Dusty and I have a weird habit of following the prices of gold and silver on a daily basis. This little habit started back in '04 when we lived in California, our watching of the prices was more sporadic back then but now with the economy in the situation that it is we both find it even more interesting to watch now. We've never had the extra cash just laying around to invest in precious metals so for me it's like a game of what I would have gained or lost depending on when I would have invested.
We came across this article today, the headline reads "Expect Higher Silver and Gold Prices this week"
Gold Price Close Today : 741.90
Change: -0.50 or -0.1%
Silver Price Close Today : 9.33
Change: $16 cents or 7.1%
Gold Silver Ratio: 79.52
Change: -1.442 or -1.8%
Dow Industrials: 8,273.58
Change: -223.73 or -2.6%US Dollar
Index Today: 86.93
Change: -0.49 or -0.6%
The key reversals upward posted last Thursday in SILVER and GOLD PRICES prices remain in place. The silver price is weaker and must not close below $9.20, but it should manage. I suspect today's lackluster metals performance (the gold price up 50 cents and the silver price up 16 cents) stemmed from shorts returning form their weekend and placing new positions.
Expect higher silver and gold prices this week. As long as that key reversal holds, you can safely buy, because the bottom has been made.There was no big news today, other than the new announcements of massive layoffs, auto manufacturers bailout, and more bank bail outs, but something sure made both stocks and the US Dollar index sick. Stocks appear to have contradicted their key reversal last Thursday by closing below Thursday's 8,835 Dow close, down today 224 to 8,274. The Dow tried twice to pierce 8,900 and failed twice. It closed today virtually on the day's low. Unless it reverses upward tomorrow, the Dow is headed much lower. Some force is hammering the US DOLLAR INDEX above 87.5. With two lower tops (88+ & 87.5) the dollar has the look of having topped. Only a rise above 88 would put the fear of lower prices behind the buck.
Argentum et aurum comparenda sunt -- -- Gold and silver must be bought.-
Franklin Sanders, The Moneychanger"Buy Silver and Gold Coins at:"The-MoneyChanger.com
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 $195.66; stocks' primary trend is down, targeting Dow under 2,900 and worth only one ounce of gold; US$ or US$-denominated assets, primary trend down; real estate in a bubble, primary trend way down.
posted by goldprice at 4:29 PM
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