• Gold Price Closed at $1356.10 Down $8.30 or -0.61%

    3-Aug-16 Price Change % Change
    Gold, $/oz 1,356.10 -8.30 -0.61%
    Silver, $/oz 20.44 -0.23 -1.11%
    Gold/Silver Ratio 66.358 0.337 0.51%
    Silver/Gold Ratio 0.0151 -0.0001 -0.51%
    Platinum 116.90 -1.90 -1.60%
    Palladium 712.55 -3.85 -0.54%
    S&P 500 2,163.90 2.18 0.10%
    Dow 17,355.00 41.23 0.24%
    Dow in GOLD $s 264.55 2.23 0.85%
    Dow in GOLD oz 12.80 0.11 0.85%
    Dow in SILVER oz 849.24 11.45 1.37%
    US Dollar Index 95.53 0.54 0.57%
    Stocks managed a twitch, but that’s it. Dow Industrials rose 41.23 (0.23%) to 18,355.00. S&P500 twitched a bit harder, up 2.18 (0.31%) to 2,163.79. A cynical nat’ral born durned fool from Tennessee would say they’re only twitchin’ from the shock of falling through that upper megaphone boundary & 20 DMA, twitchin’ before they die. 
    US dollar index was twitchy, too. Remember yesterday it poked through 95.50 support like a fist poking through a kitchen wall in a trailer? Also fell beneath the 50 DMA, the last one before oblivion. So it bounced today, climbing 54 basis points (0.57%) to 95.53. All the same, it still looks sick as a puking 
    monkey. Watch the 95 level. Go look for yourself, http://schrts.co/OkJ5UT 
    Dollar Index is composed 57% of the Euro, so whatever the dollar index does, the euro usually does the reciprocal. It fell 0.59% to $1.1151. Count me an unbeliever in the euro. Yen fell back 0.36% to 98.77. Given Japan’s persistently loony monetary policies, now working on their 26th year, one wonders why anybody would buy yen. Apparently in you own yuan or euros, the yen looks good — if you’re scared enough. Might be working on a double top about 100. 
    On Comex today, where they take no prisoners, Gold tumbled $8.30 (0.6%) to $1,356.10., silver fell harder, 23¢ (1.1%) to 2043.6¢. 
    Gold’s problem is drawing near the Kryptonite of that last high at $1,377.50 Today’s high hit $1,373.40, yesterday’s $1,374.20. Gold must crack this wall to advance, and most likely will. Chart’s here, http://schrts.co/Eyyuq1 
    Gold has, I remind y’all, already crossed above its upper channel boundary, confirming the breakout from the bullish flag. MACD still argues for more rally, but volume is drying up and the RSI pointing down. In other words, all this action blows hot & cold out of both sides of its mouth. Positive, but not enthusiastic. As always with life and markets, if you’re not advancing you’ll soon be retreating. Gold needs to stop fiddlin’ and shoot up. 
    Silver’s RSI was overbought for half of July, and only 1-1/2 weeks of decline pulled it down. Yesterday it hit the overbought line again, & is pointing down. Today’s action says little, but from the last two days’ highs, the barrier to breach is 2080¢. Silver is possibly drawing out a bearish rising wedge, but weight is still pushing upward. 
    We ran a special on those gold US $5 commemoratives not long ago. They were minted from 1986 – 2008, and contain 0.2418 troy ounce of pure gold. We can still sell them at about 3.5% over their melt value, which is eye-popping cheap compared to a one ounce American Eagle at 7.5%, or 1/4 American Eagle at 9.7%. We can sell the US$5 at $12 over melt value. It’s a fractional US gold coin about the same price as an Austrian 100 corona. Shipping is $30 per order. Call us at (888) 218-9226 or (931) 766-6066. 

    Only reason the market is offering this opportunity is that it’s the dead summertime and there’s so little action. THAT should come as August closes, and end the bargains.

    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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