to be patient enough to let any pattern work itself out, but gold has now traded into the nosecone formed by the bullish flag boundaries and the uptrend line from June. Bumped into the uptrend line today, but didn’t close there. Unless it closes higher tomorrow, it runs the risk of breaking that uptrend line and falling back to the 50 DMA at $1,291. 
    Silver’s here, http://schrts.co/n7iIb4 Silver has traded out into the nose of a triangle and has about one more day before it will be squeezed out. Closed today right on the 20 DMA. 

    I’m gonna get in trouble if I keep trying to say something when I’ve said all I had to say, so I’ll say Good Night!

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

    – Franklin Sanders, The Moneychanger

    © 2016, 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.  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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