• Silver and Gold Prices Both Fell Today — the Gold Price Closed at $1,317.40


    Gold Price Close Today : 1317.40
    Change : -3.20 or -0.24%

    Silver Price Close Today : 21.739
    Change : -0.107 or -0.49%

    Gold Silver Ratio Today : 60.601
    Change : 0.443 or 0.74%

    Silver Gold Ratio Today : 0.01650
    Change : -0.000122 or -0.73%

    Platinum Price Close Today : 1369.50
    Change : 8.10 or 0.59%

    Palladium Price Close Today : 699.20
    Change : 2.30 or 0.33%

    S&P 500 : 1,678.64
    Change : -136.60 or -7.53%

    Dow In GOLD$ : $235.32
    Change : $ -1.49 or -0.63%

    Dow in GOLD oz : 11.383
    Change : -0.072 or -0.63%

    Dow in SILVER oz : 689.84
    Change : 0.70 or 0.10%

    Dow Industrial : 14,996.54
    Change : -58.56 or -0.39%

    US Dollar Index : 79.763
    Change : -0.153 or -0.19%

    Silver and GOLD PRICES both fell back today, but not through any meaningful support. Gold peeled off 3.20 to wind up at $1,317.40. Silver scraped off 10.7 cents to 2173.9.

    This sounds more respectable when you discover that the GOLD PRICE traded as low at $1,302.84, then leapt from $1,309 to $1,317 in a single bound. That whispers that abundant buyers await any decline to buy more, building a floor under the market.

    The SILVER PRICE traded much the same, falling about 9:00 to 2143, but recovering two hours later to 2165c.

    Of course, all of this is on a razor thin margin of stability. Push either metal much past the recent trading range and they’ll jump a long way. What intrigues me more, however, are the falling wedges both silver and gold have traced. They don’t measure to much gain, but would take them back to the August highs at least.

    This is a waiting game. It will eventually work out to silver and gold’s advantage, but it will wear your nerves down to nubbins in the meantime. Be patient.

    Here’s a quote from Sara Hoyt, “There are two types of people in the world. Those who want to tell everyone what to do and how to do it, and those who have fond fantasies of holding them underwater until bubbles stop coming up.”

    This slow market has been going on too long. I fell to watching paint dry on my office wall today and caught myself thinking, “This is the most excitement I’ve had in days.”

    This government shutdown wrestling match is hurting stocks worse than anything else, although it’s liable to infect bonds soon. Dow fell 0.9% (136.60 points) to end the day below 15,000 at 14,996.54. S&P500 caught up with the Dow today by closing below its 50 DMA (1,679.84). It lost 0.9% (15.23) and ended at 1,678.64.

    A rising support line will catch the S&P500 around 1,660. Analogous support on the Dow chart intersects about 14,850. Both flashed SELL signals several days ago. Once the sparring in Washington ends, stocks should turn up again for one last hurrah.

    Dow in Gold and Dow in Silver both fell further today. Dow in Silver is perched on its 20 day moving average, ready to fall through. Dow in Gold has already fallen through. Appears to be the end of any upward motion for some time, and the major trend remains gravity-ward.

    US dollar index keeps edging closer and closer to the cliff. Low came at 79.627, but it recovered enough to close at 79.763, down only 15.3 basis points (0.2%). A close below 79.50 is, technically, a fall off the cliff with no net below.

    Euro gained 0.28% to $1.3620 and appears to be pulling away from that top channel line. If so, it might hit $1.3700. If currency markets moved on supply and demand instead of politics, I’d say the euro could move to $1.4400. However, we know currency markets have all the integrity of Gunsmoke’s Miss Kitty, and a euro at that height would mean a US dollar at 75.00, alerting the whole world that the end is not only near, but scant minutes away. Plus a euro that high would crucify the European economy. So ‘twon’t happen.

    Yen has been rallying and today hit 102.79. Sounds encouraging, but it ain’t. Looks to be sketching a rising wedge, which climbs then disappoints by breaking down earthward.

    On 3 October 1776 the Continental Congress borrowed $5 million to halt the rapid depreciation of paper money in the Colonies. It didn’t. Nothing ever changes with fiat money. It always goes bad, whatever country it infects.

    Argentum et aurum comparenda sunt — — Gold and silver must be bought.

    – Franklin Sanders, The Moneychanger

    © 2013, 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.

    Write a comment