• Gold Price Closed at $1364.40 up $13 or 0.96%

    2-Aug-16 Price Change % Change
    Gold, $/oz 1,364.40 13.00 0.96%
    Silver, $/oz 20.67 0.20 0.98%
    Gold/Silver Ratio 66.021 -0.013 -0.02%
    Silver/Gold Ratio 0.0151 0.0000 0.02%
    Platinum 1,168.80 0.00 0.00%
    Palladium 716.40 0.00 0.00%
    S&P 500 2,157.03 -13.81 -0.64%
    Dow 18,313.77 -90.74 -0.49%
    Dow in GOLD $s 277.47 -4.06 -1.44%
    Dow in GOLD oz 13.42 -0.20 -1.44%
    Dow in SILVER oz 886.18 -13.14 -1.46%
    US Dollar Index 94.99 -0.76 -0.79%
    Today I am battling technology & losing. What I affectionately call our Redneck WiFi got hit by lightning in a morning storm, & so my email and internet were knocked out.
    Must go fast because the evil spirits who seized my computer at work seem to have gotten ahead of me here at home in my laptop. Hope I can make a commentary work. 
    TODAY was a bad day for stocks. Dow fell 90.74 to 18,313.77 (down 0.49%) & the S&P500 fell 13.81 (0.64%) to 2,157.03. That plunges them through the 20 day moving average & the top boundary of a megaphone. In other words, today stocks crossed the line, headed down. 
    US dollar index tanked today, down 76 basis points to 94.99. This sent the Euro up 0.6% to $1.1228 and the yen up 1.53% to 99.13. That happened in the teeth of Bank of Japan announcing more inflation/stimulus. Whole world is nuttier than a ten dollar fruitcake. A deadly sickness has taken currencies. 
    Gold & silver both made new highs for their move. Silver added 20.1¢ (1%) to 2066.6¢. Comex gold rose $13.00 (1%) to 1,364.40. 
    Silver price runs into its upper channel boundary about 2100¢, & the last (early July) high was at 2122.5¢. A close above that will signal silver has pulled on its seven league boots & is fixin’ to step OUT. 
    Gold is challenging that last high at $1,377. Every know it all parvenu futures trader is shorting gold here, so that’s slowing it down. But once it smashes that boundary, ’twill in short order leap for $1,450. After that comes a correction. 

    Currencies have me biting my lip. Something is wrong, wrong there. Some bad message is coming through, some unexpected bad news. Or else I just don’t get what’s happening cause I’m only a nat’ral born durn fool from Tennessee. 

    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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