• Gold Price Surged Another $10.70 or 0.9 Percent to Close Comex at $1,214

    28-Apr-15 Price Change % Change
    Gold Price, $/oz 1,214.00 10.70 0.89%
    Silver Price, $/oz 16.59 0.20 1.20%
    Gold/Silver Ratio 73.172 -0.227 -0.31%
    Silver/Gold Ratio 0.0137 0.0000 0.31%
    Platinum Price 1,157.50 4.80 0.42%
    Palladium Price 780.85 1.30 0.17%
    S&P 500 2,114.76 5.86 0.28%
    Dow 18,110.14 72.17 0.40%
    Dow in GOLD $s 308.38 -1.50 -0.48%
    Dow in GOLD oz 14.92 -0.07 -0.48%
    Dow in SILVER oz 1,091.56 -8.71 -0.79%
    US Dollar Index 96.29 -0.65 -0.67%

    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

    Yesterday I said silver & GOLD PRICES would have to make good their gains by closing over $1,210 and $16.60. We half made it. Gold price surged another $10.70 (0.9%) to close Comex at $1,214.00. Silver did close over $16.50, but rose only 19.7 cents (1.2%) to finish at $16.591.

    Today’s GOLD PRICE trading was marked by another 11:30 miracle. The gold price moved sideways nonchalantly until 11:30 then shot from $1,205 to $1,211 quicker than a condo developer can skin a prospect. One jump, then sort of rolled up to $1,215, & closed near the top of the day’s range.

    Gold/US Dollar Index

    But — O, mercy! — I am holding on to this. Gold in US dollar index spread gapped up and pulled away from that 50 DMA like a Saturn rocket. Look for yourself on the right.

    Silver/US Dollar Index

    Whooaaa! The Same chart for the SILVER PRICE is on the left. Look, look, two days to cut from below the bottom triangle boundary (in a failed breakdown) clean through the 20 & 50 DMAs and all the way to the upper triangle boundary!

    Slap, slap! Sober up, there! Silver still must bust through this $16.60 area and keep right on marching, no, make that running, toward $17.40, the last high. Up there at $17.41 lies the 200 DMA, the goal of all goals right now. Silver above the 200 DMA will panic shorts everywhere, and attract buyers.

    The gold price also must keep climbing. Made it through $1,210, now let’s see it clear $1,225.

    I bought some today anyway. I know I ought to wait, but I bought just a little, to wet my toes.

    By the way, those large orders keep coming in. Not massive numbers, but massive size. Serious people are spending serious money on silver & gold. Not a lot of them yet — the realizers, edging out of the way before the storm.

    Owch! Today the dollar index got busy proving that parabolic rises end always in woe, plunging for the fifth day running. O, Wo! It’s worse still. The Dollar index today lost 65 basis points (0.67%) to end at 96.29, right firmly beneath 96.50 support and back under the downtrend line which April’s rally had boosted it above.

    Mo wo! RSI points down, MACD points down, ROC & full stochastics all point down. Down it is, then! (And down another 20 bps in the aftermarket!)

    This week all rational people will be tortured once again by release of Federal Open Market Committee notes and more groundless speculation about when the Moros on the FOMC will raise interest rates.

    As if that weren’t painful enough to the fastidious mind, new coinages are being spawned like toads in spring to describe the Greek financial troubles. First was “Grexit,” a Greek Exit from the euro. Next came Greccident, an accidental exit from the euro. Now comes the most likely state, Grimbo, Greece In Limbo where the negotiations over Greek debt drag on world without end. Whole thing has me Grexhausted.

    Thinkin’ on it a while, I wouldn’t be surprised the Fed hadn’t contributed to slamming the dollar to help their fellow criminals in the European Central Bank while the Greek crisis drags on. Whoops! My suspicion is showing again. But the euro did rise 0.75% to $1.0971 today. The euro has a modest uptrend working, but must climb over $1.1040 to break out into a rally, but it hasn’t shown any more ambition than a vegan in a butcher shop.

    Yen rose only 0.13% to 84.12. No fun there.

    West Texas Crude
    Copper Price

    Inflation markets are dancin’. West Texas Intermediate Crude lifted 0.72% to $57.06/barrell. Rallying. Chart on the left. Copper’s on the verge of breakout, None of this matches or fits into the official Establishment “deflation” scare.

    More seesawing in stocks: Dow & S&P500 up, Nasdaq & Nasdaq 100 down. Dow rose 72.17 (0.4%) to 18,110.14 but not enough to convince me of any serious intent to rise. Closed barely above the downtrend line. Might happen, but all the back and forth decreases the likelihood. SP500 scraped up another 5.84 (0.28%) to 2,114.76. Also closed above downtrend line, but has done that 4 times already without betterment.

    [Don’t gloat. Don’t gloat. Don’t gloat.]

    Dow in Gold & Dow in Silver both tumbled further today. Both sliced through their closely-aligned 20 & 50 day moving averages like a sharp knife through Wonderbread balloon loaf.

    Dow in gold fell 0.45% to G$309.04 gold dollars (14.95 troy ounces). Down below a bare G$15 lies the 200 DMA at G$294.37 (14.24 oz). Dow in silver tumbled 0.99% to S$1,411.40 silver dollars (1,091.63 oz), on its way to the 200 DMA at S$1,308.38 (1,011.95 oz). Indicators all pointing straight down.

    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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