• The Gold Price Closed $19.20 Lower on Comex at $1,175.20

    17-Apr-15 24-Apr-15 Change % Change
    Gold Price, $/oz. 1,202.90 1,175.20 -27.70 -2.3
    Silver Price, $/oz. 16.221 15.635 0.586 -3.6
    Gold/Silver Ratio 74.157 75.165 1.008 1.4
    Silver/gold ratio 0.0135 0.0133 -0.0002 -1.3
    Dow in Gold $ (DIG$) 306.34 318.04 11.69 3.8
    Dow in gold ounces 14.82 15.38 0.57 3.8
    Dow in Silver ounces 1,098.96 1,156.41 57.44 5.2
    Dow Industrials 17,826.30 18,080.44 254.14 1.4
    S&P500 2,081.18 2,117.65 36.47 1.8
    US dollar index 97.53 97.10 -0.43 -0.4
    Platinum Price 1,166.80 1,120.40 -46.40 -4.0
    Palladium Price 782.65 769.95 -12.70 -1.6

    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

    About 11:30 Eastern time somebody pushed the GOLD PRICE over a cliff. Landed at $1,174.10, but was so bruised & beaten it barely crawled the rest of the day. Ended Comex (conveniently for the tape painters) down $19.20 (1.58%) to $1,175.20, near the low. Silver took a hit about the same time and plunged from $15.80 to $15.62. Comex closed down 19.3 cents (1.2%) at $15.636.

    Y’all may think these theatrics are a big deal, but they’re not. Clearly some deep-pocketed sellers came in, but this was all they could do. Y’all ought to have been around 12 April 2013 when the GOLD PRICE fell from $1,580 to $1,480 in one day, then next day fell to $1,367. I was numb for a week — seven days, count ’em.

    Gold Price

    Can silver & gold prices fall further? Of course they can, just like stocks may rise further, but the limit is in sight. Gold has to trade below $1,165 to break the bowl rounding formation. Nobody likes a $19.20 drop, but it doesn’t wreck the charts and call for vastly lower prices. That’s the difference between April 2015 and April 2013.

    Silver Price

    The SILVER PRICE dipped below that uptrend line from the December 2014 low — not much, but below. I don’t like that at all, and silver is tapping on the bottom of that bowl here.

    Possess your souls in patience! You have to pay a price for disbelieving a government lie, and there’s never been a bigger lie hatched by any adder than central banking and fiat money. Reality is on our side.

    Hard week for silver & gold prices, but don’t let stocks crow too quickly or loud. Dollar appears broken.

    By a gnat’s eyebrow the S&P500 made a new high today, but lo, you couldn’t hear for the touts a-crowin’. Nasdaq Comp yesterday finally exceeded by pennies and small change its 2000 peak of the dot com bubble. Fifteen years to recover doesn’t sound like braggin’ rights to me, but mercy! I live so fur back in the woods we have to order sunshine from Sears & Roebuck. What do I know? I’m jes’ suspicious cause the Dow and other indices ain’t movin’ too fast to new highs.

    Here’s a trick topping markets play that will skewer the naïve. They’re plumb bulls because they’ve gotten aboard late and ridden a ways, then the market plainly is peaking, but they can’t believe it. The market makes one last dying spurt, exceeds old highs or resistance lines, and the naive pile in — just in time to watch the market dive down a manhole. That’s the reason for that “market must exceed old high by 3%” rule.

    I tell y’all that because here as April’s clock is ticking away & we are about to enter the Season of Death for stocks (“Sell in May & go away,” sez the proverb), after a more than 6 year uptrend, stocks are not going to extend their uptrend another year, or six years. And I know it’s flat frustrating to be sitting there in gold & silver taking a beating, but don’t make the worst mistake of all, climbing off one market turning up (gold & silver) for another turning down (stocks).

    Dow in Silver

    For all the talk of new highs, the Dow rose an embarrassing 21.75 (0.12%) to 18,080.44, a ways from the last high at 18,288. S&P500 did make a new high, rising 4.72 (0.22%) to 2,117.65 against its last high at 2,115.48. That’s an achievement worthy of the Lilliputian armed forces.

    Dow in Gold

    Dow in gold is poking its head into the top gator jaw. Rose 1.68% to G$318.14 gold dollars (15.39 troy ounces). Dow in Silver hit its top gator jaw at S$1,495.03 silver dollars (1,156.31 oz). I told y’all this was going to vex your socks off and work on your shirt, too, so don’t be surprised.

    US Dollar

    Best news today is the US dollar Index closed below the 50 day moving average (97.32) to confirm its downtrend. Today it lost 36 basis points (36%) and ended at 97.10. Watch 97.50 first.

    Euro rose 0.45% to $1.0873 today, at last above its 20 DMA but beneath its 50 DMA still. In other words, it’s a rally moving like that race between the tortoise and the snail.

    Japanese yen rose 0.48% but remains rangebound at 84.05.

    Y’all enjoy your weekend.

    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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